UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-3618

METROPOLITAN SERIES FUND

(Exact name of registrant as specified in charter)

One Financial Center

Boston, MA 02111

(Address of principal executive offices) (Zip code)

(Name and Address of Agent for Service)	Copy to:
Michael P. Lawlor c/o MetLife Advisers, LLC One Financial Center Boston, MA 02111	David C. Mahaffey, Esq. Sullivan & Worcester LLP 1666 K Street, N.W. Washington, D.C. 20006

Registrant’s telephone number, including area code: 617-578-4036

Date of fiscal year end: December 31

Date of reporting period: January 1, 2015 through June 30, 2015

Item 1: Report to Shareholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”):

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Managed by Baillie Gifford Overseas Limited

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the Baillie Gifford International Stock Portfolio returned 6.11%, 6.02%, and 6.00%, respectively. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index¹, returned 4.03%.

MARKET ENVIRONMENT / CONDITIONS

Whilst markets overall ended the period in positive territory during the period, the underlying picture at both a country and sector level was polarized.

At a country level, Japan was a standout amongst the major markets while China experienced a stock market boom in the wake of signs that the government is softening policy to revive economic growth. The rally was very concentrated in a few areas such as retail and software stocks, leading to talk of a bubble and concerns over the level of margin trading by individual investors.

Elsewhere, European markets remained in positive territory despite the escalation of the situation in Greece to crisis point when talks for a new bailout broke down and a referendum was announced. Given that contagion rather than the contribution of the faltering Greek economy itself is the main risk to broader economic growth, the relatively muted reaction of the markets so far suggests that the evolution of the European Central Bank towards an interventionist stance has had the desired effect of creating more credible firewalls within the Eurozone.

Emerging Markets were similarly positive over the period though again, it was a mixed picture with Latin American countries, notably Brazil, exhibiting weak returns. The combination of language from the Federal Reserve indicating an imminent rate rise prompted by a tightening jobs market in the U.S., and deteriorating current account deficits, is weighing heavily on a number of the Emerging countries.

We believe the current picture is of global markets that, increasingly, react to local conditions in a more fragmented way than the concerted ‘risk on/risk off’ waves of recent years. This offers a better environment for careful stock picking to add value and we have added a number of new ideas to the Portfolio in recent months.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the benchmark during the period. This was driven by successful stock picking rather than asset allocation.

Hong Kong Exchanges and Clearing, the stock exchange operator, was a strong performer over the period. The new Shanghai-Hong Kong Stock Connect which allows offshore investors access to the China A-Share market is a ground-breaking milestone in the development of the capital markets of Hong Kong and China. Investors now appear to better appreciate that the Stock Connect is just the first step towards the establishment of what the company refers to as the “mutual market” of Hong Kong and China.

Japan Exchange Group, the dominant Japanese stock and derivative exchange, also performed well. The company is a beneficiary of the Government Pension Investment Fund and other domestic pension funds increasing allocations towards Japanese equities. Of more significance longer term would be a change in the mindset of the Japanese consumer and the gradual shift of savings from bank deposits to more risk-seeking assets. Moreover, the company is in the vanguard of Japanese businesses modifying their behavior in light of the recently issued Stewardship and Corporate Governance codes.

James Hardie (Australia) is a manufacturer of fiber cement building products and generates the majority of its sales in North America, with the balance in Asia Pacific. The company is the dominant player in the U.S. market and fiber cement is gradually taking share from more traditional siding materials. The shares responded well to the recent results’ announcement, which included a special dividend and a share buyback.

In terms of stocks which underperformed in the period, we saw some profit taking at Chinese internet search giant, Baidu. The stock had more than doubled in the eighteen months to the end of 2014 as it became clear that the company has secured mobile search leadership in China after a period of heavy investment and acquisitions. Baidu has also built extensive content (for example, travel services, video, entertainment, financial products and games) that presents a major barrier for new competitors to overcome. Baidu is one of several technology stocks in the Chinese market where the progress of internet related businesses, from search and payments to general retail e-commerce, is leapfrogging the development of traditional businesses.

The Portfolio’s holding in Copa Airlines (Panama) has been a disappointing stock since we purchased it last year. The company is suffering from shorter-term cyclical pressures beyond management’s control—the economies of Brazil, Venezuela and Argentina are all expected to contract in 2015 and their currencies have been weak, particularly the Brazilian real. The latter aspect has negatively impacted passenger demand for international flights, especially between Brazil and the U.S. More encouragingly, the Panamanian economy is doing well and Panama is the final destination for around a quarter of Copa Airlines’ demand. Crucially, the alignment between the company’s business plans and the state-owned Tocumen airport in Panama remains as strong as ever, with plans for a second terminal and a third runway, which will double the airline’s capacity.

The positioning of the Portfolio is driven by individual stock selection, though one market where we have increased the Portfolio’s holdings recently is Japan, where a combination of an improving economy and corporate governance developments has prompted increased interest in a number of stocks. We bought Denso, a tier one auto supplier. The company predominantly supplies Japanese manufacturers but its customer base is diversifying and we believe that manufacturers are increasingly dependent on the large suppliers, not only as part of the supply chain but as design and engineering

MSF-1

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Managed by Baillie Gifford Overseas Limited

Portfolio Manager Commentary*—(Continued)

collaborators. We also bought Sumitomo Mitsui Trust Holdings, a trust bank and asset manager which benefits from changes in domestic savings patterns, linked to economic reflation. Japan has suffered an unusually long period of deflation which has caused savers to favor safe haven assets at low real yields.

Following a review of all the Portfolio’s holdings in the Energy sector, the Portfolio Construction Group concluded that each had sufficiently robust cashflow and balance sheets to weather a period of lower oil prices. However, subsequent to that review, Cenovus (Canada), an oil sands producer, announced its intention to issue equity in order to maintain its dividend. Arguably, this indicates management’s confidence that the cycle will prove a short one but it is also poor capital discipline and we sold the holding as a consequence. This widened the Portfolio’s underweight position in Energy relative to the benchmark.

The Chinese market has seen a significant rally over the last six months which tapered off as the quarter ended. In particular, the advent of the Shanghai-Hong Kong Stock Connect program, which broadens access to Chinese local markets, appears to have led to a burst of enthusiasm by individual investors. This enthusiasm has been relatively concentrated in the Information Technology and Retail sectors where stocks approached bubble-like territory. We took the opportunity to trim the Portfolio’s holding in Hong Kong Exchanges and Clearing as the share price increased sharply. However, at period end, we remained enthused about the development of consumer markets in China as the government seeks to rebalance the economy and added BitAuto (China), an online car dealership to the Portfolio along with online giant, Alibaba (China), whose dominant position in the burgeoning online consumption market is unmatched.

The Portfolio’s turnover remains low. Over the period, a number of stock purchases in Japan reduced the underweight in that country relative to the benchmark. The Portfolio’s largest overweight remained the U.K. market, largely thanks to that country’s deep and global stock market rather than the attractions of the domestic economy, though it is faring well amongst the developed economies. The Portfolio’s overweight in the Consumer Staples sector has decreased to a broadly neutral position, as a combination of improved growth prospects elsewhere and full valuations has made the sector less attractive. The most significant overweight positions relative to the benchmark were in Industrials and Information Technology, reflecting both the broad nature of those sectors and the Portfolio’s bias towards growth.

Gerald Smith

Jonathan Bates

Angus Franklin

Portfolio Managers

Baillie Gifford Overseas Limited

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD EX-U.S. INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
Baillie Gifford International Stock Portfolio
Class A		6.11		-0.51		6.80		2.44
Class B		6.02		-0.70		6.52		2.18
Class E		6.00		-0.67		6.63		2.29
MSCI All Country World ex-U.S. Index		4.03		-5.26		7.76		5.54

¹ The MSCI All Country World ex-U.S. Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The Index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		3.2
Naspers, Ltd. - N Shares		3.1
Nestle S.A.		2.5
Samsung Electronics Co., Ltd.		2.3
Hong Kong Exchanges and Clearing, Ltd.		2.2
Svenska Handelsbanken AB - A Shares		2.2
Japan Exchange Group, Inc.		2.0
ARM Holdings plc		1.9
Ryanair Holdings plc(ADR)		1.9
Rio Tinto plc		1.8

Top Countries

	% of Net Assets
United Kingdom		20.0
Japan		13.4
Ireland		5.7
Germany		5.3
Sweden		4.7
South Korea		4.1
Taiwan		4.1
Canada		3.7
South Africa		3.6
Denmark		3.5

MSF-3

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Baillie Gifford International Stock Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.74	%	$	1,000.00	$	1,061.10	$	3.78
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71
Class B(a)	Actual		0.99	%	$	1,000.00	$	1,060.20	$	5.06
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96
Class E(a)	Actual		0.89	%	$	1,000.00	$	1,060.00	$	4.55
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—98.8% of Net Assets

Security Description	Shares		Value
Argentina—1.8%
MercadoLibre, Inc. (a)		232,338	$	32,922,295
Australia—2.1%
Brambles, Ltd.		2,199,727		17,891,603
Cochlear, Ltd. (a)		221,159		13,611,166
Treasury Wine Estates, Ltd.		2,305,380		8,811,551
				40,314,320
Brazil—1.4%
Embraer S.A. (ADR)		474,314		14,366,971
Itau Unibanco Holding S.A. (ADR)		1,119,681		12,260,507
				26,627,478
Canada—3.7%
Constellation Software, Inc.		25,197		10,003,350
Fairfax Financial Holdings, Ltd.		64,054		31,584,930
Restaurant Brands International, Inc. (a)		397,100		15,219,517
Ritchie Bros. Auctioneers, Inc. (a)		443,057		12,370,152
				69,177,949
China—3.5%
Alibaba Group Holding, Ltd. (ADR) (b)		165,838		13,643,492
Baidu, Inc. (ADR) (b)		142,800		28,428,624
Bitauto Holdings, Ltd. (ADR) (b)		215,944		11,023,941
Want Want China Holdings, Ltd. (a)		11,232,626		11,835,102
				64,931,159
Denmark—3.5%
DSV A/S		703,400		22,825,846
Novo Nordisk A/S - Class B		390,136		21,396,863
Novozymes A/S - B Shares		434,808		20,710,115
				64,932,824
Finland—2.1%
Kone Oyj - Class B (a)		526,966		21,424,824
Sampo Oyj - A Shares		397,664		18,768,332
				40,193,156
France—3.2%
Edenred (a)		499,410		12,338,408
Essilor International S.A. (a)		207,962		24,782,131
Lafarge S.A.		334,340		22,118,121
				59,238,660
Germany—5.3%
Brenntag AG		282,662		16,201,043
Continental AG		80,447		19,029,313
Deutsche Boerse AG		379,682		31,426,517
MTU Aero Engines AG		121,146		11,392,754
SAP SE		319,594		22,269,336
				100,318,963
Hong Kong—3.4%
Hang Seng Bank, Ltd.		1,141,600		22,309,701
Hong Kong Exchanges and Clearing, Ltd.		1,177,200		41,487,199
				63,796,900
India—0.6%
IDFC, Ltd.		4,565,180		10,527,153
Ireland—5.7%
CRH plc		860,353		24,117,576
Experian plc		1,362,900		24,800,293
James Hardie Industries plc		1,666,437		22,242,534
Ryanair Holdings plc (ADR)		507,590		36,216,547
				107,376,950
Japan—13.4%
Denso Corp.		390,000		19,409,631
FANUC Corp.		101,500		20,720,808
Fast Retailing Co., Ltd.		59,200		26,853,251
Japan Exchange Group, Inc. (a)		1,127,700		36,577,946
MS&AD Insurance Group Holdings		667,100		20,766,437
Rakuten, Inc.		1,873,500		30,175,494
Shimano, Inc.		155,800		21,244,984
SMC Corp.		98,300		29,572,622
Sumitomo Mitsui Trust Holdings, Inc.		4,877,000		22,314,584
Toyota Tsusho Corp.		854,300		22,911,292
				250,547,049
Netherlands—1.4%
Heineken Holding NV		363,058		25,558,087
Norway—0.3%
Seadrill, Ltd. (a)		610,006		6,343,001
Panama—0.6%
Copa Holdings S.A. - Class A (a)		140,861		11,633,710
Peru—0.7%
Credicorp, Ltd.		94,356		13,107,935
Portugal—0.2%
Galp Energia SGPS S.A.		388,533		4,552,949
Russia—1.6%
Magnit OJSC (GDR)		390,167		21,737,369
Yandex NV - Class A (b)		580,500		8,835,210
				30,572,579
Singapore—1.5%
United Overseas Bank, Ltd.		1,618,473		27,692,623
South Africa—3.6%
Massmart Holdings, Ltd. (a)		758,903		9,307,439
Naspers, Ltd. - N Shares		377,491		58,368,743
				67,676,182

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
South Korea—4.1%
NAVER Corp.		29,269	$	16,624,166
Samsung Electronics Co., Ltd.		38,790		44,064,796
SK Telecom Co., Ltd.		76,078		17,036,848
				77,725,810
Spain—1.7%
Inditex S.A.		952,164		31,050,859
Sweden—4.7%
Atlas Copco AB - B Shares		1,323,232		32,914,383
Svenska Handelsbanken AB - A Shares		2,827,668		41,214,412
Volvo AB - B Shares		1,067,847		13,238,052
				87,366,847
Switzerland—3.2%
Cie Financiere Richemont S.A.		154,761		12,615,203
Nestle S.A.		654,221		47,290,716
				59,905,919
Taiwan—4.1%
Hon Hai Precision Industry Co., Ltd.		5,455,139		17,016,237
Taiwan Semiconductor Manufacturing Co., Ltd.		13,269,000		59,788,358
				76,804,595
Turkey—0.6%
BIM Birlesik Magazalar A/S (a)		612,152		10,959,374
United Kingdom—20.0%
Amlin plc		2,802,300		20,964,686
Antofagasta plc (a)		892,159		9,657,788
ARM Holdings plc		2,219,866		36,329,226
ASOS plc (b)		193,858		11,796,646
BG Group plc		1,135,600		18,897,065
British American Tobacco plc		405,399		21,787,409
Burberry Group plc		482,582		11,928,798
Capita plc		1,464,200		28,520,232
Hargreaves Lansdown plc		1,020,400		18,471,538
Petrofac, Ltd. (a)		806,500		11,737,826
Prudential plc		1,327,719		32,038,651
Rio Tinto plc		840,000		34,548,418
Rolls-Royce Holdings plc (b)		968,421		13,255,336
St. James’s Place plc		1,388,334		19,752,118
Standard Chartered plc		1,137,854		18,202,006
Tullow Oil plc		2,422,659		12,921,292
Unilever NV		617,524		25,809,135
Wolseley plc		457,288		29,161,158
				375,779,328
United States—0.8%
Pricesmart, Inc. (a)		158,049		14,420,391
Total Common Stocks (Cost $1,548,371,857)				1,852,055,045
Short-Term Investments—8.9%
Security Description	Shares/ Principal Amount*		Value
Mutual Fund—7.9%
State Street Navigator Securities Lending MET Portfolio (c)		148,030,641	$	148,030,641
Repurchase Agreement—1.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $18,845,288 on 07/01/15, collateralized by $17,465,000 U.S. Treasury Note at 3.625% due 08/15/19 with a value of $19,226,555.		18,845,288		18,845,288
Total Short-Term Investments (Cost $166,875,929)				166,875,929
Total Investments—107.7% (Cost $1,715,247,786) (d)				2,018,930,974
Other assets and liabilities (net)—(7.7)%				(143,720,020	)
Net Assets—100.0%			$	1,875,210,954

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $143,720,077 and the collateral received consisted of cash in the amount of $148,030,641 and non-cash collateral with a value of $2,855,590. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $1,715,247,786. The aggregate unrealized appreciation and depreciation of investments were $431,964,636 and $(128,281,448), respectively, resulting in net unrealized appreciation of $303,683,188.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(GDR)— A Global Depositary Receipt is a negotiable certificate issued by one country’s bank against a certain number of shares of a company’s stock held in its custody but traded on the stock exchange of another country.

Ten Largest Industries as of June 30, 2015 (Unaudited)	% of Net Assets
Banks		8.4
Insurance		7.7
Diversified Financial Services		6.4
Machinery		6.3
Internet Software & Services		5.9
Semiconductors & Semiconductor Equipment		5.1
Construction Materials		3.7
Trading Companies & Distributors		3.6
Food Products		3.2
Media		3.1

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Argentina	$	32,922,295	$	—		$	—	$	32,922,295
Australia		—		40,314,320			—		40,314,320
Brazil		26,627,478		—			—		26,627,478
Canada		69,177,949		—			—		69,177,949
China		53,096,057		11,835,102			—		64,931,159
Denmark		—		64,932,824			—		64,932,824
Finland		—		40,193,156			—		40,193,156
France		—		59,238,660			—		59,238,660
Germany		—		100,318,963			—		100,318,963
Hong Kong		—		63,796,900			—		63,796,900
India		—		10,527,153			—		10,527,153
Ireland		36,216,547		71,160,403			—		107,376,950
Japan		—		250,547,049			—		250,547,049
Netherlands		—		25,558,087			—		25,558,087
Norway		—		6,343,001			—		6,343,001
Panama		11,633,710		—			—		11,633,710
Peru		13,107,935		—			—		13,107,935
Portugal		—		4,552,949			—		4,552,949
Russia		8,835,210		21,737,369			—		30,572,579
Singapore		—		27,692,623			—		27,692,623
South Africa		—		67,676,182			—		67,676,182
South Korea		—		77,725,810			—		77,725,810
Spain		—		31,050,859			—		31,050,859
Sweden		—		87,366,847			—		87,366,847
Switzerland		—		59,905,919			—		59,905,919
Taiwan		—		76,804,595			—		76,804,595
Turkey		—		10,959,374			—		10,959,374
United Kingdom		—		375,779,328			—		375,779,328
United States		14,420,391		—			—		14,420,391
Total Common Stocks		266,037,572		1,586,017,473			—		1,852,055,045
Short-Term Investments
Mutual Fund		148,030,641		—			—		148,030,641
Repurchase Agreement		—		18,845,288			—		18,845,288
Total Short-Term Investments		148,030,641		18,845,288			—		166,875,929
Total Investments	$	414,068,213	$	1,604,862,761		$	—	$	2,018,930,974
Collateral for securities loaned (Liability)	$	—	$	(148,030,641	)	$	—	$	(148,030,641	)

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	2,018,930,974
Cash denominated in foreign currencies (c)		2,412,131
Receivable for:
Investments sold		232,119
Fund shares sold		106,056
Dividends		3,670,663
Total Assets		2,025,351,943
Liabilities
Collateral for securities loaned		148,030,641
Payables for:
Fund shares redeemed		259,513
Accrued expenses:
Management fees		1,049,965
Distribution and service fees		81,640
Deferred trustees’ fees		101,424
Other expenses		617,806
Total Liabilities		150,140,989
Net Assets	$	1,875,210,954
Net assets consist of:
Paid in surplus	$	1,888,782,984
Undistributed net investment income		21,275,382
Accumulated net realized loss		(338,574,268	)
Unrealized appreciation on investments and foreign currency transactions		303,726,856
Net Assets	$	1,875,210,954
Net Assets
Class A	$	1,479,144,878
Class B		373,903,871
Class E		22,162,205
Capital Shares Outstanding*
Class A		140,697,661
Class B		36,090,367
Class E		2,128,539
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.51
Class B		10.36
Class E		10.41

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,715,247,786.

(b) Includes securities loaned at value of $143,720,077.

(c) Identified cost of cash denominated in foreign currencies was $2,351,033.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	28,653,330
Securities lending income		904,974
Total investment income		29,558,304
Expenses
Management fees		7,623,890
Administration fees		22,582
Custodian and accounting fees		572,722
Distribution and service fees—Class B		485,064
Distribution and service fees—Class E		17,160
Audit and tax services		26,659
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		63,388
Insurance		6,288
Miscellaneous		13,242
Total expenses		8,864,752
Less management fee waiver		(1,199,970	)
Net expenses		7,664,782
Net Investment Income		21,893,522
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		49,761,557
Foreign currency transactions		(589,218	)
Net realized gain		49,172,339
Net change in unrealized appreciation on:
Investments		46,709,734
Foreign currency transactions		99,299
Net change in unrealized appreciation		46,809,033
Net realized and unrealized gain		95,981,372
Net Increase in Net Assets From Operations	$	117,874,894

(a) Net of foreign withholding taxes of $3,041,995.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	21,893,522		$	30,719,385
Net realized gain		49,172,339			41,772,866
Net change in unrealized appreciation (depreciation)		46,809,033			(132,146,075	)
Increase (decrease) in net assets from operations		117,874,894			(59,653,824	)
From Distributions to Shareholders
Net investment income
Class A		(24,534,596	)		(23,080,583	)
Class B		(5,302,305	)		(5,182,984	)
Class E		(338,291	)		(320,223	)
Total distributions		(30,175,192	)		(28,583,790	)
Decrease in net assets from capital share transactions		(112,612,555	)		(153,964,195	)
Total decrease in net assets		(24,912,853	)		(242,201,809	)
Net Assets
Beginning of period		1,900,123,807			2,142,325,616
End of period	$	1,875,210,954		$	1,900,123,807
Undistributed net investment income
End of period	$	21,275,382		$	29,557,052

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		998,894		$	10,293,744			8,639,913		$	88,952,702
Reinvestments		2,308,052			24,534,596			2,243,011			23,080,583
Redemptions		(10,573,531	)		(114,441,393	)		(22,352,068	)		(233,844,574	)
Net decrease		(7,266,585	)	$	(79,613,053	)		(11,469,144	)	$	(121,811,289	)
Class B
Sales		600,114		$	6,322,594			1,949,577		$	19,595,616
Reinvestments		505,945			5,302,305			510,639			5,182,984
Redemptions		(4,090,651	)		(42,943,171	)		(5,258,516	)		(54,016,096	)
Net decrease		(2,984,592	)	$	(31,318,272	)		(2,798,300	)	$	(29,237,496	)
Class E
Sales		32,916		$	352,733			146,213		$	1,478,906
Reinvestments		32,127			338,291			31,395			320,223
Redemptions		(225,936	)		(2,372,254	)		(457,071	)		(4,714,539	)
Net decrease		(160,893	)	$	(1,681,230	)		(279,463	)	$	(2,915,410	)
Decrease derived from capital shares transactions				$	(112,612,555	)				$	(153,964,195	)

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.07		$	10.54		$	9.28		$	7.87		$	9.98		$	9.45
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.16			0.16			0.16			0.10			0.10
Net realized and unrealized gain (loss) on investments		0.50			(0.48	)		1.26			1.37			(2.04	)		0.57
Total from investment operations		0.62			(0.32	)		1.42			1.53			(1.94	)		0.67
Less Distributions
Distributions from net investment income		(0.18	)		(0.15	)		(0.16	)		(0.12	)		(0.17	)		(0.14	)
Total distributions		(0.18	)		(0.15	)		(0.16	)		(0.12	)		(0.17	)		(0.14	)
Net Asset Value, End of Period	$	10.51		$	10.07		$	10.54		$	9.28		$	7.87		$	9.98
Total Return (%) (b)		6.11	(c)		(3.10	)		15.54			19.52			(19.87	)		7.21
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.87			0.87			0.91			0.95			0.94
Net ratio of expenses to average net assets (%) (e)		0.74	(d)		0.75			0.77			0.81			0.90			0.91
Ratio of net investment income to average net assets (%)		2.33	(d)		1.58			1.70			1.83			1.06			1.10
Portfolio turnover rate (%)		7	(c)		8			19			62			96			140
Net assets, end of period (in millions)	$	1,479.1		$	1,490.0		$	1,680.7		$	1,476.3		$	623.9		$	1,183.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	9.91		$	10.38		$	9.15		$	7.75		$	9.84		$	9.33
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.14			0.13	(f)		0.14			0.08			0.07
Net realized and unrealized gain (loss) on investments		0.49			(0.48	)		1.23			1.35			(2.03	)		0.56
Total from investment operations		0.60			(0.34	)		1.36			1.49			(1.95	)		0.63
Less Distributions
Distributions from net investment income		(0.15	)		(0.13	)		(0.13	)		(0.09	)		(0.14	)		(0.12	)
Total distributions		(0.15	)		(0.13	)		(0.13	)		(0.09	)		(0.14	)		(0.12	)
Net Asset Value, End of Period	$	10.36		$	9.91		$	10.38		$	9.15		$	7.75		$	9.84
Total Return (%) (b)		6.02	(c)		(3.34	)		15.14			19.37			(20.13	)		6.86
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12	(d)		1.12			1.13			1.16			1.20			1.19
Net ratio of expenses to average net assets (%) (e)		0.99	(d)		1.00			1.03			1.06			1.15			1.16
Ratio of net investment income to average net assets (%)		2.07	(d)		1.32			1.34	(f)		1.68			0.87			0.86
Portfolio turnover rate (%)		7	(c)		8			19			62			96			140
Net assets, end of period (in millions)	$	373.9		$	387.3		$	434.8		$	97.8		$	89.5		$	112.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	9.97		$	10.43		$	9.19		$	7.79		$	9.88		$	9.36
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.15			0.15			0.15			0.09			0.09
Net realized and unrealized gain (loss) on investments		0.49			(0.48	)		1.23			1.35			(2.03	)		0.56
Total from investment operations		0.60			(0.33	)		1.38			1.50			(1.94	)		0.65
Less Distributions
Distributions from net investment income		(0.16	)		(0.13	)		(0.14	)		(0.10	)		(0.15	)		(0.13	)
Total distributions		(0.16	)		(0.13	)		(0.14	)		(0.10	)		(0.15	)		(0.13	)
Net Asset Value, End of Period	$	10.41		$	9.97		$	10.43		$	9.19		$	7.79		$	9.88
Total Return (%) (b)		6.00	(c)		(3.19	)		15.30			19.39			(19.98	)		7.04
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02	(d)		1.02			1.02			1.06			1.10			1.09
Net ratio of expenses to average net assets (%) (e)		0.89	(d)		0.90			0.92			0.96			1.05			1.06
Ratio of net investment income to average net assets (%)		2.17	(d)		1.43			1.56			1.79			0.97			0.99
Portfolio turnover rate (%)		7	(c)		8			19			62			96			140
Net assets, end of period (in millions)	$	22.2		$	22.8		$	26.8		$	26.9		$	25.0		$	36.5

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(f) Net investment income per share and the ratio of net investment income to average net assets for Class B during 2013 were impacted by the timing of dividends received from the Portfolio’s investments and the assets received through a merger with the Met Investors Series Trust American Funds International Portfolio.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Baillie Gifford International Stock Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

MSF-12

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over

MSF-13

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $18,845,288, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

MSF-14

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	142,275,707	$	0	$	256,903,884

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$7,623,890		0.860	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Baillie Gifford Overseas Limited is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

MSF-15

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.080%	On amounts over $156.25 million and under $400 million
0.180%	Of the next $100 million
0.120%	Of the next to $400 million
0.150%	On amounts in excess of $900 million

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$28,583,790	$	26,526,779	$	—	$	—	$	28,583,790	$	26,526,779

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$29,993,467	$	—	$	251,707,881	$	(382,875,551	)	$	—	$	(101,174,203	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010

MSF-16

Metropolitan Series Fund

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

(the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $31,218,273.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/16		Total
$169,332,274	$	213,543,277	$	382,875,551

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-17

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, E, and G shares of the Barclays Aggregate Bond Index Portfolio returned -0.30%, -0.38%, -0.27%, and -0.43%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned -0.10%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Open Market Committee (the “Committee”) met four times during the six-month period and held the target range for the federal funds rate at 0 to 0.25%, a range set in December 2008. Following their most recent meeting, the Committee noted that economic growth had expanded moderately after modest first quarter changes. Household spending grew slightly, and the housing sector showed signs of improvement. However, business sector improvements and net exports remained weak. The Committee stated that it would maintain the program of reinvesting principal payments from its retained agency debt and agency Mortgage-Backed Securities (“MBS”) into agency MBS and would continue rolling over maturing Treasury securities at auction. The Committee stated that when it decides to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and two percent inflation.

By June 30, 2015, the yield curve steepened from the 2014 year-end levels. The 2-year Treasury finished at 0.65% (down from 0.67% on December 31, 2014), and the 30-year Treasury finished at 3.12% (up from 2.75% on December 31, 2014).

Crude oil prices fluctuated during the six-month period. After posting a high of approximately $61 per barrel and a low of $43 per barrel, crude oil finished the period at approximately $59 per barrel.

The Asset-Backed Securities (“ABS”) sector was the strongest performing Index sector for the six-month period on a total return basis. Total returns for the Index sectors were: 1.08% for ABS; 0.69% for Commercial Mortgage-Backed Securities (“CMBS”); 0.31% for MBS; 0.04% for Government-Related; 0.03% for Treasury; and -0.92% for Corporate.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling approach where the objective is to track the performance of the Index by holding a subset of Index constituents and neutralizing exposures across key characteristics (i.e., duration, term structure, high sector, sub-sector, quality). Factors that impacted tracking error during the period included sampling, transaction costs, contributions and withdrawals.

Stacey Lituchy

Tresa Lau

Brian Leonard

Portfolio Managers

MetLife Investment Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Barclays Aggregate Bond Index Portfolio
Class A		-0.30		1.70		3.04		4.21		—
Class B		-0.38		1.37		2.78		3.94		—
Class E		-0.27		1.55		2.89		4.05		—
Class G		-0.43		1.32		2.72		—		3.72
Barclays U.S. Aggregate Bond Index		-0.10		1.86		3.35		4.44		—

¹ Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98,1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		68.1
Corporate Bonds & Notes		25.9
Foreign Government		1.9
Mortgage-Backed Securities		1.6
Municipals		0.6
Asset-Backed Securities		0.4

MSF-2

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Barclays Aggregate Bond Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.27	%	$	1,000.00	$	997.00	$	1.34
	Hypothetical*		0.27	%	$	1,000.00	$	1,023.46	$	1.35
Class B(a)	Actual		0.52	%	$	1,000.00	$	996.20	$	2.57
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61
Class E(a)	Actual		0.42	%	$	1,000.00	$	997.30	$	2.08
	Hypothetical*		0.42	%	$	1,000.00	$	1,022.71	$	2.11
Class G(a)	Actual		0.57	%	$	1,000.00	$	995.70	$	2.82
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—68.1% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—28.3%
Fannie Mae 15 Yr. Pool 2.500%, 12/01/27		4,905,925	$	4,973,273
2.500%, 02/01/28		3,707,870		3,754,278
2.500%, 07/01/28		6,519,465		6,601,062
2.500%, 10/01/28		4,285,083		4,338,714
2.500%, 03/01/30		3,906,830		3,956,023
3.000%, 01/01/27		2,049,771		2,124,037
3.000%, 02/01/27		3,382,272		3,504,959
3.000%, 03/01/27		1,686,539		1,747,716
3.000%, 01/01/29		7,586,661		7,862,179
3.000%, 10/01/29		3,550,700		3,679,715
3.500%, 02/01/26		3,267,442		3,452,168
3.500%, 03/01/26		1,321,014		1,395,697
3.500%, 05/01/29		3,560,347		3,756,061
4.000%, 04/01/19		92,894		97,381
4.000%, 05/01/19		258,037		270,544
4.000%, 01/01/20		355,477		372,785
4.000%, 06/01/24		640,146		675,826
4.000%, 11/01/24		3,169,144		3,345,783
4.500%, 07/01/18		344,563		359,968
4.500%, 05/01/19		137,244		143,435
4.500%, 08/01/24		760,986		806,828
4.500%, 06/01/25		1,433,197		1,519,645
5.000%, 06/01/18		75,117		78,806
5.000%, 01/01/19		255,893		269,819
5.000%, 02/01/20		265,043		280,824
5.000%, 01/01/22		309,860		335,948
5.000%, 02/01/24		924,838		1,005,558
5.500%, 11/01/17		41,253		42,499
5.500%, 02/01/18		32,850		34,200
5.500%, 04/01/18		266,539		279,265
6.000%, 09/01/17		82,961		85,322
6.500%, 04/01/17		227,664		234,550
Fannie Mae 20 Yr. Pool 3.000%, 02/01/33		2,345,889		2,387,126
3.500%, 04/01/32		2,350,203		2,465,294
4.000%, 02/01/31		1,168,346		1,252,271
4.500%, 08/01/30		752,552		813,824
5.000%, 02/01/24		274,955		303,601
5.000%, 09/01/25		239,832		264,718
5.500%, 07/01/23		173,483		194,614
5.500%, 01/01/24		116,396		130,597
5.500%, 07/01/24		309,108		346,555
5.500%, 07/01/25		265,073		297,399
7.000%, 10/01/21		14,824		16,445
Fannie Mae 30 Yr. Pool 3.000%, 08/01/42		1,785,783		1,784,528
3.000%, 09/01/42		2,668,284		2,666,409
3.000%, 11/01/42		3,193,773		3,191,529
3.000%, 12/01/42		5,922,649		5,918,488
3.000%, 01/01/43		1,539,518		1,538,437
3.000%, 02/01/43		5,201,976		5,195,099
3.000%, 03/01/43		6,683,334		6,674,499
3.000%, 05/01/43		4,782,675		4,776,353
3.000%, 07/01/43		7,236,885		7,227,317
3.000%, 09/01/43		3,823,118		3,818,064
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.000%, 05/01/45		3,940,579		3,927,979
3.500%, 12/01/40		2,571,476		2,655,479
3.500%, 03/01/42		1,647,367		1,699,318
3.500%, 04/01/42		3,757,288		3,875,778
3.500%, 05/01/42		4,345,206		4,482,237
3.500%, 06/01/42		3,218,323		3,319,817
3.500%, 08/01/42		2,202,659		2,272,123
3.500%, 09/01/42		5,660,979		5,839,504
3.500%, 10/01/42		2,858,724		2,948,878
3.500%, 01/01/43		2,636,649		2,719,799
3.500%, 02/01/43		4,194,379		4,326,653
3.500%, 04/01/43		4,387,372		4,522,997
3.500%, 06/01/43		2,419,297		2,494,083
3.500%, 08/01/44		3,809,847		3,927,556
3.500%, 02/01/45		4,619,070		4,761,781
3.500%, 03/01/45		3,773,500		3,891,340
3.500%, 04/01/45		8,521,519		8,787,632
4.000%, 08/01/39		1,808,835		1,915,411
4.000%, 09/01/39		1,365,899		1,446,378
4.000%, 12/01/39		1,786,939		1,892,225
4.000%, 06/01/40		1,744,340		1,851,902
4.000%, 09/01/40		1,157,762		1,229,154
4.000%, 12/01/40		7,682,669		8,156,411
4.000%, 01/01/41		4,608,440		4,896,989
4.000%, 02/01/41		4,834,722		5,142,030
4.000%, 12/01/41		1,889,973		2,010,104
4.000%, 02/01/42		2,172,659		2,311,197
4.000%, 09/01/43		3,171,409		3,360,742
4.000%, 02/01/44		4,315,229		4,571,453
4.000%, 05/01/44		3,724,572		3,945,725
4.000%, 08/01/44		4,458,807		4,723,556
4.000%, 11/01/44		7,836,075		8,301,355
4.000%, 03/01/45		4,609,881		4,887,307
4.500%, 08/01/33		309,075		335,485
4.500%, 10/01/33		364,968		396,154
4.500%, 04/01/34		153,567		166,513
4.500%, 01/01/39		263,587		284,798
4.500%, 07/01/39		2,291,741		2,475,705
4.500%, 09/01/39		3,748,638		4,049,549
4.500%, 10/01/39		1,572,421		1,698,643
4.500%, 05/01/40		1,960,269		2,121,827
4.500%, 08/01/40		3,612,326		3,910,038
4.500%, 11/01/40		1,856,951		2,009,993
4.500%, 12/01/40		2,875,961		3,112,986
4.500%, 04/01/41		7,351,914		7,959,166
4.500%, 05/01/41		1,800,380		1,949,087
5.000%, 07/01/33		285,592		316,718
5.000%, 08/01/33		665,382		737,902
5.000%, 09/01/33		327,970		363,716
5.000%, 10/01/33		2,879,987		3,193,877
5.000%, 03/01/34		370,050		410,382
5.000%, 04/01/34		848,613		940,255
5.000%, 05/01/34		135,978		150,551
5.000%, 09/01/34		300,828		333,069
5.000%, 02/01/35		440,834		488,079

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.000%, 04/01/35		255,761	$	282,629
5.000%, 05/01/35		87,204		96,365
5.000%, 11/01/35		272,883		301,550
5.000%, 03/01/36		923,037		1,020,004
5.000%, 07/01/37		787,288		869,054
5.000%, 01/01/39		734,789		810,861
5.000%, 04/01/40		2,370,708		2,620,034
5.000%, 07/01/41		1,844,891		2,041,955
5.500%, 10/01/32		59,307		66,932
5.500%, 02/01/33		206,250		232,805
5.500%, 03/01/33		535,173		604,078
5.500%, 05/01/33		1,851,664		2,090,070
5.500%, 08/01/33		931,904		1,051,888
5.500%, 10/01/33		122,451		138,217
5.500%, 12/01/33		1,107,555		1,250,155
5.500%, 02/01/34		308,035		347,630
5.500%, 03/01/34		178,093		200,985
5.500%, 04/01/34		86,769		97,922
5.500%, 06/01/34		320,760		361,990
5.500%, 09/01/34		311,438		351,470
5.500%, 12/01/34		794,248		896,341
5.500%, 01/01/35		272,609		307,651
5.500%, 02/01/35		606,774		684,769
5.500%, 04/01/35		303,481		341,555
5.500%, 06/01/35		1,145,063		1,288,719
5.500%, 01/01/37		386,103		433,257
5.500%, 05/01/37		182,657		204,916
5.500%, 05/01/38		237,869		266,855
5.500%, 06/01/38		248,971		279,309
5.500%, 07/01/38		203,415		228,202
6.000%, 08/01/28		3,316		3,760
6.000%, 11/01/28		1,108		1,267
6.000%, 12/01/28		1,264		1,448
6.000%, 06/01/31		72,799		83,672
6.000%, 09/01/32		133,048		152,869
6.000%, 01/01/33		38,485		44,218
6.000%, 02/01/33		88,632		101,864
6.000%, 03/01/33		109,436		125,774
6.000%, 04/01/33		387,593		445,455
6.000%, 05/01/33		332,633		382,291
6.000%, 05/01/34		429,783		493,620
6.000%, 09/01/34		360,068		413,550
6.000%, 11/01/34		492,714		565,898
6.000%, 01/01/35		242,702		276,020
6.000%, 07/01/36		88,543		100,501
6.000%, 09/01/36		256,889		291,583
6.000%, 07/01/37		233,283		264,728
6.000%, 08/01/37		380,329		431,595
6.000%, 09/01/37		928,757		1,053,947
6.000%, 10/01/37		325,459		369,329
6.000%, 05/01/38		1,030,265		1,169,138
6.000%, 12/01/38		255,278		289,679
6.500%, 05/01/28		64,374		73,928
6.500%, 12/01/28		218,277		250,672
6.500%, 03/01/29		5,388		6,187
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 6.500%, 04/01/29		33,470		38,438
6.500%, 05/01/29		7,581		8,706
6.500%, 08/01/29		906		1,040
6.500%, 05/01/30		32,132		36,901
6.500%, 09/01/31		6,390		7,475
6.500%, 06/01/32		39,727		46,469
6.500%, 09/01/33		19,321		22,188
6.500%, 10/01/33		132,215		151,837
6.500%, 10/01/34		365,344		432,505
6.500%, 10/01/37		168,065		193,154
7.000%, 06/01/26		809		889
7.000%, 06/01/28		29,046		31,234
7.000%, 10/01/29		12,958		14,826
7.000%, 12/01/29		3,767		3,891
7.000%, 04/01/32		17,156		18,656
7.000%, 06/01/32		67,388		78,311
7.000%, 10/01/37		236,058		269,020
7.500%, 09/01/25		5,990		7,018
7.500%, 06/01/26		6,062		7,084
7.500%, 07/01/29		14,581		17,190
7.500%, 10/01/29		7,514		8,034
8.000%, 10/01/26		422		444
8.000%, 11/01/29		227		274
8.000%, 05/01/30		17,984		18,799
8.000%, 11/01/30		4,269		5,117
8.000%, 01/01/31		4,787		5,286
8.000%, 02/01/31		7,462		8,754
Fannie Mae ARM Pool 2.610%, 02/01/45 (a)		1,508,869		1,554,320
2.744%, 11/01/43 (a)		2,068,764		2,165,015
2.764%, 02/01/42 (a)		2,592,197		2,709,024
3.066%, 10/01/41 (a)		669,538		710,175
Fannie Mae-ACES 2.679%, 05/25/21 (a)		5,000,000		5,097,050
Freddie Mac 15 Yr. Gold Pool 2.500%, 12/01/27		2,269,692		2,299,260
2.500%, 02/01/28		3,564,369		3,606,487
2.500%, 04/01/28		2,999,844		3,035,291
2.500%, 12/01/29		4,631,611		4,686,326
3.000%, 03/01/27		1,890,710		1,957,821
3.000%, 05/01/27		2,464,006		2,551,465
3.000%, 11/01/28		2,979,469		3,085,301
3.500%, 12/01/25		2,265,028		2,391,778
3.500%, 05/01/26		857,604		906,129
4.000%, 06/01/19		173,574		181,841
4.000%, 05/01/25		1,290,335		1,362,618
4.000%, 08/01/25		711,497		751,354
4.000%, 10/01/25		551,239		582,118
4.500%, 09/01/18		202,765		211,585
4.500%, 10/01/18		439,383		458,495
4.500%, 04/01/19		337,794		352,588
4.500%, 06/01/19		181,298		189,238
4.500%, 08/01/19		61,172		63,851
5.000%, 05/01/18		480,594		503,600
5.000%, 12/01/18		107,571		112,721

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool 5.000%, 06/01/19		266,928	$	281,138
5.500%, 11/01/17		38,410		39,784
5.500%, 01/01/24		617,031		678,953
6.000%, 04/01/16		1,373		1,387
6.000%, 05/01/17		26,126		26,644
7.000%, 12/01/15		154		154
7.500%, 03/01/16		1,204		1,213
Freddie Mac 20 Yr. Gold Pool 3.000%, 04/01/33		3,616,513		3,680,109
3.500%, 04/01/32		3,381,320		3,538,508
4.000%, 01/01/31		1,241,416		1,333,439
4.000%, 08/01/31		1,278,425		1,373,190
4.500%, 05/01/29		363,293		392,877
5.000%, 03/01/27		175,114		192,561
Freddie Mac 30 Yr. Gold Pool 2.500%, 07/01/43		3,094,275		2,958,497
3.000%, 10/01/42		3,078,010		3,064,657
3.000%, 01/01/43		2,906,217		2,893,609
3.000%, 03/01/43		6,777,700		6,746,177
3.000%, 04/01/43		5,450,062		5,424,714
3.000%, 06/01/43		2,014,382		2,005,013
3.000%, 07/01/43		4,742,061		4,720,006
3.000%, 06/01/45		5,000,000		4,975,638
3.500%, 01/01/42		1,891,020		1,949,370
3.500%, 03/01/42		1,682,279		1,734,188
3.500%, 08/01/42		5,689,510		5,865,069
3.500%, 02/01/43		2,328,001		2,396,943
3.500%, 05/01/43		4,054,968		4,175,052
3.500%, 06/01/43		2,510,093		2,584,427
3.500%, 06/01/44		3,216,382		3,309,528
3.500%, 10/01/44		3,438,333		3,537,906
3.500%, 11/01/44		3,867,949		3,979,963
3.500%, 12/01/44		4,540,502		4,671,993
3.500%, 05/01/45		4,887,768		5,034,218
4.000%, 06/01/39		1,339,210		1,415,555
4.000%, 12/01/39		1,972,220		2,084,651
4.000%, 11/01/40		1,823,815		1,939,542
4.000%, 04/01/41		1,691,277		1,798,650
4.000%, 09/01/41		1,795,427		1,909,413
4.000%, 10/01/41		3,844,842		4,088,937
4.000%, 11/01/41		1,905,918		2,026,918
4.000%, 10/01/43		4,236,449		4,478,836
4.000%, 07/01/44		5,462,294		5,775,901
4.000%, 10/01/44		4,193,101		4,433,840
4.500%, 10/01/35		687,515		742,739
4.500%, 06/01/38		1,015,492		1,097,059
4.500%, 02/01/39		580,309		626,172
4.500%, 03/01/39		659,543		711,668
4.500%, 04/01/39		873,478		942,510
4.500%, 09/01/39		1,077,624		1,162,791
4.500%, 10/01/39		2,976,025		3,211,226
4.500%, 11/01/39		991,438		1,069,793
4.500%, 01/01/40		762,768		824,706
4.500%, 05/01/40		1,194,094		1,291,056
4.500%, 11/01/40		1,467,055		1,586,182
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 4.500%, 02/01/41		824,685		891,743
4.500%, 05/01/41		1,015,400		1,097,966
4.500%, 06/01/41		773,852		836,777
4.500%, 12/01/43		1,853,202		2,000,889
5.000%, 10/01/33		750,446		828,412
5.000%, 03/01/34		162,973		179,819
5.000%, 08/01/35		901,010		992,707
5.000%, 09/01/35		386,569		425,911
5.000%, 10/01/35		332,275		366,091
5.000%, 01/01/36		860,449		948,017
5.000%, 04/01/38		472,946		519,596
5.000%, 11/01/39		2,123,158		2,333,052
5.000%, 05/01/40		2,642,635		2,909,750
5.500%, 06/01/34		785,773		884,429
5.500%, 10/01/35		252,263		282,960
5.500%, 12/01/35		950,229		1,065,856
5.500%, 01/01/36		650,292		729,421
5.500%, 12/01/37		588,850		658,094
5.500%, 04/01/38		2,742,401		3,064,729
5.500%, 07/01/38		317,398		354,704
5.500%, 08/01/38		723,492		808,528
6.000%, 11/01/28		11,584		13,254
6.000%, 12/01/28		8,659		9,907
6.000%, 02/01/29		8,277		9,367
6.000%, 04/01/29		5,873		6,707
6.000%, 05/01/29		2,052		2,322
6.000%, 06/01/31		2,285		2,626
6.000%, 07/01/31		1,010		1,161
6.000%, 09/01/31		66,898		76,879
6.000%, 04/01/32		101,168		116,272
6.000%, 11/01/32		35,102		40,343
6.000%, 06/01/34		195,367		224,375
6.000%, 11/01/35		100,005		114,848
6.000%, 02/01/36		136,229		154,364
6.000%, 08/01/36		150,572		170,618
6.000%, 10/01/36		259,711		294,285
6.000%, 11/01/36		115,879		131,306
6.000%, 01/01/37		270,946		307,017
6.000%, 02/01/38		250,020		283,307
6.000%, 11/01/39		2,285,769		2,589,678
6.000%, 04/01/40		651,413		738,141
6.500%, 02/01/30		5,656		6,478
6.500%, 08/01/31		11,823		13,781
6.500%, 10/01/31		7,496		8,585
6.500%, 11/01/31		26,522		30,915
6.500%, 03/01/32		394,148		459,386
6.500%, 04/01/32		385,681		449,518
6.500%, 09/01/36		548,175		630,882
6.500%, 11/01/37		289,480		333,082
7.000%, 12/01/27		1,692		1,965
7.000%, 11/01/28		4,370		5,175
7.000%, 04/01/29		4,727		5,536
7.000%, 05/01/29		1,032		1,098
7.000%, 06/01/29		6,234		6,501
7.000%, 07/01/29		2,103		2,392

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 7.000%, 01/01/31		105,471	$	113,086
7.500%, 08/01/24		17,389		17,845
7.500%, 10/01/27		12,227		14,161
7.500%, 10/01/29		17,408		20,657
7.500%, 05/01/30		12,553		14,263
8.000%, 02/01/27		3,996		4,690
8.000%, 10/01/28		8,144		9,787
Ginnie Mae I 15 Yr. Pool 3.000%, 08/15/28		4,002,380		4,193,311
5.000%, 10/15/20		292,750		312,048
5.000%, 01/15/21		201,371		215,263
Ginnie Mae I 30 Yr. Pool 3.000%, 11/15/42		3,625,654		3,677,275
3.000%, 12/15/42		2,619,539		2,656,835
3.000%, 02/15/43		2,306,263		2,335,516
3.000%, 03/15/43		3,064,021		3,102,886
3.000%, 05/15/43		3,956,065		4,006,245
3.000%, 07/15/43		2,588,310		2,621,141
3.500%, 01/15/42		3,676,636		3,827,530
3.500%, 02/15/42		1,438,182		1,496,373
3.500%, 03/15/42		2,689,327		2,798,141
3.500%, 05/15/42		1,992,688		2,073,314
3.500%, 09/15/42		2,231,509		2,321,798
3.500%, 05/15/43		2,605,148		2,706,356
4.000%, 07/15/39		2,999,947		3,210,149
4.000%, 07/15/40		1,772,256		1,894,719
4.000%, 03/15/41		1,667,067		1,777,722
4.000%, 10/15/41		2,830,104		3,017,957
4.500%, 01/15/39		434,834		474,694
4.500%, 04/15/39		1,248,779		1,363,250
4.500%, 05/15/39		3,127,824		3,414,543
4.500%, 08/15/39		1,404,760		1,533,530
4.500%, 01/15/40		1,350,949		1,476,496
4.500%, 04/15/40		1,493,400		1,632,186
4.500%, 02/15/41		878,073		956,619
4.500%, 04/15/41		832,685		907,170
5.000%, 12/15/35		474,895		532,612
5.000%, 12/15/36		195,568		216,461
5.000%, 01/15/39		1,524,993		1,696,030
5.000%, 02/15/39		306,557		341,488
5.000%, 08/15/39		2,394,174		2,666,977
5.000%, 09/15/39		555,560		618,862
5.000%, 12/15/39		1,102,014		1,227,582
5.000%, 05/15/40		1,645,637		1,835,211
5.500%, 03/15/36		522,846		595,575
5.500%, 01/15/37		578,760		652,429
5.500%, 11/15/37		544,203		613,474
5.500%, 09/15/38		277,129		311,816
5.500%, 08/15/39		1,647,404		1,867,600
6.000%, 01/15/29		6,881		7,794
6.000%, 01/15/33		271,367		312,764
6.000%, 03/15/35		323,817		378,429
6.000%, 12/15/35		182,147		212,647
6.000%, 06/15/36		239,260		271,246
6.000%, 09/15/36		320,193		362,998
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 6.000%, 07/15/38		1,385,055		1,599,796
6.500%, 05/15/23		1,329		1,516
6.500%, 02/15/27		36,806		42,866
6.500%, 07/15/28		13,456		15,351
6.500%, 08/15/28		13,644		15,565
6.500%, 11/15/28		9,765		11,452
6.500%, 12/15/28		11,030		12,582
6.500%, 07/15/29		2,175		2,482
6.500%, 05/15/36		159,266		181,689
7.000%, 01/15/28		2,373		2,717
7.000%, 04/15/28		3,193		3,296
7.000%, 05/15/28		13,307		14,691
7.000%, 06/15/28		9,966		11,503
7.000%, 10/15/28		9,571		10,541
7.000%, 06/15/29		2,089		2,143
7.000%, 09/15/29		7,445		8,088
7.000%, 01/15/31		1,378		1,411
7.000%, 03/15/31		28,455		30,618
7.000%, 07/15/31		508,941		616,739
7.000%, 08/15/31		81,111		98,889
7.000%, 02/15/32		14,663		15,090
7.000%, 07/15/32		32,153		39,233
7.500%, 08/15/29		226		227
7.500%, 04/15/30		8,542		8,727
8.000%, 08/15/26		3,737		4,329
8.000%, 09/15/26		4,679		5,334
8.000%, 05/15/27		1,404		1,438
8.000%, 06/15/29		23,404		25,193
9.000%, 11/15/24		10,075		11,491
Ginnie Mae II 30 Yr. Pool 3.000%, 12/20/42		3,364,295		3,411,644
3.000%, 03/20/43		4,303,119		4,355,808
3.000%, 12/20/44		4,620,307		4,669,949
3.000%, 04/20/45		3,879,707		3,921,683
3.500%, 12/20/41		2,277,183		2,372,434
3.500%, 03/20/42		4,177,233		4,348,218
3.500%, 08/20/42		2,185,674		2,275,140
3.500%, 01/20/43		6,343,938		6,596,739
3.500%, 04/20/43		2,459,621		2,555,698
3.500%, 05/20/43		4,295,682		4,463,479
3.500%, 07/20/44		6,113,158		6,346,945
3.500%, 02/20/45		7,345,028		7,631,966
3.500%, 06/20/45		3,885,714		4,053,694
4.000%, 11/20/40		2,340,943		2,510,385
4.000%, 12/20/40		2,266,362		2,430,406
4.000%, 05/20/43		2,956,433		3,132,091
4.000%, 11/20/43		1,919,737		2,033,800
4.000%, 02/20/44		4,416,038		4,678,783
4.000%, 04/20/44		2,609,742		2,765,016
4.000%, 05/20/44		3,250,946		3,444,370
4.000%, 10/20/44		8,030,945		8,508,769
4.000%, 11/20/44		1,630,715		1,727,739
4.500%, 08/20/40		2,181,691		2,387,163
4.500%, 12/20/40		1,283,369		1,404,237
4.500%, 04/20/41		1,221,029		1,327,978

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 4.500%, 03/20/42		872,982	$	949,445
4.500%, 10/20/43		1,706,892		1,841,260
4.500%, 02/20/44		3,106,352		3,350,886
5.000%, 08/20/40		972,751		1,081,668
5.000%, 10/20/40		907,247		1,008,831
5.000%, 06/20/44		2,695,662		2,997,492
6.500%, 06/20/31		30,642		35,909
6.500%, 11/20/38		777,962		898,735
7.500%, 02/20/28		3,584		4,309
				686,711,382
Federal Agencies—4.1%
Federal Farm Credit Bank 4.875%, 12/16/15		4,500,000		4,594,734
Federal Home Loan Bank 0.375%, 06/24/16 (b)		10,040,000		10,039,630
4.875%, 05/17/17 (b)		4,420,000		4,767,167
5.375%, 05/18/16		2,900,000		3,027,298
Federal Home Loan Mortgage Corp. 0.875%, 03/07/18		17,000,000		16,946,657
1.250%, 10/02/19		3,000,000		2,960,034
1.375%, 05/01/20		5,145,000		5,067,316
5.125%, 11/17/17 (b)		3,530,000		3,880,711
Federal National Mortgage Association 0.500%, 03/30/16		9,450,000		9,463,107
0.875%, 05/21/18 (b)		10,160,000		10,110,653
4.875%, 12/15/16 (b)		4,430,000		4,706,033
5.375%, 07/15/16		5,870,000		6,171,638
5.375%, 06/12/17		8,300,000		9,043,309
6.625%, 11/15/30 (b)		2,450,000		3,478,408
Tennessee Valley Authority 5.250%, 09/15/39		3,350,000		4,077,227
				98,333,922
U.S. Treasury—35.7%
U.S. Treasury Bonds 2.500%, 02/15/45		9,900,000		8,714,970
2.750%, 08/15/42		2,020,000		1,881,246
2.875%, 05/15/43		4,760,000		4,536,090
3.000%, 11/15/44		11,000,000		10,754,810
3.125%, 02/15/42		1,800,000		1,809,576
3.125%, 02/15/43		3,270,000		3,273,728
3.125%, 08/15/44		4,700,000		4,706,439
3.375%, 05/15/44		3,000,000		3,150,060
3.500%, 02/15/39		2,080,000		2,242,469
3.625%, 02/15/44		10,120,000		11,124,006
3.750%, 08/15/41		1,830,000		2,054,504
3.875%, 08/15/40		10,380,000		11,853,027
4.250%, 11/15/40		7,280,000		8,807,125
4.375%, 11/15/39		3,900,000		4,796,454
4.375%, 05/15/40		5,220,000		6,425,350
4.375%, 05/15/41		5,850,000		7,229,137
4.500%, 02/15/36		5,675,000		7,136,086
4.500%, 05/15/38 (b)		4,950,000		6,189,926
U.S. Treasury—(Continued)
U.S. Treasury Bonds 5.000%, 05/15/37		2,760,000		3,698,924
5.250%, 02/15/29		750,000		979,762
5.375%, 02/15/31		6,675,000		8,982,948
6.125%, 11/15/27		5,750,000		7,980,138
6.250%, 08/15/23		7,700,000		10,049,579
6.375%, 08/15/27		6,900,000		9,728,655
6.500%, 11/15/26		4,500,000		6,332,985
7.125%, 02/15/23		11,125,000		15,090,284
7.250%, 08/15/22		6,120,000		8,259,552
7.875%, 02/15/21		4,450,000		5,904,482
8.000%, 11/15/21		2,920,000		3,984,515
8.125%, 08/15/19		2,645,000		3,358,489
8.125%, 08/15/21		1,250,000		1,701,525
8.500%, 02/15/20		6,700,000		8,786,715
8.750%, 08/15/20		1,000,000		1,348,540
8.875%, 02/15/19		10,215,000		12,995,829
9.125%, 05/15/18		1,600,000		1,971,328
U.S. Treasury Notes 0.625%, 10/15/16		9,970,000		9,996,719
0.625%, 05/31/17		5,000,000		4,999,900
0.625%, 08/31/17		21,700,000		21,661,807
0.625%, 04/30/18		5,000,000		4,953,950
0.750%, 02/28/18		40,500,000		40,338,809
0.875%, 11/30/16		23,800,000		23,938,041
0.875%, 05/15/17		10,000,000		10,048,200
1.000%, 08/31/16		11,820,000		11,904,632
1.000%, 09/30/16		35,670,000		35,942,162
1.000%, 10/31/16		7,010,000		7,062,084
1.000%, 03/31/17		7,850,000		7,910,287
1.125%, 05/31/19		12,300,000		12,202,707
1.125%, 03/31/20		5,100,000		4,990,044
1.250%, 10/31/19 (b)		5,130,000		5,084,394
1.250%, 02/29/20		25,800,000		25,420,482
1.375%, 09/30/18		12,890,000		12,995,826
1.375%, 11/30/18		15,000,000		15,113,401
1.375%, 01/31/20		27,100,000		26,892,414
1.500%, 03/31/19		31,870,000		32,121,134
1.625%, 11/15/22		5,000,000		4,832,750
1.750%, 10/31/20		5,000,000		5,003,650
1.750%, 05/15/22		4,900,000		4,805,626
1.750%, 05/15/23		6,420,000		6,210,195
1.875%, 09/30/17		15,900,000		16,304,655
2.000%, 11/30/20		14,800,000		14,986,184
2.000%, 02/28/21		5,000,000		5,045,350
2.000%, 11/15/21		10,950,000		10,970,038
2.000%, 02/15/22		3,800,000		3,799,810
2.000%, 02/15/23		6,900,000		6,824,721
2.125%, 06/30/21		12,000,000		12,149,399
2.125%, 08/15/21		8,710,000		8,807,988
2.250%, 07/31/21		19,000,000		19,356,820
2.250%, 11/15/24		7,800,000		7,750,548
2.375%, 05/31/18		31,000,000		32,241,552
2.500%, 08/15/23		14,400,000		14,709,025
2.500%, 05/15/24		7,000,000		7,119,210
2.625%, 08/15/20 (b)		6,000,000		6,274,920

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes 2.750%, 05/31/17		9,840,000	$	10,240,882
2.750%, 11/15/23		9,835,000		10,223,581
3.000%, 08/31/16		8,350,000		8,602,838
3.000%, 09/30/16		18,100,000		18,684,267
3.000%, 02/28/17		14,980,000		15,591,183
3.125%, 05/15/19		3,000,000		3,202,140
3.375%, 11/15/19		4,350,000		4,697,261
3.500%, 02/15/18 (b)		4,000,000		4,270,640
3.500%, 05/15/20		7,790,000		8,473,650
3.625%, 02/15/20		17,190,000		18,777,840
3.750%, 11/15/18		4,550,000		4,942,028
3.875%, 05/15/18		4,700,000		5,089,348
4.000%, 08/15/18		9,620,000		10,508,696
4.250%, 11/15/17		4,700,000		5,082,909
4.625%, 02/15/17		8,475,000		9,035,706
4.875%, 08/15/16		8,330,000		8,748,499
				864,780,155
Total U.S. Treasury & Government Agencies (Cost $1,631,074,287)				1,649,825,459
Corporate Bonds & Notes—25.9%
Aerospace/Defense—0.3%
Boeing Co. (The) 7.250%, 06/15/25 (b)		460,000		605,978
Lockheed Martin Corp. 6.150%, 09/01/36		1,700,000		2,069,065
Northrop Grumman Systems Corp. 7.750%, 02/15/31		515,000		683,854
Raytheon Co. 3.125%, 10/15/20		1,000,000		1,026,842
United Technologies Corp. 4.500%, 06/01/42 (b)		2,645,000		2,664,642
7.500%, 09/15/29		200,000		277,297
				7,327,678
Agriculture—0.3%
Altria Group, Inc. 9.700%, 11/10/18		750,000		931,248
Archer-Daniels-Midland Co. 4.479%, 03/01/21		2,000,000		2,177,133
Philip Morris International, Inc. 3.250%, 11/10/24 (b)		3,000,000		2,944,223
4.500%, 03/26/20		925,000		1,005,893
				7,058,497
Auto Manufacturers—0.5%
Daimler Finance North America LLC 8.500%, 01/18/31		1,050,000		1,535,243
Ford Motor Co. 7.450%, 07/16/31		2,200,000		2,797,637
Auto Manufacturers—(Continued)
General Motors Financial Co., Inc. 2.625%, 07/10/17		4,000,000		4,043,528
Toyota Motor Credit Corp. 3.300%, 01/12/22		4,000,000		4,110,351
				12,486,759
Banks—5.4%
Bank of America Corp. 3.300%, 01/11/23		4,075,000		3,999,158
4.100%, 07/24/23		2,905,000		2,990,599
5.750%, 08/15/16		2,850,000		2,979,707
5.875%, 02/07/42		3,000,000		3,431,011
6.500%, 08/01/16		1,750,000		1,847,384
6.500%, 07/15/18		200,000		224,864
Bank of New York Mellon Corp. (The) 5.450%, 05/15/19		2,000,000		2,233,775
Bank of Nova Scotia 2.050%, 10/30/18		3,480,000		3,508,580
Barclays Bank plc 5.000%, 09/22/16		1,750,000		1,830,845
BNP Paribas S.A. 5.000%, 01/15/21		3,225,000		3,581,699
Branch Banking & Trust Co. 2.850%, 04/01/21		3,400,000		3,430,457
Capital One Financial Corp. 6.750%, 09/15/17		1,200,000		1,326,773
Citigroup, Inc. 5.375%, 08/09/20		2,200,000		2,459,003
5.850%, 08/02/16		500,000		524,960
6.125%, 11/21/17		1,700,000		1,867,408
6.125%, 05/15/18		1,900,000		2,115,145
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 5.250%, 05/24/41		3,640,000		3,982,837
Credit Suisse 4.375%, 08/05/20		2,611,000		2,827,070
Deutsche Bank AG 6.000%, 09/01/17 (b)		1,500,000		1,630,275
Fifth Third Bancorp 8.250%, 03/01/38		1,175,000		1,654,325
Goldman Sachs Group, Inc. (The) 6.000%, 06/15/20		2,000,000		2,281,433
6.125%, 02/15/33		2,075,000		2,447,971
6.250%, 09/01/17		760,000		831,722
6.450%, 05/01/36		2,000,000		2,254,559
6.750%, 10/01/37		3,500,000		4,096,065
HSBC Holdings plc 5.100%, 04/05/21		2,556,000		2,848,190
6.500%, 09/15/37		905,000		1,089,558
JPMorgan Chase & Co. 3.250%, 09/23/22		2,850,000		2,820,158
4.950%, 03/25/20		2,650,000		2,909,661
6.300%, 04/23/19		1,900,000		2,166,146
JPMorgan Chase Bank N.A. 6.000%, 10/01/17		2,700,000		2,949,581

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
KFW 1.000%, 06/11/18 (b)		3,536,000	$	3,519,040
1.250%, 02/15/17		3,000,000		3,027,549
2.375%, 08/25/21		1,945,000		1,978,249
2.625%, 02/16/16 (b)		2,791,000		2,830,158
2.750%, 09/08/20		2,300,000		2,402,591
4.875%, 01/17/17		2,900,000		3,086,531
Lloyds Bank plc 6.375%, 01/21/21		1,500,000		1,767,480
Morgan Stanley 4.350%, 09/08/26		3,800,000		3,738,908
5.625%, 09/23/19		1,900,000		2,122,299
7.250%, 04/01/32		1,850,000		2,399,615
7.300%, 05/13/19		2,460,000		2,879,805
PNC Bank N.A. 4.875%, 09/21/17		1,000,000		1,066,922
5.250%, 01/15/17		1,600,000		1,688,700
Royal Bank of Canada 2.150%, 03/15/19 (b)		3,915,000		3,917,954
State Street Bank and Trust Co. 5.300%, 01/15/16		300,000		307,538
Toronto-Dominion Bank (The) 2.250%, 11/05/19 (b)		4,000,000		3,995,283
U.S. Bancorp 3.600%, 09/11/24		3,000,000		3,003,578
UBS AG 4.875%, 08/04/20		3,500,000		3,863,593
Wachovia Corp. 5.750%, 06/15/17		700,000		759,402
Wells Fargo & Co. 3.000%, 01/22/21		3,400,000		3,435,033
3.676%, 06/15/16		2,775,000		2,851,666
Wells Fargo Bank N.A. 5.950%, 08/26/36		1,900,000		2,266,815
				132,049,628
Beverages—0.6%
Anheuser-Busch Cos. LLC 6.450%, 09/01/37		880,000		1,083,322
Anheuser-Busch InBev Finance, Inc. 1.250%, 01/17/18		3,500,000		3,480,438
Coca-Cola Co. (The) 3.150%, 11/15/20		280,000		291,262
3.200%, 11/01/23		3,000,000		3,020,885
Diageo Finance B.V. 5.300%, 10/28/15		870,000		882,681
Pepsi Bottling Group, Inc. (The) 7.000%, 03/01/29		300,000		402,187
PepsiCo, Inc. 3.600%, 03/01/24 (b)		3,975,000		4,087,296
5.000%, 06/01/18		1,000,000		1,094,263
				14,342,334
Biotechnology—0.3%
Amgen, Inc. 5.700%, 02/01/19		850,000		950,449
6.150%, 06/01/18		1,650,000		1,849,792
Celgene Corp. 4.625%, 05/15/44		4,000,000		3,788,140
				6,588,381
Building Materials—0.0%
CRH America, Inc. 6.000%, 09/30/16 (b)		900,000		952,274
Chemicals—0.5%
Dow Chemical Co. (The) 4.250%, 11/15/20		2,750,000		2,921,730
9.400%, 05/15/39		650,000		964,716
E. I. du Pont de Nemours & Co. 5.600%, 12/15/36 (b)		1,000,000		1,124,839
6.000%, 07/15/18		1,000,000		1,120,672
Potash Corp. of Saskatchewan, Inc. 4.875%, 03/30/20 (b)		970,000		1,066,627
Praxair, Inc. 3.000%, 09/01/21 (b)		3,950,000		3,988,034
				11,186,618
Computers—0.4%
Apple, Inc. 2.400%, 05/03/23		2,072,000		1,979,501
4.450%, 05/06/44		2,944,000		2,938,069
Hewlett-Packard Co. 5.500%, 03/01/18		1,950,000		2,126,605
International Business Machines Corp. 4.000%, 06/20/42 (b)		3,200,000		2,876,603
8.375%, 11/01/19		425,000		531,318
				10,452,096
Cosmetics/Personal Care—0.2%
Procter & Gamble Co. (The) 2.300%, 02/06/22 (b)		3,600,000		3,549,040
6.450%, 01/15/26		200,000		254,992
				3,804,032
Diversified Financial Services—1.1%
American Express Co. 7.000%, 03/19/18		3,000,000		3,401,876
Associates Corp. of North America 6.950%, 11/01/18		1,700,000		1,952,507
BlackRock, Inc. 3.500%, 03/18/24		3,800,000		3,841,437
General Electric Capital Corp. 5.300%, 02/11/21		1,915,000		2,151,536
5.400%, 02/15/17		2,000,000		2,138,254
5.500%, 01/08/20		3,360,000		3,803,836
5.875%, 01/14/38		2,050,000		2,449,128

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
General Electric Capital Corp. 6.750%, 03/15/32		1,250,000	$	1,622,361
7.500%, 08/21/35 (b)		100,000		138,262
HSBC Finance Corp. 5.500%, 01/19/16		900,000		921,833
National Rural Utilities Cooperative Finance Corp. 10.375%, 11/01/18		2,900,000		3,669,084
Nomura Holdings, Inc. 6.700%, 03/04/20		1,325,000		1,549,369
				27,639,483
Electric—1.8%
CenterPoint Energy Houston Electric LLC 4.500%, 04/01/44		3,800,000		3,798,456
Consolidated Edison Co. of New York, Inc. 3.950%, 03/01/43		3,070,000		2,771,695
5.850%, 04/01/18		855,000		952,490
Dominion Resources, Inc. 6.400%, 06/15/18		1,750,000		1,964,823
Duke Energy Carolinas LLC 5.300%, 02/15/40		2,000,000		2,245,513
Exelon Corp. 5.625%, 06/15/35		1,500,000		1,593,540
Florida Power & Light Co. 5.950%, 02/01/38		1,700,000		2,096,427
Georgia Power Co. 5.700%, 06/01/17		1,400,000		1,515,144
Hydro-Quebec 7.500%, 04/01/16		1,350,000		1,414,476
8.400%, 01/15/22		1,000,000		1,317,459
Nisource Finance Corp. 4.800%, 02/15/44		4,000,000		4,016,930
Northern States Power Co. 6.250%, 06/01/36		2,200,000		2,744,989
Ohio Power Co. 5.375%, 10/01/21		1,640,000		1,869,587
Oncor Electric Delivery Co. LLC 7.000%, 05/01/32		950,000		1,201,849
Pacific Gas & Electric Co. 5.400%, 01/15/40		3,320,000		3,655,139
PacifiCorp 2.950%, 02/01/22		2,800,000		2,794,277
PPL Capital Funding, Inc. 3.400%, 06/01/23		4,000,000		3,976,800
Progress Energy, Inc. 5.625%, 01/15/16		1,900,000		1,947,829
PSEG Power LLC 8.625%, 04/15/31		1,000,000		1,369,351
				43,246,774
Electronics—0.3%
Honeywell International, Inc. 5.000%, 02/15/19 (b)		2,000,000		2,219,822
Electronics—(Continued)
Koninklijke Philips NV 5.750%, 03/11/18		900,000		986,964
Thermo Fisher Scientific, Inc. 4.150%, 02/01/24		3,445,000		3,497,424
				6,704,210
Environmental Control—0.1%
Waste Management, Inc. 7.000%, 07/15/28		1,265,000		1,647,009
Food—0.6%
ConAgra Foods, Inc. 5.819%, 06/15/17		1,000,000		1,070,109
General Mills, Inc. 5.650%, 02/15/19		1,700,000		1,891,885
Kroger Co. (The) 3.300%, 01/15/21 (b)		3,900,000		3,962,763
Mondelez International, Inc. 4.125%, 02/09/16		2,200,000		2,241,793
5.375%, 02/10/20		1,800,000		2,004,936
Sysco Corp. 2.600%, 06/12/22 (b)		2,400,000		2,335,149
Unilever Capital Corp. 5.900%, 11/15/32		1,500,000		1,915,108
				15,421,743
Forest Products & Paper—0.1%
Georgia-Pacific LLC 8.000%, 01/15/24		1,800,000		2,311,289
Gas—0.0%
Sempra Energy 6.150%, 06/15/18		900,000		1,005,988
Healthcare-Products—0.3%
Baxter International, Inc. 5.375%, 06/01/18		1,400,000		1,531,341
Becton Dickinson & Co. 4.685%, 12/15/44		3,500,000		3,382,105
Medtronic, Inc. 4.000%, 04/01/43		3,900,000		3,533,855
				8,447,301
Healthcare-Services—0.5%
Aetna, Inc. 2.750%, 11/15/22		3,000,000		2,820,437
Anthem, Inc. 5.850%, 01/15/36		1,800,000		1,906,161
Cigna Corp. 5.375%, 02/15/42		3,000,000		3,152,894
Laboratory Corp. of America Holdings 4.625%, 11/15/20 (b)		1,900,000		2,028,997
UnitedHealth Group, Inc. 5.375%, 03/15/16		1,700,000		1,755,597
				11,664,086

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Household Products/Wares—0.0%
Kimberly-Clark Corp. 6.125%, 08/01/17		500,000	$	550,089
Insurance—0.9%
ACE INA Holdings, Inc. 3.350%, 05/15/24		4,000,000		3,968,283
Aflac, Inc. 3.625%, 06/15/23		2,975,000		2,999,733
Allstate Corp. (The) 6.900%, 05/15/38		150,000		205,081
7.450%, 05/16/19		1,700,000		2,010,372
American International Group, Inc. 5.450%, 05/18/17		1,900,000		2,042,297
5.850%, 01/16/18		1,800,000		1,990,037
AXA S.A. 8.600%, 12/15/30		1,165,000		1,543,625
Berkshire Hathaway, Inc. 1.900%, 01/31/17		2,900,000		2,945,008
Chubb Corp. (The) 6.000%, 05/11/37		865,000		1,048,083
Hartford Financial Services Group, Inc. 6.100%, 10/01/41		780,000		920,940
Prudential Financial, Inc. 5.700%, 12/14/36		1,525,000		1,670,352
				21,343,811
Internet—0.2%
Amazon.com, Inc. 3.800%, 12/05/24 (b)		3,800,000		3,804,664
Iron/Steel—0.0%
Vale Overseas, Ltd. 6.875%, 11/21/36 (b)		1,100,000		1,057,447
Machinery-Construction & Mining—0.1%
Caterpillar, Inc. 7.900%, 12/15/18		1,757,000		2,106,344
Machinery-Diversified—0.1%
Deere & Co. 2.600%, 06/08/22		1,950,000		1,912,960
Media—1.1%
21st Century Fox America, Inc. 6.550%, 03/15/33		1,950,000		2,347,986
Comcast Corp. 4.650%, 07/15/42		3,670,000		3,668,715
5.650%, 06/15/35		1,500,000		1,693,186
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 5.000%, 03/01/21		2,600,000		2,808,715
Discovery Communications LLC 6.350%, 06/01/40		1,800,000		1,995,067
Thomson Reuters Corp. 6.500%, 07/15/18		800,000		903,232
Media—(Continued)
Time Warner Cable, Inc. 5.000%, 02/01/20		1,900,000		2,042,295
5.850%, 05/01/17		1,800,000		1,922,782
6.550%, 05/01/37		100,000		104,242
Time Warner Entertainment Co. L.P. 8.375%, 03/15/23		380,000		467,037
Time Warner, Inc. 6.100%, 07/15/40		925,000		1,041,896
7.700%, 05/01/32		685,000		902,874
Viacom, Inc. 4.375%, 03/15/43		3,500,000		2,869,277
6.250%, 04/30/16		770,000		803,815
Walt Disney Co. (The) 2.750%, 08/16/21		1,930,000		1,948,630
				25,519,749
Mining—0.4%
Barrick North America Finance LLC 4.400%, 05/30/21		3,125,000		3,185,483
Freeport-McMoRan, Inc. 3.550%, 03/01/22 (b)		3,700,000		3,411,855
Newmont Mining Corp. 6.250%, 10/01/39		1,800,000		1,751,174
Rio Tinto Alcan, Inc. 6.125%, 12/15/33		1,751,000		1,970,198
				10,318,710
Miscellaneous Manufacturing—0.3%
General Electric Co. 3.375%, 03/11/24		2,900,000		2,935,042
5.250%, 12/06/17		1,800,000		1,962,367
Tyco Electronics Group S.A. 6.550%, 10/01/17		1,600,000		1,770,965
Tyco International Finance S.A./Tyco Fire & Security Finance SCA 6.875%, 01/15/21		1,275,000		1,498,472
				8,166,846
Multi-National—1.5%
Asian Development Bank 5.500%, 06/27/16		3,850,000		4,041,454
European Bank for Reconstruction & Development 1.000%, 06/15/18		3,564,000		3,543,770
European Investment Bank 1.625%, 06/15/17 (b)		1,975,000		2,005,949
2.500%, 10/15/24 (b)		3,800,000		3,799,188
4.000%, 02/16/21 (b)		1,700,000		1,884,196
4.875%, 02/15/36		3,700,000		4,563,907
5.125%, 05/30/17		1,750,000		1,892,600
Inter-American Development Bank 2.125%, 01/15/25		3,900,000		3,780,792
2.375%, 08/15/17		2,000,000		2,063,808
6.800%, 10/15/25		500,000		679,765
7.000%, 06/15/25		200,000		268,668

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Multi-National—(Continued)
International Bank for Reconstruction & Development 7.625%, 01/19/23		2,970,000	$	4,066,081
8.875%, 03/01/26		535,000		823,730
International Finance Corp. 1.750%, 09/04/18		2,975,000		3,026,342
				36,440,250
Office/Business Equipment—0.1%
Xerox Corp. 6.350%, 05/15/18 (b)		2,550,000		2,843,318
Oil & Gas—1.6%
Anadarko Petroleum Corp. 6.375%, 09/15/17		2,445,000		2,683,577
Apache Finance Canada Corp. 7.750%, 12/15/29		300,000		398,434
BP Capital Markets plc 3.245%, 05/06/22		3,900,000		3,904,848
Canadian Natural Resources, Ltd. 6.250%, 03/15/38		1,800,000		1,980,575
Chevron Corp. 3.191%, 06/24/23		3,025,000		3,040,918
ConocoPhillips Canada Funding Co. I 5.950%, 10/15/36		1,550,000		1,799,098
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		901,238
Devon Energy Corp. 6.300%, 01/15/19		850,000		957,864
Hess Corp. 8.125%, 02/15/19		3,130,000		3,708,682
Marathon Oil Corp. 6.600%, 10/01/37		2,000,000		2,238,119
Petrobras Global Finance B.V. 6.125%, 10/06/16		600,000		617,474
6.875%, 01/20/40		4,300,000		3,819,932
Petroleos Mexicanos 6.625%, 06/15/35		3,400,000		3,633,750
Shell International Finance B.V. 4.300%, 09/22/19		1,000,000		1,085,168
Statoil ASA 6.700%, 01/15/18		300,000		335,568
Suncor Energy, Inc. 6.100%, 06/01/18		2,500,000		2,778,085
Total Capital International S.A. 2.700%, 01/25/23 (b)		3,000,000		2,910,852
XTO Energy, Inc. 6.500%, 12/15/18		1,600,000		1,856,986
				38,651,168
Oil & Gas Services—0.3%
Halliburton Co. 3.500%, 08/01/23		4,000,000		4,037,173
Weatherford International, Ltd. 4.500%, 04/15/22 (b)		2,300,000		2,148,178
Oil & Gas Services—(Continued)
Weatherford International, Ltd. 9.625%, 03/01/19		1,500,000		1,751,100
				7,936,451
Pharmaceuticals—1.1%
Abbott Laboratories 5.125%, 04/01/19		1,073,000		1,188,268
AbbVie, Inc. 4.400%, 11/06/42		3,200,000		3,009,675
Actavis Funding SCS 2.350%, 03/12/18		3,900,000		3,922,873
AstraZeneca plc 4.000%, 09/18/42		1,200,000		1,111,262
Express Scripts Holding Co. 6.125%, 11/15/41		1,520,000		1,751,196
GlaxoSmithKline Capital, Inc. 6.375%, 05/15/38		2,100,000		2,633,459
Johnson & Johnson 5.950%, 08/15/37		910,000		1,134,578
6.950%, 09/01/29		250,000		342,821
Merck & Co., Inc. 6.550%, 09/15/37		1,000,000		1,282,207
Merck Sharp & Dohme Corp. 5.950%, 12/01/28		300,000		370,359
Novartis Capital Corp. 4.400%, 04/24/20		900,000		988,724
Sanofi 4.000%, 03/29/21		2,775,000		2,964,409
Wyeth LLC 5.500%, 02/15/16		1,700,000		1,751,921
5.950%, 04/01/37		3,300,000		3,936,596
				26,388,348
Pipelines—0.9%
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		220,000		260,177
Energy Transfer Partners L.P. 4.650%, 06/01/21		1,950,000		2,005,924
5.150%, 03/15/45		4,600,000		4,064,348
Enterprise Products Operating LLC 6.300%, 09/15/17		1,900,000		2,093,205
Kinder Morgan Energy Partners L.P. 6.500%, 02/01/37		2,000,000		2,017,902
Plains All American Pipeline L.P./PAA Finance Corp. 6.500%, 05/01/18		2,485,000		2,780,898
Tennessee Gas Pipeline Co. LLC 7.000%, 10/15/28		1,050,000		1,231,367
7.625%, 04/01/37		640,000		741,918
TransCanada PipeLines, Ltd. 6.200%, 10/15/37		1,800,000		2,053,303
Williams Partners L.P. 5.250%, 03/15/20 (b)		3,575,000		3,896,155
				21,145,197

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—0.5%
AvalonBay Communities, Inc. 6.100%, 03/15/20		860,000	$	985,149
Boston Properties L.P. 3.850%, 02/01/23		2,950,000		3,019,338
ERP Operating L.P. 5.750%, 06/15/17		900,000		973,656
HCP, Inc. 5.375%, 02/01/21		2,591,000		2,841,838
Kimco Realty Corp. 6.875%, 10/01/19		550,000		636,119
Regency Centers L.P. 5.250%, 08/01/15		850,000		852,740
Simon Property Group L.P. 5.250%, 12/01/16		2,000,000		2,097,667
				11,406,507
Retail—0.8%
Costco Wholesale Corp. 5.500%, 03/15/17		465,000		499,973
CVS Health Corp. 2.250%, 12/05/18		3,930,000		3,962,327
Home Depot, Inc. (The) 4.400%, 04/01/21		1,450,000		1,580,749
5.400%, 03/01/16 (b)		900,000		928,418
Lowe’s Cos., Inc. 6.875%, 02/15/28		1,000,000		1,291,469
McDonald’s Corp. 5.350%, 03/01/18		885,000		968,979
Target Corp. 6.350%, 11/01/32		1,000,000		1,231,617
Wal-Mart Stores, Inc. 2.550%, 04/11/23		4,000,000		3,863,924
5.250%, 09/01/35		935,000		1,056,345
5.625%, 04/15/41		1,900,000		2,239,589
Walgreen Co. 5.250%, 01/15/19		900,000		984,010
				18,607,400
Semiconductors—0.2%
Intel Corp. 2.700%, 12/15/22 (b)		2,000,000		1,951,766
QUALCOMM, Inc. 3.450%, 05/20/25 (b)		4,000,000		3,896,944
				5,848,710
Software—0.5%
Adobe Systems, Inc. 4.750%, 02/01/20 (b)		2,200,000		2,395,306
Microsoft Corp. 4.200%, 06/01/19		2,700,000		2,935,601
Oracle Corp. 2.375%, 01/15/19		3,885,000		3,940,070
4.125%, 05/15/45		4,200,000		3,882,538
				13,153,515
Telecommunications—1.5%
America Movil S.A.B. de C.V. 2.375%, 09/08/16		2,875,000		2,918,446
AT&T Mobility LLC 7.125%, 12/15/31		100,000		123,101
AT&T, Inc. 5.500%, 02/01/18		3,500,000		3,811,990
5.800%, 02/15/19		1,700,000		1,894,423
6.300%, 01/15/38		1,300,000		1,434,790
British Telecommunications plc 9.625%, 12/15/30		1,000,000		1,472,322
Cisco Systems, Inc. 5.500%, 01/15/40		2,000,000		2,278,397
Deutsche Telekom International Finance B.V. 5.750%, 03/23/16		460,000		475,510
8.750%, 06/15/30		1,000,000		1,387,164
Orange S.A. 2.750%, 09/14/16		2,857,000		2,913,541
Rogers Communications, Inc. 6.800%, 08/15/18		800,000		910,569
Telefonica Emisiones S.A.U. 6.221%, 07/03/17		1,400,000		1,520,264
Verizon Communications, Inc. 4.600%, 04/01/21		2,400,000		2,577,913
5.150%, 09/15/23		3,510,000		3,845,261
6.100%, 04/15/18		1,600,000		1,777,275
6.550%, 09/15/43		3,304,000		3,876,412
Verizon New York, Inc. 7.375%, 04/01/32		500,000		591,221
Vodafone Group plc 6.150%, 02/27/37		2,170,000		2,306,578
				36,115,177
Transportation—0.5%
Burlington Northern Santa Fe LLC 4.150%, 04/01/45		3,900,000		3,603,573
CSX Corp. 6.150%, 05/01/37		1,600,000		1,904,153
7.900%, 05/01/17		500,000		558,233
FedEx Corp. 8.000%, 01/15/19		675,000		804,318
Norfolk Southern Corp. 3.000%, 04/01/22		1,911,000		1,897,755
5.590%, 05/17/25		28,000		32,059
Union Pacific Corp. 6.625%, 02/01/29		1,200,000		1,583,553
United Parcel Service, Inc. 5.125%, 04/01/19		760,000		847,460
				11,231,104
Total Corporate Bonds & Notes (Cost $590,783,779)				628,883,945

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Foreign Government—1.9%

Security Description	Principal Amount*		Value
Banks—0.1%
Oesterreichische Kontrollbank AG 1.625%, 03/12/19		3,025,000	$	3,045,322
Provincial—0.4%
Province of British Columbia 2.000%, 10/23/22		1,970,000		1,926,664
Province of Nova Scotia 5.125%, 01/26/17		900,000		959,287
9.250%, 03/01/20		250,000		321,605
Province of Ontario Canada 2.450%, 06/29/22		4,000,000		4,005,746
4.400%, 04/14/20 (b)		2,100,000		2,339,234
Province of Quebec 7.500%, 07/15/23		350,000		463,989
				10,016,525
Sovereign—1.4%
Brazilian Government International Bonds 6.000%, 01/17/17		3,755,000		4,017,850
7.125%, 01/20/37		1,650,000		1,868,625
Colombia Government International Bonds 8.125%, 05/21/24		1,500,000		1,912,500
Mexico Government International Bonds 5.750%, 10/12/10		4,100,000		4,028,250
6.750%, 09/27/34		1,050,000		1,316,175
8.000%, 09/24/22		2,200,000		2,827,000
Panama Government International Bonds 5.200%, 01/30/20		1,370,000		1,504,945
Peruvian Government International Bonds 8.750%, 11/21/33		1,450,000		2,189,500
Philippine Government International Bonds 5.000%, 01/13/37		1,740,000		2,011,875
Republic of Korea 7.125%, 04/16/19		4,900,000		5,826,543
Turkey Government International Bonds 3.250%, 03/23/23 (b)		2,350,000		2,182,516
6.250%, 09/26/22		1,607,000		1,787,787
7.375%, 02/05/25 (b)		1,473,000		1,769,441
				33,243,007
Total Foreign Government (Cost $46,031,893)				46,304,854
Mortgage-Backed Securities—1.6%
Commercial Mortgage-Backed Securities—1.6%
Bear Stearns Commercial Mortgage Securities Trust 5.540%, 09/11/41		900,287		929,725
5.694%, 06/11/50 (a)		1,500,000		1,599,493
Citigroup Commercial Mortgage Trust 5.431%, 10/15/49		1,500,000		1,556,409
5.969%, 03/15/49 (a)		1,542,480		1,575,614
Commercial Mortgage Trust 3.838%, 09/10/47		3,800,000		3,953,169
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Trust 5.989%, 12/10/49 (a)		2,400,000		2,575,837
Freddie Mac Multifamily Structured Pass-Through Certificates 2.902%, 08/25/20		2,192,471		2,256,403
3.060%, 07/25/23 (a)		4,800,000		4,920,384
GS Mortgage Securities Trust 3.135%, 06/10/46		2,935,000		2,930,895
3.377%, 05/10/45		2,750,000		2,840,631
4.243%, 08/10/46		966,000		1,041,006
JPMorgan Chase Commercial Mortgage Securities Trust 5.420%, 01/15/49		2,332,367		2,445,328
5.440%, 06/12/47		840,004		879,672
LB-UBS Commercial Mortgage Trust 5.156%, 02/15/31		2,085,852		2,106,101
Morgan Stanley Capital I Trust 5.809%, 12/12/49		2,435,742		2,612,207
5.826%, 06/11/42 (a)		1,994,596		2,134,119
6.104%, 06/11/49 (a)		1,354,700		1,450,243
WF-RBS Commercial Mortgage Trust 3.488%, 06/15/46		1,054,000		1,072,033
Total Mortgage-Backed Securities (Cost $38,666,096)				38,879,269
Municipals—0.6%
Los Angeles Community College District, Build America Bonds 6.750%, 08/01/49		2,210,000		3,140,366
Los Angeles, Unified School District, Build America Bonds 6.758%, 07/01/34		2,160,000		2,820,571
Municipal Electric Authority of Georgia, Build America Bonds 6.637%, 04/01/57		2,000,000		2,423,380
Oregon School Boards Association, Build America Bonds 5.680%, 06/30/28		1,900,000		2,258,606
State of California, Build America Bonds 7.300%, 10/01/39		2,000,000		2,828,840
State of Illinois, Build America Bonds 5.100%, 06/01/33		1,230,000		1,146,299
Total Municipals (Cost $12,089,007)				14,618,062
Asset-Backed Securities—0.4%
Asset-Backed - Automobile—0.2%
CarMax Auto Owner Trust 0.970%, 04/16/18		2,815,598		2,816,960
Honda Auto Receivables Owner Trust 0.770%, 05/15/17		263,399		263,462
Nissan Auto Receivables Owner Trust 0.750%, 07/15/19		1,253,000		1,251,959

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Shares/ Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
Volkswagen Auto Loan Enhanced Trust 0.950%, 04/22/19		1,252,000	$	1,248,942
				5,581,323
Asset-Backed - Credit Card—0.2%
Citibank Credit Card Issuance Trust 2.880%, 01/23/23		4,924,000		5,071,304
Asset-Backed - Home Equity—0.0%
Centex Home Equity Loan Trust 4.250%, 12/25/31		54,794		54,844
Total Asset-Backed Securities (Cost $10,641,414)				10,707,471
Short-Term Investments—4.8%
Discount Notes—2.0%
Federal Home Loan Bank 0.010%, 07/16/15 (c)		6,100,000		6,099,974
0.055%, 09/10/15 (c)		600,000		599,935
0.136%, 11/12/15 (c)		7,900,000		7,896,030
0.136%, 11/13/15 (c)		5,000,000		4,997,469
0.141%, 11/25/15 (c)		15,100,000		15,091,368
Federal National Mortgage Association 0.010%, 07/01/15 (c)		13,500,000		13,500,000
				48,184,776
Mutual Fund—2.8%
State Street Navigator Securities Lending MET Portfolio (d)		67,194,980		67,194,980
Total Short-Term Investments (Cost $115,379,756)				115,379,756
Total Investments—103.3% (Cost $2,444,666,232) (e)				2,504,598,816
Other assets and liabilities (net)—(3.3)%				(80,428,152	)
Net Assets—100.0%			$	2,424,170,664

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2015. Maturity date shown for callable securities reflects the earliest possible call date.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $93,315,972 and the collateral received consisted of cash in the amount of $67,194,980 and non-cash collateral with a value of $28,889,695. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) The rate shown represents current yield to maturity.

(d) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(e) As of June 30, 2015, the aggregate cost of investments was $2,444,666,232. The aggregate unrealized appreciation and depreciation of investments were $61,822,486 and $(1,889,902), respectively, resulting in net unrealized appreciation of $59,932,584.

(ACES)— Alternative Credit Enhancement Securities

(ARM)— Adjustable-Rate Mortgage

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,649,825,459		$	—	$	1,649,825,459
Total Corporate Bonds & Notes*		—		628,883,945			—		628,883,945
Total Foreign Government*		—		46,304,854			—		46,304,854
Total Mortgage-Backed Securities*		—		38,879,269			—		38,879,269
Total Municipals		—		14,618,062			—		14,618,062
Total Asset-Backed Securities*		—		10,707,471			—		10,707,471
Short-Term Investments
Discount Notes		—		48,184,776			—		48,184,776
Mutual Fund		67,194,980		—			—		67,194,980
Total Short-Term Investments		67,194,980		48,184,776			—		115,379,756
Total Investments	$	67,194,980	$	2,437,403,836		$	—	$	2,504,598,816
Collateral for securities loaned (Liability)	$	—	$	(67,194,980	)	$	—	$	(67,194,980	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	2,504,598,816
Cash		72,008
Receivable for:
Fund shares sold		1,749,396
Interest		16,905,895
Total Assets		2,523,326,115
Liabilities
Collateral for securities loaned		67,194,980
Payables for:
Investments purchased		30,240,887
Fund shares redeemed		590,385
Accrued expenses:
Management fees		478,769
Distribution and service fees		274,492
Deferred trustees’ fees		68,805
Other expenses		307,133
Total Liabilities		99,155,451
Net Assets	$	2,424,170,664
Net assets consist of:
Paid in surplus	$	2,399,265,316
Undistributed net investment income		27,222,811
Accumulated net realized loss		(62,250,047	)
Unrealized appreciation on investments		59,932,584
Net Assets	$	2,424,170,664
Net Assets
Class A	$	1,102,771,158
Class B		1,006,470,450
Class E		72,548,584
Class G		242,380,472
Capital Shares Outstanding*
Class A		101,543,478
Class B		94,471,163
Class E		6,713,520
Class G		22,800,331
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.86
Class B		10.65
Class E		10.81
Class G		10.63

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,444,666,232.

(b) Includes securities loaned at value of $93,315,972.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Interest	$	32,444,943
Securities lending income		99,726
Total investment income		32,544,669
Expenses
Management fees		2,960,148
Administration fees		27,667
Custodian and accounting fees		143,824
Distribution and service fees—Class B		1,254,086
Distribution and service fees—Class E		55,984
Distribution and service fees—Class G		354,868
Audit and tax services		42,617
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		95,772
Insurance		6,693
Miscellaneous		8,528
Total expenses		4,983,944
Less management fee waiver		(90,828	)
Net expenses		4,893,116
Net Investment Income		27,651,553
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		1,774,589
Net change in unrealized depreciation on investments		(38,349,425	)
Net realized and unrealized loss		(36,574,836	)
Net Decrease in Net Assets From Operations	$	(8,923,283	)

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	27,651,553		$	53,803,463
Net realized gain		1,774,589			1,945,403
Net change in unrealized appreciation (depreciation)		(38,349,425	)		61,983,517
Increase (decrease) in net assets from operations		(8,923,283	)		117,732,383
From Distributions to Shareholders
Net investment income
Class A		(31,869,029	)		(26,442,409	)
Class B		(27,379,615	)		(27,515,323	)
Class E		(2,026,136	)		(2,320,327	)
Class G		(6,508,764	)		(5,102,747	)
Total distributions		(67,783,544	)		(61,380,806	)
Increase in net assets from capital share transactions		195,423,744			236,202,544
Total increase in net assets		118,716,917			292,554,121
Net Assets
Beginning of period		2,305,453,747			2,012,899,626
End of period	$	2,424,170,664		$	2,305,453,747
Undistributed net investment income
End of period	$	27,222,811		$	67,354,802

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		12,078,332		$	136,199,706			21,293,195		$	235,457,073
Reinvestments		2,931,834			31,869,029			2,432,604			26,442,409
Redemptions		(3,359,828	)		(37,958,377	)		(6,796,206	)		(75,167,359	)
Net increase		11,650,338		$	130,110,358			16,929,593		$	186,732,123
Class B
Sales		4,045,915		$	44,647,799			6,044,319		$	65,473,330
Reinvestments		2,566,037			27,379,615			2,578,755			27,515,323
Redemptions		(2,839,707	)		(31,397,267	)		(7,865,294	)		(85,368,142	)
Net increase		3,772,245		$	40,630,147			757,780		$	7,620,511
Class E
Sales		117,546		$	1,320,763			203,460		$	2,230,249
Reinvestments		187,259			2,026,136			214,448			2,320,327
Redemptions		(488,878	)		(5,499,538	)		(1,079,829	)		(11,872,674	)
Net decrease		(184,073	)	$	(2,152,639	)		(661,921	)	$	(7,322,098	)
Class G
Sales		3,666,293		$	40,524,992			7,345,176		$	79,529,693
Reinvestments		611,726			6,508,764			479,131			5,102,747
Redemptions		(1,836,365	)		(20,197,878	)		(3,271,469	)		(35,460,432	)
Net increase		2,441,654		$	26,835,878			4,552,838		$	49,172,008
Increase derived from capital shares transactions				$	195,423,744					$	236,202,544

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.22		$	10.93		$	11.59		$	11.58		$	11.17		$	10.94
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.29			0.29			0.34			0.38			0.40
Net realized and unrealized gain (loss) on investments		(0.17	)		0.33			(0.55	)		0.10			0.43			0.25
Total from investment operations		(0.03	)		0.62			(0.26	)		0.44			0.81			0.65
Less Distributions
Distributions from net investment income		(0.33	)		(0.33	)		(0.40	)		(0.43	)		(0.40	)		(0.42	)
Total distributions		(0.33	)		(0.33	)		(0.40	)		(0.43	)		(0.40	)		(0.42	)
Net Asset Value, End of Period	$	10.86		$	11.22		$	10.93		$	11.59		$	11.58		$	11.17
Total Return (%) (b)		(0.30	)(c)		5.81			(2.33	)		3.90			7.51			6.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28	(d)		0.28			0.28			0.29			0.28			0.28
Net ratio of expenses to average net assets (%) (e)		0.27	(d)		0.28			0.28			0.28			0.28			0.27
Ratio of net investment income to average net assets (%)		2.48	(d)		2.62			2.65			2.92			3.36			3.63
Portfolio turnover rate (%)		8	(c)		13			18			24			23			21
Net assets, end of period (in millions)	$	1,102.8		$	1,008.2		$	797.4		$	637.3		$	630.8		$	662.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.99		$	10.72		$	11.37		$	11.37		$	10.97		$	10.76
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.26			0.26			0.30			0.34			0.37
Net realized and unrealized gain (loss) on investments		(0.16	)		0.32			(0.54	)		0.10			0.44			0.23
Total from investment operations		(0.04	)		0.58			(0.28	)		0.40			0.78			0.60
Less Distributions
Distributions from net investment income		(0.30	)		(0.31	)		(0.37	)		(0.40	)		(0.38	)		(0.39	)
Total distributions		(0.30	)		(0.31	)		(0.37	)		(0.40	)		(0.38	)		(0.39	)
Net Asset Value, End of Period	$	10.65		$	10.99		$	10.72		$	11.37		$	11.37		$	10.97
Total Return (%) (b)		(0.38	)(c)		5.48			(2.53	)		3.62			7.28			5.69
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(d)		0.53			0.53			0.54			0.53			0.53
Net ratio of expenses to average net assets (%) (e)		0.52	(d)		0.53			0.53			0.53			0.53			0.52
Ratio of net investment income to average net assets (%)		2.22	(d)		2.37			2.40			2.67			3.12			3.38
Portfolio turnover rate (%)		8	(c)		13			18			24			23			21
Net assets, end of period (in millions)	$	1,006.5		$	997.1		$	964.2		$	934.5		$	893.8		$	806.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.15		$	10.87		$	11.52		$	11.52		$	11.11		$	10.89
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.27			0.28			0.32			0.36			0.39
Net realized and unrealized gain (loss) on investments		(0.16	)		0.33			(0.55	)		0.09			0.44			0.23
Total from investment operations		(0.03	)		0.60			(0.27	)		0.41			0.80			0.62
Less Distributions
Distributions from net investment income		(0.31	)		(0.32	)		(0.38	)		(0.41	)		(0.39	)		(0.40	)
Total distributions		(0.31	)		(0.32	)		(0.38	)		(0.41	)		(0.39	)		(0.40	)
Net Asset Value, End of Period	$	10.81		$	11.15		$	10.87		$	11.52		$	11.52		$	11.11
Total Return (%) (b)		(0.27	)(c)		5.58			(2.41	)		3.68			7.38			5.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43	(d)		0.43			0.43			0.44			0.43			0.43
Net ratio of expenses to average net assets (%) (e)		0.42	(d)		0.43			0.43			0.43			0.43			0.42
Ratio of net investment income to average net assets (%)		2.32	(d)		2.47			2.50			2.77			3.21			3.49
Portfolio turnover rate (%)		8	(c)		13			18			24			23			21
Net assets, end of period (in millions)	$	72.5		$	76.9		$	82.2		$	88.1		$	91.8		$	110.8
	Class G
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.97		$	10.70		$	11.35		$	11.35		$	10.96		$	10.75
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.25			0.26			0.30			0.34			0.36
Net realized and unrealized gain (loss) on investments		(0.17	)		0.33			(0.54	)		0.10			0.42			0.23
Total from investment operations		(0.05	)		0.58			(0.28	)		0.40			0.76			0.59
Less Distributions
Distributions from net investment income		(0.29	)		(0.31	)		(0.37	)		(0.40	)		(0.37	)		(0.38	)
Total distributions		(0.29	)		(0.31	)		(0.37	)		(0.40	)		(0.37	)		(0.38	)
Net Asset Value, End of Period	$	10.63		$	10.97		$	10.70		$	11.35		$	11.35		$	10.96
Total Return (%) (b)		(0.43	)(c)		5.46			(2.57	)		3.58			7.15			5.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(d)		0.58			0.58			0.59			0.58			0.58
Net ratio of expenses to average net assets (%) (e)		0.57	(d)		0.58			0.58			0.58			0.58			0.57
Ratio of net investment income to average net assets (%)		2.18	(d)		2.32			2.35			2.62			3.09			3.31
Portfolio turnover rate (%)		8	(c)		13			18			24			23			21
Net assets, end of period (in millions)	$	242.4		$	223.3		$	169.1		$	157.5		$	133.5		$	85.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Barclays Aggregate Bond Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively

MSF-22

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, expired capital loss carryforwards and paydown reclasses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the

MSF-23

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of

MSF-24

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	231,558,121	$	107,735,224	$	155,344,641	$	25,932,818

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the six months ended June 30, 2015 were $2,960,148.

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2015 were $276,787.

MSF-25

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2014		2013		2014		2013		2014		2013
$	61,380,806	$	62,542,285	$	—	$	—	$	61,380,806	$	62,542,285

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$67,417,890	$	—	$	65,947,132	$	(20,621,321	)	$	(11,068,438	)	$	101,675,263

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010

MSF-26

Metropolitan Series Fund

Barclays Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

(the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, $2,547,261 of capital loss carryforwards expired.

As of December 31, 2014, the Portfolio had post-enactment short-term accumulated capital losses of $2,360,669, post-enactment long-term accumulated capital losses of $8,707,769, and pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17		Expiring 12/31/16		Expiring 12/31/15		Total
$	9,934,932	$	6,670,752	$	4,015,637	$	20,621,321

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-27

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the BlackRock Bond Income Portfolio returned 0.39%, 0.27%, and 0.33%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned -0.10%.

MARKET ENVIRONMENT / CONDITIONS

In the first quarter of 2015, global financial markets experienced a surge in cross-asset volatility caused by a multitude of factors; a continued fall in crude oil prices, lethargic global growth and diversion in global monetary policy and economic growth. Although the U.S. equity market lagged global peers due to softening economic data and other temporary factors, risk assets in major global regions, mainly Europe and Japan, rallied on the tailwind of easier monetary policy and strengthening economic data.

Global sovereign yields drifted lower in the first quarter. In the United States, amidst softening domestic economic data and an attractive yield profile relative to its global sovereign peers, the yield curve flattened. In Europe, as the European Central Bank (the “ECB”) launched its large-scale asset purchase program, yields declined to all-time lows with the notable exception of Greece, where yields drifted higher due to political uncertainty. The U.S. dollar continued its upward momentum into 2015 with a modest retracement after the March meeting of the Federal Open Market Committee (the “FOMC”).

In the second quarter of 2015, global fixed income markets experienced a rout, bringing yields in the European region back to levels seen before the ECB’s quantitative easing. The upward move in yields started on April 17^th with German bunds leading the way; other developed bond markets—U.S., U.K. and Japan—followed suit. U.S. economic data marginally improved from its first-quarter weakness, driving yields up further and causing volatility in the interest rate market (as measured by the MOVE Index) to rise to the highest levels seen since February. The other key factor dominating headlines throughout the second quarter was in relation to Greece, with the notable difference from the beginning of the year being that “contagion fears” caused peripheral spreads to widen versus Germany.

With market expectations for a Federal Reserve rate hike continuing to be uncertain and further down the road, the U.S. Dollar Index declined roughly 3% in the second quarter. In U.S. Credit, long-term investment grade corporate debt issuance continued to accelerate and spreads widened close to 15 basis points as measured by the Barclays U.S. Corporate Investment Grade Index. The high yield market reflected movements on the back of stabilization in oil prices early in the second quarter, but lost ground later. High yield spreads as measured by the Barclays U.S. High Yield Index widened close to 9.5 basis points during the second quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period, the Portfolio benefited from its long U.S. dollar exposure, mainly versus the euro. Also contributing positively were allocations to securitized assets and high yield, and security selection within U.S. investment grade credit.

Detracting from performance was the Portfolio’s underweight duration positioning in the beginning of the period as interest rates reached a low in January. The Portfolio’s allocation to U.S. municipal bonds also had a negative impact on results.

The FOMC’s April statement and June press conference had a dovish tilt; however, in the June statement, optionality for flexibility in initial policy lift off was indicated in the assessment of economic improvement from the seasonal slowdown in the first quarter. We still believe the September meeting is the most likely time for a start in this rate hiking cycle, but we also agree with Chairwoman Yellen that the timing of the lift-off is less important than the trajectory of rate change. On a beta adjusted basis, the Portfolio was underweight duration for most of the period; however, toward the end of the second quarter, we moved duration close to that of the benchmark as risk aversion significantly increased due to fears of Greece exiting the euro zone.

The Portfolio was modestly underweight in U.S. investment grade credit given low all-in yields during the first part of the period. However, as global yields backed up in the second quarter, making all-in yields on U.S. investment grade credit relatively attractive, we added exposure to the sector, mostly in industrials on the long end of the curve. Also during the period, we maintained the Portfolio’s overweight to the securitized asset class given relative value and strong supply-and-demand technicals. However, towards the end of the second quarter we modestly decreased the allocation to structured products, bringing the exposure closer to that of the benchmark, due to increasing macro volatility and diminishing relative value versus other spread sectors.

MSF-1

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

At period end, the Portfolio remained underweight in U.S. duration and, with respect to curve positioning, remained underweight in the short end of the U.S. yield curve. As we added risk in U.S. investment grade credit in the second quarter, the Portfolio ended the period with an overweight position in the sector. We maintained the Portfolio’s overweight to U.S. municipal bonds and modest exposure to high yield.

The Portfolio remained overweight in securitized assets, although taking gains on consumer loan and private student loan holdings during the period resulted in reduced exposure to asset-backed securities. We maintained the Portfolio’s overweight in high-grade, AAA and AA-rated collateralized loan obligations, non-agency mortgage-backed securities (“MBS”) and commercial MBS. Additionally, the Portfolio remained long the U.S. dollar.

The Portfolio held derivatives during the period as a part of its investment strategy. Derivatives are used by the Portfolio management team as a means to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Portfolio. Net derivative exposure was a positive contributor to performance during the period.

Rick Rieder

Bob Miller

Portfolio Managers

BlackRock Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

BlackRock Bond Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
BlackRock Bond Income Portfolio
Class A		0.39		2.51		4.50		4.52
Class B		0.27		2.25		4.24		4.26
Class E		0.33		2.35		4.34		4.36
Barclays U.S. Aggregate Bond Index		-0.10		1.86		3.35		4.44

¹ Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		52.7
Corporate Bonds & Notes		29.3
Asset-Backed Securities		12.0
Mortgage-Backed Securities		9.3
Foreign Government		3.1
Municipals		2.4
Preferred Stocks		0.4
Purchased Options		0.1

MSF-3

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

BlackRock Bond Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A	Actual		0.36	%	$	1,000.00	$	1,003.90	$	1.79
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.01	$	1.81
Class B	Actual		0.61	%	$	1,000.00	$	1,002.70	$	3.03
	Hypothetical*		0.61	%	$	1,000.00	$	1,021.77	$	3.06
Class E	Actual		0.51	%	$	1,000.00	$	1,003.30	$	2.53
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

U.S. Treasury & Government Agencies—52.7% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—36.3%
Fannie Mae 15 Yr. Pool 2.500%, TBA (a)		37,120,000	$	37,569,668
3.000%, 11/01/28		5,619,588		5,840,040
3.000%, 12/01/28		1,393,898		1,448,846
3.000%, 01/01/29		650,927		676,854
3.000%, 04/01/29		2,016,556		2,095,764
3.000%, 05/01/29		3,464,834		3,599,706
3.000%, 08/01/29		3,813,701		3,964,052
3.000%, TBA (a)		18,900,000		19,580,547
3.500%, 11/01/25		2,535,622		2,688,421
3.500%, 08/01/26		2,148,312		2,277,953
3.500%, 08/01/28		1,202,487		1,274,656
3.500%, 10/01/28		5,524,513		5,856,196
3.500%, 11/01/28		6,493,586		6,872,724
3.500%, 02/01/29		13,202,193		13,993,909
3.500%, 04/01/29		2,933,803		3,109,885
3.500%, 05/01/29		6,574,438		6,935,471
3.500%, 06/01/29		3,975,004		4,213,376
3.500%, 07/01/29		14,840,558		15,732,984
3.500%, 09/01/29		381,511		404,529
3.500%, 12/01/29		18,275,061		19,400,925
4.000%, 01/01/25		26,077		27,437
4.000%, 02/01/25		5,775,241		6,115,219
4.000%, 09/01/25		1,013,660		1,073,266
4.000%, 10/01/25		3,008,938		3,216,842
4.000%, 01/01/26		892,152		953,522
4.000%, 04/01/26		585,630		626,016
4.000%, 07/01/26		2,610,349		2,790,289
4.000%, 08/01/26		1,252,248		1,338,525
4.500%, 12/01/20		1,571,290		1,648,255
4.500%, 02/01/25		1,110,442		1,191,953
4.500%, 04/01/25		202,371		217,226
4.500%, 07/01/25		772,658		829,526
4.500%, 06/01/26		15,792,561		16,900,763
4.500%, TBA (a)		12,900,000		13,439,657
Fannie Mae 20 Yr. Pool 5.000%, 05/01/23		4,979		5,496
Fannie Mae 30 Yr. Pool 3.000%, 12/01/42		3,452,276		3,457,976
3.000%, 01/01/43		7,461,440		7,473,514
3.000%, 02/01/43		13,631,274		13,653,491
3.000%, 03/01/43		28,029,857		28,064,767
3.000%, 04/01/43		19,218,533		19,240,930
3.000%, 05/01/43		26,581,638		26,611,572
3.000%, 06/01/43		3,345,072		3,348,106
3.500%, 01/01/42		265,318		273,730
3.500%, 04/01/42		90,941		94,310
3.500%, 06/01/42		1,169,413		1,210,246
3.500%, 10/01/42		463,502		480,674
3.500%, 12/01/42		239,415		248,253
3.500%, 01/01/43		1,473,690		1,528,269
3.500%, 02/01/43		2,293,122		2,371,537
3.500%, 03/01/43		5,625,200		5,825,198
3.500%, 04/01/43		94,776		98,281
3.500%, 07/01/43		16,987,814		17,593,217
3.500%, 08/01/43		11,240,010		11,627,331
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.500%, 09/01/43		209,774		217,147
3.500%, 10/01/43		220,875		229,052
3.500%, 11/01/43		2,025,811		2,090,044
3.500%, 01/01/44		2,511,008		2,600,299
3.500%, 06/01/44		518,344		536,650
3.500%, 07/01/44		437,409		453,055
3.500%, 08/01/44		3,289,721		3,406,987
3.500%, 09/01/44		898,804		931,819
3.500%, TBA (a)		43,425,000		44,751,499
4.000%, 06/01/39		1,611,120		1,707,099
4.000%, 12/01/39		160,323		169,957
4.000%, 05/01/42		1,006,310		1,078,204
4.000%, 07/01/42		4,345,794		4,656,261
4.000%, 09/01/42		400,945		426,896
4.000%, 12/01/42		1,828,296		1,947,555
4.000%, 11/01/43		5,743,052		6,153,474
4.000%, 01/01/44		4,120,287		4,414,723
4.000%, 02/01/44		3,737,925		4,006,486
4.000%, 05/01/44		8,149,326		8,720,016
4.000%, 07/01/44		441,420		468,123
4.000%, 12/01/44		3,078,515		3,291,592
4.000%, 01/01/45		594,844		636,117
4.000%, 02/01/45		205,010		219,742
4.000%, 03/01/45		1,785,317		1,900,175
4.000%, 04/01/45		1,199,898		1,283,152
4.000%, 05/01/45		1,462,261		1,555,517
4.000%, TBA (a)		152,576,000		161,599,485
4.500%, 08/01/39		3,767,179		4,076,741
4.500%, 11/01/39		494,659		534,781
4.500%, 01/01/40		73,424		80,271
4.500%, 04/01/40		182,771		199,534
4.500%, 05/01/40		467,253		509,023
4.500%, 06/01/40		508,823		553,700
4.500%, 07/01/40		980,517		1,062,476
4.500%, 08/01/40		6,543,785		7,087,426
4.500%, 11/01/40		1,926,916		2,087,084
4.500%, 07/01/41		522,912		566,470
4.500%, 08/01/41		276,781		300,112
4.500%, 09/01/41		1,398,019		1,517,155
4.500%, 10/01/41		9,484,355		10,280,722
4.500%, 01/01/42		379,172		410,822
4.500%, 06/01/42		256,003		276,779
4.500%, 08/01/42		1,930,325		2,093,700
4.500%, 09/01/42		6,582,776		7,123,726
4.500%, 08/01/43		385,900		417,987
4.500%, 09/01/43		26,520,366		28,727,725
4.500%, 10/01/43		4,181,665		4,529,018
4.500%, 12/01/43		3,964,644		4,293,925
4.500%, 01/01/44		6,918,497		7,564,258
4.500%, 02/01/44		1,302,586		1,410,089
4.500%, 03/01/44		5,628,455		6,089,748
5.000%, 11/01/32		16,872		18,670
5.000%, 03/01/33		15,366		17,039
5.000%, 04/01/33		729,140		808,727
5.000%, 06/01/33		1,486,524		1,640,205

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.000%, 07/01/33		11,116,110	$	12,320,763
5.000%, 08/01/33		19,417,587		21,513,851
5.000%, 09/01/33		16,498,838		18,276,660
5.000%, 11/01/33		687,337		762,405
5.000%, 12/01/33		277,034		307,291
5.000%, 02/01/34		109,187		121,109
5.000%, 03/01/34		83,638		92,781
5.000%, 04/01/34		29,391		32,605
5.000%, 06/01/34		50,392		55,833
5.000%, 07/01/34		5,306,491		5,885,229
5.000%, 10/01/34		2,188,795		2,425,673
5.000%, 12/01/34		78,576		87,163
5.000%, 04/01/35		9,145		10,144
5.000%, 07/01/35		1,276,752		1,416,442
5.000%, 09/01/35		11,707		12,985
5.000%, 10/01/35		4,105,025		4,553,366
5.000%, 12/01/35		1,271,874		1,410,685
5.000%, 08/01/36		1,173,825		1,301,850
5.000%, 07/01/37		639,523		709,424
5.000%, 04/01/41		99,648		110,336
5.000%, 07/01/41		781,460		869,390
5.000%, 08/01/41		902,869		1,000,579
5.000%, 01/01/42		314,103		347,906
5.500%, 11/01/32		2,421,132		2,730,618
5.500%, 12/01/32		386,706		436,016
5.500%, 01/01/33		1,493,965		1,682,743
5.500%, 12/01/33		507,145		572,038
5.500%, 05/01/34		3,920,571		4,422,033
5.500%, 08/01/37		4,170,389		4,702,066
5.500%, 02/01/38		632,797		719,328
5.500%, 03/01/38		434,308		492,847
5.500%, 04/01/38		550,299		619,495
5.500%, 06/01/38		490,678		554,131
5.500%, 12/01/38		534,967		599,777
5.500%, 08/01/39		565,151		634,590
5.500%, 03/01/40		614,365		689,586
5.500%, 04/01/40		202,471		227,387
5.500%, 04/01/41		632,773		711,586
6.000%, 02/01/34		430,928		492,968
6.000%, 08/01/34		332,885		380,613
6.000%, 04/01/35		5,112,117		5,848,629
6.000%, 06/01/36		824,322		944,928
6.000%, 02/01/38		1,057,182		1,209,827
6.000%, 03/01/38		403,293		461,512
6.000%, 05/01/38		1,283,339		1,472,206
6.000%, 10/01/38		1,595,250		1,816,830
6.000%, 12/01/38		498,664		569,300
6.000%, 04/01/40		5,093,990		5,787,657
6.000%, 09/01/40		531,429		602,598
6.000%, 06/01/41		1,086,539		1,235,342
6.000%, TBA (a)		4,400,000		4,997,330
6.500%, 05/01/40		7,701,362		8,844,335
Fannie Mae ARM Pool 2.973%, 03/01/41 (b)		586,534		628,223
3.129%, 03/01/41 (b)		902,692		960,535
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae ARM Pool 3.163%, 12/01/40 (b)		1,549,563		1,640,413
3.356%, 06/01/41 (b)		2,976,192		3,147,616
3.518%, 09/01/41 (b)		2,232,081		2,361,424
4.914%, 08/01/38 (b)		947,359		1,015,640
Fannie Mae REMICS (CMO) 5.000%, 04/25/35		207,551		222,999
Fannie Mae-ACES 0.245%, 08/25/24 (b) (c)		118,092,770		1,419,003
2.723%, 10/25/24		3,007,000		2,968,829
3.021%, 08/25/24 (b)		890,000		895,682
Freddie Mac 15 Yr. Gold Pool 2.500%, TBA (a)		19,100,000		19,320,844
3.000%, TBA (a)		11,100,000		11,491,275
Freddie Mac 30 Yr. Gold Pool 3.000%, 01/01/43		2,599,809		2,592,691
3.000%, 03/01/43		5,901,285		5,884,106
3.000%, 04/01/43		24,465,626		24,389,945
3.000%, 07/01/43		16,868,772		16,812,725
3.000%, 08/01/43		10,355,976		10,326,321
3.500%, 04/01/42		2,716,371		2,806,127
3.500%, 08/01/42		1,762,358		1,822,766
3.500%, 02/01/43		551,899		571,018
3.500%, 07/01/43		3,894,765		4,029,704
3.500%, 12/01/43		2,412,229		2,495,944
3.500%, 01/01/44		752,856		778,642
3.500%, 04/01/44		208,776		215,697
3.500%, 05/01/44		812,872		840,126
3.500%, 06/01/44		235,310		243,094
3.500%, 07/01/44		163,307		168,963
3.500%, 08/01/44		761,807		787,056
3.500%, 09/01/44		1,337,534		1,382,528
3.500%, TBA (a)		47,900,000		49,277,125
4.000%, 10/01/40		248,940		265,319
4.000%, 11/01/40		1,194,376		1,269,567
4.000%, 10/01/41		1,073,272		1,143,971
4.000%, 09/01/43		650,802		694,459
4.000%, 04/01/44		1,402,851		1,495,298
4.000%, 08/01/44		5,380,640		5,747,664
4.000%, 01/01/45		16,069,582		17,028,076
4.000%, 02/01/45		495,534		524,930
4.000%, TBA (a)		39,470,000		41,650,863
4.500%, 02/01/39		2,796,399		3,020,809
4.500%, 07/01/40		184,628		199,860
4.500%, 05/01/42		94,723		102,458
4.500%, 09/01/43		2,558,350		2,770,832
4.500%, 10/01/43		1,787,319		1,932,882
4.500%, 11/01/43		4,470,770		4,829,121
4.500%, 04/01/44		1,692,583		1,830,234
4.500%, 07/01/44		1,554,518		1,680,653
4.500%, 10/01/44		1,032,230		1,119,826
4.500%, TBA (a)		16,300,000		17,601,708
5.000%, 10/01/41		1,353,234		1,498,261
5.000%, 11/01/41		12,591,544		13,938,340
5.000%, TBA (a)		13,200,000		14,534,438
5.500%, 09/01/39		405,522		454,330

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 5.500%, 01/01/40		513,745	$	575,771
5.500%, 07/01/40		746,393		836,691
5.500%, 06/01/41		5,785,448		6,472,811
5.500%, TBA (a)		2,300,000		2,577,617
Freddie Mac ARM Non-Gold Pool 3.013%, 02/01/41 (b)		1,165,331		1,246,959
Freddie Mac Multifamily Structured Pass-Through Certificates 3.023%, 01/25/25		1,890,000		1,901,629
Ginnie Mae (CMO) 0.825%, 08/16/41 (c)		7,993,361		192,478
0.929%, 02/16/53 (b) (c)		25,521,984		1,732,943
1.000%, 02/16/39 (c)		9,895,172		217,316
Ginnie Mae I 30 Yr. Pool 3.500%, 02/15/42		369,929		384,285
3.500%, 04/15/42		613,352		641,278
3.500%, 05/15/42		513,058		536,436
3.500%, 08/15/42		792,327		828,211
3.500%, 11/15/42		592,665		615,665
3.500%, 12/15/42		1,702,627		1,779,810
3.500%, 01/15/43		732,641		761,073
3.500%, 02/15/43		1,189,049		1,238,279
3.500%, 03/15/43		566,127		588,096
3.500%, 04/15/43		2,250,555		2,352,758
3.500%, 05/15/43		4,097,936		4,270,707
3.500%, 06/15/43		1,057,796		1,105,838
3.500%, 07/15/43		3,413,081		3,568,082
4.000%, 12/15/41		27,376		29,165
4.000%, 05/15/42		151,716		161,625
4.500%, 02/15/42		24,216,809		26,338,047
5.000%, 12/15/38		656,757		727,740
5.000%, 07/15/39		1,737,204		1,926,091
5.000%, 12/15/40		2,246,995		2,492,687
5.000%, TBA (a)		26,700,000		29,544,575
5.500%, 04/15/33		54,826		63,265
5.500%, TBA (a)		12,500,000		14,076,173
6.500%, 04/15/33		53,290		60,792
8.000%, 11/15/29		5,931		6,033
8.500%, 01/15/17		1,512		1,518
8.500%, 05/15/17		339		341
8.500%, 11/15/21		2,602		2,614
8.500%, 05/15/22		1,172		1,231
9.000%, 10/15/16		821		824
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (a)		57,705,000		58,250,491
3.500%, 10/20/42		766,785		798,100
3.500%, 01/20/43		680,017		707,824
3.500%, 04/20/43		590,082		614,242
3.500%, 05/20/45 (d)		58,381,984		60,905,814
3.500%, TBA (a)		16,270,000		16,885,847
4.000%, 09/20/40		216,238		231,703
4.000%, 10/20/40		404,969		433,932
4.000%, 12/20/40		5,736,269		6,146,514
4.000%, 01/20/41		4,288,403		4,595,102
4.000%, 02/20/41		76,070		81,503
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 4.000%, 07/20/43		402,680		428,754
4.000%, 08/20/44		1,356,144		1,457,019
4.000%, 12/20/44 (d)		32,434,858		34,377,945
4.000%, TBA (a)		22,560,000		23,907,874
4.500%, 05/20/41		24,700,430		26,952,350
4.500%, 06/20/41		2,413,722		2,633,786
4.500%, 07/20/41		1,491,133		1,627,083
4.500%, TBA (a)		1,880,000		2,027,169
5.000%, 10/20/33		1,756,076		1,963,852
5.000%, 10/20/39		737,472		821,347
				1,495,460,390
U.S. Treasury—16.4%
U.S. Treasury Bonds 3.000%, 05/15/45 (e) (f)		112,303,600		110,057,528
U.S. Treasury Inflation Indexed Notes 0.250%, 01/15/25 (g) (h)		127,938,284		125,489,417
U.S. Treasury Notes 0.625%, 05/31/17 (e)		3,025,000		3,024,528
0.625%, 06/30/17		5,100,000		5,098,006
1.125%, 06/15/18 (e)		140,445,000		140,971,669
1.625%, 06/30/20		206,240,000		206,207,765
1.625%, 11/15/22		200		193
1.875%, 05/31/22		31,405,000		31,056,593
2.125%, 06/30/22		30,815,000		30,945,008
2.125%, 05/15/25		24,163,700		23,725,733
				676,576,440
Total U.S. Treasury & Government Agencies (Cost $2,169,338,153)				2,172,036,830
Corporate Bonds & Notes—29.3%
Advertising—0.1%
Interpublic Group of Cos., Inc. (The) 3.750%, 02/15/23		1,260,000		1,246,975
4.000%, 03/15/22		1,553,000		1,588,520
Omnicom Group, Inc. 3.650%, 11/01/24		793,000		778,729
				3,614,224
Aerospace/Defense—0.3%
Boeing Co. (The) 2.350%, 10/30/21		893,000		893,420
Harris Corp. 2.700%, 04/27/20		747,000		737,458
Lockheed Martin Corp. 2.900%, 03/01/25		604,000		580,201
3.600%, 03/01/35		1,185,000		1,095,937
4.070%, 12/15/42		1,163,000		1,098,908
Northrop Grumman Corp. 3.850%, 04/15/45		2,639,000		2,321,993
Raytheon Co. 3.150%, 12/15/24		627,000		621,855

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—(Continued)
United Technologies Corp. 1.778%, 05/04/18 (b)		5,131,000	$	5,146,778
4.150%, 05/15/45		1,371,000		1,309,118
				13,805,668
Agriculture—0.4%
Altria Group, Inc. 2.625%, 01/14/20		1,781,000		1,774,077
2.850%, 08/09/22		1,288,000		1,238,040
4.250%, 08/09/42		754,000		669,176
Lorillard Tobacco Co. 3.750%, 05/20/23		625,000		607,455
Philip Morris International, Inc. 1.125%, 08/21/17		3,536,000		3,529,724
4.125%, 03/04/43		1,194,000		1,101,577
4.875%, 11/15/43		1,811,000		1,873,740
Reynolds American, Inc. 2.300%, 06/12/18		1,397,000		1,407,444
3.250%, 06/12/20		1,101,000		1,115,205
3.250%, 11/01/22		1,789,000		1,723,086
4.450%, 06/12/25		1,731,000		1,763,579
4.750%, 11/01/42		1,194,000		1,083,176
				17,886,279
Airlines—0.3%
American Airlines Group, Inc. 4.625%, 03/01/20 (144A) (e)		2,214,000		2,142,045
American Airlines Pass-Through Trust 3.375%, 11/01/28		5,147,000		5,082,662
Southwest Airlines Co. 2.750%, 11/06/19 (e)		1,091,000		1,106,930
Turkish Airlines Pass-Through Trust 4.200%, 09/15/28 (144A)		1,369,000		1,362,155
United Airlines Pass-Through Trust 4.750%, 10/11/23		443,000		450,753
				10,144,545
Auto Manufacturers—1.4%
Daimler Finance North America LLC 2.250%, 03/02/20 (144A) (e)		8,377,000		8,275,605
2.450%, 05/18/20 (144A)		3,793,000		3,768,501
Ford Motor Credit Co. LLC 1.724%, 12/06/17		12,240,000		12,176,450
2.145%, 01/09/18		2,792,000		2,803,495
4.250%, 09/20/22		2,143,000		2,231,799
General Motors Financial Co., Inc. 2.625%, 07/10/17		8,090,000		8,178,035
2.750%, 05/15/16		4,123,000		4,172,262
3.450%, 04/10/22 (e)		2,232,000		2,187,027
4.000%, 01/15/25		3,618,000		3,550,090
4.750%, 08/15/17		5,115,000		5,397,931
Toyota Motor Credit Corp. 2.750%, 05/17/21 (e)		3,370,000		3,419,027
				56,160,222
Auto Parts & Equipment—0.2%
BorgWarner, Inc. 3.375%, 03/15/25 (e)		1,651,000		1,624,567
Samvardhana Motherson Automotive Systems Group B.V. 4.125%, 07/15/21 (EUR)		103,000		115,863
Schaeffler Holding Finance B.V. 5.750%, 11/15/21 (EUR) (i)		100,000		117,444
6.750%, 11/15/22 (144A) (i)		3,850,000		4,153,188
				6,011,062
Banks—7.2%
Abbey National Treasury Services plc 2.375%, 03/16/20 (e)		5,417,000		5,398,604
Banco Bilbao Vizcaya Argentaria S.A. 7.000%, 02/19/19 (EUR) (b)		200,000		223,249
Bank of America Corp. 2.250%, 04/21/20 (e)		9,271,000		9,102,268
2.600%, 01/15/19		3,914,000		3,956,623
3.300%, 01/11/23		4,354,000		4,287,980
3.950%, 04/21/25		5,283,000		5,088,533
4.000%, 04/01/24		2,113,000		2,150,136
4.000%, 01/22/25		4,046,000		3,941,994
4.875%, 04/01/44		515,000		523,098
6.100%, 03/17/25 (b) (e)		1,313,000		1,296,588
Bank of Ireland 4.250%, 06/11/24 (EUR) (b)		100,000		111,495
Bank of New York Mellon Corp. (The) 2.100%, 01/15/19		4,043,000		4,054,834
3.000%, 02/24/25		3,311,000		3,207,813
Bank of Nova Scotia (The) 1.300%, 07/21/17 (e)		10,924,000		10,926,239
2.800%, 07/21/21		5,244,000		5,274,871
Bankia S.A. 4.000%, 05/22/24 (EUR) (b)		200,000		216,510
Barclays plc 2.750%, 11/08/19		4,095,000		4,065,500
2.875%, 06/08/20 (144A)		3,730,000		3,703,577
3.650%, 03/16/25		2,075,000		1,962,531
BB&T Corp. 2.450%, 01/15/20		2,493,000		2,498,584
Branch Banking & Trust Co. 2.300%, 10/15/18 (e)		2,160,000		2,192,942
Capital One Financial Corp. 5.550%, 06/01/20 (b) (e)		2,044,000		2,026,115
Capital One N.A. 2.950%, 07/23/21		6,230,000		6,140,936
Citigroup, Inc. 1.800%, 02/05/18		3,914,000		3,904,567
2.400%, 02/18/20 (e)		6,679,000		6,596,301
2.500%, 09/26/18		5,055,000		5,111,929
2.500%, 07/29/19 (e)		6,938,000		6,948,178
3.500%, 05/15/23		2,479,000		2,420,320
3.875%, 03/26/25		2,643,000		2,531,743
5.900%, 02/15/23 (b) (e)		1,100,000		1,083,500
5.950%, 05/15/25 (b)		1,750,000		1,689,100

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Commonwealth Bank of Australia 2.300%, 03/12/20 (e)		5,501,000	$	5,495,686
Credit Suisse 3.000%, 10/29/21		2,270,000		2,252,299
Credit Suisse Group Funding Guernsey, Ltd. 2.750%, 03/26/20 (144A)		4,324,000		4,269,747
4.875%, 05/15/45 (144A)		3,082,000		2,965,417
Deutsche Bank AG 1.875%, 02/13/18		2,408,000		2,400,632
Discover Bank 3.100%, 06/04/20		4,018,000		4,014,002
7.000%, 04/15/20		1,678,000		1,952,924
Goldman Sachs Group, Inc. (The) 2.550%, 10/23/19		9,416,000		9,438,071
2.600%, 04/23/20		2,887,000		2,872,533
2.625%, 01/31/19		6,271,000		6,348,610
3.500%, 01/23/25		1,752,000		1,699,079
3.625%, 02/07/16		3,625,000		3,683,721
3.750%, 05/22/25		8,212,000		8,103,946
4.800%, 07/08/44		1,035,000		1,021,682
5.375%, 05/10/20 (b)		1,903,000		1,879,974
HSBC Bank Brasil S.A. - Banco Multiplo 4.000%, 05/11/16 (144A) (e)		13,340,000		13,500,080
HSBC USA, Inc. 2.350%, 03/05/20		10,469,000		10,383,395
HSH Nordbank AG 0.791%, 02/14/17 (EUR) (b)		100,000		81,261
JPMorgan Chase & Co. 1.350%, 02/15/17		6,313,000		6,318,511
2.200%, 10/22/19 (e)		2,422,000		2,400,660
2.250%, 01/23/20		7,320,000		7,193,247
2.350%, 01/28/19 (e)		6,797,000		6,823,189
2.750%, 06/23/20 (e)		7,195,000		7,202,670
3.875%, 09/10/24		5,446,000		5,358,352
5.300%, 05/01/20 (b)		2,400,000		2,382,240
KeyBank N.A. 2.250%, 03/16/20		1,833,000		1,817,445
Macquarie Bank, Ltd. 1.600%, 10/27/17 (144A)		4,092,000		4,090,146
Morgan Stanley 2.800%, 06/16/20		9,762,000		9,772,377
3.700%, 10/23/24		3,557,000		3,542,598
3.750%, 02/25/23		7,108,000		7,187,183
4.300%, 01/27/45		4,789,000		4,474,827
Novo Banco S.A. 4.000%, 01/21/19 (EUR)		200,000		221,868
Royal Bank of Canada 2.150%, 03/06/20 (e)		5,263,000		5,254,442
Societe Generale S.A. 4.250%, 04/14/25 (144A) (e)		949,000		892,307
Standard Chartered plc 2.250%, 04/17/20 (144A) (e)		3,804,000		3,736,327
State Street Capital Trust IV 1.286%, 06/01/77 (b)		500,000		436,250
Swedbank AB 2.200%, 03/04/20 (144A)		7,675,000		7,623,746
5.500%, 03/17/20 (b)		200,000		195,688
Banks—(Continued)
U.S. Bancorp 2.950%, 07/15/22		4,098,000		4,033,608
Wells Fargo & Co. 1.500%, 07/01/15		3,485,000		3,485,000
3.000%, 02/19/25		2,792,000		2,674,007
3.300%, 09/09/24 (e)		1,734,000		1,707,400
3.900%, 05/01/45		3,775,000		3,397,323
				297,221,128
Beverages—0.0%
Anheuser-Busch InBev Worldwide, Inc. 3.750%, 07/15/42		909,000		802,560
Molson Coors Brewing Co. 5.000%, 05/01/42		642,000		624,994
				1,427,554
Biotechnology—0.4%
Amgen, Inc. 2.125%, 05/01/20 (e)		2,559,000		2,505,755
3.125%, 05/01/25		2,718,000		2,571,611
4.400%, 05/01/45		1,350,000		1,244,009
5.650%, 06/15/42		2,100,000		2,334,190
Celgene Corp. 2.250%, 05/15/19		2,171,000		2,175,233
3.250%, 08/15/22 (e)		2,205,000		2,180,584
Gilead Sciences, Inc. 2.350%, 02/01/20		623,000		625,233
4.500%, 02/01/45		1,340,000		1,334,836
				14,971,451
Building Materials—0.0%
Cemex Finance LLC 5.250%, 04/01/21 (EUR)		100,000		114,289
Chemicals—0.3%
Agrium, Inc. 3.150%, 10/01/22		1,467,000		1,422,356
4.125%, 03/15/35		1,221,000		1,091,788
Dow Chemical Co. (The) 4.375%, 11/15/42		768,000		699,652
4.625%, 10/01/44		1,038,000		968,884
Eastman Chemical Co. 4.800%, 09/01/42		1,307,000		1,253,623
Ecolab, Inc. 2.250%, 01/12/20 (e)		1,687,000		1,670,041
INEOS Group Holdings S.A. 5.750%, 02/15/19 (EUR)		100,000		112,600
LYB International Finance B.V. 4.000%, 07/15/23		2,673,000		2,735,409
Monsanto Co. 3.600%, 07/15/42		1,906,000		1,513,175
Sherwin-Williams Co. (The) 4.000%, 12/15/42		597,000		553,908
				12,021,436

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Coal—0.0%
Peabody Energy Corp. 6.000%, 11/15/18 (e)		497,000	$	238,560
Commercial Services—0.4%
EC Finance plc 5.125%, 07/15/21 (EUR)		100,000		115,916
MasterCard, Inc. 3.375%, 04/01/24		2,416,000		2,466,156
Moody’s Corp. 4.500%, 09/01/22 (e)		1,763,000		1,877,907
TMF Group Holding B.V. 9.875%, 12/01/19 (EUR)		250,000		297,687
United Rentals North America, Inc. 7.625%, 04/15/22		8,490,000		9,190,425
Verisure Holding AB 8.750%, 12/01/18 (EUR)		230,000		271,544
				14,219,635
Computers—0.6%
Apple, Inc. 2.000%, 05/06/20 (e)		13,202,000		13,125,481
2.100%, 05/06/19 (e)		5,631,000		5,687,682
3.450%, 02/09/45 (e)		1,087,000		921,258
Hewlett-Packard Co. 3.750%, 12/01/20		4,709,000		4,852,653
				24,587,074
Distribution/Wholesale—0.1%
Rexel S.A. 5.125%, 06/15/20 (EUR)		1,904,000		2,244,197
Diversified Financial Services—1.2%
Air Lease Corp. 3.750%, 02/01/22		2,584,000		2,582,450
Ally Financial, Inc. 4.125%, 02/13/22		4,080,000		3,937,200
5.125%, 09/30/24 (e)		4,165,000		4,175,412
American Express Credit Corp. 1.125%, 06/05/17		7,361,000		7,333,286
2.250%, 08/15/19		4,224,000		4,231,113
2.375%, 05/26/20		5,875,000		5,832,859
Discover Financial Services 3.750%, 03/04/25		1,498,000		1,430,334
3.850%, 11/21/22		2,626,000		2,607,345
General Electric Capital Corp. 3.100%, 01/09/23		5,102,000		5,087,939
3.150%, 09/07/22 (e)		3,301,000		3,314,306
Icahn Enterprises L.P./Icahn Enterprises Finance Corp. 3.500%, 03/15/17		1,030,000		1,036,438
4.875%, 03/15/19		1,405,000		1,415,537
6.000%, 08/01/20		1,660,000		1,713,950
Jefferies Group LLC 6.500%, 01/20/43		675,000		659,481
MassMutual Global Funding II 2.350%, 04/09/19 (144A)		4,407,000		4,451,868
Diversified Financial Services—(Continued)
Synchrony Financial 2.700%, 02/03/20		1,123,000		1,109,316
				50,918,834
Electric—1.7%
Alabama Power Co. 2.800%, 04/01/25		511,000		489,801
Berkshire Hathaway Energy Co. 2.400%, 02/01/20		1,184,000		1,178,816
3.500%, 02/01/25		1,136,000		1,131,256
CenterPoint Energy Houston Electric LLC 4.500%, 04/01/44		1,052,000		1,082,065
CMS Energy Corp. 3.875%, 03/01/24 (e)		3,689,000		3,750,865
Commonwealth Edison Co. 4.700%, 01/15/44		1,556,000		1,637,614
Consumers Energy Co. 3.950%, 05/15/43 (e)		959,000		914,744
Dominion Resources, Inc. 1.950%, 08/15/16		2,454,000		2,472,979
2.500%, 12/01/19 (e)		2,774,000		2,782,292
DTE Electric Co. 3.950%, 06/15/42		1,189,000		1,129,620
DTE Energy Co. 2.400%, 12/01/19		848,000		847,930
3.500%, 06/01/24		3,084,000		3,088,253
Duke Energy Carolinas LLC 3.750%, 06/01/45		1,189,000		1,084,297
4.250%, 12/15/41		1,999,000		1,966,676
Duke Energy Corp. 3.750%, 04/15/24		724,000		737,692
Duke Energy Florida, Inc. 3.850%, 11/15/42		1,189,000		1,099,157
Entergy Arkansas, Inc. 3.700%, 06/01/24 (e)		4,116,000		4,296,367
Exelon Corp. 2.850%, 06/15/20		959,000		964,565
Florida Power & Light Co. 3.800%, 12/15/42		929,000		866,860
Georgia Power Co. 3.000%, 04/15/16		4,799,000		4,883,650
NiSource Finance Corp. 3.850%, 02/15/23		2,099,000		2,159,842
Pacific Gas & Electric Co. 4.300%, 03/15/45		899,000		863,474
4.750%, 02/15/44		1,270,000		1,309,308
PacifiCorp. 3.350%, 07/01/25		3,804,000		3,806,655
3.600%, 04/01/24		5,367,000		5,540,944
4.100%, 02/01/42		2,382,000		2,280,200
PG&E Corp. 2.400%, 03/01/19		1,752,000		1,754,274
Progress Energy, Inc. 4.875%, 12/01/19		439,000		479,393

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Public Service Co. of Colorado 2.500%, 03/15/23		2,255,000	$	2,165,765
Puget Sound Energy, Inc. 4.300%, 05/20/45		2,548,000		2,533,734
Southern California Edison Co. 1.250%, 11/01/17		1,158,000		1,156,945
Southern Co. (The) 1.950%, 09/01/16		2,372,000		2,398,915
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A) (e)		3,640,000		3,615,765
Virginia Electric & Power Co. 3.450%, 02/15/24		733,000		742,505
4.200%, 05/15/45 (e)		2,009,000		1,941,377
4.450%, 02/15/44		929,000		932,914
				70,087,509
Electronics—0.1%
Thermo Fisher Scientific, Inc. 3.300%, 02/15/22		1,793,000		1,771,810
Trionista Holdco GmbH 5.000%, 04/30/20 (EUR)		306,000		352,231
				2,124,041
Energy-Alternate Sources—0.0%
CE Energy A/S 7.000%, 02/01/21 (EUR)		200,000		229,659
Engineering & Construction—0.0%
Abengoa Finance S.A.U. 6.000%, 03/31/21 (EUR)		100,000		103,126
Obrascon Huarte Lain S.A. 5.500%, 03/15/23 (EUR)		200,000		182,835
				285,961
Entertainment—0.0%
Gala Group Finance plc 8.875%, 09/01/18 (GBP)		90,000		148,130
Intralot Capital Luxembourg S.A. 6.000%, 05/15/21 (EUR)		100,000		95,097
PortAventura Entertainment Barcelona B.V. 7.250%, 12/01/20 (EUR)		310,000		360,027
Vougeot Bidco plc 7.875%, 07/15/20 (GBP)		150,000		249,838
				853,092
Environmental Control—0.1%
Bilbao Luxembourg S.A. 10.500%, 12/01/18 (EUR) (i)		107,110		127,681
Republic Services, Inc. 3.200%, 03/15/25 (e)		2,695,000		2,592,067
Waste Management, Inc. 3.125%, 03/01/25 (e)		1,229,000		1,192,323
3.900%, 03/01/35		1,365,000		1,251,575
				5,163,646
Food—0.0%
Bakkavor Finance 2 plc 8.750%, 06/15/20 (GBP)		180,000		310,010
Boparan Finance plc 5.500%, 07/15/21 (GBP)		100,000		142,630
Kraft Foods Group, Inc. 6.875%, 01/26/39		717,000		878,621
				1,331,261
Forest Products & Paper—0.1%
International Paper Co. 3.650%, 06/15/24 (e)		1,439,000		1,418,290
4.800%, 06/15/44		982,000		910,613
				2,328,903
Gas—0.0%
Sempra Energy 2.875%, 10/01/22		961,000		931,765
Healthcare-Products—0.7%
3AB Optique Developpement SAS 5.625%, 04/15/19 (EUR)		100,000		105,353
Baxter International, Inc. 2.400%, 08/15/22		1,918,000		1,817,407
Becton Dickinson & Co. 1.450%, 05/15/17		1,925,000		1,923,591
1.800%, 12/15/17		894,000		894,109
2.675%, 12/15/19		2,847,000		2,849,152
3.125%, 11/08/21		1,360,000		1,348,244
4.685%, 12/15/44		388,000		375,445
Boston Scientific Corp. 2.650%, 10/01/18		1,980,000		2,008,522
2.850%, 05/15/20		2,398,000		2,381,082
3.850%, 05/15/25		2,691,000		2,610,945
IDH Finance plc 6.000%, 12/01/18 (GBP)		209,000		332,332
Medtronic, Inc. 2.500%, 03/15/20 (144A)		1,850,000		1,853,089
3.125%, 03/15/22		1,759,000		1,782,453
3.625%, 03/15/24 (e)		2,186,000		2,240,967
4.625%, 03/15/44		2,607,000		2,628,031
4.625%, 03/15/45 (144A)		1,542,000		1,561,042
Zimmer Biomet Holdings Inc. 3.550%, 04/01/25		940,000		908,216
4.250%, 08/15/35		2,205,000		2,037,998
				29,657,978
Healthcare-Services—1.0%
Aetna, Inc. 4.125%, 11/15/42		818,000		724,858
4.500%, 05/15/42		1,658,000		1,542,270
Anthem, Inc. 1.875%, 01/15/18		6,107,000		6,096,368
2.300%, 07/15/18		8,125,000		8,173,336
3.300%, 01/15/23		3,859,000		3,708,869
4.650%, 08/15/44		1,078,000		985,987

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Care UK Health & Social Care plc 5.572%, 07/15/19 (GBP) (b)		100,000	$	152,411
Cigna Corp. 3.250%, 04/15/25		3,971,000		3,809,063
HCA, Inc. 5.250%, 04/15/25		4,165,000		4,331,600
5.375%, 02/01/25		4,080,000		4,146,504
Laboratory Corp. of America Holdings 2.625%, 02/01/20		1,674,000		1,661,027
Roche Holdings, Inc. 2.875%, 09/29/21 (144A)		1,820,000		1,835,000
UnitedHealth Group, Inc. 2.875%, 12/15/21		2,103,000		2,102,771
3.950%, 10/15/42		2,580,000		2,334,356
				41,604,420
Household Products/Wares—0.1%
Kimberly-Clark Corp. 1.900%, 05/22/19		4,235,000		4,225,243
2.650%, 03/01/25 (e)		881,000		851,600
				5,076,843
Housewares—0.1%
Newell Rubbermaid, Inc. 2.875%, 12/01/19		4,141,000		4,185,280
Insurance—0.7%
Aflac, Inc. 3.625%, 06/15/23		1,314,000		1,327,877
Allstate Corp. (The) 3.150%, 06/15/23		1,322,000		1,323,695
American International Group, Inc. 3.375%, 08/15/20		2,382,000		2,465,532
3.875%, 01/15/35		1,325,000		1,196,784
4.375%, 01/15/55		1,256,000		1,118,639
4.500%, 07/16/44		1,681,000		1,599,043
Aon plc 4.750%, 05/15/45		473,000		455,919
Berkshire Hathaway Finance Corp. 4.300%, 05/15/43		1,172,000		1,134,316
Lincoln National Corp. 3.350%, 03/09/25 (e)		683,000		662,520
Loews Corp. 2.625%, 05/15/23		1,322,000		1,264,058
Manulife Financial Corp. 3.400%, 09/17/15		1,675,000		1,683,576
Prudential Financial, Inc. 4.500%, 11/15/20		2,851,000		3,118,615
4.600%, 05/15/44 (e)		3,384,000		3,271,807
4.750%, 09/17/15		4,775,000		4,811,944
Travelers Cos., Inc. (The) 4.600%, 08/01/43		2,094,000		2,166,771
XLIT, Ltd. 2.300%, 12/15/18 (e)		2,095,000		2,109,112
				29,710,208
Internet—0.1%
Amazon.com, Inc. 2.600%, 12/05/19		2,869,000		2,886,971
Iron/Steel—0.0%
Nucor Corp. 5.200%, 08/01/43		953,000		975,058
Leisure Time—0.0%
Cirsa Funding Luxembourg S.A. 5.875%, 05/15/23 (EUR)		100,000		107,594
Machinery-Construction & Mining—0.1%
Caterpillar, Inc. 4.750%, 05/15/64		2,619,000		2,563,616
Machinery-Diversified—0.1%
John Deere Capital Corp. 3.350%, 06/12/24 (e)		2,803,000		2,856,952
Rockwell Automation, Inc. 2.875%, 03/01/25		1,929,000		1,870,750
				4,727,702
Media—1.4%
21st Century Fox America, Inc. 3.700%, 09/15/24		1,195,000		1,203,923
4.750%, 09/15/44		836,000		817,417
CBS Corp. 2.300%, 08/15/19		2,197,000		2,171,308
Comcast Cable Communications LLC 8.500%, 05/01/27		2,012,000		2,763,160
Comcast Corp. 3.375%, 08/15/25 (e)		2,161,000		2,132,490
4.400%, 08/15/35		3,336,000		3,312,555
4.600%, 08/15/45		1,075,000		1,065,772
4.750%, 03/01/44		2,162,000		2,194,741
COX Communications, Inc. 8.375%, 03/01/39 (144A)		294,000		374,792
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 4.600%, 02/15/21		4,511,000		4,805,776
5.150%, 03/15/42		1,348,000		1,268,201
6.375%, 03/01/41		1,091,000		1,173,583
Discovery Communications LLC 3.450%, 03/15/25		1,476,000		1,384,996
NBCUniversal Enterprise, Inc. 5.250%, 03/29/49 (144A)		4,585,000		4,877,294
NBCUniversal Media LLC 4.375%, 04/01/21		1,915,000		2,074,091
4.450%, 01/15/43		1,601,000		1,538,715
Numericable-SFR 5.375%, 05/15/22 (EUR)		200,000		226,315
Scripps Networks Interactive, Inc. 2.750%, 11/15/19 (e)		3,003,000		3,009,409
Time Warner Cable, Inc. 4.000%, 09/01/21 (e)		532,000		546,170
4.125%, 02/15/21		3,796,000		3,919,161

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Time Warner Cable, Inc. 5.000%, 02/01/20		1,822,000	$	1,967,055
5.500%, 09/01/41		2,636,000		2,458,510
Time Warner, Inc. 2.100%, 06/01/19		4,602,000		4,571,765
3.600%, 07/15/25		2,528,000		2,458,938
4.650%, 06/01/44		1,934,000		1,838,555
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 4.000%, 01/15/25 (EUR)		105,000		119,400
Viacom, Inc. 2.750%, 12/15/19		1,745,000		1,744,860
4.500%, 03/01/21		1,881,000		1,989,874
Ziggo Bond Finance B.V. 4.625%, 01/15/25 (EUR)		100,000		110,370
				58,119,196
Metal Fabricate/Hardware—0.0%
Eco-Bat Finance plc 7.750%, 02/15/17 (EUR)		230,000		249,749
Mining—0.1%
Constellium NV 4.625%, 05/15/21 (EUR)		100,000		102,009
Freeport-McMoRan, Inc. 4.000%, 11/14/21 (e)		2,801,000		2,750,512
5.400%, 11/14/34		1,372,000		1,183,551
Newmont Mining Corp. 3.500%, 03/15/22 (e)		1,835,000		1,751,216
				5,787,288
Miscellaneous Manufacturing—0.2%
Eaton Corp. 2.750%, 11/02/22		2,927,000		2,846,882
Gates Global LLC / Gates Global Co. 5.750%, 07/15/22 (EUR)		100,000		102,580
GCL Holdings SCA 9.375%, 04/15/18 (EUR)		220,000		255,710
General Electric Co. 4.500%, 03/11/44		3,130,000		3,178,797
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, 05/01/20		1,627,000		1,619,901
				8,003,870
Oil & Gas—1.9%
Anadarko Petroleum Corp. 4.500%, 07/15/44 (e)		1,279,000		1,175,465
7.950%, 06/15/39		1,278,000		1,672,645
BP Capital Markets plc 2.237%, 05/10/19 (e)		4,231,000		4,262,936
Chevron Corp. 1.961%, 03/03/20 (e)		4,797,000		4,757,669
2.193%, 11/15/19		904,000		909,016
Oil & Gas—(Continued)
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P. 2.450%, 05/01/20 (144A)		2,774,000		2,756,274
Continental Resources, Inc. 3.800%, 06/01/24 (e)		1,385,000		1,264,227
4.900%, 06/01/44 (e)		1,586,000		1,335,740
Devon Energy Corp. 5.600%, 07/15/41		1,312,000		1,373,604
Ensco plc 5.750%, 10/01/44		438,000		390,331
EOG Resources, Inc. 2.450%, 04/01/20		6,089,000		6,131,276
3.900%, 04/01/35		2,581,000		2,443,298
Exxon Mobil Corp. 1.819%, 03/15/19		5,182,000		5,188,716
Laredo Petroleum, Inc. 7.375%, 05/01/22 (e)		3,500,000		3,683,750
Linn Energy LLC / Linn Energy Finance Corp. 6.250%, 11/01/19		4,115,000		3,219,988
Marathon Petroleum Corp. 4.750%, 09/15/44		1,074,000		980,236
MEG Energy Corp. 6.500%, 03/15/21 (144A)		448,000		431,200
7.000%, 03/31/24 (144A)		874,000		837,948
Noble Energy, Inc. 4.150%, 12/15/21		2,393,000		2,492,948
Occidental Petroleum Corp. 3.125%, 02/15/22		2,061,000		2,066,155
Petrobras Global Finance B.V. 6.250%, 12/14/26 (GBP)		200,000		278,645
Phillips 66 4.875%, 11/15/44		1,086,000		1,037,274
Shell International Finance B.V. 2.125%, 05/11/20		5,461,000		5,449,275
3.625%, 08/21/42		1,163,000		1,017,107
4.125%, 05/11/35		4,860,000		4,757,546
Statoil ASA 2.900%, 11/08/20		7,535,000		7,720,067
Suncor Energy, Inc. 3.600%, 12/01/24 (e)		2,560,000		2,547,512
Transocean, Inc. 6.800%, 03/15/38 (e)		582,000		435,045
Valero Energy Corp. 3.650%, 03/15/25		4,565,000		4,438,737
Woodside Finance, Ltd. 3.650%, 03/05/25 (144A)		1,406,000		1,350,283
				76,404,913
Packaging & Containers—0.4%
Ardagh Packaging Finance plc 9.250%, 10/15/20 (EUR)		109,000		128,810
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 4.250%, 01/15/22 (EUR)		100,000		110,651

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—(Continued)
Novelis, Inc. 8.750%, 12/15/20		7,985,000	$	8,444,138
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 6.875%, 02/15/21		8,495,000		8,856,037
				17,539,636
Pharmaceuticals—2.0%
Abbott Laboratories 2.550%, 03/15/22		3,816,000		3,728,224
2.950%, 03/15/25		2,540,000		2,441,844
AbbVie, Inc. 2.500%, 05/14/20		3,646,000		3,608,596
2.900%, 11/06/22		2,721,000		2,634,744
4.400%, 11/06/42		2,281,000		2,158,243
4.500%, 05/14/35		3,314,000		3,242,096
Actavis Funding SCS 2.350%, 03/12/18		15,756,000		15,839,176
3.000%, 03/12/20		16,447,000		16,484,302
AmerisourceBergen Corp. 1.150%, 05/15/17		4,889,000		4,880,655
3.250%, 03/01/25		637,000		612,809
4.250%, 03/01/45		637,000		578,262
Baxalta, Inc. 4.000%, 06/23/25 (144A)		2,172,000		2,155,847
Bristol-Myers Squibb Co. 4.500%, 03/01/44 (e)		1,427,000		1,477,203
Eli Lilly & Co. 2.750%, 06/01/25		456,000		440,523
3.700%, 03/01/45		1,035,000		938,955
Express Scripts Holding Co. 1.250%, 06/02/17		1,946,000		1,936,883
3.900%, 02/15/22		1,360,000		1,396,542
GlaxoSmithKline Capital plc 2.850%, 05/08/22		1,923,000		1,906,157
Merck & Co., Inc. 3.700%, 02/10/45		3,321,000		2,966,875
Mylan, Inc. 3.125%, 01/15/23 (144A)		2,746,000		2,620,195
Novartis Capital Corp. 4.400%, 04/24/20 (e)		2,710,000		2,990,946
Pfizer, Inc. 4.300%, 06/15/43		1,344,000		1,313,296
4.400%, 05/15/44		1,025,000		1,011,185
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/21		889,000		906,062
Valeant Pharmaceuticals International, Inc. 4.500%, 05/15/23 (EUR)		200,000		215,924
6.125%, 04/15/25 (144A)		3,608,000		3,711,730
Zoetis, Inc. 3.250%, 02/01/23		1,288,000		1,247,823
				83,445,097
Pipelines—1.6%
Energy Transfer Partners L.P. 4.150%, 10/01/20		1,412,000		1,451,197
4.650%, 06/01/21		4,530,000		4,649,338
4.900%, 03/15/35		1,416,000		1,277,670
5.150%, 02/01/43		1,203,000		1,071,328
6.625%, 10/15/36		964,000		1,016,232
Enterprise Products Operating LLC 3.700%, 02/15/26 (e)		1,192,000		1,154,170
3.900%, 02/15/24		1,445,000		1,451,001
4.450%, 02/15/43		3,409,000		3,080,945
Kinder Morgan Energy Partners L.P. 3.500%, 03/01/21		12,477,000		12,302,347
3.950%, 09/01/22		1,189,000		1,162,734
4.700%, 11/01/42		1,987,000		1,659,747
5.625%, 09/01/41		490,000		459,520
Kinder Morgan, Inc. 3.050%, 12/01/19		4,607,000		4,601,900
Plains All American Pipeline L.P. / PAA Finance Corp. 2.600%, 12/15/19		4,975,000		4,953,901
2.850%, 01/31/23		4,638,000		4,353,023
4.900%, 02/15/45		1,259,000		1,187,013
5.150%, 06/01/42		964,000		932,164
Spectra Energy Partners L.P. 3.500%, 03/15/25		2,685,000		2,571,336
Sunoco Logistics Partners Operations L.P. 3.450%, 01/15/23		2,506,000		2,371,588
TransCanada PipeLines, Ltd. 1.875%, 01/12/18		1,175,000		1,182,767
2.500%, 08/01/22 (e)		1,488,000		1,411,527
4.625%, 03/01/34		2,625,000		2,602,695
Western Gas Partners L.P. 4.000%, 07/01/22		1,958,000		1,964,787
Williams Partners L.P. 4.000%, 11/15/21 (e)		4,557,000		4,599,667
4.500%, 11/15/23 (e)		774,000		777,575
4.900%, 01/15/45		1,557,000		1,335,968
				65,582,140
Real Estate Investment Trusts—0.3%
American Tower Corp. 3.450%, 09/15/21		1,643,000		1,635,079
3.500%, 01/31/23		420,000		403,436
5.000%, 02/15/24 (e)		413,000		436,599
ERP Operating L.P. 3.375%, 06/01/25		1,200,000		1,175,025
HCP, Inc. 4.000%, 06/01/25		2,594,000		2,539,534
Omega Healthcare Investors, Inc. 4.500%, 04/01/27 (144A)		1,081,000		1,036,929
Simon Property Group L.P. 3.375%, 10/01/24		1,787,000		1,775,508
4.250%, 10/01/44		1,334,000		1,266,798
Ventas Realty L.P. 3.750%, 05/01/24		2,576,000		2,538,504
				12,807,412

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—0.3%
CVS Health Corp. 5.300%, 12/05/43		892,000	$	971,999
Debenhams plc 5.250%, 07/15/21 (GBP)		200,000		309,476
Hema Bondco I B.V. 6.250%, 06/15/19 (EUR)		100,000		92,533
Home Depot, Inc. (The) 4.400%, 03/15/45		521,000		520,249
5.400%, 09/15/40		716,000		815,601
House of Fraser Funding plc 8.875%, 08/15/18 (GBP)		178,000		291,737
Lowe’s Cos., Inc. 4.250%, 09/15/44		1,021,000		987,202
Macy’s Retail Holdings, Inc. 4.500%, 12/15/34		1,522,000		1,460,310
McDonald’s Corp. 4.600%, 05/26/45		637,000		621,462
Punch Taverns Finance B, Ltd. 5.267%, 03/30/24 (GBP)		95,818		142,279
QVC, Inc. 3.125%, 04/01/19		1,166,000		1,158,162
5.125%, 07/02/22		1,922,000		1,979,232
Target Corp. 3.500%, 07/01/24		828,000		845,218
4.000%, 07/01/42		1,298,000		1,226,567
Unique Pub Finance Co. plc (The) 5.659%, 06/30/27 (GBP)		181,411		290,749
Wal-Mart Stores, Inc. 2.550%, 04/11/23		1,455,000		1,404,865
4.000%, 04/11/43		749,000		714,682
				13,832,323
Semiconductors—0.1%
QUALCOMM, Inc. 4.650%, 05/20/35		3,070,000		2,971,766
Software—0.6%
Adobe Systems, Inc. 3.250%, 02/01/25		1,382,000		1,334,246
First Data Corp. 7.375%, 06/15/19 (144A)		1,245,000		1,294,177
8.750%, 01/15/22 (144A)		3,790,000		4,029,244
Microsoft Corp. 3.500%, 02/12/35		3,071,000		2,807,496
3.750%, 02/12/45		1,574,000		1,419,183
Oracle Corp. 2.800%, 07/08/21		6,221,000		6,296,766
4.300%, 07/08/34		2,181,000		2,150,778
4.375%, 05/15/55		3,968,000		3,687,054
				23,018,944
Telecommunications—2.0%
Altice S.A. 6.250%, 02/15/25 (EUR)		261,000		276,427
7.250%, 05/15/22 (EUR)		100,000		112,600
Telecommunications—(Continued)
Altice U.S. Finance I Corp. 5.375%, 07/15/23 (144A)		2,195,000		2,140,125
America Movil S.A.B. de C.V. 2.375%, 09/08/16		7,975,000		8,075,644
AT&T, Inc. 2.300%, 03/11/19 (e)		4,310,000		4,313,474
2.375%, 11/27/18		1,780,000		1,795,580
2.450%, 06/30/20		5,984,000		5,865,930
3.000%, 06/30/22		6,762,000		6,529,144
3.400%, 05/15/25		1,805,000		1,721,443
3.875%, 08/15/21		2,614,000		2,696,229
4.300%, 12/15/42		2,435,000		2,086,909
4.750%, 05/15/46		1,075,000		978,222
Cisco Systems, Inc. 2.125%, 03/01/19 (e)		945,000		951,572
Juniper Networks, Inc. 3.300%, 06/15/20		1,563,000		1,574,075
Orange S.A. 4.000%, 10/01/21 (EUR) (b)		300,000		339,890
5.500%, 02/06/44 (e)		1,328,000		1,406,073
Sprint Communications, Inc. 9.000%, 11/15/18 (144A)		10,180,000		11,495,867
Sprint Corp. 7.875%, 09/15/23		3,535,000		3,447,685
T-Mobile USA, Inc. 6.633%, 04/28/21		1,345,000		1,395,437
6.731%, 04/28/22 (e)		1,295,000		1,350,037
6.836%, 04/28/23 (e)		410,000		431,013
Telecom Italia S.p.A. 3.250%, 01/16/23 (EUR)		100,000		111,874
Telenet Finance V Luxembourg SCA 6.750%, 08/15/24 (EUR)		320,000		390,144
Verizon Communications, Inc. 2.625%, 02/21/20		5,729,000		5,716,121
3.450%, 03/15/21		3,211,000		3,273,059
3.850%, 11/01/42		3,957,000		3,265,688
4.400%, 11/01/34		5,540,000		5,128,705
4.862%, 08/21/46		3,049,000		2,853,608
5.050%, 03/15/34		1,270,000		1,278,545
Virgin Media Secured Finance plc 6.000%, 04/15/21 (GBP)		396,000		647,104
Vodafone Group plc 2.500%, 09/26/22 (e)		1,406,000		1,289,659
Wind Acquisition Finance S.A. 4.000%, 07/15/20 (EUR)		100,000		111,206
4.011%, 07/15/20 (EUR) (b)		100,000		110,649
				83,159,738
Transportation—0.5%
Burlington Northern Santa Fe LLC 3.000%, 03/15/23		1,689,000		1,650,116
4.150%, 04/01/45 (e)		802,000		739,689
CSX Corp. 4.100%, 03/15/44 (e)		1,146,000		1,049,454

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—(Continued)
FedEx Corp. 3.900%, 02/01/35		232,000	$	214,480
4.100%, 02/01/45		1,369,000		1,229,683
4.900%, 01/15/34		2,667,000		2,764,847
Gategroup Finance Luxembourg S.A. 6.750%, 03/01/19 (EUR)		163,570		190,562
Norfolk Southern Corp. 4.450%, 06/15/45		1,264,000		1,212,754
Ryder System, Inc. 2.450%, 09/03/19		3,447,000		3,439,944
Silk Bidco A/S 7.500%, 02/01/22 (EUR)		200,000		227,708
Union Pacific Corp. 3.375%, 02/01/35		706,000		627,624
3.875%, 02/01/55		2,810,000		2,471,066
Union Pacific Railroad Co. Pass-Through Trust 3.227%, 05/14/26 (e)		2,966,330		2,955,295
				18,773,222
Trucking & Leasing—0.1%
GATX Corp. 2.600%, 03/30/20		1,818,000		1,793,848
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.375%, 02/01/22 (144A)		2,966,000		2,875,071
				4,668,919
Total Corporate Bonds & Notes (Cost $1,223,252,971)				1,204,781,878
Asset-Backed Securities—12.0%
Asset-Backed - Automobile—0.3%
AUTO ABS Srl 2.800%, 04/27/25 (EUR)		563,762		631,070
Chrysler Capital Auto Receivables Trust 0.850%, 05/15/18 (144A)		1,933,906		1,935,539
1.760%, 08/15/19 (144A)		1,670,000		1,665,454
1.780%, 06/17/19 (144A)		1,455,000		1,455,412
2.240%, 09/16/19 (144A)		1,515,000		1,514,367
2.280%, 11/15/19 (144A)		2,150,000		2,146,510
Santander Drive Auto Receivables Trust 1.420%, 08/16/18 (144A)		330,194		330,056
1.430%, 11/16/18 (144A)		846,810		846,039
1.430%, 02/19/19 (144A)		519,676		518,845
1.430%, 04/16/19 (144A)		851,212		849,229
1.430%, 06/18/19 (144A)		872,284		870,530
1.430%, 12/17/19 (144A)		1,412,487		1,411,682
				14,174,733
Asset-Backed - Credit Card—0.1%
CHLUPA Trust 3.326%, 08/15/20 (144A)		3,263,615		3,275,527
Asset-Backed - Home Equity—0.5%
Bayview Financial Revolving Asset Trust 1.186%, 05/28/39 (144A) (b)		9,611,034		7,448,666
Bear Stearns Asset-Backed Securities I Trust 0.325%, 12/25/36 (b)		2,964,488		2,286,501
Countrywide Asset-Backed Certificates 0.507%, 10/25/36 (b)		2,696,228		2,161,124
Countrywide Home Equity Loan Trust 5.842%, 06/25/35		754,608		728,721
6.155%, 06/25/35		472,511		427,608
Home Loan Mortgage Loan Trust 0.546%, 04/15/36 (b)		1,495,942		1,321,811
Morgan Stanley Mortgage Loan Trust 0.407%, 04/25/37 (b)		10,761,943		5,120,791
Option One Mortgage Loan Trust 1.312%, 11/25/32 (b)		136,167		123,505
				19,618,727
Asset-Backed - Other—8.0%
ACAS CLO, Ltd. 2.590%, 09/20/23 (144A)		2,290,000		2,286,815
ALM VII R, Ltd. 2.128%, 04/24/24 (144A) (b)		1,730,000		1,711,572
ALM VII R-2, Ltd. 2.128%, 04/24/24 (144A) (b)		2,448,000		2,447,829
American Homes 4 Rent 1.250%, 06/17/31 (144A) (b)		514,646		512,953
American Homes 4 Rent Trust 3.786%, 10/17/36 (144A)		2,409,449		2,479,607
Apidos CDO 2.125%, 07/15/23 (144A) (b)		2,065,000		2,057,671
B2R Mortgage Trust 2.524%, 05/15/48 (144A)		687,173		683,525
Battalion CLO, Ltd. 1.675%, 10/22/25 (144A) (b)		5,205,000		5,188,141
Bayview Opportunity Master Fund IIIb RPL Trust 3.623%, 04/28/30 (144A)		1,411,922		1,414,933
Bayview Opportunity Master Fund lIa Trust 3.721%, 02/28/35 (144A) (b)		873,194		874,969
Bayview Opportunity Master Fund lIIa Trust 3.844%, 11/28/29 (144A)		2,047,499		2,047,503
BCMSC Trust 7.575%, 06/15/30 (b)		1,292,356		701,505
7.830%, 06/15/30 (b)		1,199,322		672,201
8.290%, 06/15/30 (b)		2,053,983		1,216,712
Benefit Street Partners CLO II, Ltd. 1.475%, 07/15/24 (144A) (b)		2,240,000		2,205,493
Carlyle Global Market Strategies CLO, Ltd. 1.665%, 01/20/25 (144A) (b)		7,820,000		7,803,781
Chase Funding Trust 6.333%, 04/25/32		711,698		724,793
CIFC Funding, Ltd. 1.575%, 01/19/23 (144A) (b)		6,365,021		6,365,721
1.762%, 05/24/26 (144A) (b)		2,780,000		2,779,627
1.820%, 01/17/27 (144A) (b)		4,035,000		4,039,213
2.381%, 10/19/27 (144A) (b)		1,480,000		1,452,037

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Colony American Homes 1.387%, 07/17/32 (144A) (b)		1,700,000	$	1,681,475
Countrywide Asset-Backed Certificates 0.347%, 01/25/46 (b)		5,458,507		4,909,807
0.407%, 12/25/25 (b)		163,316		474,677
Countrywide Revolving Home Equity Loan Resecuritization Trust 0.486%, 12/15/33 (144A) (b)		1,240,248		1,046,805
CT CDO IV, Ltd. 0.497%, 10/20/43 (144A) (b)		2,971,030		2,964,939
DCP Rights LLC 5.463%, 10/25/44 (144A)		7,076,265		7,070,604
Dryden XXVIII Senior Loan Fund 1.374%, 08/15/25 (144A) (b)		1,035,000		1,024,705
First Franklin Mortgage Loan Trust 0.397%, 12/25/36 (b)		13,450,497		8,495,953
Fraser Sullivan CLO VII, Ltd. 3.275%, 04/20/23 (144A) (b)		1,150,000		1,147,125
GFT Mortgage Loan Trust 3.721%, 01/25/55 (144A)		1,975,416		1,964,749
GT Loan Financing I, Ltd. 1.549%, 10/28/24 (144A) (b)		5,670,000		5,630,508
Highbridge Loan Management, Ltd. 2.531%, 09/20/22 (144A) (b)		1,720,000		1,718,519
Invitation Homes Trust 1.185%, 06/17/31 (144A) (b)		4,180,000		4,131,901
1.286%, 09/17/31 (144A) (b)		2,865,000		2,835,935
1.385%, 12/17/31 (144A) (b)		2,577,000		2,553,103
1.483%, 08/17/32 (144A) (b)		2,114,000		2,111,943
1.535%, 06/17/32 (144A) (b)		1,048,812		1,045,354
KKR Financial CLO, Ltd. 1.425%, 07/15/25 (144A) (b)		4,895,000		4,814,345
Knollwood CDO, Ltd. 3.474%, 01/10/39 (144A) (b) (j)		773,650		8
Long Beach Mortgage Loan Trust 0.347%, 11/25/36 (b)		3,413,487		1,647,598
0.407%, 02/25/36 (b)		3,395,896		2,666,709
0.407%, 11/25/36 (b)		674,850		328,966
1.237%, 06/25/35 (b)		1,290,000		1,024,517
Merrill Lynch First Franklin Mortgage Loan Trust 0.427%, 05/25/37 (b)		13,770,826		8,268,293
NextGear Floorplan Master Owner Trust 1.920%, 10/15/19 (144A)		7,445,000		7,470,201
Northwoods Capital IX, Ltd. 1.695%, 01/18/24 (144A) (b)		5,070,000		5,036,183
Oaktree EIF II, Ltd. 2.574%, 11/15/25 (144A) (b)		1,445,000		1,446,944
OCP CLO, Ltd. 1.804%, 04/17/27 (144A) (b)		280,000		279,901
2.374%, 04/17/27 (144A) (b)		370,000		367,505
Octagon Investment Partners XVI, Ltd. 1.394%, 07/17/25 (144A) (b)		5,600,000		5,533,517
OHA Loan Funding, Ltd. 1.552%, 08/23/24 (144A) (b)		5,670,000		5,631,971
Asset-Backed - Other—(Continued)
OneMain Financial Issuance Trust 2.430%, 06/18/24 (144A)		8,865,000		8,914,644
2.470%, 09/18/24 (144A)		6,910,000		6,946,692
2.570%, 07/18/25 (144A)		5,090,000		5,093,868
3.020%, 09/18/24 (144A)		1,325,000		1,335,322
3.100%, 07/18/25 (144A)		1,999,000		2,005,197
4.320%, 07/18/25 (144A)		3,000,000		3,000,000
4.330%, 09/18/24 (144A)		3,075,000		3,102,521
5.640%, 07/18/25 (144A)		1,490,000		1,490,000
OZLM Funding, Ltd. 1.426%, 07/22/25 (144A) (b)		9,625,000		9,508,018
1.758%, 10/30/23 (144A) (b)		8,930,000		8,924,919
PFS Financing Corp. 0.786%, 10/15/19 (144A) (b)		9,335,000		9,297,053
1.286%, 02/15/18 (144A) (b)		4,230,000		4,235,694
PFS Tax Lien Trust 1.440%, 04/15/16 (144A)		3,651,625		3,661,780
Progress Residential Trust 2.740%, 06/12/32 (144A)		1,130,000		1,121,345
Race Point CLO, Ltd 1.525%, 02/20/25 (144A) (b)		1,635,000		1,625,880
RMAT LLC 3.967%, 05/26/20 (144A)		1,746,024		1,746,364
Silvermore CLO, Ltd. 1.724%, 05/15/26 (144A) (b)		6,520,000		6,452,375
Sound Point CLO, Ltd. 1.645%, 01/21/26 (144A) (b)		2,185,000		2,165,169
SpringCastle America Funding LLC 2.700%, 05/25/23 (144A)		11,178,957		11,248,155
4.610%, 10/25/27 (144A)		7,845,000		8,023,278
Springleaf Funding Trust 3.160%, 11/15/24 (144A)		6,505,000		6,582,169
3.620%, 11/15/24 (144A)		2,062,000		2,083,804
Structured Asset Investment Loan Trust 0.667%, 09/25/35 (b)		1,069,000		953,509
Sunset Mortgage Loan Co. LLC 3.721%, 11/16/44 (144A)		2,309,145		2,300,463
SWAY Residential Trust 1.486%, 01/17/32 (144A) (b)		6,082,613		6,082,613
Symphony CLO XII, Ltd. 1.575%, 10/15/25 (144A) (b)		8,810,000		8,764,303
Symphony CLO XV, Ltd. 2.474%, 10/17/26 (144A) (b)		6,170,000		6,187,430
TICP CLO III, Ltd. 2.625%, 01/20/27 (144A) (b)		340,000		341,015
Tricon American Homes Trust 1.435%, 05/17/32 (144A) (b)		770,000		763,647
U.S. Residential Opportunity Fund Trust 3.721%, 01/27/35 (144A)		6,152,260		6,153,502
3.721%, 02/27/35 (144A)		1,621,854		1,620,742
Venture XIX CLO, Ltd. 1.853%, 01/15/27 (144A) (b)		1,715,000		1,717,687
2.703%, 01/15/27 (144A) (b)		715,000		717,396
Vibrant CLO, Ltd. 1.754%, 07/17/24 (144A) (b)		16,240,000		16,189,218
2.674%, 07/17/24 (144A) (b)		3,060,000		3,060,159

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Voya CLO, Ltd. 1.427%, 04/25/25 (144A) (b)		1,780,000	$	1,760,756
1.725%, 01/18/26 (144A) (b)		3,140,000		3,139,278
2.220%, 10/15/22 (144A) (b)		1,670,000		1,669,977
Voya, Ltd. 1.665%, 10/15/23 (144A) (b)		1,180,000		1,177,642
Ziggurat CLO I, Ltd. 1.855%, 10/17/26 (144A) (b)		12,105,000		12,104,794
				328,259,739
Asset-Backed - Student Loan—3.1%
Navient Private Education Loan Trust 1.386%, 12/15/28 (144A) (b)		1,885,000		1,905,663
1.886%, 11/15/30 (144A) (b)		1,733,000		1,763,244
1.936%, 10/17/44 (144A) (b)		4,595,000		4,507,084
2.740%, 02/15/29 (144A)		1,800,000		1,808,917
Scholar Funding Trust 0.836%, 01/30/45 (144A) (b)		10,382,766		10,289,072
1.179%, 10/28/43 (144A) (b)		1,372,292		1,381,643
SLC Private Student Loan Trust 0.445%, 07/15/36 (b)		6,579,446		6,541,936
3.686%, 07/15/42 (144A) (b)		3,011,774		3,132,693
SLM Private Credit Student Loan Trust 0.456%, 03/15/23 (b)		952,219		938,367
0.466%, 03/15/23 (b)		7,048,121		7,012,753
0.476%, 12/15/23 (b)		10,592,602		10,479,812
0.486%, 06/15/21 (b)		3,258,209		3,240,774
0.616%, 03/15/24 (b)		4,800,000		4,602,662
0.836%, 12/16/30 (b)		4,009,105		3,955,054
SLM Private Education Loan Trust 1.036%, 02/15/22 (144A) (b)		2,603,149		2,610,716
1.586%, 10/15/31 (144A) (b)		3,740,000		3,786,593
1.850%, 06/17/30 (144A)		25,300,000		25,096,386
2.436%, 06/16/42 (144A) (b)		3,271,000		3,457,467
2.500%, 03/15/47 (144A)		720,000		696,694
2.686%, 01/15/43 (144A) (b)		5,200,000		5,521,604
3.000%, 05/16/44 (144A)		970,000		950,448
3.436%, 10/17/44 (144A) (b)		3,420,000		3,662,150
3.740%, 02/15/29 (144A)		1,685,000		1,769,528
3.830%, 01/17/45 (144A)		8,460,000		8,916,925
4.540%, 10/17/44 (144A)		5,040,000		5,412,537
SoFi Professional Loan Program LLC 1.306%, 04/25/35 (144A) (b)		1,640,000		1,640,000
2.420%, 03/25/30 (144A)		2,141,590		2,142,412
2.510%, 09/27/32 (144A)		3,130,000		3,129,374
				130,352,508
Total Asset-Backed Securities (Cost $489,733,718)				495,681,234
Mortgage-Backed Securities—9.3%
Collateralized Mortgage Obligations—2.8%
Adjustable Rate Mortgage Trust 3.065%, 03/25/36 (b)		1,980,587		1,484,763
Collateralized Mortgage Obligations—(Continued)
Banc of America Alternative Loan Trust 5.500%, 10/25/35		2,508,527		2,292,219
Bear Stearns Asset-Backed Securities I Trust 5.750%, 12/25/35		3,965,747		3,531,065
5.750%, 02/25/36		4,411,987		3,664,177
BXHTL 2015-JWRZ Mortgage Trust 4.090%, 05/15/29 (b)		710,000		672,683
3.770%, 05/15/29 (b)		1,090,000		1,037,117
Countrywide Alternative Loan Trust 0.327%, 04/25/47 (b)		1,305,946		1,088,023
0.327%, 05/25/47 (b)		5,257,814		4,422,789
0.377%, 03/20/47 (b)		3,086,687		2,430,633
0.377%, 10/25/46 (b)		2,235,146		1,951,759
0.387%, 07/20/46 (b)		5,194,905		3,850,952
0.397%, 07/25/46 (b)		2,730,304		2,365,349
0.487%, 01/25/36 (b)		1,049,380		848,099
1.888%, 11/25/46 (b)		5,236,662		4,418,570
5.500%, 04/25/37		1,525,766		1,247,692
6.000%, 02/25/36		1,964,088		1,662,501
6.000%, 05/25/37		4,808,337		3,852,536
6.500%, 09/25/37		11,405,476		9,051,043
Countrywide Home Loan Mortgage Pass-Through Trust 0.387%, 04/25/46 (b)		1,158,510		934,552
1.118%, 04/25/46 (b)		5,762,045		3,300,954
Credit Suisse Mortgage Capital Certificates 2.430%, 03/27/37 (144A) (b)		1,351,268		1,328,320
2.642%, 08/27/46 (144A) (b)		3,837,734		3,756,455
2.702%, 05/27/36 (144A) (b)		2,964,919		2,968,785
CSMC Trust 0.484%, 10/27/36		1,968,630		1,046,437
3.500%, 02/25/55 (144A)		2,056,389		2,013,331
4.750%, 01/27/37		1,312,000		1,220,160
Deutsche ALT-A Securities Mortgage Loan Trust 0.337%, 12/25/36 (b)		4,977,773		4,238,320
Deutsche ALT-A Securities, Inc. Alternate Loan Trust 0.686%, 01/27/37 (144A) (b)		838,351		1,407,670
Fannie Mae Connecticut Avenue Securities 4.587%, 01/25/24 (b)		2,721,000		2,801,446
5.437%, 10/25/23 (b)		7,415,000		8,050,829
GSR Mortgage Loan Trust 6.000%, 07/25/37		1,639,188		1,474,566
JPMorgan Alternative Loan Trust 0.397%, 03/25/37 (b)		2,018,176		1,335,859
2.707%, 05/25/37 (b)		558,398		457,695
JPMorgan Mortgage Trust 6.500%, 08/25/36		607,002		505,765
Litigation Fee Residual Funding 2015-1 LLC 3.500%, 10/01/27		4,250,000		4,250,000
LSTAR Securities Investment Trust 2.184%, 01/01/20 (144A) (b)		1,841,293		1,823,965
2.187%, 03/01/20 (144A) (b)		2,733,137		2,720,427
3.280%, 09/01/21 (144A) (b)		8,963,849		9,011,062
MASTR Resecuritization Trust 0.617%, 08/25/37 (144A) (b)		2,110,664		1,536,896

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Merrill Lynch Mortgage Investors Trust 2.696%, 05/25/36 (b)		3,236,848	$	2,621,112
Morgan Stanley Resecuritization Trust 0.355%, 11/26/33 (144A) (b)		1,995,192		1,789,442
Structured Adjustable Rate Mortgage Loan Trust 2.733%, 04/25/47 (b)		2,265,222		1,783,450
Structured Asset Mortgage Investments II Trust 0.417%, 02/25/36 (b)		3,098,826		2,458,379
Wells Fargo Mortgage-Backed Securities Trust 2.703%, 07/25/36 (b)		1,019,933		1,008,462
				115,716,309
Commercial Mortgage-Backed Securities—6.5%
BAMLL Commercial Mortgage Securities Trust 1.586%, 12/15/31 (144A) (b)		2,510,000		2,513,230
3.716%, 04/14/33 (144A) (b)		2,010,000		1,773,011
Banc of America Commercial Mortgage Trust 5.421%, 10/10/45		450,000		463,646
5.482%, 01/15/49 (b)		630,000		656,880
5.749%, 06/10/49 (b)		7,770,228		8,252,998
5.772%, 02/10/51 (b)		2,590,000		2,724,053
Barclays Commercial Mortgage Trust 3.375%, 03/15/36 (144A)		1,670,000		1,656,854
Bayview Commercial Asset Trust 2.937%, 07/25/38 (144A) (b)		1,595,490		1,579,711
BB-UBS Trust 0.730%, 11/05/36 (144A) (b) (c)		85,480,000		4,394,185
Bear Stearns Commercial Mortgage Securities Trust 5.317%, 02/11/44		5,491,438		5,765,653
5.896%, 06/11/40 (b)		1,281,000		1,371,859
BHMS Mortgage Trust 1.684%, 07/05/33 (144A) (b)		2,695,000		2,678,687
Carefree Portfolio Trust 1.506%, 11/15/19 (144A) (b)		1,050,000		1,052,612
3.436%, 11/15/19 (144A) (b)		2,215,000		2,223,763
CD Mortgage Trust 6.327%, 11/15/44 (b)		661,500		718,466
CDGJ Commercial Mortgage Trust 1.586%, 12/15/27 (144A) (b)		4,070,000		4,071,441
Citigroup Commercial Mortgage Trust 0.936%, 06/15/33 (144A) (b)		5,275,000		5,246,468
3.635%, 05/10/35 (144A) (b)		680,000		612,877
COBALT CMBS Commercial Mortgage Trust 5.959%, 05/15/46 (b)		4,494,000		4,802,270
Commercial Mortgage Pass-Through Certificates 0.168%, 02/10/35 (144A) (b) (c)		60,958,000		512,657
1.655%, 03/10/46 (b) (c)		38,574,689		2,294,924
1.703%, 10/13/28 (144A) (b)		5,862,242		5,861,257
1.900%, 01/10/46 (b) (c)		82,122,601		6,440,054
3.178%, 02/10/35 (144A)		780,000		765,572
3.309%, 03/10/48		1,920,000		1,910,150
3.367%, 02/10/28 (144A)		3,665,000		3,714,826
3.400%, 10/05/30 (144A)		4,845,000		4,795,852
3.497%, 05/10/48		780,000		787,163
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass-Through Certificates 3.590%, 11/10/47		351,000		358,186
3.688%, 06/11/27 (144A) (b)		4,175,000		4,178,937
3.708%, 07/10/48		260,000		266,560
3.732%, 08/10/49 (144A) (b)		1,216,000		1,239,076
4.000%, 10/15/31 (144A) (b)		2,845,000		2,633,329
5.543%, 12/11/49 (144A) (b)		2,690,000		2,815,478
Core Industrial Trust 3.040%, 02/10/34 (144A)		1,052,000		1,055,951
3.077%, 02/10/34 (144A)		1,990,000		1,992,434
Credit Suisse Commercial Mortgage Trust 5.448%, 01/15/49 (b)		5,729		5,736
Credit Suisse First Boston Mortgage Securities Corp. 4.771%, 07/15/37		122,237		122,193
CSAIL Commercial Mortgage Trust 3.504%, 06/15/57		390,000		396,540
DBRR Trust 1.636%, 12/18/49 (144A) (b)		3,285,474		3,300,876
5.903%, 06/17/49 (144A) (b)		3,160,000		3,309,898
Del Coronado Trust 5.186%, 03/15/18 (144A) (b)		2,555,000		2,555,766
Extended Stay America Trust 2.675%, 12/05/31 (144A)		3,210,000		3,195,847
2.958%, 12/05/31 (144A)		4,640,000		4,654,904
GAHR Commercial Mortgage Trust 1.482%, 12/15/16 (144A) (b)		2,123,000		2,122,679
3.495%, 12/15/19 (144A) (b)		5,307,000		4,739,247
Greenwich Capital Commercial Mortgage Trust 5.867%, 12/10/49 (b)		2,475,000		2,654,809
GS Mortgage Securities Corp. II 1.861%, 02/10/46 (b) (c)		105,878,033		9,617,855
3.550%, 12/10/27 (144A) (b)		9,462,358		8,966,947
GS Mortgage Securities Trust 5.708%, 04/10/38 (b)		820,000		832,884
Hilton USA Trust 0.100%, 11/05/30 (144A) (b) (c)		64,000,000		25,536
5.609%, 11/05/30 (144A) (b)		6,747,000		6,838,213
JPMBB Commercial Mortgage Securities Trust 1.351%, 10/15/48 (b) (c)		5,112,575		385,744
JPMorgan Chase Commercial Mortgage Securities Corp. 2.028%, 12/15/47 (b) (c)		9,617,395		835,723
JPMorgan Chase Commercial Mortgage Securities Trust 0.725%, 04/15/46 (b) (c)		4,900,000		189,508
1.436%, 01/15/32 (144A) (b)		1,840,000		1,833,534
1.586%, 11/15/31 (144A) (b)		3,355,000		3,353,158
1.689%, 02/12/51 (b)		1,270,672		1,251,779
3.429%, 06/10/27 (144A)		1,140,000		1,179,852
3.486%, 01/15/32 (144A) (b)		880,000		881,866
3.958%, 04/15/46 (b)		2,230,000		2,195,667
5.431%, 06/12/47 (b)		11,177,068		11,740,794
6.284%, 02/12/51 (b)		640,000		668,769
6.384%, 02/12/51 (144A) (b)		119,000		119,813

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
LB-UBS Commercial Mortgage Trust 5.484%, 02/15/40		450,000	$	466,227
Merrill Lynch Mortgage Trust 5.137%, 07/12/38 (b)		320,000		320,015
5.460%, 11/12/37 (b)		5,045,000		5,082,863
6.029%, 06/12/50 (b)		2,960,631		3,091,828
Morgan Stanley Bank of America Merrill Lynch Trust 1.375%, 11/15/46 (b) (c)		33,306,086		2,311,309
3.101%, 12/15/47		1,018,000		1,055,152
Morgan Stanley Capital I Trust 0.359%, 02/12/44 (b)		720,000		706,015
5.389%, 11/12/41 (b)		450,000		462,014
5.406%, 03/15/44		3,090,000		3,260,775
5.665%, 04/15/49 (b)		2,463,206		2,622,568
5.861%, 04/12/49 (b)		8,065,000		8,513,979
6.104%, 06/11/49 (b)		8,726,000		9,280,965
Morgan Stanley Re-REMIC Trust Zero Coupon, 03/23/51 (144A) (k)		1,692,187		1,599,117
1.000%, 03/27/51 (144A)		1,948,099		1,931,151
2.000%, 07/27/49 (144A)		2,687,853		2,686,510
5.989%, 08/15/45 (144A) (b)		1,560,000		1,659,902
RBSCF Trust 6.150%, 02/16/51 (144A) (b)		9,023,507		9,294,528
SCG Trust 1.586%, 11/15/26 (144A) (b)		5,285,000		5,279,599
2.136%, 11/15/26 (144A) (b)		3,290,000		3,299,742
STRIPs, Ltd. 0.500%, 12/25/44 (144A)		2,370,000		2,337,294
1.500%, 12/25/44 (144A)		3,445,480		3,411,025
UBS-Barclays Commercial Mortgage Trust 3.384%, 02/15/28 (144A) (b)		1,380,000		1,372,697
VFC LLC 2.750%, 07/20/30 (144A)		2,224,269		2,224,220
Wachovia Bank Commercial Mortgage Trust 0.585%, 09/15/21 (144A) (b)		4,285,000		4,186,102
5.339%, 11/15/48		945,000		992,879
5.632%, 10/15/48 (b)		671,000		683,368
5.672%, 10/15/48 (b)		72,000		72,023
6.150%, 02/15/51 (b)		4,189,398		4,319,351
Wells Fargo Commercial Mortgage Trust 1.150%, 02/15/48 (b) (c)		8,905,485		633,331
Wells Fargo Resecuritization Trust 1.750%, 08/20/21 (144A)		1,560,118		1,560,118
WF-RBS Commercial Mortgage Trust 1.135%, 11/15/47 (b) (c)		25,838,830		1,696,655
1.387%, 05/15/47 (b) (c)		12,177,061		853,831
1.614%, 03/15/47 (b) (c)		27,408,448		2,174,997
1.622%, 03/15/48 (144A) (b) (c)		64,437,915		4,811,708
				266,411,065
Total Mortgage-Backed Securities (Cost $394,280,473)				382,127,374
Foreign Government—3.1%
Security Description	Principal Amount*		Value
Sovereign—3.1%
Brazilian Government International Bonds 4.250%, 01/07/25 (e)		11,038,000		10,657,189
5.625%, 01/07/41 (e)		1,729,000		1,651,195
Colombia Government International Bond 4.000%, 02/26/24 (e)		5,175,000		5,149,125
Deutsche Bundesrepublik Inflation Linked Bond 0.100%, 04/15/26 (EUR) (g)		16,278,943		19,500,642
Hellenic Republic Government Bonds 3.000%, 02/24/23 (EUR) (l)		30,841		15,162
3.000%, 02/24/24 (EUR) (l)		30,841		14,586
3.000%, 02/24/25 (EUR) (l)		30,841		14,283
3.000%, 02/24/26 (EUR) (l)		30,841		13,745
3.000%, 02/24/27 (EUR) (l)		30,841		13,555
3.000%, 02/24/28 (EUR) (l)		30,841		13,711
3.000%, 02/24/29 (EUR) (l)		30,841		13,485
3.000%, 02/24/30 (EUR) (l)		30,841		13,443
3.000%, 02/24/31 (EUR) (l)		30,841		13,414
3.000%, 02/24/32 (EUR) (l)		30,841		13,201
3.000%, 02/24/33 (EUR) (l)		30,841		12,850
3.000%, 02/24/34 (EUR) (l)		30,841		13,159
3.000%, 02/24/35 (EUR) (l)		30,841		12,881
3.000%, 02/24/36 (EUR) (l)		30,841		13,037
3.000%, 02/24/37 (EUR) (l)		30,841		13,206
3.000%, 02/24/38 (EUR) (l)		30,841		13,175
3.000%, 02/24/39 (EUR) (l)		30,841		12,898
3.000%, 02/24/40 (EUR) (l)		30,841		13,143
3.000%, 02/24/41 (EUR) (l)		30,841		13,108
3.000%, 02/24/42 (EUR) (l)		30,841		13,194
Indonesia Government International Bonds 5.375%, 10/17/23 (144A)		2,630,000		2,830,538
5.875%, 01/15/24 (144A)		3,417,000		3,775,785
6.625%, 02/17/37 (144A)		852,000		962,760
Mexican Bonos 4.750%, 06/14/18 (MXN)		203,000,000		12,968,042
5.000%, 12/11/19 (MXN)		19,000,000		1,198,856
8.000%, 12/07/23 (MXN)		81,000,000		5,823,543
8.500%, 12/13/18 (MXN)		96,900,000		6,874,903
Mexico Government International Bonds 4.000%, 10/02/23		18,148,000		18,647,070
4.750%, 03/08/44		2,132,000		2,025,400
5.550%, 01/21/45		599,000		637,187
6.050%, 01/11/40		178,000		202,030
Perusahaan Penerbit SBSN Indonesia III 4.325%, 05/28/25 (144A)		2,221,000		2,162,810
Peruvian Government International Bond 7.350%, 07/21/25		2,900,000		3,784,500
Poland Government International Bond 5.000%, 03/23/22		3,500,000		3,880,100
Russian Federal Bonds - OFZ 7.000%, 08/16/23 (RUB)		193,755,000		2,789,496
7.600%, 07/20/22 (RUB)		36,410,000		555,535
Slovenia Government Bonds 4.625%, 09/09/24 (EUR)		1,705,000		2,251,489
Slovenia Government International Bonds 4.125%, 02/18/19 (144A)		2,015,000		2,095,600
5.250%, 02/18/24 (144A)		1,493,000		1,627,370

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Slovenia Government International Bonds 5.500%, 10/26/22 (144A)		2,338,000	$	2,592,725
South Africa Government International Bond 4.665%, 01/17/24 (e)		2,600,000		2,658,500
Turkey Government International Bond 5.750%, 03/22/24 (e)		10,500,000		11,366,250
Total Foreign Government (Cost $130,782,747)				128,937,876
Municipals—2.4%
Bay Area Toll Authority 5.000%, 10/01/54		1,000,000		1,070,940
Board of Governors of Colorado State University System 5.000%, 03/01/45		445,000		492,339
Casino Reinvestment Development Authority 5.250%, 11/01/44		380,000		388,687
Central Texas Turnpike System 5.000%, 08/15/37		960,000		1,022,074
Chicago Board of Education 5.000%, 12/01/42		1,155,000		999,144
County of Miami-Dade FL Aviation Revenue 5.000%, 10/01/38		1,850,000		1,991,081
Energy Northwest 5.000%, 07/01/19		2,685,000		3,067,451
Los Angeles Community College District 6.600%, 08/01/42		1,150,000		1,572,521
Los Angeles Department of Water & Power 5.000%, 07/01/44		150,000		165,879
Los Angeles Unified School District 5.000%, 07/01/22		1,850,000		2,214,172
Lower Colorado River Authority Series B 5.000%, 05/15/24		570,000		668,245
5.000%, 05/15/26		590,000		685,120
Massachusetts Development Finance Agency 5.000%, 07/01/44		3,095,000		3,256,528
Massachusetts Educational Financing Authority 5.000%, 01/01/22		2,310,000		2,555,784
Metropolitan Transportation Authority Build America Bonds 5.250%, 11/15/55		3,640,000		3,961,048
6.668%, 11/15/39		170,000		224,055
6.814%, 11/15/40		1,005,000		1,323,806
Municipal Electric Authority of Georgia, Build America Bonds 6.637%, 04/01/57		1,000,000		1,211,690
New Jersey Economic Development Authority 5.000%, 03/01/21		5,410,000		5,880,508
New Jersey State Turnpike Authority 7.414%, 01/01/40		1,451,000		2,029,601
New York City Water & Sewer System 5.375%, 06/15/43		2,360,000		2,742,273
5.500%, 06/15/43		2,825,000		3,338,754
5.882%, 06/15/44		1,150,000		1,457,613
New York State Dormitory Authority Build America Bonds 5.389%, 03/15/40		1,075,000		1,268,844
New York State Thruway Authority 5.000%, 01/01/31		730,000		825,287
New York State Urban Development Corp. 5.000%, 03/15/20		3,435,000		3,967,494
5.000%, 03/15/44		965,000		1,064,260
North Carolina Department of Transportation 5.000%, 06/30/54		1,000,000		1,029,300
North Carolina State Medical Care Commission 5.000%, 06/01/40		885,000		959,004
5.000%, 06/01/45		885,000		952,995
Orange County Sanitation District Series A 5.000%, 02/01/29		965,000		1,139,067
5.000%, 02/01/34		500,000		578,450
Pennsylvania Economic Development Financing Authority 5.000%, 12/31/38		1,000,000		1,046,480
Port Authority of New York & New Jersey 4.960%, 08/01/46		1,910,000		2,151,577
Richland County School District 5.000%, 02/01/22		915,000		1,078,867
Sacramento County CA, Airport System Revenue 5.250%, 07/01/39 (AGM)		725,000		775,330
Sales Tax Asset Receivable Corp. 5.000%, 10/15/24		4,830,000		5,936,167
San Jose CA, Airport Revenue 5.000%, 03/01/37 (AMBAC)		860,000		889,051
South Carolina State Public Service Authority 5.000%, 12/01/46		2,200,000		2,372,700
South Carolina Transportation Infrastructure Bank 5.000%, 10/01/23		770,000		915,615
5.000%, 10/01/24		735,000		878,318
State of California General Obligation Unlimited 5.000%, 10/01/25		965,000		1,155,790
State of California General Obligation Unlimited, Build America Bonds 7.550%, 04/01/39		780,000		1,127,545
7.600%, 11/01/40		4,580,000		6,692,204
State of Georgia 5.000%, 02/01/22		1,000,000		1,193,770
State of Illinois, Build America Bonds 5.100%, 06/01/33		5,120,000		4,771,584
State of Mississippi General Obligation Unlimited 5.000%, 10/01/26		850,000		1,025,482
State of North Carolina 5.000%, 05/01/27		960,000		1,131,398
University of California CA, Revenue 4.858%, 05/15/2112		980,000		902,668
University of Kentucky KY, Revenue Series B 5.000%, 10/01/21		500,000		589,125
5.000%, 10/01/27		1,755,000		2,080,324
Utah Transit Authority Series A 5.000%, 06/15/24		960,000		1,170,998
5.000%, 06/15/27		3,500,000		4,201,120

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Municipals—(Continued)

Security Description	Shares/ Principal/ Notional Amount*		Value
Water Revenue Authority of Georgia, Build America Bonds 5.000%, 11/01/40		920,000	$	1,025,699
Wisconsin Health & Educational Facilities Authority 5.000%, 08/15/39		965,000		1,036,497
Total Municipals (Cost $98,775,948)				98,252,323
Preferred Stocks—0.4%
Banks—0.4%
Citigroup Capital XIII, 7.875% (b)		292,339		7,589,121
GMAC Capital Trust I, 8.125% (b)		250,000		6,495,000
				14,084,121
Diversified Financial Services—0.0%
RBS Capital Funding Trust V Series E, 5.900%		4,782		115,868
RBS Capital Funding Trust VII Series G, 6.080%		4,878		119,169
				235,037
Thrifts & Mortgage Finance—0.0%
Federal Home Loan Mortgage Corp. Series Z, 8.375% (b) (e)		70,000		262,500
Federal National Mortgage Association Series S, 8.250% (b)		70,000		262,500
				525,000
Total Preferred Stocks (Cost $15,035,822)				14,844,158
Purchased Options—0.1%
Currency Options—0.1%
EUR Put/MXN Call, Strike Price MXN 17.00, Expires 07/16/15 (Counterparty - Morgan Stanley & Co.) (EUR)		4,725,000		12,837
EUR Put/PLN Call, Strike Price PLN 4.10, Expires 07/14/15 (Counterparty - Goldman Sachs & Co.) (EUR)		2,404,000		5,009
EUR Put/PLN Call, Strike Price PLN 3.95, Expires 07/14/15 (Counterparty - JPMorgan Chase Bank N.A.) (EUR)		1,625,700		4
EUR Put/USD Call, Strike Price USD 1.02, Expires 07/03/15 (Counterparty - Deutsche Bank AG) (EUR)		45,900,000		0
Currency Options—(Continued)
EUR Put/USD Call, Strike Price USD 1.05, Expires 08/05/15 (Counterparty - BNP Paribas S.A.) (EUR)		99,346,000		226,385
EUR Put/USD Call, Strike Price USD 1.08, Expires 07/03/15 (Counterparty - Citibank N.A.) (EUR)		45,900,000		16,733
EUR Put/USD Call, Strike Price USD 1.08, Expires 07/23/15 (Counterparty - Deutsche Bank AG) (EUR)		149,019,000		714,375
EUR Put/USD Call, Strike Price USD 1.10, Expires 08/03/15 (Counterparty - BNP Paribas S.A.) (EUR)		2,451,000		28,975
EUR Put/USD Call, Strike Price USD 1.10, Expires 08/05/15 (Counterparty - Citibank N.A.) (EUR)		99,346,000		1,064,364
EUR Put/ZAR Call, Strike Price ZAR 13.10, Expires 07/29/15 (Counterparty - Goldman Sachs & Co.) (EUR)		3,506,000		8,388
EUR Put/ZAR Call, Strike Price ZAR 13.25, Expires 07/17/15 (Counterparty - HSBC Bank plc) (EUR)		2,886,000		8,208
USD Call/BRL Put, Strike Price BRL 3.22, Expires 08/03/15 (Counterparty - Goldman Sachs & Co.)		2,451,000		25,108
USD Call/CAD Put, Strike Price CAD 1.33, Expires 07/09/15 (Counterparty - BNP Paribas S.A.)		89,550,000		90
USD Call/JPY Put, Strike Price JPY 124.50, Expires 08/24/15 (Counterparty - Citibank N.A.)		39,100,000		242,420
USD Call/KRW Put, Strike Price KRW 1120, Expires 07/02/15 (Counterparty - Deutsche Bank AG)		2,379,000		17,678
USD Call/KRW Put, Strike Price KRW 1085.00, Expires 07/02/15 (Counterparty - JPMorgan Chase Bank N.A.)		1,183,000		36,765
USD Call/MXN Put, Strike Price MXN 15.55, Expires 07/01/15 (Counterparty - Goldman Sachs & Co.)		1,258,000		13,628
USD Call/MXN Put, Strike Price MXN 15.55, Expires 07/08/15 (Counterparty - Goldman Sachs & Co.)		2,002,000		27,780
USD Call/MYR Put, Strike Price MYR 3.65, Expires 07/16/15 (Counterparty - JPMorgan Chase Bank N.A.)		2,379,000		69,740
USD Put/JPY Call, Strike Price JPY 113.00, Expires 07/01/15 (Counterparty - Deutsche Bank AG)		127,025,000		0
USD Put/JPY Call, Strike Price JPY 122.75, Expires 07/01/15 (Counterparty - BNP Paribas S.A.)		1,470,600		6,884
				2,525,371

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Purchased Options—(Continued)

Security Description	Shares/ Notional/ Contracts/ Principal Amount*		Value
Interest Rate Swaptions—0.0%
Call - OTC - 1 Year Interest Rate Swap, Exercise Rate 11.40%, Expires 07/01/15 (Counterparty - Credit Suisse International) (BRL)		65,256,000	$	0
Call - OTC - 1 Year Interest Rate Swap, Exercise Rate 11.40%, Expires 07/01/15 (Counterparty - Deutsche Bank AG) (BRL)		23,305,000		0
Call - OTC - 2 Year Interest Rate Swap, Exercise Rate 1.92%, Expires 11/09/15 (Counterparty - Deutsche Bank AG) (KRW)		6,513,071,110		24,459
				24,459
Options on Exchange-Traded Futures Contracts—0.0%
Put - Eurodollar Midcurve 1 Year Futures @ 98.250, Expires 09/11/15		3,464		64,950
Put - Eurodollar Midcurve 1 Year Futures @ 98.500, Expires 09/11/15		326		18,338
Put - Eurodollar Midcurve 1 Year Futures @ 98.625, Expires 09/11/15		130		14,625
Put - Eurodollar Midcurve 1 Year Futures @ 98.750, Expires 09/11/15		3,464		692,800
Put - U.S. Treasury Note 10-Year Futures @ 125.50, Expires 07/24/15		21		11,156
				801,869
Total Purchased Options (Cost $6,509,886)				3,351,699
Short-Term Investments—13.1%
Mutual Fund—12.1%
State Street Navigator Securities Lending MET Portfolio (m)		500,392,256		500,392,256
Repurchase Agreement—1.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $40,726,250 on 07/01/15, collateralized by $41,410,000 U.S. Treasury Notes with rates ranging from 1.250% - 1.500%, maturity dates ranging from 11/30/18 - 12/31/18, with a value of $41,540,938.		40,726,250		40,726,250
Total Short-Term Investments (Cost $541,118,506)				541,118,506
Total Investments—122.4% (Cost $5,068,828,224) (n)				5,041,131,878
Other assets and liabilities (net)—(22.4)%				(922,040,982	)
Net Assets—100.0%			$	4,119,090,896

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(b) Variable or floating rate security. The stated rate represents the rate at June 30, 2015. Maturity date shown for callable securities reflects the earliest possible call date.

(c) Interest only security.

(d) All or a portion of the security was pledged as collateral against TBA securities. As of June 30, 2015, the value of securities pledged amounted to $668,834.

(e) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $310,747,462 and the collateral received consisted of cash in the amount of $500,392,256 and non-cash collateral with a value of $28,413,043. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(f) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2015, the market value of securities pledged was $1,700,398.

(g) Principal amount of security is adjusted for inflation.

(h) All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2015, the market value of securities pledged was $475,174.

(i) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(j) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2015, the market value of restricted securities was $8, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.

(k) Principal only security.

(l) Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.

(m) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(n) As of June 30, 2015, the aggregate cost of investments was $5,068,828,224. The aggregate unrealized appreciation and depreciation of investments were $36,223,845 and $(63,920,191), respectively, resulting in net unrealized depreciation of $(27,696,346).

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2015, the market value of 144A securities was $724,314,084, which is 17.6% of net assets.

(ACES)— Alternative Credit Enhancement Securities

(AGM)— Assured Guaranty Municipal Corporation

(AMBAC)— American Municipal Bond Assurance Corporation

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

(ARM)— Adjustable-Rate Mortgage

(BRL)— Brazilian Real

(CDI)— Brazil Interbank Deposit Rate

(CDO)— Collateralized Debt Obligation

(CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation

(EUR)— Euro

(EURIBOR)— Euro Interbank Offered Rate

(GBP)— British Pound

(JPY)— Japanese Yen

(KRW)— South Korea Won

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(PLN)— Polish Zloty

(REMIC)— Real Estate Mortgage Investment Conduit

(RUB)— Russian Ruble

(ZAR)— South African Rand

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Knollwood CDO, Ltd.		02/10/04	$	773,650	$	773,650	$	8

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		3.500	%		TBA	$	(48,192,000	)	$	(50,759,827	)	$	(50,825,240	)
Fannie Mae 15 Yr. Pool		4.000	%		TBA		(15,100,000	)		(15,843,203	)		(15,838,484	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(42,005,000	)		(41,831,615	)		(41,848,300	)
Fannie Mae 30 Yr. Pool		4.500	%		TBA		(35,660,000	)		(38,597,672	)		(38,551,805	)
Fannie Mae 30 Yr. Pool		5.000	%		TBA		(4,800,000	)		(5,328,750	)		(5,302,500	)
Fannie Mae 30 Yr. Pool		5.000	%		TBA		(57,900,000	)		(63,866,187	)		(63,902,580	)
Freddie Mac 30 Yr. Gold Pool		3.000	%		TBA		(17,780,000	)		(17,839,730	)		(17,673,736	)
Ginnie Mae I 30 Yr. Pool		3.500	%		TBA		(17,800,000	)		(18,361,812	)		(18,466,110	)
Ginnie Mae I 30 Yr. Pool		4.500	%		TBA		(3,100,000	)		(3,373,430	)		(3,365,922	)
Ginnie Mae I 30 Yr. Pool		4.000	%		TBA		(55,000	)		(58,403	)		(58,523	)
Ginnie Mae II 30 Yr. Pool		5.000	%		TBA		(1,200,000	)		(1,307,063	)		(1,308,234	)
Totals									$	(257,167,692	)	$	(257,141,434	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	1,516,234	BNP Paribas S.A.		07/02/15		USD	480,581	$	7,095
BRL	1,740,730	Citibank N.A.		07/02/15		USD	561,055		(1,173	)
BRL	1,747,815	Citibank N.A.		07/02/15		USD	545,000		17,161
BRL	1,764,983	Citibank N.A.		07/02/15		USD	568,872		(1,189	)
BRL	2,609,829	Citibank N.A.		07/02/15		USD	841,175		(1,759	)
BRL	1,413,995	Deutsche Bank AG		07/02/15		USD	447,467		7,326
BRL	1,373,476	Goldman Sachs & Co.		07/02/15		USD	442,685		(926	)
BRL	1,734,735	Goldman Sachs & Co.		07/02/15		USD	545,000		12,954
BRL	1,786,013	Goldman Sachs & Co.		07/02/15		USD	566,000		8,447
BRL	1,790,258	Goldman Sachs & Co.		07/02/15		USD	566,000		9,812
BRL	2,000,220	Goldman Sachs & Co.		07/02/15		USD	636,000		7,344
BRL	2,120,656	Goldman Sachs & Co.		07/02/15		USD	671,200		10,880
BRL	2,164,218	Goldman Sachs & Co.		07/02/15		USD	681,000		15,091
BRL	2,844,908	Goldman Sachs & Co.		07/02/15		USD	916,943		(1,917	)
BRL	7,073,329	Goldman Sachs & Co.		07/02/15		USD	2,237,333		37,707
BRL	1,727,541	Royal Bank of Scotland plc		07/02/15		USD	556,804		(1,164	)
BRL	1,522,857	UBS AG		07/02/15		USD	488,565		1,241
BRL	1,739,640	UBS AG		07/02/15		USD	545,000		14,532
BRL	14,785,662	UBS AG		07/02/15		USD	4,765,571		(9,963	)
CHF	1,296,635	BNP Paribas S.A.		09/16/15		USD	1,405,000		(14,056	)
CHF	2,157,063	BNP Paribas S.A.		09/16/15		USD	2,340,000		(26,046	)
CHF	2,613,357	BNP Paribas S.A.		09/16/15		USD	2,835,000		(31,565	)
CHF	3,987,893	BNP Paribas S.A.		09/16/15		USD	4,325,000		(47,054	)

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CHF	6,912,783	Goldman Sachs & Co.		09/16/15		USD	7,490,000	$	(74,426	)
CHF	862,223	UBS AG		09/16/15		USD	935,000		(10,064	)
CHF	1,374,130	UBS AG		09/16/15		USD	1,490,000		(15,925	)
CLP	698,048,002	BNP Paribas S.A.		07/02/15		USD	1,092,339		(402	)
CLP	554,801,550	Credit Suisse International		07/02/15		USD	868,180		(319	)
CLP	699,032,429	Credit Suisse International		07/02/15		USD	1,093,879		(402	)
CLP	702,142,316	Credit Suisse International		07/02/15		USD	1,098,746		(404	)
CLP	954,407,703	Credit Suisse International		07/02/15		USD	1,533,875		(40,922	)
CLP	138,322,656	Deutsche Bank AG		07/02/15		USD	219,125		(2,751	)
CLP	2,076,290,080	Deutsche Bank AG		07/02/15		USD	3,356,000		(108,118	)
CLP	546,117,000	Goldman Sachs & Co.		07/02/15		USD	854,590		(314	)
CNY	53,910,576	Bank of America N.A.		09/09/15		USD	8,640,000		14,388
CNY	53,929,860	Citibank N.A.		09/09/15		USD	8,640,000		17,483
CNY	53,911,267	Deutsche Bank AG		09/09/15		USD	8,640,000		14,499
CNY	53,917,627	Goldman Sachs & Co.		09/09/15		USD	8,640,000		15,520
CNY	53,916,154	UBS AG		09/09/15		USD	8,640,000		15,283
COP	1,752,887,250	Credit Suisse International		07/09/15		USD	675,000		(2,665	)
EUR	214,185	Goldman Sachs & Co.		07/01/15		USD	243,565		(4,781	)
EUR	146,000	Goldman Sachs & Co.		07/21/15		USD	159,633		3,176
EUR	702,000	Goldman Sachs & Co.		07/21/15		USD	796,401		(13,582	)
EUR	900,000	Goldman Sachs & Co.		07/21/15		USD	1,021,673		(18,058	)
EUR	213,000	State Street Bank and Trust		07/21/15		USD	241,763		(4,241	)
EUR	390,000	State Street Bank and Trust		07/21/15		USD	428,219		6,681
EUR	10,310,683	Goldman Sachs & Co.		09/16/15		USD	11,610,066		(103,005	)
EUR	18,755,000	Goldman Sachs & Co.		09/16/15		USD	21,106,217		(175,020	)
IDR	12,006,400,000	Standard Chartered Bank		07/06/15		USD	896,000		3,934
IDR	11,987,395,528	Standard Chartered Bank		07/09/15		USD	893,848		4,210
JPY	1,931,344,182	Goldman Sachs & Co.		09/16/15		USD	15,780,000		16,353
JPY	278,833,076	Toronto Dominion Bank		09/16/15		USD	2,261,000		19,560
KRW	548,605,200	JPMorgan Chase Bank N.A.		07/06/15		USD	506,000		(14,221	)
KRW	532,172,300	BNP Paribas S.A.		07/09/15		USD	473,000		4,015
KRW	1,061,955,440	BNP Paribas S.A.		07/10/15		USD	946,400		5,467
MXN	45,932,876	State Street Bank and Trust		07/02/15		USD	2,965,388		(42,984	)
MXN	8,603,686	Citibank N.A.		07/06/15		USD	560,000		(12,760	)
MXN	25,283,790	Barclays Bank plc		07/20/15		USD	1,608,000		(1,413	)
MXN	103,438,354	Citibank N.A.		07/20/15		USD	6,751,190		(178,491	)
MXN	52,228,552	Goldman Sachs & Co.		08/17/15		USD	3,400,806		(88,633	)
MYR	4,130,402	Deutsche Bank AG		07/29/15		USD	1,101,000		(8,616	)
RUB	10,708,663	Citibank N.A.		07/14/15		USD	209,727		(16,536	)
RUB	10,708,663	Goldman Sachs & Co.		07/14/15		USD	209,604		(16,413	)
RUB	21,441,598	JPMorgan Chase Bank N.A.		07/14/15		USD	420,012		(33,192	)
RUB	39,123,980	Societe Generale		09/08/15		USD	679,000		13,050
TRY	25,760,000	BNP Paribas S.A.		07/02/15		USD	9,698,795		(90,025	)
TRY	26,173,000	Deutsche Bank AG		07/02/15		USD	9,689,039		73,785
TRY	2,974,961	Citibank N.A.		07/07/15		USD	1,117,311		(9,237	)
TRY	11,289,465	Deutsche Bank AG		08/12/15		USD	4,037,496		124,450
TRY	25,760,000	Deutsche Bank AG		08/12/15		USD	10,024,516		(527,899	)
TRY	53,930,000	HSBC Bank plc		08/17/15		USD	20,256,540		(402,755	)
TRY	26,965,000	Goldman Sachs & Co.		09/28/15		USD	9,443,180		368,911
TRY	25,760,000	Deutsche Bank AG		10/28/15		USD	10,651,230		(1,354,164	)
TRY	26,173,000	Deutsche Bank AG		12/02/15		USD	9,762,402		(405,437	)
TRY	24,480,000	Deutsche Bank AG		02/02/16		USD	9,339,590		(731,011	)
TRY	32,750,000	Deutsche Bank AG		02/02/16		USD	12,508,116		(991,328	)
Contracts to Deliver
AUD	1,977,000	Barclays Bank plc		07/21/15		USD	1,513,937	$	(9,818	)
BRL	1,516,234	BNP Paribas S.A.		07/02/15		USD	488,698		1,022

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	2,609,829	Citibank N.A.		07/02/15		USD	818,000	$	(21,416	)
BRL	1,764,983	Citibank N.A.		07/02/15		USD	545,000		(22,683	)
BRL	1,747,815	Citibank N.A.		07/02/15		USD	563,339		1,178
BRL	1,740,730	Citibank N.A.		07/02/15		USD	545,000		(14,882	)
BRL	1,413,995	Deutsche Bank AG		07/02/15		USD	455,745		953
BRL	7,073,329	Goldman Sachs & Co.		07/02/15		USD	2,279,807		4,766
BRL	2,844,908	Goldman Sachs & Co.		07/02/15		USD	913,000		(2,026	)
BRL	2,164,218	Goldman Sachs & Co.		07/02/15		USD	697,550		1,458
BRL	2,120,656	Goldman Sachs & Co.		07/02/15		USD	683,509		1,429
BRL	2,000,220	Goldman Sachs & Co.		07/02/15		USD	644,692		1,348
BRL	1,790,258	Goldman Sachs & Co.		07/02/15		USD	577,019		1,206
BRL	1,786,013	Goldman Sachs & Co.		07/02/15		USD	575,650		1,203
BRL	1,734,735	Goldman Sachs & Co.		07/02/15		USD	559,123		1,169
BRL	1,373,476	Goldman Sachs & Co.		07/02/15		USD	433,000		(8,760	)
BRL	1,727,541	Royal Bank of Scotland plc		07/02/15		USD	545,000		(10,640	)
BRL	14,785,662	UBS AG		07/02/15		USD	4,610,146		(145,462	)
BRL	1,739,640	UBS AG		07/02/15		USD	560,704		1,172
BRL	1,522,857	UBS AG		07/02/15		USD	490,833		1,026
BRL	1,540,152	UBS AG		08/04/15		USD	488,565		(1,099	)
CHF	6,324,861	Barclays Bank plc		09/16/15		USD	6,784,045		(845	)
CHF	8,724,937	Citibank N.A.		09/16/15		USD	9,357,303		(2,228	)
CHF	4,360,985	Goldman Sachs & Co.		09/16/15		USD	4,678,652		477
CLP	698,048,002	BNP Paribas S.A.		07/02/15		USD	1,118,667		26,730
CLP	954,407,703	Credit Suisse International		07/02/15		USD	1,493,502		549
CLP	702,142,316	Credit Suisse International		07/02/15		USD	1,118,667		20,325
CLP	699,032,429	Credit Suisse International		07/02/15		USD	1,118,667		25,190
CLP	554,801,550	Credit Suisse International		07/02/15		USD	895,000		27,139
CLP	2,076,290,080	Deutsche Bank AG		07/02/15		USD	3,249,077		1,194
CLP	138,322,656	Deutsche Bank AG		07/02/15		USD	216,454		80
CLP	546,117,000	Goldman Sachs & Co.		07/02/15		USD	858,000		3,724
CNY	145,440,359	Deutsche Bank AG		09/09/15		USD	23,200,000		(147,872	)
CNY	125,387,800	Deutsche Bank AG		09/09/15		USD	20,000,000		(128,789	)
COP	1,754,460,000	Credit Suisse International		07/09/15		USD	675,000		2,062
EUR	417,209	Goldman Sachs & Co.		07/01/15		USD	457,735		(7,390	)
EUR	156,396	Goldman Sachs & Co.		07/01/15		USD	174,001		(357	)
EUR	61,004	HSBC Bank plc		07/01/15		USD	68,349		339
EUR	240,592	Standard Chartered Bank		07/01/15		USD	270,920		2,697
EUR	626,000	Standard Chartered Bank		07/06/15		USD	709,182		11,247
EUR	671,752	Goldman Sachs & Co.		07/20/15		USD	761,846		12,767
EUR	626,000	Goldman Sachs & Co.		07/20/15		USD	698,522		461
EUR	342,445	Goldman Sachs & Co.		07/20/15		USD	382,494		629
EUR	1,069,191	Royal Bank of Scotland plc		07/20/15		USD	1,216,085		23,816
EUR	82,000	Bank of America N.A.		07/21/15		USD	91,873		432
EUR	17,324,000	Goldman Sachs & Co.		07/21/15		USD	19,393,236		74,766
EUR	7,060,800	UBS AG		07/21/15		USD	7,599,327		(274,365	)
EUR	473,905	Goldman Sachs & Co.		08/03/15		USD	533,249		4,698
EUR	4,941,939	BNP Paribas S.A.		09/16/15		USD	5,566,353		50,987
EUR	18,755,000	Bank of America N.A.		09/16/15		USD	20,975,592		44,396
EUR	2,841,615	Citibank N.A.		09/16/15		USD	3,198,931		27,595
EUR	2,527,128	Citibank N.A.		09/16/15		USD	2,846,431		26,073
GBP	2,810,000	Barclays Bank plc		07/21/15		USD	4,154,782		(259,855	)
IDR	11,907,840,000	BNP Paribas S.A.		07/06/15		USD	896,000		3,454
IDR	12,080,355,720	BNP Paribas S.A.		07/09/15		USD	893,848		(11,175	)
JPY	2,574,864,910	Royal Bank of Scotland plc		09/16/15		USD	20,980,000		(79,672	)
KRW	531,935,800	BNP Paribas S.A.		07/09/15		USD	473,000		(3,803	)
KRW	1,054,005,680	Bank of America N.A.		07/10/15		USD	946,400		1,658
MXN	45,932,876	JPMorgan Chase Bank N.A.		07/02/15		USD	3,017,485		95,081

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
MXN	76,697,707	Goldman Sachs & Co.		07/09/15		USD	5,032,723	$	155,379
MXN	19,368,114	Goldman Sachs & Co.		07/16/15		USD	1,271,149		40,108
MXN	103,438,354	JPMorgan Chase Bank N.A.		07/20/15		USD	6,721,097		148,398
MXN	109,143,000	Barclays Bank plc		07/21/15		USD	7,274,745		340,052
MXN	40,312,047	Barclays Bank plc		07/21/15		USD	2,644,575		83,241
MXN	41,438,680	BNP Paribas S.A.		07/27/15		USD	2,697,655		65,857
MXN	70,204,492	HSBC Bank plc		08/03/15		USD	4,473,903		17,381
MXN	45,932,876	State Street Bank and Trust		08/10/15		USD	2,957,291		42,941
MXN	52,228,552	UBS AG		08/17/15		USD	3,375,797		63,625
MXN	100,635,508	Bank of America N.A.		09/18/15		USD	6,510,465		142,559
MYR	4,958,312	JPMorgan Chase Bank N.A.		07/29/15		USD	1,320,667		9,322
RUB	19,629,483	Citibank N.A.		07/14/15		USD	374,037		19,909
RUB	10,669,962	JPMorgan Chase Bank N.A.		07/14/15		USD	203,315		10,822
RUB	10,089,972	JPMorgan Chase Bank N.A.		07/14/15		USD	192,741		10,711
RUB	41,139,285	Morgan Stanley & Co.		07/14/15		USD	740,348		(1,831	)
RUB	39,445,273	Morgan Stanley & Co.		07/14/15		USD	718,820		7,203
RUB	39,651,702	Morgan Stanley & Co.		07/14/15		USD	744,633		29,291
RUB	39,627,399	Morgan Stanley & Co.		07/14/15		USD	738,628		23,725
RUB	21,254,864	Morgan Stanley & Co.		07/14/15		USD	404,932		21,480
RUB	39,405,765	Societe Generale		09/08/15		USD	679,000		(18,035	)
RUB	9,430,678	Deutsche Bank AG		09/09/15		USD	162,724		(4,038	)
TRY	37,262,930	Deutsche Bank AG		07/02/15		USD	14,362,278		462,786
TRY	26,173,000	Deutsche Bank AG		07/02/15		USD	10,090,601		327,777
TRY	24,841,960	Deutsche Bank AG		07/02/15		USD	9,575,962		309,631
TRY	704,575	State Street Bank and Trust		08/12/15		USD	261,322		1,575
TRY	26,965,000	BNP Paribas S.A.		08/17/15		USD	9,673,543		(253,350	)
TRY	26,965,000	Deutsche Bank AG		08/17/15		USD	9,714,142		(212,751	)
TRY	26,965,000	Goldman Sachs & Co.		09/28/15		USD	9,528,269		(283,823	)
TRY	25,760,000	BNP Paribas S.A.		10/28/15		USD	9,435,897		138,831
TRY	26,173,000	Deutsche Bank AG		12/02/15		USD	9,354,182		(2,784	)
TRY	49,397,676	Deutsche Bank AG		02/02/16		USD	17,409,486		38,416
TRY	7,832,324	Deutsche Bank AG		02/02/16		USD	2,760,874		6,578
ZAR	10,383,510	Barclays Bank plc		07/31/15		USD	852,302		3,053
Cross Currency Contracts to Buy
EUR	1,463,130	State Street Bank and Trust		07/02/15		PLN	6,104,812	$	7,550
EUR	1,625,700	Goldman Sachs & Co.		07/02/15		PLN	6,811,683		793
EUR	1,653,750	Royal Bank of Scotland plc		07/06/15		MXN	28,783,912		12,977
EUR	1,653,750	Royal Bank of Canada		07/20/15		MXN	29,007,647		910
EUR	934,800	Citibank N.A.		07/31/15		ZAR	12,845,367		(8,048	)
EUR	481,000	Deutsche Bank AG		07/31/15		ZAR	6,788,594		(18,784	)
EUR	1,168,500	BNP Paribas S.A.		07/31/15		ZAR	16,202,772		(22,006	)
EUR	701,100	BNP Paribas S.A.		07/31/15		ZAR	9,880,322		(26,180	)
PLN	8,839,126	BNP Paribas S.A.		07/02/15		EUR	2,113,410		(5,303	)
PLN	4,034,044	Goldman Sachs & Co.		07/02/15		EUR	975,420		(14,563	)
PLN	6,111,238	State Street Bank and Trust		07/29/15		EUR	1,463,130		(7,569	)
PLN	16,659,376	HSBC Bank plc		07/29/15		EUR	3,991,857		(24,347	)
ZAR	23,064,554	Goldman Sachs & Co.		07/31/15		EUR	1,635,900		61,943
Net Unrealized Depreciation								$	(3,712,200	)

See accompanying notes to financial statements.

MSF-27

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
90 Day EuroDollar Futures		03/13/17		9			USD	2,214,325		$	687
90 Day EuroDollar Futures		06/19/17		167			USD	41,013,340			12,298
90 Day EuroDollar Futures		09/18/17		43			USD	10,545,271			1,554
Australian 10 Year Treasury Bond Futures		09/15/15		272			AUD	33,859,006			163,650
Euro-BTP Futures		09/08/15		176			EUR	23,330,485			(461,018	)
U.S. Treasury Long Bond Futures		09/21/15		637			USD	97,843,997			(1,756,528	)
U.S. Treasury Note 2 Year Futures		09/30/15		1,642			USD	358,968,622			526,753
U.S. Treasury Ultra Long Bond Futures		09/21/15		619			USD	98,208,772			(2,844,084	)
Futures Contracts—Short
90 Day EuroDollar Futures		12/14/15		(1,718	)		USD	(427,099,526	)	$	(102,649	)
90 Day EuroDollar Futures		06/13/16		(248	)		USD	(61,360,943	)		(65,557	)
90 Day EuroDollar Futures		09/19/16		(6	)		USD	(1,481,990	)		(760	)
90 Day EuroDollar Futures		12/19/16		(774	)		USD	(190,665,746	)		(183,304	)
Euro-Bund Futures		09/08/15		(158	)		EUR	(23,769,093	)		(275,264	)
U.S. Treasury Note 10 Year Futures		09/21/15		(591	)		USD	(74,312,832	)		(254,747	)
U.S. Treasury Note 5 Year Futures		09/30/15		(105	)		USD	(12,487,521	)		(34,549	)
Net Unrealized Depreciation										$	(5,273,518	)

In addition to the securities footnoted on the Schedule of Investments, a security that was sold on June 30, 2015, in the amount of $4,736,951, was also pledged as collateral for futures contracts.

Written Options

Foreign Currency Written Options	Strike Price		Counterparty	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
EUR Call/MXN Put	MXN	17.800	Morgan Stanley & Co.		07/16/15		(2,363,000	)	$	(19,951	)	$	(17,342	)	$	2,609
EUR Put/MXN Call	MXN	16.500	Morgan Stanley & Co.		07/16/15		(5,670,000	)		(20,091	)		(2,124	)		17,967
EUR Put/PLN Call	PLN	4.020	Goldman Sachs & Co.		07/30/15		(2,404,000	)		(10,231	)		(887	)		9,344
EUR Put/USD Call	USD	1.020	Citibank N.A.		07/03/15		(45,900,000	)		(164,979	)		—			164,979
EUR Put/USD Call	USD	1.080	Deutsche Bank AG		07/03/15		(45,900,000	)		(96,997	)		(16,733	)		80,264
EUR Put/USD Call	USD	1.050	BNP Paribas S.A.		08/03/15		(2,941,000	)		(19,058	)		(7,269	)		11,789
EUR Put/USD Call	USD	1.050	Citibank N.A.		08/05/15		(99,346,000	)		(441,967	)		(226,385	)		215,582
EUR Put/USD Call	USD	1.100	BNP Paribas S.A.		08/05/15		(99,346,000	)		(999,445	)		(1,064,364	)		(64,919	)
EUR Put/ZAR Call	ZAR	12.700	HSBC Bank plc		07/17/15		(2,886,000	)		(12,065	)		(354	)		11,711
EUR Put/ZAR Call	ZAR	12.600	Goldman Sachs & Co.		07/29/15		(3,506,000	)		(17,392	)		(786	)		16,606
RUR Call/ZAR Put	ZAR	13.800	HSBC Bank plc		07/17/15		(2,165,000	)		(24,710	)		(16,080	)		8,630
USD Call/BRL Put	BRL	3.280	JPMorgan Chase Bank N.A.		07/30/15		(588,000	)		(16,023	)		(3,182	)		12,841
USD Call/BRL Put	BRL	3.500	Goldman Sachs & Co.		08/03/15		(2,451,000	)		(19,191	)		(1,863	)		17,328
USD Call/CAD Put	CAD	1.330	Deutsche Bank AG		07/09/15		(89,550,000	)		(184,473	)		(89	)		184,384
USD Call/KRW Put	KRW	1,120.000	Deutsche Bank AG		07/01/15		(2,379,000	)		(14,250	)		(2,817	)		11,433
USD Call/MXN Put	MXN	15.850	Goldman Sachs & Co.		07/08/15		(1,201,000	)		(3,483	)		(4,751	)		(1,268	)
USD Call/MYR Put	MYR	3.750	JPMorgan Chase Bank N.A.		07/16/15		(3,568,000	)		(20,164	)		(33,896	)		(13,732	)
USD Put/JPY Call	JPY	113.000	Citibank N.A.		07/01/15		(127,025,000	)		(234,361	)		—			234,361
Totals									$	(2,318,831	)	$	(1,398,922	)	$	919,909

Interest Rate Swaptions	Strike Rate			Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - 1 Yr. IRS		10.600	%	Credit Suisse International	1 Yr CDI	Receive		07/01/15		BRL	(65,256,000	)	$	(114,176	)	$	—		$	114,176
Call - 1 Yr. IRS		10.600	%	Deutsche Bank AG	1 Yr CDI	Receive		07/01/15		BRL	(23,305,000	)		(50,253	)		—			50,253
Call - 5 Yr. IRS		5.400	%	BNP Paribas S.A.	28-Day TIIE	Receive		08/19/15		MXN	(20,005,000	)		(10,207	)		(7,738	)		2,469
Call - 5 Yr. IRS		5.400	%	JPMorgan Chase Bank N.A.	28-Day TIIE	Receive		08/19/15		MXN	(39,521,000	)		(21,199	)		(15,288	)		5,911

See accompanying notes to financial statements.

MSF-28

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Written Options—(Continued)

Interest Rate Swaptions	Strike Rate			Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - 5 Yr. IRS		5.400	%	BNP Paribas S.A.	28-Day TIIE	Receive		08/10/15		MXN	(59,526,000	)	$	(34,643	)	$	(21,515	)	$	13,128
Call - 2 Yr. IRS		1.630	%	Deutsche Bank AG	3M CDR	Receive		11/09/15		KRW	(6,513,071,110	)		(3,582	)		(6,224	)		(2,642	)
Call - 10 Yr. IRS		0.900	%	Citibank N.A.	6M EURIBOR	Receive		09/18/15		EUR	(99,025,000	)		(574,393	)		(446,781	)		127,612
Put - 10 Yr. IRS		1.500	%	Citibank N.A.	6M EURIBOR	Pay		09/18/15		EUR	(99,025,000	)		(574,393	)		(594,714	)		(20,321	)
Totals													$	(1,382,846	)	$	(1,092,260	)	$	290,586

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - Eurodollar Midcurve 1 Year Futures	$	99.000		09/11/15		(130	)	$	(35,541	)	$	(18,688	)	$	16,853
Call - Eurodollar Midcurve 1 Year Futures		98.750		09/11/15		(299	)		(118,743	)		(134,550	)		(15,807	)
Call - Eurodollar Midcurve 2 Year Futures		98.250		09/11/15		(85	)		(25,363	)		(23,906	)		1,457
Put - Eurodollar Midcurve 1 Year Futures		98.500		09/11/15		(6,928	)		(1,028,046	)		(389,700	)		638,346
Totals								$	(1,207,693	)	$	(566,844	)	$	640,849

Swap Agreements

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	1 Yr CDI		11.120	%	01/04/16	Credit Suisse International		BRL	7,208,000	$	(44,112	)	$	—	$	(44,112	)
Pay	1 Yr CDI		11.255	%	01/04/16	Deutsche Bank AG		BRL	6,692,000		(38,241	)		—		(38,241	)
Pay	1 Yr CDI		11.360	%	01/04/16	Credit Suisse International		BRL	27,646,823		(144,451	)		—		(144,451	)
Pay	1 Yr CDI		11.720	%	01/04/21	JPMorgan Chase Bank N.A.		BRL	1,306,000		(8,434	)		—		(8,434	)
Pay	1 Yr CDI		11.825	%	01/04/16	JPMorgan Chase Bank N.A.		BRL	32,000,000		(84,199	)		—		(84,199	)
Pay	1 Yr CDI		11.850	%	01/04/16	JPMorgan Chase Bank N.A.		BRL	17,400,000		(67,542	)		—		(67,542	)
Pay	1 Yr CDI		11.910	%	01/04/16	JPMorgan Chase Bank N.A.		BRL	13,920,000		(30,711	)		—		(30,711	)
Pay	1-Day CDI		12.370	%	01/02/23	JPMorgan Chase Bank N.A.		BRL	7,871,000		4,023			—		4,023
Pay	1-Day CDI		12.050	%	01/04/21	Bank of America N.A.		BRL	2,737,312		(9,597	)		—		(9,597	)
Pay	1-Day CDI		12.260	%	01/02/23	Citibank N.A.		BRL	4,630,000		(2,120	)		—		(2,120	)
Pay	1-Day CDI		12.300	%	01/04/16	Credit Suisse International		BRL	38,926,293		(118,889	)		—		(118,889	)
Pay	1-Day CDI		12.350	%	01/04/21	Credit Suisse International		BRL	2,893,943		(2,401	)		—		(2,401	)
Pay	1-Day CDI		12.350	%	01/04/21	Bank of America N.A.		BRL	2,841,342		(2,357	)		—		(2,357	)
Pay	1-Day CDI		12.405	%	01/04/21	Credit Suisse International		BRL	4,096,621		(1,303	)		—		(1,303	)
Pay	1-Day CDI		12.410	%	01/04/21	Citibank N.A.		BRL	4,784,875		(1,380	)		—		(1,380	)
Pay	1-Day CDI		12.435	%	01/04/21	Citibank N.A.		BRL	4,957,204		(379	)		—		(379	)
Pay	1-Day CDI		12.500	%	01/04/21	JPMorgan Chase Bank N.A.		BRL	5,737,134		3,279			—		3,279
Pay	1-Day CDI		12.500	%	01/04/21	Bank of America N.A.		BRL	3,469,000		1,983			—		1,983
Pay	1-Day CDI		12.515	%	01/04/21	JPMorgan Chase Bank N.A.		BRL	5,556,000		3,415			—		3,415
Pay	28-Day TIIE		3.685	%	06/20/16	Bank of America N.A.		MXN	199,240,333		1,654			—		1,654
Pay	28-Day TIIE		3.690	%	06/20/16	Bank of America N.A.		MXN	125,836,000		1,438			—		1,438
Pay	28-Day TIIE		3.700	%	06/20/16	Bank of America N.A.		MXN	199,240,334		3,500			—		3,500
Pay	28-Day TIIE		4.190	%	12/16/16	Deutsche Bank AG		MXN	86,478,000		21,872			—		21,872
Pay	28-Day TIIE		4.805	%	01/28/20	Bank of America N.A.		MXN	18,250,500		(20,944	)		—		(20,944	)
Pay	28-Day TIIE		5.230	%	03/12/20	Bank of America N.A.		MXN	49,590,000		(6,501	)		—		(6,501	)
Pay	28-Day TIIE		5.230	%	03/16/20	Citibank N.A.		MXN	105,199,000		(15,178	)		—		(15,178	)
Pay	28-Day TIIE		5.410	%	03/06/20	Citibank N.A.		MXN	68,566,000		26,202			—		26,202
Pay	28-Day TIIE		5.550	%	01/13/25	Bank of America N.A.		MXN	48,971,509		(178,186	)		—		(178,186	)
Pay	28-Day TIIE		5.735	%	01/02/25	Bank of America N.A.		MXN	74,938,000		(205,327	)		—		(205,327	)
Pay	28-Day TIIE		5.842	%	11/14/24	Deutsche Bank AG		MXN	34,442,494		(73,547	)		—		(73,547	)
Pay	28-Day TIIE		5.850	%	11/14/24	Deutsche Bank AG		MXN	14,974,997		(31,424	)		—		(31,424	)
Pay	28-Day TIIE		5.890	%	01/28/25	Bank of America N.A.		MXN	40,784,172		(83,990	)		—		(83,990	)

See accompanying notes to financial statements.

MSF-29

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Swap Agreements—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	28-Day TIIE		5.950	%	01/29/25	Bank of America N.A.		MXN	20,402,914	$	(38,127	)	$	—	$	(38,127	)
Pay	28-Day TIIE		6.180	%	12/05/24	Bank of America N.A.		MXN	31,503,000		(18,649	)		—		(18,649	)
Pay	28-Day TIIE		6.330	%	06/09/25	Citibank N.A.		MXN	8,389,000		(1,476	)		—		(1,476	)
Pay	28-Day TIIE		6.460	%	05/30/25	Credit Suisse International		MXN	42,426,199		19,942			—		19,942
Pay	28-Day TIIE		6.460	%	05/30/25	Deutsche Bank AG		MXN	19,439,077		9,137			—		9,137
Pay	28-Day TIIE		6.460	%	05/30/25	Credit Suisse International		MXN	15,332,382		7,207			—		7,207
Pay	28-Day TIIE		12.455	%	01/04/21	Credit Suisse International		BRL	4,086,397		429			—		429
Pay	3M CDR		1.670	%	06/08/17	Citibank N.A.		KRW	8,102,571,695		(4,403	)		—		(4,403	)
Pay	3M CDR		1.670	%	06/08/17	Barclays Bank plc		KRW	8,178,533,305		(4,444	)		—		(4,444	)
Pay	3M CDR		1.675	%	06/04/17	Citibank N.A.		KRW	12,076,510,000		(5,430	)		—		(5,430	)
Pay	3M CDR		1.680	%	04/17/17	UBS AG		KRW	34,665,649,000		(8,344	)		—		(8,344	)
Pay	3M CDR		1.680	%	04/20/17	UBS AG		KRW	10,946,053,200		(2,709	)		—		(2,709	)
Pay	3M CDR		1.680	%	04/20/17	Citibank N.A.		KRW	10,963,012,700		(2,713	)		—		(2,713	)
Pay	3M CDR		1.698	%	06/05/17	Bank of America N.A.		KRW	7,872,385,000		(474	)		—		(474	)
Pay	6M EURIBOR		2.800	%	11/10/41	Bank of America N.A.		EUR	8,300,000		2,313,094			—		2,313,094
Pay	7-Day China Fixing Repo Rates		2.240	%	05/27/17	JPMorgan Chase Bank N.A.		CNY	46,246,927		(27,836	)		—		(27,836	)
Pay	7-Day China Fixing Repo Rates		2.245	%	05/22/17	Bank of America N.A.		CNY	46,647,333		(27,048	)		—		(27,048	)
Pay	7-Day China Fixing Repo Rates		2.270	%	05/27/17	Bank of America N.A.		CNY	47,047,740		(23,431	)		—		(23,431	)
Pay	7-Day China Fixing Repo Rates		2.600	%	05/25/20	Deutsche Bank AG		CNY	19,400,000		(27,687	)		—		(27,687	)
Pay	7-Day China Fixing Repo Rates		2.610	%	05/22/20	JPMorgan Chase Bank N.A.		CNY	10,200,000		(13,684	)		—		(13,684	)
Pay	7-Day China Fixing Repo Rates		2.630	%	05/22/20	Bank of America N.A.		CNY	9,200,000		(10,950	)		—		(10,950	)
Pay	7-Day China Fixing Repo Rates		2.630	%	05/27/20	JPMorgan Chase Bank N.A.		CNY	10,012,521		(12,063	)		—		(12,063	)
Pay	7-Day China Fixing Repo Rates		2.650	%	05/27/20	JPMorgan Chase Bank N.A.		CNY	11,162,479		(11,760	)		—		(11,760	)
Receive	1 Yr CDI		11.800	%	01/04/16	JPMorgan Chase Bank N.A.		BRL	33,569,015		108,502			—		108,502
Receive	1 Yr CDI		12.130	%	01/04/16	JPMorgan Chase Bank N.A.		BRL	26,578,000		82,813			—		82,813
Receive	1 Yr CDI		12.140	%	01/04/16	JPMorgan Chase Bank N.A.		BRL	58,430,000		180,214			—		180,214
Receive	1-Day CDI		11.410	%	01/04/21	Bank of America N.A.		BRL	5,126,000		48,393			—		48,393
Receive	1-Day CDI		12.300	%	01/04/16	Bank of America N.A.		BRL	59,593,576		182,010			—		182,010
Receive	28-Day TIIE		4.350	%	11/17/17	Bank of America N.A.		MXN	29,359,000		62			—		62
Receive	28-Day TIIE		4.550	%	03/21/18	Barclays Bank plc		MXN	26,793,819		(1,956	)		—		(1,956	)
Receive	28-Day TIIE		4.570	%	03/21/18	Citibank N.A.		MXN	26,793,819		(2,855	)		—		(2,855	)
Receive	28-Day TIIE		4.690	%	03/16/18	Bank of America N.A.		MXN	27,299,362		(8,633	)		—		(8,633	)
Receive	28-Day TIIE		4.850	%	11/01/18	Bank of America N.A.		MXN	22,482,829		(3,524	)		—		(3,524	)
Receive	28-Day TIIE		5.040	%	11/18/19	Bank of America N.A.		MXN	18,760,000		6,323			—		6,323
Receive	28-Day TIIE		5.725	%	01/03/25	Bank of America N.A.		MXN	21,532,000		60,062			—		60,062
Receive	3M LIBOR		1.758	%	06/25/22	JPMorgan Chase Bank N.A.		USD	18,000,000		434,146			—		434,146
Receive	6M EURIBOR		2.783	%	11/10/41	Deutsche Bank AG		EUR	8,300,000		(2,277,066	)		—		(2,277,066	)
Totals										$	(186,775	)	$	—	$	(186,775	)

See accompanying notes to financial statements.

MSF-30

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Receive		3M LIBOR		0.648	%		11/26/16		USD	14,540,000	$	2,889
Receive		3M LIBOR		1.256	%		01/12/17		USD	223,619,000		(810,105	)
Receive		3M LIBOR		2.038	%		04/30/25		USD	4,151,000		146,149
Receive		3M LIBOR		2.169	%		05/15/23		USD	2,175,000		10,691
Receive		3M LIBOR		2.227	%		11/26/22		USD	1,000,000		(3,221	)
Receive		3M LIBOR		2.254	%		12/19/24		USD	1,925,000		24,482
Receive		3M LIBOR		2.357	%		05/15/25		USD	1,088,000		7,464
Receive		3M LIBOR		2.391	%		04/24/45		USD	6,670,000		738,283
Receive		3M LIBOR		2.452	%		06/22/25		USD	1,258,000		(1,044	)
Receive		3M LIBOR		2.690	%		05/27/45		USD	13,415,000		652,591
Receive		3M LIBOR		2.692	%		05/27/45		USD	13,415,000		646,796
Receive		3M LIBOR		2.738	%		05/08/45		USD	7,220,000		277,304
Receive		3M LIBOR		2.743	%		05/08/45		USD	7,220,000		270,397
Net Unrealized Appreciation											$	1,962,676

Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at June 30, 2015(b)	Notional Amount(c)			Unrealized Appreciation
CDX.NA.IG.24		(1.000%)		06/20/20	0.704%		USD	31,343,051	$	105,968

Centrally Cleared Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2015(b)	Notional Amount(c)			Unrealized Appreciation
CDX.NA.HY.24.V2		5.000%		06/20/20	3.557%		USD	12,783,870	$	75,660

OTC Credit Default Swaps on Corporate and Sovereign Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation/ (Depreciation)
Genworth Holdings, Inc. 6.515%, due 05/22/18		(1.000%)		12/20/16	Deutsche Bank AG		1.407%		USD	7,300,000	$	43,678	$	295,377	$	(251,699)
Genworth Holdings, Inc. 6.515%, due 05/22/18		(1.000%)		12/20/16	JPMorgan Chase Bank N.A.		1.407%		USD	2,715,000		16,244		47,708		(31,464)
Mexico Government International Bond 5.950%, due 03/19/19		(1.000%)		06/20/20	JPMorgan Chase Bank N.A.		1.269%		USD	3,824,276		48,478		33,406		15,072
Mexico Government International Bond 5.950%, due 03/19/19		(1.000%)		09/20/20	Bank of America N.A.		1.309%		USD	3,824,276		58,300		50,241		8,059
South African Government International Bond 5.500%, due 03/09/20		(1.000%)		09/20/20	Barclays Bank plc		2.076%		USD	9,060,756		471,390		464,428		6,962
Turkey International Government Bond 11.875%, due 01/15/30		(1.000%)		09/20/20	BNP Paribas S.A.		2.168%		USD	2,128,490		114,560		147,412		(32,852)
Turkey International Government Bond 11.875%, due 01/15/30		(1.000%)		09/20/20	Barclays Bank plc		2.229%		USD	924,915		54,645		55,293		(648)

See accompanying notes to financial statements.

MSF-31

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

OTC Credit Default Swaps on Corporate and Sovereign Issues—Buy Protection (a)—(Continued)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation/ (Depreciation)
Malaysia Government Bond 11.875%, due 01/15/30		(1.000%)		09/20/20	JPMorgan Chase Bank N.A.		1.350%		USD	1,501,582	$	25,784	$	21,435	$	4,349
Totals											$	833,079	$	1,115,300	$	(282,221)

OTC Credit Default Swaps on Corporate and Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Apache Corp. 7.000%, due 2/01/18		1.000%		03/20/20	JPMorgan Chase Bank N.A.		1.077%		USD	1,960,000	$	(6,843)	$	(86,989)	$	80,146
Barrick Gold Corp. 5.800%, due 11/15/34		1.000%		12/20/19	Deutsche Bank AG		1.371%		USD	1,932,500		(30,680)		(78,957)		48,277
Barrick Gold Corp. 5.800%, due 11/15/34		1.000%		06/20/21	Credit Suisse International		2.002%		USD	3,645,000		(199,426)		(310,266)		110,840
Brazilian Government International Bond 4.250%, due 01/07/25		1.000%		09/20/20	BNP Paribas S.A.		2.587%		USD	4,655,600		(351,045)		(328,077)		(22,968)
Brazilian Government International Bond 4.250%, due 01/07/25		1.000%		09/20/20	BNP Paribas S.A.		2.587%		USD	4,655,600		(351,045)		(328,077)		(22,968)
Brazilian Government International Bond 4.250%, due 01/07/25		1.000%		09/20/20	BNP Paribas S.A.		2.587%		USD	4,655,600		(351,046)		(324,566)		(26,480)
Brazilian Government International Bond 4.250%, due 01/07/25		1.000%		09/20/20	Bank of America N.A.		2.587%		USD	1,018,000		(76,760)		(67,738)		(9,022)
Brazilian Government International Bond 4.250%, due 01/07/25		1.000%		09/20/20	Citibank N.A.		2.587%		USD	1,591,765		(120,024)		(116,317)		(3,707)
Goldman Sachs Group, Inc. 5.950%, due 01/18/18		1.000%		06/20/20	Bank of America N.A.		0.909%		USD	6,520,000		28,255		39,826		(11,571)
Mexico Government International Bond 5.950%, due 03/19/19		1.000%		06/20/20	Bank of America N.A.		1.269%		USD	3,824,276		(48,478)		(38,756)		(9,722)
Mexico Government International Bond 5.950%, due 03/19/19		1.000%		09/20/20	BNP Paribas S.A.		1.309%		USD	3,879,400		(59,140)		(50,384)		(8,756)
Mexico Government International Bond 5.950%, due 03/19/19		1.000%		09/20/20	JPMorgan Chase Bank N.A.		1.309%		USD	3,824,276		(58,300)		(43,741)		(14,559)
Mexico Government International Bond 5.950%, due 03/19/19		1.000%		09/20/20	JPMorgan Chase Bank N.A.		1.309%		USD	7,729,000		(117,826)		(101,953)		(15,873)
Russian Federation Bond 7.500%, due 03/31/30		1.000%		09/20/20	Bank of America N.A.		3.400%		USD	2,147,000		(236,610)		(249,134)		12,524
Transocean, Inc. 7.375%, due 04/15/18		1.000%		12/20/19	Bank of America N.A.		5.964%		USD	875,000		(165,400)		(73,375)		(92,025)
Transocean, Inc. 7.375%, due 04/15/18		1.000%		12/20/19	Bank of America N.A.		5.964%		USD	1,175,000		(222,109)		(93,454)		(128,655)
Transocean, Inc. 7.375%, due 04/15/18		1.000%		12/20/19	JPMorgan Chase Bank N.A.		5.964%		USD	1,180,000		(223,054)		(104,719)		(118,335)
Transocean, Inc. 7.375%, due 04/15/18		1.000%		12/20/19	Bank of America N.A.		5.964%		USD	1,180,000		(223,054)		(96,360)		(126,694)
Totals											$	(2,812,585)	$	(2,453,037)	$	(359,548)

See accompanying notes to financial statements.

MSF-32

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

OTC Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation
CMBX.NA.7.AAA		(0.500%)		01/17/47	Citibank N.A.		0.000%		USD	786,000	$	23,727	$	23,727	$	—
CMBX.NA.7.AAA		(0.500%)		01/17/47	Deutsche Bank AG		0.000%		USD	740,000		22,338		22,338		—
CMBX.NA.7.AAA		(0.500%)		01/17/47	JPMorgan Chase Bank N.A.		0.000%		USD	790,000		23,847		23,847		—
CMBX.NA.7.AAA		(0.500%)		01/17/47	JPMorgan Chase Bank N.A.		0.000%		USD	790,000		23,702		23,702		—
Totals											$	93,614	$	93,614	$	—

OTC Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
CMBX.NA.AM.V4		0.500%		02/17/51	Deutsche Bank AG		0.000%		USD	2,370,000	$	(47,044)	$	(359,977)	$	312,933
CMBX.NA.7.AAA		0.500%		01/17/47	Credit Suisse International		0.000%		USD	5,000,000		(150,505)		(156,398)		5,893
Totals											$	(197,549)	$	(516,375)	$	318,826

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CHF)— Swiss Franc

(CLP)— Chilean Peso

(CNY)— Chinese Yuan

(COP)— Colombian Peso

(EUR)— Euro

(GBP)— British Pound

(IDR)— Indonesian Rupiah

(JPY)— Japanese Yen

(KRW)— South Korea Won

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(PLN)— Polish Zloty

(RUB)— Russian Ruble

(TRY)— Turkish Lira

(USD)— United States Dollar

(ZAR)— South African Rand

(CDI)— Brazil Interbank Deposit Rate

(CDR)— Korean Certificate of DepositRate

See accompanying notes to financial statements.

MSF-33

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

(CMBX)— Commercial Mortgage-Backed Index

(CDX.NA.HY)— Markit North America High Yield CDS Index

(CDX.NA.IG)— Markit North America Investment Grade CDS Index

(CMBX.NA.A)— Markit North America A Rated CMBS Index

(CMBX.NA.AM)— Markit North America Mezzanine AAA Rated CMBS Index

(EURIBOR)— EURO InterBank Offered Rate

(IRS)— Interest Rate Swap

(LIBOR)— London Interbank Offered Rate

(TIIE)— Mexican Interbank Equilibrium Interest Rate

See accompanying notes to financial statements.

MSF-34

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	2,172,036,830		$	—	$	2,172,036,830
Total Corporate Bonds & Notes*		—			1,204,781,878			—		1,204,781,878
Total Asset-Backed Securities*		—			495,681,234			—		495,681,234
Total Mortgage-Backed Securities*		—			382,127,374			—		382,127,374
Total Foreign Government*		—			128,937,876			—		128,937,876
Total Municipals		—			98,252,323			—		98,252,323
Total Preferred Stocks*		14,844,158			—			—		14,844,158
Purchased Options
Currency Options		—			2,525,371			—		2,525,371
Interest Rate Swaptions		—			24,459			—		24,459
Options on Exchange-Traded Futures Contracts		801,869			—			—		801,869
Total Purchased Options		801,869			2,549,830			—		3,351,699
Short-Term Investments
Mutual Fund		500,392,256			—			—		500,392,256
Repurchase Agreement		—			40,726,250			—		40,726,250
Total Short-Term Investments		500,392,256			40,726,250			—		541,118,506
Total Investments	$	516,038,283		$	4,525,093,595		$	—	$	5,041,131,878
Collateral for securities loaned (Liability)	$	—		$	(500,392,256	)	$	—	$	(500,392,256	)
TBA Forward Sales Commitments	$	—		$	(257,141,434	)	$	—	$	(257,141,434	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	3,981,675		$	—	$	3,981,675
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(7,693,875	)		—		(7,693,875	)
Total Forward Contracts	$	—		$	(3,712,200	)	$	—	$	(3,712,200	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	704,942		$	—		$	—	$	704,942
Futures Contracts (Unrealized Depreciation)		(5,978,460	)		—			—		(5,978,460	)
Total Futures Contracts	$	(5,273,518	)	$	—		$	—	$	(5,273,518	)
Written Options
Foreign Currency Written Options at Value	$	—		$	(1,398,922	)	$	—	$	(1,398,922	)
Interest Rate Swaptions at Value		—			(1,092,260	)		—		(1,092,260	)
Options on Exchange-Traded Futures Contracts at Value		(566,844	)		—			—		(566,844	)
Total Written Options	$	(566,844	)	$	(2,491,182	)	$	—	$	(3,058,026	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	2,958,674		$	—	$	2,958,674
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(814,370	)		—		(814,370	)
Total Centrally Cleared Swap Contracts	$	—		$	2,144,304		$	—	$	2,144,304

See accompanying notes to financial statements.

MSF-35

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2015

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	4,474,648		$	—	$	4,474,648
OTC Swap Contracts at Value (Liabilities)		—		(6,744,864	)		—		(6,744,864	)
Total OTC Swap Contracts	$	—	$	(2,270,216	)	$	—	$	(2,270,216	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation)		Transfers Out			Balance as of June 30, 2015		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at June 30, 2015
Asset-Backed Securities
Asset-Backed - Other	$	2,415,198	$	—	$	(2,415,198	)	$	—	$	—

Asset-Backed Securities in the amount of $2,415,198 were transferred out of Level 3 due to the initiation of a vendor or broker providing prices that are based on market activity which has been determined to be significant observable inputs.

See accompanying notes to financial statements.

MSF-36

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Statement of Assets and Liabilities

June 30, 2015

Assets
Investments at value (a) (b)	$	5,041,131,878
Cash		200,471
Cash denominated in foreign currencies (c)		9,148,398
Cash collateral (d)		16,100,970
OTC swap contracts at market value (e)		4,474,648
Unrealized appreciation on forward foreign currency exchange contracts		3,981,675
Receivable for:
Investments sold		390,817,142
TBA securities sold (f)		563,337,555
Fund shares sold		338,166
Principal paydowns		8,088
Interest		20,264,710
Variation margin on futures contracts		2,902,184
Interest on OTC swap contracts		369,415
Total Assets		6,053,075,300
Liabilities
Written options at value (g)		3,058,026
Forward sales commitments, at value		257,141,434
OTC swap contracts at market value (h)		6,744,864
Cash collateral for OTC swap contracts		1,590,000
Unrealized depreciation on forward foreign currency exchange contracts		7,693,875
Collateral for securities loaned		500,392,256
Payables for:
Investments purchased		256,820,654
TBA securities purchased (f)		889,329,887
Fund shares redeemed		2,906,474
Variation margin on centrally cleared swap contracts		5,700,094
Interest on forward sales commitments		366,854
Interest on OTC swap contracts		301,968
Accrued expenses:
Management fees		1,102,417
Distribution and service fees		125,602
Deferred trustees’ fees		69,183
Other expenses		640,816
Total Liabilities		1,933,984,404
Net Assets	$	4,119,090,896
Net assets consist of:
Paid in surplus	$	4,091,470,513
Undistributed net investment income		40,158,889
Accumulated net realized gain		20,681,801
Unrealized depreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		(33,220,307	)
Net Assets	$	4,119,090,896
Net Assets
Class A	$	3,452,000,008
Class B		530,132,994
Class E		136,957,894
Capital Shares Outstanding*
Class A		32,585,769
Class B		5,085,599
Class E		1,303,624
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	105.94
Class B		104.24
Class E		105.06

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $5,068,828,224.

(b) Includes securities loaned at value of $310,747,462.

(c) Identified cost of cash denominated in foreign currencies was $9,176,600.

(d) Includes collateral of $3,560,000 for OTC swap contracts and $12,540,970 for centrally cleared swap contracts.

(e) Net premium paid on OTC swap contracts was $1,248,740.

(f) Included within TBA securities sold is $368,839,589 related to TBA forward sale commitments and included within TBA securities purchased is $110,143,694 related to TBA forward sale commitments.

(g) Premiums received on written options were $4,909,370.

(h) Net premium received on OTC swap contracts was $3,009,238.

Statement of Operations

Six Months Ended June 30, 2015

Investment Income
Dividends	$	545,295
Interest		58,373,703
Securities lending income		193,408
Total investment income		59,112,406
Expenses
Management fees		6,904,497
Administration fees		51,057
Custodian and accounting fees		522,716
Distribution and service fees—Class B		658,001
Distribution and service fees—Class E		105,634
Interest expense		1,738
Audit and tax services		55,206
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		118,452
Insurance		13,168
Miscellaneous		14,499
Total expenses		8,478,725
Net Investment Income		50,633,681
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(14,805,011	)
Futures contracts		6,464,966
Written options		7,058,749
Swap contracts		6,989,251
Foreign currency transactions		28,493,070
Net realized gain		34,201,025
Net change in unrealized appreciation (depreciation) on:
Investments		(55,606,217	)
Futures contracts		(15,582,702	)
Written options		18,290,353
Swap contracts		164,565
Foreign currency transactions		(13,186,679	)
Net change in unrealized depreciation		(65,920,680	)
Net realized and unrealized loss		(31,719,655	)
Net Increase in Net Assets From Operations	$	18,914,026

See accompanying notes to financial statements.

MSF-37

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	50,633,681		$	120,115,631
Net realized gain		34,201,025			101,392,536
Net change in unrealized appreciation (depreciation)		(65,920,680	)		59,088,201
Increase in net assets from operations		18,914,026			280,596,368
From Distributions to Shareholders
Net investment income
Class A		(133,507,891	)		(114,100,078	)
Class B		(19,257,211	)		(16,176,056	)
Class E		(5,052,422	)		(4,962,107	)
Net realized capital gains
Class A		(39,098,515	)		0
Class B		(6,006,393	)		0
Class E		(1,544,832	)		0
Total distributions		(204,467,264	)		(135,238,241	)
Increase (decrease) in net assets from capital share transactions		(45,492,248	)		353,029,632
Total increase (decrease) in net assets		(231,045,486	)		498,387,759
Net Assets
Beginning of period		4,350,136,382			3,851,748,623
End of period	$	4,119,090,896		$	4,350,136,382
Undistributed net investment income
End of period	$	40,158,889		$	147,342,732

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		881,141		$	98,800,173			3,826,436		$	411,591,766
Reinvestments		1,627,901			172,606,406			1,066,855			114,100,078
Redemptions		(3,146,537	)		(350,725,782	)		(1,604,549	)		(175,376,537	)
Net increase (decrease)		(637,495	)	$	(79,319,203	)		3,288,742		$	350,315,307
Class B
Sales		306,504		$	33,775,747			523,199		$	56,307,357
Reinvestments		242,104			25,263,604			153,473			16,176,056
Redemptions		(221,587	)		(24,421,903	)		(539,073	)		(57,911,733	)
Net increase		327,021		$	34,617,448			137,599		$	14,571,680
Class E
Sales		31,723		$	3,530,597			123,987		$	13,408,995
Reinvestments		62,735			6,597,254			46,755			4,962,107
Redemptions		(98,165	)		(10,918,344	)		(279,217	)		(30,228,457	)
Net decrease		(3,707	)	$	(790,493	)		(108,475	)	$	(11,857,355	)
Increase (decrease) derived from capital shares transactions				$	(45,492,248	)				$	353,029,632

See accompanying notes to financial statements.

MSF-38

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	110.97		$	107.33		$	115.27		$	110.90		$	108.32		$	104.15
Income (Loss) from Investment Operations
Net investment income (a)		1.32			3.18			3.36			3.21			3.69			4.08
Net realized and unrealized gain (loss) on investments		(0.87	)		4.28			(4.07	)		4.95			3.22			4.39
Total from investment operations		0.45			7.46			(0.71	)		8.16			6.91			8.47
Less Distributions
Distributions from net investment income		(4.24	)		(3.82	)		(4.49	)		(3.05	)		(4.33	)		(4.30	)
Distributions from net realized capital gains		(1.24	)		0.00			(2.74	)		(0.74	)		0.00			0.00
Total distributions		(5.48	)		(3.82	)		(7.23	)		(3.79	)		(4.33	)		(4.30	)
Net Asset Value, End of Period	$	105.94		$	110.97		$	107.33		$	115.27		$	110.90		$	108.32
Total Return (%) (b)		0.39	(c)		7.08			(0.77	)		7.55			6.56			8.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.36	(d)		0.35			0.35			0.36			0.37			0.40
Net ratio of expenses to average net assets (%) (e)		0.36	(d)		0.35			0.35			0.36			0.36			0.38
Ratio of net investment income to average net assets (%)		2.37	(d)		2.91			3.07			2.85			3.44			3.82
Portfolio turnover rate (%)		400	(c)(f)		679	(f)		801	(f)		1,002	(f)		1,483			2,064
Net assets, end of period (in millions)	$	3,452.0		$	3,686.9		$	3,213.0		$	3,474.3		$	3,123.2		$	1,522.5
	Class B
	Six Months Ended June 30, 2015			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	109.16		$	105.64		$	113.56		$	109.31		$	106.83		$	102.78
Income (Loss) from Investment Operations
Net investment income (a)		1.16			2.87			3.05			2.89			3.48			3.77
Net realized and unrealized gain (loss) on investments		(0.86	)		4.20			(4.01	)		4.88			3.06			4.32
Total from investment operations		0.30			7.07			(0.96	)		7.77			6.54			8.09
Less Distributions
Distributions from net investment income		(3.98	)		(3.55	)		(4.22	)		(2.78	)		(4.06	)		(4.04	)
Distributions from net realized capital gains		(1.24	)		0.00			(2.74	)		(0.74	)		0.00			0.00
Total distributions		(5.22	)		(3.55	)		(6.96	)		(3.52	)		(4.06	)		(4.04	)
Net Asset Value, End of Period	$	104.24		$	109.16		$	105.64		$	113.56		$	109.31		$	106.83
Total Return (%) (b)		0.27	(c)		6.81			(1.01	)		7.28			6.30			8.07
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.61	(d)		0.60			0.60			0.61			0.62			0.65
Net ratio of expenses to average net assets (%) (e)		0.61	(d)		0.60			0.60			0.61			0.61			0.63
Ratio of net investment income to average net assets (%)		2.12	(d)		2.67			2.82			2.60			3.25			3.57
Portfolio turnover rate (%)		400	(c)(f)		679	(f)		801	(f)		1,002	(f)		1,483			2,064
Net assets, end of period (in millions)	$	530.1		$	519.5		$	488.1		$	503.6		$	477.1		$	453.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-39

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	110.00		$	106.41		$	114.32		$	110.02		$	107.49		$	103.38
Income (Loss) from Investment Operations
Net investment income (a)		1.22			3.00			3.18			3.02			3.63			3.91
Net realized and unrealized gain (loss) on investments		(0.86	)		4.23			(4.04	)		4.91			3.07			4.34
Total from investment operations		0.36			7.23			(0.86	)		7.93			6.70			8.25
Less Distributions
Distributions from net investment income		(4.06	)		(3.64	)		(4.31	)		(2.89	)		(4.17	)		(4.14	)
Distributions from net realized capital gains		(1.24	)		0.00			(2.74	)		(0.74	)		0.00			0.00
Total distributions		(5.30	)		(3.64	)		(7.05	)		(3.63	)		(4.17	)		(4.14	)
Net Asset Value, End of Period	$	105.06		$	110.00		$	106.41		$	114.32		$	110.02		$	107.49
Total Return (%) (b)		0.33	(c)		6.92			(0.91	)		7.38			6.41			8.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.51	(d)		0.50			0.50			0.51			0.52			0.55
Net ratio of expenses to average net assets (%) (e)		0.51	(d)		0.50			0.50			0.51			0.51			0.53
Ratio of net investment income to average net assets (%)		2.22	(d)		2.78			2.92			2.70			3.36			3.67
Portfolio turnover rate (%)		400	(c)(f)		679	(f)		801	(f)		1,002	(f)		1,483			2,064
Net assets, end of period (in millions)	$	137.0		$	143.8		$	150.7		$	176.2		$	193.9		$	226.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 161%, 276%, 267% and 390% for the six months ended June 30, 2015 and for the years ended December 31, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MSF-40

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Bond Income Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-41

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MSF-42

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus.

Book-tax differences are primarily due to foreign currency transactions, amortization of debt securities, convertible preferred stock, paydown gain/loss reclasses, dollar roll transactions, and swap contract transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $40,726,250, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as Reverse repurchase agreements on the Statement of Assets and Liabilities.

For the six months ended June 30, 2015, the Portfolio had an outstanding reverse repurchase agreement balance for 63 days. The average amount of borrowings was $69,103,075 and the weighted average interest rate was 0.73% during the 63 day period. There were no outstanding reverse repurchase agreements as of June 30, 2015.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an

MSF-43

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the six months ended June 30, 2015, the Portfolio entered into secured borrowing transactions involving U.S. Treasury securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop”, is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing.

For the six months ended June 30, 2015, the Portfolio’s average amount of borrowings was $357,094 and the weighted average interest rate was (0.3500%). At June 30, 2015, the Portfolio had no outstanding borrowings. For the six months ended June 30, 2015, the Portfolio had an outstanding secured borrowing transaction balance for 1 day.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Treasury and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

MSF-44

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

High Yield Debt Securities - The Portfolio may invest in high yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations or an assignment, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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Notes to Financial Statements—June 30, 2015—(Continued)

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked to market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters

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Notes to Financial Statements—June 30, 2015—(Continued)

into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Options on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2015:

Call Options	Notional Amount*			Number of Contracts			Premium Received
Options outstanding December 31, 2014		756,404,200			156		$	4,646,701
Options written		7,318,541,210			2,301			6,858,214
Options bought back		(666,452,000	)		(1,943	)		(6,650,306	)
Options exercised		(160,965,200	)		—			(3,046,507	)
Options expired		(323,554,100	)		—			(517,757	)
Options outstanding June 30, 2015		6,923,974,110			514		$	1,290,345
Put Options	Notional Amount*			Number of Contracts			Premium Received
Options outstanding December 31, 2014		304,799,000			178		$	1,632,000
Options written		1,055,716,000			9,088			14,342,693
Options bought back		(420,652,500	)		(2,118	)		(6,308,026	)
Options expired		(405,913,500	)		(220	)		(6,047,642	)
Options outstanding June 30, 2015		533,949,000			6,928		$	3,619,025

* Amount shown is in the currency in which the transaction was denominated.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of

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Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood

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Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2015, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust the interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

At June 30, 2015, the Portfolio had the following open derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a) (d)	$	826,328
	OTC swap contracts at market value (b)		3,519,700	OTC swap contracts at market value (b)	$	3,706,475
	Unrealized appreciation on centrally cleared swap contracts (c)*		2,777,046	Unrealized depreciation on centrally cleared swap contracts (c)*		814,370
	Unrealized appreciation on futures contracts** (c)		704,942	Unrealized depreciation on futures contracts** (c)		5,978,460
				Written options at value (e)		1,659,104
Credit	OTC swap contracts at market value (b)		954,948	OTC swap contracts at market value (b)		3,038,389
	Unrealized appreciation on centrally cleared swap contracts* (c)		181,628
Foreign Exchange	Investments at market value (a)		2,525,371
	Unrealized appreciation on forward foreign currency exchange contracts		3,981,675	Unrealized depreciation on forward foreign currency exchange contracts		7,693,875
				Written options at value		1,398,922
Total		$	15,471,638		$	24,289,595

* Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

** Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

(a) Represents purchased options which are part of investments as shown in the Statement of Assets and Liabilities.

(b) Excludes OTC swap interest receivable of $369,415 and OTC swap interest payable of $301,968.

(c) Financial instrument not subject to a master netting agreement.

(d) Includes exchange traded purchased options with a value of $801,869 that is not subject to a master netting agreement.

(e) Includes exchange traded written options with a value of $566,844 that is not subject to a master netting agreement.

MSF-49

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”)(see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2015.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	2,908,507	$	(1,610,149	)	$	(910,000	)	$	388,358
Barclays Bank plc		952,381		(278,331	)		(674,050	)		—
BNP Paribas S.A.		680,352		(680,352	)		—			—
Citibank N.A.		1,482,845		(1,482,845	)		—			—
Credit Suisse International		102,843		(102,843	)		—			—
Deutsche Bank AG		2,221,012		(2,221,012	)		—			—
Goldman Sachs & Co.		954,432		(822,281	)		—			132,151
HSBC Bank plc		25,928		(25,928	)		—			—
JPMorgan Chase Bank N.A.		1,335,290		(762,031	)		—			573,259
Morgan Stanley & Co.		94,536		(21,297	)		—			73,239
Royal Bank of Canada		910		—			—			910
Royal Bank of Scotland plc		36,793		(36,793	)		—			—
Societe Generale		13,050		(13,050	)		—			—
Standard Chartered Bank		22,088		—			—			22,088
State Street Bank and Trust		58,747		(54,794	)		—			3,953
Toronto Dominion Bank		19,560		—			—			19,560
UBS AG		96,879		(96,879	)		—			—
	$	11,006,153	$	(8,208,585	)	$	(1,584,050	)	$	1,213,518

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2015.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	1,610,149	$	(1,610,149	)	$	—		$	—
Barclays Bank plc		278,331		(278,331	)		—			—
BNP Paribas S.A.		2,744,127		(680,352	)		—			2,063,775
Citibank N.A.		1,714,240		(1,482,845	)		(231,395	)		—
Credit Suisse International		705,799		(102,843	)		(475,174	)		127,782
Deutsche Bank AG		7,195,894		(2,221,012	)		(2,570,000	)		2,404,882
Goldman Sachs & Co.		822,281		(822,281	)		—			—
HSBC Bank plc		443,536		(25,928	)		—			417,608
JPMorgan Chase Bank N.A.		762,031		(762,031	)		—			—
Morgan Stanley & Co.		21,297		(21,297	)		—			—
Royal Bank of Scotland plc		91,476		(36,793	)		—			54,683
Societe Generale		18,035		(13,050	)		—			4,985
State Street Bank and Trust		54,794		(54,794	)		—			—
UBS AG		467,931		(96,879	)		—			371,052
	$	16,929,921	$	(8,208,585	)	$	(3,276,569	)	$	5,444,767

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

MSF-50

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Transactions in derivative instruments during the six months ended June 30, 2015 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(4,857,226	)	$	—		$	(1,789,679	)	$	(6,646,905	)
Forward foreign currency transactions		—			—			29,567,312			29,567,312
Futures contracts		6,464,966			—			—			6,464,966
Swap contracts		3,219,430			3,769,821			—			6,989,251
Written options		1,056,314			—			6,002,435			7,058,749
	$	5,883,484		$	3,769,821		$	33,780,068		$	43,433,373
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	1,431,359		$	—		$	(18,593,025	)	$	(17,161,666	)
Forward foreign currency transactions		—			—			(13,116,677	)		(13,116,677	)
Futures contracts		(15,582,702	)		—			—			(15,582,702	)
Swap contracts		1,380,885			(1,216,320	)		—			164,565
Written options		922,150			—			17,368,203			18,290,353
	$	(11,848,308	)	$	(1,216,320	)	$	(14,341,499	)	$	(27,406,127	)

For the six months ended June 30, 2015, the average Notional Par or Face Amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	811,237,303
Forward foreign currency transactions		863,898,634
Futures contracts long		632,287,267
Futures contracts short		(850,232,621	)
Swap contracts		742,995,399
Written options		(659,342,714	)

‡ Averages are based on activity levels during the period.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

MSF-51

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$17,523,753,097	$	1,363,648,087	$	17,845,372,329	$	1,214,410,433

The Portfolio engaged in security transactions with other accounts managed by BlackRock Advisors, LLC that amounted to $9,997,834 in purchases and $1,521,691 in sales of investments, which is included above.

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2015 were as follows:

Purchases		Sales
$	12,358,703,166	$	12,178,625,776

MSF-52

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$6,904,497		0.400	%	Of the first $1 billion
		0.350	%	Of the next $1 billion
		0.300	%	Of the next $1 billion
		0.250	%	On amounts in excess of $3 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum			Average Daily Net Assets
	0.030	%		Of the first $1 billion
	0.025	%		Of the next $1 billion

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. MetLife Advisers will receive advisory fees equal to 0.325% of the Portfolio’s average daily net assets for amounts over $2 billion but less than $3 billion (0.025% over the contractual advisory fee rate) and 0.325% for amounts over $3 billion but less than $3.4 billion (0.075% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $2 billion up to $3.4 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee.

An identical agreement was in place for the period January 1, 2015 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

MSF-53

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2014		2013		2014		2013		2014		2013
$	135,238,241	$	201,565,998	$	—	$	30,718,094	$	135,238,241	$	232,284,092

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$	190,261,258	$	13,991,825	$	8,984,026	$	—	$	213,237,109

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized $31,066,700 of capital loss carryforwards.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-54

Metropolitan Series Fund

BlackRock Bond Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Bond Income Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of BlackRock Bond Income Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of June 30, 2015, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and the year ended December 31, 2014, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2014. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2015, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock Bond Income Portfolio of Metropolitan Series Fund as of June 30, 2015, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and the year ended December 31, 2014, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 26, 2015

MSF-55

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the BlackRock Capital Appreciation Portfolio returned 6.05%, 5.89%, and 5.96%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 3.96%.

MARKET ENVIRONMENT / CONDITIONS

The year started with U.S. stock prices falling as lower oil prices punished the Energy sector and the negative impact of a stronger dollar began to show in the earnings of large global exporting companies. High valuations in U.S. stocks drove equity investors toward more appealing opportunities overseas. U.S. stocks rebounded in February due to increased merger and acquisition (“M&A”) activity and strong earnings reports from cyclical technology companies. However, stock prices came under pressure again in March as an improving labor market furthered the appreciation of the U.S. dollar and raised investors’ focus on the timing of an expected Federal Reserve move toward tightening policy. U.S. equities came back into favor in April, after a powerful rally in European equities left valuations in the United States looking more appealing by comparison. U.S. stocks continued to outperform international markets in the following months as increasing turmoil around Greece’s debt troubles drove investors to the relative stability of U.S. markets. For the six-month period, Health Care was the best-performing sector in the Russell 1000 Growth Index, followed by Consumer Discretionary and Information Technology (“IT”).

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Growth Index during the six-month period due to strong stock selection in Health Care, mainly within pharmaceuticals and biotechnology, and Consumer Discretionary, in the internet & catalog retail industry. Stock selection in IT was the main detractor due to weakness among internet software & services holdings.

From an individual security perspective, Netflix was the top contributor to performance for the period. Netflix performed well as the company’s global subscriber growth came in materially above expectations, with total customers topping 62 million. Momentum in the shares continued through the second quarter as investors began to price in the inherent profitability and value creation of the company’s business model, driven by its technology and content scale.

Pharmaceutical holdings Valeant Pharmaceuticals and United Therapeutics also lifted returns. Valeant’s shares rose early in the period on news that the company would be acquiring Salix Pharmaceuticals, which would establish Valeant’s presence in the gastrointestinal therapeutics market. Valeant’s stock received a further boost following strong first-quarter results, beating expectations and lifting its full-year forecast, as well as Food and Drug Administration approval of Xifaxan, a drug to treat irritable bowel syndrome, which the company acquired with the purchase of Salix. United Therapeutics benefited amid greater investor appreciation for principal drivers of the company’s revenue and earnings, which we believe have much longer life spans than assumed by the market. Shares also gained on disappointing results for competing pulmonary arterial hypertension drug Selexipag, in addition to the ongoing M&A trend among biotechnology and pharmaceutical firms.

Individual portfolio detractors included Twenty-First Century Fox, Yahoo! Inc. along with Alibaba, and Baidu, Inc. Twenty-First Century Fox underperformed as investors worried about the impact of foreign exchange on the company’s earnings forecasts for fiscal years 2015 and 2016. In addition, ratings remained weak at its Fox broadcast network. While these concerns are valid, we believe them to be temporary and continue to like Fox’s industry-leading growth profile and the stock’s reasonable valuation. Moreover, we believe the company’s key strategic assets such as StarTV (India’s dominant TV channel network), Hulu, Sky, and others have thus far been underappreciated by investors.

Alibaba and Yahoo! both underperformed after Alibaba’s December announcement of quarterly earnings disappointed investors. While users, gross sales and profitability continued to show healthy, and in some cases, accelerating growth, the company had a disappointing revenue margin (a measure of the percentage of gross merchandise sales that turn into revenues). In our view, the temporary adjustment in revenue margin should ultimately result in healthy long-term growth. We remain positive on Alibaba’s growth opportunities and competitive positioning. In addition, Yahoo! announced a value-enhancing, tax-free spinoff of its Alibaba stake into a separately traded company, which is accretive to our valuation assumptions.

MSF-1

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

Baidu reported strong revenue growth in the fourth quarter of 2014, but the stock underperformed following its forecast of lower-than-expected revenue growth for the first quarter of 2015, as well as higher spending for the year. We sold the Portfolio’s position after period end.

At period-end, the Portfolio’s largest sector overweights relative to the Russell 1000 Growth Index remained IT and Health Care. The Portfolio’s largest underweights were Consumer Staples due to extended valuations, limited pricing power and exposure to overseas sales, and Industrials given the slowdown in capital expenditure intentions and reduced competitiveness owing to the stronger dollar.

Lawrence Kemp

Portfolio Manager

BlackRock Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
BlackRock Capital Appreciation Portfolio
Class A		6.05		14.77		16.02		8.53
Class B		5.89		14.45		15.74		8.26
Class E		5.96		14.58		15.85		8.37
Russell 1000 Growth Index		3.96		10.56		18.59		9.10

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Apple, Inc.		5.1
Facebook, Inc. - Class A		4.9
AbbVie, Inc.		4.7
Google, Inc. - Class A		4.6
Visa, Inc. - Class A		3.8
United Therapeutics Corp.		3.4
Vertex Pharmaceuticals, Inc.		3.3
Salesforce.com, Inc.		3.0
UnitedHealth Group, Inc.		2.8
Dollar General Corp.		2.8

Top Sectors

	% of Net Assets
Information Technology		37.7
Health Care		24.0
Consumer Discretionary		21.1
Financials		7.7
Industrials		4.0
Consumer Staples		2.6
Energy		1.8
Materials		0.9

MSF-3

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

BlackRock Capital Appreciation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.66	%	$	1,000.00	$	1,060.50	$	3.37
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.52	$	3.31
Class B(a)	Actual		0.91	%	$	1,000.00	$	1,058.90	$	4.65
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.28	$	4.56
Class E(a)	Actual		0.81	%	$	1,000.00	$	1,059.60	$	4.14
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—98.7% of Net Assets

Security Description	Shares		Value
Airlines—1.6%
Delta Air Lines, Inc.		226,993	$	9,324,873
Spirit Airlines, Inc. (a)		347,954		21,607,943
				30,932,816
Auto Components—0.9%
Delphi Automotive plc		207,699		17,673,108
Banks—1.9%
JPMorgan Chase & Co.		541,256		36,675,506
Beverages—1.5%
Constellation Brands, Inc. - Class A		250,024		29,007,785
Biotechnology—6.7%
United Therapeutics Corp. (a) (b)		384,916		66,956,138
Vertex Pharmaceuticals, Inc. (a)		518,825		64,064,511
				131,020,649
Chemicals—0.9%
Ecolab, Inc.		154,663		17,487,745
Consumer Finance—1.2%
Discover Financial Services		422,756		24,359,201
Diversified Financial Services—3.6%
Berkshire Hathaway, Inc. - Class B (a)		286,779		39,033,490
Moody’s Corp.		285,250		30,795,590
				69,829,080
Food & Staples Retailing—1.1%
CVS Health Corp.		196,085		20,565,395
Health Care Providers & Services—4.7%
Humana, Inc.		191,088		36,551,313
UnitedHealth Group, Inc.		448,064		54,663,808
				91,215,121
Internet & Catalog Retail—6.6%
Amazon.com, Inc. (a)		67,959		29,500,322
Netflix, Inc. (a)		73,834		48,504,508
TripAdvisor, Inc. (a) (b)		578,616		50,420,598
				128,425,428
Internet Software & Services—17.2%
Alibaba Group Holding, Ltd. (ADR) (a)		462,618		38,059,583
Baidu, Inc. (ADR) (a)		130,397		25,959,435
Facebook, Inc. - Class A (a)		1,120,407		96,091,706
Google, Inc. - Class A (a)		165,379		89,311,275
LinkedIn Corp. - Class A (a)		129,754		26,811,069
Tencent Holdings, Ltd.		1,708,800		34,045,224
Yahoo!, Inc. (a)		605,942		23,807,461
				334,085,753
IT Services—7.5%
Alliance Data Systems Corp. (a)		154,706		45,164,870
IT Services—(Continued)
MasterCard, Inc. - Class A		284,793		26,622,450
Visa, Inc. - Class A		1,094,082		73,467,606
				145,254,926
Media—5.9%
Liberty Global plc - Class A (a)		907,854		49,087,666
Twenty-First Century Fox, Inc. - Class A		1,213,067		39,479,265
Walt Disney Co. (The)		234,090		26,719,033
				115,285,964
Multiline Retail—2.8%
Dollar General Corp.		688,341		53,511,629
Oil, Gas & Consumable Fuels—1.8%
Concho Resources, Inc. (a)		301,781		34,360,785
Pharmaceuticals—12.5%
AbbVie, Inc.		1,366,574		91,820,107
Allergan plc (a)		133,532		40,521,621
Mallinckrodt plc (a)		177,629		20,910,486
Perrigo Co. plc		279,914		51,736,505
Valeant Pharmaceuticals International, Inc. (a)		172,022		38,214,687
				243,203,406
Real Estate Investment Trusts—1.0%
Crown Castle International Corp.		242,990		19,512,097
Road & Rail—2.4%
Union Pacific Corp.		492,943		47,011,974
Software—6.8%
Mobileye NV (a)		260,123		13,830,740
Oracle Corp.		907,836		36,585,791
Salesforce.com, Inc. (a)		835,361		58,166,186
Splunk, Inc. (a) (b)		177,882		12,384,145
Workday, Inc. - Class A (a) (b)		145,425		11,109,016
				132,075,878
Specialty Retail—2.8%
Home Depot, Inc. (The)		312,313		34,707,344
Restoration Hardware Holdings, Inc. (a)		193,858		18,926,356
				53,633,700
Technology Hardware, Storage & Peripherals—5.1%
Apple, Inc.		794,198		99,612,284
Textiles, Apparel & Luxury Goods—2.2%
lululemon athletica, Inc. (a)		264,453		17,268,781
NIKE, Inc. - Class B		233,144		25,184,215
				42,452,996
Total Common Stocks (Cost $1,612,712,417)				1,917,193,226

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Preferred Stock—1.1%

Security Description	Shares/ Principal Amount*		Value
Software—1.1%
Palantir Technologies, Inc. - Series I (a) (c) (d) (Cost $15,555,194)		2,537,552	$	21,848,322
Short-Term Investments—1.4%
Mutual Fund—1.1%
State Street Navigator Securities Lending MET Portfolio (e)		21,157,491		21,157,491
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $6,603,093 on 07/01/15, collateralized by $6,720,000 U.S. Treasury Note at 1.250% due 11/30/18 with a value of $6,736,800.		6,603,093		6,603,093
Total Short-Term Investments (Cost $27,760,584)				27,760,584
Total Investments—101.2% (Cost $1,656,028,195) (f)				1,966,802,132
Other assets and liabilities (net)—(1.2)%				(23,689,440	)
Net Assets—100.0%			$	1,943,112,692

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $51,577,861 and the collateral received consisted of cash in the amount of $21,157,491 and non-cash collateral with a value of $33,898,513. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2015, these securities represent 1.1% of net assets.

(d) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2015, the market value of restricted securities was $21,848,322, which is 1.1% of net assets. See details shown in the Restricted Securities table that follows.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(f) As of June 30, 2015, the aggregate cost of investments was $1,656,028,195. The aggregate unrealized appreciation and depreciation of investments were $321,176,269 and $(10,402,332), respectively, resulting in net unrealized appreciation of $310,773,937.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Palantir Technologies, Inc. - Series I		02/07/14		2,537,552	$	15,555,194	$	21,848,322

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Airlines	$	30,932,816	$	—		$	—	$	30,932,816
Auto Components		17,673,108		—			—		17,673,108
Banks		36,675,506		—			—		36,675,506
Beverages		29,007,785		—			—		29,007,785
Biotechnology		131,020,649		—			—		131,020,649
Chemicals		17,487,745		—			—		17,487,745
Consumer Finance		24,359,201		—			—		24,359,201
Diversified Financial Services		69,829,080		—			—		69,829,080
Food & Staples Retailing		20,565,395		—			—		20,565,395
Health Care Providers & Services		91,215,121		—			—		91,215,121
Internet & Catalog Retail		128,425,428		—			—		128,425,428
Internet Software & Services		300,040,529		34,045,224			—		334,085,753
IT Services		145,254,926		—			—		145,254,926
Media		115,285,964		—			—		115,285,964
Multiline Retail		53,511,629		—			—		53,511,629
Oil, Gas & Consumable Fuels		34,360,785		—			—		34,360,785
Pharmaceuticals		243,203,406		—			—		243,203,406
Real Estate Investment Trusts		19,512,097		—			—		19,512,097
Road & Rail		47,011,974		—			—		47,011,974
Software		132,075,878		—			—		132,075,878
Specialty Retail		53,633,700		—			—		53,633,700
Technology Hardware, Storage & Peripherals		99,612,284		—			—		99,612,284
Textiles, Apparel & Luxury Goods		42,452,996		—			—		42,452,996
Total Common Stocks		1,883,148,002		34,045,224			—		1,917,193,226
Total Preferred Stock*		—		—			21,848,322		21,848,322
Short-Term Investments
Mutual Fund		21,157,491		—			—		21,157,491
Repurchase Agreement		—		6,603,093			—		6,603,093
Total Short-Term Investments		21,157,491		6,603,093			—		27,760,584
Total Investments	$	1,904,305,493	$	40,648,317		$	21,848,322	$	1,966,802,132
Collateral for securities loaned (Liability)	$	—	$	(21,157,491	)	$	—	$	(21,157,491	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2014		Change in Unrealized Appreciation		Balance as of June 30, 2015		Change in Unrealized Appreciation from Investments Still Held at June 30, 2015
Preferred Stocks
Software	$	20,351,167	$	1,497,155	$	21,848,322	$	1,497,155

Following is quantitative information about Level 3 fair value measurements:

	Fair Value at June 30, 2015		Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Preferred Stocks
Software	$	21,848,322	Market Transaction Method	Precedent Transaction	$	8.89		$	8.89		$	8.89		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		15.50	%		17.50	%		16.50	%	Decrease
				Perpetual Growth Rate		2.50	%		3.50	%		3.00	%	Increase
			Comparable Company Analysis	Enterprise Value / Revenue		11.4x			17.0x			17.0x		Increase
				Discount for Lack of Marketability		15.00	%		15.00	%		15.00	%	Decrease

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,966,802,132
Cash denominated in foreign currencies (c)		98
Receivable for:
Investments sold		7,621,707
Fund shares sold		479,869
Dividends		316,410
Total Assets		1,975,220,216
Liabilities
Due to custodian		3,558,442
Collateral for securities loaned		21,157,491
Payables for:
Investments purchased		5,534,020
Fund shares redeemed		515,643
Accrued expenses:
Management fees		1,035,760
Distribution and service fees		43,802
Deferred trustees’ fees		71,806
Other expenses		190,560
Total Liabilities		32,107,524
Net Assets	$	1,943,112,692
Net assets consist of:
Paid in surplus	$	1,534,879,462
Accumulated net investment loss		(248,567	)
Accumulated net realized gain		97,708,992
Unrealized appreciation on investments and foreign currency transactions		310,772,805
Net Assets	$	1,943,112,692
Net Assets
Class A	$	1,717,405,553
Class B		184,642,126
Class E		41,065,013
Capital Shares Outstanding*
Class A		47,158,265
Class B		5,200,890
Class E		1,142,107
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	36.42
Class B		35.50
Class E		35.96

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,656,028,195.

(b) Includes securities loaned at value of $51,577,861.

(c) Identified cost of cash denominated in foreign currencies was $98.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends	$	6,523,003
Securities lending income		80,725
Total investment income		6,603,728
Expenses
Management fees		6,842,645
Administration fees		23,229
Custodian and accounting fees		77,797
Distribution and service fees—Class B		230,822
Distribution and service fees—Class E		31,216
Audit and tax services		20,059
Legal		14,250
Trustees’ fees and expenses		19,506
Shareholder reporting		62,337
Insurance		6,314
Miscellaneous		9,525
Total expenses		7,337,700
Less management fee waiver		(545,420	)
Less broker commission recapture		(6,243	)
Net expenses		6,786,037
Net Investment Loss		(182,309	)
Net Realized and Unrealized Gain
Net realized gain on:
Investments		101,411,922
Foreign currency transactions		6
Net realized gain		101,411,928
Net change in unrealized appreciation (depreciation) on:
Investments		17,164,539
Foreign currency transactions		(124	)
Net change in unrealized appreciation		17,164,415
Net realized and unrealized gain		118,576,343
Net Increase in Net Assets From Operations	$	118,394,034

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(182,309	)	$	(54,772	)
Net realized gain		101,411,928			335,645,666
Net change in unrealized appreciation (depreciation)		17,164,415			(162,155,731	)
Increase in net assets from operations		118,394,034			173,435,163
From Distributions to Shareholders
Net investment income
Class A		0			(1,160,142	)
Net realized capital gains
Class A		(293,511,316	)		0
Class B		(31,968,986	)		0
Class E		(7,090,520	)		0
Total distributions		(332,570,822	)		(1,160,142	)
Increase (decrease) in net assets from capital share transactions		149,847,882			(319,009,259	)
Total decrease in net assets		(64,328,906	)		(146,734,238	)
Net Assets
Beginning of period		2,007,441,598			2,154,175,836
End of period	$	1,943,112,692		$	2,007,441,598
Accumulated net investment loss
End of period	$	(248,567	)	$	(66,258	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		286,017		$	12,076,900			3,108,544		$	112,700,814
Reinvestments		7,917,759			293,511,316			32,689			1,160,142
Redemptions		(4,287,503	)		(181,302,136	)		(10,572,883	)		(404,232,821	)
Net increase (decrease)		3,916,273		$	124,286,080			(7,431,650	)	$	(290,371,865	)
Class B
Sales		129,313		$	5,335,391			335,091		$	12,534,919
Reinvestments		884,587			31,968,986			0			0
Redemptions		(385,083	)		(15,987,855	)		(889,406	)		(33,579,792	)
Net increase (decrease)		628,817		$	21,316,522			(554,315	)	$	(21,044,873	)
Class E
Sales		59,450		$	2,486,164			138,131		$	5,238,597
Reinvestments		193,730			7,090,520			0			0
Redemptions		(127,772	)		(5,331,404	)		(340,067	)		(12,831,118	)
Net increase (decrease)		125,408		$	4,245,280			(201,936	)	$	(7,592,521	)
Increase (decrease) derived from capital shares transactions				$	149,847,882					$	(319,009,259	)

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	41.19		$	37.85		$	28.45		$	24.96		$	27.45		$	22.96
Income (Loss) from Investment Operations
Net investment income (a)		0.00	(b)		0.01			0.03			0.26			0.11			0.05
Net realized and unrealized gain (loss) on investments		2.62			3.35			9.63			3.32			(2.55	)		4.49
Total from investment operations		2.62			3.36			9.66			3.58			(2.44	)		4.54
Less Distributions
Distributions from net investment income		0.00			(0.02	)		(0.26	)		(0.09	)		(0.05	)		(0.05	)
Distributions from net realized capital gains		(7.39	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(7.39	)		(0.02	)		(0.26	)		(0.09	)		(0.05	)		(0.05	)
Net Asset Value, End of Period	$	36.42		$	41.19		$	37.85		$	28.45		$	24.96		$	27.45
Total Return (%) (c)		6.05	(d)		8.90			34.22	(e)		14.37			(8.95	)		19.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.71	(f)		0.71			0.71			0.73			0.73			0.77
Net ratio of expenses to average net assets (%) (g)		0.66	(f)		0.71			0.70			0.72			0.72			0.75
Ratio of net investment income to average net assets (%)		0.01	(f)		0.02			0.10			0.93			0.41			0.23
Portfolio turnover rate (%)		31	(d)		99			160			59			83			72
Net assets, end of period (in millions)	$	1,717.4		$	1,781.3		$	1,917.9		$	1,410.4		$	1,314.6		$	649.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	40.38		$	37.17		$	27.94		$	24.52		$	26.99		$	22.59
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.05	)		(0.09	)		(0.05	)		0.18			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments		2.56			3.30			9.47			3.26			(2.50	)		4.42
Total from investment operations		2.51			3.21			9.42			3.44			(2.47	)		4.41
Less Distributions
Distributions from net investment income		0.00			0.00			(0.19	)		(0.02	)		0.00			(0.01	)
Distributions from net realized capital gains		(7.39	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(7.39	)		0.00			(0.19	)		(0.02	)		0.00			(0.01	)
Net Asset Value, End of Period	$	35.50		$	40.38		$	37.17		$	27.94		$	24.52		$	26.99
Total Return (%) (c)		5.89	(d)		8.64			33.90	(e)		14.07			(9.15	)		19.47
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96	(f)		0.96			0.96			0.98			0.98			1.02
Net ratio of expenses to average net assets (%) (g)		0.91	(f)		0.96			0.95			0.97			0.97			1.00
Ratio of net investment income (loss) to average net assets (%)		(0.24	)(f)		(0.23	)		(0.16	)		0.68			0.12			(0.03	)
Portfolio turnover rate (%)		31	(d)		99			160			59			83			72
Net assets, end of period (in millions)	$	184.6		$	184.6		$	190.5		$	165.0		$	153.7		$	145.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	40.79		$	37.51		$	28.19		$	24.73		$	27.21		$	22.77
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.05	)		(0.02	)		0.21			0.06			0.02
Net realized and unrealized gain (loss) on investments		2.59			3.33			9.56			3.30			(2.52	)		4.45
Total from investment operations		2.56			3.28			9.54			3.51			(2.46	)		4.47
Less Distributions
Distributions from net investment income		0.00			0.00			(0.22	)		(0.05	)		(0.02	)		(0.03	)
Distributions from net realized capital gains		(7.39	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(7.39	)		0.00			(0.22	)		(0.05	)		(0.02	)		(0.03	)
Net Asset Value, End of Period	$	35.96		$	40.79		$	37.51		$	28.19		$	24.73		$	27.21
Total Return (%) (c)		5.96	(d)		8.74			34.04	(e)		14.17			(9.06	)		19.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86	(f)		0.86			0.86			0.88			0.88			0.92
Net ratio of expenses to average net assets (%) (g)		0.81	(f)		0.86			0.85			0.87			0.87			0.90
Ratio of net investment income (loss) to average net assets (%)		(0.14	)(f)		(0.13	)		(0.06	)		0.78			0.21			0.07
Portfolio turnover rate (%)		31	(d)		99			160			59			83			72
Net assets, end of period (in millions)	$	41.1		$	41.5		$	45.7		$	41.9		$	41.6		$	51.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(d) Periods less than one year are not computed on an annualized basis.

(e) In 2013 0.03%, 0.03% and 0.03% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor. Excluding this item, total return would have been 34.19%, 33.87% and 34.01% for Class A, Class B and Class E, respectively.

(f) Computed on an annualized basis.

(g) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Capital Appreciation Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of

MSF-13

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, foreign currency transactions, return of capital adjustments, ordinary loss netting, and distribution re-designation. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

MSF-14

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $6,603,093, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

MSF-15

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	617,439,281	$	0	$	802,914,273

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$6,842,645		0.730	%	Of the first $1 billion
		0.650	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	Of the first $500 million
0.080%	On the next $500 million
0.060%	On amounts in excess of $1 billion

MSF-16

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$1,160,142	$	14,533,902	$	—	$	—	$	1,160,142	$	14,533,902

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$83,521,306	$	248,902,370	$	290,052,600	$	—	$	622,476,276

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the portfolio utilized $3,282,055 of capital loss carryforwards.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

MSF-17

Metropolitan Series Fund

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the BlackRock Large Cap Value Portfolio returned 3.06%, 2.93%, and 3.01%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned -0.61%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. equity market traded in a relatively narrow range during the period, touching new all-time highs in May before settling virtually unchanged as the Greek debt crisis threatened investor confidence at the end of June. Robust merger and acquisition activity combined with better-than-expected corporate earnings supported the market’s rise, but the strengthening dollar and anticipation of the Federal Reserve’s first interest rate increase were hindrances. Within the Russell 1000 Value Index, the Health Care sector delivered the best performance, while the rising interest rate environment led Utilities to post the weakest performance.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Value Index during the six-month period.

Stock selection in the Energy sector was the largest contributor to outperformance. A significant investment in refiners and the avoidance of large integrated oil companies accounted for the relative strength. Refiners Valero Energy Corporation and Marathon Petroleum Corporation each generated double-digit returns, while Exxon Mobil Corporation and Chevron Corporation declined significantly amid a weak oil price environment.

Strong results in the pharmaceuticals industry drove the Portfolio’s outperformance in the Health Care sector. A significant position in Hospira, Inc. rallied higher on news of an acquisition by Pfizer, Inc., which was among the Portfolio’s larger holdings during the period. Pfizer investors also reacted positively to the accretive deal as it is expected to increase the company’s growth rate. Hospira’s position in biosimilars (generic versions of biologic drugs) was seen as a valuable addition to the company.

In Consumer Staples, Kroger Co., which was among the Portfolio’s larger holdings, continued its excellent momentum, prompting us to scale back the position. Elsewhere in the sector, the avoidance of large Index constituent Procter & Gamble, Inc. had a positive impact on relative performance as the strength in the dollar and lackluster growth in emerging markets challenged the company’s substantial international business. Sector allocation also contributed positively, notably due to the Portfolio’s substantial overweight to the strong-performing Health Care sector and underweight to the poor-performing Utilities sector.

Stock selection in the Telecommunication Services sector detracted modestly from relative performance. Not owning large benchmark constituent AT&T, Inc. hurt results as AT&T received investor attention in advance of its imminent acquisition of DirecTV. We continue to view Verizon as the winner among the wireless providers, with the most differentiated and highest quality wireless network, and it trades at a discount to AT&T. The Portfolio’s overweight to Information Technology also had a negative impact on results, due mainly to a particular overweight in the communications equipment industry. Portfolio holding QUALCOMM, Inc. struggled amid concerns over its business in China, while Ericsson fell after reporting worse-than-expected quarterly earnings in April.

At period-end, the Portfolio held notable overweights relative to the Russell 1000 Value Index in the Consumer Discretionary and Health Care sectors, while holding significant underweights in Industrials, Consumer Staples and Utilities.

Bart Geer

Carrie King

Portfolio Managers

BlackRock Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
BlackRock Large Cap Value Portfolio
Class A		3.06		5.40		15.87		6.02
Class B		2.93		5.19		15.61		5.76
Class E		3.01		5.26		15.71		5.88
Russell 1000 Value Index		-0.61		4.13		16.50		7.05

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		5.1
Pfizer, Inc.		4.9
Citigroup, Inc.		4.9
Cisco Systems, Inc.		4.3
Marathon Oil Corp.		3.4
Valero Energy Corp.		2.9
QUALCOMM, Inc.		2.9
Verizon Communications, Inc.		2.9
Capital One Financial Corp.		2.7
Discover Financial Services		2.6

Top Sectors

	% of Net Assets
Financials		30.9
Health Care		16.8
Energy		13.0
Consumer Discretionary		12.5
Information Technology		10.3
Telecommunication Services		4.6
Industrials		4.4
Utilities		2.9
Materials		2.3
Consumer Staples		2.1

MSF-2

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

BlackRock Large Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.62	%	$	1,000.00	$	1,030.60	$	3.12
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11
Class B(a)	Actual		0.87	%	$	1,000.00	$	1,029.30	$	4.38
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36
Class E(a)	Actual		0.77	%	$	1,000.00	$	1,030.10	$	3.88
	Hypothetical*		0.77	%	$	1,000.00	$	1,020.98	$	3.86

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—99.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.7%
Honeywell International, Inc.		47,990	$	4,893,540
Northrop Grumman Corp.		16,260		2,579,324
Raytheon Co.		186,575		17,851,496
Spirit AeroSystems Holdings, Inc. - Class A (a)		46,720		2,574,739
				27,899,099
Airlines—0.4%
American Airlines Group, Inc.		170,890		6,824,492
Auto Components—1.3%
Lear Corp.		187,030		20,995,988
Automobiles—1.4%
General Motors Co.		598,260		19,940,006
Thor Industries, Inc.		45,476		2,559,389
				22,499,395
Banks—13.8%
Citigroup, Inc.		1,423,031		78,608,232
JPMorgan Chase & Co.		1,206,347		81,742,073
KeyCorp		673,680		10,118,673
Regions Financial Corp.		1,266,841		13,124,473
Wells Fargo & Co.		703,070		39,540,657
				223,134,108
Capital Markets—1.5%
Ameriprise Financial, Inc.		31,020		3,875,329
KKR & Co. L.P.		181,081		4,137,701
Morgan Stanley		375,950		14,583,100
State Street Corp.		13,250		1,020,250
				23,616,380
Chemicals—2.2%
Akzo Nobel NV (ADR) (b)		814,350		19,804,992
Celanese Corp. - Series A		30,560		2,196,653
LyondellBasell Industries NV - Class A		137,050		14,187,416
				36,189,061
Communications Equipment—8.5%
Cisco Systems, Inc.		2,508,740		68,890,000
Motorola Solutions, Inc.		50,720		2,908,285
QUALCOMM, Inc.		750,360		46,995,047
Telefonaktiebolaget LM Ericsson (ADR)		1,808,150		18,877,086
				137,670,418
Construction & Engineering—0.8%
AECOM (a) (b)		174,830		5,783,377
Jacobs Engineering Group, Inc. (a)		166,610		6,767,698
				12,551,075
Consumer Finance—5.8%
Capital One Financial Corp.		493,210		43,387,684
Discover Financial Services		724,880		41,767,585
Consumer Finance—(Continued)
SLM Corp. (a)		878,960		8,675,335
				93,830,604
Containers & Packaging—0.1%
Crown Holdings, Inc. (a)		32,280		1,707,935
Diversified Financial Services—2.0%
NASDAQ OMX Group, Inc. (The)		652,875		31,866,829
Diversified Telecommunication Services—2.9%
Verizon Communications, Inc.		995,380		46,394,662
Electric Utilities—0.7%
Exelon Corp. (b)		379,210		11,914,778
FirstEnergy Corp.		4,950		161,123
				12,075,901
Electronic Equipment, Instruments & Components—0.2%
Avnet, Inc.		80,940		3,327,443
Energy Equipment & Services—1.0%
Baker Hughes, Inc.		55,170		3,403,989
Halliburton Co.		26,820		1,155,137
Superior Energy Services, Inc.		525,520		11,056,941
				15,616,067
Food & Staples Retailing—1.4%
CVS Health Corp.		37,020		3,882,658
Kroger Co. (The)		269,157		19,516,574
				23,399,232
Food Products—0.3%
Kellogg Co.		9,890		620,103
Tyson Foods, Inc. - Class A		109,820		4,681,627
				5,301,730
Gas Utilities—0.0%
UGI Corp.		9,430		324,864
Health Care Equipment & Supplies—5.4%
Baxter International, Inc.		506,190		35,397,867
Hologic, Inc. (a)		539,900		20,548,594
Medtronic plc		279,890		20,739,849
Zimmer Biomet Holdings, Inc.		88,680		9,686,516
				86,372,826
Health Care Providers & Services—4.7%
Community Health Systems, Inc. (a)		349,010		21,977,160
Laboratory Corp. of America Holdings (a)		232,030		28,126,676
Quest Diagnostics, Inc. (b)		348,810		25,295,701
				75,399,537
Hotels, Restaurants & Leisure—0.0%
Wyndham Worldwide Corp.		7,320		599,581

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—1.9%
Newell Rubbermaid, Inc.		690,190	$	28,373,711
Tupperware Brands Corp. (b)		48,040		3,100,501
				31,474,212
Independent Power and Renewable Electricity Producers—2.2%
AES Corp.		1,856,750		24,620,505
Dynegy, Inc. (a)		353,580		10,342,215
				34,962,720
Insurance—6.1%
ACE, Ltd.		30,290		3,079,887
Genworth Financial, Inc. - Class A (a)		1,481,980		11,218,589
Hartford Financial Services Group, Inc. (The)		499,560		20,766,709
Lincoln National Corp.		447,790		26,518,124
Prudential Financial, Inc.		226,310		19,806,651
XL Group plc		439,470		16,348,284
				97,738,244
IT Services—0.5%
Total System Services, Inc.		113,110		4,724,605
Western Union Co. (The) (b)		55,450		1,127,298
Xerox Corp.		195,400		2,079,056
				7,930,959
Media—4.0%
Cablevision Systems Corp. - Class A (b)		107,490		2,573,311
Interpublic Group of Cos., Inc. (The)		264,780		5,102,310
Scripps Networks Interactive, Inc. - Class A (b)		99,300		6,491,241
Starz - Class A (a) (b)		75,212		3,363,481
Time Warner Cable, Inc.		48,690		8,675,097
Viacom, Inc. - Class B		590,350		38,160,224
				64,365,664
Multi-Utilities—0.0%
PG&E Corp.		3,300		162,030
Multiline Retail—1.5%
Macy’s, Inc.		368,340		24,851,900
Oil, Gas & Consumable Fuels—12.0%
Apache Corp.		567,280		32,692,346
Gulfport Energy Corp. (a)		538,550		21,676,638
Marathon Oil Corp.		2,038,730		54,107,894
Marathon Petroleum Corp.		352,032		18,414,794
Suncor Energy, Inc.		712,450		19,606,624
Valero Energy Corp.		757,310		47,407,606
				193,905,902
Pharmaceuticals—6.8%
Johnson & Johnson		94,080		9,169,037
Pfizer, Inc.		2,373,505		79,583,622
Teva Pharmaceutical Industries, Ltd. (ADR)		364,360		21,533,676
				110,286,335
Professional Services—1.4%
ManpowerGroup, Inc.		21,120		1,887,706
Nielsen NV (b)		454,680		20,356,023
				22,243,729
Real Estate Investment Trusts—1.8%
Brixmor Property Group, Inc.		133,590		3,089,937
Outfront Media, Inc.		586,834		14,811,690
Starwood Property Trust, Inc. (b)		520,710		11,231,715
				29,133,342
Semiconductors & Semiconductor Equipment—0.9%
Teradyne, Inc.		724,048		13,966,886
Software—0.2%
Microsoft Corp.		21,750		960,263
Oracle Corp.		64,190		2,586,857
				3,547,120
Specialty Retail—2.3%
Gap, Inc. (The)		327,630		12,505,637
GNC Holdings, Inc. - Class A		536,990		23,885,315
				36,390,952
Wireless Telecommunication Services—1.7%
Telephone & Data Systems, Inc.		734,346		21,589,773
United States Cellular Corp. (a) (b)		150,433		5,666,811
				27,256,584
Total Common Stocks (Cost $1,462,126,284)				1,605,813,806
Convertible Preferred Stocks—0.4%
Food Products—0.3%
Tyson Foods, Inc. 4.750%, 07/15/17		88,627		4,565,177
Machinery—0.1%
Stanley Black & Decker, Inc. 6.250%, 11/17/16 (b)		10,940		1,304,595
Total Convertible Preferred Stocks (Cost $5,540,901)				5,869,772
Short-Term Investments—4.0%
Mutual Fund—3.9%
State Street Navigator Securities Lending MET Portfolio (c)		63,667,999		63,667,999

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $834,889 on 07/01/15, collateralized by $775,000 U.S. Treasury Note at 3.625% due 08/15/19 with a value of $853,168.		834,889	$	834,889
Total Short-Term Investments (Cost $64,502,888)				64,502,888
Total Investments—103.8% (Cost $1,532,170,073) (d)				1,676,186,466
Other assets and liabilities (net)—(3.8)%				(61,646,860	)
Net Assets—100.0%			$	1,614,539,606

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $67,244,319 and the collateral received consisted of cash in the amount of $63,667,999 and non-cash collateral with a value of $4,687,887. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $1,532,170,073. The aggregate unrealized appreciation and depreciation of investments were $228,818,395 and $(84,802,002), respectively, resulting in net unrealized appreciation of $144,016,393.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,605,813,806	$	—		$	—	$	1,605,813,806
Total Convertible Preferred Stocks*		5,869,772		—			—		5,869,772
Short-Term Investments
Mutual Fund		63,667,999		—			—		63,667,999
Repurchase Agreement		—		834,889			—		834,889
Total Short-Term Investments		63,667,999		834,889			—		64,502,888
Total Investments	$	1,675,351,577	$	834,889		$	—	$	1,676,186,466
Collateral for securities loaned (Liability)	$	—	$	(63,667,999	)	$	—	$	(63,667,999	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,676,186,466
Cash		70,315
Receivable for:
Investments sold		15,626,765
Fund shares sold		104,084
Dividends		1,490,454
Total Assets		1,693,478,084
Liabilities
Collateral for securities loaned		63,667,999
Payables for:
Investments purchased		14,005,016
Fund shares redeemed		159,745
Accrued expenses:
Management fees		812,640
Distribution and service fees		65,051
Deferred trustees’ fees		68,509
Other expenses		159,518
Total Liabilities		78,938,478
Net Assets	$	1,614,539,606
Net assets consist of:
Paid in surplus	$	1,373,935,692
Undistributed net investment income		12,514,717
Accumulated net realized gain		84,072,804
Unrealized appreciation on investments		144,016,393
Net Assets	$	1,614,539,606
Net Assets
Class A	$	1,282,295,473
Class B		275,544,914
Class E		56,699,219
Capital Shares Outstanding*
Class A		138,875,008
Class B		30,112,220
Class E		6,169,704
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.23
Class B		9.15
Class E		9.19

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,532,170,073.

(b) Includes securities loaned at value of $67,244,319.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	18,241,716
Securities lending income		102,001
Total investment income		18,343,717
Expenses
Management fees		5,208,521
Administration fees		19,428
Custodian and accounting fees		68,720
Distribution and service fees—Class B		350,942
Distribution and service fees—Class E		43,554
Audit and tax services		20,060
Legal		14,226
Trustees’ fees and expenses		19,507
Shareholder reporting		42,800
Insurance		5,448
Miscellaneous		9,651
Total expenses		5,802,857
Less management fee waiver		(252,217	)
Net expenses		5,550,640
Net Investment Income		12,793,077
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		91,638,249
Foreign currency transactions		1,378
Net realized gain		91,639,627
Net change in unrealized depreciation on investments		(53,107,443	)
Net realized and unrealized gain		38,532,184
Net Increase in Net Assets From Operations	$	51,325,261

(a) Net of foreign withholding taxes of $291,428.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	12,793,077		$	28,180,582
Net realized gain		91,639,627			130,325,504
Net change in unrealized appreciation (depreciation)		(53,107,443	)		14,177,128
Increase in net assets from operations		51,325,261			172,683,214
From Distributions to Shareholders
Net investment income
Class A		(22,599,992	)		(21,066,507	)
Class B		(4,230,425	)		(2,965,683	)
Class E		(923,252	)		(671,818	)
Net realized capital gains
Class A		(101,131,805	)		(383,863,755	)
Class B		(22,003,704	)		(65,678,461	)
Class E		(4,536,965	)		(13,717,473	)
Total distributions		(155,426,143	)		(487,963,697	)
Increase (decrease) in net assets from capital share transactions		32,939,303			(3,582,016	)
Total decrease in net assets		(71,161,579	)		(318,862,499	)
Net Assets
Beginning of period		1,685,701,185			2,004,563,684
End of period	$	1,614,539,606		$	1,685,701,185
Undistributed net investment income
End of period	$	12,514,717		$	27,475,309

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		907,329		$	9,273,350			3,461,216		$	32,373,495
Reinvestments		13,162,957			123,731,797			44,793,170			404,930,262
Redemptions		(10,945,587	)		(111,062,525	)		(51,156,983	)		(496,683,480	)
Net increase (decrease)		3,124,699		$	21,942,622			(2,902,597	)	$	(59,379,723	)
Class B
Sales		743,113		$	7,363,659			2,381,156		$	23,751,030
Reinvestments		2,814,821			26,234,129			7,652,637			68,644,144
Redemptions		(2,380,074	)		(23,729,756	)		(4,456,988	)		(44,885,644	)
Net increase		1,177,860		$	9,868,032			5,576,805		$	47,509,530
Class E
Sales		321,224		$	3,219,243			736,207		$	7,297,580
Reinvestments		583,357			5,460,217			1,598,810			14,389,291
Redemptions		(756,676	)		(7,550,811	)		(1,315,544	)		(13,398,694	)
Net increase		147,905		$	1,128,649			1,019,473		$	8,288,177
Increase (decrease) derived from capital shares transactions				$	32,939,303					$	(3,582,016	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	9.89		$	12.02		$	9.80		$	10.36		$	10.23		$	9.46
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.16			0.15			0.17			0.15			0.13
Net realized and unrealized gain on investments		0.24			0.75			2.84			1.21			0.10			0.74
Total from investment operations		0.32			0.91			2.99			1.38			0.25			0.87
Less Distributions
Distributions from net investment income		(0.18	)		(0.16	)		(0.16	)		(0.18	)		(0.12	)		(0.10	)
Distributions from net realized capital gains		(0.80	)		(2.88	)		(0.61	)		(1.76	)		0.00			0.00
Total distributions		(0.98	)		(3.04	)		(0.77	)		(1.94	)		(0.12	)		(0.10	)
Net Asset Value, End of Period	$	9.23		$	9.89		$	12.02		$	9.80		$	10.36		$	10.23
Total Return (%) (b)		3.06	(c)		9.92			32.05	(d)		14.28			2.35			9.22
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(e)		0.65			0.65			0.66			0.66			0.65
Net ratio of expenses to average net assets (%) (f)		0.62	(e)		0.52	(g)		0.59			0.63			0.63			0.65
Ratio of net investment income to average net assets (%)		1.60	(e)		1.61			1.35			1.80			1.41			1.34
Portfolio turnover rate (%)		21	(c)		40			113			107			107			135
Net assets, end of period (in millions)	$	1,282.3		$	1,342.9		$	1,666.1		$	1,414.2		$	941.4		$	1,643.5
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	9.80		$	11.93		$	9.73		$	10.30		$	10.18		$	9.42
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.14			0.12			0.15			0.14			0.10
Net realized and unrealized gain on investments		0.23			0.74			2.82			1.20			0.08			0.74
Total from investment operations		0.30			0.88			2.94			1.35			0.22			0.84
Less Distributions
Distributions from net investment income		(0.15	)		(0.13	)		(0.13	)		(0.16	)		(0.10	)		(0.08	)
Distributions from net realized capital gains		(0.80	)		(2.88	)		(0.61	)		(1.76	)		0.00			0.00
Total distributions		(0.95	)		(3.01	)		(0.74	)		(1.92	)		(0.10	)		(0.08	)
Net Asset Value, End of Period	$	9.15		$	9.80		$	11.93		$	9.73		$	10.30		$	10.18
Total Return (%) (b)		2.93	(c)		9.70			31.74	(d)		13.97			2.05			8.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90	(e)		0.90			0.90			0.91			0.91			0.90
Net ratio of expenses to average net assets (%) (f)		0.87	(e)		0.77	(g)		0.84			0.88			0.88			0.90
Ratio of net investment income to average net assets (%)		1.35	(e)		1.36			1.10			1.52			1.30			1.08
Portfolio turnover rate (%)		21	(c)		40			113			107			107			135
Net assets, end of period (in millions)	$	275.5		$	283.6		$	278.6		$	229.5		$	212.6		$	200.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	9.84		$	11.97		$	9.76		$	10.32		$	10.20		$	9.44
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.15			0.13			0.16			0.14			0.11
Net realized and unrealized gain on investments		0.24			0.74			2.83			1.21			0.09			0.74
Total from investment operations		0.31			0.89			2.96			1.37			0.23			0.85
Less Distributions
Distributions from net investment income		(0.16	)		(0.14	)		(0.14	)		(0.17	)		(0.11	)		(0.09	)
Distributions from net realized capital gains		(0.80	)		(2.88	)		(0.61	)		(1.76	)		0.00			0.00
Total distributions		(0.96	)		(3.02	)		(0.75	)		(1.93	)		(0.11	)		(0.09	)
Net Asset Value, End of Period	$	9.19		$	9.84		$	11.97		$	9.76		$	10.32		$	10.20
Total Return (%) (b)		3.01	(c)		9.79			31.88	(d)		14.14			2.13			9.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.80	(e)		0.80			0.80			0.81			0.81			0.80
Net ratio of expenses to average net assets (%) (f)		0.77	(e)		0.67	(g)		0.74			0.78			0.78			0.80
Ratio of net investment income to average net assets (%)		1.45	(e)		1.46			1.20			1.62			1.37			1.18
Portfolio turnover rate (%)		21	(c)		40			113			107			107			135
Net assets, end of period (in millions)	$	56.7		$	59.3		$	59.9		$	47.9		$	47.7		$	53.5

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) In 2013, 0.11%, 0.11% and 0.11% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor. Excluding this item, total return would have been 31.94%, 31.63% and 31.77% for Class A, Class B and Class E, respectively.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(g) The effect of the voluntary portion of the waivers on average net assets was 0.10% for the year ended December 31, 2014 (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Large Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-11

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to return of capital adjustments and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-12

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $834,889, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering

MSF-13

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	345,524,946	$	0	$	455,411,679

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$5,208,521		0.700	%	On the first $250 million
		0.650	%	Of the next $500 million
		0.600	%	On amounts in excess of $750 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC (“BlackRock”) is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	Of the first $250 million
0.025%	On the next $500 million
0.050%	On amounts in excess of $1 billion

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the

MSF-14

Metropolitan Series Fund

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$169,201,125	$	59,229,615	$	318,762,572	$	70,081,230	$	487,963,697	$	129,310,845

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$90,841,944	$	64,090,468	$	189,835,158	$	—	$	344,767,570

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

BlackRock Money Market Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the BlackRock Money Market Portfolio returned 0.00%, 0.00%, and 0.00%, respectively. The Portfolio’s benchmark, the Bank of America/Merrill Lynch 3-Month U.S. T-Bill Index¹, returned 0.01%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Open Market Committee (“FOMC”) left the federal funds rate unchanged at the target range of 0.00% to 0.25% throughout the first half of 2015. The FOMC’s statement at the conclusion of the March 18^th meeting read “that an increase in the target range for the federal funds rate remains unlikely at the April Committee meeting,” but the FOMC “anticipates that it will be appropriate to raise the target range when it sees further improvement in the labor market.” This language marked a departure from previous statements in which the FOMC said “it can be patient in beginning to normalize the stance of monetary policy.” The removal of the word “patient” was viewed by the market as a small but meaningful step toward the beginning of higher rates.

As the period progressed, economic growth appeared to rebound from the soft patch caused by temporary factors earlier in the year. While the FOMC acknowledged at their June 17^th meeting that “the underutilization of labor resources diminished somewhat,” continued weakness in broad inflation measures prompted the FOMC to remain patient in regard to raising interest rates from near zero. Several Federal Reserve (“Fed”) officials subsequently indicated that the September meeting continues to be the likely date for a “lift-off” of the anticipated rate hiking cycle if economic activity accelerates as expected. This outlook, however, is becoming increasingly clouded by events in overseas markets. Specifically, the FOMC could forestall the beginning of the normalization of monetary policy should the recent turmoil related to Greece, Puerto Rico, and China spillover into U.S. markets.

In our opinion, the FOMC appears willing to take a “wait and see” approach before changing their ultra-accommodative policy stance until the durability of the economic expansion is no longer in question and inflation is clearly demonstrating progress toward the Fed’s target of 2%. While we continue to anticipate a rate increase during the latter part of 2015, disturbances in global markets remain a threat to this forecast.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Weighted Average Maturity (“WAM”) of the Portfolio has decreased as we took a more conservative approach regarding strategy given the possibility of a rate hike later this year. The majority of the Portfolio’s investments were in securities that mature before the end of the third quarter of 2015. Longer-term trades were concentrated in variable rate bank obligations as these securities offer some level of yield protection should the FOMC act to raise rates. These investments are indexed on the daily federal funds effective rate and the one- and three-month London Interbank Offered Rates (LIBOR). We allowed holdings of U.S. Treasury securities to mature without replacement as yields in this sector fell significantly relative to the alternatives. We selectively added investments in U.S. agency discount notes, which generally qualified as weekly liquid assets. We will continue to monitor the FOMC’s statements and market indicators to gauge any potential change in the outlook for the federal funds rate. We expect to maintain the period-end positioning of the Portfolio at least until the timing of a rate hike becomes clearer.

The Portfolio ended the period with a WAM at 33 days.

BlackRock Liquidity Team

Portfolio Managers

BlackRock Advisors, LLC

¹ The Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index is composed of a single 90-day Treasury Bill issue, or potentially a seasoned 6-month or 1-year Treasury Bill issue, that is replaced on a monthly basis.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

BlackRock Money Market Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

BlackRock Money Market Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.22	%	$	1,000.00	$	1,000.00	$	1.09
	Hypothetical*		0.22	%	$	1,000.00	$	1,023.70	$	1.10
Class B(a)	Actual		0.22	%	$	1,000.00	$	1,000.00	$	1.09
	Hypothetical*		0.22	%	$	1,000.00	$	1,023.70	$	1.10
Class E(a)	Actual		0.22	%	$	1,000.00	$	1,000.00	$	1.09
	Hypothetical*		0.22	%	$	1,000.00	$	1,023.70	$	1.10

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee and distribution and service fee waivers as described in Note 4 of the Notes to Financial Statements.

MSF-2

Metropolitan Series Fund

BlackRock Money Market Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Asset Backed Commercial Paper (a)—30.6% of Net Assets

Security Description	Principal Amount*		Value
Antalis U.S. Funding Corp. 0.142%, 07/02/15		20,000,000	$	19,999,922
0.152%, 07/07/15		25,000,000		24,999,375
Atlantic Asset Securitization LLC 0.112%, 07/07/15		15,000,000		14,999,725
Bedford Row Funding Corp. 0.311%, 11/20/15		8,000,000		8,000,000
0.329%, 03/02/16		13,000,000		13,000,000
0.337%, 03/24/16		12,000,000		12,000,000
Chariot Funding LLC 0.274%, 08/04/15		7,000,000		6,998,215
0.304%, 11/04/15		9,000,000		8,990,550
0.314%, 10/20/15		8,000,000		7,992,353
0.345%, 11/30/15		11,750,000		11,733,132
Charta LLC 0.284%, 08/10/15		13,000,000		12,995,956
Ciesco LLC 0.294%, 08/26/15		9,750,000		9,745,602
0.355%, 12/02/15		10,000,000		9,985,028
Collateralized Commercial Paper Co. LLC 0.304%, 07/01/15		7,000,000		7,000,000
0.355%, 10/28/15		10,000,000		9,988,431
Collateralized Commercial Paper II Co. LLC 0.345%, 07/06/15		5,000,000		4,999,764
0.406%, 07/07/15		12,500,000		12,499,167
0.406%, 09/08/15		8,500,000		8,493,483
CRC Funding LLC 0.314%, 09/21/15		5,000,000		4,996,469
Fairway Finance Co. LLC 0.264%, 07/01/15		8,891,000		8,891,000
0.314%, 11/02/15		10,000,000		9,989,322
Jupiter Securitization Co. LLC 0.274%, 07/07/15		6,000,000		5,999,730
0.304%, 10/07/15		10,000,000		9,991,833
Manhattan Asset Funding Co. LLC 0.284%, 10/01/15		12,000,000		11,991,413
Nieuw Amsterdam Receivables Corp. 0.253%, 10/01/15		5,000,000		4,996,806
Old Line Funding LLC 0.274%, 07/06/15		13,000,000		12,999,512
0.274%, 07/17/15		4,500,000		4,499,460
0.274%, 10/20/15		10,000,000		9,991,675
0.304%, 10/07/15		5,000,000		4,995,917
Thunder Bay Funding LLC 0.274%, 08/03/15		12,000,000		11,997,030
0.274%, 10/05/15		15,000,000		14,989,200
Victory Receivables Corp. 0.162%, 07/06/15		13,584,000		13,583,698
0.223%, 08/24/15		15,000,000		14,995,050
Working Capital Management Co. 0.233%, 07/01/15		10,000,000		10,000,000
Total Asset Backed Commercial Paper (Cost $359,328,818)				359,328,818
Financial Company Commercial Paper (a)—27.8%
BNP Paribas Fortis S.A. (NY) 0.030%, 07/01/15		30,000,000		30,000,000
Caisse Centrale Desjardins du Quebec 0.132%, 07/02/15		40,000,000		39,999,856
Commonwealth Bank of Australia 0.281%, 10/21/15(144A)		8,000,000		8,000,000
0.310%, 03/31/16		5,000,000		4,999,648
Credit Suisse AG (NY) 0.274%, 09/01/15		10,000,000		9,995,350
DNB Bank ASA 0.314%, 08/21/15		10,000,000		9,995,608
HSBC Bank plc 0.279%, 10/16/15		8,000,000		8,000,000
0.281%, 10/23/15(144A)		8,000,000		8,000,000
0.291%, 11/19/15		8,000,000		8,000,000
0.319%, 02/05/16		7,000,000		7,000,000
Mitsubishi UFJ Trust & Banking Corp. (NY) 0.324%, 08/14/15		10,000,000		9,996,089
MUFG Union Bank N.A. 0.051%, 07/01/15		20,000,000		20,000,000
National Australia Bank, Ltd. 0.279%, 11/05/15		9,000,000		9,000,000
National Australia Funding Delaware, Inc. 0.283%, 08/11/15(144A)		8,000,000		8,000,000
0.299%, 08/27/15		7,000,000		7,000,000
Nederlandse Waterschapsbank NV 0.257%, 07/09/15		4,500,000		4,500,000
0.268%, 10/01/15		12,000,000		12,000,000
Nordea Bank AB 0.279%, 08/24/15		14,250,000		14,244,122
0.304%, 10/09/15		10,000,000		9,991,667
NRW Bank 0.147%, 07/06/15		18,775,000		18,774,622
Skandinaviska Enskilda Banken AB 0.264%, 08/07/15		15,000,000		14,995,992
Sumitomo Mitsui Banking Corp. 0.253%, 07/13/15		7,000,000		6,999,417
0.274%, 07/06/15		7,000,000		6,999,737
Sumitomo Mitsui Trust Bank, Ltd. (NY) 0.264%, 07/06/15		10,000,000		9,999,639
0.274%, 07/10/15		14,500,000		14,499,021
Westpac Banking Corp. 0.254%, 07/02/15(144A)		5,000,000		4,999,999
0.274%, 07/20/15		5,000,000		4,999,287
0.274%, 07/21/15		2,000,000		1,999,700
Westpac Securities NZ, Ltd. 0.274%, 07/15/15		6,000,000		5,999,370
0.300%, 08/13/15(144A)		7,500,000		7,500,000
Total Financial Company Commercial Paper (Cost $326,489,124)				326,489,124
Certificate of Deposit—27.3%
Foreign Banks Yankee Dollar—23.6%
Bank of Montreal (Chicago) 0.274%, 07/07/15		11,590,000		11,590,000
0.304%, 11/04/15		12,700,000		12,700,000

See accompanying notes to financial statements.

MSF-3

Metropolitan Series Fund

BlackRock Money Market Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Certificate of Deposit—(Continued)

Security Description	Principal Amount*		Value
Foreign Banks Yankee Dollar—(Continued)
Bank of Nova Scotia (Houston) 0.289%, 11/06/15 (b)		18,000,000	$	18,000,000
0.293%, 08/04/15 (b)		11,258,000		11,258,000
Bank of Tokyo Mitsubishi UFJ, Ltd. (NY) 0.264%, 09/25/15		5,000,000		5,000,000
0.304%, 08/04/15		12,000,000		12,000,000
Canadian Imperial Bank of Commerce (NY) 0.301%, 01/26/16 (b)		8,000,000		8,000,000
Credit Industriel et Commercial (NY) 0.395%, 09/03/15		15,000,000		15,000,000
Mizuho Bank, Ltd. (NY) 0.264%, 09/01/15		4,750,000		4,750,000
0.274%, 09/15/15		18,000,000		18,000,000
0.304%, 10/05/15		15,000,000		15,000,000
National Bank of Canada (NY) 0.301%, 10/20/15 (b)		7,000,000		7,000,000
0.342%, 12/24/15 (b)		5,000,000		5,000,000
Norinchukin Bank (NY) 0.264%, 08/14/15		16,750,000		16,750,000
0.340%, 11/12/15 (b)		8,000,000		8,000,000
0.341%, 10/20/15 (b)		5,000,000		5,000,000
Rabobank Nederland (NY) 0.281%, 12/21/15 (b)		4,750,000		4,750,000
0.284%, 11/04/15 (b)		15,000,000		15,000,000
0.331%, 09/16/15 (b)		16,000,000		16,000,000
Royal Bank of Canada (NY) 0.279%, 10/14/15 (b)		5,000,000		5,000,000
0.279%, 11/10/15 (b)		4,750,000		4,750,000
Sumitomo Mitsui Banking Corp. (NY) 0.342%, 11/23/15 (b)		10,000,000		10,000,000
Toronto Dominion Bank (NY) 0.268%, 09/17/15 (b)		12,000,000		12,000,289
0.279%, 09/04/15 (b)		12,000,000		12,000,000
0.301%, 02/25/16 (b)		10,000,000		10,000,000
Westpac Banking Corp. (NY) 0.280%, 10/30/15 (b)		15,000,000		15,000,000
				277,548,289
Domestic Banks—3.7%
State Street Bank & Trust Co. 0.332%, 10/23/15		10,000,000		10,000,000
Wells Fargo Bank N.A. 0.313%, 09/08/15 (b)		5,000,000		5,000,000
0.314%, 11/19/15 (b)		7,000,000		7,000,000
0.314%, 01/14/16 (b)		5,750,000		5,750,000
0.345%, 04/01/16 (b)		15,000,000		15,000,000
				42,750,000
Total Certificate of Deposit (Cost $320,298,289)				320,298,289
Treasury Repurchase Agreement—9.4%
Security Description	Principal Amount*		Value
Bank of America Corp. Repurchase Agreement dated 06/30/15 at 0.112% to be repurchased at $110,443,344 on 07/01/15 collateralized by $118,474,584 U.S. Treasury Bonds with rates ranging from 0.000% - 3.125%, maturity dates ranging from 05/15/24 - 02/15/43, with a value $112,651,860.		110,443,000		110,443,000
Government Agency Debt—2.1%
Federal Home Loan Bank 0.025%, 07/08/15 (a)		25,000,000		24,999,879
Total Government Agency Debt (Cost $24,999,879)				24,999,879
Treasury Debt—1.3%
U.S. Treasury Bill 0.129%, 09/17/15 (a)		4,000,000		3,998,895
U.S. Treasury Floating Rate Note 0.068%, 10/31/16 (b)		11,760,000		11,760,012
Total Treasury Debt (Cost $15,758,907)				15,758,907
Other Note—1.0%
Svenska Handelsbanken AB 0.360%, 11/13/15 (144A) (b)		11,100,000		11,100,000
Total Other Note (Cost $11,100,000)				11,100,000
Total Investments—99.5% (Cost $1,168,418,017) (c)				1,168,418,017
Other assets and liabilities (net)—0.5%				6,320,278
Net Assets—100.0%			$	1,174,738,295

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) The rate shown represents current yield to maturity.

(b) Variable or floating rate security. The stated rate represents the rate at June 30, 2015. Maturity date shown for callable securities reflects the earliest possible call date.

(c) As of June 30, 2015, the aggregate cost of investments was $1,168,418,017.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2015, the market value of 144A securities was $47,599,999, which is 4.1% of net assets.

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

BlackRock Money Market Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Asset Backed Commercial Paper	$	—	$	359,328,818	$	—	$	359,328,818
Financial Company Commercial Paper		—		326,489,124		—		326,489,124
Certificate of Deposit*		—		320,298,289		—		320,298,289
Treasury Repurchase Agreement		—		110,443,000		—		110,443,000
Government Agency Debt		—		24,999,879		—		24,999,879
Treasury Debt		—		15,758,907		—		15,758,907
Other Note		—		11,100,000		—		11,100,000
Total Investments	$	—	$	1,168,418,017	$	—	$	1,168,418,017

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

BlackRock Money Market Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at amortized cost	$	1,168,418,017
Cash		236,436
Receivable for:
Fund shares sold		8,901,322
Interest		140,656
Total Assets		1,177,696,431
Liabilities
Payables for:
Fund shares redeemed		2,516,578
Accrued expenses:
Management fees		231,815
Deferred trustees’ fees		69,175
Other expenses		140,568
Total Liabilities		2,958,136
Net Assets	$	1,174,738,295
Net assets consist of:
Paid in surplus	$	1,174,791,243
Accumulated net investment loss		(63,480	)
Accumulated net realized gain		10,532
Net Assets	$	1,174,738,295
Net Assets
Class A	$	478,498,487
Class B		528,703,886
Class E		167,535,922
Capital Shares Outstanding*
Class A		4,784,985
Class B		5,287,039
Class E		1,675,359
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	100.00
Class B		100.00
Class E		100.00

* The Portfolio is authorized to issue an unlimited number of shares.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Interest	$	1,316,050
Total investment income		1,316,050
Expenses
Management fees		2,010,153
Administration fees		18,329
Custodian and accounting fees		51,746
Distribution and service fees—Class B		658,628
Distribution and service fees—Class E		125,860
Audit and tax services		14,863
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		43,608
Insurance		4,069
Miscellaneous		7,051
Total expenses		2,968,064
Less distribution and service fee waivers		(784,488	)
Less management fee waiver		(867,526	)
Net expenses		1,316,050
Net Investment Income		—

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

BlackRock Money Market Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	—		$	—
Increase in net assets from operations		—			—
Decrease in net assets from capital share transactions		(38,668,803	)		(211,352,855	)
Total decrease in net assets		(38,668,803	)		(211,352,855	)
Net Assets
Beginning of period		1,213,407,098			1,424,759,953
End of period	$	1,174,738,295		$	1,213,407,098
Accumulated net investment loss
End of period	$	(63,480	)	$	(63,480	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		1,256,800		$	125,679,971			3,088,249		$	308,824,664
Redemptions		(1,308,852	)		(130,886,255	)		(3,614,920	)		(361,492,033	)
Net decrease		(52,052	)	$	(5,206,284	)		(526,671	)	$	(52,667,369	)
Class B
Sales		1,269,408		$	126,944,376			3,590,400		$	359,039,786
Redemptions		(1,524,805	)		(152,480,517	)		(4,560,792	)		(456,079,212	)
Net decrease		(255,397	)	$	(25,536,141	)		(970,392	)	$	(97,039,426	)
Class E
Sales		361,071		$	36,108,000			951,801		$	95,179,965
Redemptions		(440,344	)		(44,034,378	)		(1,568,260	)		(156,826,025	)
Net decrease		(79,273	)	$	(7,926,378	)		(616,459	)	$	(61,646,060	)
Decrease derived from capital shares transactions				$	(38,668,803	)				$	(211,352,855	)

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

BlackRock Money Market Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011		2010
Net Asset Value, Beginning of Period	$	100.00		$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.00			0.00		0.00		0.00		0.00		0.01
Total from investment operations		0.00			0.00		0.00		0.00		0.00		0.01
Less Distributions
Distributions from net investment income		0.00			0.00		0.00		0.00		0.00		(0.01	)
Total distributions		0.00			0.00		0.00		0.00		0.00		(0.01	)
Net Asset Value, End of Period	$	100.00		$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Total Return (%) (b)		0.00	(c)		0.00		0.00		0.00		0.00		0.01
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.37	(d)		0.37		0.35		0.35		0.35		0.34
Net ratio of expenses to average net assets (%) (e)		0.22	(d)		0.20		0.23		0.28		0.26		0.30
Ratio of net investment income to average net assets (%)		0.00			0.00		0.00		0.00		0.00		0.01
Net assets, end of period (in millions)	$	478.5		$	483.7	$	536.4	$	551.9	$	707.8	$	712.9
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011		2010
Net Asset Value, Beginning of Period	$	100.00		$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.00			0.00		0.00		0.00		0.00		0.00
Total from investment operations		0.00			0.00		0.00		0.00		0.00		0.00
Less Distributions
Distributions from net investment income		0.00			0.00		0.00		0.00		0.00		0.00
Total distributions		0.00			0.00		0.00		0.00		0.00		0.00
Net Asset Value, End of Period	$	100.00		$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Total Return (%) (b)		0.00	(c)		0.00		0.00		0.00		0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(d)		0.62		0.60		0.60		0.60		0.59
Net ratio of expenses to average net assets (%) (e)		0.22	(d)		0.20		0.23		0.28		0.26		0.31
Ratio of net investment income to average net assets (%)		0.00			0.00		0.00		0.00		0.00		0.00
Net assets, end of period (in millions)	$	528.7		$	554.2	$	651.3	$	771.5	$	864.7	$	793.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

BlackRock Money Market Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014		2013		2012		2011		2010
Net Asset Value, Beginning of Period	$	100.00		$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.00			0.00		0.00		0.00		0.00		0.00
Total from investment operations		0.00			0.00		0.00		0.00		0.00		0.00
Less Distributions
Distributions from net investment income		0.00			0.00		0.00		0.00		0.00		0.00
Total distributions		0.00			0.00		0.00		0.00		0.00		0.00
Net Asset Value, End of Period	$	100.00		$	100.00	$	100.00	$	100.00	$	100.00	$	100.00
Total Return (%) (b)		0.00	(c)		0.00		0.00		0.00		0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52	(d)		0.52		0.50		0.50		0.50		0.51
Net ratio of expenses to average net assets (%) (e)		0.22	(d)		0.20		0.23		0.28		0.26		0.34
Ratio of net investment income to average net assets (%)		0.00			0.00		0.00		0.00		0.00		0.00
Net assets, end of period (in millions)	$	167.5		$	175.5	$	237.1	$	309.5	$	373.7	$	409.0

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of the management fee waivers and voluntary distribution & service fee waiver (see Note 4 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

BlackRock Money Market Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Money Market Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - As permitted by Rule 2a-7 under the 1940 Act, and subject to certain conditions therein, the Portfolio employs the amortized cost method of security valuation that the Board of Trustees of the Trust (the “Board” or “Trustees”) has determined approximates the fair market net asset value per share of the Portfolio. The Board monitors the deviations between the Portfolio’s net asset value per share, as determined by using available market quotations, and its amortized cost price per share. If the deviation exceeds 1/2 of 1%, the Board will consider what action, if any, should be initiated. This method of valuation is considered a Level 2 in the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers, Inc. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes

MSF-10

Metropolitan Series Fund

BlackRock Money Market Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to ordinary loss netting and short-term capital gains reclasses from ordinary income. These adjustments have no impact on net assets or the results of operation.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $110,443,000, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

MSF-11

Metropolitan Series Fund

BlackRock Money Market Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$2,010,153		0.350	%	Of the first $1 billion
		0.300	%	Of amount in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Advisors, LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 through April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” as follows:

% per annum	Average Daily Net Assets
0.025%	Of the first $	1 billion

For the period April 28, 2014 to April 30, 2015, an identical expense agreement was in place. Pursuant to the expense agreement, $123,972 was waived for the six months ended June 30, 2015 and is included in the management fee waivers shown in the Statement of Operations.

In addition to the contractual fee waiver, MetLife Advisers and/or its affiliates have voluntarily agreed, if the yield on any share Class of the Portfolio turns negative on a given day, to waive their fees or reimburse certain Portfolio expenses to raise the yield of that share Class to 0.00% for that day. The waiver will first be applied to 12b-1 expenses. If the amount of the waiver exceeds the Class B or Class E 12b-1 expenses on a given day, MetLife Advisers and/or its affiliates would then waive fees or reimburse expenses pro rata across all share Classes. This voluntary waiver/expense reimbursement may be discontinued by MetLife Advisers and/or its affiliates at any time without notice. During the six months ended June 30, 2015, $784,488 of 12b-1 expenses were waived as shown on the Statement of Operations. Class B shares waived $658,628 and Class E shares waived $125,860. In addition, during the six months ended June 30, 2015, $743,554 of management fees were voluntarily waived and are included in the management fee waivers shown in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee.

MSF-12

Metropolitan Series Fund

BlackRock Money Market Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

5. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

6. Income Tax Information

There were no distributions paid for the years ended December 31, 2014 and 2013.

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Other Accumulated Capital Losses		Total
$10,532	$	—	$	—	$	—	$	—	$	10,532

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

7. Recent Accounting Pronouncements and Regulatory Matters

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

In July 2014, the Securities and Exchange Commission adopted amendments to the rules under the 1940 Act which currently govern the operations of the Portfolio. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based NAV. Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Portfolio’s operations, financial statements and accompanying notes.

MSF-13

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Managed By Frontier Capital Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, D, and E shares of the Frontier Mid Cap Growth Portfolio returned 10.21%, 10.06%, 10.15%, and 10.15%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 4.18%.

MARKET ENVIRONMENT / CONDITIONS

After an early lift to start the year, stocks have remained largely range bound during much of the past four months. Indeed, most of the year-to-date gains came during the month of February following initial reports of strong fourth quarter Gross Domestic Product (“GDP”) and corporate earnings. Since then the market has languished amid a number of concerns including the prospect of Greece defaulting on its debt, the negative impact of a strong dollar on U.S. corporate profits, tepid first quarter GDP, ambiguity regarding future interest rate policy and mounting economic challenges in numerous emerging markets.

PORTFOLIO REVIEW/ PERIOD END POSITIONING

Stock selection drove the vast majority of outperformance during the period and was aided by positive sector allocation decisions (principally an overweight position in Health Care). Indeed, stock selection was positive or neutral in 7 of 9 Russell industry sectors. Notable gains came from Information Technology, Health Care and Financials.

Information Technology was the largest contributor to performance and was aided by investments in video game software maker Electronic Arts and security software vendor Fortinet. Both companies have reported strong quarterly earnings and issued favorable outlooks year to date. Investments in wireless semiconductor companies NXP Semiconductor and Avago Technologies have performed well as they have proven to be key enabling technology providers to major handset vendors such as Apple. Stock selection in Health Care was beneficial due to investments that help lower the cost of care such as government-focused health maintenance organizations Humana and

Centene. In addition, select investments in the immune-oncology area of biotechnology have been rewarding. Finally, in Financials, a number of investments including E*TRADE, Aon and Raymond James performed well given their business models are favorably positioned for any eventual rate increase by the U.S. Federal Reserve which the market is beginning to anticipate will happen by year end. Additionally, a number of our investments in the payment space, such as Global Payments, are benefitting from secular trends requiring greater mobility, software integration and increased encryption.

The Industrials sector was a source of underperformance for the period. Investments in American Airlines and Spirit Airlines declined following the reporting of weak unit revenue results which led to concerns about too much capacity being added to schedules throughout the industry. We believe these to be transitory issues and are monitoring these developments closely.

At period end, the Portfolio’s industry exposures remained relatively unchanged. The two biggest areas of relative exposure continued to be Information Technology and Health Care. We see strong product specific demand trends and secular growth drivers within each against a backdrop of relatively tepid overall growth. Within Information Technology, we remain favorably inclined toward software for gaming, security, and bandwidth management as well as enabling semiconductor technology for mobility. In Health Care, we are focused upon companies that help lower the cost of care or have product innovation and leadership that can drive strong growth. We remain underweight both Consumer sectors, but have recently added to companies serving the lower end of the consumer income bracket. Favorable company-specific initiatives, improving employment and wage growth for lower income consumers as well as much needed consolidation in the space has led us to invest in a select few retailers.

Stephen M. Knightly

Christopher J. Scarpa

Portfolio Managers

Frontier Capital Management Company, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Frontier Mid Cap Growth Portfolio
Class A		10.21		13.00		17.60		8.59		—
Class B		10.06		12.71		17.31		8.31		—
Class D		10.15		12.87		17.48		—		7.44
Class E		10.15		12.85		17.42		8.43		—
Russell Midcap Growth Index		4.18		9.45		18.69		9.69		—

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and forecasted growth values.

² Inception dates of the Class A, Class B, Class D and Class E shares are 4/29/88, 4/26/04, 5/2/06 and 5/1/01, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Electronic Arts, Inc.		3.2
Centene Corp.		2.2
Raymond James Financial, Inc.		2.1
Alliance Data Systems Corp.		2.0
Wabtec Corp.		2.0
Global Payments, Inc.		1.9
Sherwin-Williams Co. (The)		1.9
Fortinet, Inc.		1.9
Dollar General Corp.		1.9
NXP Semiconductor NV		1.8

Top Sectors

	% of Net Assets
Information Technology		25.1
Health Care		19.4
Consumer Discretionary		17.5
Industrials		13.1
Financials		9.0
Materials		4.9
Consumer Staples		4.7
Energy		2.6
Telecommunication Services		0.8

MSF-2

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Frontier Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.74	%	$	1,000.00	$	1,102.10	$	3.86
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71
Class B(a)	Actual		0.99	%	$	1,000.00	$	1,100.60	$	5.16
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96
Class D(a)	Actual		0.84	%	$	1,000.00	$	1,101.50	$	4.38
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.63	$	4.21
Class E(a)	Actual		0.89	%	$	1,000.00	$	1,101.50	$	4.64
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—97.1% of Net Assets

Security Description	Shares		Value
Airlines—2.7%
American Airlines Group, Inc.		495,218	$	19,776,531
Spirit Airlines, Inc. (a)		251,210		15,600,141
				35,376,672
Banks—2.2%
Signature Bank (a)		138,749		20,311,466
SVB Financial Group (a)		55,429		7,980,667
				28,292,133
Beverages—1.8%
Brown-Forman Corp. - Class B		130,557		13,079,200
Monster Beverage Corp. (a)		72,032		9,653,729
				22,732,929
Biotechnology—3.8%
Alkermes plc (a) (b)		155,407		9,998,886
BioMarin Pharmaceutical, Inc. (a)		82,566		11,293,378
Incyte Corp. (a)		186,153		19,399,004
Medivation, Inc. (a) (b)		75,227		8,590,923
				49,282,191
Capital Markets—4.3%
E*Trade Financial Corp. (a)		626,790		18,772,361
Raymond James Financial, Inc.		450,018		26,812,072
WisdomTree Investments, Inc. (b)		442,724		9,724,433
				55,308,866
Chemicals—3.8%
CF Industries Holdings, Inc.		154,080		9,904,262
Cytec Industries, Inc.		249,535		15,104,354
Sherwin-Williams Co. (The)		89,769		24,688,270
				49,696,886
Commercial Services & Supplies—3.4%
Cintas Corp. (b)		126,674		10,715,354
Copart, Inc. (a)		374,305		13,280,341
KAR Auction Services, Inc.		267,417		10,001,396
Stericycle, Inc. (a)		74,733		10,007,496
				44,004,587
Construction Materials—1.1%
Eagle Materials, Inc.		179,899		13,731,691
Distributors—1.3%
LKQ Corp. (a)		577,945		17,479,946
Diversified Consumer Services—1.0%
Bright Horizons Family Solutions, Inc. (a)		215,195		12,438,271
Diversified Telecommunication Services—0.8%
Cogent Communications Holdings, Inc.		315,138		10,664,270
Electronic Equipment, Instruments & Components—1.4%
Amphenol Corp. - Class A		306,969		17,794,993
Food & Staples Retailing—1.0%
United Natural Foods, Inc. (a) (b)		207,091		13,187,555
Food Products—1.9%
Hain Celestial Group, Inc. (The) (a) (b)		264,536		17,422,341
Mead Johnson Nutrition Co.		81,036		7,311,068
				24,733,409
Health Care Equipment & Supplies—2.3%
Cooper Cos., Inc. (The)		99,815		17,764,076
DexCom, Inc. (a)		145,495		11,636,690
				29,400,766
Health Care Providers & Services—7.6%
Centene Corp. (a)		350,254		28,160,422
HealthSouth Corp. (b)		316,849		14,594,065
Humana, Inc.		64,631		12,362,618
MEDNAX, Inc. (a)		239,505		17,749,715
Molina Healthcare, Inc. (a) (b)		109,501		7,697,920
Universal Health Services, Inc. - Class B		124,567		17,700,971
				98,265,711
Health Care Technology—0.9%
Cerner Corp. (a)		170,175		11,752,285
Hotels, Restaurants & Leisure—1.7%
Chipotle Mexican Grill, Inc. (a)		11,435		6,918,061
Dunkin’ Brands Group, Inc. (b)		167,695		9,223,225
MGM Resorts International (a)		303,253		5,534,367
				21,675,653
Household Durables—1.3%
Harman International Industries, Inc.		142,533		16,952,875
Industrial Conglomerates—1.2%
Roper Technologies, Inc.		88,630		15,285,130
Insurance—2.5%
Allied World Assurance Co. Holdings AG		245,767		10,622,050
Aon plc		224,273		22,355,532
				32,977,582
Internet Software & Services—1.6%
Akamai Technologies, Inc. (a)		289,130		20,187,057
IT Services—6.7%
Alliance Data Systems Corp. (a)		89,950		26,260,003
Euronet Worldwide, Inc. (a)		32,219		1,987,912
Gartner, Inc. (a)		78,774		6,757,234
Global Payments, Inc.		240,861		24,917,070
Jack Henry & Associates, Inc.		162,972		10,544,288
Vantiv, Inc. - Class A (a)		416,966		15,923,932
				86,390,439

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Leisure Products—1.3%
Brunswick Corp.		337,804	$	17,180,711
Life Sciences Tools & Services—3.0%
Illumina, Inc. (a)		108,047		23,593,143
PAREXEL International Corp. (a) (b)		245,620		15,795,822
				39,388,965
Machinery—2.0%
Wabtec Corp.		272,299		25,661,458
Marine—0.5%
Kirby Corp. (a)		81,666		6,260,516
Media—1.3%
IMAX Corp. (a)		405,316		16,322,075
Multiline Retail—2.6%
Dollar General Corp.		314,127		24,420,233
Dollar Tree, Inc. (a)		115,081		9,090,248
				33,510,481
Oil, Gas & Consumable Fuels—2.6%
Carrizo Oil & Gas, Inc. (a)		364,300		17,938,132
Continental Resources, Inc. (a) (b)		252,831		10,717,506
InterOil Corp. (a)		89,932		5,413,906
				34,069,544
Pharmaceuticals—1.7%
Mylan NV (a)		111,739		7,582,608
Perrigo Co. plc		78,785		14,561,832
				22,144,440
Professional Services—1.9%
CEB, Inc.		124,612		10,848,721
Equifax, Inc.		137,234		13,324,049
				24,172,770
Road & Rail—1.4%
J.B. Hunt Transport Services, Inc.		217,986		17,894,471
Semiconductors & Semiconductor Equipment—6.0%
Analog Devices, Inc.		216,487		13,895,218
Avago Technologies, Ltd.		60,954		8,102,615
Lam Research Corp.		162,972		13,257,772
NXP Semiconductor NV (a)		241,756		23,740,439
Qorvo, Inc. (a)		140,539		11,281,066
Synaptics, Inc. (a) (b)		87,775		7,613,165
				77,890,275
Software—9.4%
Activision Blizzard, Inc. (b)		446,628		10,812,864
Cadence Design Systems, Inc. (a) (b)		362,535		7,127,438
CDK Global, Inc.		204,322		11,029,302
Software—(Continued)
Electronic Arts, Inc. (a)		618,482	$	41,129,053
Fair Isaac Corp.		130,918		11,884,736
Fortinet, Inc. (a)		593,991		24,549,648
Red Hat, Inc. (a)		200,128		15,195,719
				121,728,760
Specialty Retail—6.3%
DSW, Inc. - Class A		506,382		16,897,967
GNC Holdings, Inc. - Class A		307,395		13,672,930
L Brands, Inc.		144,063		12,350,521
O’Reilly Automotive, Inc. (a)		73,382		16,582,864
Ross Stores, Inc.		450,198		21,884,125
				81,388,407
Textiles, Apparel & Luxury Goods—0.8%
lululemon athletica, Inc. (a)		149,196		9,742,499
Total Common Stocks (Cost $982,735,317)				1,254,967,269
Short-Term Investments—8.3%
Mutual Fund—6.7%
State Street Navigator Securities Lending MET Portfolio (c)		85,853,241		85,853,241
Repurchase Agreement—1.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $21,178,022 on 07/01/15, collateralized by $21,390,000 U.S. Treasury Note at 1.500% due 12/31/18 with a value of $21,603,900.		21,178,022		21,178,022
Total Short-Term Investments (Cost $107,031,263)				107,031,263
Total Investments—105.4% (Cost $1,089,766,580) (d)				1,361,998,532
Other assets and liabilities (net)—(5.4)%				(69,613,382	)
Net Assets—100.0%			$	1,292,385,150

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $98,109,359 and the collateral received consisted of cash in the amount of $85,853,241 and non-cash collateral with a value of $13,411,267. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $1,089,766,580. The aggregate unrealized appreciation and depreciation of investments were $280,630,450 and $(8,398,498), respectively, resulting in net unrealized appreciation of $272,231,952.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,254,967,269	$	—		$	—	$	1,254,967,269
Short-Term Investments
Mutual Fund		85,853,241		—			—		85,853,241
Repurchase Agreement		—		21,178,022			—		21,178,022
Total Short-Term Investments		85,853,241		21,178,022			—		107,031,263
Total Investments	$	1,340,820,510	$	21,178,022		$	—	$	1,361,998,532
Collateral for securities loaned (Liability)	$	—	$	(85,853,241	)	$	—	$	(85,853,241	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,361,998,532
Receivable for:
Investments sold		31,210,839
Fund shares sold		91,274
Dividends		545,154
Total Assets		1,393,845,799
Liabilities
Collateral for securities loaned		85,853,241
Payables for:
Investments purchased		13,972,671
Fund shares redeemed		528,462
Accrued expenses:
Management fees		753,152
Distribution and service fees		52,975
Deferred trustees’ fees		101,424
Other expenses		198,724
Total Liabilities		101,460,649
Net Assets	$	1,292,385,150
Net assets consist of:
Paid in surplus	$	945,941,178
Accumulated net investment loss		(1,029,733	)
Accumulated net realized gain		75,241,753
Unrealized appreciation on investments		272,231,952
Net Assets	$	1,292,385,150
Net Assets
Class A	$	971,357,358
Class B		206,183,336
Class D		103,212,190
Class E		11,632,266
Capital Shares Outstanding*
Class A		26,912,812
Class B		6,179,892
Class D		2,901,544
Class E		328,067
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	36.09
Class B		33.36
Class D		35.57
Class E		35.46

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,089,766,580.

(b) Includes securities loaned at value of $98,109,359.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends	$	3,703,848
Securities lending income		83,895
Total investment income		3,787,743
Expenses
Management fees		4,305,277
Administration fees		14,322
Custodian and accounting fees		45,287
Distribution and service fees—Class B		258,370
Distribution and service fees—Class D		51,277
Distribution and service fees—Class E		8,657
Audit and tax services		20,058
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		89,748
Insurance		3,485
Miscellaneous		7,714
Total expenses		4,837,952
Less management fee waiver		(55,681	)
Less broker commission recapture		(38,383	)
Net expenses		4,743,888
Net Investment Loss		(956,145	)
Net Realized and Unrealized Gain
Net realized gain on:
Investments		74,946,000
Futures contracts		535,891
Net realized gain		75,481,891
Net change in unrealized appreciation on investments		43,574,797
Net realized and unrealized gain		119,056,688
Net Increase in Net Assets From Operations	$	118,100,543

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(956,145	)	$	(2,127,468	)
Net realized gain		75,481,891			164,117,510
Net change in unrealized appreciation (depreciation)		43,574,797			(40,271,945	)
Increase in net assets from operations		118,100,543			121,718,097
From Distributions to Shareholders
Net realized capital gains
Class A		(120,148,007	)		(86,686,736	)
Class B		(27,320,274	)		(18,668,169	)
Class D		(12,958,013	)		(9,371,524	)
Class E		(1,448,339	)		(1,005,877	)
Total distributions		(161,874,633	)		(115,732,306	)
Increase (decrease) in net assets from capital share transactions		193,900,856			(166,998,385	)
Total increase (decrease) in net assets		150,126,766			(161,012,594	)
Net Assets
Beginning of period		1,142,258,384			1,303,270,978
End of period	$	1,292,385,150		$	1,142,258,384
Accumulated net investment loss
End of period	$	(1,029,733	)	$	(73,588	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		2,697,131		$	107,303,826			520,541		$	18,295,255
Reinvestments		3,289,923			120,148,007			2,586,892			86,686,736
Redemptions		(1,368,473	)		(53,814,102	)		(7,443,757	)		(258,882,901	)
Net increase (decrease)		4,618,581		$	173,637,731			(4,336,324	)	$	(153,900,910	)
Class B
Sales		399,674		$	14,051,579			383,567		$	12,984,373
Reinvestments		809,249			27,320,274			594,906			18,668,169
Redemptions		(729,026	)		(26,805,079	)		(1,082,261	)		(36,895,257	)
Net increase (decrease)		479,897		$	14,566,774			(103,788	)	$	(5,242,715	)
Class D
Sales		69,658		$	2,710,977			130,302		$	4,646,830
Reinvestments		360,045			12,958,013			282,872			9,371,524
Redemptions		(278,708	)		(10,761,951	)		(593,715	)		(21,199,899	)
Net increase (decrease)		150,995		$	4,907,039			(180,541	)	$	(7,181,545	)
Class E
Sales		11,793		$	459,764			15,989		$	566,549
Reinvestments		40,366			1,448,339			30,435			1,005,877
Redemptions		(28,459	)		(1,118,791	)		(62,309	)		(2,245,641	)
Net increase (decrease)		23,700		$	789,312			(15,885	)	$	(673,215	)
Increase (decrease) derived from capital shares transactions				$	193,900,856					$	(166,998,385	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	37.28		$	36.90		$	28.92		$	26.06	$	26.94		$	23.38
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.05	)		(0.00	)(b)		0.34		0.02			0.10
Net realized and unrealized gain (loss) on investments		3.89			3.78			9.18			2.52		(0.82	)		3.48
Total from investment operations		3.87			3.73			9.18			2.86		(0.80	)		3.58
Less Distributions
Distributions from net investment income		0.00			0.00			(0.42	)		0.00		(0.08	)		(0.02	)
Distributions from net realized capital gains		(5.06	)		(3.35	)		(0.78	)		0.00		0.00			0.00
Total distributions		(5.06	)		(3.35	)		(1.20	)		0.00		(0.08	)		(0.02	)
Net Asset Value, End of Period	$	36.09		$	37.28		$	36.90		$	28.92	$	26.06		$	26.94
Total Return (%) (c)		10.21	(d)		11.14			32.77			10.97		(3.00	)		15.30
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(e)		0.76			0.75			0.78		0.77			0.77
Net ratio of expenses to average net assets (%) (f)		0.74	(e)		0.75			0.74			0.78		0.77			0.77
Ratio of net investment income (loss) to average net assets (%)		(0.10	)(e)		(0.13	)		(0.01	)		1.21		0.09			0.40
Portfolio turnover rate (%)		32	(d)		48			120			78		111			91
Net assets, end of period (in millions)	$	971.4		$	831.2		$	982.6		$	571.6	$	568.2		$	644.6
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	34.85		$	34.79		$	27.33		$	24.69	$	25.54		$	22.21
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.07	)		(0.13	)		(0.08	)		0.26		(0.04	)		0.04
Net realized and unrealized gain (loss) on investments		3.64			3.54			8.66			2.38		(0.79	)		3.29
Total from investment operations		3.57			3.41			8.58			2.64		(0.83	)		3.33
Less Distributions
Distributions from net investment income		0.00			0.00			(0.34	)		0.00		(0.02	)		0.00
Distributions from net realized capital gains		(5.06	)		(3.35	)		(0.78	)		0.00		0.00			0.00
Total distributions		(5.06	)		(3.35	)		(1.12	)		0.00		(0.02	)		0.00
Net Asset Value, End of Period	$	33.36		$	34.85		$	34.79		$	27.33	$	24.69		$	25.54
Total Return (%) (c)		10.06	(d)		10.88			32.43			10.69		(3.24	)		14.99
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(e)		1.01			1.00			1.03		1.02			1.02
Net ratio of expenses to average net assets (%) (f)		0.99	(e)		1.00			0.99			1.03		1.02			1.02
Ratio of net investment income (loss) to average net assets (%)		(0.36	)(e)		(0.37	)		(0.25	)		0.98		(0.15	)		0.18
Portfolio turnover rate (%)		32	(d)		48			120			78		111			91
Net assets, end of period (in millions)	$	206.2		$	198.6		$	201.9		$	84.1	$	81.1		$	83.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	36.83		$	36.52		$	28.63		$	25.82	$	26.71		$	23.19
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.04	)		(0.08	)		(0.04	)		0.30		(0.01	)		0.07
Net realized and unrealized gain (loss) on investments		3.84			3.74			9.09			2.51		(0.82	)		3.45
Total from investment operations		3.80			3.66			9.05			2.81		(0.83	)		3.52
Less Distributions
Distributions from net investment income		0.00			0.00			(0.38	)		0.00		(0.06	)		0.00
Distributions from net realized capital gains		(5.06	)		(3.35	)		(0.78	)		0.00		0.00			0.00
Total distributions		(5.06	)		(3.35	)		(1.16	)		0.00		(0.06	)		0.00
Net Asset Value, End of Period	$	35.57		$	36.83		$	36.52		$	28.63	$	25.82		$	26.71
Total Return (%) (c)		10.15	(d)		11.06			32.63			10.88		(3.14	)		15.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(e)		0.86			0.85			0.88		0.87			0.87
Net ratio of expenses to average net assets (%) (f)		0.84	(e)		0.85			0.84			0.88		0.87			0.87
Ratio of net investment income (loss) to average net assets (%)		(0.21	)(e)		(0.22	)		(0.13	)		1.06		(0.03	)		0.29
Portfolio turnover rate (%)		32	(d)		48			120			78		111			91
Net assets, end of period (in millions)	$	103.2		$	101.3		$	107.1		$	99.9	$	113.9		$	148.1
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	36.73		$	36.46		$	28.58		$	25.79	$	26.68		$	23.16
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.05	)		(0.10	)		(0.06	)		0.29		(0.02	)		0.05
Net realized and unrealized gain (loss) on investments		3.84			3.72			9.09			2.50		(0.82	)		3.47
Total from investment operations		3.79			3.62			9.03			2.79		(0.84	)		3.52
Less Distributions
Distributions from net investment income		0.00			0.00			(0.37	)		0.00		(0.05	)		0.00
Distributions from net realized capital gains		(5.06	)		(3.35	)		(0.78	)		0.00		0.00			0.00
Total distributions		(5.06	)		(3.35	)		(1.15	)		0.00		(0.05	)		0.00
Net Asset Value, End of Period	$	35.46		$	36.73		$	36.46		$	28.58	$	25.79		$	26.68
Total Return (%) (c)		10.15	(d)		10.96			32.59			10.82		(3.19	)		15.20
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90	(e)		0.91			0.90			0.93		0.92			0.92
Net ratio of expenses to average net assets (%) (f)		0.89	(e)		0.90			0.89			0.93		0.92			0.92
Ratio of net investment income (loss) to average net assets (%)		(0.26	)(e)		(0.28	)		(0.17	)		1.04		(0.07	)		0.23
Portfolio turnover rate (%)		32	(d)		48			120			78		111			91
Net assets, end of period (in millions)	$	11.6		$	11.2		$	11.7		$	10.3	$	10.9		$	13.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(d) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Frontier Mid Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, D, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-11

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture and ordinary loss netting. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-12

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $21,178,022, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending

MSF-13

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the six months ended June 30, 2015, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 30, 2015 through May 1, 2015, the Portfolio had bought and sold $85,521,979 in notional cost on equity index futures contracts. At June 30, 2015, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2015, the Portfolio had realized gains in the amount of $535,891 which are shown under Net realized gain on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	381,069,238	$	0	$	384,725,503

MSF-14

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

During the six months ended June 30, 2015, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $10,698,435 in purchases of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$4,305,277		0.750	%	Of the first $500 million
		0.700	%	Of the next $500 million
		0.650	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Frontier Capital Management Company, LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	On the first $ 500 million
0.025%	Over $850 million and less than $1 billion
(0.025)%	On the next $250 million

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, D, and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, and E Shares. Under the Distribution and Service Plan, the Class B, D, and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-15

Metropolitan Series Fund

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$65,476,941	$	12,512,009	$	50,255,365	$	24,222,563	$	115,732,306	$	36,734,572

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$25,266,291	$	136,674,827	$	228,350,533	$	—	$	390,291,651

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*—(Continued)

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the Jennison Growth Portfolio returned 8.18%, 8.05%, and 8.12%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 3.96%.

MARKET ENVIRONMENT / CONDITIONS

Weak energy prices and a strong U.S. dollar were key influences on the global economic landscape in the six months ended June 30, 2015. The U.S. remained the strongest of the major global economies. China’s growth continued to slow despite stimulus measures and easing in lending markets. Europe struggled to avert Greece’s looming default even as the country’s new government called for less economic austerity. Tensions between Russia and Ukraine remained elevated with little hint of improvement. Brazil flirted with recession. Japan showed little economic improvement, although its stock market made steady progress as investors hoped a weaker yen would boost exports. These challenges, combined with uncertainty about the timing and pace of anticipated monetary tightening in the U.S., contributed to continued volatility in global financial markets.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Within the Russell 1000 Growth Index, all sectors, with the exception of Utilities, Industrials, and Energy, advanced, but only Health Care, Consumer Discretionary, and Information Technology outpaced the index as a whole. With substantial weights and strong stock selection in these three sectors, the Portfolio posted strong returns and outperformed the benchmark.

In the Consumer Discretionary sector, major contributors to Portfolio returns included Netflix, Amazon.com, and Starbucks. We believe several factors have strengthened the long-term competitive positioning of Netflix, including a shift toward exclusive deals and original content, increasing pricing power, international expansion, and the company’s scale advantage. Subscriber growth at the on-demand streaming media network has been strong.

Amazon has been increasing its business investment to drive unit growth not only in its core retail business but through the proliferation of digital commerce via the mobile market. The stock benefited as investors increasingly appreciated Amazon’s strong execution, long-term revenue growth, margin-expansion potential, and Amazon Web Services cloud infrastructure opportunities.

The strength of the Starbucks brand and the company’s innovation in mobile and loyalty programs helped drive customer traffic and robust sales.

In the Health Care sector, Biogen, Novo Nordisk, and Gilead Sciences were contributors of note. Biogen’s lead product Tecfidera is an oral multiple sclerosis treatment; its ease of use could support broad adoption and sustain Biogen’s market leadership. The company’s drug pipeline includes treatments for hemophilia, Alzheimer’s, and spinal muscular atrophy.

Denmark-based Novo Nordisk, the world’s leading maker of insulin, rose as a new insulin product, already available in Europe and other markets, moved closer to approval in the U.S.

Gilead’s Sovaldi and Harvoni drugs have set a new standard for hepatitis C treatment, curing the vast majority of patients in about 12 weeks with few side effects. The company’s oncology pipeline also looks promising.

In the Information Technology sector, Apple’s strength reflected expanding global acceptance of its platform. We expect that new products and updates will sustain the company’s attractive revenue growth.

Tencent Holdings performed well thanks to its leading position in China’s online gaming and instant-messaging markets as well as its growing e-commerce, advertising, and payment-service efforts. In contrast, another Chinese Internet company, Alibaba, was hurt by worries related to changes in keyword search, the transition to more mobile-device-based transactions, and an at-times-unsettled relationship with its main corporate regulator in China. We believe Alibaba, with its dominant market share, offers an attractive opportunity to invest in the long-term growth of the Chinese e-commerce market, which in our view is meaningfully underpenetrated.

The Portfolio’s Industrials positions lagged the benchmark sector. Precision Castparts, which makes structural investment castings, forged components, and airfoil castings for aircraft engines and industrial gas turbines, reported disappointing results. Rail freight carriers Canadian Pacific Railway and Union Pacific were hurt by lower volumes of a variety of commodities, including oil, grain, and coal, being shipped on their rail lines.

MSF-1

Metropolitan Series Fund

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*

In Materials, Monsanto’s decline reflected a tough agricultural environment. We believe the company, which makes genetically modified seeds and agricultural chemicals, continues to execute well.

The Portfolio is constructed through individual stock selection, based on the fundamentals of individual companies. Sector weights over the course of 2015’s first six months were largely stable, with the Portfolio’s weight in Industrials decreasing. Relative to the Russell 1000 Growth Index benchmark, at period end the Portfolio remained overweight Information Technology, Consumer Discretionary, and Health Care, and underweight Consumer Staples and Industrials.

Kathleen A. McCarragher

Spiros “Sig” Segalas

Michael A. Del Balso

Portfolio Managers

Jennison Associates LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Jennison Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
Jennison Growth Portfolio
Class A		8.18		13.57		18.52		9.31
Class B		8.05		13.27		18.24		9.03
Class E		8.12		13.39		18.35		9.14
Russell 1000 Growth Index		3.96		10.56		18.59		9.10

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Apple, Inc.		6.4
Facebook, Inc. - Class A		3.7
MasterCard, Inc. - Class A		3.3
Amazon.com, Inc.		3.3
NIKE, Inc. - Class B		2.7
Biogen, Inc.		2.6
Visa, Inc. - Class A		2.5
Allergan plc		2.4
Netflix, Inc.		2.3
Walt Disney Co. (The)		2.3

Top Sectors

	% of Net Assets
Information Technology		34.5
Consumer Discretionary		28.0
Health Care		21.5
Financials		4.4
Consumer Staples		3.5
Energy		3.1
Industrials		2.5
Materials		2.1

MSF-3

Metropolitan Series Fund

Jennison Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Jennison Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.54	%	$	1,000.00	$	1,081.80	$	2.79
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71
Class B(a)	Actual		0.79	%	$	1,000.00	$	1,080.50	$	4.08
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96
Class E(a)	Actual		0.69	%	$	1,000.00	$	1,081.20	$	3.56
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.5%
Boeing Co. (The)		319,856	$	44,370,424
Automobiles—1.6%
Tesla Motors, Inc. (a) (b)		175,218		47,003,981
Beverages—0.5%
Monster Beverage Corp. (a)		110,943		14,868,581
Biotechnology—9.1%
Alexion Pharmaceuticals, Inc. (a)		253,431		45,812,722
Biogen, Inc. (a)		185,978		75,123,953
Celgene Corp. (a)		319,473		36,974,208
Gilead Sciences, Inc.		404,717		47,384,266
Regeneron Pharmaceuticals, Inc. (a)		68,499		34,943,395
Vertex Pharmaceuticals, Inc. (a)		211,048		26,060,207
				266,298,751
Capital Markets—2.3%
Goldman Sachs Group, Inc. (The)		145,102		30,295,846
Morgan Stanley		956,321		37,095,692
				67,391,538
Chemicals—2.1%
Monsanto Co.		372,695		39,725,560
Sherwin-Williams Co. (The)		83,159		22,870,388
				62,595,948
Diversified Financial Services—1.0%
McGraw Hill Financial, Inc.		291,464		29,277,559
Electronic Equipment, Instruments & Components—0.0%
Fitbit, Inc. - Class A (a)		20,549		785,588
Energy Equipment & Services—0.9%
Schlumberger, Ltd.		315,114		27,159,676
Food & Staples Retailing—2.4%
Costco Wholesale Corp.		312,386		42,190,853
Kroger Co. (The)		375,503		27,227,723
				69,418,576
Food Products—0.6%
Mondelez International, Inc. - Class A		397,704		16,361,543
Health Care Equipment & Supplies—1.6%
Abbott Laboratories		937,967		46,035,420
Hotels, Restaurants & Leisure—4.5%
Chipotle Mexican Grill, Inc. (a)		45,187		27,337,683
Marriott International, Inc. - Class A		586,372		43,620,213
Starbucks Corp.		1,137,699		60,997,732
				131,955,628
Internet & Catalog Retail—9.0%
Amazon.com, Inc. (a)		223,193		96,885,850
JD.com, Inc. (ADR) (a)		897,040		30,589,064
Netflix, Inc. (a)		104,463		68,625,923
Priceline Group, Inc. (The) (a)		39,487		45,464,147
TripAdvisor, Inc. (a)		177,212		15,442,254
Vipshop Holdings, Ltd. (ADR) (a) (b)		245,765		5,468,271
				262,475,509
Internet Software & Services—11.7%
Alibaba Group Holding, Ltd. (ADR) (a)		341,258		28,075,296
Facebook, Inc. - Class A (a)		1,245,974		106,860,960
Google, Inc. - Class A (a)		83,663		45,181,367
Google, Inc. - Class C (a)		84,341		43,900,334
LendingClub Corp. (a)		63,527		937,023
LinkedIn Corp. - Class A (a)		230,705		47,670,574
Tencent Holdings, Ltd.		2,444,523		48,703,379
Twitter, Inc. (a)		579,442		20,987,389
				342,316,322
IT Services—5.8%
MasterCard, Inc. - Class A		1,043,392		97,536,284
Visa, Inc. - Class A (b)		1,083,753		72,774,014
				170,310,298
Life Sciences Tools & Services—1.7%
Illumina, Inc. (a)		228,712		49,941,552
Media—3.3%
Time Warner, Inc.		349,592		30,557,837
Walt Disney Co. (The)		579,196		66,109,431
				96,667,268
Multiline Retail—0.9%
Dollar General Corp.		353,611		27,489,719
Oil, Gas & Consumable Fuels—2.2%
Concho Resources, Inc. (a)		293,282		33,393,089
EOG Resources, Inc.		337,495		29,547,687
				62,940,776
Pharmaceuticals—9.1%
Allergan plc (a)		233,285		70,792,666
Bristol-Myers Squibb Co.		981,383		65,301,225
Merck & Co., Inc.		587,981		33,473,758
Novo Nordisk A/S (ADR)		814,181		44,584,552
Shire plc (ADR)		212,512		51,319,523
				265,471,724
Real Estate Investment Trusts—1.1%
American Tower Corp.		347,754		32,441,971
Road & Rail—1.0%
Canadian Pacific Railway, Ltd.		176,796		28,328,023

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—2.0%
ARM Holdings plc (ADR) (b)		625,091	$	30,798,234
NXP Semiconductors NV (a)		265,772		26,098,810
				56,897,044
Software—8.6%
Adobe Systems, Inc. (a)		641,016		51,928,706
FireEye, Inc. (a) (b)		411,400		20,121,574
Red Hat, Inc. (a)		584,900		44,411,457
Salesforce.com, Inc. (a)		780,958		54,378,106
Splunk, Inc. (a)		457,737		31,867,650
VMware, Inc. - Class A (a)		234,706		20,123,692
Workday, Inc. - Class A (a) (b)		371,813		28,402,795
				251,233,980
Specialty Retail—4.6%
Inditex S.A.		1,529,780		49,887,396
O’Reilly Automotive, Inc. (a)		172,402		38,959,404
Tiffany & Co.		168,930		15,507,774
TJX Cos., Inc. (The)		458,136		30,314,859
				134,669,433
Technology Hardware, Storage & Peripherals—6.4%
Apple, Inc.		1,493,711		187,348,702
Textiles, Apparel & Luxury Goods—4.1%
NIKE, Inc. - Class B		720,568		77,835,755
Under Armour, Inc. - Class A (a) (b)		484,193		40,401,064
				118,236,819
Total Common Stocks (Cost $1,966,745,899)				2,910,292,353
Short-Term Investment—4.9%
Security Description	Shares		Value
Mutual Fund—4.9%
State Street Navigator Securities Lending MET Portfolio (c)		141,603,647		141,603,647
Total Short-Term Investment (Cost $141,603,647)				141,603,647
Total Investments—104.5% (Cost $2,108,349,546) (d)				3,051,896,000
Other assets and liabilities (net)—(4.5)%				(130,635,779	)
Net Assets—100.0%			$	2,921,260,221

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $166,360,000 and the collateral received consisted of cash in the amount of $141,603,647 and non-cash collateral with a value of $26,352,593. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $2,108,349,546. The aggregate unrealized appreciation and depreciation of investments were $968,060,599 and $(24,514,145), respectively, resulting in net unrealized appreciation of $943,546,454.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	44,370,424	$	—		$	—	$	44,370,424
Automobiles		47,003,981		—			—		47,003,981
Beverages		14,868,581		—			—		14,868,581
Biotechnology		266,298,751		—			—		266,298,751
Capital Markets		67,391,538		—			—		67,391,538
Chemicals		62,595,948		—			—		62,595,948
Diversified Financial Services		29,277,559		—			—		29,277,559
Electronic Equipment, Instruments & Components		785,588		—			—		785,588
Energy Equipment & Services		27,159,676		—			—		27,159,676
Food & Staples Retailing		69,418,576		—			—		69,418,576
Food Products		16,361,543		—			—		16,361,543
Health Care Equipment & Supplies		46,035,420		—			—		46,035,420
Hotels, Restaurants & Leisure		131,955,628		—			—		131,955,628
Internet & Catalog Retail		262,475,509		—			—		262,475,509
Internet Software & Services		293,612,943		48,703,379			—		342,316,322
IT Services		170,310,298		—			—		170,310,298
Life Sciences Tools & Services		49,941,552		—			—		49,941,552
Media		96,667,268		—			—		96,667,268
Multiline Retail		27,489,719		—			—		27,489,719
Oil, Gas & Consumable Fuels		62,940,776		—			—		62,940,776
Pharmaceuticals		265,471,724		—			—		265,471,724
Real Estate Investment Trusts		32,441,971		—			—		32,441,971
Road & Rail		28,328,023		—			—		28,328,023
Semiconductors & Semiconductor Equipment		56,897,044		—			—		56,897,044
Software		251,233,980		—			—		251,233,980
Specialty Retail		84,782,037		49,887,396			—		134,669,433
Technology Hardware, Storage & Peripherals		187,348,702		—			—		187,348,702
Textiles, Apparel & Luxury Goods		118,236,819		—			—		118,236,819
Total Common Stocks		2,811,701,578		98,590,775			—		2,910,292,353
Total Short-Term Investment*		141,603,647		—			—		141,603,647
Total Investments	$	2,953,305,225	$	98,590,775		$	—	$	3,051,896,000
Collateral for securities loaned (Liability)	$	—	$	(141,603,647	)	$	—	$	(141,603,647	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Jennison Growth Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	3,051,896,000
Receivable for:
Investments sold		20,714,687
Fund shares sold		282,055
Dividends		1,309,372
Total Assets		3,074,202,114
Liabilities
Due to custodian		6,312,895
Collateral for securities loaned		141,603,647
Payables for:
Fund shares redeemed		3,178,365
Accrued expenses:
Management fees		1,269,802
Distribution and service fees		189,226
Deferred trustees’ fees		128,301
Other expenses		259,657
Total Liabilities		152,941,893
Net Assets	$	2,921,260,221
Net assets consist of:
Paid in surplus	$	1,772,574,204
Undistributed net investment income		3,705,253
Accumulated net realized gain		201,438,896
Unrealized appreciation on investments and foreign currency transactions		943,541,868
Net Assets	$	2,921,260,221
Net Assets
Class A	$	2,005,203,415
Class B		903,709,733
Class E		12,347,073
Capital Shares Outstanding*
Class A		134,184,584
Class B		61,173,271
Class E		830,064
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.94
Class B		14.77
Class E		14.87

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,108,349,546.

(b) Includes securities loaned at value of $166,360,000.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	12,816,990
Securities lending income		209,141
Total investment income		13,026,131
Expenses
Management fees		8,825,167
Administration fees		34,551
Custodian and accounting fees		123,170
Distribution and service fees—Class B		1,137,016
Distribution and service fees—Class E		9,162
Audit and tax services		20,058
Legal		14,250
Trustees’ fees and expenses		19,348
Shareholder reporting		79,002
Insurance		9,518
Miscellaneous		12,524
Total expenses		10,283,766
Less management fee waiver		(1,111,902	)
Less broker commission recapture		(87,282	)
Net expenses		9,084,582
Net Investment Income		3,941,549
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		202,736,415
Foreign currency transactions		(1,836	)
Net realized gain		202,734,579
Net change in unrealized appreciation on:
Investments		29,878,606
Foreign currency transactions		3,986
Net change in unrealized appreciation		29,882,592
Net realized and unrealized gain		232,617,171
Net Increase in Net Assets From Operations	$	236,558,720

(a) Net of foreign withholding taxes of $179,574.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Jennison Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,941,549		$	5,758,518
Net realized gain		202,734,579			438,262,968
Net change in unrealized appreciation (depreciation)		29,882,592			(181,691,965	)
Increase in net assets from operations		236,558,720			262,329,521
From Distributions to Shareholders
Net investment income
Class A		(5,448,743	)		(5,936,824	)
Class B		(104,756	)		(296,189	)
Class E		(14,860	)		(14,912	)
Net realized capital gains
Class A		(300,608,310	)		(120,715,426	)
Class B		(135,816,086	)		(50,589,027	)
Class E		(1,834,915	)		(670,256	)
Total distributions		(443,827,670	)		(178,222,634	)
Increase (decrease) in net assets from capital share transactions		161,986,370			(438,747,525	)
Total decrease in net assets		(45,282,580	)		(354,640,638	)
Net Assets
Beginning of period		2,966,542,801			3,321,183,439
End of period	$	2,921,260,221		$	2,966,542,801
Undistributed net investment income
End of period	$	3,705,253		$	5,332,063

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		773,575		$	13,039,161			3,320,463		$	50,121,269
Reinvestments		20,309,028			306,057,053			8,906,628			126,652,250
Redemptions		(13,059,638	)		(219,505,128	)		(33,440,544	)		(516,618,578	)
Net increase (decrease)		8,022,965		$	99,591,086			(21,213,453	)	$	(339,845,059	)
Class B
Sales		1,389,216		$	23,110,227			3,944,009		$	59,629,111
Reinvestments		9,122,204			135,920,842			3,614,007			50,885,216
Redemptions		(5,853,964	)		(97,875,692	)		(13,416,857	)		(208,561,548	)
Net increase (decrease)		4,657,456		$	61,155,377			(5,858,841	)	$	(98,047,221	)
Class E
Sales		59,811		$	993,475			88,476		$	1,389,901
Reinvestments		123,318			1,849,775			48,353			685,168
Redemptions		(95,114	)		(1,603,343	)		(187,879	)		(2,930,314	)
Net increase (decrease)		88,015		$	1,239,907			(51,050	)	$	(855,245	)
Increase (decrease) derived from capital shares transactions				$	161,986,370					$	(438,747,525	)

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.23		$	15.82		$	11.73		$	12.14		$	12.11		$	10.91
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.04			0.04			0.07			0.03			0.04
Net realized and unrealized gain on investments		1.32			1.26			4.25			1.88			0.03			1.23
Total from investment operations		1.35			1.30			4.29			1.95			0.06			1.27
Less Distributions
Distributions from net investment income		(0.05	)		(0.04	)		(0.06	)		(0.03	)		(0.03	)		(0.07	)
Distributions from net realized capital gains		(2.59	)		(0.85	)		(0.14	)		(2.33	)		0.00			0.00
Total distributions		(2.64	)		(0.89	)		(0.20	)		(2.36	)		(0.03	)		(0.07	)
Net Asset Value, End of Period	$	14.94		$	16.23		$	15.82		$	11.73		$	12.14		$	12.11
Total Return (%) (b)		8.18	(c)		9.06			37.00			15.78			0.51			11.63
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(d)		0.62			0.62			0.64			0.64			0.64
Net ratio of expenses to average net assets (%) (e)		0.54	(d)		0.54			0.55			0.57			0.57			0.59
Ratio of net investment income to average net assets (%)		0.34	(d)		0.26			0.31			0.58			0.22			0.35
Portfolio turnover rate (%)		14	(c)		25			36			41			47			66
Net assets, end of period (in millions)	$	2,005.2		$	2,047.5		$	2,332.0		$	1,744.7		$	997.2		$	1,852.8
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.05		$	15.66		$	11.61		$	12.03		$	12.01		$	10.83
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.00	(f)		0.01			0.03			0.00	(f)		0.01
Net realized and unrealized gain on investments		1.30			1.25			4.21			1.88			0.03			1.21
Total from investment operations		1.31			1.25			4.22			1.91			0.03			1.22
Less Distributions
Distributions from net investment income		(0.00	)(g)		(0.01	)		(0.03	)		(0.00	)(g)		(0.01	)		(0.04	)
Distributions from net realized capital gains		(2.59	)		(0.85	)		(0.14	)		(2.33	)		0.00			0.00
Total distributions		(2.59	)		(0.86	)		(0.17	)		(2.33	)		(0.01	)		(0.04	)
Net Asset Value, End of Period	$	14.77		$	16.05		$	15.66		$	11.61		$	12.03		$	12.01
Total Return (%) (b)		8.05	(c)		8.74			36.73			15.56			0.22			11.31
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.87			0.87			0.89			0.89			0.89
Net ratio of expenses to average net assets (%) (e)		0.79	(d)		0.79			0.80			0.82			0.82			0.84
Ratio of net investment income to average net assets (%)		0.09	(d)		0.01			0.06			0.30			0.02			0.10
Portfolio turnover rate (%)		14	(c)		25			36			41			47			66
Net assets, end of period (in millions)	$	903.7		$	907.1		$	976.7		$	804.2		$	429.9		$	425.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.15		$	15.75		$	11.67		$	12.09		$	12.07		$	10.88
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.02			0.02			0.04			0.01			0.02
Net realized and unrealized gain on investments		1.31			1.25			4.24			1.88			0.03			1.22
Total from investment operations		1.33			1.27			4.26			1.92			0.04			1.24
Less Distributions
Distributions from net investment income		(0.02	)		(0.02	)		(0.04	)		(0.01	)		(0.02	)		(0.05	)
Distributions from net realized capital gains		(2.59	)		(0.85	)		(0.14	)		(2.33	)		0.00			0.00
Total distributions		(2.61	)		(0.87	)		(0.18	)		(2.34	)		(0.02	)		(0.05	)
Net Asset Value, End of Period	$	14.87		$	16.15		$	15.75		$	11.67		$	12.09		$	12.07
Total Return (%) (b)		8.12	(c)		8.86			36.90			15.58			0.31			11.44
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77	(d)		0.77			0.77			0.79			0.79			0.79
Net ratio of expenses to average net assets (%) (e)		0.69	(d)		0.69			0.70			0.72			0.72			0.74
Ratio of net investment income to average net assets (%)		0.19	(d)		0.11			0.16			0.38			0.12			0.21
Portfolio turnover rate (%)		14	(c)		25			36			41			47			66
Net assets, end of period (in millions)	$	12.3		$	12.0		$	12.5		$	11.8		$	8.9		$	10.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(f) Net investment income (loss) was less than $0.01.

(g) Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Jennison Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-12

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-13

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing

MSF-14

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	421,767,553	$	0	$	701,447,601

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$8,825,167		0.700	%	Of the first $200 million
		0.650	%	Of the next $300 million
		0.600	%	Of the next $1.5 billion
		0.550	%	On amounts in excess of $2 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Jennison Associates LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 through April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $200 million
0.050%	Over $300 million and less than $1 billion
0.100%	On the next $1 billion
0.080%	On amounts in excess of $2 billion

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-15

Metropolitan Series Fund

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$6,247,925	$	9,959,764	$	171,974,709	$	28,851,960	$	178,222,634	$	38,811,724

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$8,090,976	$	435,464,157	$	912,525,741	$	—	$	1,356,080,874

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Managed By Loomis, Sayles & Company L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the Loomis Sayles Small Cap Core Portfolio returned 6.62%, 6.49%, and 6.54%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 4.75%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities recorded mixed returns for the first six months of 2015, as conflicted investors weighed prospects of accelerating economic growth against that acceleration ending the Federal Reserve’s (the “Fed”) multi-year easy money regime. The Fed continued its data-dependent stance regarding potentially higher interest rates. Tension in the Greek economic situation also led to higher volatility. Merger-and-acquisition (“M&A”) activity seemed to accelerate. Small cap stocks posted solid gains, while large cap equities lagged. This marked the third consecutive quarter small cap stocks outperformed large, following a five-quarter advantage of large over small. While no specific factor explains the recent advantage of small over large, relative valuation, higher investor risk appetite, less exposure to the strong dollar, and relative valuation may all have, in some way, contributed to the change. More notably, small cap growth stocks outperformed small cap value. Following small growth outperformance in both 2013 and 2014, the lead has been extended further in the first six months of 2015. While the advantage of growth over value can be observed across most economic sectors, strong performance in Biopharmaceuticals (a large weighting in small cap growth indices) and weak performance in Real Estate Investment Trusts (“REITs”) (a large weighting in value indices) have contributed to the most recent performance differential. The Russell 2000 Growth Index returned 8.7%, while the Russell 2000 Value Index returned 0.8%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period, Portfolio outperformance was driven by favorable stock selection, while sector allocation slightly detracted. Of note, M&A activity generally increased throughout the economy, and the Portfolio benefited as well. Eight Portfolio holdings agreed to merger proposals during the period. The Financials sector was the top-contributing sector in terms of stock selection. Key drivers included the announced acquisition of HCC Insurance Holdings, Inc., strong performance in a number of bank stock holdings and the Portfolio’s below-benchmark weighting in the underperforming REIT industry. The Portfolio’s Consumer Discretionary sector holdings also outperformed due to strong stock selection. While Industrials stocks lagged the market overall, the Portfolio’s holdings in aggregate outperformed, driven by strong returns in business services holdings RPX Corporation, Insperity, Inc. (position was sold during the period) and CEB Inc. In addition, Exelis Inc. was acquired by Harris Corporation and eliminated from the Portfolio. The outperformance of the Financials and Consumer Discretionary sectors was partially offset by unfavorable stock selection in the Energy and Materials sectors. Relative to our benchmark, the Healthcare sector was the biggest detractor due to the Portfolio’s underweight in the biotechnology industry.

Top-performing individual holdings were HCC Insurance Holdings, Inc., Pinnacle Financial Partners, Inc. and Cambrex Corporation. HCC Insurance Holdings, increased 44.9% (during the period) after accepting an offer to be acquired by Tokio Marine, a Japan-based provider of property, casualty and life insurance. Pinnacle Financial Partners, a Nashville-based commercial bank, had an impressive six months, with robust organic loan growth, the announcement of the acquisition of Magna Bank and a separate lending team in Memphis (a key market of interest), and the acquisition of a stake in CapitalMark, a Healthcare Finance company. The deals should be accretive to both tangible book value and earnings and support Pinnacle Financial Partners’ growth strategy. Cambrex Corporation, a provider of small molecule Active Pharmaceutical Ingredients (APIs) for branded and generic pharmaceuticals, reported very strong first-quarter earnings due to increased demand across all product categories.

Detractors from performance included Helix Energy Solutions Group, Inc., WageWorks, Inc. and Semtech Corporation. Helix Energy Solutions, a provider of intervention services for deepwater oil and gas wells, had materially outperformed the Energy sector during 2014 given the company’s conservative balance sheet and superior cash flow capability relative to most in the sector. Much of that outperformance from 2014 reversed during the first six months of 2015, as the company missed consensus estimates on fourth-quarter earnings and reported one smaller contract cancellation as well as one larger contract delay. Employee benefit administrator WageWorks declined as investors appeared to take profits after a strong finish to 2014. Also, one of WageWorks’ private exchange partners announced an acquisition during the second quarter, likely displacing WageWorks and resulting in the loss of a high-profile channel partner. WageWorks was sold during the period. Semtech Corporation is a leading supplier of high-quality analog and mixed-signal semiconductor products. The company reported first-quarter revenues slightly below consensus and at the low end of guidance. The company cited weak demand from their largest smartphone customer and lowered second-quarter guidance. The Portfolio reduced the position during the first quarter at higher prices.

During the reporting period, Portfolio changes were made to add new stocks with attractive investment potential and to eliminate holdings where valuation had exceeded our target levels or where fundamental trends strayed from our investment thesis. New holdings included two Healthcare stocks: Catalent Inc., a provider of manufacturing services for pharmaceutical and consumer health products, and Halyard Health Inc., a provider of surgical supplies and medical devices. Both stocks appeared attractively valued, despite the strong run Healthcare stocks have had over the last several quarters. We also added Booz Allen Hamilton Holding Corporation, a leading provider of technology and engineering services to the U.S. government. Recent weakness in Booz Allen’s shares provided an attractive entry point, and we expect an improving outlook following several difficult years of Federal government budget restraint and sequestration. Additional purchases included Monro Muffler Brake,

MSF-1

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Managed By Loomis, Sayles & Company L.P.

Portfolio Manager Commentary*—(Continued)

Inc. and Columbia Sportswear Company. Monro Muffler Brake is a secular growth story via share gains in the automotive repair and tire retail industry, where there are legitimate economies of scale. We also anticipate a positive change in direction of same-store sales performance. New product innovation in technical outwear, apparel and footwear, as well as brand invigoration (Columbia, Sorel, and Prana), have increased investor confidence in Columbia Sportswear’s ability to leverage its distribution power to gain market share. Eliminations included Exelis Inc., RTI International Metals, Inc., and Journal Communications, Inc.; all three were in the process of being or were recently acquired. Potlatch Corporation and P.H. Glatfelter Company were sold in favor of new ideas. TriNet Group, Inc., a human resources and consulting services provider, was eliminated as it seems to be growing faster than the company can manage and seems to have lost control of its ability to effectively price its services.

While we do not make major adjustments to the Portfolio based on near-term macroeconomic expectations, they are part of the mosaic of inputs. We also adjust position sizes to reflect our fundamental level of conviction and the risk/reward outlook. Sector weight changes during the six-month period ending June 30, 2015 were modest, resulting in slight changes to the positioning of the Portfolio. As a result of individual stock selection, the Portfolio’s weight in the Materials and Industrials sectors was reduced and its weight to the Financials and Consumer Discretionary sectors increased. At the end of the period, the Portfolio was overweight the Industrials and Consumer Discretionary sectors and underweight Healthcare sectors. All other sectors were relatively close to the benchmark weights.

Mark Burns

John Slavik

Joe Gatz

Jeff Schwartz

Portfolio Managers

Loomis, Sayles & Company, L.P.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Core Portfolio
Class A		6.62		8.09		18.81		10.27
Class B		6.49		7.82		18.52		10.00
Class E		6.54		7.93		18.63		10.11
Russell 2000 Index		4.75		6.49		17.08		8.40

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Euronet Worldwide, Inc.		1.2
Pinnacle Financial Partners, Inc.		1.0
Signature Bank		0.9
RBC Bearings, Inc.		0.9
Diamond Resorts International, Inc.		0.9
Talmer Bancorp, Inc. - Class A		0.8
Cathay General Bancorp		0.8
Marriott Vacations Worldwide Corp.		0.8
Cynosure, Inc. - Class A		0.8
MarketAxess Holdings, Inc.		0.7

Top Sectors

	% of Net Assets
Financials		22.7
Consumer Discretionary		19.0
Information Technology		18.6
Industrials		17.7
Health Care		11.5
Energy		2.9
Materials		2.5
Consumer Staples		2.1
Utilities		1.6

MSF-3

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Loomis Sayles Small Cap Core Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.88	%	$	1,000.00	$	1,066.20	$	4.51
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41
Class B(a)	Actual		1.13	%	$	1,000.00	$	1,064.90	$	5.79
	Hypothetical*		1.13	%	$	1,000.00	$	1,019.19	$	5.66
Class E(a)	Actual		1.03	%	$	1,000.00	$	1,065.40	$	5.27
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.0%
DigitalGlobe, Inc. (a)		45,723	$	1,270,642
Hexcel Corp.		34,400		1,711,056
KLX, Inc. (a)		17,517		773,025
Vectrus, Inc. (a)		42,098		1,046,978
				4,801,701
Air Freight & Logistics—0.7%
Echo Global Logistics, Inc. (a)		50,625		1,653,412
XPO Logistics, Inc. (a) (b)		42,226		1,907,771
				3,561,183
Airlines—0.2%
Spirit Airlines, Inc. (a)		15,551		965,717
Auto Components—1.7%
Fox Factory Holding Corp. (a)		112,076		1,802,182
Gentherm, Inc. (a)		24,549		1,347,986
Metaldyne Performance Group, Inc.		85,563		1,552,968
Remy International, Inc.		95,986		2,122,251
Tenneco, Inc. (a)		22,073		1,267,873
				8,093,260
Banks—11.6%
BancorpSouth, Inc.		125,361		3,229,299
Bank of the Ozarks, Inc.		48,820		2,233,515
Bryn Mawr Bank Corp.		41,391		1,248,353
Cathay General Bancorp		125,984		4,088,181
City National Corp.		16,347		1,477,605
CVB Financial Corp. (b)		142,216		2,504,424
First Financial Bancorp		144,502		2,592,366
First Financial Bankshares, Inc. (b)		75,521		2,616,047
Home BancShares, Inc.		54,813		2,003,963
Iberiabank Corp.		46,332		3,161,232
LegacyTexas Financial Group, Inc.		21,624		653,045
PacWest Bancorp (b)		72,443		3,387,435
Pinnacle Financial Partners, Inc.		90,057		4,896,399
Popular, Inc. (a)		75,510		2,179,219
PrivateBancorp, Inc.		52,232		2,079,878
Prosperity Bancshares, Inc. (b)		53,642		3,097,289
Signature Bank (a)		29,196		4,274,003
Talmer Bancorp, Inc. - Class A		244,248		4,091,154
Texas Capital Bancshares, Inc. (a)		38,371		2,388,211
Triumph Bancorp, Inc. (a)		35,029		460,631
Wintrust Financial Corp.		61,820		3,299,952
				55,962,201
Beverages—0.3%
Cott Corp.		163,227		1,596,360
Biotechnology—3.1%
Acorda Therapeutics, Inc. (a)		42,840		1,427,857
Amicus Therapeutics, Inc. (a)		68,503		969,318
Anacor Pharmaceuticals, Inc. (a) (b)		14,144		1,095,170
Chimerix, Inc. (a) (b)		26,280		1,214,136
Emergent Biosolutions, Inc. (a) (b)		65,414		2,155,391
Biotechnology—(Continued)
Insys Therapeutics, Inc. (a) (b)		58,996	$	2,119,136
MiMedx Group, Inc. (a) (b)		122,667		1,421,711
Neurocrine Biosciences, Inc. (a)		23,004		1,098,671
Receptos, Inc. (a) (b)		7,713		1,465,856
TESARO, Inc. (a) (b)		17,423		1,024,298
Zafgen, Inc. (a) (b)		32,935		1,140,539
				15,132,083
Building Products—2.1%
Apogee Enterprises, Inc.		30,934		1,628,366
Armstrong World Industries, Inc. (a)		35,535		1,893,305
Caesarstone Sdot-Yam, Ltd.		25,704		1,761,752
Masonite International Corp. (a)		24,904		1,746,019
NCI Building Systems, Inc. (a)		67,217		1,012,960
Trex Co., Inc. (a)		41,076		2,030,387
				10,072,789
Capital Markets—1.9%
Artisan Partners Asset Management, Inc. - Class A		36,664		1,703,409
Hercules Technology Growth Capital, Inc. (b)		122,023		1,409,366
HFF, Inc. - Class A		51,240		2,138,245
Safeguard Scientifics, Inc. (a) (b)		43,441		845,362
Stifel Financial Corp. (a)		56,327		3,252,321
				9,348,703
Chemicals—0.9%
Cabot Corp.		27,204		1,014,437
Minerals Technologies, Inc.		36,581		2,492,263
Tronox, Ltd. - Class A		67,155		982,478
				4,489,178
Commercial Services & Supplies—2.9%
Healthcare Services Group, Inc. (b)		55,202		1,824,426
KAR Auction Services, Inc.		86,743		3,244,188
Knoll, Inc.		61,943		1,550,433
McGrath RentCorp		34,930		1,062,920
Rollins, Inc.		31,750		905,828
Viad Corp.		52,961		1,435,773
Waste Connections, Inc.		32,277		1,520,892
West Corp.		77,249		2,325,195
				13,869,655
Communications Equipment—0.6%
Calix, Inc. (a)		131,380		999,802
Ciena Corp. (a) (b)		45,823		1,085,089
Digi International, Inc. (a)		78,542		750,076
				2,834,967
Construction & Engineering—0.8%
MYR Group, Inc. (a)		68,157		2,110,141
Primoris Services Corp. (b)		94,005		1,861,299
				3,971,440

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Construction Materials—0.2%
Summit Materials, Inc. - Class A (a)		39,812	$	1,015,206
Consumer Finance—0.5%
Credit Acceptance Corp. (a)		3,753		923,913
Encore Capital Group, Inc. (a) (b)		37,967		1,622,710
				2,546,623
Distributors—0.8%
Core-Mark Holding Co., Inc.		35,474		2,101,835
Pool Corp.		27,923		1,959,636
				4,061,471
Diversified Consumer Services—1.2%
2U, Inc. (a)		34,249		1,102,475
Bright Horizons Family Solutions, Inc. (a)		38,359		2,217,150
Nord Anglia Education, Inc. (a)		97,049		2,379,642
				5,699,267
Diversified Financial Services—1.2%
FNFV Group (a)		159,280		2,449,726
MarketAxess Holdings, Inc.		38,493		3,570,996
				6,020,722
Electric Utilities—1.1%
ALLETE, Inc.		60,842		2,822,460
UIL Holdings Corp.		50,824		2,328,756
				5,151,216
Electrical Equipment—1.2%
AZZ, Inc.		15,920		824,656
Babcock & Wilcox Co. (The)		80,726		2,647,813
EnerSys (b)		33,517		2,355,910
				5,828,379
Electronic Equipment, Instruments & Components—3.1%
Belden, Inc.		37,769		3,067,976
FEI Co.		20,659		1,713,251
IPG Photonics Corp. (a)		20,672		1,760,738
Littelfuse, Inc.		37,252		3,534,842
Methode Electronics, Inc.		50,609		1,389,217
Rogers Corp. (a)		40,620		2,686,607
Vishay Intertechnology, Inc. (b)		82,858		967,781
				15,120,412
Energy Equipment & Services—1.5%
Bristow Group, Inc. (b)		34,488		1,838,210
Dril-Quip, Inc. (a)		20,465		1,539,991
Helix Energy Solutions Group, Inc. (a)		166,030		2,096,959
Natural Gas Services Group, Inc. (a)		31,607		721,272
Nuverra Environmental Solutions, Inc. (a)		1,763		11,054
Parker Drilling Co. (a)		337,922		1,121,901
				7,329,387
Food & Staples Retailing—0.6%
SpartanNash Co.		93,044		3,027,652
Food Products—1.1%
Freshpet, Inc. (a) (b)		76,112		1,415,683
J&J Snack Foods Corp.		6,991		773,694
Post Holdings, Inc. (a) (b)		61,181		3,299,491
				5,488,868
Health Care Equipment & Supplies—2.6%
Cynosure, Inc. - Class A (a)		94,092		3,630,069
Halyard Health, Inc. (a) (b)		29,720		1,203,660
Inogen, Inc. (a)		40,308		1,797,737
LDR Holding Corp. (a) (b)		34,040		1,472,230
Quidel Corp. (a) (b)		52,854		1,212,999
SurModics, Inc. (a) (b)		42,270		989,963
Teleflex, Inc. (b)		17,290		2,341,931
				12,648,589
Health Care Providers & Services—3.1%
Acadia Healthcare Co., Inc. (a) (b)		39,552		3,098,108
Adeptus Health, Inc. - Class A (a)		11,395		1,082,411
Amsurg Corp. (a)		37,382		2,614,871
Bio-Reference Labs, Inc. (a)		27,893		1,150,586
BioScrip, Inc. (a) (b)		90,658		329,089
ExamWorks Group, Inc. (a) (b)		22,796		891,324
Magellan Health, Inc. (a)		29,240		2,048,847
Team Health Holdings, Inc. (a)		32,994		2,155,498
WellCare Health Plans, Inc. (a)		16,551		1,404,021
				14,774,755
Health Care Technology—0.4%
Medidata Solutions, Inc. (a)		36,641		1,990,339
Hotels, Restaurants & Leisure—5.4%
Carrols Restaurant Group, Inc. (a)		78,313		814,455
Churchill Downs, Inc.		26,965		3,371,973
Cracker Barrel Old Country Store, Inc. (b)		6,635		989,677
Dave & Buster’s Entertainment, Inc. (a)		40,940		1,477,525
Diamond Resorts International, Inc. (a) (b)		133,653		4,216,752
Krispy Kreme Doughnuts, Inc. (a)		79,494		1,531,054
Marriott Vacations Worldwide Corp.		42,978		3,943,231
Popeyes Louisiana Kitchen, Inc. (a)		30,894		1,853,331
Six Flags Entertainment Corp. (b)		58,762		2,635,476
Texas Roadhouse, Inc.		36,602		1,370,013
Vail Resorts, Inc.		21,890		2,390,388
Zoe’s Kitchen, Inc. (a) (b)		39,005		1,596,865
				26,190,740
Household Durables—1.2%
Jarden Corp. (a)		46,469		2,404,771
La-Z-Boy, Inc.		26,321		693,295
Libbey, Inc.		64,321		2,658,387
				5,756,453

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Industrial Conglomerates—0.3%
Raven Industries, Inc. (b)		73,559	$	1,495,454
Insurance—2.2%
Employers Holdings, Inc.		123,838		2,821,030
HCC Insurance Holdings, Inc.		39,778		3,056,541
ProAssurance Corp.		45,299		2,093,267
Reinsurance Group of America, Inc.		27,885		2,645,450
				10,616,288
Internet & Catalog Retail—1.0%
HSN, Inc.		31,016		2,177,013
Liberty Ventures - Series A (a)		32,340		1,269,992
Wayfair, Inc. - Class A (a) (b)		39,360		1,481,510
				4,928,515
Internet Software & Services—2.8%
comScore, Inc. (a)		41,959		2,234,736
Criteo S.A. (ADR) (a)		46,059		2,195,633
Dealertrack Technologies, Inc. (a)		20,503		1,287,383
Demandware, Inc. (a) (b)		30,190		2,145,905
Endurance International Group Holdings, Inc. (a) (b)		82,016		1,694,451
Envestnet, Inc. (a)		31,568		1,276,294
Q2 Holdings, Inc. (a)		50,982		1,440,242
Wix.com, Ltd. (a)		52,849		1,248,293
				13,522,937
IT Services—5.0%
Booz Allen Hamilton Holding Corp.		41,990		1,059,828
Cardtronics, Inc. (a) (b)		40,750		1,509,787
Convergys Corp.		98,747		2,517,061
CSG Systems International, Inc. (b)		65,808		2,083,481
DST Systems, Inc.		28,113		3,541,676
EPAM Systems, Inc. (a)		19,159		1,364,695
Euronet Worldwide, Inc. (a) (b)		94,974		5,859,896
InterXion Holding NV (a)		48,035		1,328,168
Perficient, Inc. (a)		84,986		1,635,131
WEX, Inc. (a) (b)		29,644		3,378,527
				24,278,250
Life Sciences Tools & Services—1.0%
Cambrex Corp. (a)		36,212		1,591,155
INC Research Holdings, Inc. - Class A (a)		37,485		1,503,898
VWR Corp. (a) (b)		73,231		1,957,465
				5,052,518
Machinery—4.2%
Alamo Group, Inc.		18,612		1,016,960
Albany International Corp. - Class A		51,129		2,034,934
Altra Industrial Motion Corp.		57,460		1,561,763
John Bean Technologies Corp.		94,313		3,545,226
Middleby Corp. (The) (a)		17,502		1,964,249
Proto Labs, Inc. (a) (b)		26,447		1,784,643
RBC Bearings, Inc. (a)		59,109		4,241,662
Trimas Corp. (a)		67,251		1,990,629
Machinery—(Continued)
Wabtec Corp.		23,528		2,217,279
				20,357,345
Marine—0.3%
Kirby Corp. (a)		19,349		1,483,294
Media—3.0%
Carmike Cinemas, Inc. (a)		73,550		1,952,017
EW Scripps Co. (The) - Class A		96,612		2,207,584
IMAX Corp. (a)		42,373		1,706,361
John Wiley & Sons, Inc. - Class A		40,041		2,177,029
National CineMedia, Inc.		124,286		1,983,605
New Media Investment Group, Inc.		133,848		2,399,895
Time, Inc. (b)		86,352		1,986,959
				14,413,450
Metals & Mining—1.4%
Globe Specialty Metals, Inc.		80,681		1,428,054
Haynes International, Inc.		42,162		2,079,430
Horsehead Holding Corp. (a) (b)		120,962		1,417,674
SunCoke Energy, Inc.		125,791		1,635,283
				6,560,441
Multi-Utilities—0.6%
NorthWestern Corp. (b)		54,849		2,673,889
Multiline Retail—0.3%
Fred’s, Inc. - Class A		72,806		1,404,428
Oil, Gas & Consumable Fuels—1.4%
Clayton Williams Energy, Inc. (a) (b)		15,021		987,631
Diamondback Energy, Inc. (a)		21,009		1,583,658
PDC Energy, Inc. (a)		28,200		1,512,648
QEP Resources, Inc.		74,191		1,373,275
Synergy Resources Corp. (a)		92,471		1,056,944
				6,514,156
Pharmaceuticals—1.2%
Catalent, Inc. (a)		52,793		1,548,418
Impax Laboratories, Inc. (a) (b)		38,840		1,783,533
Tetraphase Pharmaceuticals, Inc. (a)		28,764		1,364,564
ZS Pharma, Inc. (a)		22,425		1,174,846
				5,871,361
Professional Services—1.8%
CEB, Inc.		27,992		2,436,984
FTI Consulting, Inc. (a)		57,373		2,366,063
Huron Consulting Group, Inc. (a)		24,872		1,743,278
RPX Corp. (a)		123,018		2,079,004
				8,625,329
Real Estate Investment Trusts—4.6%
American Campus Communities, Inc.		55,813		2,103,592
BioMed Realty Trust, Inc.		122,885		2,376,596
CubeSmart		121,211		2,807,247

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Hersha Hospitality Trust (b)		75,629	$	1,939,134
Home Properties, Inc.		25,191		1,840,202
Mid-America Apartment Communities, Inc.		32,704		2,381,178
National Retail Properties, Inc.		42,345		1,482,498
Omega Healthcare Investors, Inc.		32,123		1,102,783
Retail Opportunity Investments Corp.		194,735		3,041,761
Sabra Health Care REIT, Inc.		28,359		729,961
Sovran Self Storage, Inc.		28,205		2,451,296
				22,256,248
Road & Rail—1.2%
Avis Budget Group, Inc. (a)		22,108		974,521
Genesee & Wyoming, Inc. - Class A (a)		35,514		2,705,456
Old Dominion Freight Line, Inc. (a)		28,758		1,972,943
				5,652,920
Semiconductors & Semiconductor Equipment—3.2%
Advanced Energy Industries, Inc. (a)		30,085		827,037
Cavium, Inc. (a) (b)		28,319		1,948,630
Diodes, Inc. (a)		49,335		1,189,467
Inphi Corp. (a) (b)		57,579		1,316,256
Intersil Corp. - Class A		105,274		1,316,978
MKS Instruments, Inc.		47,862		1,815,884
Monolithic Power Systems, Inc.		39,601		2,008,167
Semtech Corp. (a)		59,558		1,182,226
Silicon Laboratories, Inc. (a)		36,075		1,948,411
Teradyne, Inc.		98,211		1,894,490
				15,447,546
Software—3.9%
Ellie Mae, Inc. (a) (b)		25,149		1,755,149
FleetMatics Group plc (a) (b)		48,664		2,278,935
Guidewire Software, Inc. (a)		52,201		2,762,999
Imperva, Inc. (a)		29,191		1,976,230
Monotype Imaging Holdings, Inc.		26,144		630,332
Proofpoint, Inc. (a) (b)		38,313		2,439,389
Synchronoss Technologies, Inc. (a) (b)		44,097		2,016,556
Ultimate Software Group, Inc. (The) (a)		14,115		2,319,659
Verint Systems, Inc. (a)		43,631		2,650,365
				18,829,614
Specialty Retail—3.5%
Asbury Automotive Group, Inc. (a)		26,992		2,446,015
Barnes & Noble, Inc. (a) (b)		68,614		1,781,219
Boot Barn Holdings, Inc. (a)		48,188		1,542,016
Christopher & Banks Corp. (a)		125,546		503,440
Genesco, Inc. (a)		38,244		2,525,251
MarineMax, Inc. (a)		68,581		1,612,339
Mattress Firm Holding Corp. (a) (b)		19,166		1,168,168
Monro Muffler Brake, Inc. (b)		30,670		1,906,447
Restoration Hardware Holdings, Inc. (a)		17,265		1,685,582
Sally Beauty Holdings, Inc. (a)		50,164		1,584,179
				16,754,656
Textiles, Apparel & Luxury Goods—1.0%
Columbia Sportswear Co. (b)		23,436		1,416,941
Oxford Industries, Inc.		21,256		1,858,837
Steven Madden, Ltd. (a)		34,196		1,462,905
				4,738,683
Thrifts & Mortgage Finance—0.7%
Capitol Federal Financial, Inc.		38,621		464,997
Essent Group, Ltd. (a)		65,682		1,796,402
Federal Agricultural Mortgage Corp. - Class C		33,757		980,978
				3,242,377
Trading Companies & Distributors—0.6%
DXP Enterprises, Inc. (a)		19,245		894,892
H&E Equipment Services, Inc.		48,494		968,425
Rush Enterprises, Inc. - Class A (a)		40,493		1,061,322
				2,924,639
Transportation Infrastructure—0.4%
Macquarie Infrastructure Corp.		21,938		1,812,737
Total Common Stocks (Cost $335,409,449)				476,806,391
Rights—0.0%
Health Care Providers & Services—0.0%
BioScrip, Inc., Expires 07/27/15 (a) (Cost $0)		421		0
Short-Term Investments—17.2%
Mutual Fund—16.0%
State Street Navigator Securities Lending MET Portfolio (c)		77,603,809		77,603,809
Repurchase Agreement—1.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $5,713,726 on 07/01/15, collateralized by $5,815,000 U.S. Treasury Note at 1.250% due 11/30/18 with a value of $5,829,538.		5,713,726		5,713,726
Total Short-Term Investments (Cost $83,317,535)				83,317,535
Total Investments—115.8% (Cost $418,726,984) (d)				560,123,926
Other assets and liabilities (net)—(15.8)%				(76,306,902	)
Net Assets—100.0%			$	483,817,024

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $81,792,126 and the collateral received consisted of cash in the amount of $77,603,809 and non-cash collateral with a value of $5,368,798. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $418,726,984. The aggregate unrealized appreciation and depreciation of investments were $150,522,380 and $(9,125,438), respectively, resulting in net unrealized appreciation of $141,396,942.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	476,806,391	$	—		$	—	$	476,806,391
Total Rights*		0		—			—		0
Short-Term Investments
Mutual Fund		77,603,809		—			—		77,603,809
Repurchase Agreement		—		5,713,726			—		5,713,726
Total Short-Term Investments		77,603,809		5,713,726			—		83,317,535
Total Investments	$	554,410,200	$	5,713,726		$	—	$	560,123,926
Collateral for securities loaned (Liability)	$	—	$	(77,603,809	)	$	—	$	(77,603,809	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	560,123,926
Cash		573,917
Receivable for:
Investments sold		3,664,821
Fund shares sold		18,408
Dividends		290,298
Total Assets		564,671,370
Liabilities
Collateral for securities loaned		77,603,809
Payables for:
Investments purchased		2,462,717
Fund shares redeemed		235,086
Accrued expenses:
Management fees		328,742
Distribution and service fees		40,960
Deferred trustees’ fees		69,178
Other expenses		113,854
Total Liabilities		80,854,346
Net Assets	$	483,817,024
Net assets consist of:
Paid in surplus	$	314,923,315
Undistributed net investment income		1,101,752
Accumulated net realized gain		26,395,015
Unrealized appreciation on investments		141,396,942
Net Assets	$	483,817,024
Net Assets
Class A	$	272,877,678
Class B		177,404,024
Class E		33,535,322
Capital Shares Outstanding*
Class A		1,005,312
Class B		680,177
Class E		126,426
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	271.44
Class B		260.82
Class E		265.26

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $418,726,984.

(b) Includes securities loaned at value of $81,792,126.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends	$	3,040,672
Securities lending income		245,574
Total investment income		3,286,246
Expenses
Management fees		2,159,144
Administration fees		5,899
Custodian and accounting fees		30,399
Distribution and service fees—Class B		221,590
Distribution and service fees—Class E		25,100
Audit and tax services		20,059
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		39,558
Insurance		1,481
Miscellaneous		5,539
Total expenses		2,542,526
Less management fee waiver		(190,316	)
Less broker commission recapture		(15,009	)
Net expenses		2,337,201
Net Investment Income		949,045
Net Realized and Unrealized Gain
Net realized gain on investments		26,404,488
Net change in unrealized appreciation on investments		3,437,331
Net realized and unrealized gain		29,841,819
Net Increase in Net Assets From Operations	$	30,790,864

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	949,045		$	1,028,098
Net realized gain		26,404,488			59,991,691
Net change in unrealized appreciation (depreciation)		3,437,331			(44,243,116	)
Increase in net assets from operations		30,790,864			16,776,673
From Distributions to Shareholders
Net investment income
Class A		(410,528	)		(119,998	)
Net realized capital gains
Class A		(33,473,512	)		(35,667,812	)
Class B		(22,594,510	)		(24,560,228	)
Class E		(4,206,020	)		(4,813,535	)
Total distributions		(60,684,570	)		(65,161,573	)
Increase in net assets from capital share transactions		31,222,372			16,564,150
Total increase (decrease) in net assets		1,328,666			(31,820,750	)
Net Assets
Beginning of period		482,488,358			514,309,108
End of period	$	483,817,024		$	482,488,358
Undistributed net investment income
End of period	$	1,101,752		$	563,235

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		8,436		$	2,506,922			24,937		$	7,323,678
Reinvestments		123,750			33,884,040			132,764			35,787,810
Redemptions		(54,336	)		(16,089,288	)		(116,622	)		(33,796,624	)
Net increase		77,850		$	20,301,674			41,079		$	9,314,864
Class B
Sales		10,862		$	3,119,089			40,402		$	11,422,028
Reinvestments		85,871			22,594,510			94,213			24,560,228
Redemptions		(57,593	)		(16,525,342	)		(99,888	)		(28,029,609	)
Net increase		39,140		$	9,188,257			34,727		$	7,952,647
Class E
Sales		1,621		$	460,320			6,449		$	1,822,076
Reinvestments		15,718			4,206,020			18,216			4,813,535
Redemptions		(10,120	)		(2,933,899	)		(26,184	)		(7,338,972	)
Net increase (decrease)		7,219		$	1,732,441			(1,519	)	$	(703,361	)
Increase derived from capital shares transactions				$	31,222,372					$	16,564,150

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	290.12		$	322.61		$	250.37		$	224.06		$	222.98		$	175.00
Income (Loss) from Investment Operations
Net investment income (a)		0.73			0.91			0.53			1.56			0.13			0.43
Net realized and unrealized gain on investments		18.80			8.06			94.94			30.73			1.20			47.73
Total from investment operations		19.53			8.97			95.47			32.29			1.33			48.16
Less Distributions
Distributions from net investment income		(0.46	)		(0.14	)		(1.29	)		0.00			(0.25	)		(0.18	)
Distributions from net realized capital gains		(37.75	)		(41.32	)		(21.94	)		(5.98	)		0.00			0.00
Total distributions		(38.21	)		(41.46	)		(23.23	)		(5.98	)		(0.25	)		(0.18	)
Net Asset Value, End of Period	$	271.44		$	290.12		$	322.61		$	250.37		$	224.06		$	222.98
Total Return (%) (b)		6.62	(c)		3.76			41.04			14.55			0.59			27.53
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96	(d)		0.96			0.95			0.97			0.96			0.96
Net ratio of expenses to average net assets (%) (e)		0.88	(d)		0.88			0.88			0.89			0.91			0.91
Ratio of net investment income to average net assets (%)		0.50	(d)		0.31			0.19			0.65			0.06			0.23
Portfolio turnover rate (%)		18	(c)		35			36			38			49			61
Net assets, end of period (in millions)	$	272.9		$	269.1		$	286.0		$	222.5		$	219.9		$	244.4
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	280.08		$	313.49		$	243.89		$	218.94		$	218.20		$	171.53
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.35			0.18			(0.18	)		0.96			(0.41	)		(0.02	)
Net realized and unrealized gain on investments		18.14			7.73			92.38			29.97			1.15			46.69
Total from investment operations		18.49			7.91			92.20			30.93			0.74			46.67
Less Distributions
Distributions from net investment income		0.00			0.00			(0.66	)		0.00			0.00			0.00
Distributions from net realized capital gains		(37.75	)		(41.32	)		(21.94	)		(5.98	)		0.00			0.00
Total distributions		(37.75	)		(41.32	)		(22.60	)		(5.98	)		0.00			0.00
Net Asset Value, End of Period	$	260.82		$	280.08		$	313.49		$	243.89		$	218.94		$	218.20
Total Return (%) (b)		6.49	(c)		3.50			40.68			14.27			0.34			27.21
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.21	(d)		1.21			1.20			1.22			1.21			1.21
Net ratio of expenses to average net assets (%) (e)		1.13	(d)		1.13			1.13			1.14			1.16			1.16
Ratio of net investment income (loss) to average net assets (%)		0.25	(d)		0.06			(0.07	)		0.41			(0.19	)		(0.01	)
Portfolio turnover rate (%)		18	(c)		35			36			38			49			61
Net assets, end of period (in millions)	$	177.4		$	179.5		$	190.1		$	151.2		$	142.6		$	141.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	284.11		$	317.10		$	246.44		$	220.96		$	219.99		$	172.77
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.50			0.46			0.09			1.18			(0.22	)		0.14
Net realized and unrealized gain on investments		18.40			7.87			93.41			30.28			1.19			47.08
Total from investment operations		18.90			8.33			93.50			31.46			0.97			47.22
Less Distributions
Distributions from net investment income		0.00			0.00			(0.90	)		0.00			0.00			0.00
Distributions from net realized capital gains		(37.75	)		(41.32	)		(21.94	)		(5.98	)		0.00			0.00
Total distributions		(37.75	)		(41.32	)		(22.84	)		(5.98	)		0.00			0.00
Net Asset Value, End of Period	$	265.26		$	284.11		$	317.10		$	246.44		$	220.96		$	219.99
Total Return (%) (b)		6.54	(c)		3.60			40.83			14.38			0.44			27.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11	(d)		1.11			1.10			1.12			1.11			1.11
Net ratio of expenses to average net assets (%) (e)		1.03	(d)		1.03			1.03			1.04			1.06			1.06
Ratio of net investment income (loss) to average net assets (%)		0.35	(d)		0.16			0.03			0.50			(0.10	)		0.08
Portfolio turnover rate (%)		18	(c)		35			36			38			49			61
Net assets, end of period (in millions)	$	33.5		$	33.9		$	38.3		$	33.1		$	33.9		$	41.8

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Loomis Sayles Small Cap Core Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of

MSF-14

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, return of capital adjustments, distribution re-designations and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

MSF-15

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $5,713,726, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

MSF-16

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	84,959,487	$	0	$	110,297,088

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$2,159,144		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 through April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $200 million
0.100%	On the next $300 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

MSF-17

Metropolitan Series Fund

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$4,891,539	$	1,614,646	$	60,270,034	$	34,562,081	$	65,161,573	$	36,176,727

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards	Total
$626,718	$	60,094,841	$	138,129,336	$—	$	198,850,895

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Managed By Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the Loomis Sayles Small Cap Growth Portfolio returned 11.22%, 11.14%, and 11.21%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 8.74%.

MARKET ENVIRONMENT / CONDITIONS

The broader stock market, as measured by the S&P 500 Index, was up slightly for the six-month period ending June 30, 2015. Small caps outperformed their large and mid cap counterparts, and within the small cap market, growth outperformed value. The outperformance of the small cap segment may be due in part to the asset class’ more domestic orientation. Macroeconomic headwinds in Europe, particularly Greece, as well as increased concerns in China weighed on investors.

The strong performance of small cap growth assets was driven largely by Health Care, specifically biotechnology and pharmaceuticals. Biotechnology stocks in the Russell 2000 Growth Index were up over 30% through June 30, 2015. This group also represents the largest industry by weighting in the index.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s outperformance was driven by stock selection, with the Consumer Discretionary, Financials and Information Technology sectors contributing the most to relative return. Stock selection in the Energy sector detracted from relative performance.

The Portfolio’s top contributors were Anacor Pharmaceuticals, Cambrex Corporation, and Neurocrine Biosciences. Biotechnology company Anacor reported a positive quarter due to a strong launch of its drug Kerydin. Its commercial partner announced it would be doubling its sales force to further expand the drug’s launch. Cambrex, a manufacturer of active pharmaceutical ingredients (APIs), reported a very strong quarter. Demand increased across all of the company’s product categories and, due to continued increasing demand, the company announced expansion of existing facilities. Neurocrine Biosciences was up after positive data from its endometriosis drug was released.

The largest detractors to performance were WageWorks, Spectranetics, and Novadaq Technologies. WageWorks was down after one of its private exchange partners announced an acquisition, likely displacing WageWorks and resulting in the loss of a high-profile channel partner. Medical device company Spectranetics declined due to concerns surrounding lower-than-expected growth and sales from its vascular intervention division and lighter volumes from its recently acquired AngioScore unit. Novadaq Technologies also declined after reporting disappointing revenues due largely to a transition in its distribution business into a direct sales model.

Sector weights during the six-month period did change in a few sectors on both an absolute and relative basis. The absolute changes were the result of individual stock decisions. The Portfolio’s relative weights changed more significantly due to Russell’s rebalancing of the index, which caused changes to the index’s sector weightings. The Portfolio’s weight in the Consumer Discretionary sector increased during the year. Over the course of 2014 and even early into 2015, we found it challenging to find investment opportunities in the Consumer Discretionary sector. However, positive trends started to emerge this year, and consumer confidence has increased. We added selectively to the Portfolio’s restaurants and retail exposure over the course of this year and at period end the Portfolio was overweight the sector. The Portfolio’s Health Care weight remained relatively stable, however due to the Russell rebalance, at period end the Portfolio held a substantial underweight to the sector. We also remained underweight biotechnology. At period end, the Portfolio was overweight the Financials, Information Technology and Consumer Discretionary sectors and underweight the Health Care sector.

Mark Burns

John Slavik

Portfolio Managers

Loomis, Sayles & Company, L.P.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Growth Portfolio
Class A		11.22		14.02		20.74		8.93
Class B		11.14		13.80		20.46		8.67
Class E		11.21		13.91		20.59		8.78
Russell 2000 Growth Index		8.74		12.34		19.33		9.86

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Acadia Healthcare Co., Inc.		1.7
Guidewire Software, Inc.		1.5
Amsurg Corp.		1.4
Asbury Automotive Group, Inc.		1.3
Proofpoint, Inc.		1.3
CEB, Inc.		1.3
Vail Resorts, Inc.		1.3
Nord Anglia Education, Inc.		1.3
Ultimate Software Group, Inc. (The)		1.3
FleetMatics Group plc		1.2

Top Sectors

	% of Net Assets
Information Technology		26.4
Health Care		23.6
Consumer Discretionary		20.5
Industrials		14.5
Financials		9.6
Energy		2.5
Consumer Staples		0.8

MSF-2

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Loomis Sayles Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.86	%	$	1,000.00	$	1,112.20	$	4.50
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.53	$	4.31
Class B(a)	Actual		1.11	%	$	1,000.00	$	1,111.40	$	5.81
	Hypothetical*		1.11	%	$	1,000.00	$	1,019.29	$	5.56
Class E(a)	Actual		1.01	%	$	1,000.00	$	1,112.10	$	5.29
	Hypothetical*		1.01	%	$	1,000.00	$	1,019.79	$	5.06

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—97.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.6%
DigitalGlobe, Inc. (a)		106,784	$	2,967,527
Hexcel Corp.		79,700		3,964,278
				6,931,805
Air Freight & Logistics—2.0%
Echo Global Logistics, Inc. (a)		118,233		3,861,490
XPO Logistics, Inc. (a) (b)		98,761		4,462,022
				8,323,512
Airlines—0.5%
Spirit Airlines, Inc. (a)		36,372		2,258,701
Auto Components—0.7%
Gentherm, Inc. (a)		57,347		3,148,924
Banks—4.4%
Bank of the Ozarks, Inc. (b)		114,018		5,216,324
Pinnacle Financial Partners, Inc.		87,760		4,771,511
PrivateBancorp, Inc.		121,988		4,857,562
Talmer Bancorp, Inc. - Class A		239,284		4,008,007
				18,853,404
Biotechnology—8.3%
Acorda Therapeutics, Inc. (a) (b)		100,196		3,339,533
Amicus Therapeutics, Inc. (a)		160,198		2,266,802
Anacor Pharmaceuticals, Inc. (a) (b)		32,603		2,524,450
Chimerix, Inc. (a) (b)		61,391		2,836,264
Emergent Biosolutions, Inc. (a)		152,994		5,041,152
Insys Therapeutics, Inc. (a) (b)		137,980		4,956,242
MiMedx Group, Inc. (a) (b)		288,062		3,338,639
Neurocrine Biosciences, Inc. (a) (b)		53,023		2,532,378
Receptos, Inc. (a) (b)		18,019		3,424,511
TESARO, Inc. (a) (b)		40,750		2,395,692
Zafgen, Inc. (a) (b)		77,030		2,667,549
				35,323,212
Building Products—3.5%
Apogee Enterprises, Inc.		72,350		3,808,504
Caesarstone Sdot-Yam, Ltd.		60,045		4,115,484
NCI Building Systems, Inc. (a)		157,211		2,369,170
Trex Co., Inc. (a)		96,307		4,760,455
				15,053,613
Capital Markets—2.1%
Artisan Partners Asset Management, Inc. - Class A		85,650		3,979,299
HFF, Inc. - Class A		119,842		5,001,007
				8,980,306
Commercial Services & Supplies—1.0%
Healthcare Services Group, Inc. (b)		129,108		4,267,019
Communications Equipment—0.6%
Ciena Corp. (a) (b)		107,018		2,534,186
Consumer Finance—0.9%
Encore Capital Group, Inc. (a) (b)		88,798	$	3,795,227
Distributors—1.1%
Pool Corp.		65,307		4,583,245
Diversified Consumer Services—3.1%
2U, Inc. (a)		80,008		2,575,458
Bright Horizons Family Solutions, Inc. (a)		89,585		5,178,013
Nord Anglia Education, Inc. (a)		224,851		5,513,346
				13,266,817
Diversified Financial Services—1.2%
MarketAxess Holdings, Inc.		55,577		5,155,878
Electronic Equipment, Instruments & Components—1.9%
FEI Co. (b)		48,261		4,002,285
IPG Photonics Corp. (a)		48,349		4,118,126
				8,120,411
Energy Equipment & Services—0.8%
Dril-Quip, Inc. (a)		47,807		3,597,477
Nuverra Environmental Solutions, Inc. (a)		226		1,417
				3,598,894
Food Products—0.8%
Freshpet, Inc. (a) (b)		178,013		3,311,042
Health Care Equipment & Supplies—3.6%
Cynosure, Inc. - Class A (a)		131,193		5,061,426
Inogen, Inc. (a)		94,656		4,221,657
LDR Holding Corp. (a)		79,519		3,439,197
Quidel Corp. (a) (b)		123,618		2,837,033
				15,559,313
Health Care Providers & Services—6.5%
Acadia Healthcare Co., Inc. (a) (b)		92,505		7,245,917
Adeptus Health, Inc. - Class A (a)		26,266		2,495,007
Amsurg Corp. (a)		87,432		6,115,868
ExamWorks Group, Inc. (a) (b)		53,561		2,094,235
Magellan Health, Inc. (a)		68,389		4,792,017
Team Health Holdings, Inc. (a)		77,168		5,041,386
				27,784,430
Health Care Technology—1.1%
Medidata Solutions, Inc. (a)		85,595		4,649,520
Hotels, Restaurants & Leisure—6.5%
Dave & Buster’s Entertainment, Inc. (a)		95,638		3,451,575
Diamond Resorts International, Inc. (a) (b)		118,081		3,725,456
Krispy Kreme Doughnuts, Inc. (a)		184,176		3,547,230
Popeyes Louisiana Kitchen, Inc. (a)		72,258		4,334,757
Texas Roadhouse, Inc. (b)		85,503		3,200,377
Vail Resorts, Inc.		51,198		5,590,822
Zoe’s Kitchen, Inc. (a) (b)		91,095		3,729,429
				27,579,646

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Internet & Catalog Retail—0.8%
Wayfair, Inc. - Class A (a) (b)		91,947	$	3,460,885
Internet Software & Services—7.4%
comScore, Inc. (a)		98,134		5,226,617
Criteo S.A. (ADR) (a)		107,726		5,135,298
Dealertrack Technologies, Inc. (a)		47,926		3,009,274
Demandware, Inc. (a) (b)		70,524		5,012,846
Endurance International Group Holdings, Inc. (a) (b)		191,821		3,963,022
Envestnet, Inc. (a)		73,832		2,985,028
Q2 Holdings, Inc. (a)		119,240		3,368,530
Wix.com, Ltd. (a)		122,446		2,892,174
				31,592,789
IT Services—3.5%
Cardtronics, Inc. (a) (b)		95,309		3,531,198
EPAM Systems, Inc. (a)		44,389		3,161,828
Euronet Worldwide, Inc. (a)		82,915		5,115,856
InterXion Holding NV (a) (b)		112,620		3,113,943
				14,922,825
Life Sciences Tools & Services—1.7%
Cambrex Corp. (a)		84,571		3,716,050
INC Research Holdings, Inc. - Class A (a)		87,735		3,519,928
				7,235,978
Machinery—2.7%
Middleby Corp. (The) (a)		40,935		4,594,135
Proto Labs, Inc. (a) (b)		61,855		4,173,975
RBC Bearings, Inc. (a)		39,360		2,824,474
				11,592,584
Media—0.9%
IMAX Corp. (a)		98,962		3,985,200
Oil, Gas & Consumable Fuels—1.7%
Diamondback Energy, Inc. (a)		49,137		3,703,947
PDC Energy, Inc. (a) (b)		65,956		3,537,880
				7,241,827
Pharmaceuticals—2.4%
Impax Laboratories, Inc. (a)		90,710		4,165,403
Tetraphase Pharmaceuticals, Inc. (a)		67,323		3,193,803
ZS Pharma, Inc. (a) (b)		52,450		2,747,856
				10,107,062
Professional Services—2.3%
CEB, Inc.		65,470		5,699,818
Huron Consulting Group, Inc. (a)		58,172		4,077,276
				9,777,094
Road & Rail—0.8%
Genesee & Wyoming, Inc. - Class A (a)		47,307		3,603,847
Semiconductors & Semiconductor Equipment—5.7%
Cavium, Inc. (a) (b)		66,235		4,557,630
Inphi Corp. (a) (b)		134,669		3,078,533
Intersil Corp. - Class A		246,218		3,080,187
MKS Instruments, Inc.		111,942		4,247,080
Monolithic Power Systems, Inc.		92,621		4,696,811
Silicon Laboratories, Inc. (a)		84,374		4,557,040
				24,217,281
Software—7.4%
Ellie Mae, Inc. (a) (b)		58,821		4,105,118
FleetMatics Group plc (a) (b)		113,819		5,330,144
Guidewire Software, Inc. (a) (b)		122,089		6,462,171
Imperva, Inc. (a)		68,273		4,622,082
Proofpoint, Inc. (a) (b)		89,609		5,705,405
Ultimate Software Group, Inc. (The) (a)		33,013		5,425,356
				31,650,276
Specialty Retail—4.8%
Asbury Automotive Group, Inc. (a)		63,130		5,720,840
Boot Barn Holdings, Inc. (a)		112,570		3,602,240
Mattress Firm Holding Corp. (a) (b)		44,828		2,732,267
Monro Muffler Brake, Inc. (b)		71,629		4,452,459
Restoration Hardware Holdings, Inc. (a)		40,380		3,942,299
				20,450,105
Textiles, Apparel & Luxury Goods—2.6%
Columbia Sportswear Co.		54,813		3,313,994
Oxford Industries, Inc.		49,716		4,347,664
Steven Madden, Ltd. (a)		79,229		3,389,417
				11,051,075
Thrifts & Mortgage Finance—1.0%
Essent Group, Ltd. (a)		153,619		4,201,480
Total Common Stocks (Cost $308,447,826)				418,169,413
Short-Term Investments—25.1%
Mutual Fund—23.3%
State Street Navigator Securities Lending MET Portfolio (c)		99,450,874		99,450,874
Repurchase Agreement—1.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $7,491,173 on 07/01/15, collateralized by $7,625,000 U.S. Treasury Note at 1.500% due 10/31/19 with a value of $7,644,063.		7,491,173		7,491,173
Total Short-Term Investments (Cost $106,942,047)				106,942,047
Total Investments—123.0% (Cost $415,389,873) (d)				525,111,460
Other assets and liabilities (net)—(23.0)%				(98,036,732	)
Net Assets—100.0%			$	427,074,728

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $100,433,359 and the collateral received consisted of cash in the amount of $99,450,874 and non-cash collateral with a value of $2,727,932. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $415,389,873. The aggregate unrealized appreciation and depreciation of investments were $113,521,061 and $(3,799,474), respectively, resulting in net unrealized appreciation of $109,721,587.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	418,169,413	$	—		$	—	$	418,169,413
Short-Term Investments
Mutual Fund		99,450,874		—			—		99,450,874
Repurchase Agreement		—		7,491,173			—		7,491,173
Total Short-Term Investments		99,450,874		7,491,173			—		106,942,047
Total Investments	$	517,620,287	$	7,491,173		$	—	$	525,111,460
Collateral for securities loaned (Liability)	$	—	$	(99,450,874	)	$	—	$	(99,450,874	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	525,111,460
Cash		1,952,503
Receivable for:
Investments sold		2,810,806
Fund shares sold		3,767
Dividends		50,947
Total Assets		529,929,483
Liabilities
Collateral for securities loaned		99,450,874
Payables for:
Investments purchased		2,638,984
Fund shares redeemed		302,009
Accrued expenses:
Management fees		287,718
Distribution and service fees		15,944
Deferred trustees’ fees		69,519
Other expenses		89,707
Total Liabilities		102,854,755
Net Assets	$	427,074,728
Net assets consist of:
Paid in surplus	$	286,297,372
Accumulated net investment loss		(579,074	)
Accumulated net realized gain		31,634,843
Unrealized appreciation on investments		109,721,587
Net Assets	$	427,074,728
Net Assets
Class A	$	346,265,926
Class B		73,073,441
Class E		7,735,361
Capital Shares Outstanding*
Class A		24,227,148
Class B		5,366,845
Class E		555,928
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.29
Class B		13.62
Class E		13.91

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $415,389,873.

(b) Includes securities loaned at value of $100,433,359.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends	$	936,840
Securities lending income		455,030
Total investment income		1,391,870
Expenses
Management fees		1,918,314
Administration fees		5,282
Custodian and accounting fees		24,920
Distribution and service fees—Class B		89,446
Distribution and service fees—Class E		5,498
Audit and tax services		20,059
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		20,142
Insurance		1,301
Miscellaneous		5,623
Total expenses		2,124,342
Less management fee waiver		(188,352	)
Less broker commission recapture		(28,888	)
Net expenses		1,907,102
Net Investment Loss		(515,232	)
Net Realized and Unrealized Gain
Net realized gain on investments		31,989,371
Net change in unrealized appreciation on investments		14,637,764
Net realized and unrealized gain		46,627,135
Net Increase in Net Assets From Operations	$	46,111,903

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(515,232	)	$	(1,978,755	)
Net realized gain		31,989,371			55,093,902
Net change in unrealized appreciation (depreciation)		14,637,764			(49,417,620	)
Increase in net assets from operations		46,111,903			3,697,527
From Distributions to Shareholders
Net realized capital gains
Class A		(44,382,310	)		(44,341,112	)
Class B		(9,707,264	)		(9,372,330	)
Class E		(989,641	)		(996,910	)
Total distributions		(55,079,215	)		(54,710,352	)
Increase (decrease) in net assets from capital share transactions		987,389			(5,651,576	)
Total decrease in net assets		(7,979,923	)		(56,664,401	)
Net Assets
Beginning of period		435,054,651			491,719,052
End of period	$	427,074,728		$	435,054,651
Accumulated net investment loss
End of period	$	(579,074	)	$	(63,842	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		170,630		$	2,605,491			2,827,474		$	38,954,277
Reinvestments		3,105,830			44,382,310			3,253,199			44,341,113
Redemptions		(3,255,720	)		(49,857,114	)		(6,182,952	)		(88,788,009	)
Net increase (decrease)		20,740		$	(2,869,313	)		(102,279	)	$	(5,492,619	)
Class B
Sales		109,845		$	1,609,404			547,893		$	7,878,004
Reinvestments		713,245			9,707,264			715,445			9,372,330
Redemptions		(549,593	)		(8,037,669	)		(1,211,176	)		(17,070,169	)
Net increase		273,497		$	3,278,999			52,162		$	180,165
Class E
Sales		16,995		$	253,139			43,912		$	652,266
Reinvestments		71,146			989,641			74,731			996,910
Redemptions		(44,644	)		(665,077	)		(140,254	)		(1,988,298	)
Net increase (decrease)		43,497		$	577,703			(21,611	)	$	(339,122	)
Increase (decrease) derived from capital shares transactions				$	987,389					$	(5,651,576	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.70		$	16.55		$	11.13		$	10.01		$	9.72		$	7.38
Income (Loss) from Investment Operations
Net investment loss (a)		(0.01	)		(0.06	)		(0.07	)		(0.03	)		(0.06	)		(0.06	)
Net realized and unrealized gain on investments		1.66			0.11			5.49			1.15			0.35			2.40
Total from investment operations		1.65			0.05			5.42			1.12			0.29			2.34
Less Distributions
Distributions from net realized capital gains		(2.06	)		(1.90	)		0.00			0.00			0.00			0.00
Total distributions		(2.06	)		(1.90	)		0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	14.29		$	14.70		$	16.55		$	11.13		$	10.01		$	9.72
Total Return (%) (b)		11.22	(c)		1.22			48.70			11.19			2.98			31.71
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.95	(d)		0.95			0.95			0.96			0.96			1.07
Net ratio of expenses to average net assets (%) (e)		0.86	(d)		0.86			0.86			0.87			0.88			1.02
Ratio of net investment loss to average net assets (%)		(0.20	)(d)		(0.40	)		(0.53	)		(0.26	)		(0.58	)		(0.75	)
Portfolio turnover rate (%)		32	(c)		56			58			74			74			73
Net assets, end of period (in millions)	$	346.3		$	355.8		$	402.4		$	311.0		$	354.8		$	28.4
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.11		$	16.01		$	10.79		$	9.73		$	9.47		$	7.21
Income (Loss) from Investment Operations
Net investment loss (a)		(0.03	)		(0.09	)		(0.10	)		(0.05	)		(0.09	)		(0.08	)
Net realized and unrealized gain on investments		1.60			0.09			5.32			1.11			0.35			2.34
Total from investment operations		1.57			0.00			5.22			1.06			0.26			2.26
Less Distributions
Distributions from net realized capital gains		(2.06	)		(1.90	)		0.00			0.00			0.00			0.00
Total distributions		(2.06	)		(1.90	)		0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	13.62		$	14.11		$	16.01		$	10.79		$	9.73		$	9.47
Total Return (%) (b)		11.14	(c)		0.94			48.38			10.89			2.75			31.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.20	(d)		1.20			1.20			1.21			1.21			1.32
Net ratio of expenses to average net assets (%) (e)		1.11	(d)		1.11			1.11			1.12			1.13			1.27
Ratio of net investment loss to average net assets (%)		(0.45	)(d)		(0.65	)		(0.77	)		(0.51	)		(0.86	)		(1.00	)
Portfolio turnover rate (%)		32	(c)		56			58			74			74			73
Net assets, end of period (in millions)	$	73.1		$	71.9		$	80.7		$	60.4		$	61.8		$	66.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.37		$	16.25		$	10.94		$	9.86		$	9.58		$	7.29
Income (Loss) from Investment Operations
Net investment loss (a)		(0.03	)		(0.08	)		(0.09	)		(0.04	)		(0.08	)		(0.07	)
Net realized and unrealized gain on investments		1.63			0.10			5.40			1.12			0.36			2.36
Total from investment operations		1.60			0.02			5.31			1.08			0.28			2.29
Less Distributions
Distributions from net realized capital gains		(2.06	)		(1.90	)		0.00			0.00			0.00			0.00
Total distributions		(2.06	)		(1.90	)		0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	13.91		$	14.37		$	16.25		$	10.94		$	9.86		$	9.58
Total Return (%) (b)		11.21	(c)		1.05			48.54			10.95			2.92			31.41
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10	(d)		1.10			1.10			1.11			1.11			1.22
Net ratio of expenses to average net assets (%) (e)		1.01	(d)		1.01			1.01			1.02			1.03			1.17
Ratio of net investment loss to average net assets (%)		(0.35	)(d)		(0.55	)		(0.67	)		(0.41	)		(0.76	)		(0.90	)
Portfolio turnover rate (%)		32	(c)		56			58			74			74			73
Net assets, end of period (in millions)	$	7.7		$	7.4		$	8.7		$	6.3		$	6.9		$	7.8

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Loomis Sayles Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-11

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to net operating losses, return of capital adjustments and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $7,491,173, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

MSF-12

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the

MSF-13

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	132,309,580	$	0	$	186,734,733

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$1,918,314		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 through April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $100 million
0.100%	On the next $400 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in

MSF-14

Metropolitan Series Fund

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the year ended December 31, 2014 was as follows:

Long-Term Capital Gain	Total
$54,710,352	$	54,710,352

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$—	$	55,043,902	$	94,764,608	$	—	$	149,808,510

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Managed By Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the Met/Artisan Mid Cap Value Portfolio returned 0.39%, 0.26%, and 0.31%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 0.41%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equity markets traded in a relatively tight range during the first half of 2015. Stalled earnings growth, due largely to foreign exchange headwinds from a strong U.S. dollar, and seasonally-slow U.S. economic growth kept a lid on the market’s upward advancement. The largest U.S. companies on average have more non-U.S. revenue exposure, so currency translation hit them harder. This was evident in the outperformance of small-cap stocks compared to mid- and large-cap stocks. The growth indices outperformed the value indices across all market capitalization ranges.

Most sectors finished up or down by 2% or less. Health Care was an exception, gaining about 20% and leading all sectors by a sizable margin. Health care companies are generally U.S.-centric businesses, so there was little impact to earnings from foreign exchange. The sector also benefited from the view that the Affordable Care Act should increase health care utilization. Additionally, initial public offering (IPO) and merger and acquisition (M&A) activity has exploded in the biotechnology and pharmaceuticals groups, fueled by the availability of cheap debt. Lagging groups were interest-rate sensitive Utilities and real estate investment trusts (“REITs”) as interest rates moved higher with a Federal Reserve tightening cycle looming.

PORTFOLIO REVIEW / CURRENT POSITIONING

Portfolio performance remained in line with the Russell Midcap Value Index. Stock selection was positive overall. Sources of relative strength included the Financials, Materials, Information Technology and Consumer Staples sectors. Outperformance in the Financials sector was driven by our low weighting in REITs. The Portfolio’s top contributors to return in the Materials, Information Technology and Consumer Staples sectors were Celanese Corp., Analog Devices, Inc., and The Kroger Co., respectively. The Portfolio also benefited from a low weighting in Utilities stocks.

Sector allocation had a negative impact on relative performance primarily due to the Portfolio’s low weighting in the Health Care sector. However, the sole Health Care holding, Cigna Corp., actually performed quite well as it was the Portfolio’s top contributor to return and drove performance in the sector. On the downside, the Consumer Discretionary and Industrials sectors were areas of relative weakness. Mattel, Inc. and H&R Block, Inc. were key laggards in the Consumer Discretionary sector. Joy Global, Inc. was the Portfolio’s biggest detractor in the Industrials sector.

The biggest sector-level change during the period was an increased exposure to the Materials sector. In the Materials sector we purchased three new stocks: Celanese Corp., The Mosaic Co. and Nucor Corp. Other new purchases included Harley-Davidson, Inc., Quanta Services, Inc. and Helmerich & Payne, Inc.

As of June 30, 2015 the Portfolio was notably overweight the Information Technology, Consumer Discretionary and Industrials sectors, and underweight the Financials, Utilities and Health Care sectors.

James C. Kieffer

Scott C. Satterwhite

George O. Sertl

Daniel L. Kane

Portfolio Managers

Artisan Partners Limited Partnership

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
Met/Artisan Mid Cap Value Portfolio
Class A		0.39		-2.46		15.23		4.75
Class B		0.26		-2.70		14.95		4.49
Class E		0.31		-2.60		15.06		4.59
Russell Midcap Value Index		0.41		3.67		17.73		8.89

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Avnet, Inc.		2.8
Alleghany Corp.		2.8
Arrow Electronics, Inc.		2.6
Kroger Co. (The)		2.4
Celanese Corp. - Series A		2.3
Allstate Corp. (The)		2.3
Arch Capital Group, Ltd.		2.3
Aon plc		2.2
FLIR Systems, Inc.		2.2
Torchmark Corp.		2.1

Top Sectors

	% of Net Assets
Financials		21.1
Information Technology		16.6
Consumer Discretionary		15.8
Industrials		14.6
Energy		7.1
Materials		6.8
Utilities		4.8
Consumer Staples		2.4
Health Care		2.0

MSF-2

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Met/Artisan Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A	Actual		0.84	%	$	1,000.00	$	1,003.90	$	4.17
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.63	$	4.21
Class B	Actual		1.09	%	$	1,000.00	$	1,002.60	$	5.41
	Hypothetical*		1.09	%	$	1,000.00	$	1,019.39	$	5.46
Class E	Actual		0.99	%	$	1,000.00	$	1,003.10	$	4.92
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-3

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—91.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.6%
L-3 Communications Holdings, Inc.		82,750	$	9,382,195
Rockwell Collins, Inc.		272,440		25,159,834
				34,542,029
Automobiles—1.7%
Harley-Davidson, Inc.		406,535		22,908,247
Banks—1.3%
M&T Bank Corp. (a)		141,244		17,645,613
Chemicals—2.8%
Celanese Corp. - Series A		434,863		31,257,952
Mosaic Co. (The)		124,963		5,854,471
				37,112,423
Commercial Services & Supplies—1.4%
Republic Services, Inc.		476,677		18,671,438
Construction & Engineering—4.4%
Fluor Corp.		392,184		20,789,674
Jacobs Engineering Group, Inc. (b)		644,806		26,192,019
Quanta Services, Inc. (b)		401,295		11,565,322
				58,547,015
Diversified Consumer Services—1.9%
H&R Block, Inc.		845,484		25,068,601
Diversified Financial Services—1.5%
Intercontinental Exchange, Inc.		88,997		19,900,619
Electric Utilities—3.0%
Edison International		332,044		18,455,006
Xcel Energy, Inc.		664,340		21,378,461
				39,833,467
Electrical Equipment—1.2%
Hubbell, Inc. - Class B		146,459		15,858,581
Electronic Equipment, Instruments & Components—9.1%
Arrow Electronics, Inc. (b)		632,837		35,312,305
Avnet, Inc.		918,609		37,764,016
FLIR Systems, Inc.		949,256		29,256,070
Keysight Technologies, Inc. (b)		631,175		19,686,348
				122,018,739
Energy Equipment & Services—2.0%
Ensco plc - Class A (a)		329,996		7,349,011
Helmerich & Payne, Inc. (a)		146,522		10,318,079
McDermott International, Inc. (a) (b)		1,596,301		8,524,248
				26,191,338
Food & Staples Retailing—2.4%
Kroger Co. (The)		446,622		32,384,561
Health Care Providers & Services—2.0%
Cigna Corp.		162,115	$	26,262,630
Insurance—16.7%
Alleghany Corp. (b)		79,979		37,490,956
Allied World Assurance Co. Holdings AG		522,828		22,596,626
Allstate Corp. (The)		481,559		31,238,732
Aon plc		293,894		29,295,354
Arch Capital Group, Ltd. (b)		457,459		30,631,454
Loews Corp.		471,572		18,160,238
Progressive Corp. (The)		892,519		24,838,804
Torchmark Corp. (a)		484,331		28,197,751
				222,449,915
Internet & Catalog Retail—3.0%
Liberty Interactive Corp. QVC Group - Class A (b)		787,087		21,841,664
Liberty Ventures - Series A (b)		482,315		18,940,510
				40,782,174
Internet Software & Services—1.9%
IAC/InterActiveCorp		313,615		24,982,571
IT Services—1.6%
Teradata Corp. (a) (b)		592,104		21,907,848
Leisure Products—0.9%
Mattel, Inc. (a)		497,245		12,774,224
Machinery—3.4%
Joy Global, Inc. (a)		616,771		22,327,110
Kennametal, Inc.		672,216		22,936,010
				45,263,120
Media—3.9%
Gannett Co., Inc. (b)		362,020		5,064,653
Omnicom Group, Inc.		336,297		23,369,278
TEGNA, Inc.		724,039		23,219,931
				51,653,862
Metals & Mining—4.1%
Goldcorp, Inc. (a)		1,507,725		24,425,145
Kinross Gold Corp. (b)		4,051,948		9,400,519
Nucor Corp.		462,177		20,368,141
				54,193,805
Multi-Utilities—1.8%
SCANA Corp. (a)		480,372		24,330,842
Multiline Retail—1.0%
Nordstrom, Inc.		173,268		12,908,466
Oil, Gas & Consumable Fuels—5.1%
Denbury Resources, Inc. (a)		2,326,578		14,797,036
Hess Corp.		258,961		17,319,312

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Oil, Gas & Consumable Fuels—(Continued)
SM Energy Co.		413,102	$	19,052,264
Southwestern Energy Co. (a) (b)		769,239		17,484,802
				68,653,414
Professional Services—1.1%
ManpowerGroup, Inc.		161,139		14,402,604
Real Estate Investment Trusts—1.6%
American Capital Agency Corp.		558,160		10,253,399
Hatteras Financial Corp.		699,942		11,409,055
				21,662,454
Road & Rail—0.6%
Ryder System, Inc.		91,139		7,962,814
Semiconductors & Semiconductor Equipment—2.5%
Analog Devices, Inc.		410,320		26,336,389
KLA-Tencor Corp.		117,530		6,606,361
				32,942,750
Software—1.4%
Synopsys, Inc. (b)		384,529		19,476,394
Specialty Retail—2.0%
Bed Bath & Beyond, Inc. (a) (b)		390,861		26,961,592
Textiles, Apparel & Luxury Goods—1.3%
Coach, Inc.		511,203		17,692,736
Total Common Stocks (Cost $996,971,483)				1,217,946,886
Short-Term Investments—17.1%
Mutual Fund—8.5%
State Street Navigator Securities Lending MET Portfolio (c)		113,081,630		113,081,630
Repurchase Agreement—8.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $115,013,051 on 07/01/15, collateralized by $116,135,000 U.S. Treasury Note at 1.375% due 06/30/18 with a value of $117,314,467.		115,013,051		115,013,051
Total Short-Term Investments (Cost $228,094,681)				228,094,681
Total Investments—108.3% (Cost $1,225,066,164) (d)				1,446,041,567
Other assets and liabilities (net)—(8.3)%				(110,948,348	)
Net Assets—100.0%			$	1,335,093,219

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $158,896,810 and the collateral received consisted of cash in the amount of $113,081,630 and non-cash collateral with a value of $49,261,987. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $1,225,066,164. The aggregate unrealized appreciation and depreciation of investments were $327,668,642 and $(106,693,239), respectively, resulting in net unrealized appreciation of $220,975,403.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,217,946,886	$	—		$	—	$	1,217,946,886
Short-Term Investments
Mutual Fund		113,081,630		—			—		113,081,630
Repurchase Agreement		—		115,013,051			—		115,013,051
Total Short-Term Investments		113,081,630		115,013,051			—		228,094,681
Total Investments	$	1,331,028,516	$	115,013,051		$	—	$	1,446,041,567
Collateral for securities loaned (Liability)	$	—	$	(113,081,630	)	$	—	$	(113,081,630	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,446,041,567
Receivable for:
Investments sold		5,145,183
Fund shares sold		436,694
Dividends		2,277,234
Total Assets		1,453,900,678
Liabilities
Collateral for securities loaned		113,081,630
Payables for:
Investments purchased		4,152,599
Fund shares redeemed		325,845
Accrued expenses:
Management fees		904,355
Distribution and service fees		98,346
Deferred trustees’ fees		69,252
Other expenses		175,432
Total Liabilities		118,807,459
Net Assets	$	1,335,093,219
Net assets consist of:
Paid in surplus	$	1,046,300,082
Undistributed net investment income		5,287,899
Accumulated net realized gain		62,529,835
Unrealized appreciation on investments		220,975,403
Net Assets	$	1,335,093,219
Net Assets
Class A	$	831,001,481
Class B		416,364,388
Class E		87,727,350
Capital Shares Outstanding*
Class A		3,506,586
Class B		1,809,613
Class E		375,813
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	236.98
Class B		230.08
Class E		233.43

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,225,066,164.

(b) Includes securities loaned at value of $158,896,810.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	11,404,887
Securities lending income		354,346
Total investment income		11,759,233
Expenses
Management fees		5,570,910
Administration fees		16,246
Custodian and accounting fees		51,839
Distribution and service fees—Class B		544,368
Distribution and service fees—Class E		68,915
Audit and tax services		20,059
Legal		14,270
Trustees’ fees and expenses		19,506
Shareholder reporting		69,343
Insurance		4,517
Miscellaneous		8,343
Total expenses		6,388,316
Less broker commission recapture		(26,839	)
Net expenses		6,361,477
Net Investment Income		5,397,756
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		63,376,043
Net change in unrealized depreciation on investments		(62,801,933	)
Net realized and unrealized gain		574,110
Net Increase in Net Assets From Operations	$	5,971,866

(a) Net of foreign withholding taxes of $64,946.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,397,756		$	14,380,663
Net realized gain		63,376,043			190,514,793
Net change in unrealized depreciation		(62,801,933	)		(177,677,868	)
Increase in net assets from operations		5,971,866			27,217,588
From Distributions to Shareholders
Net investment income
Class A		(9,675,237	)		(6,908,510	)
Class B		(3,803,715	)		(2,552,107	)
Class E		(883,807	)		(615,655	)
Net realized capital gains
Class A		(102,096,957	)		0
Class B		(52,740,847	)		0
Class E		(10,950,952	)		0
Total distributions		(180,151,515	)		(10,076,272	)
Increase (decrease) in net assets from capital share transactions		114,175,390			(207,895,591	)
Total decrease in net assets		(60,004,259	)		(190,754,275	)
Net Assets
Beginning of period		1,395,097,478			1,585,851,753
End of period	$	1,335,093,219		$	1,395,097,478
Undistributed net investment income
End of period	$	5,287,899		$	14,252,902

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		33,052		$	8,944,590			280,494		$	74,948,516
Reinvestments		462,136			111,772,194			25,870			6,908,510
Redemptions		(129,634	)		(35,489,339	)		(776,678	)		(208,431,703	)
Net increase (decrease)		365,554		$	85,227,445			(470,314	)	$	(126,574,677	)
Class B
Sales		29,845		$	7,939,537			87,145		$	22,719,838
Reinvestments		240,779			56,544,562			9,803			2,552,107
Redemptions		(148,403	)		(39,617,467	)		(340,718	)		(89,594,087	)
Net increase (decrease)		122,221		$	24,866,632			(243,770	)	$	(64,322,142	)
Class E
Sales		2,354		$	605,988			8,898		$	2,374,401
Reinvestments		49,674			11,834,759			2,337			615,655
Redemptions		(30,986	)		(8,359,434	)		(74,983	)		(19,988,828	)
Net increase (decrease)		21,042		$	4,081,313			(63,748	)	$	(16,998,772	)
Increase (decrease) derived from capital shares transactions				$	114,175,390					$	(207,895,591	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	271.79		$	268.60		$	198.30		$	179.02		$	169.21		$	148.14
Income (Loss) from Investment Operations
Net investment income (a)		1.19			2.89			1.98			2.22			1.73			1.67
Net realized and unrealized gain on investments		0.60			2.25			70.60			18.92			9.78			20.55
Total from investment operations		1.79			5.14			72.58			21.14			11.51			22.22
Less Distributions
Distributions from net investment income		(3.17	)		(1.95	)		(2.28	)		(1.86	)		(1.70	)		(1.15	)
Distributions from net realized capital gains		(33.43	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(36.60	)		(1.95	)		(2.28	)		(1.86	)		(1.70	)		(1.15	)
Net Asset Value, End of Period	$	236.98		$	271.79		$	268.60		$	198.30		$	179.02		$	169.21
Total Return (%) (b)		0.39	(c)		1.93			36.85			11.86			6.76			15.04
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.84	(d)		0.84			0.83			0.85			0.84			0.84
Ratio of net investment income to average net assets (%)		0.87	(d)		1.07			0.84			1.17			0.97			1.09
Portfolio turnover rate (%)		14	(c)		25			22			23			30			39
Net assets, end of period (in millions)	$	831.0		$	853.7		$	970.0		$	769.4		$	731.8		$	876.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	264.50		$	261.50		$	193.14		$	174.44		$	164.99		$	144.56
Income (Loss) from Investment Operations
Net investment income (a)		0.82			2.15			1.36			1.69			1.30			1.27
Net realized and unrealized gain on investments		0.60			2.21			68.77			18.44			9.47			20.01
Total from investment operations		1.42			4.36			70.13			20.13			10.77			21.28
Less Distributions
Distributions from net investment income		(2.41	)		(1.36	)		(1.77	)		(1.43	)		(1.32	)		(0.85	)
Distributions from net realized capital gains		(33.43	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(35.84	)		(1.36	)		(1.77	)		(1.43	)		(1.32	)		(0.85	)
Net Asset Value, End of Period	$	230.08		$	264.50		$	261.50		$	193.14		$	174.44		$	164.99
Total Return (%) (b)		0.26	(c)		1.67			36.51			11.58			6.49			14.76
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.09	(d)		1.09			1.08			1.10			1.09			1.09
Ratio of net investment income to average net assets (%)		0.62	(d)		0.82			0.59			0.92			0.75			0.85
Portfolio turnover rate (%)		14	(c)		25			22			23			30			39
Net assets, end of period (in millions)	$	416.4		$	446.3		$	505.0		$	389.2		$	383.8		$	384.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	267.99		$	264.86		$	195.57		$	176.60		$	166.99		$	146.26
Income (Loss) from Investment Operations
Net investment income (a)		0.96			2.43			1.60			1.89			1.46			1.41
Net realized and unrealized gain on investments		0.61			2.25			69.65			18.68			9.62			20.29
Total from investment operations		1.57			4.68			71.25			20.57			11.08			21.70
Less Distributions
Distributions from net investment income		(2.70	)		(1.55	)		(1.96	)		(1.60	)		(1.47	)		(0.97	)
Distributions from net realized capital gains		(33.43	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(36.13	)		(1.55	)		(1.96	)		(1.60	)		(1.47	)		(0.97	)
Net Asset Value, End of Period	$	233.43		$	267.99		$	264.86		$	195.57		$	176.60		$	166.99
Total Return (%) (b)		0.31	(c)		1.78			36.65			11.69			6.60			14.87
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.99	(d)		0.99			0.98			1.00			0.99			0.99
Ratio of net investment income to average net assets (%)		0.72	(d)		0.91			0.68			1.01			0.83			0.94
Portfolio turnover rate (%)		14	(c)		25			22			23			30			39
Net assets, end of period (in millions)	$	87.7		$	95.1		$	110.8		$	98.8		$	104.4		$	118.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Artisan Mid Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-11

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-12

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $115,013,050, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist

MSF-13

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	177,652,636	$	0	$	234,843,077

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$5,570,910		0.820	%	Of the first $1 billion On amounts in excess of $1 billion
		0.780	%

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Artisan Partners Limited Partnership is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

MSF-14

Metropolitan Series Fund

Met/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$10,076,272	$	13,069,455	$	—	$	—	$	10,076,272	$	13,069,455

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$14,316,462	$	165,710,134	$	283,009,750	$	—	$	463,036,346

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the portfolio utilized capital loss carryforwards of $24,860,126.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

Met / Dimensional International Small Company Portfolio

Managed by Dimensional Fund Advisors LP

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A and B shares of the Met/Dimensional International Small Company Portfolio returned 9.19% and 9.04%, respectively. The Portfolio’s benchmark, the MSCI World ex-U.S. Small Cap Index¹, returned 8.36%.

MARKET ENVIRONMENT / CONDITIONS

In U.S. dollar terms, developed ex-U.S. markets posted positive returns for the six-month period ending June 30, 2015, outperforming both U.S. and emerging markets. Using the MSCI World ex-U.S. IMI Index (net dividends) as a proxy, non-U.S. developed markets returned 4.9%, as compared to 1.9% for the Russell 3000 Index and 3.6% for the MSCI Emerging Markets IMI Index (net dividends).

The U.S. dollar appreciated against most developed market currencies during the period, particularly the New Zealand dollar, Danish krone, and the euro. As a result, currency fluctuations had a negative impact on U.S. dollar-denominated returns of developed non-U.S. equities.

Along the market capitalization dimension, small caps (MSCI World ex-U.S. Small Cap) outperformed large caps (MSCI World ex-U.S. Large Cap) by 4.4% for the six-month period. Using the MSCI World ex-U.S. IMI Index, the strongest-performing sectors were Healthcare and Consumer Discretionary, while Energy and Utilities underperformed.

Along the profitability dimension, the top quartile of most profitable stocks underperformed the bottom quartile of least profitable stocks among large caps (MSCI World ex-U.S. excluding Real Estate Investment Trusts (“REITs”) and Utilities) and outperformed among small caps (MSCI World ex-U.S. Small Cap, excluding REITs and Utilities).

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the six months ended June 30, 2015, the Portfolio outperformed its benchmark, the MSCI World ex-U.S. Small Cap Index (net dividends), by 0.83%. With REITs underperforming during the period, the Portfolio’s exclusion of REITs contributed to relative performance. In addition, the Portfolio’s holdings of micro-cap companies in Hong Kong, with market capitalizations smaller than $1 billion, contributed positively to relative performance, as micro-cap securities in Hong Kong strongly outperformed. Dimensional defines the small cap universe differently than does MSCI, and as a result the Portfolio had a lesser allocation to Canada and a greater allocation to the United Kingdom, as well as a lesser allocation to Japan. The country allocation differences in Canada and the United Kingdom contributed to relative performance, as Canada underperformed while the United Kingdom outperformed. However, the Portfolio’s lesser allocation to Japan detracted from performance, as Japan outperformed.

Joseph Chi

Jed Fogdall

Henry Gray

Karen Umland

Portfolio Managers

Dimensional Fund Advisors LP

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI WORLD EX-U.S. SMALL CAP INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		Since Inception2
Met/Dimensional International Small Company Portfolio
Class A		9.19		-3.95		11.33		13.43
Class B		9.04		-4.20		11.06		13.15
MSCI World ex-U.S. Small Cap Index		8.36		-3.96		11.10		14.27

¹ The MSCI World ex-U.S. Small Cap Index is an unmanaged index that measures the performance of stocks with market capitalizations between US $200 million and $800 million across 23 developed markets, excluding the United States. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² Inception date of the Class A and Class B shares is 10/31/08. Index since inception return is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
DCC plc		0.5
Henderson Group plc		0.3
Berkeley Group Holdings plc		0.3
Bellway plc		0.3
Inchcape plc		0.3
DS Smith plc		0.3
William Hill plc		0.3
Rightmove plc		0.3
Banca Popolare di Milano Scarl		0.3
Freenet AG		0.3

Top Countries

	% of Net Assets
Japan		23.3
United Kingdom		20.5
Canada		7.4
Australia		5.5
Germany		5.1
Switzerland		4.5
France		4.3
Italy		3.9
Hong Kong		3.4
Sweden		3.1

MSF-2

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Met/Dimensional International Small Company Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.96	%	$	1,000.00	$	1,091.90	$	4.98
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.03	$	4.81
Class B(a)	Actual		1.21	%	$	1,000.00	$	1,090.40	$	6.27
	Hypothetical*		1.21	%	$	1,000.00	$	1,018.79	$	6.06

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—99.0% of Net Assets

Security Description	Shares		Value
Australia—5.5%
Acrux, Ltd. (a)		41,605	$	27,283
Adelaide Brighton, Ltd.		197,116		651,517
AED Oil, Ltd. (b) (c) (d)		93,946		0
Ainsworth Game Technology, Ltd. (a)		51,616		101,667
AJ Lucas Group, Ltd. (c)		34,363		10,221
Alcyone Resources, Ltd. (b) (c) (d)		101,457		16
Alkane Resources, Ltd. (c)		120,355		25,538
Alliance Resources, Ltd. (c)		81,385		5,151
ALS, Ltd.		9,999		44,939
Altium, Ltd.		31,832		108,702
Altona Mining, Ltd.		67,875		7,283
Alumina, Ltd.		142,327		166,998
AMA Group, Ltd.		111,029		51,111
Amalgamated Holdings, Ltd.		38,556		372,981
Ansell, Ltd.		22,159		410,321
Antares Energy, Ltd. (c)		111,036		8,557
AP Eagers, Ltd.		2,788		20,109
APN News & Media, Ltd. (c)		374,048		203,359
Aquarius Platinum, Ltd. (c)		119,520		12,988
ARB Corp., Ltd.		30,444		304,060
Ardent Leisure Group (a)		50,226		84,050
Arrium, Ltd. (a)		972,288		100,930
ASG Group, Ltd. (c)		91,207		63,771
Atlantic, Ltd. (b) (c) (d)		22,059		558
Atlas Iron, Ltd. (a) (b) (d)		250,116		23,157
Ausdrill, Ltd.		110,321		33,177
Ausenco, Ltd. (c)		72,770		14,034
Austal, Ltd.		81,889		116,921
Austbrokers Holdings, Ltd.		25,969		180,326
Austin Engineering, Ltd. (c)		26,257		10,691
Australian Agricultural Co., Ltd. (c)		192,359		182,077
Australian Pharmaceutical Industries, Ltd.		174,311		201,501
Auswide Bank, Ltd.		9,275		36,146
Automotive Holdings Group, Ltd.		95,539		293,837
AVJennings, Ltd.		10,332		5,110
AWE, Ltd. (a) (c)		335,940		312,919
Bandanna Energy, Ltd. (a) (b) (c) (d)		179,193		2,178
Bank of Queensland, Ltd.		5,397		52,806
BC Iron, Ltd. (a)		50,999		11,359
Beach Energy, Ltd.		676,773		544,964
Beadell Resources, Ltd. (a)		102,327		14,540
Bega Cheese, Ltd. (a)		58,513		194,329
Billabong International, Ltd. (a) (c)		280,601		124,349
Blackmores, Ltd.		5,495		318,805
BlueScope Steel, Ltd.		43,171		98,774
Boart Longyear, Ltd. (c)		232,690		19,726
Boom Logistics, Ltd. (c)		73,674		6,824
Boral, Ltd.		51,843		232,784
Bradken, Ltd.		48,239		53,317
Breville Group, Ltd. (a)		46,157		219,345
Brickworks, Ltd.		5,923		63,058
BT Investment Management, Ltd.		19,968		129,452
Buru Energy, Ltd. (a) (c)		23,457		6,782
Cabcharge Australia, Ltd. (a)		55,813		156,809
Capral, Ltd. (c)		136,176		14,681
Cardno, Ltd. (a)		49,102		122,261
Carnarvon Petroleum, Ltd. (c)		251,902		22,342
Australia—(Continued)
carsales.com, Ltd. (a)		83,570		652,717
Cash Converters International, Ltd. (a)		152,939		82,439
Cedar Woods Properties, Ltd.		27,273		110,992
Coal of Africa, Ltd. (c)		133,534		8,757
Cochlear, Ltd.		5,277		324,771
Coffey International, Ltd. (c)		63,637		6,849
Collection House, Ltd. (a)		19,217		33,100
Collins Foods, Ltd.		4,975		11,436
Cooper Energy, Ltd. (c)		123,859		23,298
Corporate Travel Management, Ltd. (a)		20,836		165,484
Coventry Group, Ltd.		2,905		3,361
Credit Corp. Group, Ltd.		13,415		126,343
CSG, Ltd.		62,197		76,491
CSR, Ltd.		282,278		797,519
Cudeco, Ltd. (a) (c)		51,210		67,169
Cue Energy Resources, Ltd. (c)		171,183		10,024
Data #3, Ltd.		55,471		33,759
Decmil Group, Ltd.		56,744		50,731
Dick Smith Holdings, Ltd. (a)		85,716		137,487
Domino’s Pizza Enterprises, Ltd.		23,859		651,568
Downer EDI, Ltd.		238,347		873,546
Drillsearch Energy, Ltd. (a) (c)		218,929		173,687
DUET Group		84,328		149,788
DuluxGroup, Ltd.		165,477		725,618
DWS, Ltd.		36,847		16,636
Echo Entertainment Group, Ltd.		86,390		289,113
Emeco Holdings, Ltd. (a) (c)		314,914		19,652
Energy Resources of Australia, Ltd. (a) (c)		51,910		15,593
Energy World Corp., Ltd. (a) (c)		325,379		91,588
Equity Trustees, Ltd. (a)		3,062		48,169
ERM Power, Ltd.		49,991		89,859
eServGlobal, Ltd. (c)		43,068		10,948
Ethane Pipeline Income Fund		3,869		5,070
Euroz, Ltd.		23,559		18,160
Evolution Mining, Ltd.		157,414		139,478
Fairfax Media, Ltd.		967,464		604,144
Fantastic Holdings, Ltd.		1,151		2,019
FAR, Ltd. (c)		639,194		39,686
Finbar Group, Ltd.		6,909		6,342
Fleetwood Corp., Ltd. (a)		22,683		23,954
FlexiGroup, Ltd. (a)		40,135		89,606
Flight Centre Travel Group, Ltd. (a)		2,130		55,965
Focus Minerals, Ltd. (c)		38,398		9,486
G8 Education, Ltd. (a)		127,930		320,293
Global Construction Services, Ltd. (c)		9,380		3,550
GrainCorp, Ltd. - Class A		83,590		548,051
Grange Resources, Ltd.		120,000		11,150
Greencross, Ltd. (a)		21,334		93,826
Greenland Minerals & Energy, Ltd. (c)		69,811		3,572
GUD Holdings, Ltd.		39,734		269,309
GWA Group, Ltd. (a)		104,458		183,561
Hansen Technologies, Ltd.		47,406		95,799
HFA Holdings, Ltd.		45,623		72,819
Hillgrove Resources, Ltd. (c)		32,943		5,710
Hills, Ltd. (a)		80,453		28,093
Horizon Oil, Ltd. (a) (c)		652,736		44,252
Icon Energy, Ltd. (c)		157,110		6,129

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
IDM International, Ltd. (b) (c) (d)		49,237	$	0
iiNET, Ltd. (a)		65,072		476,332
Iluka Resources, Ltd.		160,998		948,593
Imdex, Ltd. (c)		77,362		17,886
IMF Bentham, Ltd.		49,173		65,211
Independence Group NL (a)		99,103		316,549
Infigen Energy, Ltd. (c)		282,132		70,081
Infomedia, Ltd.		131,353		121,390
Integrated Research, Ltd.		28,972		37,752
International Ferro Metals, Ltd. (c)		82,765		3,511
Intrepid Mines, Ltd. (c)		32,795		3,575
Invocare, Ltd.		38,500		357,348
IOOF Holdings, Ltd. (a)		103,265		712,425
Iress, Ltd.		57,325		445,507
iSelect, Ltd. (c)		46,213		51,322
JB Hi-Fi, Ltd. (a)		51,555		773,830
Jupiter Mines, Ltd. (b) (c) (d)		63,164		3,472
K&S Corp., Ltd.		1,802		1,837
Karoon Gas Australia, Ltd. (a) (c)		75,600		130,174
Kingsgate Consolidated, Ltd. (c)		121,238		64,898
Kingsrose Mining, Ltd. (c)		83,494		18,035
Linc Energy, Ltd. (a) (c)		102,400		15,142
M2 Group, Ltd.		63,383		520,775
MACA, Ltd.		56,351		32,823
Macmahon Holdings, Ltd. (c)		380,170		19,384
Macquarie Atlas Roads Group		181,433		442,353
Macquarie Telecom Group, Ltd. (c)		3,983		18,891
Magellan Financial Group, Ltd.		27,343		366,694
Matrix Composites & Engineering, Ltd.		14,874		5,302
Maverick Drilling & Exploration, Ltd. (c)		41,036		3,329
MaxiTRANS Industries, Ltd.		59,013		17,977
Mayne Pharma Group, Ltd. (a) (c)		286,220		217,399
McMillan Shakespeare, Ltd.		29,453		274,365
McPherson’s, Ltd.		34,460		14,999
Medusa Mining, Ltd. (c)		60,972		39,405
Melbourne IT, Ltd.		36,135		46,535
Metals X, Ltd.		75,358		79,904
Metcash, Ltd. (a)		369,266		314,513
Mincor Resources NL		105,687		46,295
Mineral Deposits, Ltd. (c)		45,217		29,620
Mineral Resources, Ltd. (a)		41,091		206,826
MMA Offshore, Ltd. (a)		100,235		41,368
Monadelphous Group, Ltd. (a)		40,177		289,789
Morning Star Gold NL (b) (c) (d)		33,455		532
Mortgage Choice, Ltd.		48,689		86,365
Mount Gibson Iron, Ltd. (a)		439,215		67,524
Myer Holdings, Ltd. (a)		253,674		239,688
MyState, Ltd.		3,899		14,528
Nanosonics, Ltd. (c)		39,800		52,353
Navitas, Ltd. (a)		96,272		318,015
nearmap, Ltd. (c)		85,792		38,983
New Hope Corp., Ltd.		6,285		9,165
Newsat, Ltd. (a) (b) (c) (d)		113,333		10,056
nib holdings, Ltd.		213,507		553,200
Nick Scali, Ltd.		16,348		42,906
Noble Mineral Resources, Ltd. (b) (c) (d)		83,737		0
Northern Star Resources, Ltd. (a)		220,636		374,093
Australia—(Continued)
NRW Holdings, Ltd. (a)		94,219		13,388
Nufarm, Ltd.		79,335		440,652
Orocobre, Ltd. (a) (c)		49,318		80,311
OrotonGroup, Ltd. (a)		8,647		13,679
Otto Energy, Ltd. (a)		308,140		16,398
OZ Minerals, Ltd.		149,299		457,083
OzForex Group, Ltd. (a)		99,303		169,859
Pacific Brands, Ltd. (a) (c)		472,799		115,333
Paladin Energy, Ltd. (a) (c)		612,137		114,879
Panoramic Resources, Ltd.		146,618		52,358
PaperlinX, Ltd. (c)		340,846		6,576
Patties Foods, Ltd.		16,945		15,296
Peet, Ltd. (a)		88,199		77,812
Peninsula Energy, Ltd. (c)		454,116		7,751
Perpetual, Ltd.		19,830		734,603
Perseus Mining, Ltd. (c)		185,112		61,668
Phosphagenics, Ltd. (c)		345,965		5,317
Platinum Asset Management, Ltd.		21,691		124,465
Platinum Australia, Ltd. (b) (c) (d)		116,796		541
Pluton Resources, Ltd. (b) (c) (d)		48,332		511
PMP, Ltd. (c)		158,703		66,103
Premier Investments, Ltd.		44,992		443,690
Primary Health Care, Ltd. (a)		243,942		942,802
Prime Media Group, Ltd.		93,371		49,493
Programmed Maintenance Services, Ltd. (a)		50,859		112,813
Qube Holdings, Ltd.		229,607		412,667
RCG Corp., Ltd.		90,942		84,168
RCR Tomlinson, Ltd.		61,564		81,618
Reckon, Ltd. (a)		36,898		62,032
Redflex Holdings, Ltd. (c)		19,984		6,315
Regional Express Holdings, Ltd. (c)		9,952		7,936
Regis Resources, Ltd. (a) (c)		180,703		150,969
Reject Shop, Ltd. (The) (a)		12,421		51,365
Resolute Mining, Ltd. (c)		248,330		58,265
Resource Generation, Ltd. (c)		58,515		2,937
Retail Food Group, Ltd.		58,434		243,199
Ridley Corp., Ltd.		123,003		118,574
RungePincockMinarco, Ltd. (c)		4,190		1,810
Ruralco Holdings, Ltd.		7,095		19,149
SAI Global, Ltd.		62,244		199,974
Salmat, Ltd.		45,807		25,434
Samson Oil & Gas, Ltd. (c)		581,639		3,138
Sandfire Resources NL		40,717		179,676
Saracen Mineral Holdings, Ltd. (c)		390,479		129,124
Sedgman, Ltd.		48,829		25,880
Select Harvests, Ltd. (a)		30,640		259,975
Senex Energy, Ltd. (a) (c)		248,220		52,961
Servcorp, Ltd.		26,561		119,660
Service Stream, Ltd.		67,295		15,319
Seven Group Holdings, Ltd.		15,634		78,227
Seven West Media, Ltd. (a)		460,617		361,995
Sigma Pharmaceuticals, Ltd.		621,692		366,305
Silex Systems, Ltd. (a) (c)		28,112		9,972
Silver Chef, Ltd.		7,252		44,936
Silver Lake Resources, Ltd. (a) (c)		112,092		12,103
Sims Metal Management, Ltd. (a)		86,197		689,384
Sirtex Medical, Ltd.		22,520		499,520

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
SKILLED Group, Ltd.		81,174	$	106,423
Slater & Gordon, Ltd. (a)		116,238		318,748
SMS Management & Technology, Ltd.		35,576		95,272
Southern Cross Media Group, Ltd. (a)		229,061		170,176
Spark Infrastructure Group		647,515		972,027
Specialty Fashion Group, Ltd.		34,701		16,973
St. Barbara, Ltd. (c)		192,892		84,946
Steadfast Group, Ltd.		40,499		50,262
Strike Energy, Ltd. (c)		182,555		18,308
STW Communications Group, Ltd.		131,382		62,464
Sundance Energy Australia, Ltd. (c)		177,630		68,537
Sundance Resources, Ltd. (a) (c)		819,104		13,258
Sunland Group, Ltd.		40,150		55,294
Super Retail Group, Ltd. (a)		69,714		489,176
Swick Mining Services, Ltd.		56,563		5,966
Tabcorp Holdings, Ltd.		192,072		669,740
Tap Oil, Ltd. (c)		83,681		23,215
Tassal Group, Ltd.		72,156		184,568
Technology One, Ltd. (a)		85,252		238,441
Ten Network Holdings, Ltd. (c)		919,245		133,636
TFS Corp., Ltd. (a)		95,643		118,466
Thorn Group, Ltd.		56,537		114,670
Tiger Resources, Ltd. (c)		409,321		22,041
Toro Energy, Ltd. (c)		75,052		3,724
Tox Free Solutions, Ltd.		67,596		157,940
Transfield Services, Ltd. (c)		195,706		213,178
Transpacific Industries Group, Ltd. (a)		693,108		409,261
Treasury Group, Ltd.		1,159		8,489
Treasury Wine Estates, Ltd.		13,994		53,487
Troy Resources, Ltd. (a) (c)		68,908		19,514
UGL, Ltd. (a) (c)		29,320		47,980
UXC, Ltd.		122,634		70,942
Veda Group, Ltd. (a)		69,715		120,126
Villa World, Ltd.		14,787		22,754
Village Roadshow, Ltd.		32,709		158,870
Virgin Australia Holdings, Ltd. (c)		442,369		146,681
Virgin Australia International Holding, Ltd. (b) (c) (d)		968,773		1
Virtus Health, Ltd. (a)		37,091		154,220
Vision Eye Institute, Ltd.		37,056		18,761
Vita Group, Ltd.		18,112		23,682
Vocus Communications, Ltd. (a)		88,565		393,497
Watpac, Ltd. (a)		37,999		23,413
Webjet, Ltd. (a)		22,295		51,433
Western Areas, Ltd.		104,247		258,107
Whitehaven Coal, Ltd. (a) (c)		92,475		93,839
WorleyParsons, Ltd.		3,143		25,056
				39,636,361
Austria—0.9%
A-TEC Industries AG (a) (b) (c) (d)		1,312		0
Agrana Beteiligungs AG (a)		1,574		138,796
ams AG		29,130		1,274,084
Austria Technologie & Systemtechnik AG		14,133		204,610
CA Immobilien Anlagen AG (c)		16,824		293,330
Conwert Immobilien Invest SE (a) (c)		18,529		234,903
DO & Co. AG (a)		1,857		173,947
Austria—(Continued)
EVN AG		12,657		138,454
Flughafen Wien AG		1,220		105,845
Kapsch TrafficCom AG (c)		2,222		54,950
Lenzing AG		3,209		228,311
Mayr Melnhof Karton AG		3,412		385,499
Oberbank AG		174		10,029
Oesterreichische Post AG		10,867		499,776
Palfinger AG		5,947		181,466
POLYTEC Holding AG (a)		10,783		94,667
Porr AG		1,436		45,738
RHI AG (a)		8,926		222,017
Rosenbauer International AG		1,972		166,275
S IMMO AG (c)		35,979		298,785
Schoeller-Bleckmann Oilfield Equipment AG (a)		3,509		212,038
Semperit AG Holding (a)		6,630		273,196
Strabag SE		6,827		152,180
UBM Development AG		78		3,241
UNIQA Insurance Group AG		14,804		133,395
Wienerberger AG (a)		39,101		614,589
Zumtobel Group AG		19,568		581,022
				6,721,143
Bangladesh—0.0%
Golden Ocean Group, Ltd. (a) (c)		23,820		92,383
Belgium—1.6%
Ablynx NV (a) (c)		15,614		192,199
Ackermans & van Haaren NV		8,887		1,264,175
AGFA-Gevaert NV (c)		125,762		350,385
Atenor Group		1,089		49,921
Banque Nationale de Belgique		104		356,710
Barco NV		5,609		359,184
BHF Kleinwort Benson Group S.A. (c)		24,115		117,954
bpost S.A.		2,597		71,423
Cie d’Entreprises CFE		5,563		691,210
Cie Immobiliere de Belgique S.A.		1,276		69,643
Cie Maritime Belge S.A. (a) (c)		6,424		92,008
D’ieteren S.A.		8,787		314,290
Deceuninck NV		49,164		102,516
Econocom Group S.A. NV (a)		27,496		226,008
Elia System Operator S.A.		12,209		493,860
Euronav NV		30,049		441,183
EVS Broadcast Equipment S.A. (a)		4,761		137,985
Exmar NV		10,339		102,982
Fagron		13,446		554,941
Galapagos NV (c)		16,401		837,345
GIMV NV		250		11,929
Hamon & CIE S.A. (c)		300		3,098
Ion Beam Applications		11,487		313,079
Jensen-Group NV		738		16,165
Kinepolis Group NV (a)		11,014		431,039
Lotus Bakeries NV		118		173,680
MDxHealth (c)		5,915		29,037
Melexis NV		13,858		803,194
Mobistar S.A. (c)		13,209		250,179
NV Bekaert S.A. (a)		11,685		329,477

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Belgium—(Continued)
Nyrstar NV (c)		94,248	$	337,347
Picanol		1,699		97,375
RealDolmen NV (c)		1,200		25,165
Recticel S.A. (a)		24,409		132,395
Rentabiliweb Group (c)		1,352		10,402
Resilux NV		229		39,027
Roularta Media Group NV (c)		1,629		25,786
Sioen Industries NV		4,097		68,388
Sipef S.A.		3,346		178,368
Tessenderlo Chemie NV (c)		19,032		732,723
ThromboGenics NV (a) (c)		9,279		52,007
Umicore S.A.		4,988		236,394
Van de Velde NV		3,377		193,936
Viohalco S.A. (c)		45,397		118,573
				11,434,685
Cambodia—0.1%
NagaCorp., Ltd.		458,000		339,805
Canada—7.4%
5N Plus, Inc. (a) (c)		33,732		32,679
Absolute Software Corp. (a)		18,754		134,987
Acadian Timber Corp.		3,800		57,502
Advantage Oil & Gas, Ltd. (c)		117,131		740,861
Aecon Group, Inc. (a)		33,422		341,177
AG Growth International, Inc. (a)		5,820		218,215
AGF Management, Ltd. - Class B		32,280		151,450
AgJunction, Inc. (c)		12,375		5,548
AGT Food & Ingredients, Inc. (a)		7,901		200,530
AirBoss of America Corp.		3,761		67,150
AKITA Drilling, Ltd. - Class A		2,003		15,315
Alacer Gold Corp. (c)		102,778		241,105
Alamos Gold, Inc.		43,309		245,152
Alaris Royalty Corp. (a)		6,854		167,317
Algoma Central Corp.		4,410		60,695
Algonquin Power & Utilities Corp. (a)		77,093		577,735
Alterra Power Corp. (a) (c)		150,766		50,698
Altius Minerals Corp. (a)		9,660		111,759
Altus Group, Ltd. (a)		14,488		206,474
Americas Silver Corp. (c)		88,421		15,221
Amerigo Resources, Ltd. (c)		44,359		15,627
Amica Mature Lifestyles, Inc.		7,591		48,743
Anderson Energy, Inc. (c)		46,999		2,070
Andrew Peller, Ltd. - Class A		1,139		16,278
Argonaut Gold, Inc. (a) (c)		52,825		71,054
Arsenal Energy, Inc.		8,955		22,441
Asanko Gold, Inc. (c)		23,027		40,560
Athabasca Oil Corp. (c)		66,624		108,817
ATS Automation Tooling Systems, Inc. (c)		36,533		447,229
AuRico Gold, Inc. (a)		104,115		297,591
AutoCanada, Inc. (a)		8,428		278,684
Avalon Rare Metals, Inc. (a) (c)		26,705		5,078
Avigilon Corp. (a) (c)		9,681		130,527
Axia NetMedia Corp. (a)		22,633		59,437
B2Gold Corp. (c)		227,068		347,238
Badger Daylighting, Ltd. (a)		15,562		326,316
Canada—(Continued)
Ballard Power Systems, Inc. (a) (c)		5,735		11,847
Bankers Petroleum, Ltd. (c)		141,893		352,176
Bellatrix Exploration, Ltd. (a) (c)		60,265		140,409
Birchcliff Energy, Ltd. (c)		58,552		326,747
Bird Construction, Inc. (a)		18,612		166,003
Black Diamond Group, Ltd. (a)		19,812		277,749
BlackPearl Resources, Inc. (a) (c)		117,817		102,819
BMTC Group, Inc. (a)		5,387		65,300
BNK Petroleum, Inc. (a) (c)		29,567		12,310
Bonavista Energy Corp. (a)		15,300		83,176
Bonterra Energy Corp. (a)		12,499		315,127
Boralex, Inc. - Class A (a)		11,154		118,595
Boulder Energy, Ltd. (c)		15,381		102,212
Brookfield Real Estate Services, Inc.		800		9,627
BRP, Inc. (c)		8,368		195,566
Calfrac Well Services, Ltd. (a)		22,894		141,320
Calian Technologies, Ltd.		2,846		42,155
Canaccord Genuity Group, Inc.		54,653		340,433
Canacol Energy, Ltd. (a) (c)		32,061		71,104
Canadian Energy Services & Technology Corp. (a)		70,437		406,042
Canadian Western Bank (a)		32,028		737,747
Canam Group, Inc.		22,324		248,620
CanElson Drilling, Inc.		29,863		103,289
Canexus Corp. (a)		56,579		66,137
Canfor Corp. (c)		10,141		220,845
Canfor Pulp Products, Inc.		15,297		191,794
CanWel Building Materials Group, Ltd. (a)		9,304		42,684
Canyon Services Group, Inc.		27,085		125,992
Capital Power Corp. (a)		43,408		748,606
Capstone Infrastructure Corp. (a)		47,117		112,794
Capstone Mining Corp. (c)		95,339		93,125
Cascades, Inc.		46,236		264,682
Cathedral Energy Services, Ltd.		13,349		22,658
Celestica, Inc. (c)		5,099		59,359
Celestica, Inc. (U.S. Listed Shares) (c)		223		2,596
Centerra Gold, Inc.		32,763		186,243
Cequence Energy, Ltd. (a) (c)		86,636		53,411
Cervus Equipment Corp.		2,998		38,477
China Gold International Resources Corp., Ltd. (a) (c)		54,113		89,683
Chinook Energy, Inc. (c)		27,917		21,010
Cineplex, Inc. (a)		23,236		874,745
Clairvest Group, Inc.		200		4,722
Clarke, Inc. (a)		1,614		15,313
Clearwater Seafoods, Inc.		7,044		69,030
Cogeco Cable, Inc.		3,817		220,769
Cogeco, Inc.		3,209		147,295
Colabor Group, Inc. (a)		9,830		8,264
Colliers International Group, Inc.		12,580		481,444
COM DEV International, Ltd.		38,475		177,743
Computer Modelling Group, Ltd.		26,520		268,810
Copper Mountain Mining Corp. (a) (c)		57,011		52,949
Corby Spirit and Wine, Ltd.		8,057		137,595
Corridor Resources, Inc. (a) (c)		21,385		11,643
Corus Entertainment, Inc. - B Shares (a)		31,990		426,960
Cott Corp.		38,179		373,231
Cott Corp.		2,000		19,560

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Crew Energy, Inc. (c)		69,029	$	315,577
Delphi Energy Corp. (a) (c)		95,850		104,368
Denison Mines Corp. (a) (c)		247,548		178,377
Descartes Systems Group, Inc. (The) (c)		32,686		524,703
Descartes Systems Group, Inc. (The) (a) (c)		1,850		29,693
DH Corp.		6,372		203,659
DirectCash Payments, Inc. (a)		4,974		51,890
Dominion Diamond Corp.		23,880		334,588
Dominion Diamond Corp. (U.S. Listed Shares) (c)		9,238		129,424
Dorel Industries, Inc. - Class B		12,134		324,577
DragonWave, Inc. (a) (c)		18,544		10,096
Dundee Precious Metals, Inc. (c)		40,545		82,453
E-L Financial Corp., Ltd.		112		58,794
Eastern Platinum, Ltd. (a) (c)		42,003		54,479
easyhome, Ltd. (a)		2,000		31,225
Echelon Financial Holdings, Inc.		900		10,978
EcoSynthetix, Inc. (c)		800		762
Enbridge Income Fund Holdings, Inc. (a)		18,118		500,892
Endeavour Mining Corp. (c)		162,154		80,493
Endeavour Silver Corp. (a) (c)		37,334		75,027
EnerCare, Inc. (a)		25,125		267,544
Enerflex, Ltd.		29,289		316,574
Energy Fuels, Inc. (a) (c)		4,125		18,462
Enghouse Systems, Ltd.		7,089		276,352
Ensign Energy Services, Inc.		42,501		416,503
Epsilon Energy, Ltd. (c)		18,214		50,019
Equitable Group, Inc. (a)		3,909		191,757
Equity Financial Holdings, Inc. (c)		1,100		7,178
Essential Energy Services Trust (c)		53,526		48,426
Evertz Technologies, Ltd.		9,149		119,252
Exchange Income Corp. (a)		6,151		99,578
Exco Technologies, Ltd.		13,332		163,421
Exeter Resource Corp. (c)		11,335		5,445
EXFO, Inc. (c)		85		276
Extendicare, Inc. (a)		41,356		250,652
Fiera Capital Corp.		6,719		66,652
Firm Capital Mortgage Investment Corp. (a)		2,307		23,310
First Majestic Silver Corp. (a) (c)		51,360		248,781
First National Financial Corp. (a)		4,107		65,074
FirstService Corp.		12,580		349,702
Fortress Paper, Ltd. - Class A (a) (c)		7,338		24,440
Fortuna Silver Mines, Inc. (c)		60,121		219,016
Gamehost, Inc. (a)		4,952		47,379
Genesis Land Development Corp. (c)		14,348		38,139
Gibson Energy, Inc. (a)		12,713		229,526
Glacier Media, Inc. (a)		9,600		8,916
Gluskin Sheff & Associates, Inc.		12,033		241,816
GMP Capital, Inc.		28,336		116,384
Golden Star Resources, Ltd. (a) (c)		135,570		42,874
Gran Tierra Energy, Inc. (c)		99,813		298,880
Granite Oil Corp.		10,252		51,629
Great Canadian Gaming Corp. (c)		23,794		457,401
Great Panther Silver, Ltd. (c)		67,206		28,518
Guyana Goldfields, Inc. (c)		41,155		130,483
Hanfeng Evergreen, Inc. (b) (c) (d)		12,100		1,254
Heroux-Devtek, Inc. (c)		14,606		129,571
High Liner Foods, Inc.		7,007		127,068
Canada—(Continued)
HNZ Group, Inc.		3,031		47,831
Home Capital Group, Inc. (a)		16,768		581,040
Horizon North Logistics, Inc. (a)		30,612		94,360
HudBay Minerals, Inc.		103,103		858,504
IAMGOLD Corp. (a) (c)		152,782		305,809
IMAX Corp. (a) (c)		21,475		864,798
Imperial Metals Corp. (c)		15,126		125,949
Indigo Books & Music, Inc. (c)		1,986		17,713
Innergex Renewable Energy, Inc. (a)		38,391		326,431
Interfor Corp. (c)		33,292		546,159
International Tower Hill Mines, Ltd. (c)		21,604		6,919
Intertape Polymer Group, Inc.		20,313		304,451
Ithaca Energy, Inc. (c)		94,516		79,457
Just Energy Group, Inc. (a)		71,937		374,948
K-Bro Linen, Inc. (a)		2,919		123,818
Katanga Mining, Ltd. (c)		26,500		4,243
Kelt Exploration, Ltd. (a) (c)		21,351		144,277
Killam Properties, Inc. (a)		24,086		196,506
Kingsway Financial Services, Inc. (c)		8,765		49,544
Kinross Gold Corp. (c)		53,100		123,716
Kirkland Lake Gold, Inc. (a) (c)		34,082		153,628
Knight Therapeutics, Inc. (c)		4,998		26,811
Lake Shore Gold Corp. (c)		187,975		192,641
Laurentian Bank of Canada (a)		13,206		508,997
Legacy Oil + Gas, Inc. (c)		55,624		107,774
Leon’s Furniture, Ltd.		9,639		122,629
Leucrotta Exploration, Inc. (c)		41,143		37,882
Lightstream Resources, Ltd. (a)		108,373		89,371
Linamar Corp.		706		45,853
Liquor Stores N.A., Ltd. (a)		12,660		144,541
Long Run Exploration, Ltd. (a)		45,123		28,541
Lucara Diamond Corp. (a)		110,136		175,477
MacDonald Dettwiler & Associates, Ltd.		759		55,464
Magellan Aerospace Corp.		5,794		79,140
Mainstreet Equity Corp. (a) (c)		2,561		75,333
Major Drilling Group International, Inc.		36,670		183,497
Mandalay Resources Corp.		87,627		67,351
Manitoba Telecom Services, Inc. (a)		9,487		211,995
Maple Leaf Foods, Inc. (a)		48,931		928,083
Martinrea International, Inc.		32,289		345,123
Maxim Power Corp. (c)		2,800		6,120
McCoy Global, Inc.		4,388		16,934
Mediagrif Interactive Technologies, Inc. (a)		4,176		56,906
Medical Facilities Corp.		12,861		156,000
Melcor Developments, Ltd.		3,120		43,440
Mitel Networks Corp. (c)		20,070		178,043
Mood Media Corp. (a) (c)		28,391		14,548
Morneau Shepell, Inc. (a)		19,585		260,611
MTY Food Group, Inc. (a)		6,004		159,209
Mullen Group, Ltd. (a)		37,792		617,562
Nautilus Minerals, Inc. (c)		52,914		19,488
Nevada Copper Corp. (a) (c)		10,550		12,670
Nevsun Resources, Ltd. (a)		81,011		304,845
New Flyer Industries, Inc. (a)		17,136		212,382
New Gold, Inc. (c)		48,813		130,924
Newalta Corp. (a)		23,919		272,320
Norbord, Inc. (a)		11,092		232,763

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
North American Energy Partners, Inc.		14,743	$	36,002
North American Palladium, Ltd. (c)		108,692		3,481
North West Co., Inc. (The) (a)		17,071		338,413
Northern Dynasty Minerals, Ltd. (a) (c)		27,464		9,345
Northland Power, Inc. (a)		24,779		313,854
NuVista Energy, Ltd. (c)		59,117		316,647
OceanaGold Corp.		150,911		373,351
Ovivo, Inc. - Class A (c)		12,735		15,498
Painted Pony Petroleum, Ltd. (c)		38,738		246,881
Pan American Silver Corp. (a)		50,971		438,293
Parex Resources, Inc. (c)		55,359		464,058
Parkland Fuel Corp. (a)		28,463		566,981
Pason Systems, Inc.		29,316		524,590
Pengrowth Energy Corp. (a)		79,216		197,881
Perpetual Energy, Inc. (a) (c)		50,316		39,479
Phoscan Chemical Corp. (c)		28,500		6,617
PHX Energy Services Corp. (a)		12,350		54,186
Pilot Gold, Inc. (a) (c)		11,266		5,592
Pizza Pizza Royalty Corp.		2,298		25,041
Platinum Group Metals, Ltd. (c)		32,084		12,587
Points International, Ltd. (a) (c)		5,320		66,021
Polymet Mining Corp. (a) (c)		38,355		42,685
Poseidon Concepts Corp. (c)		17,540		9
Precision Drilling Corp. (a)		35,010		235,456
Premium Brands Holdings Corp. (a)		7,879		202,495
Primero Mining Corp. (c)		70,253		273,925
Pulse Seismic, Inc. (a)		22,620		45,276
QLT, Inc. (c)		25,500		105,144
Questerre Energy Corp. - Class A (a) (c)		83,569		16,727
RB Energy, Inc. (a) (c) (d)		76,741		77
Reitmans Canada, Ltd.		4,000		19,215
Reitmans Canada, Ltd. - Class A		20,566		107,193
Richelieu Hardware, Ltd.		6,130		308,365
Richmont Mines, Inc. (c)		20,415		65,053
RMP Energy, Inc. (c)		72,808		136,406
Rock Energy, Inc. (a) (c)		14,187		39,187
Rocky Mountain Dealerships, Inc. (a)		3,738		27,534
Rogers Sugar, Inc. (a)		35,106		126,202
RONA, Inc.		58,689		713,290
Rubicon Minerals Corp. (a) (c)		49,480		51,500
Russel Metals, Inc.		25,722		468,103
Sabina Gold & Silver Corp. (a) (c)		45,006		15,855
Sandstorm Gold, Ltd. (a) (c)		48,383		142,941
Sandvine Corp. (c)		90,000		258,687
Savanna Energy Services Corp.		34,913		41,929
Sears Canada, Inc. (a) (c)		5,768		34,913
Secure Energy Services, Inc. (a)		55,376		566,618
SEMAFO, Inc. (a) (c)		123,983		333,533
Serinus Energy, Inc. (c)		1,398		873
ShawCor, Ltd.		22,391		655,954
Sherritt International Corp. (a)		132,332		221,436
Sienna Senior Living, Inc. (a)		13,276		164,223
Sierra Wireless, Inc. (a) (c)		18,510		459,860
Sierra Wireless, Inc. (U.S. Listed Shares) (a) (c)		1,403		34,879
Silver Standard Resources, Inc. (a) (c)		37,551		236,009
Solium Capital, Inc. (c)		11,317		71,490
Sprott Resource Corp. (a) (c)		40,405		30,409
Canada—(Continued)
Sprott, Inc. (a)		56,027		110,798
Spyglass Resources Corp. (a)		38,341		5,986
St Andrew Goldfields, Ltd. (c)		87,850		22,508
Stantec, Inc. (a)		10,081		294,601
Stella-Jones, Inc.		13,690		455,091
Stornoway Diamond Corp. (c)		33,687		22,116
Strad Energy Services, Ltd.		10,641		24,111
Street Capital Group, Inc. (c)		5,900		11,101
Stuart Olson, Inc.		11,157		61,279
Student Transportation, Inc. (a)		27,425		126,476
SunOpta, Inc. (a) (c)		26,392		282,726
Superior Plus Corp. (a)		48,949		492,233
Surge Energy, Inc. (a)		64,375		182,456
TAG Oil, Ltd. (a) (c)		22,471		25,008
Taseko Mines, Ltd. (a) (c)		108,786		60,098
Tembec, Inc. (a) (c)		32,111		54,761
Teranga Gold Corp. (c)		108,211		61,513
Teranga Gold Corp. (c)		26,882		15,953
Thompson Creek Metals Co., Inc. (a) (c)		107,292		87,620
Timminco, Ltd. (c)		16,700		22
Timmins Gold Corp. (a) (c)		59,665		33,439
TMX Group, Ltd.		1,127		47,958
TORC Oil & Gas, Ltd. (a)		31,526		219,597
Toromont Industries, Ltd.		29,983		749,935
Torstar Corp. - Class B (a)		21,453		99,450
Total Energy Services, Inc.		13,248		161,755
TransAlta Corp. (a)		35,531		275,372
TransAlta Renewables, Inc.		7,245		71,696
Transcontinental, Inc. - Class A		26,130		321,970
TransForce, Inc. (a)		22,964		465,715
TransGlobe Energy Corp. (a)		36,372		145,022
Transition Therapeutics, Inc. (c)		800		1,633
Trican Well Service, Ltd.		55,663		184,949
Trinidad Drilling, Ltd. (a)		41,200		133,265
Twin Butte Energy, Ltd. (a)		80,345		46,316
Uex Corp. (c)		89,800		17,974
Uni-Select, Inc.		8,978		338,418
Valener, Inc. (a)		16,303		219,810
Vecima Networks, Inc.		2,500		21,437
Wajax Corp. (a)		7,885		136,109
Wesdome Gold Mines, Ltd. (c)		38,107		31,425
Western Energy Services Corp. (a)		17,973		83,318
Western Forest Products, Inc.		145,247		259,328
WesternOne, Inc.		10,000		5,765
Westshore Terminals Investment Corp. (a)		23,388		569,439
Whistler Blackcomb Holdings, Inc.		12,342		194,666
Wi-Lan, Inc.		58,061		134,345
Winpak, Ltd.		7,902		239,654
Xtreme Drilling & Coil Services Corp. (a) (c)		11,600		25,912
Yangarra Resources, Ltd. (c)		5,900		6,046
Yellow Pages, Ltd. (c)		1,741		25,969
Zargon Oil & Gas, Ltd. (a)		11,121		22,527
ZCL Composites, Inc.		9,681		53,869
Zenith Epigenetics Corp. (b) (c) (d)		12,830		832
				53,641,099

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
China—0.0%
China Chuanglian Education Group, Ltd. (c)		336,000	$	25,670
Li Heng Chemical Fibre Technologies, Ltd. (c)		61,800		22,483
				48,153
Denmark—1.8%
ALK-Abello A/S		1,476		171,942
Alm Brand A/S		41,706		266,416
Ambu A/S - Class B		10,644		278,372
Bakkafrost P/F		8,908		238,280
Bang & Olufsen A/S (a) (c)		9,221		79,327
Bavarian Nordic A/S (c)		14,671		685,550
Brodrene Hartmann A/S		363		13,820
D/S Norden A/S (a) (c)		5,328		134,008
DFDS A/S		2,237		309,135
FLSmidth & Co. A/S (a)		19,649		947,987
Genmab A/S (c)		10,677		927,104
GN Store Nord A/S		70,478		1,456,396
Greentech Energy Systems A/S (c)		1,142		1,467
Gronlandsbanken AB		17		1,573
Harboes Bryggeri A/S - Class B		1,454		22,247
IC Group A/S		3,209		89,895
Jeudan A/S (c)		201		20,494
Jyske Bank A/S (c)		14,672		736,853
NKT Holding A/S		6,820		390,934
Nordjyske Bank A/S		185		3,267
Parken Sport & Entertainment A/S (c)		2,351		20,034
PER Aarsleff A/S - Class B		962		329,767
Ringkjoebing Landbobank A/S		2,258		501,521
Rockwool International A/S - B Shares (a)		3,675		552,512
Royal Unibrew A/S		22,465		769,874
RTX A/S		1,288		13,987
Santa Fe Group A/S (a) (c)		7,121		59,539
Schouw & Co.		7,785		407,375
SimCorp A/S (a)		17,307		689,246
Solar A/S - B Shares		3,176		173,593
Spar Nord Bank A/S		32,428		358,238
Sydbank A/S		23,114		885,158
TK Development A/S (a) (c)		55,316		73,641
Topdanmark A/S (c)		42,895		1,149,064
United International Enterprises		1,090		179,867
Vestjysk Bank A/S (c)		3,300		4,850
Zealand Pharma A/S (a) (c)		2,949		48,782
				12,992,115
Finland—2.7%
Afarak Group Oyj (c)		95,130		39,190
Ahlstrom Oyj (a)		11,406		99,180
Aktia Bank Oyj		3,139		37,281
Alma Media Oyj (c)		31,691		111,917
Amer Sports Oyj		47,651		1,269,326
Apetit Oyj		1,205		18,777
Aspo Oyj		8,414		70,179
Atria Oyj		2,604		26,531
BasWare Oyj		3,525		157,167
Biotie Therapies Oyj (c)		118,993		30,461
Cargotec Oyj - B Shares		12,591		477,789
Finland—(Continued)
Caverion Corp. (a)		58,474		581,843
Citycon Oyj (a) (c)		97,999		244,626
Comptel Oyj		30,187		42,795
Cramo Oyj		9,503		183,222
Elektrobit Oyj		35,381		185,604
Elisa Oyj		45,604		1,444,149
F-Secure Oyj		54,590		191,095
Finnair Oyj (c)		35,859		110,433
Finnlines Oyj (c)		9,624		176,784
Fiskars Oyj Abp		17,515		399,759
HKScan Oyj - A Shares		6,704		39,814
Huhtamaki Oyj		51,530		1,592,330
Ilkka-Yhtyma Oyj		2,976		7,850
Kemira Oyj (a)		41,153		468,443
Kesko Oyj - A Shares		494		16,235
Kesko Oyj - B Shares		35,959		1,253,317
Konecranes Oyj (a)		16,662		486,024
Lassila & Tikanoja Oyj		14,630		251,534
Lemminkainen Oyj (c)		5,098		66,326
Metsa Board Oyj		135,387		839,877
Metso Oyj		10,914		299,610
Munksjo Oyj (a) (c)		6,311		67,549
Neste Oyj (a)		10,999		280,957
Nokian Renkaat Oyj		48,447		1,517,628
Okmetic Oyj		6,360		49,981
Olvi Oyj - A Shares		6,303		184,817
Oriola-KD Oyj - B Shares (a) (c)		76,371		352,461
Orion Oyj - Class A		16,232		570,399
Orion Oyj - Class B		43,350		1,519,338
Outokumpu Oyj (c)		102,277		514,454
Outotec Oyj (a)		52,402		337,839
PKC Group Oyj (a)		7,624		168,498
Ponsse Oy		3,208		48,255
Poyry Oyj (c)		14,295		60,185
Raisio plc - V Shares (a)		58,833		264,853
Ramirent Oyj		41,687		304,016
Rapala VMC Oyj		8,902		52,740
Saga Furs Oyj		836		22,429
Sanoma Oyj (a)		31,912		165,242
Stockmann Oyj Abp - B Shares (a) (c)		11,956		82,871
Talvivaara Mining Co. plc (a) (b) (c) (d)		286,881		7,260
Technopolis Oyj		44,123		177,919
Teleste Oyj		772		6,284
Tieto Oyj		27,532		643,568
Tikkurila Oyj		18,446		366,665
Uponor Oyj		23,381		352,156
Vaisala Oyj - A Shares		4,116		107,709
Valmet Oyj		2,486		28,006
YIT Oyj (a)		33,084		236,232
				19,709,779
France—4.3%
ABC Arbitrage		4,710		26,325
Actia Group		5,737		40,912
Air France-KLM (a) (c)		74,648		524,029
Akka Technologies S.A.		3,513		124,924

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
Albioma S.A.		12,611	$	191,499
Altamir Amboise		9,152		106,525
Alten S.A.		9,511		441,698
Altran Technologies S.A.		70,704		758,893
APRIL S.A.		9,077		123,491
Assystem (a)		5,996		106,589
Aubay		1,785		28,176
Audika Groupe		2,159		42,363
Aurea S.A.		1,221		7,256
Axway Software S.A.		2,132		47,966
Bastide le Confort Medical		590		11,970
Beneteau S.A. (a)		19,857		338,214
BioMerieux		4,066		433,022
Boiron S.A.		2,738		268,592
Bonduelle SCA		7,722		196,327
Burelle S.A.		184		131,431
Catering International Services		541		11,268
Cegedim S.A. (c)		2,929		123,482
Cegid Group (a)		3,132		131,546
Chargeurs S.A.		7,816		58,038
Cie des Alpes		3,241		60,738
Derichebourg S.A. (c)		31,305		100,418
Devoteam S.A.		4,902		138,013
DNXCorp.		277		4,727
Eiffage S.A.		6,821		379,158
Electricite de Strasbourg S.A.		88		10,691
Eramet (a) (c)		1,499		116,181
Esso S.A. Francaise (c)		1,341		75,643
Etablissements Maurel et Prom (c)		26,859		199,236
Euler Hermes S.A.		2,457		247,614
Euro Disney SCA (c)		79,170		117,415
Eurofins Scientific SE (a)		3,562		1,086,403
Exel Industries - A Shares		618		32,415
Faiveley Transport S.A.		3,418		257,767
Faurecia (a)		31,687		1,302,068
Fimalac		3,854		339,397
Fleury Michon S.A.		461		29,327
GameLoft SE (a) (c)		18,424		78,546
Gaztransport Et Technigaz S.A.		1,429		90,354
GEA		165		13,806
GECI International (b) (c) (d)		9,793		0
GL Events		3,648		73,683
Groupe Crit		1,538		77,260
Groupe Flo		5,857		15,485
Groupe Fnac (c)		2,045		122,813
Groupe Gorge		1,266		34,696
Groupe Open		22		291
Guerbet		2,652		112,916
Haulotte Group S.A.		9,947		181,206
Havas S.A. (a)		6,307		52,514
Hi-Media S.A. (a) (c)		16,805		20,412
HiPay Group S.A. (c)		16,805		22,295
Imerys S.A.		2,714		207,643
Interparfums S.A. (a)		4,366		118,970
Ipsen S.A.		13,044		719,404
IPSOS		12,134		313,444
Jacquet Metal Service (a)		7,386		146,570
France—(Continued)
Korian - Medica		23,302		774,239
Lagardere SCA		51,526		1,501,413
Lanson-BCC		15		580
Laurent-Perrier		1,367		125,515
Le Noble Age (c)		1,488		33,459
Lectra		10,108		144,323
LISI		11,625		326,736
Maisons France Confort S.A.		1,754		74,659
Manitou BF S.A.		4,534		85,956
Manutan International		589		27,974
Mersen		8,985		219,972
METabolic EXplorer S.A. (c)		6,035		25,029
Metropole Television S.A.		21,233		412,646
MGI Coutier		4,744		75,098
Montupet (a)		4,202		302,782
Mr. Bricolage		601		8,593
Naturex (a)		2,358		163,893
Neopost S.A. (a)		12,528		538,908
Nexans S.A. (a) (c)		10,974		410,913
Nexity S.A.		12,502		491,079
NextRadioTV		3,349		105,179
Norbert Dentressangle S.A.		2,592		628,843
NRJ Group (c)		12,040		96,663
Onxeo SA (c)		4,566		25,279
Orco Property Group (c)		4,469		1,646
Orpea (a)		15,896		1,113,773
Parrot S.A. (c)		3,230		144,838
Pierre & Vacances S.A. (c)		3,103		98,580
Plastic Omnium S.A.		34,713		884,051
Rallye S.A.		8,372		251,845
Recylex S.A. (c)		8,543		17,974
Rexel S.A.		9,521		153,718
Robertet S.A.		14		3,184
Rubis SCA (a)		15,849		1,085,044
Saft Groupe S.A.		16,151		630,057
Samse S.A.		107		13,464
Sartorius Stedim Biotech		1,438		397,345
Savencia S.A.		3,042		193,777
SEB S.A.		6,523		607,804
Seche Environnement S.A.		1,555		53,286
Sequana S.A. (c)		10,224		47,762
Soc Mar Tunnel Prado Car		293		10,327
Societe d’Edition de Canal Plus		24,877		210,484
Societe des Bains de Mer et du Cercle des Etrangers a Monaco		16		580
Societe Television Francaise 1		52,277		900,370
Soitec (a) (c)		97,742		75,275
Solocal Group (a) (c)		489,833		243,311
Somfy S.A.		202		59,672
Sopra Steria Group (a)		6,938		624,663
Spir Communication S.A. (c)		848		12,317
Stallergenes S.A.		569		34,736
Ste Industrielle d’Aviation Latecoere S.A. (c)		5,409		62,533
STEF S.A.		1,145		74,894
Store Electronic (c)		715		8,703
Sword Group		3,419		74,406
Synergie S.A.		4,419		107,929

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
Technicolor S.A.		88,305	$	575,795
Teleperformance		24,566		1,739,691
Tessi S.A.		895		86,610
TFF Group		308		28,334
Theolia S.A. (c)		38,489		26,156
Thermador Groupe		1,002		83,816
Total Gabon		324		91,964
Touax S.A.		1,463		24,221
Trigano S.A.		5,078		204,738
UBISOFT Entertainment (c)		41,482		740,422
Union Financiere de France BQE S.A.		1,856		52,508
Valneva SE (a) (c)		15,386		66,155
Vetoquinol S.A.		1,341		55,639
Vicat S.A. (a)		5,373		368,094
Viel et Co.		3,978		12,507
Vilmorin & Cie S.A. (a)		2,684		225,533
Virbac S.A.		1,586		339,364
VM Materiaux S.A.		235		6,327
Vranken-Pommery Monopole S.A. (a)		958		29,580
				30,729,588
Germany—5.1%
Aareal Bank AG		32,420		1,272,567
Adler Modemaerkte AG		2,828		32,328
ADVA Optical Networking SE (c)		13,833		132,373
Air Berlin plc (a) (c)		15,003		19,123
AIXTRON SE (a) (c)		30,799		208,009
Allgeier SE		2,942		53,548
Amadeus Fire AG		2,610		232,743
Aurubis AG		14,317		840,955
Axel Springer SE		4,243		222,705
Balda AG (a) (c)		14,264		38,164
Basler AG		236		13,939
Bauer AG		4,696		80,487
BayWa AG		305		11,894
BayWa AG (a)		4,949		167,717
Bechtle AG		9,570		725,238
Bertrandt AG		1,677		220,070
Bijou Brigitte AG		1,603		100,417
Biotest AG		1,407		109,858
Borussia Dortmund GmbH & Co. KGaA (Xetra Exchange) (a)		29,432		110,848
CANCOM SE		7,824		281,668
Carl Zeiss Meditec AG (a)		10,209		260,863
CENIT AG		5,981		101,738
CENTROTEC Sustainable AG		3,158		50,082
Cewe Stiftung & Co. KGaA		3,145		176,110
Comdirect Bank AG		13,399		137,436
CompuGroup Medical AG		8,932		312,509
Constantin Medien AG (c)		15,941		29,342
CropEnergies AG (a)		9,235		40,050
CTS Eventim AG & Co. KGaA		19,994		728,972
Data Modul AG		138		5,148
DEAG Deutsche Entertainment AG		2,049		12,529
Delticom AG (a)		1,562		36,573
Deutsche Beteiligungs AG		2,815		86,670
Germany—(Continued)
Deutz AG		29,728		170,270
Dialog Semiconductor plc (c)		22,851		1,235,212
DMG Mori AG		20,797		750,212
Dr. Hoenle AG		2,084		51,991
Draegerwerk AG & Co. KGaA		1,062		88,396
Drillisch AG (a)		30,810		1,372,943
Duerr AG		8,529		794,541
Eckert & Ziegler AG		1,629		43,454
Elmos Semiconductor AG		7,336		152,084
ElringKlinger AG (a)		11,206		301,227
Euromicron AG (c)		2,048		20,733
Evotec AG (a) (c)		24,706		98,041
Fielmann AG		3,516		238,926
Francotyp-Postalia Holding AG		3,300		16,733
Fraport AG Frankfurt Airport Services Worldwide		3,036		190,636
Freenet AG (a)		56,906		1,916,258
FUCHS Petrolub SE		2,562		97,893
Gerresheimer AG		9,467		589,954
Gerry Weber International AG (a)		9,842		226,300
Gesco AG		1,521		124,789
GFK SE		7,937		347,523
GFT Technologies AG (a)		9,142		188,574
Grammer AG		7,596		252,063
Grenkeleasing AG		2,371		341,969
H&R AG (c)		4,113		34,716
Hamburger Hafen und Logistik AG (a)		8,624		174,510
Heidelberger Druckmaschinen AG (a) (c)		153,682		340,560
HOCHTIEF AG		351		27,185
Homag Group AG		1,678		65,439
Hornbach Baumarkt AG		663		24,393
Indus Holding AG		13,812		695,569
Init Innovation In Traffic Systems AG		1,794		49,265
Isra Vision AG		2,083		136,762
Jenoptik AG		19,047		229,688
Joyou AG (c)		688		169
KION Group AG (c)		3,090		148,000
Kloeckner & Co. SE (a)		38,909		351,815
Koenig & Bauer AG (c)		4,373		98,541
Kontron AG (c)		21,842		96,278
Krones AG (a)		5,091		531,989
KSB AG		103		48,230
KUKA AG (a)		8,843		736,527
KWS Saat SE		949		315,680
LANXESS AG		10,680		629,587
LEG Immobilien AG (c)		3,514		244,049
Leifheit AG		945		45,114
Leoni AG		12,471		787,043
LPKF Laser & Electronics AG (a)		5,852		50,228
Manz AG (a) (c)		1,272		89,569
Medigene AG (c)		3,423		32,212
MLP AG (a)		20,985		87,909
MTU Aero Engines AG		14,227		1,337,929
Muehlbauer Holding AG		305		6,868
MVV Energie AG		3,445		87,194
Nemetschek AG		12,828		412,760
Nexus AG		2,764		51,328
Nordex SE (c)		23,261		557,157

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Norma Group SE		10,781	$	544,864
OHB SE (a)		2,315		45,046
OSRAM Licht AG		3,654		174,911
Paion AG (c)		3,693		9,380
Patrizia Immobilien AG (c)		14,507		354,664
Pfeiffer Vacuum Technology AG (a)		4,085		364,009
PNE Wind AG (a) (c)		24,548		56,155
Progress-Werk Oberkirch AG		822		36,217
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie (c)		2,118		24,446
Puma SE (a)		203		32,219
PVA TePla AG (c)		3,358		9,724
QSC AG (a)		26,632		54,595
R Stahl AG		1,594		65,954
Rational AG		951		349,239
Rheinmetall AG		12,508		634,283
Rhoen Klinikum AG		32,246		864,852
RIB Software AG (a)		1,026		16,536
SAF-Holland S.A. (a)		31,896		492,195
Salzgitter AG (a)		11,250		402,001
Schaltbau Holding AG		2,118		107,668
SGL Carbon SE (a) (c)		18,022		291,743
SHW AG		2,013		96,589
Singulus Technologies AG (a) (c)		35,179		31,116
Sixt SE		9,652		420,587
SMA Solar Technology AG (a) (c)		3,992		89,226
SMT Scharf AG (c)		831		14,839
Softing AG		1,971		27,588
Software AG		20,357		557,959
Solarworld AG (c)		348		4,989
Stada Arzneimittel AG		19,797		667,674
STRATEC Biomedical AG		1,697		93,710
Stroeer Media SE (a)		8,451		394,639
Suedzucker AG (a)		14,281		237,543
Surteco SE		970		23,993
Suss Microtec AG (c)		6,216		35,202
Syzygy AG		1,399		12,002
TAG Immobilien AG (a)		77,264		903,987
Takkt AG		11,656		213,255
Technotrans AG		3,008		54,143
Tom Tailor Holding AG (c)		6,389		64,231
Tomorrow Focus AG		1,815		8,786
TUI AG		85,669		1,384,408
Vossloh AG (a) (c)		4,089		244,065
VTG AG (a)		5,545		129,819
Wacker Chemie AG (a)		2,123		219,173
Wacker Neuson SE		10,071		211,098
Washtec AG		3,397		74,256
Wincor Nixdorf AG		10,359		407,948
XING AG		1,747		286,578
				36,827,762
Hong Kong—3.4%
Alco Holdings, Ltd.		136,000		41,813
Allan International Holdings		70,000		19,243
Allied Group, Ltd.		22,000		121,606
Hong Kong—(Continued)
Allied Properties HK, Ltd.		1,466,024		420,747
Anxian Yuan China Holdings, Ltd. (c)		420,000		9,665
Apac Resources, Ltd. (c)		314,782		8,112
APT Satellite Holdings, Ltd.		164,250		150,394
Arts Optical International Holdings, Ltd.		16,000		6,605
Asia Financial Holdings, Ltd.		300,000		154,255
Asia Satellite Telecommunications Holdings, Ltd.		58,500		233,278
Asia Standard International Group, Ltd.		370,000		96,373
ASM Pacific Technology, Ltd.		7,200		70,892
Associated International Hotels, Ltd.		14,000		43,436
Aupu Group Holding Co., Ltd.		246,000		79,528
Bel Global Resources Holdings, Ltd. (b) (c) (d)		520,000		0
Bonjour Holdings, Ltd.		615,000		45,166
Bossini International Holdings		302,000		28,246
Brockman Mining, Ltd. (a) (c)		2,516,770		84,640
Burwill Holdings, Ltd. (c)		1,566,000		87,880
Cafe de Coral Holdings, Ltd.		134,000		482,195
CEC International Holdings, Ltd.		80,000		20,639
Century City International Holdings, Ltd.		616,000		53,191
Champion Technology Holdings, Ltd. (c)		1,233,093		32,221
Chen Hsong Holdings		150,000		44,370
Cheuk Nang Holdings, Ltd.		89,020		74,541
Chevalier International Holdings, Ltd.		70,000		137,762
China Beidahuang Industry Group Holdings, Ltd. - Class A (c)		146,000		54,265
China Billion Resources, Ltd. (b) (c) (d)		476,000		0
China Daye Non-Ferrous Metals Mining, Ltd. (a) (c)		2,366,000		77,779
China Energy Development Holdings, Ltd. (c)		3,670,000		95,820
China Flavors & Fragrances Co., Ltd.		71,446		25,781
China Infrastructure Investment, Ltd. (c)		626,000		15,724
China Metal International Holdings, Inc.		198,000		64,029
China Smarter Energy Group Holdings, Ltd. (a) (c)		992,000		167,556
China Solar Energy Holdings, Ltd. (b) (c) (d)		162,000		705
China Star Entertainment, Ltd. (c)		3,150,000		48,167
China Strategic Holdings, Ltd. (c)		1,155,000		73,796
China Ting Group Holdings, Ltd. (c)		318,550		33,980
Chinney Investment, Ltd.		8,000		2,000
Chow Sang Sang Holdings International, Ltd.		119,000		238,261
Chu Kong Shipping Enterprise Group Co., Ltd.		154,000		69,841
Chuang’s China Investments, Ltd.		341,000		24,191
Chuang’s Consortium International, Ltd.		446,357		63,591
CITIC Telecom International Holdings, Ltd.		467,000		215,576
CK Life Sciences International Holdings, Inc.		1,594,000		175,432
CNT Group, Ltd.		246,000		15,291
Continental Holdings, Ltd. (c)		220,000		7,658
CP Lotus Corp. (c)		1,750,000		45,377
Crocodile Garments (c)		216,000		26,190
Cross-Harbour Holdings, Ltd. (The)		119,000		154,070
CSI Properties, Ltd.		3,194,023		125,344
CST Mining Group, Ltd. (c)		8,984,000		117,532
Culturecom Holdings, Ltd. (a) (c)		20,000		3,763
Dah Sing Banking Group, Ltd.		172,671		377,684
Dah Sing Financial Holdings, Ltd.		66,260		431,931
Dan Form Holdings Co., Ltd.		287,000		59,218
Dickson Concepts International, Ltd.		131,000		53,368

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Dorsett Hospitality International, Ltd.		415,000	$	86,174
Eagle Nice International Holdings, Ltd.		120,000		28,024
EcoGreen International Group, Ltd.		90,000		33,193
Emperor Capital Group, Ltd.		540,000		63,664
Emperor Entertainment Hotel, Ltd.		235,000		53,661
Emperor International Holdings		565,250		132,179
Emperor Watch & Jewellery, Ltd.		1,520,000		67,537
ENM Holdings, Ltd. (c)		556,000		37,197
EPI Holdings, Ltd. (c)		97,800		10,336
Esprit Holdings, Ltd. (a)		833,950		781,645
eSun Holdings, Ltd. (c)		400,000		57,393
Fairwood Holdings, Ltd.		34,500		103,212
Far East Consortium International, Ltd.		514,010		244,793
Fountain SET Holdings, Ltd.		422,000		65,247
Fujikon Industrial Holdings, Ltd.		100,000		19,613
Fullshare Holdings, Ltd. (c)		2,142,500		414,272
Future Bright Holdings, Ltd.		156,000		26,016
G-Resources Group, Ltd.		11,842,800		382,628
GCL New Energy Holdings, Ltd. (a) (c)		872,000		76,498
Get Nice Holdings, Ltd.		2,574,000		153,946
Giordano International, Ltd.		536,000		289,013
Global Brands Group Holding, Ltd. (c)		204,000		42,275
Glorious Sun Enterprises, Ltd.		262,000		54,644
Gold Peak Industries Holding, Ltd.		277,714		38,578
Golden Resources Development International, Ltd.		370,000		27,572
Guangnan Holdings, Ltd.		264,000		53,102
Guotai Junan International Holdings, Ltd. (a)		378,600		243,760
Haitong International Securities Group, Ltd.		400,730		360,592
Hao Tian Development Group, Ltd. (c)		780,000		117,091
Harbour Centre Development, Ltd.		88,000		154,365
HKR International, Ltd.		405,600		239,105
HNA International Investment Holdings, Ltd. (c)		634,000		50,643
Hon Kwok Land Investment Co., Ltd.		140,000		59,315
Hong Kong Aircraft Engineering Co., Ltd.		8,800		89,118
Hong Kong Ferry Holdings Co., Ltd.		22,000		32,687
Hong Kong Television Network, Ltd. (c)		165,000		47,446
Hongkong & Shanghai Hotels (The)		21,000		29,096
Hongkong Chinese, Ltd.		866,000		196,267
Hopewell Holdings, Ltd.		32,500		118,839
Hsin Chong Construction Group, Ltd.		918,000		108,934
Hung Hing Printing Group, Ltd.		252,000		36,976
Hutchison Telecommunications Hong Kong Holdings, Ltd. (a)		526,000		219,159
I-CABLE Communications, Ltd. (c)		177,000		16,938
Imagi International Holdings, Ltd. (c)		2,403,000		107,047
Integrated Waste Solutions Group Holdings, Ltd. (c)		504,000		20,141
International Standard Resources Holdings, Ltd. (c)		1,485,000		64,328
iOne Holdings, Ltd. (c)		960,000		63,044
IPE Group, Ltd.		285,000		43,216
IRC, Ltd. (c)		600,000		33,223
IT, Ltd.		278,000		104,925
ITC Properties Group, Ltd.		96,467		54,472
Jinhui Holdings, Ltd. (c)		70,000		12,122
Johnson Electric Holdings, Ltd.		106,875		341,754
Hong Kong—(Continued)
K Wah International Holdings, Ltd. (a)		593,259		310,496
Kader Holdings Co., Ltd. (c)		264,000		35,670
Kam Hing International Holdings, Ltd.		196,000		17,150
Kantone Holdings, Ltd. (c)		93,000		11,619
Keck Seng Investments		72,000		65,018
Kerry Logistics Network, Ltd.		7,000		11,117
Kingmaker Footwear Holdings, Ltd.		102,000		20,039
Kowloon Development Co., Ltd.		159,000		200,703
L’sea Resources International Holdings, Ltd. (c)		360,000		45,703
Lai Sun Development Co., Ltd.		6,835,666		163,158
Lai Sun Garment International, Ltd.		498,800		73,391
Lam Soon Hong Kong, Ltd.		15,000		11,707
Landsea Green Properties Co., Ltd.		120,000		11,234
Lee’s Pharmaceutical Holdings, Ltd. (a)		13,000		21,605
Lerado Group Holdings Co., Ltd.		202,000		15,605
Lifestyle International Holdings, Ltd.		161,500		299,177
Lippo China Resources, Ltd.		2,106,000		89,625
Lippo, Ltd.		122,000		74,312
Liu Chong Hing Investment, Ltd.		86,000		112,802
Luen Thai Holdings, Ltd.		116,000		25,151
Luk Fook Holdings International, Ltd.		135,000		395,851
Luks Group Vietnam Holdings Co., Ltd.		68,000		23,660
Lung Kee Bermuda Holdings		116,000		35,394
Magnificent Estates		1,310,000		55,462
Man Wah Holdings, Ltd.		317,600		310,567
Man Yue Technology Holdings, Ltd.		88,000		15,569
Matrix Holdings, Ltd.		36,000		15,976
Mei Ah Entertainment Group, Ltd. (c)		140,000		24,687
Melco International Development, Ltd. (a)		97,000		137,298
Midland Holdings, Ltd. (a) (c)		302,000		136,617
Ming Fai International Holdings, Ltd.		145,000		19,795
Miramar Hotel & Investment		4,000		7,148
Mongolian Mining Corp. (a) (c)		3,090,000		148,927
National Electronic Holdings, Ltd.		166,000		27,667
Natural Beauty Bio-Technology, Ltd.		290,000		26,178
Neo-Neon Holdings, Ltd. (c)		322,500		55,687
Neptune Group, Ltd. (c)		1,060,000		16,833
New Century Group Hong Kong, Ltd.		912,000		23,849
New Times Energy Corp., Ltd. (c)		306,300		11,982
Newocean Energy Holdings, Ltd. (a)		488,000		226,745
Next Media, Ltd.		414,000		42,100
O Luxe Holdings, Ltd. (c)		648,000		44,889
Orange Sky Golden Harvest Entertainment Holdings, Ltd. (c)		375,882		39,050
Orient Overseas International, Ltd.		2,500		12,781
Oriental Watch Holdings		271,600		46,249
Pacific Andes International Holdings, Ltd. (c)		1,819,984		66,809
Pacific Basin Shipping, Ltd. (a)		656,000		219,698
Pacific Textile Holdings, Ltd.		187,000		300,408
Paliburg Holdings, Ltd.		328,000		123,771
Pan Asia Environmental Protection Group, Ltd.		38,000		7,683
Paradise Entertainment, Ltd. (a)		168,000		47,556
Pearl Oriental Oil, Ltd. (c)		404,000		26,048
Perfect Shape PRC Holdings, Ltd.		108,000		24,767
Pico Far East Holdings, Ltd.		468,000		149,832
Ping Shan Tea Group, Ltd. (c)		460,000		5,613
Playmates Holdings, Ltd.		56,000		67,983

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Playmates Toys, Ltd.		236,000	$	45,580
Polytec Asset Holdings, Ltd.		565,000		77,042
Public Financial Holdings, Ltd.		166,000		84,857
PYI Corp., Ltd.		2,140,366		64,277
Regal Hotels International Holdings, Ltd.		424,000		266,397
Rivera Holdings, Ltd.		20,000		1,206
Sa Sa International Holdings, Ltd. (a)		396,000		214,433
SAS Dragon Holdings, Ltd.		140,000		37,976
SEA Holdings, Ltd.		94,000		75,296
Shenwan Hongyuan HK, Ltd.		172,500		131,879
Shun Ho Technology Holdings, Ltd. (c)		21,615		8,983
Shun Tak Holdings, Ltd.		701,500		387,262
Silver Base Group Holdings, Ltd. (c)		422,000		107,201
Sing Tao News Corp., Ltd.		276,000		51,805
Singamas Container Holdings, Ltd.		786,000		141,878
SIS International Holdings		16,000		8,705
Sitoy Group Holdings, Ltd.		111,000		73,148
SmarTone Telecommunications Holdings, Ltd.		142,388		248,534
SOCAM Development, Ltd. (a) (c)		179,876		147,820
Solomon Systech International, Ltd. (c)		920,000		56,829
Soundwill Holdings, Ltd.		50,000		92,336
South China China, Ltd. (c)		496,000		94,932
Stella International Holdings, Ltd.		161,500		384,511
Stelux Holdings International, Ltd.		260,500		43,385
Success Universe Group, Ltd. (c)		240,000		7,875
Sun Hing Vision Group Holdings, Ltd.		42,000		17,310
Sun Hung Kai & Co., Ltd.		322,440		289,401
Sunwah Kingsway Capital Holdings, Ltd.		310,000		15,008
Symphony Holdings, Ltd. (c)		390,000		44,869
TAI Cheung Holdings (a)		232,000		209,874
Tan Chong International, Ltd.		63,000		21,902
Tao Heung Holdings, Ltd.		204,000		89,440
Taung Gold International, Ltd. (a) (c)		700,000		16,424
Television Broadcasts, Ltd.		123,500		733,289
Texwinca Holdings, Ltd.		300,000		317,286
Titan Petrochemicals Group, Ltd. (b) (c) (d)		1,000,000		323
Tradelink Electronic Commerce, Ltd.		256,000		56,824
Transport International Holdings, Ltd.		132,000		321,481
Trinity, Ltd. (a)		466,000		80,534
TSC Group Holdings, Ltd. (c)		216,000		65,077
United Laboratories International Holdings, Ltd. (The) (c)		241,000		173,209
Universal Technologies Holdings, Ltd. (c)		120,000		13,929
Up Energy Development Group, Ltd. (c)		92,000		4,922
Upbest Group, Ltd.		8,000		2,524
Value Convergence Holdings, Ltd. (c)		104,000		25,760
Value Partners Group, Ltd.		189,000		297,988
Varitronix International, Ltd.		137,000		101,963
Vedan International Holdings, Ltd. (c)		296,000		18,995
Victory City International Holdings, Ltd.		761,238		124,287
Vitasoy International Holdings, Ltd.		358,000		609,943
VS International Group, Ltd. (c)		160,000		11,564
VST Holdings, Ltd.		487,200		177,818
VTech Holdings, Ltd. (a)		25,500		337,164
Wai Kee Holdings, Ltd.		54,000		19,220
Willie International Holdings, Ltd. (a) (c)		2,250,000		126,827
Win Hanverky Holdings, Ltd.		332,000		43,126
Hong Kong—(Continued)
Winfull Group Holdings, Ltd. (c)		528,000		51,012
Wing On Co. International, Ltd.		46,000		157,032
Wing Tai Properties, Ltd.		280,000		181,924
Xinyi Glass Holdings, Ltd. (a)		826,000		445,231
Xinyi Solar Holdings, Ltd. (a)		930,000		380,459
Yeebo International Holdings, Ltd.		158,000		45,019
YGM Trading, Ltd.		46,000		59,269
Yugang International, Ltd.		1,466,000		24,753
Zhuhai Holdings Investment Group, Ltd.		160,000		31,657
				24,872,928
Ireland—1.8%
Aer Lingus Group plc		42,387		113,941
C&C Group plc		166,865		653,810
DCC plc		44,157		3,473,018
FBD Holdings plc		10,350		104,502
Glanbia plc		43,475		854,156
Grafton Group plc		95,324		1,161,544
Greencore Group plc		238,369		1,175,406
IFG Group plc		44,002		95,921
Independent News & Media plc (c)		35,056		6,952
Irish Continental Group plc		22,664		99,677
Kenmare Resources plc (c)		145,693		7,952
Kingspan Group plc		54,781		1,321,367
Paddy Power plc		16,380		1,405,033
Smurfit Kappa Group plc		11,491		315,896
UDG Healthcare plc		104,367		802,135
XL Group plc		37,127		1,381,124
				12,972,434
Israel—0.9%
Africa Israel Investments, Ltd. (c)		64,935		52,667
Africa Israel Properties, Ltd.		4,653		68,876
Africa Israel Residences, Ltd.		880		14,107
Airport City, Ltd. (c)		10,447		103,459
AL-ROV Israel, Ltd. (b) (c)		2,628		70,394
Allot Communications, Ltd. (c)		10,216		73,308
Alon Holdings Blue Square Israel, Ltd. (c)		8,063		19,065
Alrov Properties and Lodgings, Ltd. (c)		1,122		20,812
Amot Investments, Ltd.		25,066		80,073
AudioCodes, Ltd. (c)		13,306		43,630
Azorim-Investment Development & Construction Co., Ltd. (c)		23,712		16,782
Bayside Land Corp.		205		61,960
Big Shopping Centers, Ltd.		1,031		50,229
BioLine RX, Ltd. (c)		2,565		6,645
Blue Square Real Estate, Ltd.		738		24,148
Brainsway, Ltd. (c)		2,674		20,261
Cellcom Israel, Ltd. (c)		13,058		51,984
Ceragon Networks, Ltd. (c)		14,799		16,164
Clal Biotechnology Industries, Ltd. (c)		17,579		18,318
Clal Insurance Enterprises Holdings, Ltd. (c)		7,114		116,370
Cohen Development & Industrial Buildings, Ltd.		305		7,959
Compugen, Ltd. (c)		18,562		129,980
Delek Automotive Systems, Ltd.		14,284		159,671
Delta-Galil Industries, Ltd.		4,030		129,834

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Israel—(Continued)
Direct Insurance Financial Investments, Ltd.		5,783	$	40,889
Electra, Ltd.		652		82,529
Elron Electronic Industries, Ltd.		7,585		34,363
Equital, Ltd. (c)		550		9,182
Evogene, Ltd. (c)		5,090		44,676
EZchip Semiconductor, Ltd. (c)		11,499		182,384
EZchip Semiconductor, Ltd. (U.S. Listed Shares) (c)		400		6,384
First International Bank of Israel, Ltd.		8,900		126,811
FMS Enterprises Migun, Ltd.		910		16,830
Formula Systems 1985, Ltd.		2,591		73,356
Fox Wizel, Ltd.		1,475		29,722
Frutarom Industries, Ltd.		19,140		802,709
Gilat Satellite Networks, Ltd. (c)		3,070		17,299
Golf & Co., Ltd.		6,101		16,794
Hadera Paper, Ltd. (c)		1,104		32,223
Harel Insurance Investments & Financial Services, Ltd.		43,597		197,961
Industrial Buildings Corp., Ltd.		29,599		33,882
Israel Discount Bank, Ltd. - Class A (c)		134,749		258,540
Israel Land Development Co., Ltd. (The)		3,950		15,052
Ituran Location and Control, Ltd.		7,721		189,976
Jerusalem Oil Exploration (c)		4,736		188,518
Kamada, Ltd. (c)		11,729		44,816
Kerur Holdings, Ltd. (c)		931		15,442
Maabarot Products, Ltd.		3,435		37,861
Magic Software Enterprises, Ltd.		9,462		62,426
Matrix IT, Ltd.		14,215		78,402
Mazor Robotics, Ltd. (c)		14,129		94,163
Meitav DS Investments, Ltd.		5,193		15,737
Melisron, Ltd.		4,351		155,580
Menorah Mivtachim Holdings, Ltd.		11,310		109,353
Migdal Insurance & Financial Holding, Ltd.		55,471		64,251
Mivtach Shamir Holdings, Ltd.		1,401		32,590
Naphtha Israel Petroleum Corp., Ltd. (c)		14,775		94,995
Neto ME Holdings, Ltd.		963		61,227
Nitsba Holdings 1995, Ltd. (c)		12,152		176,781
Nova Measuring Instruments, Ltd. (c)		9,293		116,221
Oil Refineries, Ltd. (c)		418,554		150,328
Partner Communications Co., Ltd. (c)		21,648		59,371
Paz Oil Co., Ltd.		1,481		233,559
Perion Network, Ltd. (c)		3,246		9,358
Phoenix Holdings, Ltd. (The)		20,176		58,046
Plasson Industries, Ltd. (c)		1,729		58,397
Rami Levi Chain Stores Hashikma Marketing, Ltd.		1,803		78,508
Sapiens International Corp. NV		8,365		83,128
Shikun & Binui, Ltd.		73,332		164,771
Shufersal, Ltd. (c)		23,137		54,706
Space Communication, Ltd. (c)		2,951		40,144
Strauss Group, Ltd. (c)		1,897		30,754
Summit Real Estate Holdings, Ltd. (c)		2,798		12,555
Tower Semiconductor, Ltd. (c)		12,319		191,216
Tower Semiconductor, Ltd. (U.S. Listed Shares) (a) (c)		1,303		20,118
Union Bank of Israel (c)		7,545		28,404
				6,189,984
Italy—3.9%
A2A S.p.A. (a)		481,411		573,485
ACEA S.p.A.		23,394		296,809
Aeffe S.p.A. (c)		11,359		23,672
Alerion Cleanpower S.p.A.		5,771		17,628
Amplifon S.p.A. (a)		36,377		283,294
Ansaldo STS S.p.A.		39,015		406,018
Arnoldo Mondadori Editore S.p.A. (c)		63,913		71,174
Ascopiave S.p.A. (a)		28,294		68,264
Astaldi S.p.A. (a)		20,559		190,685
Autogrill S.p.A. (c)		44,414		371,464
Azimut Holding S.p.A.		33,739		985,974
Banca Carige S.p.A. (c)		156,432		293,018
Banca Finnat Euramerica S.p.A.		50,851		27,595
Banca Generali S.p.A.		19,591		689,789
Banca IFIS S.p.A.		7,714		167,472
Banca Popolare dell’Emilia Romagna S.c.r.l.		207,916		1,852,300
Banca Popolare dell’Etruria e del Lazio SC (a) (b) (c) (d)		91,952		44,829
Banca Popolare di Milano Scarl		1,819,630		1,916,896
Banca Popolare di Sondrio Scarl		177,577		865,415
Banca Profilo S.p.A. (a)		117,883		37,778
Banco di Desio e della Brianza S.p.A.		20,306		75,828
Banco Popolare SC (c)		40,702		668,813
BasicNet S.p.A.		13,493		58,630
Biesse S.p.A.		6,021		100,371
Brembo S.p.A.		9,033		385,053
Brioschi Sviluppo Immobiliare S.p.A. (c)		34,077		3,533
Brunello Cucinelli S.p.A. (a)		8,151		152,668
Buzzi Unicem S.p.A. (a)		30,820		438,256
Cairo Communication S.p.A. (a)		10,087		52,649
Caltagirone Editore S.p.A. (c)		6,273		5,831
Carraro S.p.A. (c)		5,504		12,482
Cementir Holding S.p.A.		31,117		203,811
CIR-Compagnie Industriali Riunite S.p.A. (c)		201,871		214,615
Credito Emiliano S.p.A.		44,882		369,662
Credito Valtellinese SC (c)		463,264		613,941
Danieli & C Officine Meccaniche S.p.A.		4,846		98,457
Datalogic S.p.A.		9,916		144,955
Davide Campari-Milano S.p.A. (a)		106,679		811,040
De’Longhi S.p.A.		16,896		387,116
DeA Capital S.p.A.		18,071		28,911
DiaSorin S.p.A.		6,863		313,331
Ei Towers S.p.A.		7,035		423,942
El.En. S.p.A.		1,257		50,002
Engineering S.p.A.		2,150		137,341
ERG S.p.A.		21,603		259,158
Esprinet S.p.A.		18,719		151,129
Eurotech S.p.A. (c)		13,076		25,342
Falck Renewables S.p.A.		28,765		36,250
Finmeccanica S.p.A. (c)		103,049		1,294,370
FNM S.p.A.		55,327		36,368
Gas Plus S.p.A.		3,786		15,813
Geox S.p.A. (a) (c)		42,620		165,376
Gruppo Editoriale L’Espresso S.p.A. (a) (c)		75,580		78,049
Gruppo MutuiOnline S.p.A.		5,404		43,054
Hera S.p.A.		231,619		579,115
IMMSI S.p.A. (c)		100,436		67,938

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
Industria Macchine Automatiche S.p.A.		5,461	$	254,388
Intek Group S.p.A. (c)		80,757		31,314
Interpump Group S.p.A.		28,206		454,806
Iren S.p.A.		231,134		316,450
Italcementi S.p.A.		71,966		474,976
Italmobiliare S.p.A. (a)		4,262		122,024
Juventus Football Club S.p.A. (a) (c)		147,435		43,800
La Doria S.p.A.		3,077		41,091
Landi Renzo S.p.A. (c)		5,877		6,420
Maire Tecnimont S.p.A. (a) (c)		35,567		115,365
MARR S.p.A.		13,428		237,786
Nice S.p.A.		9,890		28,448
Piaggio & C S.p.A. (a)		71,430		239,714
Prelios S.p.A. (a) (c)		54,976		22,911
Prima Industrie S.p.A.		1,853		34,171
Prysmian S.p.A.		75,002		1,618,784
RCS MediaGroup S.p.A. (a) (c)		79,933		100,970
Recordati S.p.A.		31,037		650,905
Reno de Medici S.p.A. (a) (c)		29,538		11,649
Reply S.p.A.		1,999		204,026
Retelit S.p.A. (c)		36,769		23,055
Sabaf S.p.A.		3,059		41,335
SAES Getters S.p.A.		1,416		10,885
Safilo Group S.p.A. (a) (c)		10,142		145,982
Salini Impregilo S.p.A.		70,140		320,609
Salvatore Ferragamo S.p.A. (a)		16,352		490,841
Saras S.p.A. (a) (c)		134,526		238,708
SAVE S.p.A.		5,078		71,343
Snai S.p.A. (c)		21,135		31,574
Societa Cattolica di Assicurazioni S.c.r.l.		63,558		501,096
Societa Iniziative Autostradali e Servizi S.p.A.		25,981		277,258
Sogefi S.p.A. (c)		24,822		68,677
SOL S.p.A.		11,001		85,828
Sorin S.p.A. (c)		140,871		394,217
Tiscali S.p.A. (c)		802,477		47,334
Tod’s S.p.A. (a)		3,954		375,321
Trevi Finanziaria Industriale S.p.A. (a)		31,414		68,644
TXT e-solutions S.p.A.		1,815		14,486
Uni Land S.p.A. (b) (c) (d)		4,937		0
Unipol Gruppo Finanziario S.p.A.		126,457		642,127
Vianini Lavori S.p.A.		2,113		15,996
Vittoria Assicurazioni S.p.A.		12,164		134,252
World Duty Free S.p.A. (c)		54,430		609,851
Yoox S.p.A. (a) (c)		21,692		701,497
Zignago Vetro S.p.A.		11,476		67,381
				28,075,054
Japan—23.3%
A&A Material Corp. (c)		12,000		10,973
A&D Co., Ltd.		3,000		12,448
A/S One Corp.		5,000		172,139
Accordia Golf Co., Ltd.		20,600		194,495
Achilles Corp.		65,000		83,342
Adastria Co., Ltd.		5,120		183,006
ADEKA Corp.		35,800		496,740
Aderans Co., Ltd.		8,700		75,096
Japan—(Continued)
Advan Co., Ltd.		5,500		73,141
Advanex, Inc.		9,000		13,013
Aeon Delight Co., Ltd.		3,900		119,438
Aeon Fantasy Co., Ltd. (a)		3,200		59,712
Aeon Hokkaido Corp.		2,600		13,925
AGORA Hospitality Group Co., Ltd. (c)		27,000		10,109
Agro-Kanesho Co., Ltd.		3,500		26,099
Ahresty Corp.		9,200		78,400
Ai Holdings Corp.		13,000		229,888
Aica Kogyo Co., Ltd.		17,800		412,837
Aichi Bank, Ltd. (The)		4,500		253,065
Aichi Corp.		10,800		63,924
Aichi Steel Corp.		43,000		192,046
Aichi Tokei Denki Co., Ltd.		19,000		54,900
Aida Engineering, Ltd.		20,700		226,838
Aigan Co., Ltd. (c)		8,200		16,681
Ain Pharmaciez, Inc.		6,000		277,511
Aiphone Co., Ltd.		6,800		121,477
Airport Facilities Co., Ltd.		7,500		40,192
Aisan Industry Co., Ltd.		10,400		97,419
Aizawa Securities Co., Ltd.		13,800		91,029
Akebono Brake Industry Co., Ltd. (a)		32,600		104,605
Akita Bank, Ltd. (The)		86,000		278,144
Alconix Corp.		3,200		53,335
Alinco, Inc.		5,800		53,547
Allied Telesis Holdings KK (c)		17,200		10,535
Alpen Co., Ltd. (a)		7,000		112,269
Alpha Corp.		2,200		24,043
Alpha Systems, Inc.		3,940		63,141
Alpine Electronics, Inc.		16,600		319,820
Alps Logistics Co., Ltd.		4,100		49,598
Altech Corp.		2,600		51,668
Amano Corp.		21,000		274,288
Amiyaki Tei Co., Ltd.		1,100		44,466
Amuse, Inc.		1,800		61,748
Anabuki Kosan, Inc. (a)		4,000		8,072
Anest Iwata Corp.		12,500		78,099
Anritsu Corp.		48,800		329,149
AOI Electronic Co., Ltd.		1,100		44,281
AOI Pro, Inc. (a)		4,700		40,702
AOKI Holdings, Inc.		17,700		251,979
Aomori Bank, Ltd. (The)		94,000		310,132
Aoyama Trading Co., Ltd.		17,900		723,345
Arakawa Chemical Industries, Ltd.		7,200		88,093
Arata Corp.		23,000		79,226
Araya Industrial Co., Ltd.		26,000		38,415
Arcland Sakamoto Co., Ltd.		6,400		144,350
Arcs Co., Ltd.		13,364		291,148
Argo Graphics, Inc.		2,800		45,291
Ariake Japan Co., Ltd.		5,700		233,059
Arisawa Manufacturing Co., Ltd.		14,300		105,735
Arrk Corp. (c)		22,600		24,151
Artnature, Inc.		5,000		46,642
Asahi Broadcasting Corp.		2,400		19,362
Asahi Co., Ltd.		6,100		64,501
Asahi Diamond Industrial Co., Ltd. (a)		21,200		238,595
Asahi Holdings, Inc.		9,000		153,192

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Asahi Intecc Co., Ltd.		3,900	$	267,203
Asahi Kogyosha Co., Ltd. (a)		16,000		58,752
Asahi Net, Inc.		5,000		21,423
Asahi Organic Chemicals Industry Co., Ltd.		34,000		71,571
Asahi Printing Co., Ltd.		200		3,601
Asahipen Corp.		4,000		5,874
Asanuma Corp.		29,000		43,568
Asatsu-DK, Inc.		13,300		314,765
Asax Co., Ltd.		1,800		23,273
Ashimori Industry Co., Ltd.		24,000		41,911
Asia Growth Capital, Ltd. (a) (c)		21,000		33,264
ASKA Pharmaceutical Co., Ltd.		9,700		106,292
ASKUL Corp. (a)		6,300		197,887
Asunaro Aoki Construction Co., Ltd.		8,000		55,627
Atom Corp. (a)		11,100		74,533
Atsugi Co., Ltd.		88,000		83,387
Autobacs Seven Co., Ltd. (a)		22,700		379,391
Avex Group Holdings, Inc.		12,000		210,515
Awa Bank, Ltd. (The)		82,000		522,187
Axell Corp.		3,800		53,055
Axial Retailing, Inc. (a)		6,200		174,420
Azbil Corp.		4,300		111,138
Bando Chemical Industries, Ltd.		39,000		162,464
Bank of Iwate, Ltd. (The) (a)		7,200		323,987
Bank of Kochi, Ltd. (The)		16,000		22,152
Bank of Nagoya, Ltd. (The) (a)		78,000		304,955
Bank of Okinawa, Ltd. (The)		8,800		375,946
Bank of Saga, Ltd. (The)		67,000		170,710
Bank of the Ryukyus, Ltd.		15,800		235,616
Belc Co., Ltd.		2,800		87,367
Belluna Co., Ltd.		21,900		119,232
Benefit One, Inc. (a)		6,500		146,040
Best Denki Co., Ltd.		40,000		49,962
Bic Camera, Inc. (a)		23,500		295,905
Biofermin Pharmaceutical Co., Ltd.		500		11,659
Bit-isle, Inc. (a)		6,600		26,078
BML, Inc.		4,000		124,733
Bookoff Corp.		4,700		33,921
BP Castrol KK		2,600		27,652
Broadleaf Co., Ltd.		5,100		68,598
BRONCO BILLY Co., Ltd. (a)		2,400		53,062
Bull-Dog Sauce Co., Ltd.		6,000		11,756
Bunka Shutter Co., Ltd.		19,000		149,896
C Uyemura & Co., Ltd.		2,800		150,983
CAC Holdings Corp. (a)		6,200		57,025
Calsonic Kansei Corp.		55,000		390,672
Can Do Co., Ltd. (a)		3,500		44,862
Canare Electric Co., Ltd.		800		14,358
Canon Electronics, Inc.		7,400		144,600
Capcom Co., Ltd.		16,500		319,413
Carlit Holdings Co., Ltd.		7,300		36,909
Cawachi, Ltd.		5,700		85,612
Central Glass Co., Ltd.		75,000		314,123
Central Security Patrols Co., Ltd.		3,300		37,517
Central Sports Co., Ltd.		3,200		60,094
CFS Corp.		4,400		39,751
Chiba Kogyo Bank, Ltd. (The)		16,000		120,981
Japan—(Continued)
CHIMNEY Co., Ltd.		1,400		35,546
Chino Corp.		4,000		40,323
Chiyoda Co., Ltd.		10,000		234,447
Chiyoda Integre Co., Ltd.		5,300		147,533
Chofu Seisakusho Co., Ltd. (a)		5,700		133,848
Chori Co., Ltd.		5,000		79,374
Chubu Shiryo Co., Ltd.		10,400		78,579
Chudenko Corp.		8,600		164,903
Chuetsu Pulp & Paper Co., Ltd.		35,000		66,596
Chugai Mining Co., Ltd. (c)		68,200		16,152
Chugai Ro Co., Ltd.		36,000		81,154
Chugoku Marine Paints, Ltd.		22,000		163,494
Chukyo Bank, Ltd. (The)		64,000		119,708
Chuo Gyorui Co., Ltd.		2,000		4,493
Chuo Spring Co., Ltd.		19,000		51,980
CKD Corp. (a)		22,400		256,490
Clarion Co., Ltd. (a)		46,000		133,940
Cleanup Corp.		9,700		70,850
CMIC Holdings Co., Ltd. (a)		3,900		54,416
CMK Corp.		24,300		63,860
Coca-Cola West Co., Ltd.		10,000		180,487
Cocokara fine, Inc.		7,100		244,138
Colowide Co., Ltd. (a)		18,400		278,793
Computer Engineering & Consulting, Ltd.		5,900		56,773
Computer Institute of Japan, Ltd.		2,000		8,659
COMSYS Holdings Corp.		3,700		55,058
CONEXIO Corp.		8,400		91,785
COOKPAD, Inc. (a)		12,600		228,085
Corona Corp.		8,500		82,786
Cosel Co., Ltd. (a)		9,900		120,014
Cosmo Oil Co., Ltd. (c)		218,000		354,606
Cosmos Initia Co., Ltd. (a) (c)		3,500		16,970
Create Medic Co., Ltd.		1,800		14,896
CREATE SD HOLDINGS Co., Ltd.		4,200		193,783
Cresco, Ltd.		2,000		29,871
CROOZ, Inc. (a)		1,400		53,405
Cross Plus, Inc.		1,100		6,848
CTI Engineering Co., Ltd.		5,900		55,793
Cybernet Systems Co., Ltd.		3,900		14,480
DA Consortium, Inc.		7,600		28,316
Dai Nippon Toryo Co., Ltd.		53,000		79,646
Dai-Dan Co., Ltd.		14,000		96,047
Dai-ichi Seiko Co., Ltd.		4,000		66,256
Daibiru Corp.		19,800		182,770
Daido Kogyo Co., Ltd.		10,000		20,251
Daido Metal Co., Ltd.		11,200		107,530
Daidoh, Ltd. (a)		13,700		57,086
Daifuku Co., Ltd. (a)		28,800		443,033
Daihatsu Diesel Manufacturing Co., Ltd.		9,000		50,219
Daihen Corp.		40,000		204,190
Daiho Corp. (a)		25,000		123,252
Daiichi Jitsugyo Co., Ltd.		20,000		107,531
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		1,000		30,370
Daiichikosho Co., Ltd.		6,100		214,671
Daiken Corp.		24,000		60,505
Daiken Medical Co., Ltd. (a)		4,400		43,859
Daiki Aluminium Industry Co., Ltd.		9,000		29,143

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Daikoku Denki Co., Ltd. (a)		2,700	$	38,346
Daikokutenbussan Co., Ltd.		1,900		73,247
Daikyo, Inc. (a)		134,000		215,590
Dainichi Co., Ltd.		4,100		26,080
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		31,000		156,238
Daio Paper Corp. (a)		30,000		300,524
Daisan Bank, Ltd. (The)		92,000		149,538
Daiseki Co., Ltd.		14,800		285,934
Daiseki Eco. Solution Co., Ltd.		1,000		16,329
Daishi Bank, Ltd. (The)		143,000		603,715
Daishinku Corp.		18,000		43,911
Daiso Co., Ltd.		30,000		108,193
Daisue Construction Co., Ltd.		2,300		14,972
Daisyo Corp.		5,100		62,469
Daito Bank, Ltd. (The)		59,000		86,081
Daito Electron Co., Ltd.		800		5,969
Daito Pharmaceutical Co., Ltd.		3,960		88,720
Daiwa Industries, Ltd.		11,000		72,313
Daiwabo Holdings Co., Ltd.		84,000		166,729
DC Co., Ltd.		9,700		34,864
DCM Holdings Co., Ltd.		37,900		371,072
Denki Kagaku Kogyo KK		24,000		106,623
Denki Kogyo Co., Ltd.		21,000		100,318
Denyo Co., Ltd.		4,800		77,726
Descente, Ltd.		14,700		220,425
DKK-Toa Corp.		2,200		10,470
DKS Co., Ltd.		18,000		52,926
DMG Mori Co., Ltd.		23,500		453,626
DMW Corp.		700		11,050
Doshisha Co., Ltd.		8,200		145,024
Doutor Nichires Holdings Co., Ltd. (a)		11,500		201,203
Dr Ci:Labo Co., Ltd.		4,200		148,069
Dream Incubator, Inc.		1,600		32,202
DSB Co., Ltd.		5,300		43,032
DTS Corp.		7,300		164,602
Dunlop Sports Co., Ltd.		4,900		47,375
Duskin Co., Ltd. (a)		14,900		257,377
Dydo Drinco, Inc. (a)		2,700		117,183
Dynic Corp.		16,000		24,757
Eagle Industry Co., Ltd.		7,800		181,316
Earth Chemical Co., Ltd.		2,700		102,372
Ebara Jitsugyo Co., Ltd.		3,500		40,776
EDION Corp. (a)		34,100		241,431
Ehime Bank, Ltd. (The)		76,000		165,722
Eidai Co., Ltd.		14,000		53,622
Eighteenth Bank, Ltd. (The)		70,000		214,373
Eiken Chemical Co., Ltd.		5,800		115,766
Eizo Corp. (a)		6,300		144,808
Elecom Co., Ltd. (a)		3,100		75,961
Elematec Corp.		4,000		96,063
EM Systems Co., Ltd.		900		16,348
en-japan, Inc.		3,400		61,306
Endo Lighting Corp. (a)		2,600		28,575
Enplas Corp. (a)		3,400		138,111
Enshu, Ltd. (c)		23,000		21,788
EPS Holdings, Inc.		10,300		124,884
Japan—(Continued)
ESPEC Corp.		9,100		103,811
Excel Co., Ltd. (a)		2,500		28,531
Exedy Corp.		12,400		309,451
F T Communications Co., Ltd.		500		8,458
F-Tech, Inc. (a)		3,600		36,401
F@N Communications, Inc. (a)		9,600		71,077
Faith, Inc.		2,680		33,878
FALCO SD HOLDINGS Co., Ltd.		3,100		38,819
Fancl Corp. (a)		12,000		167,428
FCC Co., Ltd. (a)		12,600		192,406
FDK Corp. (c)		25,000		28,793
Feed One Holdings Co., Ltd.		65,080		71,719
Ferrotec Corp.		12,700		89,508
FIDEA Holdings Co., Ltd. (a)		62,510		136,764
Fields Corp.		6,000		96,484
Financial Products Group Co., Ltd. (a)		20,000		152,079
FINDEX, Inc. (a)		3,900		44,800
First Juken Co., Ltd.		3,400		38,966
Foster Electric Co., Ltd.		8,800		197,710
FP Corp. (a)		7,200		261,954
France Bed Holdings Co., Ltd.		65,000		100,371
Freund Corp.		1,200		14,496
Fudo Tetra Corp. (a)		60,300		97,941
Fuji Co., Ltd.		7,300		138,628
Fuji Corp., Ltd. (a)		8,600		48,844
Fuji Kiko Co., Ltd.		7,600		41,242
Fuji Kosan Co., Ltd.		4,600		21,572
Fuji Kyuko Co., Ltd.		13,000		112,743
Fuji Oil Co., Ltd.		21,100		82,973
Fuji Oil Co., Ltd.		24,000		423,520
Fuji Pharma Co., Ltd.		2,800		50,830
Fuji Seal International, Inc. (a)		7,900		232,902
Fuji Soft, Inc.		7,300		148,426
Fujibo Holdings, Inc.		37,000		86,044
Fujicco Co., Ltd.		9,000		182,095
Fujikura Kasei Co., Ltd.		9,500		44,995
Fujikura Rubber, Ltd. (a)		5,800		33,474
Fujikura, Ltd.		115,000		641,861
Fujimi, Inc.		7,000		105,136
Fujimori Kogyo Co., Ltd.		4,800		145,061
Fujisash Co., Ltd. (c)		24,500		28,210
Fujishoji Co., Ltd.		1,300		15,419
Fujita Kanko, Inc.		8,000		25,808
Fujitec Co., Ltd.		24,700		307,541
Fujitsu Frontech, Ltd.		4,500		64,220
Fujitsu General, Ltd.		19,000		244,253
Fujiya Co., Ltd. (c)		5,000		7,925
FuKoKu Co., Ltd.		5,100		51,879
Fukuda Corp.		11,000		71,582
Fukui Bank, Ltd. (The)		109,000		238,273
Fukushima Bank, Ltd. (The)		112,000		93,235
Fukushima Industries Corp.		4,600		84,138
Fukuyama Transporting Co., Ltd. (a)		53,000		293,453
FULLCAST Holdings Co., Ltd.		4,300		26,912
Fumakilla, Ltd.		8,000		42,804
Funai Electric Co., Ltd.		7,900		87,813
Funai Soken Holdings, Inc.		7,800		91,100

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Furukawa Battery Co., Ltd. (a)		5,000	$	33,983
Furukawa Co., Ltd.		105,000		186,972
Furukawa Electric Co., Ltd.		275,000		489,548
Furuno Electric Co., Ltd. (a)		10,500		78,285
Furusato Industries, Ltd.		4,600		65,686
Furuya Metal Co., Ltd.		1,700		35,781
Fuso Chemical Co., Ltd.		4,000		50,306
Fuso Pharmaceutical Industries, Ltd.		31,000		73,867
Futaba Corp.		10,200		184,690
Futaba Industrial Co., Ltd.		23,600		114,654
Future Architect, Inc.		9,800		63,949
Fuyo General Lease Co., Ltd. (a)		8,000		342,813
G-Tekt Corp.		7,700		75,062
Gakken Holdings Co., Ltd.		28,000		57,633
GCA Savvian Corp.		4,900		60,798
Gecoss Corp.		6,400		65,720
Genki Sushi Co., Ltd. (a)		2,300		46,613
Genky Stores, Inc. (a)		600		48,211
Geo Holdings Corp. (a)		14,400		177,558
GLOBERIDE, Inc.		35,000		49,735
Glory, Ltd.		9,500		281,177
GMO internet, Inc.		22,900		306,998
GMO Payment Gateway, Inc.		5,200		167,384
Godo Steel, Ltd.		50,000		93,721
Goldcrest Co., Ltd.		8,930		176,233
Goldwin, Inc.		12,000		85,955
Gourmet Kineya Co., Ltd.		8,000		63,874
Grandy House Corp.		3,600		10,787
Gree, Inc. (a)		26,400		154,177
GSI Creos Corp.		28,000		32,021
Gulliver International Co., Ltd. (a)		20,400		189,521
Gun-Ei Chemical Industry Co., Ltd.		24,000		65,282
Gunze, Ltd.		69,000		188,805
Gurunavi, Inc.		9,500		156,208
H-One Co., Ltd.		6,000		36,209
Hagihara Industries, Inc.		2,900		49,165
Hakudo Co., Ltd.		500		6,064
Hakuto Co., Ltd.		7,100		86,976
Hakuyosha Co., Ltd.		8,000		18,275
Hamakyorex Co., Ltd.		2,800		111,827
Hanwa Co., Ltd.		84,000		394,851
Happinet Corp. (a)		5,000		52,481
Hard Off Corp. Co., Ltd.		4,900		55,665
Harima Chemicals Group, Inc.		7,100		28,591
Harmonic Drive Systems, Inc. (a)		6,600		129,412
Haruyama Trading Co., Ltd.		5,400		33,708
Hazama Ando Corp.		54,490		294,950
Heiwa Corp.		200		3,994
Heiwa Real Estate Co., Ltd.		16,900		231,792
Heiwado Co., Ltd.		11,200		277,673
HI-LEX Corp.		7,700		253,108
Hibiya Engineering, Ltd.		8,700		116,832
Hiday Hidaka Corp.		3,866		94,893
Higashi Nihon House Co., Ltd. (a)		15,000		70,299
Higashi-Nippon Bank, Ltd. (The)		68,000		246,017
Higo Bank, Ltd. (The)		83,000		540,186
Himaraya Co., Ltd.		2,600		24,834
Japan—(Continued)
Hioki EE Corp.		2,300		48,011
Hiramatsu, Inc.		8,300		55,839
Hirano Tecseed Co., Ltd.		500		3,575
Hisaka Works, Ltd.		11,000		99,987
Hitachi Koki Co., Ltd.		21,200		176,746
Hitachi Kokusai Electric, Inc.		18,000		273,533
Hitachi Transport System, Ltd.		10,800		178,983
Hitachi Zosen Corp.		61,600		351,155
Hochiki Corp.		10,000		73,243
Hodogaya Chemical Co., Ltd.		28,000		42,301
Hogy Medical Co., Ltd. (a)		5,300		271,865
Hokkaido Electric Power Co., Inc. (c)		16,900		192,482
Hokkaido Gas Co., Ltd.		27,000		64,374
Hokkan Holdings, Ltd.		25,000		60,970
Hokko Chemical Industry Co., Ltd.		8,000		33,706
Hokkoku Bank, Ltd. (The)		109,000		399,630
Hokuetsu Bank, Ltd. (The)		96,000		199,912
Hokuetsu Industries Co., Ltd.		7,000		52,029
Hokuetsu Kishu Paper Co., Ltd.		58,300		321,262
Hokuriku Electric Industry Co., Ltd.		28,000		41,055
Hokuriku Electrical Construction Co., Ltd.		3,000		29,461
Hokuriku Gas Co., Ltd.		10,000		23,606
Hokuto Corp.		8,000		163,949
Honeys Co., Ltd.		6,930		58,862
Hoosiers Holdings Co., Ltd.		12,700		52,271
Horiba, Ltd. (a)		12,200		495,955
Hosiden Corp.		20,000		122,097
Hosokawa Micron Corp.		11,000		53,533
House Foods Group, Inc. (a)		3,300		62,746
Howa Machinery, Ltd.		5,700		34,552
Hurxley Corp.		800		6,431
Hyakugo Bank, Ltd. (The)		94,000		465,822
Hyakujushi Bank, Ltd. (The)		107,000		382,633
I-Net Corp.		3,200		29,874
IBJ Leasing Co., Ltd.		7,200		166,938
Ichibanya Co., Ltd. (a)		2,400		98,762
Ichiken Co., Ltd. (a)		12,000		26,675
Ichikoh Industries, Ltd.		16,000		41,518
ICHINEN HOLDINGS Co., Ltd.		7,400		70,347
Ichiyoshi Securities Co., Ltd. (a)		12,600		123,066
Icom, Inc.		3,800		95,675
Idec Corp.		11,300		101,637
Ihara Chemical Industry Co., Ltd. (a)		15,900		194,250
Iino Kaiun Kaisha, Ltd. (a)		32,200		153,577
IJT Technology Holdings Co., Ltd.		9,000		35,559
Ikegami Tsushinki Co., Ltd. (a)		30,000		43,368
Ikyu Corp.		5,500		117,469
Imagica Robot Holdings, Inc. (a)		4,500		20,469
Imasen Electric Industrial		7,200		77,485
Imperial Hotel, Ltd.		1,300		27,811
Inaba Denki Sangyo Co., Ltd.		8,100		281,842
Inaba Seisakusho Co., Ltd.		2,100		26,008
Inabata & Co., Ltd.		17,700		193,507
Inageya Co., Ltd.		12,200		149,110
Ines Corp. (a)		13,900		154,670
Infocom Corp.		4,000		41,776
Information Services International-Dentsu, Ltd.		6,000		67,255

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Innotech Corp.		10,300	$	40,874
Intage Holdings, Inc.		7,600		120,993
Internet Initiative Japan, Inc.		9,800		171,934
Inui Global Logistics Co., Ltd.		5,355		41,999
Iriso Electronics Co., Ltd.		2,900		205,514
Ise Chemical Corp.		8,000		46,404
Iseki & Co., Ltd. (a)		84,000		166,048
Ishihara Sangyo Kaisha, Ltd. (c)		122,000		123,494
Ishii Iron Works Co., Ltd.		9,000		16,031
Ishizuka Glass Co., Ltd. (c)		5,000		9,292
IT Holdings Corp.		30,500		648,065
Itfor, Inc.		10,300		40,014
Ito En, Ltd. (a)		8,500		178,270
Itochu Enex Co., Ltd.		19,400		186,326
Itochu-Shokuhin Co., Ltd.		2,400		83,032
Itoham Foods, Inc. (a)		56,000		301,920
Itoki Corp.		17,500		99,841
IwaiCosmo Holdings, Inc.		7,900		100,639
Iwaki & Co., Ltd.		14,000		26,762
Iwasaki Electric Co., Ltd.		25,000		55,305
Iwatani Corp. (a)		58,000		367,023
Iwatsuka Confectionery Co., Ltd.		500		33,053
Izutsuya Co., Ltd. (c)		47,000		31,479
J-Oil Mills, Inc.		40,000		137,121
Jalux, Inc.		2,400		45,082
Jamco Corp.		3,400		111,970
Janome Sewing Machine Co., Ltd. (a) (c)		71,000		74,789
Japan Aviation Electronics Industry, Ltd.		7,000		190,133
Japan Communications, Inc. (a) (c)		42,100		143,002
Japan Digital Laboratory Co., Ltd.		8,200		114,521
Japan Drilling Co., Ltd. (a)		2,100		60,579
Japan Foundation Engineering Co., Ltd.		14,100		47,941
Japan Medical Dynamic Marketing, Inc. (a)		3,000		12,542
Japan Oil Transportation Co., Ltd.		1,000		1,976
Japan Pulp & Paper Co., Ltd.		46,000		126,764
Japan Radio Co., Ltd.		20,000		68,946
Japan Steel Works, Ltd. (The) (a)		119,000		491,609
Japan Transcity Corp.		29,000		100,676
Japan Vilene Co., Ltd.		11,000		71,929
Japan Wool Textile Co., Ltd. (The)		25,000		192,339
Jastec Co., Ltd.		5,100		44,145
JBCC Holdings, Inc.		7,000		45,655
JCU Corp.		1,600		66,714
Jeol, Ltd.		26,000		117,645
Jimoto Holdings, Inc.		67,900		120,269
Jin Co., Ltd. (a)		4,500		193,672
JK Holdings Co., Ltd.		5,600		26,808
JMS Co., Ltd.		15,000		37,860
Joban Kosan Co., Ltd. (a)		17,000		21,388
Joshin Denki Co., Ltd.		23,000		177,169
Jowa Holdings Co., Ltd. (a)		3,800		177,693
JP-Holdings, Inc.		17,900		49,272
JSP Corp.		5,100		82,180
Juki Corp. (a)		11,200		150,600
Juroku Bank, Ltd. (The)		131,000		535,816
Justsystems Corp. (c)		9,700		62,832
JVC Kenwood Corp.		53,300		145,338
Japan—(Continued)
K&O Energy Group, Inc.		6,700		105,279
K’s Holdings Corp. (a)		4,800		172,893
kabu.com Securities Co., Ltd.		56,200		188,104
Kadokawa Dwango (a)		12,508		162,275
Kaga Electronics Co., Ltd.		7,200		93,401
Kagome Co., Ltd. (a)		1,400		22,565
Kagoshima Bank, Ltd. (The)		60,000		433,599
Kakiyasu Honten Co., Ltd. (a)		4,600		73,925
Kameda Seika Co., Ltd.		4,400		170,159
Kamei Corp.		13,900		129,832
Kanaden Corp.		9,700		78,491
Kanagawa Chuo Kotsu Co., Ltd.		18,000		86,369
Kanamoto Co., Ltd.		8,800		222,900
Kandenko Co., Ltd.		41,000		256,747
Kanematsu Corp.		149,000		259,952
Kanematsu Electronics, Ltd.		4,300		71,295
Kanemi Co., Ltd.		100		2,870
Kansai Urban Banking Corp.		11,000		133,482
Kanto Denka Kogyo Co., Ltd.		15,000		101,428
Kasai Kogyo Co., Ltd.		8,600		90,927
Katakura Chikkarin Co., Ltd.		8,000		20,257
Katakura Industries Co., Ltd. (a)		11,500		124,808
Kato Sangyo Co., Ltd.		7,100		166,226
Kato Works Co., Ltd.		19,000		111,629
Kawada Technologies, Inc. (a)		1,500		52,123
Kawai Musical Instruments Manufacturing Co., Ltd.		2,600		48,536
Kawasaki Kinkai Kisen Kaisha, Ltd.		7,000		22,580
Kawasumi Laboratories, Inc.		4,900		37,710
Keihanshin Building Co., Ltd.		14,500		89,183
Keihin Co. Ltd/Minato-Ku Tokyo Japan		23,000		38,636
Keihin Corp.		17,200		245,996
Keiyo Bank, Ltd. (The)		113,000		594,063
Keiyo Co., Ltd. (a)		17,200		79,069
Kenko Mayonnaise Co., Ltd.		3,600		50,137
KEY Coffee, Inc.		7,600		127,268
KFC Holdings Japan, Ltd.		4,000		74,686
Kimoto Co., Ltd.		14,900		34,446
Kimura Chemical Plants Co., Ltd.		3,300		13,259
King Jim Co., Ltd. (a)		5,800		40,501
Kinki Sharyo Co., Ltd. (c)		12,000		33,135
Kintetsu Department Store Co., Ltd. (c)		19,000		53,388
Kintetsu World Express, Inc.		5,400		242,389
Kinugawa Rubber Industrial Co., Ltd.		20,000		108,673
Kissei Pharmaceutical Co., Ltd.		8,100		205,641
Kita-Nippon Bank, Ltd. (The)		4,000		115,638
Kitagawa Iron Works Co., Ltd.		31,000		79,735
Kitamura Co., Ltd.		3,700		23,061
Kitano Construction Corp.		22,000		58,043
Kito Corp. (a)		8,200		79,887
Kitz Corp.		39,200		195,869
Kiyo Bank, Ltd. (The)		33,500		511,150
KLab, Inc. (a) (c)		10,600		154,627
KNT-CT Holdings Co., Ltd. (c)		33,000		43,654
Koa Corp.		13,800		148,097
Koatsu Gas Kogyo Co., Ltd.		13,000		67,397
Kobe Bussan Co., Ltd.		1,800		96,248
Kobe Electric Railway Co., Ltd. (c)		5,000		14,622

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Kobelco Eco-Solutions Co., Ltd.		6,000	$	32,635
Kohnan Shoji Co., Ltd. (a)		13,000		168,827
Kohsoku Corp.		5,400		39,483
Koike Sanso Kogyo Co., Ltd.		7,000		22,046
Kojima Co., Ltd.		12,000		37,112
Kokusai Co., Ltd. (a)		3,400		50,092
Kokuyo Co., Ltd. (a)		33,800		290,917
KOMAIHALTEC, Inc.		24,000		49,555
Komatsu Seiren Co., Ltd. (a)		16,300		73,898
Komatsu Wall Industry Co., Ltd. (a)		2,700		53,563
Komeri Co., Ltd. (a)		12,300		281,251
Komori Corp.		20,000		273,394
Konaka Co., Ltd.		7,300		43,430
Kondotec, Inc.		9,400		60,258
Konishi Co., Ltd.		6,600		124,773
Konoike Transport Co., Ltd.		3,200		38,944
Kosaido Co., Ltd.		3,700		18,122
Koshidaka Holdings Co., Ltd. (a)		2,500		64,273
Kotobuki Spirits Co., Ltd. (a)		2,600		76,301
Kourakuen Corp.		2,900		36,643
Krosaki Harima Corp.		24,000		51,735
KRS Corp.		2,800		47,719
KU Holdings Co., Ltd.		8,000		49,517
Kumagai Gumi Co., Ltd.		91,000		268,430
Kumiai Chemical Industry Co., Ltd.		7,200		56,268
Kura Corp.		3,300		104,785
Kurabo Industries, Ltd.		93,000		198,449
Kureha Corp. (a)		52,000		204,522
Kurimoto, Ltd.		35,000		72,318
Kuroda Electric Co., Ltd.		13,800		256,227
Kusuri No. Aoki Co., Ltd.		5,200		230,075
KYB Co., Ltd. (a)		74,000		257,033
Kyodo Printing Co., Ltd.		51,000		144,541
Kyoei Steel, Ltd. (a)		6,100		112,812
Kyokuto Boeki Kaisha, Ltd.		9,000		24,094
Kyokuto Kaihatsu Kogyo Co., Ltd.		11,400		123,866
Kyokuto Securities Co., Ltd.		7,600		110,164
Kyokuyo Co., Ltd.		35,000		80,848
KYORIN Holdings, Inc.		16,100		328,245
Kyoritsu Maintenance Co., Ltd.		3,259		209,088
Kyoritsu Printing Co., Ltd.		6,800		16,611
Kyosan Electric Manufacturing Co., Ltd.		29,000		89,073
Kyoto Kimono Yuzen Co., Ltd.		5,700		48,054
Kyowa Electronics Instruments Co., Ltd.		8,000		33,198
Kyowa Exeo Corp.		32,300		375,880
Kyowa Leather Cloth Co., Ltd.		3,300		26,306
Kyudenko Corp. (a)		13,000		233,455
LAC Co., Ltd. (a)		5,900		82,084
Land Business Co., Ltd.		7,100		23,053
Laox Co., Ltd. (a) (c)		9,000		34,416
Lasertec Corp. (a)		6,100		84,292
LEC, Inc.		3,400		37,865
Leopalace21 Corp. (c)		82,400		504,302
Life Corp.		10,400		238,452
Lifenet Insurance Co. (c)		5,000		16,329
Link And Motivation, Inc. (a)		8,900		11,990
Lintec Corp.		17,100		390,537
Japan—(Continued)
Lion Corp. (a)		47,000		375,996
Livesense, Inc. (a) (c)		3,500		18,173
Look, Inc.		11,000		19,954
Macnica Fuji Electronics Holdings, Inc. (c)		16,350		201,901
Maeda Corp. (a)		40,000		277,026
Maeda Kosen Co., Ltd. (a)		6,900		61,192
Maeda Road Construction Co., Ltd.		21,000		387,396
Maezawa Kasei Industries Co., Ltd.		6,800		69,672
Maezawa Kyuso Industries Co., Ltd.		5,600		76,378
Makino Milling Machine Co., Ltd.		40,000		403,286
Mamiya-Op Co., Ltd.		19,000		29,945
Mandom Corp.		5,200		231,234
Mani, Inc.		1,900		126,080
Mars Engineering Corp.		3,600		63,676
Marubun Corp.		8,200		64,496
Marudai Food Co., Ltd.		52,000		194,355
Maruei Department Store Co., Ltd. (c)		8,000		8,980
Marufuji Sheet Piling Co., Ltd.		13,000		36,413
Maruha Nichiro Corp.		16,700		269,977
Maruka Machinery Co., Ltd.		2,900		47,269
Marukyu Co., Ltd.		1,300		11,884
Marusan Securities Co., Ltd.		24,800		266,511
Maruwa Co., Ltd.		3,700		78,164
Maruyama Manufacturing Co., Inc.		15,000		28,658
Maruzen CHI Holdings Co., Ltd. (c)		15,500		50,268
Maruzen Showa Unyu Co., Ltd.		28,000		99,024
Marvelous, Inc. (a)		9,500		119,344
Matsuda Sangyo Co., Ltd.		7,000		86,058
Matsui Construction Co., Ltd.		9,000		47,900
Matsumotokiyoshi Holdings Co., Ltd.		10,700		493,499
Matsuya Foods Co., Ltd.		3,100		59,660
Max Co., Ltd.		17,000		182,921
Maxvalu Nishinihon Co., Ltd. (a)		2,400		31,178
Maxvalu Tokai Co., Ltd. (a)		5,000		71,512
MEC Co., Ltd.		7,300		54,306
Medical System Network Co., Ltd.		5,300		21,386
Megachips Corp.		7,600		94,371
Megmilk Snow Brand Co., Ltd.		15,400		197,438
Meidensha Corp.		58,000		217,873
Meiji Shipping Co., Ltd.		8,500		28,877
Meiko Electronics Co., Ltd. (c)		7,500		21,631
Meiko Network Japan Co., Ltd.		7,200		84,853
Meisei Industrial Co., Ltd.		17,000		87,995
Meitec Corp.		10,300		383,511
Meito Sangyo Co., Ltd.		4,500		47,404
Meito Transportation Co., Ltd.		2,800		17,176
Meiwa Corp.		10,900		37,306
Meiwa Estate Co., Ltd.		5,200		27,488
Melco Holdings, Inc. (a)		4,500		85,334
Message Co., Ltd. (a)		4,400		118,614
Michinoku Bank, Ltd. (The)		69,000		120,618
Micronics Japan Co., Ltd. (a)		4,300		98,808
Mie Bank, Ltd. (The)		43,000		101,495
Mikuni Corp.		3,000		13,870
Milbon Co., Ltd. (a)		4,360		138,646
Mimasu Semiconductor Industry Co., Ltd.		8,200		82,382
Minato Bank, Ltd. (The)		63,000		161,560

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Ministop Co., Ltd.		6,000	$	103,950
Miraial Co., Ltd. (a)		2,900		32,847
Mirait Holdings Corp.		24,400		284,159
Miroku Jyoho Service Co., Ltd.		7,000		45,127
Misawa Homes Co., Ltd. (a)		11,400		99,050
Mitani Corp.		9,100		215,622
Mitani Sekisan Co., Ltd.		4,100		57,636
Mito Securities Co., Ltd.		24,000		85,804
Mitsuba Corp.		13,200		346,221
Mitsubishi Nichiyu Forklift Co., Ltd.		8,000		40,253
Mitsubishi Paper Mills, Ltd. (c)		144,000		108,491
Mitsubishi Pencil Co., Ltd.		6,500		309,856
Mitsubishi Research Institute, Inc.		2,700		64,332
Mitsubishi Shokuhin Co., Ltd.		4,800		107,996
Mitsubishi Steel Manufacturing Co., Ltd.		65,000		140,550
Mitsuboshi Belting Co., Ltd.		22,000		174,258
Mitsui Engineering & Shipbuilding Co., Ltd.		300,000		519,344
Mitsui High-Tec, Inc.		11,600		80,824
Mitsui Home Co., Ltd.		14,000		64,855
Mitsui Matsushima Co., Ltd.		66,000		71,152
Mitsui Mining & Smelting Co., Ltd.		242,000		653,692
Mitsui Sugar Co., Ltd.		36,000		143,482
Mitsui-Soko Holdings Co., Ltd.		47,000		148,932
Mitsumi Electric Co., Ltd. (a)		33,000		223,583
Mitsumura Printing Co., Ltd.		5,000		10,859
Mitsuuroko Holdings Co., Ltd.		12,900		64,740
Miura Co., Ltd.		22,500		260,657
Miyaji Engineering Group, Inc.		27,000		38,998
Miyazaki Bank, Ltd. (The)		73,000		273,060
Miyoshi Oil & Fat Co., Ltd.		40,000		47,316
Mizuno Corp. (a)		37,000		175,283
Mochida Pharmaceutical Co., Ltd.		3,900		222,029
Modec, Inc. (a)		3,000		45,996
Monex Group, Inc. (a)		73,600		202,157
Money Partners Group Co., Ltd. (a)		7,100		24,790
Monogatari Corp. (The) (a)		1,700		56,991
MonotaRO Co., Ltd.		8,400		368,579
MORESCO Corp.		2,500		45,925
Morinaga & Co., Ltd.		60,000		256,241
Morinaga Milk Industry Co., Ltd.		70,000		256,288
Morita Holdings Corp.		12,500		122,080
Morozoff, Ltd.		13,000		42,167
Mory Industries, Inc.		14,000		45,634
Mr Max Corp. (c)		10,500		35,968
MTI, Ltd.		9,200		60,297
Murakami Corp.		3,000		55,570
Musashi Seimitsu Industry Co., Ltd. (a)		7,900		153,155
Musashino Bank, Ltd. (The)		12,600		497,291
Mutoh Holdings Co., Ltd.		9,000		27,928
NAC Co., Ltd.		3,600		30,256
Nachi-Fujikoshi Corp.		60,000		353,666
Nafco Co., Ltd.		1,400		21,450
Nagaileben Co., Ltd.		5,600		107,354
Nagano Bank, Ltd. (The)		43,000		81,135
Nagano Keiki Co., Ltd.		4,200		27,606
Nagase & Co., Ltd.		2,600		35,810
Nagatanien Co., Ltd.		12,000		107,202
Japan—(Continued)
Nagawa Co., Ltd. (a)		2,800		63,225
Nakabayashi Co., Ltd.		24,000		47,056
Nakamuraya Co., Ltd.		19,000		70,163
Nakanishi, Inc.		4,100		162,080
Nakano Corp.		4,000		18,671
Nakayama Steel Works, Ltd. (c)		63,000		45,778
Nakayamafuku Co., Ltd.		2,000		14,204
Namura Shipbuilding Co., Ltd. (a)		18,956		162,257
Nanto Bank, Ltd. (The)		97,000		346,892
Narasaki Sangyo Co., Ltd.		4,000		9,408
Natori Co., Ltd.		2,600		31,748
NDS Co., Ltd.		27,000		71,906
NEC Capital Solutions, Ltd.		3,800		58,717
NEC Networks & System Integration Corp.		9,100		198,351
NET One Systems Co., Ltd.		31,600		223,489
Neturen Co., Ltd.		9,800		70,766
New Japan Chemical Co., Ltd. (c)		9,900		19,321
New Japan Radio Co., Ltd. (c)		6,000		35,570
Next Co., Ltd.		17,000		119,053
Nexyz Corp.		1,300		8,049
Nice Holdings, Inc. (a)		40,000		66,732
Nichi-iko Pharmaceutical Co., Ltd.		13,200		357,313
Nichia Steel Works, Ltd.		13,000		32,796
Nichias Corp. (a)		33,000		204,366
Nichiban Co., Ltd.		8,000		39,228
Nichicon Corp.		23,900		193,994
Nichiden Corp.		3,100		77,131
Nichiha Corp.		9,600		147,366
Nichii Gakkan Co. (a)		17,500		140,619
Nichimo Co., Ltd.		16,000		25,740
Nichirei Corp.		95,000		659,699
Nichireki Co., Ltd.		9,000		75,115
Nifco, Inc. (a)		8,600		372,879
NIFTY Corp.		3,400		41,162
Nihon Chouzai Co., Ltd.		980		47,689
Nihon Dempa Kogyo Co., Ltd.		7,600		56,707
Nihon Eslead Corp.		2,700		28,008
Nihon Kagaku Sangyo Co., Ltd.		3,000		21,828
Nihon M&A Center, Inc.		11,700		483,690
Nihon Nohyaku Co., Ltd.		14,000		135,850
Nihon Parkerizing Co., Ltd.		31,600		320,656
Nihon Plast Co., Ltd.		2,500		18,435
Nihon Tokushu Toryo Co., Ltd.		2,200		15,702
Nihon Trim Co., Ltd.		2,200		57,942
Nihon Unisys, Ltd. (a)		18,100		186,179
Nihon Yamamura Glass Co., Ltd.		45,000		69,851
Nikkato Corp.		300		1,049
Nikkiso Co., Ltd.		21,500		225,440
Nikko Co., Ltd.		9,000		32,261
Nippon Air Conditioning Service Co., Ltd.		6,000		52,128
Nippon Beet Sugar Manufacturing Co., Ltd.		50,000		82,512
Nippon Carbide Industries Co., Inc.		23,000		41,681
Nippon Carbon Co., Ltd. (a)		39,000		128,655
Nippon Ceramic Co., Ltd. (a)		5,200		72,444
Nippon Chemi-Con Corp.		59,000		177,730
Nippon Chemical Industrial Co., Ltd.		30,000		57,526
Nippon Chemiphar Co., Ltd.		8,000		40,620

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nippon Chutetsukan KK		2,000	$	3,705
Nippon Coke & Engineering Co., Ltd.		71,000		68,431
Nippon Concrete Industries Co., Ltd. (a)		14,000		55,219
Nippon Conveyor Co., Ltd. (a)		11,000		17,612
Nippon Denko Co., Ltd. (a)		56,465		131,416
Nippon Densetsu Kogyo Co., Ltd.		14,700		258,594
Nippon Felt Co., Ltd.		8,600		37,157
Nippon Filcon Co., Ltd.		5,200		23,200
Nippon Fine Chemical Co., Ltd.		5,800		44,707
Nippon Flour Mills Co., Ltd.		45,000		272,338
Nippon Gas Co., Ltd.		11,500		359,221
Nippon Hume Corp.		8,200		55,970
Nippon Kanzai Co., Ltd.		3,300		74,699
Nippon Kasei Chemical Co., Ltd.		18,000		22,191
Nippon Kinzoku Co., Ltd. (c)		19,000		24,349
Nippon Kodoshi Corp.		1,600		16,315
Nippon Koei Co., Ltd.		31,000		122,015
Nippon Konpo Unyu Soko Co., Ltd.		22,600		393,494
Nippon Koshuha Steel Co., Ltd.		31,000		29,114
Nippon Light Metal Holdings Co., Ltd.		198,000		342,585
Nippon Parking Development Co., Ltd.		75,700		109,892
Nippon Pillar Packing Co., Ltd.		9,600		85,837
Nippon Piston Ring Co., Ltd.		32,000		60,040
Nippon Rietec Co., Ltd. (a)		7,000		49,289
Nippon Road Co., Ltd. (The)		27,000		135,346
Nippon Seiki Co., Ltd.		15,000		298,075
Nippon Seiro Co., Ltd.		2,000		4,410
Nippon Seisen Co., Ltd. (a)		10,000		48,609
Nippon Sharyo, Ltd. (a)		26,000		70,066
Nippon Sheet Glass Co., Ltd. (a) (c)		330,000		350,184
Nippon Signal Co., Ltd.		20,700		227,650
Nippon Soda Co., Ltd.		50,000		321,295
Nippon Steel & Sumikin Bussan Corp.		51,960		189,544
Nippon Steel & Sumikin Texeng		21,000		114,151
Nippon Suisan Kaisha, Ltd.		82,900		236,953
Nippon Synthetic Chemical Industry Co., Ltd. (The)		18,000		122,152
Nippon Systemware Co., Ltd.		1,300		10,766
Nippon Thompson Co., Ltd. (a)		27,000		151,264
Nippon Valqua Industries, Ltd.		30,000		81,014
Nippon Yakin Kogyo Co., Ltd. (a) (c)		54,000		101,374
Nipro Corp.		38,800		396,385
Nishi-Nippon Railroad Co., Ltd.		47,000		215,687
Nishikawa Rubber Co., Ltd.		1,200		19,409
Nishimatsu Construction Co., Ltd. (a)		104,000		389,873
Nishimatsuya Chain Co., Ltd.		16,100		161,919
Nishio Rent All Co., Ltd.		4,400		110,169
Nissan Tokyo Sales Holdings Co., Ltd.		11,000		33,192
Nissei ASB Machine Co., Ltd.		2,100		41,379
Nissei Build Kogyo Co., Ltd.		22,000		69,699
Nissei Corp.		3,700		34,663
Nissei Plastic Industrial Co., Ltd.		7,100		64,952
Nissha Printing Co., Ltd. (a)		8,700		148,542
Nisshin Fudosan Co.		15,200		54,365
Nisshin Oillio Group, Ltd. (The)		51,000		209,126
Nisshin Steel Holdings Co., Ltd. (a)		35,596		441,436
Nisshinbo Holdings, Inc.		47,000		525,326
Nissin Corp.		30,000		89,771
Japan—(Continued)
Nissin Electric Co., Ltd.		18,000		127,733
Nissin Kogyo Co., Ltd.		16,400		270,675
Nissui Pharmaceutical Co., Ltd.		6,000		68,459
Nitta Corp.		6,800		188,525
Nitta Gelatin, Inc.		4,500		27,128
Nittan Valve Co., Ltd.		6,300		24,265
Nittetsu Mining Co., Ltd.		25,000		122,205
Nitto Boseki Co., Ltd.		49,000		216,041
Nitto FC Co., Ltd.		4,500		29,004
Nitto Fuji Flour Milling Co., Ltd.		4,000		11,205
Nitto Kogyo Corp.		9,000		202,526
Nitto Kohki Co., Ltd.		4,700		106,440
Nitto Seiko Co., Ltd.		15,000		41,736
Nittoc Construction Co., Ltd. (a)		13,550		53,409
Nittoku Engineering Co., Ltd.		5,200		54,240
NJS Co., Ltd.		3,300		41,506
Noevir Holdings Co., Ltd.		4,800		103,507
NOF Corp.		52,000		417,400
Nohmi Bosai, Ltd.		7,000		83,307
Nojima Corp.		4,200		47,629
Nomura Co., Ltd.		13,000		157,714
Noritake Co., Ltd.		56,000		130,919
Noritsu Koki Co., Ltd.		4,000		23,004
Noritz Corp.		12,400		233,837
North Pacific Bank, Ltd.		122,400		545,092
NS Solutions Corp.		5,100		170,057
NS United Kaiun Kaisha, Ltd.		41,000		88,732
NSD Co., Ltd.		10,670		140,951
Nuflare Technology, Inc. (a)		800		34,909
Obara Group, Inc.		4,800		257,946
Obayashi Road Corp.		10,000		53,696
Odelic Co., Ltd.		1,000		32,608
Oenon Holdings, Inc.		21,000		37,640
Ogaki Kyoritsu Bank, Ltd. (The)		140,000		511,098
Ohara, Inc.		4,700		23,900
Ohashi Technica, Inc.		4,600		61,242
Ohsho Food Service Corp.		3,600		124,091
Oiles Corp.		9,600		181,885
Oita Bank, Ltd. (The)		75,000		319,588
Oizumi Corp. (c)		2,900		18,307
Okabe Co., Ltd.		16,000		125,386
Okamoto Industries, Inc.		33,000		123,448
Okamoto Machine Tool Works, Ltd.		14,000		20,829
Okamura Corp.		26,300		228,945
Okaya Electric Industries Co., Ltd.		8,900		31,023
Oki Electric Industry Co., Ltd.		227,000		476,047
Okinawa Cellular Telephone Co.		4,900		143,070
Okinawa Electric Power Co., Inc. (The)		8,550		215,181
OKK Corp.		41,000		63,282
OKUMA Corp.		50,000		564,417
Okumura Corp. (a)		63,000		321,499
Okura Industrial Co., Ltd.		26,000		73,634
Okuwa Co., Ltd. (a)		10,000		84,757
Olympic Corp.		4,900		31,395
ONO Sokki Co., Ltd.		4,200		34,011
Onoken Co., Ltd.		7,400		74,078
Onward Holdings Co., Ltd. (a)		49,000		337,278

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Open House Co., Ltd.		4,200	$	71,739
OPT Holding, Inc.		4,700		25,839
Optex Co., Ltd.		5,200		107,213
Organo Corp.		18,000		76,428
Origin Electric Co., Ltd.		17,000		61,589
Osaka Organic Chemical Industry, Ltd.		5,900		29,249
Osaka Steel Co., Ltd.		5,900		109,571
OSAKA Titanium Technologies Co., Ltd. (a)		6,500		174,505
Osaki Electric Co., Ltd.		11,000		60,349
OSG Corp. (a)		22,700		486,330
Otsuka Kagu, Ltd. (a)		5,500		78,999
OUG Holdings, Inc.		7,000		14,527
Outsourcing, Inc.		3,100		53,068
Oyo Corp.		7,400		99,716
Pacific Industrial Co., Ltd. (a)		18,800		179,620
Pacific Metals Co., Ltd. (a) (c)		72,000		218,739
Pack Corp. (The)		5,600		111,840
Pal Co., Ltd.		3,800		124,716
Paltac Corp.		12,650		223,545
PanaHome Corp.		32,000		227,600
Panasonic Industrial Devices SUNX Co., Ltd.		6,800		46,341
Panasonic Information Systems		1,700		58,366
Paramount Bed Holdings Co., Ltd.		6,000		177,034
Parco Co., Ltd.		8,100		80,262
Paris Miki Holdings, Inc.		17,000		66,516
Pasco Corp.		6,000		16,569
Pasona Group, Inc.		9,000		83,504
Penta-Ocean Construction Co., Ltd.		96,700		400,427
PIA Corp.		300		5,563
Pilot Corp.		10,800		423,683
Piolax, Inc.		3,500		179,283
Pioneer Corp. (c)		117,700		214,327
Plenus Co., Ltd.		7,800		140,412
Press Kogyo Co., Ltd. (a)		37,000		172,837
Pressance Corp.		2,600		87,019
Prestige International, Inc.		6,700		51,366
Prima Meat Packers, Ltd.		48,000		147,925
Pronexus, Inc.		9,000		57,927
Proto Corp.		5,300		85,376
PS Mitsubishi Construction Co., Ltd.		8,800		29,677
Qol Co., Ltd.		3,400		45,417
Raito Kogyo Co., Ltd.		18,200		147,548
Rasa Industries, Ltd. (c)		26,000		31,641
Relo Holdings, Inc.		3,400		338,727
Renaissance, Inc.		5,100		54,627
Rengo Co., Ltd. (a)		81,000		336,914
Renown, Inc. (a) (c)		29,200		48,357
Resort Solution Co., Ltd.		4,000		10,610
Rheon Automatic Machinery Co., Ltd.		5,000		22,829
Rhythm Watch Co., Ltd.		30,000		41,652
Riberesute Corp.		4,300		29,538
Ricoh Leasing Co., Ltd.		6,400		196,218
Right On Co., Ltd.		5,900		48,706
Riken Corp.		35,000		134,902
Riken Keiki Co., Ltd.		6,000		68,605
Riken Technos Corp.		15,000		60,278
Japan—(Continued)
Riken Vitamin Co., Ltd. (a)		2,700		86,313
Ringer Hut Co., Ltd.		4,200		89,094
Rion Co., Ltd.		2,200		33,553
Riso Kagaku Corp.		9,958		188,162
Riso Kyoiku Co., Ltd. (a) (c)		11,590		29,557
Rock Field Co., Ltd. (a)		4,400		104,739
Rohto Pharmaceutical Co., Ltd. (a)		30,100		496,914
Rokko Butter Co., Ltd.		4,400		59,396
Roland DG Corp.		3,000		84,652
Round One Corp.		28,300		137,991
Royal Holdings Co., Ltd. (a)		9,600		159,929
Ryobi, Ltd.		47,000		183,362
Ryoden Trading Co., Ltd.		16,000		127,716
Ryosan Co., Ltd.		14,000		368,039
Ryoyo Electro Corp.		8,600		110,660
S Foods, Inc.		4,100		82,975
S&B Foods, Inc.		600		24,094
Sac’s Bar Holdings, Inc.		6,850		123,390
Saibu Gas Co., Ltd. (a)		136,000		324,264
Saizeriya Co., Ltd. (a)		10,300		228,392
Sakai Chemical Industry Co., Ltd.		42,000		150,425
Sakai Heavy Industries, Ltd.		14,000		30,203
Sakai Moving Service Co., Ltd.		1,300		50,842
Sakai Ovex Co., Ltd.		16,000		27,573
Sakata INX Corp.		11,800		104,263
Sakata Seed Corp.		11,800		224,958
Sala Corp.		12,900		63,592
SAMTY Co., Ltd.		2,600		19,968
San Holdings, Inc.		2,500		35,432
San-A Co., Ltd.		6,200		275,119
San-Ai Oil Co., Ltd.		25,000		162,111
San-In Godo Bank, Ltd. (The)		59,000		568,974
Sanden Holdings Corp.		42,000		195,482
Sanei Architecture Planning Co., Ltd.		4,300		37,420
Sangetsu Co., Ltd.		21,200		323,033
Sanken Electric Co., Ltd.		37,000		229,351
Sanki Engineering Co., Ltd. (a)		23,700		187,011
Sanko Marketing Foods Co., Ltd. (a)		3,100		23,525
Sanko Metal Industrial Co., Ltd.		10,000		19,930
Sankyo Frontier Co., Ltd.		2,000		16,491
Sankyo Seiko Co., Ltd.		16,300		67,487
Sankyo Tateyama, Inc.		11,200		189,172
Sankyu, Inc.		96,000		524,349
Sanoh Industrial Co., Ltd.		10,100		68,374
Sanshin Electronics Co., Ltd.		12,800		130,733
Sanwa Holdings Corp.		62,200		522,887
Sanyo Chemical Industries, Ltd.		21,000		147,515
Sanyo Denki Co., Ltd.		16,000		128,152
Sanyo Electric Railway Co., Ltd.		20,000		77,115
Sanyo Housing Nagoya Co., Ltd. (a)		3,000		30,412
Sanyo Industries, Ltd.		13,000		23,278
Sanyo Shokai, Ltd.		51,000		141,057
Sanyo Special Steel Co., Ltd.		47,000		218,754
Sapporo Holdings, Ltd.		105,000		390,201
Sata Construction Co., Ltd.		13,000		14,007
Sato Holdings Corp.		6,900		194,917
Sato Restaurant Systems Co., Ltd. (a)		4,800		36,024

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Sato Shoji Corp.		6,500	$	43,308
Satori Electric Co., Ltd.		7,100		51,414
Sawada Holdings Co., Ltd.		10,300		99,656
Saxa Holdings, Inc. (a)		24,000		45,595
SBS Holdings, Inc.		6,900		55,959
SCREEN Holdings Co., Ltd. (a)		57,000		361,776
Scroll Corp.		15,700		38,603
SEC Carbon, Ltd.		7,000		21,614
Secom Joshinetsu Co., Ltd.		900		27,865
Seibu Electric Industry Co., Ltd.		12,000		45,109
Seika Corp.		28,000		74,735
Seikitokyu Kogyo Co., Ltd.		12,500		57,383
Seiko Holdings Corp. (a)		44,000		222,734
Seiren Co., Ltd.		19,100		201,977
Sekisui Jushi Corp.		12,900		167,745
Sekisui Plastics Co., Ltd.		24,000		87,998
Senko Co., Ltd. (a)		31,000		196,138
Senshu Electric Co., Ltd.		2,400		40,744
Senshu Ikeda Holdings, Inc.		84,000		381,511
Senshukai Co., Ltd. (a)		13,800		96,741
Septeni Holdings Co., Ltd.		5,500		61,565
Seria Co., Ltd.		6,500		246,772
Shibaura Electronics Co., Ltd.		2,800		46,686
Shibaura Mechatronics Corp. (a)		18,000		41,894
Shibusawa Warehouse Co., Ltd. (The)		25,000		71,457
Shibuya Kogyo Co., Ltd.		6,500		116,567
Shidax Corp. (a)		9,600		40,942
Shiga Bank, Ltd. (The)		89,000		479,754
Shikibo, Ltd.		56,000		59,002
Shikoku Bank, Ltd. (The)		95,000		216,442
Shikoku Chemicals Corp.		16,000		138,922
Shima Seiki Manufacturing, Ltd.		11,900		189,584
Shimachu Co., Ltd.		20,500		590,071
SHIMANE BANK, Ltd. (The)		2,500		32,709
Shimizu Bank, Ltd. (The)		4,900		135,063
Shimojima Co., Ltd.		6,300		53,713
Shin Nippon Air Technologies Co., Ltd.		7,300		64,201
Shin-Etsu Polymer Co., Ltd.		22,600		107,587
Shin-Keisei Electric Railway Co., Ltd.		23,000		76,932
Shinagawa Refractories Co., Ltd.		20,000		47,623
Shindengen Electric Manufacturing Co., Ltd. (a)		28,000		140,161
Shinkawa, Ltd. (c)		5,300		47,036
Shinko Electric Industries Co., Ltd.		27,600		198,847
Shinko Plantech Co., Ltd.		16,100		141,954
Shinko Shoji Co., Ltd.		7,700		81,431
Shinko Wire Co., Ltd.		12,000		16,762
Shinmaywa Industries, Ltd.		34,000		311,012
Shinnihon Corp.		14,000		64,933
Shinsho Corp.		14,000		32,338
Shinwa Co., Ltd.		3,900		69,003
Ship Healthcare Holdings, Inc.		14,200		293,374
Shiroki Corp.		31,000		93,411
Shizuki Electric Co., Inc.		8,000		45,012
Shizuoka Gas Co., Ltd.		21,300		148,490
Shobunsha Publications, Inc.		6,700		47,508
Shochiku Co., Ltd.		3,000		26,854
Shoei Foods Corp.		4,300		44,807
Japan—(Continued)
Shofu, Inc.		3,900		42,771
Shoko Co., Ltd. (a)		39,000		37,267
Showa Aircraft Industry Co., Ltd.		4,000		40,254
Showa Corp.		17,600		174,910
Showa Sangyo Co., Ltd.		33,000		134,760
Siix Corp. (a)		5,200		136,378
Sinanen Co., Ltd.		18,000		70,708
Sinfonia Technology Co., Ltd.		42,000		85,029
Sinko Industries, Ltd.		6,400		64,297
Sintokogio, Ltd.		21,100		186,678
SKY Perfect JSAT Holdings, Inc.		29,800		159,659
SMK Corp.		23,000		92,270
SMS Co., Ltd.		7,900		104,313
SNT Corp.		7,800		39,872
Soda Nikka Co., Ltd.		7,000		30,504
Sodick Co., Ltd. (a)		16,800		137,496
Soft99 Corp. (a)		5,100		33,805
Softbank Technology Corp.		1,600		18,658
Software Service, Inc.		1,500		65,926
Sogo Medical Co., Ltd.		2,400		67,514
Soshin Electric Co., Ltd.		1,500		4,946
Sotoh Co., Ltd.		4,300		36,218
Space Co., Ltd.		5,800		58,281
Sparx Group Co., Ltd. (a)		35,900		75,309
SPK Corp.		2,500		49,029
SRA Holdings		3,700		69,412
Srg Takamiya Co., Ltd. (a)		5,200		30,436
ST Corp.		6,900		62,041
St. Marc Holdings Co., Ltd.		5,500		181,002
Star Micronics Co., Ltd. (a)		12,600		214,835
Starts Corp., Inc.		5,800		90,240
Starzen Co., Ltd.		28,000		87,805
Stella Chemifa Corp.		5,600		59,460
Step Co., Ltd.		4,100		34,728
Studio Alice Co., Ltd. (a)		2,900		50,915
Subaru Enterprise Co., Ltd.		1,000		3,545
Sugimoto & Co., Ltd.		3,800		46,564
Sumida Corp.		6,300		47,660
Suminoe Textile Co., Ltd.		23,000		63,678
Sumitomo Bakelite Co., Ltd.		84,000		380,166
Sumitomo Densetsu Co., Ltd.		7,700		110,683
Sumitomo Mitsui Construction Co., Ltd.		260,300		339,618
Sumitomo Osaka Cement Co., Ltd.		159,000		588,021
Sumitomo Precision Products Co., Ltd. (a)		12,000		44,753
Sumitomo Real Estate Sales Co., Ltd.		5,960		150,357
Sumitomo Riko Co., Ltd.		16,700		133,017
Sumitomo Seika Chemicals Co., Ltd.		18,000		118,173
Sumitomo Warehouse Co., Ltd. (The)		53,000		295,962
Sun Frontier Fudousan Co., Ltd. (a)		7,600		61,546
Sun-Wa Technos Corp.		3,900		44,454
Suncall Corp.		11,000		63,443
SWCC Showa Holdings Co., Ltd. (a) (c)		116,000		89,942
Systena Corp.		6,700		57,458
T Hasegawa Co., Ltd.		9,100		131,917
T RAD Co., Ltd.		36,000		71,457
T&K Toka Co., Ltd. (a)		5,000		92,717
T-Gaia Corp.		8,400		132,899

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Tabuchi Electric Co., Ltd. (a)		8,900	$	82,891
Tachi-S Co., Ltd. (a)		10,300		147,005
Tachibana Eletech Co., Ltd.		5,640		65,717
Tadano, Ltd.		38,000		567,581
Taihei Dengyo Kaisha, Ltd.		12,000		118,317
Taiheiyo Kouhatsu, Inc.		21,000		16,461
Taiho Kogyo Co., Ltd.		7,800		103,678
Taikisha, Ltd.		9,800		236,362
Taiko Bank, Ltd. (The)		41,000		80,925
Taiko Pharmaceutical Co., Ltd.		2,300		33,622
Taisei Lamick Co., Ltd. (a)		2,200		51,500
Taiyo Holdings Co., Ltd.		5,700		238,184
Taiyo Yuden Co., Ltd.		26,600		372,974
Takachiho Koheki Co., Ltd.		400		3,607
Takagi Securities Co., Ltd.		18,000		34,967
Takamatsu Construction Group Co., Ltd.		5,400		117,925
Takano Co., Ltd.		6,000		44,276
Takaoka Toko Co., Ltd.		5,365		71,343
Takara Holdings, Inc.		34,300		268,230
Takara Leben Co., Ltd.		32,000		190,445
Takara Printing Co., Ltd. (a)		3,100		28,746
Takara Standard Co., Ltd.		39,000		276,030
Takasago International Corp.		32,000		133,800
Takasago Thermal Engineering Co., Ltd.		20,900		253,266
Takashima & Co., Ltd.		25,000		55,553
Takata Corp. (a) (c)		14,300		155,695
Take And Give Needs Co., Ltd.		4,010		26,178
Takeei Corp.		8,200		83,023
Takeuchi Manufacturing Co., Ltd.		3,700		211,957
Takihyo Co., Ltd.		13,000		50,548
Takiron Co., Ltd.		21,000		93,308
Takisawa Machine Tool Co., Ltd.		22,000		43,111
Takuma Co., Ltd.		26,000		165,580
Tama Home Co., Ltd. (a)		8,500		36,659
Tamron Co., Ltd.		6,000		126,528
Tamura Corp.		26,000		103,640
Tanseisha Co., Ltd.		9,100		105,437
TASAKI & Co., Ltd. (c)		800		18,500
Tatsuta Electric Wire and Cable Co., Ltd.		17,000		70,535
Tayca Corp.		12,000		48,096
TBK Co., Ltd.		8,000		36,775
Teac Corp. (a) (c)		40,000		15,343
TECHNO ASSOCIE Co., Ltd.		300		2,962
Techno Medica Co., Ltd.		2,400		56,737
Techno Ryowa, Ltd.		4,800		28,227
Teikoku Electric Manufacturing Co., Ltd.		6,800		58,935
Teikoku Sen-I Co., Ltd.		6,900		98,234
Teikoku Tsushin Kogyo Co., Ltd.		24,000		44,982
Ten Allied Co., Ltd. (c)		2,600		8,321
Tenma Corp.		6,200		106,590
Teraoka Seisakusho Co., Ltd.		200		817
Tigers Polymer Corp.		2,200		14,717
TKC Corp.		7,600		215,072
Toa Corp.		9,600		100,948
Toa Corp.		82,000		132,557
Toa Oil Co., Ltd.		32,000		40,516
TOA ROAD Corp.		18,000		69,828
Japan—(Continued)
Toabo Corp.		3,400		19,737
Toagosei Co., Ltd.		37,000		308,425
Tobishima Corp. (a) (c)		62,200		107,182
Tobu Store Co., Ltd.		11,000		28,942
TOC Co., Ltd.		18,000		125,221
Tocalo Co., Ltd.		4,800		112,341
Tochigi Bank, Ltd. (The)		45,000		256,465
Toda Corp.		81,000		371,384
Toda Kogyo Corp.		11,000		30,271
Toei Animation Co., Ltd. (a)		2,500		84,466
Toei Co., Ltd.		28,000		199,588
Toenec Corp.		18,000		111,622
Toho Bank, Ltd. (The)		83,000		370,774
Toho Co., Ltd.		20,000		81,883
Toho Holdings Co., Ltd. (a)		20,600		473,562
Toho Zinc Co., Ltd.		50,000		156,361
Tohoku Bank, Ltd. (The)		56,000		77,763
Tohokushinsha Film Corp.		4,800		39,064
Tohto Suisan Co., Ltd.		14,000		23,433
Tokai Carbon Co., Ltd.		68,000		213,198
Tokai Corp.		3,900		141,257
TOKAI Holdings Corp.		34,500		140,313
Tokai Lease Co., Ltd.		16,000		30,719
Tokai Rika Co., Ltd.		8,800		219,283
Token Corp.		3,160		199,429
Toko, Inc.		11,000		30,002
Tokushu Tokai Paper Co., Ltd.		39,000		97,112
Tokuyama Corp. (a) (c)		106,000		203,767
Tokyo Dome Corp.		62,000		257,668
Tokyo Electron Device, Ltd.		2,400		33,241
Tokyo Energy & Systems, Inc.		10,000		101,662
Tokyo Individualized Educational Institute, Inc.		5,000		26,365
Tokyo Keiki, Inc.		21,000		45,284
Tokyo Ohka Kogyo Co., Ltd.		13,100		371,649
Tokyo Rakutenchi Co., Ltd.		17,000		70,266
Tokyo Rope Manufacturing Co., Ltd. (a) (c)		46,000		84,848
Tokyo Sangyo Co., Ltd.		12,000		49,404
Tokyo Seimitsu Co., Ltd.		13,800		301,513
Tokyo Steel Manufacturing Co., Ltd.		36,800		269,688
Tokyo Tekko Co., Ltd.		17,000		86,379
Tokyo Theatres Co., Inc.		42,000		48,484
Tokyo TY Financial Group, Inc.		9,724		330,118
Tokyotokeiba Co., Ltd.		31,000		73,424
Tokyu Recreation Co., Ltd.		6,000		37,601
Toli Corp.		20,000		53,500
Tomato Bank, Ltd.		55,000		90,083
Tomen Devices Corp.		1,500		26,041
Tomoe Corp.		12,500		42,931
Tomoe Engineering Co., Ltd.		2,100		28,569
Tomoegawa Co., Ltd.		12,000		24,412
Tomoku Co., Ltd.		31,000		71,279
TOMONY Holdings, Inc.		69,000		316,361
Tomy Co., Ltd. (a)		24,400		127,233
Tonami Holdings Co., Ltd.		22,000		69,997
Toppan Forms Co., Ltd.		19,800		272,588
Topre Corp.		15,300		276,075
Topy Industries, Ltd.		91,000		232,575

See accompanying notes to financial statements.

MSF-27

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Toridoll.corp		6,900	$	91,223
Torigoe Co., Ltd. (The)		9,200		53,329
Torii Pharmaceutical Co., Ltd.		3,600		95,520
Torishima Pump Manufacturing Co., Ltd. (a)		9,700		75,631
Tosei Corp.		13,200		94,022
Toshiba Machine Co., Ltd.		42,000		192,970
Toshiba Plant Systems & Services Corp.		14,100		171,919
Toshiba TEC Corp.		13,000		70,221
Tosho Co., Ltd.		2,400		55,886
Tosho Printing Co., Ltd.		14,000		47,101
Totetsu Kogyo Co., Ltd.		8,400		173,922
Tottori Bank, Ltd. (The)		37,000		69,212
Toukei Computer Co., Ltd.		1,400		23,042
Tow Co., Ltd.		3,600		17,573
Towa Bank, Ltd. (The)		115,000		112,725
Towa Corp.		8,000		64,119
Towa Pharmaceutical Co., Ltd.		2,800		179,996
Toyo Construction Co., Ltd.		25,499		95,998
Toyo Corp.		9,600		80,745
Toyo Denki Seizo - Toyo Electric Manufacturing Co., Ltd.		16,000		57,409
Toyo Engineering Corp. (a)		38,000		90,343
Toyo Ink SC Holdings Co., Ltd.		76,000		304,701
Toyo Kanetsu KK		48,000		87,116
Toyo Kohan Co., Ltd.		16,000		79,191
Toyo Machinery & Metal Co., Ltd.		7,800		33,165
Toyo Securities Co., Ltd.		23,000		71,715
Toyo Sugar Refining Co., Ltd.		9,000		7,711
Toyo Tanso Co., Ltd. (a)		5,300		88,368
Toyo Wharf & Warehouse Co., Ltd.		25,000		42,845
Toyobo Co., Ltd. (a)		332,000		528,732
TPR Co., Ltd. (a)		7,300		219,303
Trancom Co., Ltd.		2,600		142,758
Transcosmos, Inc.		8,100		215,424
Trusco Nakayama Corp.		7,200		244,899
Trust Tech, Inc.		1,500		28,395
TS Tech Co., Ltd.		2,600		69,527
TSI Holdings Co., Ltd.		28,205		195,051
Tsubakimoto Chain Co.		47,000		459,387
Tsubakimoto Kogyo Co., Ltd.		8,000		25,094
Tsudakoma Corp. (c)		16,000		18,974
Tsugami Corp.		25,000		137,577
Tsukada Global Holdings, Inc. (a)		7,200		45,072
Tsukamoto Corp. Co., Ltd.		21,000		26,237
Tsukishima Kikai Co., Ltd. (a)		8,600		91,117
Tsukuba Bank, Ltd. (The)		34,500		115,765
Tsukui Corp. (a)		9,400		73,649
Tsumura & Co.		6,600		141,854
Tsurumi Manufacturing Co., Ltd.		6,100		96,474
Tsutsumi Jewelry Co., Ltd.		3,800		89,286
TTK Co., Ltd. (a)		4,000		16,140
TV Tokyo Holdings Corp.		3,700		58,783
TYK Corp.		6,000		10,775
Tyo, Inc.		9,600		15,834
U-Shin, Ltd. (a)		11,400		70,025
UACJ Corp. (a)		110,850		280,421
Ube Industries, Ltd.		229,000		431,888
Japan—(Continued)
Uchida Yoko Co., Ltd.		21,000		75,481
Ueki Corp.		11,000		22,191
UKC Holdings Corp.		5,000		106,935
Ulvac, Inc.		15,600		239,736
Uniden Corp.		25,000		47,756
Union Tool Co. (a)		3,400		109,163
Unipres Corp.		13,900		290,384
United Arrows, Ltd. (a)		6,900		217,654
United Super Markets Holdings, Inc. (c)		22,300		191,726
Unitika, Ltd. (c)		156,000		73,876
Universal Entertainment Corp. (a)		8,600		194,568
UNY Group Holdings Co., Ltd.		98,800		637,048
Usen Corp. (c)		41,400		119,013
Ushio, Inc.		39,000		507,607
UT Holdings Co., Ltd. (a) (c)		9,800		48,648
Utoc Corp.		5,100		22,736
Valor Co., Ltd.		12,300		307,273
Village Vanguard Co., Ltd. (a)		2,300		27,897
Vital KSK Holdings, Inc. (a)		14,200		102,972
Vitec Co., Ltd.		3,700		40,550
VT Holdings Co., Ltd.		27,500		164,507
Wacoal Holdings Corp.		29,000		338,885
Wacom Co., Ltd. (a)		49,500		179,638
Wakachiku Construction Co., Ltd.		46,000		65,738
Wakamoto Pharmaceutical Co., Ltd.		9,000		21,024
Wakita & Co., Ltd.		15,300		155,923
Warabeya Nichiyo Co., Ltd.		5,000		120,330
Watabe Wedding Corp. (c)		4,400		17,564
WATAMI Co., Ltd. (a) (c)		7,600		62,614
Weathernews, Inc.		2,400		75,650
Welcia Holdings Co., Ltd.		2,600		118,659
Wellnet Corp.		2,300		54,852
West Holdings Corp.		7,200		51,926
Wood One Co., Ltd.		19,000		43,905
Wowow, Inc.		2,200		68,100
Xebio Co., Ltd. (a)		8,700		169,533
Y. A. C. Co., Ltd.		4,900		40,090
Yachiyo Industry Co., Ltd.		3,900		34,425
Yahagi Construction Co., Ltd.		12,000		84,839
Yaizu Suisankagaku Industry Co., Ltd.		4,400		36,251
YAMABIKO Corp.		3,200		146,211
Yamagata Bank, Ltd. (The) (a)		52,000		227,168
Yamaichi Electronics Co., Ltd.		8,200		88,378
Yamanashi Chuo Bank, Ltd. (The)		71,000		335,667
Yamatane Corp.		34,000		59,188
Yamato Corp.		9,000		30,501
Yamato International, Inc.		6,700		23,254
Yamaya Corp.		1,150		19,268
Yamazawa Co., Ltd.		1,000		14,247
Yamazen Corp.		19,500		177,861
Yaoko Co., Ltd.		5,200		241,233
Yashima Denki Co., Ltd. (a)		7,500		36,542
Yasuda Logistics Corp.		7,400		61,027
Yellow Hat, Ltd.		6,200		120,624
Yodogawa Steel Works, Ltd. (a)		38,000		166,032
Yokogawa Bridge Holdings Corp. (a)		12,800		127,568
Yokohama Reito Co., Ltd. (a)		18,600		144,934

See accompanying notes to financial statements.

MSF-28

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Yokowo Co., Ltd.		7,900	$	46,883
Yomeishu Seizo Co., Ltd.		6,000		49,578
Yomiuri Land Co., Ltd.		13,000		45,426
Yondenko Corp.		8,000		28,789
Yondoshi Holding, Inc.		6,000		145,548
Yonekyu Corp.		800		14,326
Yonex Co., Ltd. (a)		3,300		53,931
Yorozu Corp.		7,900		174,169
Yoshinoya Holdings Co., Ltd.		17,300		209,557
Yuasa Funashoku Co., Ltd.		13,000		44,393
Yuasa Trading Co., Ltd.		6,700		160,317
Yuken Kogyo Co., Ltd.		17,000		37,623
Yuki Gosei Kogyo Co., Ltd.		6,000		13,526
Yumeshin Holdings Co., Ltd. (a)		10,100		64,320
Yurtec Corp.		17,000		122,802
Yusen Logistics Co., Ltd.		7,100		82,156
Yushiro Chemical Industry Co., Ltd.		3,700		44,067
Yutaka Giken Co., Ltd.		600		13,042
Zappallas, Inc.		4,900		23,446
Zenrin Co., Ltd.		9,400		122,997
Zensho Holdings Co., Ltd. (a) (c)		35,300		335,913
ZERIA Pharmaceutical Co., Ltd. (a)		9,200		134,175
Zojirushi Corp.		12,000		184,884
Zuiko Corp.		1,000		34,476
Zuken, Inc.		7,200		71,614
				167,946,297
Luxembourg—0.0%
d’Amico International Shipping S.A. (c)		34,078		22,264
L’Occitane International S.A.		13,500		38,473
				60,737
Macau—0.0%
Macau Legend Development, Ltd. (a) (c)		126,000		41,116
Netherlands—2.4%
Aalberts Industries NV		53,139		1,583,498
Accell Group		11,097		205,971
AMG Advanced Metallurgical Group NV (c)		12,258		106,856
Amsterdam Commodities NV		8,120		205,318
APERAM S.A. (c)		33,328		1,344,772
Arcadis NV		33,193		912,221
ASM International NV		19,662		911,702
Ballast Nedam NV (c)		2,716		4,908
BE Semiconductor Industries NV		23,461		656,330
Beter Bed Holding NV		7,490		188,184
BinckBank NV		28,201		269,661
Brack Capital Properties NV (c)		442		27,020
Brunel International NV (a)		10,850		215,090
Corbion NV		21,805		432,267
Delta Lloyd NV		97,532		1,604,426
DOCdata NV		1,139		23,857
Fugro NV (c)		4,189		91,686
Grontmij (a) (c)		37,446		179,400
Heijmans NV (c)		14,562		174,719
Hunter Douglas NV		2,423		108,180
Netherlands—(Continued)
KAS Bank NV		6,580		79,671
Kendrion NV		3,947		115,651
Koninklijke BAM Groep NV (a) (c)		118,667		500,848
Koninklijke Ten Cate NV		16,042		330,586
Macintosh Retail Group NV (c)		7,046		19,450
Mota-Engil Africa NV		3,596		27,002
Nederland Apparatenfabriek		2,384		84,386
Ordina NV (c)		44,115		70,881
PostNL NV (c)		162,817		726,429
QIAGEN NV (c)		29,597		729,430
Royal Imtech NV (a) (c)		10,038		41,433
SBM Offshore NV (a) (c)		79,176		939,294
Sligro Food Group NV		11,098		400,865
SNS REAAL NV (a) (b) (c) (d)		105,329		0
Telegraaf Media Groep NV (c)		13,542		75,301
TKH Group NV		17,476		731,548
TNT Express NV		177,070		1,501,214
TomTom NV (a) (c)		51,405		580,515
USG People NV (a)		43,376		642,216
Van Lanschot NV		45		1,123
Wessanen		48,299		424,887
				17,268,796
New Zealand—1.2%
a2 Milk Co., Ltd. (a) (c)		134,580		64,783
Abano Healthcare Group, Ltd.		880		4,251
Air New Zealand, Ltd.		205,023		354,136
Briscoe Group, Ltd.		13,123		25,790
Chorus, Ltd. (a) (c)		123,561		242,725
Contact Energy, Ltd.		10,788		36,630
Diligent Corp. (c)		19,249		72,226
Ebos Group, Ltd.		45,293		314,528
Fisher & Paykel Healthcare Corp., Ltd.		260,892		1,211,250
Freightways, Ltd.		74,043		291,048
Genesis Energy, Ltd.		6,811		8,027
Hallenstein Glasson Holdings, Ltd.		19,012		43,144
Heartland New Zealand, Ltd.		72,313		57,348
Hellaby Holdings, Ltd.		13,986		28,440
Infratil, Ltd.		290,106		620,193
Kathmandu Holdings, Ltd.		23,984		28,527
Mainfreight, Ltd.		37,244		397,004
Methven, Ltd.		19,898		14,799
Metlifecare, Ltd.		34,148		107,695
Michael Hill International, Ltd.		82,929		59,566
Millennium & Copthorne Hotels New Zealand, Ltd.		7,968		7,667
New Zealand Oil & Gas, Ltd.		131,264		48,902
New Zealand Refining Co., Ltd. (The) (c)		27,432		51,863
Nuplex Industries, Ltd.		105,582		300,387
NZX, Ltd.		114,554		83,845
Opus International Consultants, Ltd.		4,000		3,496
Pacific Edge, Ltd. (c)		17,353		7,055
PGG Wrightson, Ltd.		58,545		18,251
Pike River Coal Co., Ltd. (b) (c) (d)		82,575		0
Port of Tauranga, Ltd. (a)		30,898		362,220
Pumpkin Patch, Ltd. (c)		31,660		4,288
Restaurant Brands New Zealand, Ltd.		55,682		162,295

See accompanying notes to financial statements.

MSF-29

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
New Zealand—(Continued)
Rubicon, Ltd. (c)		9,922	$	2,015
Ryman Healthcare, Ltd.		152,639		821,033
Sanford, Ltd.		314		1,106
Skellerup Holdings, Ltd. (a)		29,759		26,206
SKY Network Television, Ltd. (a)		114,579		466,497
SKYCITY Entertainment Group, Ltd.		283,721		809,506
Summerset Group Holdings, Ltd.		17,434		42,031
TOWER, Ltd.		59,836		89,175
Trade Me Group, Ltd.		132,253		303,730
TrustPower, Ltd.		13,980		72,182
Vector, Ltd.		151,308		337,374
Warehouse Group, Ltd. (The) (a)		54,373		96,527
Xero, Ltd. (c)		20,773		253,900
				8,353,661
Norway—0.9%
ABG Sundal Collier Holding ASA		130,019		110,745
AF Gruppen ASA		945		12,707
Akastor ASA (a) (c)		13,919		24,692
Aker ASA - A Shares		871		18,767
American Shipping ASA (c)		12,027		62,204
Archer, Ltd. (a) (c)		82,799		28,473
Atea ASA		22,644		202,112
Austevoll Seafood ASA		29,238		153,202
Bionor Pharma ASA (c)		16,875		4,782
Biotec Pharmacon ASA (c)		10,494		23,020
Bonheur ASA		4,316		35,215
BW Offshore, Ltd.		108,665		69,961
Deep Sea Supply plc		40,102		14,545
Det Norske Oljeselskap ASA (a) (c)		34,725		245,798
DOF ASA (c)		21,760		16,610
Ekornes ASA		11,636		141,083
Electromagnetic GeoServices (a) (c)		59,116		13,777
Farstad Shipping ASA		6,040		18,487
Fred Olsen Energy ASA (a) (c)		4,442		30,938
Frontline, Ltd. (a) (c)		36,608		91,463
Ganger Rolf ASA		7,335		60,772
Grieg Seafood ASA		11,731		39,934
Hexagon Composites ASA		24,991		82,650
Hoegh LNG Holdings, Ltd. (a)		13,626		217,368
Kongsberg Automotive ASA (c)		185,093		128,510
Kvaerner ASA		92,750		58,326
Leroy Seafood Group ASA		7,679		250,610
Nordic Semiconductor ASA (a) (c)		76,341		527,819
Norske Skogindustrier ASA (a) (c)		101,549		46,350
Norwegian Air Shuttle A/S (a) (c)		8,166		338,720
Odfjell SE - A Shares (c)		1,949		5,624
Opera Software ASA (a)		21,316		183,936
Panoro Energy ASA (c)		64,409		7,725
Petroleum Geo-Services ASA		55,241		296,906
PhotoCure ASA (c)		5,477		25,424
ProSafe SE (a)		76,897		266,554
Q-Free ASA (c)		24,256		39,765
REC Silicon ASA (a) (c)		643,607		138,365
REC Solar ASA (c)		10,877		147,058
Salmar ASA		8,438		123,493
Norway—(Continued)
Sevan Marine ASA (c)		16,466		39,872
Siem Offshore, Inc.		73,429		16,658
Solstad Offshore ASA		5,178		22,895
Songa Offshore (a) (c)		121,279		22,132
SpareBank 1 SMN		40,946		342,080
SpareBank 1 SR Bank ASA		4,926		32,844
Stolt-Nielsen, Ltd.		5,818		98,757
Storebrand ASA (c)		52,915		217,984
Tomra Systems ASA (a)		59,552		544,854
TTS Group ASA (c)		18,359		11,145
Veidekke ASA		57,200		638,838
Wilh Wilhelmsen ASA (a)		21,003		126,306
Wilh Wilhelmsen Holding ASA		4,777		103,832
				6,522,687
Philippines—0.0%
Del Monte Pacific, Ltd. (c)		77,636		20,429
Portugal—0.5%
Altri SGPS S.A.		49,174		179,101
Banco BPI S.A. (c)		181,563		206,024
Banco Comercial Portugues S.A. - Class R (a) (c)		10,046,492		872,394
Banco Espirito Santo S.A. (b) (c) (d)		89,078		0
Mota-Engil SGPS S.A. (a)		40,942		104,414
NOS SGPS		101,535		811,330
Novabase SGPS S.A.		7,827		21,816
Portucel Empresa Produtora de Pasta e Papel S.A.		106,918		412,354
REN - Redes Energeticas Nacionais SGPS S.A.		94,602		264,719
Semapa-Sociedade de Investimento e Gestao		37,733		509,430
Sonae Industria SGPS S.A. (c)		2,595,000		20,251
Sonae SGPS S.A.		280,308		367,481
Teixeira Duarte S.A. (a)		59,382		35,671
				3,804,985
Singapore—1.2%
Abterra, Ltd. (c)		51,720		21,312
Amtek Engineering, Ltd.		21,000		11,016
ASL Marine Holdings, Ltd.		105,000		31,574
Ausgroup, Ltd. (a) (c)		143,000		21,188
Baker Technology, Ltd.		166,000		28,964
Banyan Tree Holdings, Ltd. (a)		155,000		59,141
Biosensors International Group, Ltd. (c)		473,000		285,959
Bonvests Holdings, Ltd.		18,000		17,829
Boustead Projects Pte, Ltd. (c)		24,607		16,352
Boustead Singapore, Ltd.		82,025		75,896
Breadtalk Group, Ltd.		37,000		37,486
Broadway Industrial Group, Ltd. (c)		156,399		26,053
Bukit Sembawang Estates, Ltd.		72,000		273,370
Bund Center Investment, Ltd.		552,000		81,039
Centurion Corp., Ltd.		38,000		14,939
China Aviation Oil Singapore Corp., Ltd. (a)		153,600		91,803
China Merchants Holdings Pacific, Ltd.		117,600		91,788
Chip Eng Seng Corp., Ltd.		157,000		89,152
Chuan Hup Holdings, Ltd.		125,000		30,599
Cordlife Group, Ltd.		39,000		32,672

See accompanying notes to financial statements.

MSF-30

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
Cosco Corp. Singapore, Ltd. (a)		477,000	$	169,785
Creative Technology, Ltd.		22,600		21,592
CSC Holdings, Ltd.		284,000		8,028
CSE Global, Ltd.		197,000		87,079
CW Group Holdings, Ltd.		106,000		72,236
CWT, Ltd. (a)		81,000		121,210
Datapulse Technology, Ltd.		106,000		9,173
Delong Holdings, Ltd. (c)		91,000		12,208
DMX Technologies Group, Ltd. (b) (d)		186,000		15,053
Dyna-Mac Holdings, Ltd.		98,000		18,537
Elec & Eltek International Co., Ltd.		23,000		21,851
Eu Yan Sang International, Ltd.		90,000		37,726
Ezion Holdings, Ltd. (a)		397,100		300,693
Ezra Holdings, Ltd. (a) (c)		345,070		43,557
Far East Orchard, Ltd.		74,044		89,794
First Resources, Ltd. (a)		31,100		47,105
First Sponsor Group, Ltd. (a)		8,628		8,130
FJ Benjamin Holdings, Ltd.		106,000		9,051
Food Empire Holdings, Ltd. (c)		54,000		10,349
Fragrance Group, Ltd. (a)		905,500		137,813
Gallant Venture, Ltd. (c)		126,000		22,446
Geo Energy Resources, Ltd. (a) (c)		155,000		23,002
GK Goh Holdings, Ltd.		12,000		8,121
Global Premium Hotels, Ltd. (a)		73,200		18,195
GMG Global, Ltd. (a)		202,200		78,004
Golden Energy & Resources, Ltd. (b) (c) (d)		8,539		5,072
GuocoLand, Ltd.		28,000		49,665
GuocoLeisure, Ltd.		188,000		138,890
Hanwell Holdings, Ltd. (c)		19,000		3,669
Healthway Medical Corp., Ltd. (c)		274,850		12,041
Hi-P International, Ltd.		99,500		40,632
Hiap Hoe, Ltd.		58,000		34,924
HLH Group, Ltd. (c)		1,066,000		9,557
Ho Bee Land, Ltd.		87,000		136,971
Hong Fok Corp., Ltd.		133,400		83,698
Hong Leong Asia, Ltd.		41,000		37,595
Hotel Grand Central, Ltd.		1,000		1,001
Hour Glass, Ltd. (The)		129,000		80,457
HTL International Holdings, Ltd.		69,000		11,728
HupSteel, Ltd.		111,000		15,246
Hwa Hong Corp., Ltd.		138,000		32,278
Hyflux, Ltd. (a)		179,500		114,938
Indofood Agri Resources, Ltd.		152,000		78,931
Innovalues, Ltd.		64,000		36,173
Interra Resources, Ltd. (c)		103,000		10,978
IPC Corp., Ltd.		29,600		36,467
Jiutian Chemical Group, Ltd. (c)		649,000		21,150
K1 Ventures, Ltd.		404,000		59,927
Keppel Infrastructure Trust (a)		549,659		222,104
Keppel Telecommunications & Transportation, Ltd.		44,000		49,168
Koh Brothers Group, Ltd.		97,000		22,328
Lian Beng Group, Ltd.		157,000		63,312
Low Keng Huat Singapore, Ltd.		122,600		63,720
Lum Chang Holdings, Ltd.		115,000		34,580
M1, Ltd.		12,300		29,585
Marco Polo Marine, Ltd. (c)		51,000		9,018
Mermaid Maritime PCL		136,000		20,649
Singapore—(Continued)
Metro Holdings, Ltd.		141,600		103,499
Mewah International, Inc.		110,000		27,349
Midas Holdings, Ltd. (a)		452,000		107,120
Nam Cheong, Ltd. (a)		321,000		65,476
Neptune Orient Lines, Ltd. (a) (c)		64,700		39,336
NSL, Ltd.		15,000		16,483
OSIM International, Ltd. (a)		85,000		104,461
Otto Marine, Ltd. (a)		522,000		11,589
Overseas Union Enterprise, Ltd. (a)		174,000		256,947
Oxley Holdings, Ltd. (a)		155,000		50,635
Pan-United Corp., Ltd. (a)		43,000		23,013
Penguin International, Ltd.		193,000		26,065
Petra Foods, Ltd. (a)		66,000		171,268
QAF, Ltd.		110,967		95,950
Raffles Education Corp., Ltd.		470,374		106,350
Raffles Medical Group, Ltd.		38,297		130,845
Rickmers Maritime		110,000		21,224
Riverstone Holdings, Ltd.		20,000		25,096
Rotary Engineering, Ltd.		85,000		29,382
Roxy-Pacific Holdings, Ltd.		85,750		32,718
S I2I, Ltd. (c)		4,353		1,617
SATS, Ltd.		27,600		75,614
SBS Transit, Ltd.		40,500		54,080
Sheng Siong Group, Ltd.		191,000		117,709
SHS Holdings, Ltd.		47,000		7,865
Sim Lian Group, Ltd.		121,500		80,287
Sinarmas Land, Ltd.		735,000		335,163
Sing Holdings, Ltd.		82,000		19,202
Singapore Post, Ltd. (a)		187,100		263,248
Singapore Reinsurance Corp., Ltd.		1,000		241
Sino Grandness Food Industry Group, Ltd. (a) (c)		84,000		21,796
SMRT Corp., Ltd.		175,000		200,016
Stamford Land Corp., Ltd.		278,000		117,757
Sunningdale Tech, Ltd.		303,000		46,096
SunVic Chemical Holdings, Ltd. (a) (c)		51,000		12,875
Super Group, Ltd. (a)		143,000		117,761
Swiber Holdings, Ltd. (a) (c)		235,500		29,395
Swissco Holdings, Ltd. (a)		84,000		25,646
Tuan Sing Holdings, Ltd.		169,000		45,801
UMS Holdings, Ltd.		93,000		36,611
United Engineers, Ltd.		138,000		252,068
United Overseas Insurance, Ltd.		4,000		14,701
UOB-Kay Hian Holdings, Ltd.		131,440		146,298
UPP Holdings, Ltd.		46,000		6,777
Vard Holdings, Ltd. (a) (c)		203,000		85,299
Venture Corp., Ltd.		97,000		555,782
Vibrant Group, Ltd.		220,071		16,340
Vicom, Ltd.		2,000		9,239
Wee Hur Holdings, Ltd.		85,000		20,134
Wheelock Properties Singapore, Ltd.		58,000		75,846
Wing Tai Holdings, Ltd. (a)		159,621		225,672
Yeo Hiap Seng, Ltd.		19,712		22,855
YHI International, Ltd.		78,000		11,289
Yongnam Holdings, Ltd.		161,250		51,879
				8,843,087

See accompanying notes to financial statements.

MSF-31

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—2.0%
Abengoa S.A. - B Shares (a)		135,030	$	425,054
Abengoa S.A. - Class A (a)		20,975		69,368
Acciona S.A. (a) (c)		7,188		542,263
Acerinox S.A.		64,877		899,673
Adveo Group International S.A.		6,292		53,857
Almirall S.A.		19,181		379,809
Amper S.A. (c)		12,087		2,387
Atresmedia Corp. de Medios de Comunicacion S.A.		21,362		330,797
Azkoyen S.A. (c)		1,608		5,618
Baron de Ley (c)		1,139		111,954
Bolsas y Mercados Espanoles S.A. (a)		27,936		1,128,622
Caja de Ahorros del Mediterraneo (a) (b) (c) (d)		14,621		0
Cementos Portland Valderrivas S.A. (c)		4,058		31,848
Cie Automotive S.A.		14,648		238,036
Construcciones y Auxiliar de Ferrocarriles S.A.		588		174,911
Dinamia Capital Privado Sociedad de Capital Riesgo S.A.		3,678		33,338
Distribuidora Internacional de Alimentacion S.A. (a) (c)		143,143		1,095,827
Duro Felguera S.A. (a)		27,756		112,934
Ebro Foods S.A.		25,801		499,146
Elecnor S.A. (a)		11,262		113,725
Ence Energia y Celulosa S.A		61,968		212,495
Ercros S.A. (c)		60,314		30,316
Faes Farma S.A.		160,633		414,032
Faes Farma S.A. (c)		3,212		8,182
Fluidra S.A. (c)		9,730		32,084
Fomento de Construcciones y Contratas S.A. (a) (c)		35,459		360,533
Gamesa Corp. Tecnologica S.A. (c)		69,346		1,090,998
Grupo Catalana Occidente S.A.		21,149		657,716
Grupo Ezentis S.A. (c)		39,717		30,151
Iberpapel Gestion S.A.		600		9,822
Indra Sistemas S.A. (a)		36,407		375,543
Inmobiliaria Colonial S.A. (c)		143,682		101,042
Laboratorios Farmaceuticos Rovi S.A.		6,104		95,143
Mediaset Espana Comunicacion S.A.		43,751		572,906
Melia Hotels International S.A. (a)		21,300		281,914
Miquel y Costas & Miquel S.A. (a)		4,480		156,913
NH Hoteles Group S.A. (c)		66,641		382,251
Obrascon Huarte Lain S.A. (a)		11,925		203,402
Papeles y Cartones de Europa S.A.		19,820		112,769
Pescanova S.A. (b) (c) (d)		7,446		0
Prim S.A.		3,013		31,188
Promotora de Informaciones S.A. - Class A (a) (c)		12,488		110,889
Prosegur Cia de Seguridad S.A.		54,905		301,733
Quabit Inmobiliaria S.A. (c)		255,219		23,318
Realia Business S.A. (a) (c)		74,911		58,886
Sacyr Vallehermoso S.A. (a) (c)		87,671		332,887
Solaria Energia y Medio Ambiente S.A. (a) (c)		19,439		20,141
Tecnicas Reunidas S.A.		11,115		572,041
Telecomunicaciones y Energia (c)		13,592		19,839
Tubacex S.A.		28,250		80,842
Tubos Reunidos S.A. (a)		21,752		34,615
Urbas Grupo Financiero S.A. (c)		887,506		17,858
Vidrala S.A. (a)		7,952		391,995
Viscofan S.A.		14,797		897,182
Spain—(Continued)
Vocento S.A. (c)		5,362		10,596
Zeltia S.A. (a) (c)		72,263		296,216
				14,577,605
Sweden—3.1%
AAK AB (a)		11,380		673,515
Acando AB		32,705		51,483
AddNode Group AB		1,849		10,837
AddTech AB - B Shares (a)		28,030		426,575
AF AB - B Shares (a)		24,002		326,340
Arise AB (c)		4,852		10,536
Atrium Ljungberg AB - B Shares (a)		5,167		67,621
Avanza Bank Holding AB		7,660		278,042
Axfood AB (a)		18,366		293,030
B&B Tools AB - B Shares		12,796		182,740
BE Group AB (c)		39,235		9,892
Beijer Alma AB		9,404		203,694
Beijer Electronics AB		5,229		33,416
Beijer Ref AB - B Shares		6,405		132,050
Betsson AB (c)		27,465		396,695
Bilia AB - A Shares		21,486		382,400
Billerud AB		77,732		1,221,814
BioGaia AB - B Shares		5,094		151,127
Biotage AB		15,339		31,979
Bjorn Borg AB (c)		9,936		35,790
Bulten AB		2,144		21,080
Bure Equity AB		17,448		106,768
Byggmax Group AB		18,326		124,208
Castellum AB		50,334		706,667
Clas Ohlson AB - B Shares		16,271		285,582
Cloetta AB - B Shares (c)		92,493		280,016
Concentric AB		27,465		325,278
Concordia Maritime AB - B Shares (c)		4,217		9,195
Dios Fastigheter AB		17,696		113,629
Doro AB (c)		3,391		15,418
Duni AB		15,028		203,217
East Capital Explorer AB (c)		7,088		44,876
Eniro AB (a) (c)		223,372		30,435
Fabege AB		48,889		666,259
Fagerhult AB		6,390		109,385
Fastighets AB Balder - B Shares (c)		36,044		555,881
Gunnebo AB		12,816		56,719
Haldex AB		17,698		233,560
Hemfosa Fastigheter AB		2,264		23,062
Hexpol AB (a)		30,580		314,886
HIQ International AB (a) (c)		25,890		135,365
HMS Networks AB		709		18,392
Holmen AB - B Shares		15,352		447,979
Hufvudstaden AB - A Shares (a)		15,492		188,355
Industrial & Financial Systems		8,127		262,622
Indutrade AB		8,907		409,394
Intrum Justitia AB		21,993		665,480
JM AB		23,748		647,246
KappAhl AB		29,980		105,119
Karolinska Development AB - Class B (a) (c)		7,514		9,705
Klovern AB - A Shares		11,418		10,593

See accompanying notes to financial statements.

MSF-32

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
Klovern AB - B Shares		114,185	$	105,245
Know It AB		9,489		60,610
Kungsleden AB		47,047		319,014
Lagercrantz AB - B Shares		8,227		169,704
Lindab International AB (a)		21,316		180,089
Loomis AB - Class B		25,196		706,757
Medivir AB - B Shares (c)		10,470		88,722
Mekonomen AB (a)		9,225		225,219
Modern Times Group MTG AB - B Shares (a)		9,830		263,539
MQ Holding AB		9,112		40,624
Mycronic AB		46,878		340,588
NCC AB - A Shares		374		11,279
NCC AB - B Shares		2,073		63,225
Nederman Holding AB		932		21,705
Net Insight AB - Class B (c)		143,837		45,790
NetEnt AB (c)		16,258		631,242
New Wave Group AB - B Shares (a)		15,773		81,201
Nibe Industrier AB - B Shares (a)		32,023		868,779
Nobia AB (a)		51,796		543,915
Nolato AB - B Shares		9,452		216,001
Nordnet AB - B Shares		33,249		133,109
OEM International AB - B Shares		498		6,659
Peab AB		53,219		393,216
Pricer AB - B Shares (c)		32,212		36,336
Proact IT Group AB		4,203		55,801
Proffice AB - B Shares (a)		23,058		55,014
Ratos AB - B Shares (a)		35,390		228,154
Rezidor Hotel Group AB		37,700		149,913
Saab AB - Class B		27,146		662,848
Sagax AB - Class B		14,540		93,270
SAS AB (a) (c)		41,924		74,568
Sectra AB - B Shares (c)		4,644		59,948
Semcon AB		5,540		33,562
SkiStar AB		9,076		104,368
SSAB AB (Helsinki Exchange) - A Shares (c)		27,650		144,883
SSAB AB (Helsinki Exchange) - B Shares (a) (c)		70,586		316,891
SSAB AB (Stockholm Exchange) - A Shares (a) (c)		45,510		237,405
SSAB AB (Stockholm Exchange) - B Shares (a) (c)		24,047		107,331
Sweco AB - B Shares (a)		18,222		238,992
Swedish Orphan Biovitrum AB (a) (c)		23,042		305,283
Systemair AB		4,286		63,173
TradeDoubler AB (c)		21,483		18,378
Transcom Worldwide AB (c)		1,837		18,885
Transmode Holding AB		5,561		75,204
Tribona AB		10,192		47,057
Unibet Group plc		10,732		653,631
Vitrolife AB		4,321		85,649
Wallenstam AB - B Shares (a)		64,604		459,009
Wihlborgs Fastigheter AB		31,241		508,364
				22,396,096
Switzerland—4.5%
AFG Arbonia-Forster Holding AG (a) (c)		4,400		83,299
Allreal Holding AG (c)		3,736		515,420
Alpiq Holding AG (a) (c)		28		2,450
APG SGA S.A.		647		264,462
Switzerland—(Continued)
Ascom Holding AG		19,382		340,902
Autoneum Holding AG (c)		2,052		405,443
Bachem Holding AG		1,074		59,638
Bank Coop AG		2,772		124,122
Banque Cantonale de Geneve		375		101,011
Banque Cantonale Vaudoise		388		240,333
Basler Kantonalbank		130		9,743
Belimo Holding AG (a)		215		512,316
Bell AG		56		149,709
Bellevue Group AG		2,584		38,820
Berner Kantonalbank AG (a)		1,950		387,876
BKW AG		4,798		179,134
Bobst Group AG		5,636		258,836
Bossard Holding AG (a) (c)		3,458		399,063
Bucher Industries AG (a)		3,522		875,965
Burckhardt Compression Holding AG		1,451		549,214
Burkhalter Holding AG		1,554		180,913
Calida Holding AG (c)		2,002		89,744
Carlo Gavazzi Holding AG		48		11,791
Cham Paper Holding AG (c)		113		29,594
Charles Voegele Holding AG (c)		4,263		52,161
Cicor Technologies (c)		644		23,153
Cie Financiere Tradition S.A. (a)		557		39,207
Coltene Holding AG		1,326		98,218
Conzzeta AG		292		199,657
Daetwyler Holding AG		3,298		391,640
DKSH Holding AG (c)		745		53,830
Dufry AG (c)		7,215		1,003,400
Edmond de Rothschild Suisse S.A.		3		61,876
EFG International AG (c)		17,448		247,280
Emmi AG (c)		1,190		382,662
Energiedienst Holding AG (c)		3,017		83,729
Feintool International Holding AG (c)		684		63,971
Fenix Outdoor International AG		384		16,357
FIH Mobile, Ltd.		47,000		28,428
Flughafen Zuerich AG		1,589		1,227,486
Forbo Holding AG (c)		819		972,882
GAM Holding AG (c)		68,723		1,443,815
Gategroup Holding AG (c)		10,889		343,063
Georg Fischer AG		2,362		1,622,471
Gurit Holding AG (c)		292		161,980
Helvetia Holding AG		2,382		1,359,462
Highlight Communications AG (c)		7,829		40,158
HOCHDORF Holding AG (c)		117		19,269
Huber & Suhner AG		5,559		243,776
Implenia AG		8,148		455,358
Inficon Holding AG (c)		881		300,820
Interroll Holding AG (c)		265		168,645
Intershop Holding AG		561		240,692
Jungfraubahn Holding AG		85		8,153
Kaba Holding AG - Class B		1,194		710,395
Kardex AG (c)		2,548		152,701
Komax Holding AG		1,485		251,064
Kudelski S.A.		13,221		187,343
Kuoni Reisen Holding AG (c)		1,515		393,799
LEM Holding S.A.		312		239,729
Liechtensteinische Landesbank AG		2,973		121,125

See accompanying notes to financial statements.

MSF-33

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
LifeWatch AG (c)		1,912	$	34,257
Logitech International S.A.		84,871		1,242,198
Luzerner Kantonalbank AG (a)		1,489		560,834
MCH Group AG		831		54,030
Metall Zug AG		65		177,265
Meyer Burger Technology AG (a) (c)		24,493		210,227
Micronas Semiconductor Holding AG (c)		11,059		63,943
Mikron Holding AG (c)		474		3,082
Mobilezone Holding AG		10,014		182,883
Mobimo Holding AG (c)		3,098		630,784
OC Oerlikon Corp. AG (c)		101,100		1,237,018
Orascom Development Holding AG (c)		5,250		64,974
Orell Fuessli Holding AG (c)		428		51,482
Oriflame Holding AG (c)		4,387		70,913
Orior AG (c)		2,240		136,018
Panalpina Welttransport Holding AG (a)		2,641		332,951
Phoenix Mecano AG		337		168,166
Plazza AG (c)		292		64,649
PSP Swiss Property AG (c)		2,635		225,144
Rieter Holding AG (c)		1,437		226,736
Romande Energie Holding S.A. (a)		111		130,696
Schaffner Holding AG (c)		238		56,799
Schmolz & Bickenbach AG (c)		161,565		143,432
Schweiter Technologies AG		381		306,696
Siegfried Holding AG (c)		1,665		294,616
St. Galler Kantonalbank AG (a)		1,175		432,839
Straumann Holding AG		4,106		1,125,421
Sulzer AG		1,722		176,766
Swissquote Group Holding S.A. (a)		3,968		118,851
Tamedia AG		904		150,971
Tecan Group AG		2,995		358,388
Temenos Group AG (c)		24,817		819,773
Tornos Holding AG (c)		3,719		17,407
U-Blox AG (c)		3,324		670,284
Valiant Holding		4,994		486,250
Valora Holding AG (c)		1,316		258,202
Vaudoise Assurances Holding S.A.		531		298,145
Vetropack Holding AG		88		148,928
Von Roll Holding AG (c)		7,038		7,146
Vontobel Holding AG		10,466		485,176
VP Bank AG		1,844		161,263
Walliser Kantonalbank		116		92,305
Walter Meier AG		872		35,019
Ypsomed Holding AG (a) (c)		1,609		176,351
Zehnder Group AG		4,642		173,280
Zug Estates Holding AG - B Shares (c)		83		123,755
Zuger Kantonalbank AG		68		321,539
				32,527,405
United Arab Emirates—0.0%
Lamprell plc (c)		100,553		238,224
United Kingdom—20.5%
4imprint Group plc		6,953		117,196
888 Holdings plc (a)		43,367		103,890
A.G.BARR plc		43,047		415,896
United Kingdom—(Continued)
Acacia Mining plc		56,954		269,884
Acal plc		10,523		51,375
Afren plc (a) (c)		251,096		7,227
Aga Rangemaster Group plc (c)		25,439		57,993
Air Partner plc		992		6,428
Alent plc		96,981		561,554
Amec Foster Wheeler plc		49,672		637,524
Amlin plc		215,965		1,615,687
Anglo Pacific Group plc		35,633		48,895
Anglo-Eastern Plantations		4,252		41,360
Anite plc		81,502		162,579
Ashmore Group plc (a)		105,606		479,449
Atrium European Real Estate, Ltd. (c)		114,274		526,126
AVEVA Group plc		2,082		59,087
Avon Rubber plc		10,973		139,143
Balfour Beatty plc		272,534		1,035,878
Bank of Georgia Holdings plc		6,261		191,775
Barratt Developments plc		29,223		282,025
BBA Aviation plc		194,908		923,117
Beazley plc		235,407		1,093,767
Bellway plc		55,252		2,057,012
Berendsen plc		72,418		1,158,350
Berkeley Group Holdings plc		42,649		2,245,048
Betfair Group plc		14,945		564,383
Bioquell plc		5,000		11,676
Bloomsbury Publishing plc		25,349		65,677
Bodycote plc		101,186		1,070,869
Booker Group plc		415,681		1,101,477
Boot Henry plc		1,476		5,338
Bovis Homes Group plc		60,601		1,059,036
Braemar Shipping Services plc		7,120		52,967
Brammer plc		36,027		174,922
Brewin Dolphin Holdings plc		143,539		657,984
British Polythene Industries plc		10,947		115,712
Britvic plc		99,017		1,117,720
BTG plc (c)		51,257		505,975
Bwin.Party Digital Entertainment plc		264,239		406,971
Cable & Wireless Communications plc		940,565		985,244
Cairn Energy plc (c)		165,216		439,972
Cape plc (a)		51,292		203,334
Capital & Counties Properties plc		107,134		731,872
Capital & Regional plc (REIT)		51,644		46,655
Carclo plc		16,990		39,563
Carillion plc (a)		154,968		833,250
Carr’s Group plc		15,540		40,056
Castings plc		1,484		9,907
Centamin plc		342,133		332,135
Centaur Media plc		92,526		110,600
Chemring Group plc		85,250		295,026
Chesnara plc		56,561		288,997
Chime Communications plc		23,457		95,789
Cineworld Group plc		70,599		511,708
Clarkson plc		4,101		176,221
Close Brothers Group plc		58,401		1,403,760
Cobham plc		363,956		1,503,037
Colt Group S.A. (c)		202,889		603,386
Communisis plc		57,478		41,999

See accompanying notes to financial statements.

MSF-34

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Computacenter plc		33,426	$	407,850
Connect Group plc		113,354		252,209
Consort Medical plc		23,287		333,123
Costain Group plc		21,151		108,998
Cranswick plc		21,978		551,642
Creston plc		5,272		11,311
CSR plc		116,351		1,597,147
Daily Mail & General Trust plc - Class A (a)		112,994		1,647,237
Dairy Crest Group plc (a)		62,645		523,937
Darty plc		135,252		150,393
De La Rue plc		25,638		211,322
Debenhams plc		392,003		550,280
Dechra Pharmaceuticals plc		29,807		460,475
Development Securities plc		54,856		239,497
Devro plc		61,396		292,180
Dignity plc		22,395		753,014
Diploma plc		50,006		635,337
Domino’s Pizza Group plc		49,248		600,704
Drax Group plc		137,597		751,969
DS Smith plc		336,909		2,042,123
Dunelm Group plc		12,749		181,603
E2V Technologies plc		74,152		292,552
Electrocomponents plc		174,930		581,270
Elementis plc		171,004		689,470
EnQuest plc (a) (c)		429,925		289,255
Enterprise Inns plc (c)		256,620		499,659
Essentra plc		78,989		1,230,627
Euromoney Institutional Investor plc		14,736		280,877
Evraz plc (c)		60,200		116,535
Exillon Energy plc (c)		4,304		7,233
Fenner plc		78,996		257,354
Ferrexpo plc		36,701		38,420
Fidessa Group plc		18,229		650,642
Findel plc (c)		17,439		59,457
Firstgroup plc (c)		412,049		774,658
Fortune Oil CVR (c) (d)		575,627		4,522
Fuller Smith & Turner - Class A		7,667		130,138
Galliford Try plc		42,659		1,165,139
Gem Diamonds, Ltd.		35,552		81,270
Genus plc		26,031		583,065
Go-Ahead Group plc		18,671		772,202
Greene King plc (a)		121,168		1,606,363
Greggs plc		41,552		773,235
Halfords Group plc		99,977		828,938
Halma plc		127,000		1,522,272
Hansard Global plc		2,566		3,873
Hardy Oil & Gas plc (c)		14,946		8,165
Hays plc		588,959		1,510,972
Headlam Group plc		56,817		412,466
Helical Bar plc		63,391		402,079
Henderson Group plc		548,846		2,246,549
Hikma Pharmaceuticals plc		42,579		1,295,092
Hill & Smith Holdings plc		46,114		490,757
Hilton Food Group plc		1,888		13,822
Hiscox, Ltd.		138,198		1,823,800
Hochschild Mining plc (a) (c)		49,761		74,537
Hogg Robinson Group plc		72,262		69,141
United Kingdom—(Continued)
Home Retail Group plc		358,051		949,858
Homeserve plc		148,893		1,006,257
Hornby plc (c)		1,884		2,753
Howden Joinery Group plc		223,492		1,815,623
Hunting plc		34,598		331,963
Huntsworth plc		31,310		23,576
ICAP plc		200,242		1,664,551
IG Group Holdings plc		127,101		1,489,228
Imagination Technologies Group plc (a) (c)		46,403		161,305
IMI plc		16,795		296,679
Inchcape plc		161,511		2,055,424
Informa plc		200,218		1,721,036
Inmarsat plc		32,273		463,681
Innovation Group plc		623,074		303,696
Intermediate Capital Group plc		32,693		282,654
International Personal Finance plc		79,366		568,917
Interserve plc		69,361		718,964
IP Group plc (c)		139,902		454,576
ITE Group plc		58,016		155,638
James Fisher & Sons plc		20,005		425,357
Jardine Lloyd Thompson Group plc		56,771		932,196
JD Sports Fashion plc		33,766		375,358
JD Wetherspoon plc		40,891		506,116
John Menzies plc (a)		14,551		111,936
John Wood Group plc		122,821		1,242,939
Johnston Press plc (c)		4,425		10,521
Jupiter Fund Management plc		111,316		778,627
KAZ Minerals plc (a) (c)		44,157		141,142
Kcom Group plc		240,465		353,121
Keller Group plc		25,571		410,812
Kier Group plc		24,077		538,342
Ladbrokes plc		312,983		637,687
Laird plc		150,399		868,297
Lancashire Holdings, Ltd. (a)		58,171		564,017
Laura Ashley Holdings plc		25,157		12,067
Lavendon Group plc		44,306		138,455
Lonmin plc (a) (c)		113,391		199,679
Lookers plc		131,372		326,988
Low & Bonar plc		37,972		41,626
LSL Property Services plc		7,542		46,184
Man Group plc		757,211		1,866,104
Marshalls plc		63,336		310,573
Marston’s plc		328,476		829,041
McBride plc (c)		87,417		140,271
Mears Group plc		41,542		274,238
Melrose Industries plc		379,171		1,473,598
Michael Page International plc		84,971		727,123
Micro Focus International plc		55,820		1,192,033
Millennium & Copthorne Hotels plc		72,551		653,993
Mitchells & Butlers plc (c)		67,625		484,385
Mitie Group plc		137,149		678,064
Moneysupermarket.com Group plc		143,669		656,588
Morgan Advanced Materials plc		139,633		715,082
Morgan Sindall Group plc		17,569		227,779
Mothercare plc (c)		51,119		216,906
N Brown Group plc (a)		73,957		396,414
National Express Group plc		225,819		1,091,857

See accompanying notes to financial statements.

MSF-35

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
NCC Group plc		69,210	$	234,446
New World Resources plc - A Shares (c)		11,898		102
Northgate plc		48,315		436,555
Novae Group plc		22,502		251,104
Ophir Energy plc (c)		49,401		87,693
Oxford Biomedica plc (c)		67,707		9,747
Oxford Instruments plc		13,946		212,280
Pace plc		170,988		999,930
PayPoint plc		21,247		330,686
Pendragon plc		345,188		206,150
Pennon Group plc		140,898		1,793,409
Petra Diamonds, Ltd. (c)		152,603		357,085
Petropavlovsk plc (a) (c)		68,962		8,022
Phoenix Group Holdings		51,559		663,845
Phoenix IT Group, Ltd.		21,830		57,025
Photo-Me International plc		27,274		60,548
Playtech plc		53,689		689,811
Premier Farnell plc		123,033		333,980
Premier Foods plc (c)		334,879		198,553
Premier Oil plc (c)		172,107		402,939
Punch Taverns plc (c)		16,132		32,476
PZ Cussons plc		102,110		579,693
QinetiQ Group plc		183,469		646,915
Quintain Estates & Development plc (c)		231,135		385,217
Rank Group plc		29,633		102,635
Rathbone Brothers plc		21,429		722,825
Raven Russia, Ltd. (c)		84,960		71,076
REA Holdings plc		1,120		5,388
Redrow plc		166,873		1,162,595
Regus plc		206,169		845,454
Renishaw plc		17,538		630,888
Renold plc (c)		64,766		82,768
Rentokil Initial plc		757,972		1,763,869
Restaurant Group plc (The)		78,489		857,926
Rexam plc		74,000		642,201
Ricardo plc		13,452		182,257
Rightmove plc		38,713		1,991,666
RM plc		43,283		104,068
Robert Walters plc		14,599		92,759
Rotork plc		286,300		1,044,860
RPC Group plc		115,726		1,214,121
RPS Group plc		100,537		355,782
Savills plc		69,739		1,036,066
SDL plc		33,826		221,207
Senior plc		166,890		751,282
Sepura plc		11,245		27,965
Serco Group plc		45,096		83,499
Severfield plc (c)		98,696		106,240
Shanks Group plc		160,917		257,073
SIG plc		252,797		795,628
Skyepharma plc (c)		16,528		70,106
Soco International plc		50,968		140,848
Spectris plc		44,465		1,473,012
Speedy Hire plc		205,988		228,619
Spirax-Sarco Engineering plc		24,139		1,285,660
Spirent Communications plc		240,086		341,562
Sportech plc (c)		20,264		21,337
United Kingdom—(Continued)
St. Ives plc		36,663		103,808
St. Modwen Properties plc		94,644		674,419
Stagecoach Group plc		135,346		857,817
Sthree plc		35,906		211,141
Stobart Group, Ltd.		7,112		11,796
SuperGroup plc (c)		18,185		351,055
Synergy Health plc		30,931		834,493
Synthomer plc		163,534		800,674
TalkTalk Telecom Group plc (a)		188,301		1,132,895
Tate & Lyle plc		175,587		1,432,588
Ted Baker plc		9,604		439,816
Telecity Group plc		68,319		1,103,199
Telecom Plus plc (a)		21,749		337,939
Thomas Cook Group plc (c)		485,971		1,045,188
Thorntons plc (c)		25,294		57,297
Topps Tiles plc		84,968		193,106
Tribal Group plc		21,793		54,137
Trifast plc		6,100		11,798
Trinity Mirror plc		174,518		411,396
TT electronics plc		79,682		181,903
Tullett Prebon plc		109,940		634,735
UBM plc		110,444		928,438
Ultra Electronics Holdings plc		27,882		775,706
UNITE Group plc (The)		97,058		871,005
UTV Media plc		54,341		119,271
Vectura Group plc (c)		199,135		560,454
Vedanta Resources plc (a)		28,343		231,721
Vesuvius plc		97,752		653,484
Victrex plc		35,259		1,067,608
Vitec Group plc (The)		10,351		103,858
Volex plc (c)		20,438		26,516
Vp plc		1,199		14,693
WH Smith plc		58,981		1,415,199
William Hill plc		319,786		2,028,100
Wincanton plc (c)		37,122		106,141
WS Atkins plc		40,167		955,701
Xaar plc		18,088		132,209
Xchanging plc		131,889		248,456
XP Power, Ltd. (a)		3,554		87,612
Zeal Network SE (a)		1,676		78,566
				147,819,526
United States—0.0%
Nexteer Automotive Group, Ltd.		244,000		252,381
Ormat Technologies, Inc.		352		13,132
Performance Sports Group, Ltd. (c)		1,854		33,369
				298,882
Total Common Stocks (Cost $584,581,872)				715,002,806
Preferred Stocks—0.0%
Germany—0.0%
FUCHS Petrolub SE		1,700		71,787
Jungheinrich AG		1,432		97,047

See accompanying notes to financial statements.

MSF-36

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Preferred Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Sartorius AG		490	$	91,067
				259,901
Italy—0.0%
Intek Group S.p.A.		728		451
Total Preferred Stocks (Cost $258,271)				260,352
Rights—0.0%
Australia—0.0%
Centrebet International, Ltd. (Litigation Units) (c) (d)		9,600		0
Austria—0.0%
Intercell AG (b) (c) (d)		24,163		0
Finland—0.0%
Citycon Oyj, Expires 07/07/15 (a) (c)		97,999		10,762
Hong Kong—0.0%
APAC Resources, Ltd., Expires 07/03/15 (c)		157,391		2,031
Titan Petrochemicals Group, Ltd., Expires 07/06/15 (b) (c)		500,000		0
				2,031
Italy—0.0%
Sorin S.p.A., Expires 07/22/15 (c)		140,871		0
Singapore—0.0%
Ezra Holdings, Ltd., Expires 07/20/15 (c) (d)		655,633		32,128
Spain—0.0%
Acerinox S.A., Expires 07/01/15 (c)		64,877		28,859
Sacyr S.A., Expires 07/14/15 (a) (c)		87,671		9,969
				38,828
Total Rights (Cost $153,392)				83,749
Warrant—0.0%
Hong Kong—0.0%
Mirror Hotel, Expires 09/01/15 (c) (d) (Cost $0)		800		41
Short-Term Investments—17.9%
Security Description	Shares/ Principal Amount*		Value
Mutual Fund—17.5%
State Street Navigator Securities Lending MET Portfolio (e)		125,986,264		125,986,264
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $2,806,453 on 07/01/15, collateralized by $2,605,000 U.S. Treasury Note at 3.625% due 08/15/19 with a value of $2,867,746.		2,806,453		2,806,453
Total Short-Term Investments (Cost $128,792,717)				128,792,717
Total Investments—116.9% (Cost $713,786,252) (f)				844,139,665
Other assets and liabilities (net)—(16.9)%				(121,949,720	)
Net Assets—100.0%			$	722,189,945

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $120,691,409 and the collateral received consisted of cash in the amount of $125,986,264 and non-cash collateral with a value of $3,453,453. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2015, these securities represent less than 0.05% of net assets.

(c) Non-income producing security.

(d) Illiquid security. As of June 30, 2015, these securities represent 0.0% of net assets.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(f) As of June 30, 2015, the aggregate cost of investments was $713,786,252. The aggregate unrealized appreciation and depreciation of investments were $218,510,470 and $(88,157,057), respectively, resulting in net unrealized appreciation of $130,353,413.

(REIT)— A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

See accompanying notes to financial statements.

MSF-37

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Ten Largest Industries as of June 30, 2015 (Unaudited)	% of Net Assets
Machinery		6.1
Banks		4.6
Hotels, Restaurants & Leisure		4.0
Metals & Mining		3.9
Media		3.8
Construction & Engineering		3.7
Real Estate Management & Development		3.5
Capital Markets		3.4
Food Products		3.4
Specialty Retail		3.4

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	77,736	$	39,517,603	$	41,022	$	39,636,361
Austria		—		6,721,143		0		6,721,143
Bangladesh		—		92,383		—		92,383
Belgium		837,345		10,597,340		—		11,434,685
Cambodia		—		339,805		—		339,805
Canada		53,623,060		15,953		2,086		53,641,099
China		22,483		25,670		—		48,153
Denmark		—		12,992,115		—		12,992,115
Finland		—		19,702,519		7,260		19,709,779
France		22,295		30,707,293		0		30,729,588
Germany		—		36,827,762		—		36,827,762
Hong Kong		77,724		24,794,176		1,028		24,872,928
Ireland		1,381,124		11,591,310		—		12,972,434
Israel		26,502		6,093,088		70,394		6,189,984
Italy		—		28,030,225		44,829		28,075,054
Japan		—		167,946,297		—		167,946,297
Luxembourg		—		60,737		—		60,737
Macau		—		41,116		—		41,116
Netherlands		—		17,268,796		0		17,268,796
New Zealand		7,667		8,345,994		0		8,353,661
Norway		—		6,522,687		—		6,522,687
Philippines		—		20,429		—		20,429
Portugal		—		3,804,985		0		3,804,985
Singapore		164,226		8,658,736		20,125		8,843,087
Spain		8,182		14,569,423		0		14,577,605
Sweden		9,892		22,386,204		—		22,396,096
Switzerland		135,562		32,391,843		—		32,527,405

See accompanying notes to financial statements.

MSF-38

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
United Arab Emirates	$	—	$	238,224		$	—	$	238,224
United Kingdom		4,522		147,815,004			—		147,819,526
United States		33,369		265,513			—		298,882
Total Common Stocks		56,431,689		658,384,373			186,744		715,002,806
Total Preferred Stocks*		—		260,352			—		260,352
Rights
Australia		0		—			—		0
Austria		—		—			0		0
Finland		10,762		—			—		10,762
Hong Kong		2,031		—			0		2,031
Italy		0		—			—		0
Singapore		32,128		—			—		32,128
Spain		38,828		—			—		38,828
Total Rights		83,749		—			0		83,749
Total Warrant*		41		—			—		41
Short-Term Investments
Mutual Fund		125,986,264		—			—		125,986,264
Repurchase Agreement		—		2,806,453			—		2,806,453
Total Short-Term Investments		125,986,264		2,806,453			—		128,792,717
Total Investments	$	182,501,743	$	661,451,178		$	186,744	$	844,139,665
Collateral for securities loaned (Liability)	$	—	$	(125,986,264	)	$	—	$	(125,986,264	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $164,475 were due to the discontinuation of a systematic fair valuation model factor. Transfers from Level 1 to Level 2 in the amount of $663,374 were due to the application of a systematic fair valuation model factor.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2014		Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance as of June 30, 2015		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at June 30, 2015
Common Stocks
Australia	$	42,773	$	(384,832	)	$	334,995		$	—	$	(1,030	)	$	49,116	$	—		$	41,022	$	(30,551	)
Austria		—		(5,771	)		5,918			—		(147	)		—		—			0		—
Canada		7,196		—			(156	)		—		—			—		(4,954	)		2,086		(156	)
Finland		10,518		—			(3,258	)		—		—			—		—			7,260		(3,258	)
France		0		—			—			—		—			—		—			0		—
Hong Kong		54,211		36,715			65,982			—		(156,202	)		322		—			1,028		—
Israel		0		—			3,575			—		—			66,819		—			70,394		3,575
Italy		0		—			1,912			—		—			42,917		—			44,829		1,912
Netherlands		0		—			—			—		—			—		—			0		—
New Zealand		0		—			—			—		—			—		—			0		—
Portugal		0		—			—			—		—			—		—			0		—
Singapore		0		—			(17,175	)		15,087		—			22,213		—			20,125		(17,175	)
Spain		0		—			—			—		—			—		—			0		—
Rights
Australia		0		—			—			—		—			—		—			0		—
Austria		0		—			—			—		—			—		—			0		—
Total	$	114,698	$	(353,888	)	$	391,793		$	15,087	$	(157,379	)	$	181,387	$	(4,954	)	$	186,744	$	(45,653	)

Common stocks in the amount of $181,387 were transferred into Level 3 due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

Common stocks in the amount of $4,954 were transferred out of Level 3 due to the resumption of trading activity which resulted in the availability of significant observable inputs.

See accompanying notes to financial statements.

MSF-39

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	844,139,665
Cash denominated in foreign currencies (c)		1,597,625
Receivable for:
Investments sold		2,485,544
Fund shares sold		88,996
Dividends		1,324,471
Total Assets		849,636,301
Liabilities
Collateral for securities loaned		125,986,264
Payables for:
Investments purchased		413,666
Fund shares redeemed		31,171
Accrued expenses:
Management fees		481,556
Distribution and service fees		16,655
Deferred trustees’ fees		69,519
Other expenses		447,525
Total Liabilities		127,446,356
Net Assets	$	722,189,945
Net assets consist of:
Paid in surplus	$	561,711,797
Distributions in excess of net investment income		(68,891	)
Accumulated net realized gain		30,248,546
Unrealized appreciation on investments and foreign currency transactions		130,298,493
Net Assets	$	722,189,945
Net Assets
Class A	$	642,239,979
Class B		79,949,966
Capital Shares Outstanding*
Class A		48,123,960
Class B		6,017,151
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.35
Class B		13.29

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $713,786,252.

(b) Includes securities loaned at value of $120,691,409.

(c) Identified cost of cash denominated in foreign currencies was $1,630,666.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	11,773,887
Securities lending income		621,410
Total investment income		12,395,297
Expenses
Management fees		2,915,713
Administration fees		8,699
Custodian and accounting fees		432,365
Distribution and service fees—Class B		97,476
Audit and tax services		32,246
Legal		14,250
Trustees’ fees and expenses		19,506
Shareholder reporting		19,418
Insurance		2,264
Miscellaneous		39,923
Total expenses		3,581,860
Less management fee waiver		(24,795	)
Net expenses		3,557,065
Net Investment Income		8,838,232
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		30,493,864
Foreign currency transactions		(46,669	)
Net realized gain		30,447,195
Net change in unrealized appreciation (depreciation) on:
Investments		25,957,803
Foreign currency transactions		(24,447	)
Net change in unrealized appreciation		25,933,356
Net realized and unrealized gain		56,380,551
Net Increase in Net Assets From Operations	$	65,218,783

(a) Net of foreign withholding taxes of $1,061,370.

See accompanying notes to financial statements.

MSF-40

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,838,232		$	12,450,106
Net realized gain		30,447,195			118,852,820
Net change in unrealized appreciation (depreciation)		25,933,356			(168,974,767	)
Increase (decrease) in net assets from operations		65,218,783			(37,671,841	)
From Distributions to Shareholders
Net investment income
Class A		(12,147,392	)		(19,590,503	)
Class B		(1,324,201	)		(1,558,960	)
Net realized capital gains
Class A		(102,736,764	)		(30,600,469	)
Class B		(12,835,328	)		(2,714,425	)
Total distributions		(129,043,685	)		(54,464,357	)
Increase (decrease) in net assets from capital share transactions		105,092,745			(221,399,926	)
Total increase (decrease) in net assets		41,267,843			(313,536,124	)
Net Assets
Beginning of period		680,922,102			994,458,226
End of period	$	722,189,945		$	680,922,102
Undistributed (distributions in excess of) net investment income (loss)
End of period	$	(68,891	)	$	4,564,470

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		1,572,729		$	23,221,059			2,245,230		$	34,872,137
Reinvestments		8,484,798			114,884,156			3,121,329			50,190,972
Redemptions		(2,807,692	)		(45,883,170	)		(18,770,202	)		(309,191,634	)
Net increase (decrease)		7,249,835		$	92,222,045			(13,403,643	)	$	(224,128,525	)
Class B
Sales		406,726		$	6,230,534			1,231,126		$	19,736,361
Reinvestments		1,050,410			14,159,529			266,587			4,273,385
Redemptions		(485,613	)		(7,519,363	)		(1,293,322	)		(21,281,147	)
Net increase		971,523		$	12,870,700			204,391		$	2,728,599
Increase (decrease) derived from capital shares transactions				$	105,092,745					$	(221,399,926	)

See accompanying notes to financial statements.

MSF-41

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.84		$	16.83		$	13.85		$	13.25		$	16.68		$	14.54
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.26			0.28			0.27			0.29			0.20
Net realized and unrealized gain (loss) on investments		1.22			(1.28	)		3.42			2.04			(2.77	)		3.00
Total from investment operations		1.41			(1.02	)		3.70			2.31			(2.48	)		3.20
Less Distributions
Distributions from net investment income		(0.31	)		(0.38	)		(0.30	)		(0.36	)		(0.35	)		(0.25	)
Distributions from net realized capital gains		(2.59	)		(0.59	)		(0.42	)		(1.35	)		(0.60	)		(0.81	)
Total distributions		(2.90	)		(0.97	)		(0.72	)		(1.71	)		(0.95	)		(1.06	)
Net Asset Value, End of Period	$	13.35		$	14.84		$	16.83		$	13.85		$	13.25		$	16.68
Total Return (%) (b)		9.19	(c)		(6.50	)		27.94			18.25			(16.08	)		22.93
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96	(d)		0.98			0.95			0.98			1.02			1.01
Net ratio of expenses to average net assets (%) (e)		0.96	(d)		0.97			0.94			0.98			1.02			1.01
Ratio of net investment income to average net assets (%)		2.47	(d)		1.58			1.86			2.06			1.86			1.38
Portfolio turnover rate (%)		8	(c)		10			12			12			25			13
Net assets, end of period (in millions)	$	642.2		$	606.4		$	913.3		$	713.4		$	578.9		$	697.0
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.77		$	16.75		$	13.79		$	13.20		$	16.62		$	14.50
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.21			0.24			0.24			0.26			0.16
Net realized and unrealized gain (loss) on investments		1.21			(1.26	)		3.41			2.02			(2.77	)		2.98
Total from investment operations		1.38			(1.05	)		3.65			2.26			(2.51	)		3.14
Less Distributions
Distributions from net investment income		(0.27	)		(0.34	)		(0.27	)		(0.32	)		(0.31	)		(0.21	)
Distributions from net realized capital gains		(2.59	)		(0.59	)		(0.42	)		(1.35	)		(0.60	)		(0.81	)
Total distributions		(2.86	)		(0.93	)		(0.69	)		(1.67	)		(0.91	)		(1.02	)
Net Asset Value, End of Period	$	13.29		$	14.77		$	16.75		$	13.79		$	13.20		$	16.62
Total Return (%) (b)		9.04	(c)		(6.69	)		27.60			17.90			(16.25	)		22.59
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.21	(d)		1.23			1.20			1.23			1.27			1.26
Net ratio of expenses to average net assets (%) (e)		1.21	(d)		1.22			1.19			1.23			1.27			1.26
Ratio of net investment income to average net assets (%)		2.21	(d)		1.32			1.58			1.81			1.69			1.12
Portfolio turnover rate (%)		8	(c)		10			12			12			25			13
Net assets, end of period (in millions)	$	79.9		$	74.5		$	81.1		$	63.5		$	56.7		$	43.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-42

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Dimensional International Small Company Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of

MSF-43

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, partnership basis adjustments and passive foreign investment companies (PFICs). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject

MSF-44

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $2,806,453, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing

MSF-45

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	56,890,944	$	0	$	72,835,709

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$2,915,713		0.850	%	Of the first $100 million
		0.800	%	On amounts in excess of $100 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Dimensional Fund Advisors LP is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 through April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $	100 million

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

MSF-46

Metropolitan Series Fund

Met/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B Shares. Under the Distribution and Service Plan, the Class B Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$25,651,476	$	17,802,172	$	28,812,881	$	24,913,628	$	54,464,357	$	42,715,800

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$14,886,478	$	114,021,681	$	95,458,729	$	—	$	224,366,888

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-47

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A and B shares of the MetLife Asset Allocation 20 Portfolio returned 0.96% and 0.79%, respectively. The Portfolio’s benchmark, the Dow Jones Conservative Index¹, returned -0.14%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets started 2015 with a gloomy sentiment driven by concerns over a World Bank report which revised down global growth, particularly in Europe, China, and Japan. Oil prices continued to plunge with another 11% drop in January. Political turmoil in Greece and disappointing earnings reports from a number of financial and industrial companies added selling pressure to the stock markets. Entering February, oil prices seem to have stabilized and news out of Greece appeared to reassure investors. Further supported by notable merger and acquisition (“M&A”) activity, the market reversed course, and gradually climbed up. Equity markets delivered strong returns broadly in the month of February. In March, the market experienced some whipsaws, and ended the month modestly lower. The next two months were relatively calm with the S&P 500 Index slowly edging up, bolstered by positive surprises on the corporate earnings front as well as strengthening job and housing markets. However, the gain was largely erased in June as the Greece debt crisis intensified. As it became clear that Greece would default on its payment due on June 30 to the International Monetary Fund (IMF), global equity markets tumbled on June 29. Major equity indices witnessed their largest one-day decline in many months.

The U.S. stock market, as measured by the S&P 500 Index, scored a 1.2% gain over the six month period. Despite a relatively benign return for the broader market, there was a dispersion of returns for the various industry sectors. Supported by rising M&A activity, the Health Care sector turned out to be best performing sector during the first half of 2015 with an impressive 9.6% return. On the other end of the spectrum, Utility stocks suffered a double digit loss, under the pressure of potential interest rates hikes. Small cap stocks, represented by the Russell 2000 Index, outpaced their large cap counterparts, advancing 4.8%. Most of the outperformance occurred in the first quarter of the year, during which a stronger dollar put a great amount of pressure on large cap stocks. Stocks with a growth orientation notably outperformed value stocks across market cap segments. Equity markets outside the U.S. in general performed better than domestic markets, bolstered by easing monetary policies implemented by a number of central banks including the European Central Bank, the Bank of Japan and the People’s Bank of China. The MSCI EAFE Index and MSCI Emerging Markets Index gained 5.5% and 2.9% in U.S. dollar terms, respectively.

Within the fixed income world, U.S. Treasury yields dropped further in the first quarter of 2015, continuing the declining trend from 2014, before reversing course in the second quarter. The 10-year Treasury yield stood at 2.35% at the end of June, compared to 2.17% at the end of 2014. With respect to the shape of the yield curve, the flattening that took place in the first quarter was more or less offset by steepening in the second quarter. As a result, the overall Barclays Treasury Index moved little over the course of the six month period. For the spread sectors, while Agency and Mortgage Backed Securities (“MBS”) modestly outperformed Treasuries, Investment Grade Corporates trailed. For the broad market, the Barclays U.S. Aggregate Bond Index gave up 0.1% during the reporting period. The Barclays High Yield Index, on the other hand, delivered a positive return of 2.5%. Bonds issued outside the U.S. on average were slightly down in local terms. As major currencies weakened relative to the U.S. dollar, the Barclays Global Aggregate ex-U.S. Index lost 5.4% in dollar terms.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The MetLife Asset Allocation 20 Portfolio invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 20% to equities and 80% to fixed income.

Over the six month period, the Portfolio outpaced the Dow Jones Conservative Index. While a large cap orientation vis-a-vis the Dow Jones Index within domestic equity held back the relative results to some extent, an overweight to high yield bonds and an underweight to foreign bonds added value. More importantly, strong security selection in the underlying portfolios made positive contributions.

The fixed income underlying portfolios in aggregate made a positive contribution to performance. As the U.S. dollar continued to strengthen through the first quarter of 2015, many bond portfolios we held benefited from a long dollar position during the reporting period. The Met/Templeton International Bond Portfolio is a good example of the currency positioning. The portfolio’s benchmark-unconstrained approach often results in large active positions compared to its benchmark index. A sizable underweight to the euro and the Japanese yen and an overweight to the dollar worked favorably. In addition, select underweighted duration exposures in Europe further added to performance. The PIMCO Total Return and BlackRock Bond Income Portfolios were two other beneficiaries of their currency positioning (both were long the dollar). Additionally, the PIMCO portfolio’s out-of-benchmark exposures to high yield bonds and non-Agency mortgages added more value, as both sectors delivered a stronger return than the Barclays Aggregate Bond Index. For the BlackRock Bond Income Portfolio, also contributing positively were allocations to securitized assets and high yield, and security selection within U.S. investment grade credit. The fixed income markets experienced some whipsaws during the six month period with respect to the direction of interest rates and the shape of the yield curve. Over the entire period, bonds with longer maturities underperformed those with shorter maturities, which helped the Met/Franklin Low Duration Total Return Portfolio achieve a better return than some other broader based fixed income portfolios.

The domestic equity portfolios in aggregate detracted modestly from performance. Due to its conservative nature, the MetLife Asset

MSF-1

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Allocation 20 Portfolio has a bias towards value oriented portfolios, which turned out to be a headwind during the six month period, as value stocks significantly underperformed their growth counterparts. The T. Rowe Price Large Cap Value and WMC Core Equity Opportunities Portfolios were among the top detractors, due largely to the stylist headwind. The T. Rowe Price Large Cap Value Portfolio’s relative return was also held back by its Health Care sector, where both stock selection and an underweight position to the strong performing sector proved to be detrimental. The WMC Core Equity Opportunities Portfolio’s focus on dividend growing companies was not rewarded by the market during the six month period. Stock selection in the Health Care and Consumer Staples sectors detracted from relative returns. On the other hand, a number of growth oriented portfolios contributed positively, with the Jennison Growth Portfolio being the top contributor. In addition to benefiting from its growth style, the portfolio outperformed its growth benchmark by a wide margin. Both allocation decisions and stock selection were additive to performance. From a sector allocation perspective, an overweight to the Health Care and Consumer Discretionary sectors combined with an underweight to the Industrials sector added meaningful outperformance to the portfolio. On the stock selection side, the portfolio’s larger position sizes in Netflix and Amazon were exceedingly helpful as both stocks posted strong returns.

Among equity portfolios that invest outside the U.S., the MFS Research International Portfolio was one of the largest contributors. Strong stock selection across a broad group of companies in the Financials sector was a primary driver to performance, which accounted for nearly two thirds of the portfolio’s outperformance relative to its benchmark. The Baillie Gifford International Stock Portfolio also outperformed its benchmark, driven largely by strong stock selection in Hong Kong and the U.K. The portfolio’s holding in Hong Kong Exchanges and Clearing contributed significantly to performance as the new Shanghai-Hong Kong Stock Connect, which allows offshore investors access to the China A-Share market, was viewed by the market as a ground-breaking milestone in the development of the capital markets of Hong Kong and China. Conversely, the Clarion Global Real Estate Portfolio weighed on performance due to the Real Estate asset class being under pressure from the rising long-term interest rates as well as uncertainty surrounding Greece’s debt crisis. As oil prices continued to decline in the first quarter of the year, energy stocks underperformed the broader equity market during the six month period. In fact, the Energy sector was the second lowest performing sector during this period. As a result, the Van Eck Global Natural Resources Portfolio detracted from the overall performance even though the portfolio outpaced its asset class benchmark.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES CONSERVATIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
MetLife Asset Allocation 20 Portfolio
Class A		0.96		1.83		5.94		5.16
Class B		0.79		1.58		5.67		4.90
Dow Jones Conservative Index		-0.14		-0.68		4.42		4.64

¹ The Dow Jones Conservative Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk combination will have 20% of the risk of an all equity portfolio.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Western Asset Management U.S. Government Portfolio (Class A)		13.1
PIMCO Total Return Portfolio (Class A)		12.4
BlackRock Bond Income Portfolio (Class A)		12.1
JPMorgan Core Bond Portfolio (Class A)		9.6
TCW Core Fixed Income Portfolio (Class A)		9.2
PIMCO Inflation Protected Bond Portfolio (Class A)		9.1
Met/Franklin Low Duration Total Return Portfolio (Class A)		6.0
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		3.5
Met/Eaton Vance Floating Rate Portfolio (Class A)		2.0
Met/Templeton International Bond Portfolio (Class A)		2.0

MSF-3

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Asset Allocation 20 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)(b)	Actual		0.60	%	$	1,000.00	$	1,009.60	$	2.99
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01
Class B(a)(b)	Actual		0.85	%	$	1,000.00	$	1,007.90	$	4.23
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 5 of the Notes to Financial Statements.

^(b) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		640,348	$	6,730,062
BlackRock Bond Income Portfolio (Class A) (a)		782,391		82,878,705
BlackRock Capital Appreciation Portfolio (Class A) (a)		184,841		6,731,911
BlackRock High Yield Portfolio (Class A) (b)		446,303		3,432,070
BlackRock Large Cap Value Portfolio (Class A) (a)		732,341		6,759,511
Clarion Global Real Estate Portfolio (Class A) (b)		288,627		3,327,867
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		273,060		3,353,183
Harris Oakmark International Portfolio (Class A) (b)		452,972		6,708,512
Invesco Comstock Portfolio (Class A) (b)		903,585		13,499,561
Jennison Growth Portfolio (Class A) (a)		452,045		6,753,558
JPMorgan Core Bond Portfolio (Class A) (b)		6,407,716		65,615,010
JPMorgan Small Cap Value Portfolio (Class A) (b)		204,891		3,374,555
Lord Abbett Bond Debenture Portfolio (Class A) (b)		280,698		3,424,520
Met/Artisan International Portfolio (Class A) (b)		646,129		6,700,361
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		14,245		3,375,669
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		1,361,028		13,787,213
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)		4,255,334		41,361,844
Met/Templeton International Bond Portfolio (Class A) (b)		1,325,513		13,732,314
MetLife Small Cap Value Portfolio (Class A) (b)		247,521		3,383,607
MFS Emerging Markets Equity Portfolio (Class A) (b)		177,303		1,680,830
MFS Research International Portfolio (Class A) (b)		441,863		5,032,816
MFS Value Portfolio (Class A) (a)		882,895		13,508,288
Neuberger Berman Genesis Portfolio (Class A) (a)		358,813		6,774,384
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		6,489,479		62,234,108
PIMCO Total Return Portfolio (Class A) (b)		7,527,457		85,361,358
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		307,311		6,745,471
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		386,658		13,463,444
TCW Core Fixed Income Portfolio (Class A) (b) (c)		6,400,244		63,426,421
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		1,858,069		23,820,449
Western Asset Management U.S. Government Portfolio (Class A) (a)		7,551,283		89,784,760
WMC Core Equity Opportunities Portfolio (Class A) (a)		490,555		13,470,639
WMC Large Cap Research Portfolio (Class A) (b)		486,590		6,763,601
Total Mutual Funds (Cost $702,449,971)				686,996,602
Total Investments—100.0% (Cost $702,449,971) (d)				686,996,602
Other assets and liabilities (net)—0.0%				(291,514	)
Net Assets—100.0%			$	686,705,088

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of June 30, 2015, the aggregate cost of investments was $702,449,971. The aggregate unrealized appreciation and depreciation of investments were $12,616,268 and $(28,069,637), respectively, resulting in net unrealized depreciation of $(15,453,369).

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	686,996,602	$	—	$	—	$	686,996,602
Total Investments	$	686,996,602	$	—	$	—	$	686,996,602

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Affiliated investments at value (a)	$	686,996,602
Receivable for:
Investments sold		455,911
Fund shares sold		1,214,235
Due from investment adviser		8,509
Total Assets		688,675,257
Liabilities
Payables for:
Investments purchased		1,042,890
Fund shares redeemed		627,255
Accrued expenses:
Management fees		52,771
Distribution and service fees		131,285
Deferred trustees’ fees		69,519
Other expenses		46,449
Total Liabilities		1,970,169
Net Assets	$	686,705,088
Net assets consist of:
Paid in surplus	$	661,318,066
Undistributed net investment income		21,111,632
Accumulated net realized gain		19,728,759
Unrealized depreciation on affiliated investments		(15,453,369	)
Net Assets	$	686,705,088
Net Assets
Class A	$	50,093,554
Class B		636,611,534
Capital Shares Outstanding*
Class A		4,525,541
Class B		57,883,369
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.07
Class B		11.00

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $702,449,971.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends from Affiliated Underlying Portfolios	$	22,347,886
Total investment income		22,347,886
Expenses
Management fees		322,781
Administration fees		11,025
Custodian and accounting fees		12,493
Distribution and service fees—Class B		806,418
Audit and tax services		14,768
Legal		14,250
Trustees’ fees and expenses		19,506
Miscellaneous		3,616
Total expenses		1,204,857
Less expenses reimbursed by the Adviser		(50,713	)
Net expenses		1,154,144
Net Investment Income		21,193,742
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		6,009,725
Capital gain distributions from Affiliated Underlying Portfolios		17,213,737
Net realized gain		23,223,462
Net change in unrealized depreciation on affiliated investments		(38,651,674	)
Net realized and unrealized loss		(15,428,212	)
Net Increase in Net Assets From Operations	$	5,765,530

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	21,193,742		$	13,396,738
Net realized gain		23,223,462			22,730,073
Net change in unrealized depreciation		(38,651,674	)		(5,339,689	)
Increase in net assets from operations		5,765,530			30,787,122
From Distributions to Shareholders
Net investment income
Class A		(1,170,030	)		(2,053,611	)
Class B		(13,237,836	)		(24,345,939	)
Net realized capital gains
Class A		(1,562,919	)		(2,078,453	)
Class B		(19,884,218	)		(26,396,677	)
Total distributions		(35,855,003	)		(54,874,680	)
Increase in net assets from capital share transactions		13,088,411			23,536,074
Total decrease in net assets		(17,001,062	)		(551,484	)
Net Assets
Beginning of period		703,706,150			704,257,634
End of period	$	686,705,088		$	703,706,150
Undistributed net investment income
End of period	$	21,111,632		$	14,325,756

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		326,791		$	3,829,520			743,506		$	8,684,348
Reinvestments		245,990			2,732,949			367,949			4,132,064
Redemptions		(366,258	)		(4,269,351	)		(982,643	)		(11,475,936	)
Net increase		206,523		$	2,293,118			128,812		$	1,340,476
Class B
Sales		3,158,978		$	36,742,573			10,113,496		$	115,990,094
Reinvestments		3,000,186			33,122,054			4,546,830			50,742,616
Redemptions		(5,078,705	)		(59,069,334	)		(12,486,605	)		(144,537,112	)
Net increase		1,080,459		$	10,795,293			2,173,721		$	22,195,598
Increase derived from capital shares transactions				$	13,088,411					$	23,536,074

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.59		$	12.05		$	11.94		$	11.60		$	11.51		$	10.87
Income (Loss) from Investment Operations
Net investment income (a)		0.37			0.25			0.33			0.30			0.33			0.33
Net realized and unrealized gain (loss) on investments		(0.26	)		0.29			0.20			0.77			0.07			0.77
Total from investment operations		0.11			0.54			0.53			1.07			0.40			1.10
Less Distributions
Distributions from net investment income		(0.27	)		(0.50	)		(0.36	)		(0.41	)		(0.31	)		(0.46	)
Distributions from net realized capital gains		(0.36	)		(0.50	)		(0.06	)		(0.32	)		0.00			0.00
Total distributions		(0.63	)		(1.00	)		(0.42	)		(0.73	)		(0.31	)		(0.46	)
Net Asset Value, End of Period	$	11.07		$	11.59		$	12.05		$	11.94		$	11.60		$	11.51
Total Return (%) (b)		0.96	(c)		4.73			4.50			9.49			3.48			10.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.11	(e)		0.12			0.11			0.11			0.11			0.11
Net ratio of expenses to average net assets (%) (d)(f)		0.10	(e)		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income to average net assets (%) (g)		3.13	(e)(h)		2.17			2.73			2.58			2.84			2.97
Portfolio turnover rate (%)		15	(c)		16			18			9			33			21
Net assets, end of period (in millions)	$	50.1		$	50.1		$	50.5		$	54.9		$	48.7		$	45.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.51		$	11.97		$	11.86		$	11.53		$	11.44		$	10.81
Income (Loss) from Investment Operations
Net investment income (a)		0.35			0.22			0.29			0.27			0.29			0.30
Net realized and unrealized gain (loss) on investments		(0.26	)		0.28			0.22			0.76			0.08			0.77
Total from investment operations		0.09			0.50			0.51			1.03			0.37			1.07
Less Distributions
Distributions from net investment income		(0.24	)		(0.46	)		(0.34	)		(0.38	)		(0.28	)		(0.44	)
Distributions from net realized capital gains		(0.36	)		(0.50	)		(0.06	)		(0.32	)		0.00			0.00
Total distributions		(0.60	)		(0.96	)		(0.40	)		(0.70	)		(0.28	)		(0.44	)
Net Asset Value, End of Period	$	11.00		$	11.51		$	11.97		$	11.86		$	11.53		$	11.44
Total Return (%) (b)		0.79	(c)		4.47			4.29			9.18			3.25			10.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.36	(e)		0.37			0.36			0.36			0.36			0.36
Net ratio of expenses to average net assets (%) (d)(f)		0.35	(e)		0.35			0.35			0.35			0.35			0.35
Ratio of net investment income to average net assets (%) (g)		2.83	(e)(h)		1.89			2.49			2.35			2.49			2.68
Portfolio turnover rate (%)		15	(c)		16			18			9			33			21
Net assets, end of period (in millions)	$	636.6		$	653.6		$	653.8		$	723.0		$	634.3		$	562.4

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

(e) Computed on an annualized basis.

(f) Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).

(g) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

(h) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 20 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-10

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

3. Certain Risks

Market Risk: In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	117,905,691	$	0	$	102,255,638

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Asset Allocation Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$322,781		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Expense Limitation Agreement - Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, MetLife Advisers has contractually agreed, from May 1, 2015 to April 30, 2016, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including acquired fund fees and expenses, brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then-current fiscal year). For the Asset Allocation Portfolio, this subsidy, and identical subsidies in effect in earlier periods, are subject to the

MSF-11

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

obligation of each class of the Asset Allocation Portfolio to repay MetLife Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by MetLife Advisers more than five years after the end of the fiscal year in which such expense was incurred. The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2015 to April 30, 2016 are 0.10% and 0.35% for Class A and B, respectively.

As of June 30, 2015, the amount of expenses deferred in 2010 subject to repayment until December 31, 2015 was $71,127. The amount of expenses deferred in 2011 subject to repayment until December 31, 2016 was $38,237. The amount of expenses deferred in 2012 subject to repayment until December 31, 2017 was $74,663. The amount of expenses deferred in 2013 subject to repayment until December 31, 2018 was $61,885. The amount of expenses deferred in 2014 subject to repayment until December 31, 2019 was $111,213. The amount of expenses deferred in 2015 subject to repayment until December 31, 2020 was $50,713.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the six months ended June 30, 2015 is shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2015 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015
Baillie Gifford International Stock		694,151		34,443		(88,246	)		640,348
BlackRock Bond Income		795,559		41,294		(54,462	)		782,391
BlackRock Capital Appreciation		169,815		39,459		(24,433	)		184,841
BlackRock High Yield		429,244		47,380		(30,321	)		446,303
BlackRock Large Cap Value		706,632		106,531		(80,822	)		732,341
Clarion Global Real Estate		561,676		34,111		(307,160	)		288,627
Goldman Sachs Mid Cap Value		214,573		75,623		(17,136	)		273,060
Harris Oakmark International		435,775		69,638		(52,441	)		452,972
Invesco Comstock		885,505		103,900		(85,820	)		903,585
Jennison Growth		429,945		86,463		(64,363	)		452,045
JPMorgan Core Bond		7,082,405		201,369		(876,058	)		6,407,716
JPMorgan Small Cap Value		193,835		27,895		(16,839	)		204,891
Lord Abbett Bond Debenture		270,206		29,901		(19,409	)		280,698
Met/Artisan International		691,103		26,216		(71,190	)		646,129

MSF-12

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2014			Shares purchased		Shares sold			Number of shares held at June 30, 2015
Met/Artisan Mid Cap Value		12,889			2,335		(979	)		14,245
Met/Eaton Vance Floating Rate		1,368,590			76,568		(84,130	)		1,361,028
Met/Franklin Low Duration Total Return		4,243,403			234,101		(222,170	)		4,255,334
Met/Templeton International Bond		1,240,424			143,721		(58,632	)		1,325,513
MetLife Small Cap Value		171,003			94,972		(18,454	)		247,521
MFS Emerging Markets Equity		182,583			12,763		(18,043	)		177,303
MFS Research International		477,026			26,754		(61,917	)		441,863
MFS Value		759,925			193,197		(70,227	)		882,895
Neuberger Berman Genesis		387,457			14,259		(42,903	)		358,813
PIMCO Inflation Protected Bond		6,276,891			424,888		(212,300	)		6,489,479
PIMCO Total Return		10,511,749			625,521		(3,609,813	)		7,527,457
T. Rowe Price Large Cap Growth		283,220			64,998		(40,907	)		307,311
T. Rowe Price Large Cap Value		388,867			29,296		(31,505	)		386,658
TCW Core Fixed Income		—			6,407,970		(7,726	)		6,400,244
Western Asset Management Strategic Bond Opportunities		1,576,094			326,528		(44,553	)		1,858,069
Western Asset Management U.S. Government		8,739,893			241,488		(1,430,098	)		7,551,283
WMC Core Equity Opportunities		323,362			191,493		(24,300	)		490,555
WMC Large Cap Research		481,809			53,963		(49,182	)		486,590
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2015
Baillie Gifford International Stock	$	193,064		$	—	$	111,272		$	6,730,062
BlackRock Bond Income		483,644			927,061		3,165,592			82,878,705
BlackRock Capital Appreciation		373,851			1,151,830		—			6,731,911
BlackRock High Yield		(3,553	)		30,224		272,827			3,432,070
BlackRock Large Cap Value		55,551			532,325		118,959			6,759,511
Clarion Global Real Estate		811,703			—		136,370			3,327,867
Goldman Sachs Mid Cap Value		10,634			824,175		29,993			3,353,183
Harris Oakmark International		219,459			597,528		209,235			6,708,512
Invesco Comstock		517,199			438,551		408,014			13,499,561
Jennison Growth		351,376			1,013,967		18,378			6,753,558
JPMorgan Core Bond		38,135			—		1,659,890			65,615,010
JPMorgan Small Cap Value		28,696			289,430		45,492			3,374,555
Lord Abbett Bond Debenture		11,526			134,646		191,110			3,424,520
Met/Artisan International		46,560			—		49,387			6,700,361
Met/Artisan Mid Cap Value		110,385			414,055		39,238			3,375,669
Met/Eaton Vance Floating Rate		39,452			—		516,474			13,787,213
Met/Franklin Low Duration Total Return		5,369			—		1,354,930			41,361,844
Met/Templeton International Bond		(20,479	)		24,349		1,132,250			13,732,314
MetLife Small Cap Value		82,073			1,198,975		12,513			3,383,607
MFS Emerging Markets Equity		(10,752	)		—		33,486			1,680,830
MFS Research International		132,035			—		145,051			5,032,816
MFS Value		537,089			2,093,386		364,353			13,508,288
Neuberger Berman Genesis		256,150			—		28,588			6,774,384
PIMCO Inflation Protected Bond		(187,500	)		—		3,172,750			62,234,108
PIMCO Total Return		65,442			1,155,085		5,302,162			85,361,358
T. Rowe Price Large Cap Growth		457,768			1,183,658		9,254			6,745,471
T. Rowe Price Large Cap Value		428,411			28,101		233,544			13,463,444
TCW Core Fixed Income		(538	)		—		—			63,426,421
Western Asset Management Strategic Bond Opportunities		69,402			—		1,209,289			23,820,449
Western Asset Management U.S. Government		566,866			—		2,069,215			89,784,760
WMC Core Equity Opportunities		237,164			4,694,011		244,013			13,470,639
WMC Large Cap Research		103,543			482,380		64,257			6,763,601
	$	6,009,725		$	17,213,737	$	22,347,886		$	686,996,602

MSF-13

Metropolitan Series Fund

MetLife Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$27,307,125	$	21,990,272	$	27,567,555	$	3,578,573	$	54,874,680	$	25,568,845

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$14,506,337	$	21,193,960	$	19,840,040	$	—	$	55,540,337

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-14

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A and B shares of the MetLife Asset Allocation 40 Portfolio returned 1.64% and 1.44%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Conservative Index¹, returned 0.44%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets started 2015 with a gloomy sentiment driven by concerns over a World Bank report which revised down global growth, particularly in Europe, China, and Japan. Oil prices continued to plunge with another 11% drop in January. Political turmoil in Greece and disappointing earnings reports from a number of financial and industrial companies added selling pressure to the stock markets. Entering February, oil prices seem to have stabilized and news out of Greece appeared to reassure investors. Further supported by notable merger and acquisition (“M&A”) activity, the market reversed course, and gradually climbed up. Equity markets delivered strong returns broadly in the month of February. In March, the market experienced some whipsaws, and ended the month modestly lower. The next two months were relatively calm with the S&P 500 Index slowly edging up, bolstered by positive surprises on the corporate earnings front as well as strengthening job and housing markets. However, the gain was largely erased in June as the Greece debt crisis intensified. As it became clear that Greece would default on its payment due on June 30 to the International Monetary Fund (IMF), global equity markets tumbled on June 29. Major equity indices witnessed their largest one-day decline in many months.

The U.S. stock market, as measured by the S&P 500 Index, scored a 1.2% gain over the six month period. Despite a relatively benign return for the broader market, there was a dispersion of returns for the various industry sectors. Supported by rising M&A activity, the Health Care sector turned out to be best performing sector during the first half of 2015 with an impressive 9.6% return. On the other end of the spectrum, Utility stocks suffered a double digit loss, under the pressure of potential interest rates hikes. Small cap stocks, represented by the Russell 2000 Index, outpaced their large cap counterparts, advancing 4.8%. Most of the outperformance occurred in the first quarter of the year, during which a stronger dollar put a great amount of pressure on large cap stocks. Stocks with a growth orientation notably outperformed value stocks across market cap segments. Equity markets outside the U.S. in general performed better than domestic markets, bolstered by easing monetary policies implemented by a number of central banks including the European Central Bank, the Bank of Japan and the People’s Bank of China. The MSCI EAFE Index and MSCI Emerging Markets Index gained 5.5% and 2.9% in U.S. dollar terms, respectively.

Within the fixed income world, U.S. Treasury yields dropped further in the first quarter of 2015, continuing the declining trend from 2014, before reversing course in the second quarter. The 10-year Treasury yield stood at 2.35% at the end of June, compared to 2.17% at the end of 2014. With respect to the shape of the yield curve, the flattening that took place in the first quarter was more or less offset by steepening in the second quarter. As a result, the overall Barclays Treasury Index moved little over the course of the six month period. For the spread sectors, while Agency and Mortgage-Backed Securities modestly outperformed Treasuries, Investment Grade Corporates trailed. For the broad market, the Barclays U.S. Aggregate Bond Index gave up 0.1% during the reporting period. The Barclays High Yield Index, on the other hand, delivered a positive return of 2.5%. Bonds issued outside the U.S. on average were slightly down in local terms. As major currencies weakened relative to the U.S. dollar, the Barclays Global Aggregate ex-U.S. Index lost 5.4% in dollar terms.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The MetLife Asset Allocation 40 Portfolio invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 40% to equities and 60% to fixed income.

Over the six month period, the portfolio outpaced the Dow Jones Moderately Conservative Index. While a large cap orientation vis-a-vis the Dow Jones Index within domestic equity held back the relative results to some extent, an overweight to high yield bonds and an underweight to foreign bonds added value. More importantly, strong security selection in the underlying portfolios made positive contributions.

The fixed income underlying portfolios in aggregate made a positive contribution to performance. As the U.S. dollar continued to strengthen through the first quarter of 2015, many bond portfolios we held benefited from a long dollar position during the reporting period. The Met/Templeton International Bond Portfolio is a good example of the currency positioning. The portfolio’s benchmark-unconstrained approach often results in large active positions compared to its benchmark index. A sizable underweight to the euro and the Japanese yen and an overweight to the dollar worked favorably. In addition, select underweighted duration exposures in Europe further added to performance. The PIMCO Total Return and BlackRock Bond Income Portfolios were two other beneficiaries of their currency positioning (both were long the dollar). Additionally, the PIMCO portfolio’s out-of-benchmark exposures to high yield bonds and non-Agency mortgages added more value, as both sectors delivered a stronger return than the Barclays Aggregate Bond Index. For the BlackRock Bond Income Portfolio, also contributing positively were allocations to securitized assets and high yield, and security selection within U.S. investment grade credit. The fixed income markets experienced some whipsaws during the six month period with respect to the direction of interest rates and the shape of the yield curve. Over the entire period, bonds with longer maturities underperformed those with shorter maturities, which helped the Met/Franklin Low Duration Total Return Portfolio achieve a better return than some other broader based fixed income portfolios.

MSF-1

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

The domestic equity portfolios produced mixed results. Positive contributions from growth oriented portfolios were mostly offset by detractions from value portfolios, as growth stocks significantly outperformed their value counterparts. On the positive side, the Jennison Growth and T. Rowe Price Large Cap Growth Portfolios were among the top contributors. In addition to benefiting from a growth investing style, both portfolios added more value from strong stock selection and to a lesser extent, sector allocation. The Jennison Growth Portfolio outperformed its growth benchmark by a wide margin. From a stock selection perspective, the portfolio’s larger position sizes in Netflix and Amazon were exceedingly helpful, as both stocks posted strong returns. From a sector allocation perspective, an overweight to the Health Care and Consumer Discretionary sectors combined with an underweight to the Industrials sector added meaningful outperformance to the portfolio. For the T. Rowe Price Large Cap Growth Portfolio, holdings in Amazon and Netflix were also the top performers in its Consumer Discretionary sector. Contributing further were a number of bio pharmaceutical stocks which posted very strong returns during the reporting period. Sector decisions played a smaller role in this portfolio. On the negative side, the T. Rowe Price Large Cap Value and WMC Core Equity Opportunities Portfolios were among the top detractors, due largely to the value style headwind. The T. Rowe Price Large Cap Value Portfolio’s relative return was also held back by its Health Care sector, where both stock selection and an underweight position to the strong performing sector proved to be detrimental. The WMC Core Equity Opportunities Portfolio’s focus on dividend growing companies was not rewarded by the market during the six month period. Stock selection in the Health Care and Consumer Staples sectors detracted from relative return.

Among equity portfolios that invest outside the U.S., the MFS Research International Portfolio was one of the largest contributors. Strong stock selection across a broad group of companies in the Financials sector was a primary driver of performance, which accounted for nearly two thirds of the portfolio’s outperformance relative to its benchmark. The Baillie Gifford International Stock Portfolio also outperformed its benchmark, driven largely by strong stock selection in Hong Kong and the U.K. The portfolio’s holding in Hong Kong Exchanges and Clearing contributed significantly to performance as the new Shanghai-Hong Kong Stock Connect, which allows offshore investors access to the China A-Share market, was viewed by the market as a ground-breaking milestone in the development of the capital markets of Hong Kong and China. Conversely, the Clarion Global Real Estate Portfolio weighed on performance due to the Real Estate asset class being under pressure from the prospect of rising long-term interest rates as well as uncertainty surrounding Greece’s debt crisis. As oil prices continued to decline in the first quarter of the year, energy stocks underperformed the broader equity market during the six month period. In fact, the Energy sector was the second lowest performing sector during this period. As a result, the Van Eck Global Natural Resources Portfolio detracted from the overall performance even though the portfolio outpaced its asset class benchmark.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY CONSERVATIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
MetLife Asset Allocation 40 Portfolio
Class A		1.64		2.36		8.33		5.75
Class B		1.44		2.09		8.06		5.48
Dow Jones Moderately Conservative Index		0.44		-0.05		7.04		5.36

¹ The Dow Jones Moderately Conservative Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk combination will have 40% of the risk of an all equity portfolio.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
PIMCO Total Return Portfolio (Class A)		9.3
BlackRock Bond Income Portfolio (Class A)		9.1
Western Asset Management U.S. Government Portfolio (Class A)		8.1
JPMorgan Core Bond Portfolio (Class A)		7.1
TCW Core Fixed Income Portfolio (Class A)		6.8
PIMCO Inflation Protected Bond Portfolio (Class A)		6.1
Met/Franklin Low Duration Total Return Portfolio (Class A)		4.1
MFS Value Portfolio (Class A)		3.5
T. Rowe Price Large Cap Value Portfolio (Class A)		3.5
WMC Core Equity Opportunities Portfolio (Class A)		3.5

MSF-3

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Asset Allocation 40 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.60	%	$	1,000.00	$	1,016.40	$	3.00
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01
Class B(a)	Actual		0.85	%	$	1,000.00	$	1,014.40	$	4.25
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		14,874,768	$	156,333,811
BlackRock Bond Income Portfolio (Class A) (a)		6,845,748		725,170,125
BlackRock Capital Appreciation Portfolio (Class A) (a)		4,301,864		156,673,884
BlackRock High Yield Portfolio (Class A) (b)		5,214,948		40,102,952
BlackRock Large Cap Value Portfolio (Class A) (a)		17,079,590		157,644,615
Clarion Global Real Estate Portfolio (Class A) (b)		4,989,516		57,529,124
ClearBridge Aggressive Growth Portfolio (Class A) (b)		6,980,330		115,315,057
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		3,171,267		38,943,160
Harris Oakmark International Portfolio (Class A) (b)		13,129,625		194,449,748
Invesco Comstock Portfolio (Class A) (b)		15,784,040		235,813,555
Invesco Small Cap Growth Portfolio (Class A) (b)		7,127,347		117,886,314
Jennison Growth Portfolio (Class A) (a)		7,896,058		117,967,111
JPMorgan Core Bond Portfolio (Class A) (b)		55,059,134		563,805,531
JPMorgan Small Cap Value Portfolio (Class A) (b)		4,775,247		78,648,322
Lord Abbett Bond Debenture Portfolio (Class A) (b)		3,283,942		40,064,096
Met/Artisan International Portfolio (Class A) (b)		9,201,813		95,422,803
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		165,978		39,333,379
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		15,877,738		160,841,490
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)		33,117,079		321,898,013
Met/Templeton International Bond Portfolio (Class A) (b)		23,225,827		240,619,572
MetLife Small Cap Value Portfolio (Class A) (b)		5,775,944		78,957,161
MFS Emerging Markets Equity Portfolio (Class A) (b)		8,170,164		77,453,157
MFS Research International Portfolio (Class A) (b)		10,256,395		116,820,345
MFS Value Portfolio (Class A) (a)		18,006,676		275,502,140
Neuberger Berman Genesis Portfolio (Class A) (a)		4,185,111		79,014,889
Oppenheimer Global Equity Portfolio (Class A) (b)		1,797,569		39,187,003
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		50,423,742		483,563,689
PIMCO Total Return Portfolio (Class A) (b)		65,318,516		740,711,972
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		7,156,126		157,076,959
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		7,889,772		274,721,870
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		3,430,911		39,489,790
TCW Core Fixed Income Portfolio (Class A) (b) (c)		54,115,577		536,285,370
Affiliated Investment Companies—(Continued)
Van Eck Global Natural Resources Portfolio (Class A) (a)		6,643,221		73,872,619
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		18,203,314		233,366,480
Western Asset Management U.S. Government Portfolio (Class A) (a)		54,213,266		644,595,730
WMC Core Equity Opportunities Portfolio (Class A) (a)		10,003,263		274,689,598
WMC Large Cap Research Portfolio (Class A) (b)		11,336,715		157,580,343
Total Mutual Funds (Cost $7,785,911,296)				7,937,351,777
Total Investments—100.0% (Cost $7,785,911,296) (d)				7,937,351,777
Other assets and liabilities (net)—0.0%				(2,206,569	)
Net Assets—100.0%			$	7,935,145,208

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of June 30, 2015, the aggregate cost of investments was $7,785,911,296. The aggregate unrealized appreciation and depreciation of investments were $423,814,797 and $(272,374,316), respectively, resulting in net unrealized appreciation of $151,440,481.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	7,937,351,777	$	—	$	—	$	7,937,351,777
Total Investments	$	7,937,351,777	$	—	$	—	$	7,937,351,777

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Affiliated investments at value (a)	$	7,937,351,777
Receivable for:
Investments sold		6,276,859
Fund shares sold		746,744
Total Assets		7,944,375,380
Liabilities
Payables for:
Fund shares redeemed		7,023,603
Accrued expenses:
Management fees		360,899
Distribution and service fees		1,627,641
Deferred trustees’ fees		170,681
Other expenses		47,348
Total Liabilities		9,230,172
Net Assets	$	7,935,145,208
Net assets consist of:
Paid in surplus	$	7,124,688,345
Undistributed net investment income		217,957,217
Accumulated net realized gain		441,059,165
Unrealized appreciation on affiliated investments		151,440,481
Net Assets	$	7,935,145,208
Net Assets
Class A	$	109,748,102
Class B		7,825,397,106
Capital Shares Outstanding*
Class A		9,004,608
Class B		647,328,306
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.19
Class B		12.09

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $7,785,911,296.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends from Affiliated Underlying Portfolios	$	231,505,889
Total investment income		231,505,889
Expenses
Management fees		2,237,114
Administration fees		11,025
Custodian and accounting fees		12,493
Distribution and service fees—Class B		10,115,601
Audit and tax services		14,772
Legal		14,250
Trustees’ fees and expenses		19,507
Miscellaneous		8,523
Total expenses		12,433,285
Net Investment Income		219,072,604
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		126,382,733
Capital gain distributions from Affiliated Underlying Portfolios		365,277,001
Net realized gain		491,659,734
Net change in unrealized depreciation on affiliated investments		(584,207,320	)
Net realized and unrealized loss		(92,547,586	)
Net Increase in Net Assets From Operations	$	126,525,018

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	219,072,604		$	15,821,733
Net realized gain		491,659,734			479,558,569
Net change in unrealized depreciation		(584,207,320	)		(149,304,304	)
Increase in net assets from operations		126,525,018			346,075,998
From Distributions to Shareholders
Net investment income
Class A		(518,211	)		(3,378,136	)
Class B		(21,482,236	)		(47,144,461	)
Net realized capital gains
Class A		(5,972,166	)		(3,987,034	)
Class B		(431,486,058	)		(60,578,097	)
Total distributions		(459,458,671	)		(115,087,728	)
Increase (decrease) in net assets from capital share transactions		(149,093,443	)		6,400,075,922
Total increase (decrease) in net assets		(482,027,096	)		6,631,064,192
Net Assets
Beginning of period		8,417,172,304			1,786,108,112
End of period	$	7,935,145,208		$	8,417,172,304
Undistributed net investment income
End of period	$	217,957,217		$	20,885,060

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		465,818		$	5,989,765			1,248,024		$	15,816,049
Shares issued through acquisition (a)		0			0			118,331			1,450,736
Reinvestments		528,532			6,490,377			602,715			7,365,170
Redemptions		(850,381	)		(10,978,387	)		(1,401,100	)		(17,765,133	)
Net increase		143,969		$	1,501,755			567,970		$	6,866,822
Class B
Sales		3,889,182		$	49,714,430			8,492,611		$	106,596,008
Shares issued through acquisition (a)		0			0			596,895,609			7,270,188,523
Reinvestments		37,189,515			452,968,294			8,873,357			107,722,558
Redemptions		(50,965,044	)		(653,277,922	)		(87,261,113	)		(1,091,297,989	)
Net increase (decrease)		(9,886,347	)	$	(150,595,198	)		527,000,464		$	6,393,209,100
Increase (decrease) derived from capital shares transactions				$	(149,093,443	)				$	6,400,075,922

(a) See Note 9 of the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.74		$	12.99		$	12.14		$	11.25		$	11.36		$	10.54
Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.24			0.29			0.28			0.29			0.28
Net realized and unrealized gain (loss) on investments		(0.15	)		0.40			1.04			1.02			(0.14	)		0.94
Total from investment operations		0.21			0.64			1.33			1.30			0.15			1.22
Less Distributions
Distributions from net investment income		(0.06	)		(0.41	)		(0.35	)		(0.37	)		(0.26	)		(0.40	)
Distributions from net realized capital gains		(0.70	)		(0.48	)		(0.13	)		(0.04	)		0.00			0.00
Total distributions		(0.76	)		(0.89	)		(0.48	)		(0.41	)		(0.26	)		(0.40	)
Net Asset Value, End of Period	$	12.19		$	12.74		$	12.99		$	12.14		$	11.25		$	11.36
Total Return (%) (b)		1.64	(c)		5.16			11.20			11.74			1.27			11.78
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.06	(e)		0.06			0.08			0.08			0.08			0.10
Ratio of net investment income to average net assets (%) (f)		2.76	(e)(g)		1.92			2.31			2.37			2.50			2.64
Portfolio turnover rate (%)		15	(c)		15			15			10			32			16
Net assets, end of period (in millions)	$	109.7		$	112.9		$	107.7		$	97.3		$	84.8		$	86.2
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.64		$	12.89		$	12.05		$	11.17		$	11.28		$	10.47
Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.03			0.26			0.25			0.24			0.25
Net realized and unrealized gain (loss) on investments		(0.15	)		0.57			1.03			1.01			(0.11	)		0.94
Total from investment operations		0.19			0.60			1.29			1.26			0.13			1.19
Less Distributions
Distributions from net investment income		(0.04	)		(0.37	)		(0.32	)		(0.34	)		(0.24	)		(0.38	)
Distributions from net realized capital gains		(0.70	)		(0.48	)		(0.13	)		(0.04	)		0.00			0.00
Total distributions		(0.74	)		(0.85	)		(0.45	)		(0.38	)		(0.24	)		(0.38	)
Net Asset Value, End of Period	$	12.09		$	12.64		$	12.89		$	12.05		$	11.17		$	11.28
Total Return (%) (b)		1.44	(c)		4.93			10.92			11.46			1.05			11.53
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.33			0.33			0.33			0.35
Ratio of net investment income to average net assets (%) (f)		2.49	(e)(g)		0.21			2.10			2.16			2.16			2.31
Portfolio turnover rate (%)		15	(c)		15			15			10			32			16
Net assets, end of period (in millions)	$	7,825.4		$	8,304.3		$	1,678.4		$	1,618.0		$	1,498.6		$	1,364.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

(e) Computed on an annualized basis.

(f) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

(g) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 40 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios and merger adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-10

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

3. Certain Risks

Market Risk: In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,270,385,167	$	0	$	1,294,761,267

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Asset Allocation Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$2,237,114		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-11

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the six months ended June 30, 2015 is shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2015 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015
Baillie Gifford International Stock		16,663,364		251,130		(2,039,726	)		14,874,768
BlackRock Bond Income		7,261,961		339,196		(755,409	)		6,845,748
BlackRock Capital Appreciation		4,095,624		729,448		(523,208	)		4,301,864
BlackRock High Yield		5,145,360		459,072		(389,484	)		5,214,948
BlackRock Large Cap Value		17,043,410		1,625,496		(1,589,316	)		17,079,590
Clarion Global Real Estate		6,787,848		208,947		(2,007,279	)		4,989,516
ClearBridge Aggressive Growth		5,262,299		2,137,518		(419,487	)		6,980,330
Goldman Sachs Mid Cap Value		2,583,508		793,081		(205,322	)		3,171,267
Harris Oakmark International		13,047,619		1,574,543		(1,492,537	)		13,129,625
Invesco Comstock		16,019,661		981,459		(1,217,080	)		15,784,040
Invesco Small Cap Growth		6,445,844		1,655,502		(973,999	)		7,127,347
Jennison Growth		7,775,525		1,205,964		(1,085,431	)		7,896,058
JPMorgan Core Bond		68,737,222		1,401,730		(15,079,818	)		55,059,134
JPMorgan Small Cap Value		4,667,169		471,502		(363,424	)		4,775,247
Lord Abbett Bond Debenture		3,255,431		310,522		(282,011	)		3,283,942
Met/Artisan International		8,263,325		1,509,255		(570,767	)		9,201,813
Met/Artisan Mid Cap Value		155,288		21,914		(11,224	)		165,978
Met/Eaton Vance Floating Rate		16,466,536		596,557		(1,185,355	)		15,877,738
Met/Franklin Low Duration Total Return		33,991,005		1,090,163		(1,964,089	)		33,117,079
Met/Templeton International Bond		22,292,246		1,960,198		(1,026,617	)		23,225,827
MetLife Small Cap Value		4,118,035		2,056,429		(398,520	)		5,775,944
MFS Emerging Markets Equity		8,201,306		179,697		(210,839	)		8,170,164
MFS Research International		11,282,085		298,437		(1,324,127	)		10,256,395
MFS Value		16,048,262		3,236,193		(1,277,779	)		18,006,676
Neuberger Berman Genesis		4,663,646		17,919		(496,454	)		4,185,111
Oppenheimer Global Equity		2,054,951		59,520		(316,902	)		1,797,569
PIMCO Inflation Protected Bond		49,719,666		2,587,705		(1,883,629	)		50,423,742
PIMCO Total Return		98,215,823		4,993,583		(37,890,890	)		65,318,516
T. Rowe Price Large Cap Growth		8,531,107		1,255,951		(2,630,932	)		7,156,126
T. Rowe Price Large Cap Value		8,202,897		152,402		(465,527	)		7,889,772
T. Rowe Price Mid Cap Growth		3,369,713		517,637		(456,439	)		3,430,911
TCW Core Fixed Income*		—		54,137,815		(22,238	)		54,115,577
Van Eck Global Natural Resources		6,212,917		1,046,026		(615,722	)		6,643,221

MSF-12

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015
Western Asset Management Strategic Bond Opportunities		12,649,858		6,109,474		(556,018	)		18,203,314
Western Asset Management U.S. Government*		62,892,871		1,257,129		(9,936,734	)		54,213,266
WMC Core Equity Opportunities		6,833,966		3,599,162		(429,865	)		10,003,263
WMC Large Cap Research		11,612,157		907,297		(1,182,739	)		11,336,715

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of June 30, 2015. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http:// www.sec.gov.

Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios		Ending Value as of June 30, 2015
Baillie Gifford International Stock	$	2,734,376		$	—	$	2,594,758	$	156,333,811
BlackRock Bond Income		4,531,577			8,125,931		27,747,243		725,170,125
BlackRock Capital Appreciation		6,940,267			27,004,127		—		156,673,884
BlackRock High Yield		98,584			353,173		3,188,100		40,102,952
BlackRock Large Cap Value		1,161,908			12,456,440		2,783,649		157,644,615
Clarion Global Real Estate		7,592,632			—		2,394,829		57,529,124
ClearBridge Aggressive Growth		3,203,061			—		473,284		115,315,057
Goldman Sachs Mid Cap Value		501,964			9,654,242		351,326		38,943,160
Harris Oakmark International		6,864,392			17,411,674		6,096,978		194,449,748
Invesco Comstock		9,437,560			7,712,136		7,175,121		235,813,555
Invesco Small Cap Growth		7,647,514			27,519,312		168,934		117,886,314
Jennison Growth		5,812,958			17,827,274		323,133		117,967,111
JPMorgan Core Bond		782,058			—		14,251,903		563,805,531
JPMorgan Small Cap Value		612,755			6,775,753		1,065,011		78,648,322
Lord Abbett Bond Debenture		160,075			1,574,843		2,235,261		40,064,096
Met/Artisan International		330,926			—		704,119		95,422,803
Met/Artisan Mid Cap Value		1,460,137			4,835,961		458,280		39,333,379
Met/Eaton Vance Floating Rate		540,285			—		6,033,498		160,841,490
Met/Franklin Low Duration Total Return		25,914			—		10,561,508		321,898,013
Met/Templeton International Bond		1,434,930			426,695		19,841,323		240,619,572
MetLife Small Cap Value		2,760,627			28,059,269		292,838		78,957,161
MFS Emerging Markets Equity		643,599			—		1,554,331		77,453,157
MFS Research International		2,380,785			—		3,383,330		116,820,345
MFS Value		8,479,753			42,888,998		7,464,809		275,502,140
Neuberger Berman Genesis		2,966,903			—		334,488		79,014,889
Oppenheimer Global Equity		689,317			842,982		458,839		39,187,003
PIMCO Inflation Protected Bond		81,043			—		24,661,745		483,563,689
PIMCO Total Return		(111,000	)		10,092,481		46,327,289		740,711,972
T. Rowe Price Large Cap Growth		26,195,314			27,731,281		216,792		157,076,959
T. Rowe Price Large Cap Value		6,118,399			576,042		4,787,372		274,721,870
T. Rowe Price Mid Cap Growth		1,554,002			6,034,873		—		39,489,790
TCW Core Fixed Income		(1,779	)		—		—		536,285,370
Van Eck Global Natural Resources		(25,365	)		—		357,219		73,872,619
Western Asset Management Strategic Bond Opportunities		420,367			—		11,858,356		233,366,480
Western Asset Management U.S. Government		3,774,891			—		14,861,426		644,595,730
WMC Core Equity Opportunities		6,145,161			96,082,500		4,994,740		274,689,598
WMC Large Cap Research		2,436,843			11,291,014		1,504,057		157,580,343
	$	126,382,733		$	365,277,001	$	231,505,889	$	7,937,351,777

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-13

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$52,413,626	$	44,793,771	$	62,674,102	$	18,186,782	$	115,087,728	$	62,980,553

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$23,586,962	$	433,748,682	$	686,225,524	$	—	$	1,143,561,168

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 25, 2014, the Portfolio, with aggregate Class A and Class B net assets of $110,043,214 and $1,648,206,168, respectively, acquired all the assets and liabilities of both MetLife Defensive Strategy Portfolio of the Met Investors Series Trust (“MetLife Defensive Strategy”) and MetLife Moderate Strategy Portfolio of the Met Investors Series Trust (“MetLife Moderate Strategy”).

The acquisitions were accomplished by a tax-free exchange of shares of the Portfolio in the following amounts:

Portfolio	Share Class		Shares Prior to Acquisition		Value of Shares Issued by Portfolio		Shares Issued By Portfolio
MetLife Defensive Strategy		Class A		2,596	$	26,376		2,151
MetLife Defensive Strategy		Class B		239,308,576		2,419,426,306		198,639,270
MetLife Moderate Strategy		Class A		127,474		1,424,360		116,180
MetLife Moderate Strategy		Class B		435,277,824		4,850,762,217		398,256,339

Each shareholder of MetLife Defensive Strategy and MetLife Moderate Strategy received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 25, 2014. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by the MetLife Defensive Strategy and MetLife Moderate Strategy Portfolios may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. All costs associated with the merger were borne by the shareholders of the Portfolios.

MetLife Defensive Strategy’s net assets on April 25, 2014 were $26,376 and $2,419,426,306 for Class A and B shares, respectively, including investments valued at $2,420,095,150 with a cost basis of $2,283,459,843. MetLife Moderate Strategy’s net assets on April 25, 2014 were $1,424,360 and $4,850,762,217 for Class A and Class B shares, respectively, including investments valued at $4,853,371,562 with a cost basis of $4,319,481,591. For financial reporting purposes, assets received, liabilities assumed, and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from MetLife Defensive Strategy and MetLife Moderate Strategy Portfolios were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $9,029,888,641, which included $136,635,307 and $533,889,971 of acquired unrealized appreciation on investments from MetLife Defensive Strategy and MetLife Moderate Strategy, respectively.

MSF-14

Metropolitan Series Fund

MetLife Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Assuming the acquisition had been completed on January 1, 2014, the Portfolio’s pro-forma results of operations for the year ended December 31, 2014 are as follows:

Net investment income	$	154,153,884	(a)
Net realized and unrealized gain on investments	$	269,770,459	(b)
Net increase in net assets from operations	$	423,924,343

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MetLife Defensive Strategy and MetLife Moderate Strategy that have been included in the Portfolio’s Statement of Operations since April 25, 2014.

(a) $15,821,733 net investment income as reported plus $49,602,970 from MetLife Defensive Strategy pre-merger net investment income, plus $88,380,787 from MetLife Moderate Strategy pre-merger net investment income, plus $240,411 in lower net advisory fees, plus $107,983 of pro-forma eliminated other expenses.

(b) $735,647,801 unrealized appreciation as reported minus $1,218,019,715 pro-forma December 31, 2013 unrealized appreciation, plus $479,558,569 net realized gain as reported, plus $74,144,708 and $198,439,096 in net realized gain from MetLife Defensive Strategy and MetLife Moderate Strategy pre-merger, respectively.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A and B shares of the MetLife Asset Allocation 60 Portfolio returned 2.50% and 2.30%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 1.64%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets started 2015 with a gloomy sentiment driven by concerns over a World Bank report which revised down global growth, particularly in Europe, China, and Japan. Oil prices continued to plunge with another 11% drop in January. Political turmoil in Greece and disappointing earnings reports from a number of financial and industrial companies added selling pressure to the stock markets. Entering February, oil prices seem to have stabilized and news out of Greece appeared to reassure investors. Further supported by notable merger and acquisition (“M&A”) activity, the market reversed course, and gradually climbed up. Equity markets delivered strong returns broadly in the month of February. In March, the market experienced some whipsaws, and ended the month modestly lower. The next two months were relatively calm with the S&P 500 Index slowly edging up, bolstered by positive surprises on the corporate earnings front as well as strengthening job and housing markets. However, the gain was largely erased in June as the Greece debt crisis intensified. As it became clear that Greece would default on its payment due on June 30 to the International Monetary Fund (IMF), global equity markets tumbled on June 29. Major equity indices witnessed their largest one-day decline in many months.

The U.S. stock market, as measured by the S&P 500 Index, scored a 1.2% gain over the six month period. Despite a relatively benign return for the broader market, there was a dispersion of returns for the various industry sectors. Supported by rising M&A activity, the Health Care sector turned out to be best performing sector during the first half of 2015 with an impressive 9.6% return. On the other end of the spectrum, Utility stocks suffered a double digit loss, under the pressure of potential interest rates hikes. Small cap stocks, represented by the Russell 2000 Index, outpaced their large cap counterparts, advancing 4.8%. Most of the outperformance occurred in the first quarter of the year, during which a stronger dollar put a great amount of pressure on large cap stocks. Stocks with a growth orientation notably outperformed value stocks across market cap segments. Equity markets outside the U.S. in general performed better than domestic markets, bolstered by easing monetary policies implemented by a number of central banks including the European Central Bank, the Bank of Japan and the People’s Bank of China. The MSCI EAFE Index and MSCI Emerging Markets Index gained 5.5% and 2.9% in U.S. dollar terms, respectively.

Within the fixed income world, U.S. Treasury yields dropped further in the first quarter of 2015, continuing the declining trend from 2014, before reversing course in the second quarter. The 10-year Treasury yield stood at 2.35% at the end of June, compared to 2.17% at the end of 2014. With respect to the shape of the yield curve, the flattening that took place in the first quarter was more or less offset by steepening in the second quarter. As a result, the overall Barclays Treasury Index moved little over the course of the six month period. For the spread sectors, while Agency and Mortgage-Backed Securities modestly outperformed Treasuries, Investment Grade Corporates trailed. For the broad market, the Barclays U.S. Aggregate Bond Index gave up 0.1% during the reporting period. The Barclays High Yield Index, on the other hand, delivered a positive return of 2.5%. Bonds issued outside the U.S. on average were slightly down in local terms. As major currencies weakened relative to the U.S. dollar, the Barclays Global Aggregate ex-U.S. Index lost 5.4% in dollar terms.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The MetLife Asset Allocation 60 Portfolio invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 60% to equities and 40% to fixed income.

Over the six month period, the Portfolio outpaced the Dow Jones Moderate Index. While a large cap orientation vis-a-vis the Dow Jones Index within domestic equity held back the relative results, an overweight to high yield bonds and an underweight to foreign bonds added value. Strong security selection in the underlying portfolios also made positive contributions.

The domestic equity portfolios in aggregate contributed positively. Outperformance produced by growth oriented portfolios outweighed a negative impact from value portfolios. On the positive side, the Jennison Growth and T. Rowe Price Large Cap Growth Portfolios were among the top contributors. In addition to benefiting from a growth investing style, both portfolios added more value from strong stock selection and to a lesser extent, sector allocation. The Jennison Growth Portfolio outperformed its growth benchmark by a wide margin. From a stock selection perspective, the portfolio’s larger position sizes in Netflix and Amazon were exceedingly helpful, as both stocks posted strong returns. From a sector allocation perspective, an overweight to the Health Care and Consumer Discretionary sectors combined with an underweight to the Industrials sector added meaningful outperformance to the portfolio. For the T. Rowe Price Large Cap Growth Portfolio, holdings in Amazon and Netflix were also the top performers in its Consumer Discretionary sector. Contributing further were a number of bio pharmaceutical stocks which posted very strong returns during the reporting period. Sector decisions played a smaller role in this portfolio. On the negative side, the T. Rowe Price Large Cap Value and WMC Core Equity Opportunities Portfolios were among the top detractors, due largely to the value style headwind. The T. Rowe Price Large Cap Value Portfolio’s relative return was also held back by its Health Care sector, where both stock selection and an underweight position to the strong performing sector proved to be detrimental. The WMC Core Equity Opportunities Portfolio’s focus on dividend growing companies was not rewarded by the market during the six month period.

MSF-1

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Stock selection in the Health Care and Consumer Staples sectors detracted from relative return.

Among equity portfolios that invest outside the U.S., the MFS Research International Portfolio was one of the largest contributors. Strong stock selection across a broad group of companies in the Financials sector was a primary driver of performance, which accounted for nearly two thirds of the portfolio’s outperformance relative to its benchmark. The Baillie Gifford International Stock Portfolio also outperformed its benchmark, driven largely by strong stock selection in Hong Kong and the U.K. The portfolio’s holding in Hong Kong Exchanges and Clearing contributed significantly to performance as the new Shanghai-Hong Kong Stock Connect, which allows offshore investors access to the China A-Share market, was viewed by the market as a ground-breaking milestone in the development of the capital markets of Hong Kong and China. Conversely, the Clarion Global Real Estate Portfolio weighed on performance due to the Real Estate asset class being under pressure from the prospect of rising long-term interest rates as well as uncertainty surrounding Greece’s debt crisis. As oil prices continued to decline in the first quarter of the year, energy stocks underperformed the broader equity market during the six month period. In fact, the Energy sector was the second lowest performing sector during this period. As a result, the Van Eck Global Natural Resources Portfolio detracted from the overall performance even though the portfolio outpaced its asset class benchmark.

The fixed income underlying portfolios in aggregate made a positive contribution to performance. As the U.S. dollar continued to strengthen through the first quarter of 2015, many bond portfolios we held benefited from a long dollar position during the reporting period. The Met/Templeton International Bond Portfolio is a good example of the currency positioning. The portfolio’s benchmark-unconstrained approach often results in large active positions compared to its benchmark index. A sizable underweight to the euro and the Japanese yen and an overweight to the dollar worked favorably. In addition, select underweighted duration exposures in Europe further added to performance. The PIMCO Total Return and BlackRock Bond Income Portfolios were two other beneficiaries of their currency positioning (both were long the dollar). Additionally, the PIMCO portfolio’s out-of-benchmark exposures to high yield bonds and non-Agency mortgages added more value, as both sectors delivered a stronger return than the Barclays Aggregate Bond Index. For the BlackRock Bond Income Portfolio, also contributing positively were allocations to securitized assets and high yield, and security selection within U.S. investment grade credit. The fixed income markets experienced some whipsaws during the six month period with respect to the direction of interest rates and the shape of the yield curve. Over the entire period, bonds with longer maturities underperformed those with shorter maturities, which helped the Met/Franklin Low Duration Total Return Portfolio achieve a better return than some other broader based fixed income portfolios.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
MetLife Asset Allocation 60 Portfolio
Class A		2.50		3.03		10.58		6.17
Class B		2.30		2.76		10.30		5.91
Dow Jones Moderate Index		1.64		1.25		9.60		6.45

¹ The Dow Jones Moderate Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk combination will have 60% of the risk of an all equity portfolio.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
PIMCO Total Return Portfolio (Class A)		6.2
BlackRock Bond Income Portfolio (Class A)		6.2
JPMorgan Core Bond Portfolio (Class A)		4.7
MFS Value Portfolio (Class A)		4.5
TCW Core Fixed Income Portfolio (Class A)		4.4
Western Asset Management U.S. Government Portfolio (Class A)		4.1
T. Rowe Price Large Cap Value Portfolio (Class A)		4.0
WMC Core Equity Opportunities Portfolio (Class A)		4.0
BlackRock Large Cap Value Portfolio (Class A)		3.5
Invesco Comstock Portfolio (Class A)		3.5

MSF-3

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Asset Allocation 60 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.63	%	$	1,000.00	$	1,025.00	$	3.16
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class B(a)	Actual		0.88	%	$	1,000.00	$	1,023.00	$	4.41
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		37,569,910	$	394,859,759
BlackRock Bond Income Portfolio (Class A) (a)		9,377,526		993,361,369
BlackRock Capital Appreciation Portfolio (Class A) (a)		13,077,876		476,296,226
BlackRock High Yield Portfolio (Class A) (b)		12,652,515		97,297,840
BlackRock Large Cap Value Portfolio (Class A) (a)		60,526,943		558,663,683
Clarion Global Real Estate Portfolio (Class A) (b)		20,168,672		232,544,790
ClearBridge Aggressive Growth Portfolio (Class A) (b)		28,753,391		475,006,027
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		6,423,845		78,884,811
Harris Oakmark International Portfolio (Class A) (b)		31,823,928		471,312,378
Invesco Comstock Portfolio (Class A) (b)		37,363,370		558,208,741
Invesco Small Cap Growth Portfolio (Class A) (b)		16,863,697		278,925,544
Jennison Growth Portfolio (Class A) (a)		37,285,058		557,038,767
JPMorgan Core Bond Portfolio (Class A) (b)		72,884,061		746,332,785
JPMorgan Small Cap Value Portfolio (Class A) (b)		9,689,840		159,591,658
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		5,596,351		79,971,851
Lord Abbett Bond Debenture Portfolio (Class A) (b)		9,290,747		113,347,109
Met/Artisan International Portfolio (Class A) (b)		30,389,598		315,140,136
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		670,610		158,921,239
Met/Dimensional International Small Company Portfolio (Class A) (a)		11,958,189		159,641,819
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		32,104,185		325,215,398
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)		50,218,529		488,124,107
Met/Templeton International Bond Portfolio (Class A) (b)		46,943,546		486,335,138
MetLife Small Cap Value Portfolio (Class A) (b)		14,643,687		200,179,196
MFS Emerging Markets Equity Portfolio (Class A) (b)		28,412,155		269,347,228
MFS Research International Portfolio (Class A) (b)		27,637,927		314,795,991
MFS Value Portfolio (Class A) (a)		46,879,777		717,260,589
Neuberger Berman Genesis Portfolio (Class A) (a)		10,612,610		200,366,071
Oppenheimer Global Equity Portfolio (Class A) (b)		7,320,139		159,579,032
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		50,182,610		481,251,234
PIMCO Total Return Portfolio (Class A) (b)		87,979,820		997,691,163
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		21,752,709		477,471,972
Affiliated Investment Companies—(Continued)
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		18,216,918		634,313,089
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		13,922,946		160,253,108
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		10,250,072		240,569,189
TCW Core Fixed Income Portfolio (Class A) (b) (c)		70,399,666		697,660,691
Van Eck Global Natural Resources Portfolio (Class A) (a)		26,789,585		297,900,186
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		20,710,141		265,504,007
Western Asset Management U.S. Government Portfolio (Class A) (a)		54,822,129		651,835,112
WMC Core Equity Opportunities Portfolio (Class A) (a)		23,087,879		633,993,158
WMC Large Cap Research Portfolio (Class A) (b)		28,715,472		399,145,067
Total Mutual Funds (Cost $15,231,817,605)				16,004,137,258
Total Investments—100.0% (Cost $15,231,817,605) (d)				16,004,137,258
Other assets and liabilities (net)—0.0%				(4,121,655	)
Net Assets—100.0%			$	16,000,015,603

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of June 30, 2015, the aggregate cost of investments was $15,231,817,605. The aggregate unrealized appreciation and depreciation of investments were $1,206,372,897 and $(434,053,244), respectively, resulting in net unrealized appreciation of $772,319,653.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	16,004,137,258	$	—	$	—	$	16,004,137,258
Total Investments	$	16,004,137,258	$	—	$	—	$	16,004,137,258

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Affiliated investments at value (a)	$	16,004,137,258
Receivable for:
Investments sold		5,561,443
Fund shares sold		1,021,303
Total Assets		16,010,720,004
Liabilities
Payables for:
Investments purchased		14,625
Fund shares redeemed		6,568,121
Accrued expenses:
Management fees		697,166
Distribution and service fees		3,258,144
Deferred trustees’ fees		120,100
Other expenses		46,245
Total Liabilities		10,704,401
Net Assets	$	16,000,015,603
Net assets consist of:
Paid in surplus	$	13,666,918,259
Undistributed net investment income		363,702,253
Accumulated net realized gain		1,197,075,438
Unrealized appreciation on affiliated investments		772,319,653
Net Assets	$	16,000,015,603
Net Assets
Class A	$	353,986,652
Class B		15,646,028,951
Capital Shares Outstanding*
Class A		27,365,913
Class B		1,214,238,848
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.94
Class B		12.89

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $15,231,817,605.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends from Affiliated Underlying Portfolios	$	389,347,088
Total investment income		389,347,088
Expenses
Management fees		4,269,009
Administration fees		11,025
Custodian and accounting fees		12,493
Distribution and service fees—Class B		19,968,967
Audit and tax services		14,770
Legal		14,407
Trustees’ fees and expenses		19,507
Miscellaneous		11,745
Total expenses		24,321,923
Net Investment Income		365,025,165
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		336,712,982
Capital gain distributions from Affiliated Underlying Portfolios		1,020,923,092
Net realized gain		1,357,636,074
Net change in unrealized depreciation on affiliated investments		(1,340,524,820	)
Net realized and unrealized gain		17,111,254
Net Increase in Net Assets From Operations	$	382,136,419

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	365,025,165		$	55,844,631
Net realized gain		1,357,636,074			1,118,188,088
Net change in unrealized depreciation		(1,340,524,820	)		(395,614,488	)
Increase in net assets from operations		382,136,419			778,418,231
From Distributions to Shareholders
Net investment income
Class A		(2,574,394	)		(7,722,496	)
Class B		(82,914,174	)		(110,873,673	)
Net realized capital gains
Class A		(22,379,384	)		(12,992,250	)
Class B		(997,241,710	)		(208,131,280	)
Total distributions		(1,105,109,662	)		(339,719,699	)
Increase in net assets from capital share transactions		242,871,805			10,289,071,405
Total increase (decrease) in net assets		(480,101,438	)		10,727,769,937
Net Assets
Beginning of period		16,480,117,041			5,752,347,104
End of period	$	16,000,015,603		$	16,480,117,041
Undistributed net investment income
End of period	$	363,702,253		$	84,165,656

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		1,112,371		$	15,330,445			2,498,122		$	33,731,626
Shares issued through acquisition (a)		0			0			270,939			3,514,078
Reinvestments		1,909,241			24,953,778			1,605,794			20,714,746
Redemptions		(1,659,581	)		(23,000,424	)		(2,501,403	)		(33,700,936	)
Net increase		1,362,031		$	17,283,799			1,873,452		$	24,259,514
Class B
Sales		7,460,520		$	102,715,380			27,652,134		$	364,958,919
Shares issued through acquisition (a)		0			0			854,334,141			11,046,540,441
Reinvestments		82,961,281			1,080,155,884			24,786,710			319,004,953
Redemptions		(69,407,846	)		(957,283,258	)		(109,596,527	)		(1,465,692,422	)
Net increase		21,013,955		$	225,588,006			797,176,458		$	10,264,811,891
Increase derived from capital shares transactions				$	242,871,805					$	10,289,071,405

(a) See Note 9 of the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.57		$	13.74		$	11.98		$	10.83		$	11.14		$	10.09
Income (Loss) from Investment Operations
Net investment income (a)		0.33			0.21			0.25			0.23			0.22			0.20
Net realized and unrealized gain (loss) on investments		0.02			0.48			1.89			1.21			(0.34	)		1.14
Total from investment operations		0.35			0.69			2.14			1.44			(0.12	)		1.34
Less Distributions
Distributions from net investment income		(0.10	)		(0.32	)		(0.28	)		(0.29	)		(0.19	)		(0.29	)
Distributions from net realized capital gains		(0.88	)		(0.54	)		(0.10	)		0.00			0.00			0.00
Total distributions		(0.98	)		(0.86	)		(0.38	)		(0.29	)		(0.19	)		(0.29	)
Net Asset Value, End of Period	$	12.94		$	13.57		$	13.74		$	11.98		$	10.83		$	11.14
Total Return (%) (b)		2.50	(c)		5.29			18.29			13.47			(1.14	)		13.47
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.05	(e)		0.05			0.06			0.06			0.06			0.06
Ratio of net investment income to average net assets (%) (f)		2.33	(e)(g)		1.58			1.95			2.03			1.99			1.95
Portfolio turnover rate (%)		11	(c)		16			15			11			41			14
Net assets, end of period (in millions)	$	354.0		$	353.0		$	331.6		$	274.8		$	239.0		$	233.4
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.52		$	13.69		$	11.94		$	10.79		$	11.10		$	10.06
Income (Loss) from Investment Operations
Net investment income (a)		0.31			0.05			0.22			0.21			0.19			0.17
Net realized and unrealized gain (loss) on investments		0.01			0.61			1.88			1.20			(0.33	)		1.14
Total from investment operations		0.32			0.66			2.10			1.41			(0.14	)		1.31
Less Distributions
Distributions from net investment income		(0.07	)		(0.29	)		(0.25	)		(0.26	)		(0.17	)		(0.27	)
Distributions from net realized capital gains		(0.88	)		(0.54	)		(0.10	)		0.00			0.00			0.00
Total distributions		(0.95	)		(0.83	)		(0.35	)		(0.26	)		(0.17	)		(0.27	)
Net Asset Value, End of Period	$	12.89		$	13.52		$	13.69		$	11.94		$	10.79		$	11.10
Total Return (%) (b)		2.30	(c)		5.05			17.98			13.24			(1.37	)		13.17
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.30	(e)		0.30			0.31			0.31			0.31			0.31
Ratio of net investment income to average net assets (%) (f)		2.06	(e)(g)		0.39			1.71			1.81			1.74			1.64
Portfolio turnover rate (%)		11	(c)		16			15			11			41			14
Net assets, end of period (in millions)	$	15,646.0		$	16,127.1		$	5,420.8		$	4,800.4		$	4,461.4		$	4,219.7

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

(e) Computed on an annualized basis.

(f) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

(g) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 60 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios and merger adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

Market Risk: In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and

MSF-10

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

counterparty risk”). The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	2,317,360,871	$	0	$	1,793,857,766

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Asset Allocation Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$4,269,009		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other

MSF-11

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the six months ended June 30, 2015 is shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2015 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015
Baillie Gifford International Stock		40,371,694		632,292		(3,434,076	)		37,569,910
BlackRock Bond Income		9,656,362		476,270		(755,106	)		9,377,526
BlackRock Capital Appreciation		12,284,829		2,213,981		(1,420,934	)		13,077,876
BlackRock High Yield		11,981,367		1,112,928		(441,780	)		12,652,515
BlackRock Large Cap Value*		59,755,727		5,753,678		(4,982,462	)		60,526,943
Clarion Global Real Estate		26,943,803		839,931		(7,615,062	)		20,168,672
ClearBridge Aggressive Growth		31,566,793		117,343		(2,930,745	)		28,753,391
Goldman Sachs Mid Cap Value		5,187,761		1,604,120		(368,036	)		6,423,845
Harris Oakmark International		30,304,290		3,822,517		(2,302,879	)		31,823,928
Invesco Comstock		37,280,225		2,310,353		(2,227,208	)		37,363,370
Invesco Small Cap Growth		17,210,807		3,899,073		(4,246,183	)		16,863,697
Jennison Growth		36,050,742		5,684,313		(4,449,997	)		37,285,058
JPMorgan Core Bond*		86,347,118		1,930,680		(15,393,737	)		72,884,061
JPMorgan Small Cap Value*		9,473,130		952,275		(735,565	)		9,689,840
Loomis Sayles Small Cap Growth		5,764,191		725,190		(893,030	)		5,596,351
Lord Abbett Bond Debenture		8,897,334		877,215		(483,802	)		9,290,747
Met/Artisan International*		31,859,594		231,205		(1,701,201	)		30,389,598
Met/Artisan Mid Cap Value		616,033		88,500		(33,923	)		670,610
Met/Dimensional International Small Company		10,408,592		2,380,480		(830,883	)		11,958,189
Met/Eaton Vance Floating Rate*		31,866,281		1,205,630		(967,726	)		32,104,185
Met/Franklin Low Duration Total Return*		49,100,578		1,666,943		(548,992	)		50,218,529
Met/Templeton International Bond*		43,125,365		3,968,986		(150,805	)		46,943,546
MetLife Small Cap Value		10,267,739		5,195,811		(819,863	)		14,643,687
MFS Emerging Markets Equity		27,540,483		928,510		(56,838	)		28,412,155
MFS Research International		28,966,078		804,937		(2,133,088	)		27,637,927
MFS Value		41,233,752		8,417,704		(2,771,679	)		46,879,777
Neuberger Berman Genesis		13,965,922		44,539		(3,397,851	)		10,612,610
Oppenheimer Global Equity		4,009,453		3,593,608		(282,922	)		7,320,139
PIMCO Inflation Protected Bond		48,046,122		2,577,883		(441,395	)		50,182,610
PIMCO Total Return		109,492,403		6,246,011		(27,758,594	)		87,979,820
T. Rowe Price Large Cap Growth		20,330,575		3,810,311		(2,388,177	)		21,752,709
T. Rowe Price Large Cap Value		18,758,082		347,938		(889,102	)		18,216,918
T. Rowe Price Mid Cap Growth		13,516,410		2,094,453		(1,687,917	)		13,922,946
T. Rowe Price Small Cap Growth		10,860,366		878,577		(1,488,871	)		10,250,072
TCW Core Fixed Income*		—		70,429,256		(29,590	)		70,399,666
Van Eck Global Natural Resources*		23,863,380		4,628,908		(1,702,703	)		26,789,585
Western Asset Management Strategic Bond Opportunities		14,471,654		6,259,901		(21,414	)		20,710,141
Western Asset Management U.S. Government*		67,570,527		1,285,337		(14,033,735	)		54,822,129

MSF-12

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015
WMC Core Equity Opportunities		15,574,285		8,303,442		(789,848	)		23,087,879
WMC Large Cap Research		29,055,659		2,292,135		(2,632,322	)		28,715,472

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of June 30, 2015. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios			Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios		Ending Value as of June 30, 2015
Baillie Gifford International Stock	$	5,195,204		$	—	$	6,547,750	$	394,859,759
BlackRock Bond Income		3,333,541			11,387,996		38,886,063		993,361,369
BlackRock Capital Appreciation		18,296,705			82,065,476		—		476,296,226
BlackRock High Yield		107,234			854,991		7,718,026		97,297,840
BlackRock Large Cap Value		133,222			44,183,742		9,873,770		558,663,683
Clarion Global Real Estate		40,987,301			—		9,681,194		232,544,790
ClearBridge Aggressive Growth		35,351,873			—		1,958,508		475,006,027
Goldman Sachs Mid Cap Value		1,308,576			19,530,759		710,740		78,884,811
Harris Oakmark International		11,106,734			42,187,356		14,772,583		471,312,378
Invesco Comstock		16,112,554			18,214,582		16,946,256		558,208,741
Invesco Small Cap Growth		16,958,488			64,865,456		398,192		278,925,544
Jennison Growth		26,847,948			84,129,467		1,524,907		557,038,767
JPMorgan Core Bond		13,424			—		19,515,894		746,332,785
JPMorgan Small Cap Value		1,168,306			13,688,077		2,151,490		159,591,658
Loomis Sayles Small Cap Growth		3,617,017			10,350,547		—		79,971,851
Lord Abbett Bond Debenture		611,959			4,448,883		6,314,543		113,347,109
Met/Artisan International		1,305,900			—		2,326,030		315,140,136
Met/Artisan Mid Cap Value		6,063,568			19,535,823		1,851,315		158,921,239
Met/Dimensional International Small Company		2,241,644			25,508,418		3,016,065		159,641,819
Met/Eaton Vance Floating Rate		471,635			—		12,173,661		325,215,398
Met/Franklin Low Duration Total Return		(17,492	)		—		15,983,352		488,124,107
Met/Templeton International Bond		188,129			860,663		40,020,823		486,335,138
MetLife Small Cap Value		3,767,565			70,865,091		739,579		200,179,196
MFS Emerging Markets Equity		207,249			—		5,403,931		269,347,228
MFS Research International		4,445,200			—		9,110,613		314,795,991
MFS Value		25,796,003			111,625,992		19,428,451		717,260,589
Neuberger Berman Genesis		22,690,236			—		844,713		200,366,071
Oppenheimer Global Equity		553,172			3,362,712		1,830,337		159,579,032
PIMCO Inflation Protected Bond		(263,595	)		—		24,452,946		481,251,234
PIMCO Total Return		941,444			12,607,739		57,873,022		997,691,163
T. Rowe Price Large Cap Growth		22,468,545			84,228,433		658,463		477,471,972
T. Rowe Price Large Cap Value		17,745,675			1,330,268		11,055,607		634,313,089
T. Rowe Price Mid Cap Growth		7,824,742			24,420,164		—		160,253,108
T. Rowe Price Small Cap Growth		7,748,569			20,393,517		324,768		240,569,189
TCW Core Fixed Income		(2,367	)		—		—		697,660,691
Van Eck Global Natural Resources		3,212,945			—		1,440,787		297,900,186
Western Asset Management Strategic Bond Opportunities		25,227			—		13,489,641		265,504,007
Western Asset Management U.S. Government		6,289,966			—		14,994,544		651,835,112
WMC Core Equity Opportunities		16,786,628			221,736,710		11,526,730		633,993,158
WMC Large Cap Research		5,072,308			28,540,230		3,801,794		399,145,067
	$	336,712,982		$	1,020,923,092	$	389,347,088	$	16,004,137,258

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

MSF-13

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$123,142,634	$	105,455,758	$	216,577,065	$	42,738,328	$	339,719,699	$	148,194,086

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$87,172,559	$	1,015,967,392	$	1,953,047,887	$	—	$	3,056,187,838

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 25, 2014, the Portfolio, with aggregate Class A and Class B net assets of $335,269,853 and $5,341,696,130, respectively, acquired all of the assets and liabilities of MetLife Balanced Strategy Portfolio of the Met Investors Series Trust (“MetLife Balanced Strategy”).

The acquisition was accomplished by a tax-free exchange of 270,939 Class A shares of the Portfolio (valued at $3,514,078) for 296,996 Class A shares of MetLife Balanced Strategy and 854,334,141 Class B shares of the Portfolio (valued at $11,046,540,441) for 936,790,443 Class B shares of MetLife Balanced Strategy. Each shareholder of MetLife Balanced Strategy received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 25, 2014. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by MetLife Balanced Strategy may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. All costs associated with the merger were borne by the shareholders of the Portfolio.

MetLife Balanced Strategy’s net assets on April 25, 2014, were $3,514,078 and $11,046,540,441 for Class A and Class B shares, respectively, including investments valued at $11,052,624,568 with a cost basis of $9,509,489,354. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from MetLife Balanced Strategy were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $16,727,020,502, which included $1,543,135,214 of acquired unrealized appreciation.

Assuming the acquisition had been completed on January 1, 2014, the Portfolio’s pro-forma results of operations for the year ended December 31, 2014 are as follows:

Net investment income	$	228,457,836	(a)
Net realized and unrealized gain on investments	$	611,797,014	(b)
Net increase in net assets from operations	$	840,254,850

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MetLife Balanced Strategy that have been included in the Portfolio’s Statement of Operations since April 25, 2014.

(a) $55,844,631 net investment income as reported, plus $172,432,275 from MetLife Balanced Strategy pre-merger net investment income, plus $120,205 in lower advisory fees, plus $60,725 of pro-forma eliminated other expenses.

(b) $2,112,844,473 unrealized appreciation as reported, minus $3,161,050,146 pro-forma December 31, 2013 unrealized Appreciation, plus $1,118,188,088 net realized gain as reported, plus $541,814,599 in net realized gain from MetLife Balanced Strategy pre-merger.

MSF-14

Metropolitan Series Fund

MetLife Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A and B shares of the MetLife Asset Allocation 80 Portfolio returned 3.23% and 3.18%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Index¹, returned 2.71%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets started 2015 with a gloomy sentiment driven by concerns over a World Bank report which revised down global growth, particularly in Europe, China, and Japan. Oil prices continued to plunge with another 11% drop in January. Political turmoil in Greece and disappointing earnings reports from a number of financial and industrial companies added selling pressure to the stock markets. Entering February, oil prices seem to have stabilized and news out of Greece appeared to reassure investors. Further supported by notable merger and acquisition (“M&A”) activity, the market reversed course, and gradually climbed up. Equity markets delivered strong returns broadly in the month of February. In March, the market experienced some whipsaws, and ended the month modestly lower. The next two months were relatively calm with the S&P 500 Index slowly edging up, bolstered by positive surprises on the corporate earnings front as well as strengthening job and housing markets. However, the gain was largely erased in June as the Greece debt crisis intensified. As it became clear that Greece would default on its payment due on June 30 to the International Monetary Fund (IMF), global equity markets tumbled on June 29. Major equity indices witnessed their largest one-day decline in many months.

The U.S. stock market, as measured by the S&P 500 Index, scored a 1.2% gain over the six month period. Despite a relatively benign return for the broader market, there was a dispersion of returns for the various industry sectors. Supported by rising M&A activity, the Health Care sector turned out to be best performing sector during the first half of 2015 with an impressive 9.6% return. On the other end of the spectrum, Utility stocks suffered a double digit loss, under the pressure of potential interest rates hikes. Small cap stocks, represented by the Russell 2000 Index, outpaced their large cap counterparts, advancing 4.8%. Most of the outperformance occurred in the first quarter of the year, during which a stronger dollar put a great amount of pressure on large cap stocks. Stocks with a growth orientation notably outperformed value stocks across market cap segments. Equity markets outside the U.S. in general performed better than domestic markets, bolstered by easing monetary policies implemented by a number of central banks including the European Central Bank, the Bank of Japan and the People’s Bank of China. The MSCI EAFE Index and MSCI Emerging Markets Index gained 5.5% and 2.9% in U.S. dollar terms, respectively.

Within the fixed income world, U.S. Treasury yields dropped further in the first quarter of 2015, continuing the declining trend from 2014, before reversing course in the second quarter. The 10-year Treasury yield stood at 2.35% at the end of June, compared to 2.17% at the end of 2014. With respect to the shape of the yield curve, the flattening that took place in the first quarter was more or less offset by steepening in the second quarter. As a result, the overall Barclays Treasury Index moved little over the course of the six month period. For the spread sectors, while Agency and Mortgage-Backed Securities modestly outperformed Treasuries, Investment Grade Corporates trailed. For the broad market, the Barclays U.S. Aggregate Bond Index gave up 0.1% during the reporting period. The Barclays High Yield Index, on the other hand, delivered a positive return of 2.5%. Bonds issued outside the U.S. on average were slightly down in local terms. As major currencies weakened relative to the U.S. dollar, the Barclays Global Aggregate ex-U.S. Index lost 5.4% in dollar terms.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The MetLife Asset Allocation 80 Portfolio invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 80% to equities and 20% to fixed income.

Over the six month period, the Portfolio outpaced the Dow Jones Moderately Aggressive Index. While a large cap orientation vis-a-vis the Dow Jones Index within domestic equity held back the relative results, an overweight to high yield bonds and an underweight to foreign bonds added value. Strong security selection in the underlying portfolios also made positive contributions.

The domestic equity portfolios in aggregate contributed strongly to performance. Due to the “growth of capital” investment objective, the MetLife Asset Allocation 80 Portfolio is positioned more towards growth oriented portfolios, which served as a tailwind during the six month period, as growth stocks significantly outperformed their value counterparts. Positive contributions produced by growth oriented portfolios outweighed a negative impact from value portfolios. On the positive side, the Jennison Growth and T. Rowe Price Large Cap Growth Portfolios were among the top contributors. In addition to benefiting from a growth investing style, both portfolios added more value from strong stock selection and to a lesser extent, sector allocation. The Jennison Growth Portfolio outperformed its growth benchmark by a wide margin. From a stock selection perspective, the portfolio’s larger position sizes in Netflix and Amazon were exceedingly helpful as both stocks posted strong returns. From a sector allocation perspective, an overweight to the Health Care and Consumer Discretionary sectors combined with an underweight to the Industrials sector added meaningful outperformance to the portfolio. For the T. Rowe Price Large Cap Growth Portfolio, holdings in Amazon and Netflix were also the top performers in its Consumer Discretionary sector. Contributing further were a number of bio pharmaceutical stocks which posted very strong returns during the reporting period. Sector decisions played a smaller role in this portfolio. On the negative side, the T. Rowe Price Large Cap Value and WMC Core Equity Opportunities Portfolios were among the top detractors, due largely to the value style headwind. The T. Rowe Price Large Cap Value Portfolio’s relative return was also held back

MSF-1

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

by its Health Care sector, where both stock selection and an underweight position to the strong performing sector proved to be detrimental. The WMC Core Equity Opportunities Portfolio’s focus on dividend growing companies was not rewarded by the market during the six month period. Stock selection in the Health Care and Consumer Staples sectors detracted from relative return.

Among equity portfolios that invest outside the U.S., the Met/Dimensional International Small Company Portfolio was the top contributor, as small cap stocks noticeably outperformed large cap stocks worldwide. The MFS Research International Portfolio contributed positively as well. Strong stock selection across a broad group of companies in the Financials sector was a primary driver of performance, which accounted for nearly two thirds of the portfolio’s outperformance relative to its benchmark. The Baillie Gifford International Stock Portfolio also outperformed its benchmark, driven largely by strong stock selection in Hong Kong and the U.K. The portfolio’s holding in Hong Kong Exchanges and Clearing contributed significantly to performance as the new Shanghai-Hong Kong Stock Connect, which allows offshore investors access to the China A-Share market, was viewed by the market as a ground-breaking milestone in the development of the capital markets of Hong Kong and China. Conversely, the Clarion Global Real Estate Portfolio weighed on performance due to the Real Estate asset class being under pressure from the prospect of rising long-term interest rates as well as uncertainty surrounding Greece’s debt crisis. As oil price continued to decline in the first quarter of the year, energy stocks underperformed the broader equity market during the six month period. In fact, the Energy sector was the second lowest performing sector during this period. As a result, the Van Eck Global Natural Resources Portfolio detracted from the overall performance even though the portfolio outpaced its asset class benchmark.

The fixed income underlying portfolios in aggregate made a positive contribution to performance. As the U.S. dollar continued to strengthen through the first quarter of 2015, many bond portfolios we held benefited from a long dollar position during the reporting period. The Met/Templeton International Bond Portfolio is a good example of the currency positioning. The portfolio’s benchmark-unconstrained approach often results in large active positions compared to its benchmark index. A sizable underweight to the euro and the Japanese yen and an overweight to the dollar worked favorably. In addition, select underweighted duration exposures in Europe further added to performance. The PIMCO Total Return and BlackRock Bond Income Portfolios were two other beneficiaries of their currency positioning (both were long the dollar). Additionally, the PIMCO portfolio’s out-of-benchmark exposures to high yield bonds and non-Agency mortgages added more value, as both sectors delivered a stronger return than the Barclays Aggregate Bond Index. For the BlackRock Bond Income Portfolio, also contributing positively were allocations to securitized assets and high yield, and security selection within U.S. investment grade credit.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY AGGRESSIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
MetLife Asset Allocation 80 Portfolio
Class A		3.23		3.43		12.74		6.45
Class B		3.18		3.18		12.48		6.19
Dow Jones Moderately Aggressive Index		2.71		2.44		11.98		7.35

¹ The Dow Jones Moderately Aggressive Index is a total returns index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk combination will have 80% of the risk of an all equity portfolio.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Jennison Growth Portfolio (Class A)		5.1
MFS Value Portfolio (Class A)		5.0
T. Rowe Price Large Cap Growth Portfolio (Class A)		4.5
Invesco Comstock Portfolio (Class A)		4.5
T. Rowe Price Large Cap Value Portfolio (Class A)		4.5
WMC Core Equity Opportunities Portfolio (Class A)		4.5
ClearBridge Aggressive Growth Portfolio (Class A)		4.5
Harris Oakmark International Portfolio (Class A)		4.0
BlackRock Capital Appreciation Portfolio (Class A)		3.5
BlackRock Large Cap Value Portfolio (Class A)		3.5

MSF-3

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Asset Allocation 80 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.70	%	$	1,000.00	$	1,032.30	$	3.53
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51
Class B(a)	Actual		0.95	%	$	1,000.00	$	1,031.80	$	4.79
	Hypothetical*		0.95	%	$	1,000.00	$	1,020.08	$	4.76

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		40,423,398	$	424,849,910
BlackRock Bond Income Portfolio (Class A) (a)		3,448,834		365,335,017
BlackRock Capital Appreciation Portfolio (Class A) (a)		11,797,865		429,678,238
BlackRock High Yield Portfolio (Class A) (b)		8,024,243		61,706,427
BlackRock Large Cap Value Portfolio (Class A) (a)		46,524,038		429,416,875
Clarion Global Real Estate Portfolio (Class A) (b)		25,822,234		297,730,359
ClearBridge Aggressive Growth Portfolio (Class A) (b)		33,207,998		548,596,134
Frontier Mid Cap Growth Portfolio (Class A) (a)		1,707,712		61,631,309
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		14,825,594		182,058,299
Harris Oakmark International Portfolio (Class A) (b)		32,626,288		483,195,331
Invesco Comstock Portfolio (Class A) (b)		36,891,508		551,159,134
Invesco Mid Cap Value Portfolio (Class A) (b)		3,037,641		61,785,610
Invesco Small Cap Growth Portfolio (Class A) (b)		20,496,345		339,009,550
Jennison Growth Portfolio (Class A) (a)		41,297,641		616,986,752
JPMorgan Core Bond Portfolio (Class A) (b)		24,737,486		253,311,861
JPMorgan Small Cap Value Portfolio (Class A) (b)		11,185,346		184,222,654
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		13,041,280		186,359,897
Lord Abbett Bond Debenture Portfolio (Class A) (b)		15,188,014		185,293,775
Met/Artisan International Portfolio (Class A) (b)		33,940,698		351,965,041
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		515,498		122,162,705
Met/Dimensional International Small Company Portfolio (Class A) (a)		18,348,387		244,950,970
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		12,201,333		123,599,500
Met/Templeton International Bond Portfolio (Class A) (b)		34,886,788		361,427,129
MetLife Small Cap Value Portfolio (Class A) (b)		13,517,078		184,778,454
MFS Emerging Markets Equity Portfolio (Class A) (b)		30,859,457		292,547,651
MFS Research International Portfolio (Class A) (b)		31,892,868		363,259,769
MFS Value Portfolio (Class A) (a)		40,144,188		614,206,070
Affiliated Investment Companies—(Continued)
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b) (c)		3,603,200		61,110,275
Neuberger Berman Genesis Portfolio (Class A) (a)		4,902,260		92,554,667
Oppenheimer Global Equity Portfolio (Class A) (b)		5,635,770		122,859,790
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		18,713,002		179,457,693
PIMCO Total Return Portfolio (Class A) (b)		32,813,653		372,106,828
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		25,205,566		553,262,165
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		15,776,709		549,344,993
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		10,712,684		123,302,988
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		7,913,918		185,739,644
TCW Core Fixed Income Portfolio (Class A) (b) (c)		23,948,072		237,325,392
Van Eck Global Natural Resources Portfolio (Class A) (a)		30,960,652		344,282,451
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		9,533,239		122,216,126
WMC Core Equity Opportunities Portfolio (Class A) (a)		19,994,822		549,057,802
WMC Large Cap Research Portfolio (Class A) (b)		26,564,888		369,251,937
Total Mutual Funds (Cost $11,145,361,052)				12,183,097,172
Total Investments—100.0% (Cost $11,145,361,052) (d)				12,183,097,172
Other assets and liabilities (net)—0.0%				(3,204,649	)
Net Assets—100.0%			$	12,179,892,523

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of June 30, 2015, the aggregate cost of investments was $11,145,361,052. The aggregate unrealized appreciation and depreciation of investments were $1,316,350,353 and $(278,614,233), respectively, resulting in net unrealized appreciation of $1,037,736,120.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	12,183,097,172	$	—	$	—	$	12,183,097,172
Total Investments	$	12,183,097,172	$	—	$	—	$	12,183,097,172

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Affiliated investments at value (a)	$	12,183,097,172
Receivable for:
Investments sold		573,520
Fund shares sold		2,256,631
Total Assets		12,185,927,323
Liabilities
Payables for:
Investments purchased		113,834
Fund shares redeemed		2,716,317
Accrued expenses:
Management fees		540,195
Distribution and service fees		2,462,723
Deferred trustees’ fees		154,919
Other expenses		46,812
Total Liabilities		6,034,800
Net Assets	$	12,179,892,523
Net assets consist of:
Paid in surplus	$	9,814,478,116
Undistributed net investment income		224,620,235
Accumulated net realized gain		1,103,058,052
Unrealized appreciation on affiliated investments		1,037,736,120
Net Assets	$	12,179,892,523
Net Assets
Class A	$	404,772,479
Class B		11,775,120,044
Capital Shares Outstanding*
Class A		27,622,168
Class B		806,197,724
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.65
Class B		14.61

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $11,145,361,052.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends from Affiliated Underlying Portfolios	$	244,403,142
Total investment income		244,403,142
Expenses
Management fees		3,283,752
Administration fees		11,025
Custodian and accounting fees		12,493
Distribution and service fees—Class B		14,986,338
Audit and tax services		14,770
Legal		14,564
Trustees’ fees and expenses		19,507
Miscellaneous		9,317
Total expenses		18,351,766
Net Investment Income		226,051,376
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		295,352,073
Capital gain distributions from Affiliated Underlying Portfolios		1,016,168,388
Net realized gain		1,311,520,461
Net change in unrealized depreciation on affiliated investments		(1,149,631,008	)
Net realized and unrealized gain		161,889,453
Net Increase in Net Assets From Operations	$	387,940,829

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	226,051,376		$	17,764,059
Net realized gain		1,311,520,461			924,453,529
Net change in unrealized depreciation		(1,149,631,008	)		(300,355,707	)
Increase in net assets from operations		387,940,829			641,861,881
From Distributions to Shareholders
Net investment income
Class A		(2,097,361	)		(6,892,559	)
Class B		(38,532,004	)		(49,304,918	)
Net realized capital gains
Class A		(17,880,004	)		0
Class B		(525,576,538	)		0
Total distributions		(584,085,907	)		(56,197,477	)
Increase (decrease) in net assets from capital share transactions		(53,368,739	)		8,435,684,792
Total increase (decrease) in net assets		(249,513,817	)		9,021,349,196
Net Assets
Beginning of period		12,429,406,340			3,408,057,144
End of period	$	12,179,892,523		$	12,429,406,340
Undistributed net investment income
End of period	$	224,620,235		$	39,198,224

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		1,018,942		$	15,619,908			2,902,533		$	42,326,205
Shares issued through acquisition (a)		0			0			484,673			6,867,812
Reinvestments		1,344,372			19,977,365			489,529			6,892,559
Redemptions		(1,245,456	)		(19,097,776	)		(2,713,104	)		(39,857,607	)
Net increase		1,117,858		$	16,499,497			1,163,631		$	16,228,969
Class B
Sales		5,105,523		$	78,194,947			30,698,962		$	439,264,550
Shares issued through acquisition (a)		0			0			640,104,987			9,051,084,521
Reinvestments		38,089,706			564,108,542			3,509,247			49,304,918
Redemptions		(46,638,131	)		(712,171,725	)		(76,601,959	)		(1,120,198,166	)
Net increase (decrease)		(3,442,902	)	$	(69,868,236	)		597,711,237		$	8,419,455,823
Increase (decrease) derived from capital shares transactions				$	(53,368,739	)				$	8,435,684,792

(a) See Note 9 of the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.92		$	14.41		$	11.78		$	10.39		$	10.94		$	9.74
Income (Loss) from Investment Operations
Net investment income (a)		0.30			0.18			0.21			0.18			0.18			0.14
Net realized and unrealized gain (loss) on investments		0.19			0.60			2.64			1.45			(0.55	)		1.29
Total from investment operations		0.49			0.78			2.85			1.63			(0.37	)		1.43
Less Distributions
Distributions from net investment income		(0.08	)		(0.27	)		(0.22	)		(0.24	)		(0.18	)		(0.23	)
Distributions from net realized capital gains		(0.68	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(0.76	)		(0.27	)		(0.22	)		(0.24	)		(0.18	)		(0.23	)
Net Asset Value, End of Period	$	14.65		$	14.92		$	14.41		$	11.78		$	10.39		$	10.94
Total Return (%) (b)		3.23	(c)		5.53			24.51			15.82			(3.55	)		14.89
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.05	(e)		0.06			0.07			0.07			0.07			0.07
Ratio of net investment income to average net assets (%) (f)		1.93	(e)(g)		1.26			1.65			1.60			1.66			1.45
Portfolio turnover rate (%)		8	(c)		22			13			13			46			17
Net assets, end of period (in millions)	$	404.8		$	395.4		$	365.2		$	290.4		$	246.1		$	246.0
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.86		$	14.36		$	11.73		$	10.36		$	10.91		$	9.71
Income (Loss) from Investment Operations
Net investment income (a)		0.28			0.02			0.19			0.15			0.16			0.12
Net realized and unrealized gain (loss) on investments		0.20			0.72			2.63			1.43			(0.56	)		1.29
Total from investment operations		0.48			0.74			2.82			1.58			(0.40	)		1.41
Less Distributions
Distributions from net investment income		(0.05	)		(0.24	)		(0.19	)		(0.21	)		(0.15	)		(0.21	)
Distributions from net realized capital gains		(0.68	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(0.73	)		(0.24	)		(0.19	)		(0.21	)		(0.15	)		(0.21	)
Net Asset Value, End of Period	$	14.61		$	14.86		$	14.36		$	11.73		$	10.36		$	10.91
Total Return (%) (b)		3.18	(c)		5.23			24.31			15.39			(3.77	)		14.70
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.30	(e)		0.31			0.32			0.32			0.32			0.32
Ratio of net investment income to average net assets (%) (f)		1.65	(e)(g)		0.14			1.43			1.38			1.44			1.24
Portfolio turnover rate (%)		8	(c)		22			13			13			46			17
Net assets, end of period (in millions)	$	11,775.1		$	12,034.0		$	3,042.8		$	2,608.8		$	2,432.1		$	2,678.3

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

(e) Computed on an annualized basis.

(f) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

(g) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 80 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios and merger adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-10

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

3. Certain Risks

Market Risk: In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,614,079,535	$	0	$	1,009,431,846

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Asset Allocation Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$3,283,752		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-11

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the six months ended June 30, 2015 is shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2015 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015
Baillie Gifford International Stock		42,715,394		666,170		(2,958,166	)		40,423,398
BlackRock Bond Income		3,341,608		173,997		(66,771	)		3,448,834
BlackRock Capital Appreciation		10,861,435		1,973,229		(1,036,799	)		11,797,865
BlackRock High Yield		7,394,358		709,360		(79,475	)		8,024,243
BlackRock Large Cap Value*		45,207,131		4,398,456		(3,081,549	)		46,524,038
Clarion Global Real Estate		30,622,053		1,088,645		(5,888,464	)		25,822,234
ClearBridge Aggressive Growth		35,843,178		133,933		(2,769,113	)		33,207,998
Frontier Mid Cap Growth		1,707,100		208,997		(208,385	)		1,707,712
Goldman Sachs Mid Cap Value*		11,803,747		3,681,491		(659,644	)		14,825,594
Harris Oakmark International		30,480,871		3,905,344		(1,759,927	)		32,626,288
Invesco Comstock		36,259,939		2,271,915		(1,640,346	)		36,891,508
Invesco Mid Cap Value		3,133,964		159,269		(255,592	)		3,037,641
Invesco Small Cap Growth		19,526,083		4,693,181		(3,722,919	)		20,496,345
Jennison Growth		38,956,276		6,209,488		(3,868,123	)		41,297,641
JPMorgan Core Bond		35,313,087		811,432		(11,387,033	)		24,737,486
JPMorgan Small Cap Value*		10,783,161		1,092,624		(690,439	)		11,185,346
Loomis Sayles Small Cap Growth*		13,157,347		1,673,106		(1,789,173	)		13,041,280
Lord Abbett Bond Debenture		14,272,422		1,434,786		(519,194	)		15,188,014
Met/Artisan International*		30,008,134		4,238,728		(306,164	)		33,940,698
Met/Artisan Mid Cap Value		453,311		67,882		(5,695	)		515,498
Met/Dimensional International Small Company*		15,594,645		3,702,781		(949,039	)		18,348,387
Met/Eaton Vance Floating Rate		11,850,275		465,182		(114,124	)		12,201,333
Met/Templeton International Bond		31,941,703		2,998,421		(53,336	)		34,886,788
MetLife Small Cap Value		9,309,940		4,771,421		(564,283	)		13,517,078
MFS Emerging Markets Equity		29,801,955		1,091,368		(33,866	)		30,859,457
MFS Research International		32,667,549		915,220		(1,689,901	)		31,892,868
MFS Value		34,787,212		7,160,516		(1,803,540	)		40,144,188
Morgan Stanley Mid Cap Growth		3,802,474		447		(199,721	)		3,603,200
Neuberger Berman Genesis		7,048,210		20,347		(2,166,297	)		4,902,260
Oppenheimer Global Equity		6,016,507		184,401		(565,138	)		5,635,770
PIMCO Inflation Protected Bond		17,687,177		1,052,016		(26,191	)		18,713,002
PIMCO Total Return		35,737,417		2,220,722		(5,144,486	)		32,813,653
T. Rowe Price Large Cap Growth		23,082,429		4,367,990		(2,244,853	)		25,205,566

MSF-12

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2014			Shares purchased		Shares sold			Number of shares held at June 30, 2015
T. Rowe Price Large Cap Value		15,990,367			300,495		(514,153	)		15,776,709
T. Rowe Price Mid Cap Growth		10,254,499			1,601,841		(1,143,656	)		10,712,684
T. Rowe Price Small Cap Growth		8,228,480			672,503		(987,065	)		7,913,918
TCW Core Fixed Income		—			23,953,915		(5,843	)		23,948,072
Van Eck Global Natural Resources*		26,821,984			5,338,337		(1,199,669	)		30,960,652
Western Asset Management Strategic Bond Opportunities		9,055,632			494,614		(17,007	)		9,533,239
WMC Core Equity Opportunities		13,276,452			7,166,441		(448,071	)		19,994,822
WMC Large Cap Research		26,456,001			2,104,607		(1,995,720	)		26,564,888
*           The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of June 30,2015. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2015
Baillie Gifford International Stock	$	10,435,983		$	—	$	7,041,946		$	424,849,910
BlackRock Bond Income		458,258			4,074,002		13,911,306			365,335,017
BlackRock Capital Appreciation		13,736,834			73,143,827		1			429,678,238
BlackRock High Yield		5,236			543,298		4,904,362			61,706,427
BlackRock Large Cap Value		4,409,259			33,792,693		7,551,676			429,416,875
Clarion Global Real Estate		9,685,460			—		12,390,901			297,730,359
ClearBridge Aggressive Growth		33,153,609			—		2,256,768			548,596,134
Frontier Mid Cap Growth		1,641,798			7,632,567		—			61,631,309
Goldman Sachs Mid Cap Value		5,639,147			44,823,918		1,631,180			182,058,299
Harris Oakmark International		15,926,169			43,242,536		15,142,071			483,195,331
Invesco Comstock		16,317,606			17,923,241		16,675,200			551,159,134
Invesco Mid Cap Value		568,983			2,844,319		417,515			61,785,610
Invesco Small Cap Growth		43,203,315			78,077,419		479,296			339,009,550
Jennison Growth		32,996,728			91,907,758		1,665,895			616,986,752
JPMorgan Core Bond		(2,207,393	)		—		7,847,609			253,311,861
JPMorgan Small Cap Value		1,552,015			15,686,811		2,465,650			184,222,654
Loomis Sayles Small Cap Growth		7,202,109			23,866,854		—			186,359,897
Lord Abbett Bond Debenture		1,790,747			7,275,993		10,327,215			185,293,775
Met/Artisan International		223,756			—		2,595,273			351,965,041
Met/Artisan Mid Cap Value		930,622			14,982,555		1,419,825			122,162,705
Met/Dimensional International Small Company		1,574,579			39,131,403		4,626,819			244,950,970
Met/Eaton Vance Floating Rate		(2,449	)		—		4,642,037			123,599,500
Met/Templeton International Bond		69,196			639,242		29,724,737			361,427,129
MetLife Small Cap Value		5,833,295			65,095,134		679,361			184,778,454
MFS Emerging Markets Equity		5,464			—		5,813,603			292,547,651
MFS Research International		4,959,060			—		10,509,574			363,259,769
MFS Value		17,083,968			94,949,158		16,525,856			614,206,070
Morgan Stanley Mid Cap Growth		828,527			—		—			61,110,275
Neuberger Berman Genesis		17,599,587			—		388,025			92,554,667
Oppenheimer Global Equity		1,325,205			2,611,405		1,421,397			122,859,790
PIMCO Inflation Protected Bond		(25,326	)		—		9,113,507			179,457,693
PIMCO Total Return		1,540,762			4,441,013		20,385,486			372,106,828
T. Rowe Price Large Cap Growth		21,545,002			96,557,918		754,850			553,262,165
T. Rowe Price Large Cap Value		6,468,573			1,147,518		9,536,806			549,344,993
T. Rowe Price Mid Cap Growth		4,680,297			18,676,785		—			123,302,988
T. Rowe Price Small Cap Growth		5,072,099			15,613,934		248,653			185,739,644
TCW Core Fixed Income		(467	)		—		—			237,325,392
Van Eck Global Natural Resources		2,804,810			—		1,664,260			344,282,451
Western Asset Management Strategic Bond Opportunities		13,789			—		6,210,157			122,216,126
WMC Core Equity Opportunities		2,534,643			191,281,834		9,943,569			549,057,802
WMC Large Cap Research		3,771,218			26,205,253		3,490,756			369,251,937
	$	295,352,073		$	1,016,168,388	$	244,403,142		$	12,183,097,172

MSF-13

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$56,197,477	$	46,283,497	$	—	$	—	$	56,197,477	$	46,283,497

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$39,352,235	$	543,111,181	$	1,979,250,081	$	—	$	2,561,713,497

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Asset Allocation Portfolio utilized capital loss carryforwards of $241,490,379.

As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 25, 2014, the Portfolio, with aggregate Class A and Class B net assets of $367,892,887 and $2,986,986,288, respectively, acquired all of the assets and liabilities of MetLife Growth Strategy Portfolio of the Met Investors Series Trust (“MetLife Growth Strategy”).

The acquisition was accomplished by a tax-free exchange of 484,673 Class A shares of the Portfolio (valued at $6,867,812) for 503,074 Class A shares of MetLife Growth Strategy and 640,104,987 Class B shares of the Portfolio (valued at $9,051,084,521) for 665,218,066 Class B shares of MetLife Growth Strategy. Each shareholder of MetLife Growth Strategy received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 25, 2014. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by MetLife Growth Strategy may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. All costs associated with the merger were borne by the shareholders of the Portfolio.

MetLife Growth Strategy’s net assets on April 25, 2014, were $6,867,812 and $9,051,084,521 for Class A and Class B shares, respectively, including investments valued at $9,060,128,492 with a cost basis of $7,404,877,790. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from MetLife Growth Strategy were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Portfolio acquired $156,113,467 in capital loss carryforwards from MetLife Growth Strategy.

The aggregate net assets of the Portfolio immediately after the acquisition were $12,412,831,508, which included $1,655,250,702 of acquired unrealized appreciation.

MSF-14

Metropolitan Series Fund

MetLife Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Assuming the acquisition had been completed on January 1, 2014, the Portfolio’s pro-forma results of operations for the year ended December 31, 2014 are as follows:

Net Investment income	$	125,819,156	(a)
Net realized and unrealized gain on investments	$	516,929,090	(b)
Net increase in net assets from operations	$	642,748,246

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MetLife Growth Strategy that have been included in the Portfolio’s Statement of Operations since April 25, 2014.

(a) $17,764,059 net investment income as reported, plus $107,876,109 from MetLife Growth Strategy pre-merger net investment income,plus $120,205 in lower advisory fees, plus $58,783 of pro-forma eliminated other expenses.

(b) $2,187,367,128 unrealized appreciation as reported, minus $3,091,825,173 pro-forma December 31, 2013 unrealized appreciation, plus $924,453,529 net realized gain as reported, plus $496,933,606 in net realized gain from MetLife Growth Strategy pre-merger.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, E, and G shares of the MetLife Mid Cap Stock Index Portfolio returned 4.11%, 3.96%, 3.97%, and 3.94%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) MidCap 400 Index¹, returned 4.20%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2015, the S&P MidCap 400 Index returned 4.20%. Equity markets were mixed in the first quarter as macroeconomic data and earnings reports disappointed investors and oil prices continued to fall. Weak macroeconomic data included U.S. durable goods orders, U.S. pending home sales, and U.S. Gross Domestic Product growth. Companies that reported lower than expected earnings results included Caterpillar, Procter & Gamble and Pfizer. In February, equity markets rallied as oil prices recovered and Greece reached a new bailout deal with the European Union. A strong U.S. payrolls report, a cease fire between Russia and Ukraine, and U.S. Federal Reserve Bank (the “Fed”) Chair Yellen’s comments that the Fed is unlikely to raise rates before June also contributed to positive performance. In the second quarter, equity markets were relatively flat as strong earnings reports, merger and acquisition activity, and easy monetary policies contrasted with fears about Greece’s potential exit from the eurozone, unrest in the Middle East, and uncertainty around the timing of the first Fed rate hike. A tentative nuclear agreement between Iranian and world leaders and the People’s Bank of China lowering the reserve requirement ratio more than expected helped global equity indexes. In June, equity markets declined as a Greek deal failed to materialize, Greek Prime Minister Tsipras called for a referendum on the bailout, and Greece imposed capital controls and shut banks and the stock market for six days. Islamic militant terrorist attacks, U.S. growth forecasts cut by the International Monetary Fund, and global growth forecasts cut by the Organization for Economic Co-operation and Development also weighed on the markets.

During the first six months, the Federal Open Market Committee (the “Committee”) met four times and maintained the target range for the federal funds rate at 0 to 0.25%. The Committee stated that economic activity had been expanding moderately after having changed little during the first quarter. The Committee also stated that it would be appropriate to raise the target range for the federal funds rate when it had seen further improvement in the labor market.

Seven of the ten sectors comprising the S&P MidCap 400 Index experienced positive returns for the first six months of 2015. Health Care (10.3% beginning weight in the benchmark), up 16.5%, was the best performing sector and had the largest positive impact on the benchmark return. Information Technology (17.8% beginning weight), up 6.8%, and Consumer Discretionary (13.6% beginning weight), up 5.2%, were the next best-performing sectors. Utilities (4.9% beginning weight), down 11.5%, and Energy (4.0% beginning weight), down 2.7%, were the worst performing sectors.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Centene, up 54.8%; Salix Pharmaceuticals, up 50.3%; and Skyworks Solutions, up 27.0%. The stocks with the largest negative impact were Peabody Energy, down 71.7%; Apollo Group, down 62.2%; and Packaging Corporation of America, down 18.7%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P MidCap 400 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P MidCap 400 Index. Factors that impacted tracking error during the period included transaction costs, cash drag, securities lending, NAV rounding, contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P MIDCAP 400 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Mid Cap Stock Index Portfolio
Class A		4.11		6.17		17.55		9.52		—
Class B		3.96		5.94		17.25		9.25		—
Class E		3.97		5.99		17.38		9.35		—
Class G		3.94		5.86		17.21		—		18.91
S&P MidCap 400 Index		4.20		6.40		17.82		9.74		—

¹ The Standard & Poor’s (S&P) MidCap 400 Index is an unmanaged index measuring the performance of the mid-size company segment of the U.S. market. The Index consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation.

² Inception dates of the Class A, Class B, Class E and Class G shares are 7/5/00, 1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
SPDR S&P MidCap 400 ETF Trust		3.4
Advance Auto Parts, Inc.		0.7
Church & Dwight Co., Inc.		0.6
Signet Jewelers, Ltd.		0.6
Centene Corp.		0.6
Mettler-Toledo International, Inc.		0.6
Foot Locker, Inc.		0.6
Hologic, Inc.		0.5
Jarden Corp.		0.5
LKQ Corp.		0.5

Top Sectors

	% of Net Assets
Financials		26.3
Information Technology		15.6
Industrials		14.2
Consumer Discretionary		13.6
Health Care		8.8
Materials		6.5
Energy		4.3
Utilities		4.2
Consumer Staples		4.0
Telecommunication Services		0.2

MSF-2

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Mid Cap Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.29	%	$	1,000.00	$	1,041.10	$	1.47
	Hypothetical*		0.29	%	$	1,000.00	$	1,023.36	$	1.45
Class B(a)	Actual		0.54	%	$	1,000.00	$	1,039.60	$	2.73
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71
Class E(a)	Actual		0.44	%	$	1,000.00	$	1,039.70	$	2.23
	Hypothetical*		0.44	%	$	1,000.00	$	1,022.61	$	2.21
Class G(a)	Actual		0.59	%	$	1,000.00	$	1,039.40	$	2.98
	Hypothetical*		0.59	%	$	1,000.00	$	1,021.87	$	2.96

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—94.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.6%
BE Aerospace, Inc.		60,875	$	3,342,038
Esterline Technologies Corp. (a)		17,666		1,684,276
Huntington Ingalls Industries, Inc.		27,888		3,139,910
KLX, Inc. (a)		30,246		1,334,756
Orbital ATK, Inc.		34,077		2,499,889
Teledyne Technologies, Inc. (a)		20,262		2,137,844
Triumph Group, Inc.		28,254		1,864,481
				16,003,194
Airlines—0.8%
Alaska Air Group, Inc.		74,333		4,789,275
JetBlue Airways Corp. (a) (b)		150,886		3,132,394
				7,921,669
Auto Components—0.5%
Dana Holding Corp.		93,542		1,925,095
Gentex Corp. (b)		168,691		2,769,906
				4,695,001
Automobiles—0.2%
Thor Industries, Inc.		26,138		1,471,047
Banks—5.4%
Associated Banc-Corp.		87,456		1,772,733
BancorpSouth, Inc.		49,270		1,269,195
Bank of Hawaii Corp. (b)		25,010		1,667,667
Bank of the Ozarks, Inc. (b)		40,303		1,843,862
Cathay General Bancorp		42,614		1,382,824
City National Corp.		27,739		2,507,328
Commerce Bancshares, Inc. (b)		47,900		2,240,283
Cullen/Frost Bankers, Inc. (b)		31,517		2,476,606
East West Bancorp, Inc.		83,008		3,720,418
First Horizon National Corp. (b)		133,889		2,098,041
First Niagara Financial Group, Inc.		202,018		1,907,050
FirstMerit Corp.		95,063		1,980,162
Fulton Financial Corp.		101,315		1,323,174
Hancock Holding Co.		44,663		1,425,196
International Bancshares Corp.		33,133		890,284
PacWest Bancorp (b)		56,131		2,624,686
Prosperity Bancshares, Inc.		34,541		1,994,397
Signature Bank (a)		29,148		4,266,976
SVB Financial Group (a)		29,382		4,230,420
Synovus Financial Corp.		76,379		2,354,001
TCF Financial Corp.		96,860		1,608,845
Trustmark Corp. (b)		38,737		967,650
Umpqua Holdings Corp.		126,469		2,275,177
Valley National Bancorp (b)		126,664		1,305,906
Webster Financial Corp.		52,054		2,058,736
				52,191,617
Beverages—0.1%
Boston Beer Co., Inc. (The) - Class A (a) (b)		5,231		1,213,540
Biotechnology—0.5%
United Therapeutics Corp. (a) (b)		26,504		4,610,371
Building Products—1.0%
AO Smith Corp.		42,964		3,092,549
Fortune Brands Home & Security, Inc. (b)		91,413		4,188,544
Lennox International, Inc. (b)		23,737		2,556,237
				9,837,330
Capital Markets—2.0%
Eaton Vance Corp.		67,625		2,646,166
Federated Investors, Inc. - Class B (b)		54,788		1,834,850
Janus Capital Group, Inc. (b)		84,840		1,452,461
Raymond James Financial, Inc.		73,407		4,373,589
SEI Investments Co.		74,307		3,643,272
Stifel Financial Corp. (a)		38,924		2,247,472
Waddell & Reed Financial, Inc. - Class A (b)		48,325		2,286,256
WisdomTree Investments, Inc. (b)		64,431		1,415,227
				19,899,293
Chemicals—3.2%
Albemarle Corp.		64,328		3,555,408
Ashland, Inc.		35,649		4,345,613
Cabot Corp.		36,392		1,357,058
Chemours Co. (The) (a)		103,814		1,661,024
Cytec Industries, Inc.		40,939		2,478,038
Minerals Technologies, Inc.		19,915		1,356,809
NewMarket Corp. (b)		6,065		2,692,193
Olin Corp.		44,446		1,197,820
PolyOne Corp.		51,142		2,003,232
RPM International, Inc.		76,390		3,740,818
Scotts Miracle-Gro Co. (The) - Class A		25,641		1,518,204
Sensient Technologies Corp.		26,798		1,831,375
Valspar Corp. (The)		42,861		3,506,887
				31,244,479
Commercial Services & Supplies—1.6%
Clean Harbors, Inc. (a) (b)		30,612		1,645,089
Copart, Inc. (a)		65,293		2,316,596
Deluxe Corp. (b)		28,630		1,775,060
Herman Miller, Inc.		34,207		989,608
HNI Corp.		25,508		1,304,734
MSA Safety, Inc.		18,052		875,703
Rollins, Inc.		55,165		1,573,857
RR Donnelley & Sons Co. (b)		119,612		2,084,837
Waste Connections, Inc.		71,024		3,346,651
				15,912,135
Communications Equipment—0.9%
ARRIS Group, Inc. (a)		76,075		2,327,895
Ciena Corp. (a) (b)		67,486		1,598,069
InterDigital, Inc. (b)		20,681		1,176,542
JDS Uniphase Corp. (a)		134,261		1,554,742
Plantronics, Inc.		22,457		1,264,554
Polycom, Inc. (a)		77,441		885,925
				8,807,727
Construction & Engineering—0.5%
AECOM (a) (b)		86,227		2,852,389

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Construction & Engineering—(Continued)
Granite Construction, Inc.		20,848	$	740,313
KBR, Inc.		82,715		1,611,288
				5,203,990
Construction Materials—0.2%
Eagle Materials, Inc.		28,804		2,198,609
Consumer Finance—0.2%
SLM Corp. (a)		244,089		2,409,158
Containers & Packaging—1.3%
Aptargroup, Inc.		35,895		2,289,024
Bemis Co., Inc.		55,873		2,514,844
Greif, Inc. - Class A (b)		19,470		697,999
Packaging Corp. of America		56,808		3,549,932
Silgan Holdings, Inc.		23,943		1,263,233
Sonoco Products Co.		57,856		2,479,708
				12,794,740
Distributors—0.5%
LKQ Corp. (a)		174,424		5,275,454
Diversified Consumer Services—1.0%
Apollo Education Group, Inc. (a)		55,307		712,354
DeVry Education Group, Inc. (b)		32,883		985,833
Graham Holdings Co. - Class B		2,542		2,732,777
Service Corp. International		115,877		3,410,260
Sotheby’s (b)		35,462		1,604,301
				9,445,525
Diversified Financial Services—0.7%
CBOE Holdings, Inc.		47,864		2,738,778
MSCI, Inc.		64,465		3,967,821
				6,706,599
Electric Utilities—1.5%
Cleco Corp.		34,680		1,867,518
Great Plains Energy, Inc. (b)		88,607		2,140,745
Hawaiian Electric Industries, Inc.		61,594		1,831,190
IDACORP, Inc. (b)		28,869		1,620,706
OGE Energy Corp.		114,436		3,269,437
PNM Resources, Inc.		45,674		1,123,580
Westar Energy, Inc.		75,825		2,594,731
				14,447,907
Electrical Equipment—1.0%
Acuity Brands, Inc.		24,904		4,482,222
Hubbell, Inc. - Class B		30,521		3,304,814
Regal-Beloit Corp.		25,693		1,865,055
				9,652,091
Electronic Equipment, Instruments & Components—3.4%
Arrow Electronics, Inc. (a)		54,865		3,061,467
Avnet, Inc.		77,881		3,201,688
Belden, Inc.		24,455		1,986,480
Electronic Equipment, Instruments & Components—(Continued)
Cognex Corp.		49,959		2,403,028
FEI Co. (b)		23,830		1,976,222
Ingram Micro, Inc. - Class A (a)		89,598		2,242,638
IPG Photonics Corp. (a)		20,521		1,747,876
Jabil Circuit, Inc.		111,104		2,365,404
Keysight Technologies, Inc. (a)		97,099		3,028,518
Knowles Corp. (a) (b)		48,803		883,334
National Instruments Corp.		58,051		1,710,182
Tech Data Corp. (a)		21,069		1,212,731
Trimble Navigation, Ltd. (a) (b)		148,774		3,490,238
Vishay Intertechnology, Inc. (b)		77,848		909,265
Zebra Technologies Corp. - Class A (a)		29,660		3,293,743
				33,512,814
Energy Equipment & Services—2.0%
Atwood Oceanics, Inc. (b)		34,473		911,466
Dresser-Rand Group, Inc. (a)		44,112		3,757,460
Dril-Quip, Inc. (a)		22,333		1,680,558
Helix Energy Solutions Group, Inc. (a)		56,480		713,343
Nabors Industries, Ltd.		167,187		2,412,509
Oceaneering International, Inc.		56,620		2,637,926
Oil States International, Inc. (a)		29,583		1,101,375
Patterson-UTI Energy, Inc.		84,798		1,595,474
Rowan Cos. plc - Class A (b)		71,539		1,510,188
Superior Energy Services, Inc.		86,270		1,815,121
Tidewater, Inc. (b)		26,966		612,937
Unit Corp. (a)		26,877		728,904
				19,477,261
Food & Staples Retailing—0.5%
Casey’s General Stores, Inc.		22,207		2,126,098
SUPERVALU, Inc. (a)		118,587		959,369
United Natural Foods, Inc. (a) (b)		28,713		1,828,444
				4,913,911
Food Products—2.1%
Dean Foods Co.		54,104		874,862
Flowers Foods, Inc.		106,004		2,241,985
Hain Celestial Group, Inc. (The) (a) (b)		58,831		3,874,610
Ingredion, Inc.		41,027		3,274,365
Lancaster Colony Corp.		11,138		1,011,887
Post Holdings, Inc. (a) (b)		31,448		1,695,991
Tootsie Roll Industries, Inc. (b)		11,684		377,510
TreeHouse Foods, Inc. (a)		24,585		1,992,122
WhiteWave Foods Co. (The) (a)		100,413		4,908,187
				20,251,519
Gas Utilities—1.5%
Atmos Energy Corp.		57,925		2,970,394
National Fuel Gas Co. (b)		48,407		2,850,688
ONE Gas, Inc. (b)		30,157		1,283,482
Questar Corp.		100,753		2,106,745
UGI Corp.		98,911		3,407,484
WGL Holdings, Inc.		28,515		1,548,080
				14,166,873

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—3.5%
Align Technology, Inc. (a)		41,672	$	2,613,251
Cooper Cos., Inc. (The)		27,862		4,958,600
Halyard Health, Inc. (a) (b)		26,684		1,080,702
Hill-Rom Holdings, Inc.		32,489		1,765,127
Hologic, Inc. (a)		140,165		5,334,680
IDEXX Laboratories, Inc. (a) (b)		53,666		3,442,137
ResMed, Inc. (b)		80,805		4,554,978
Sirona Dental Systems, Inc. (a) (b)		31,856		3,198,980
STERIS Corp. (b)		34,246		2,206,812
Teleflex, Inc. (b)		23,813		3,225,471
Thoratec Corp. (a)		31,078		1,385,147
				33,765,885
Health Care Providers & Services—3.2%
Centene Corp. (a) (b)		68,187		5,482,235
Community Health Systems, Inc. (a)		67,681		4,261,872
Health Net, Inc. (a)		44,231		2,836,092
LifePoint Hospitals, Inc. (a)		25,406		2,209,052
MEDNAX, Inc. (a)		53,630		3,974,519
Molina Healthcare, Inc. (a)		23,077		1,622,313
Omnicare, Inc.		55,555		5,236,059
Owens & Minor, Inc. (b)		36,201		1,230,834
VCA, Inc. (a)		47,112		2,563,128
WellCare Health Plans, Inc. (a)		25,254		2,142,297
				31,558,401
Health Care Technology—0.2%
Allscripts Healthcare Solutions, Inc. (a)		97,493		1,333,704
HMS Holdings Corp. (a) (b)		50,769		871,704
				2,205,408
Hotels, Restaurants & Leisure—1.7%
Brinker International, Inc. (b)		35,055		2,020,921
Buffalo Wild Wings, Inc. (a) (b)		10,892		1,706,668
Cheesecake Factory, Inc. (The) (b)		26,004		1,418,128
Domino’s Pizza, Inc.		31,648		3,588,883
Dunkin’ Brands Group, Inc. (b)		55,182		3,035,010
International Speedway Corp. - Class A		16,026		587,673
Panera Bread Co. - Class A (a) (b)		14,546		2,542,204
Wendy’s Co. (The)		156,181		1,761,722
				16,661,209
Household Durables—1.8%
Jarden Corp. (a) (c)		102,688		5,314,104
KB Home (b)		52,200		866,520
MDC Holdings, Inc. (b)		22,409		671,597
NVR, Inc. (a)		2,215		2,968,100
Tempur Sealy International, Inc. (a)		34,992		2,305,973
Toll Brothers, Inc. (a)		91,890		3,509,279
Tupperware Brands Corp. (b)		28,581		1,844,618
				17,480,191
Household Products—0.6%
Church & Dwight Co., Inc.		75,044		6,088,320
Independent Power and Renewable Electricity Producers—0.1%
Talen Energy Corp. (a)		47,805		820,334
Industrial Conglomerates—0.4%
Carlisle Cos., Inc.		37,461		3,750,595
Insurance—4.9%
Alleghany Corp. (a)		9,210		4,317,279
American Financial Group, Inc.		42,342		2,753,924
Arthur J. Gallagher & Co.		96,304		4,555,179
Aspen Insurance Holdings, Ltd.		35,332		1,692,403
Brown & Brown, Inc.		66,224		2,176,121
CNO Financial Group, Inc.		112,925		2,072,174
Everest Re Group, Ltd. (b)		25,477		4,637,069
First American Financial Corp. (b)		62,155		2,312,787
Hanover Insurance Group, Inc. (The)		25,355		1,877,031
HCC Insurance Holdings, Inc.		54,875		4,216,595
Kemper Corp.		28,232		1,088,344
Mercury General Corp. (b)		20,872		1,161,527
Old Republic International Corp.		138,319		2,161,926
Primerica, Inc.		29,620		1,353,338
Reinsurance Group of America, Inc.		37,957		3,600,980
RenaissanceRe Holdings, Ltd. (b)		26,407		2,680,574
StanCorp Financial Group, Inc.		24,202		1,829,913
W.R. Berkley Corp.		57,267		2,973,875
				47,461,039
Internet & Catalog Retail—0.1%
HSN, Inc.		18,654		1,309,324
Internet Software & Services—0.3%
Rackspace Hosting, Inc. (a)		67,970		2,527,804
IT Services—3.3%
Acxiom Corp. (a)		44,825		788,024
Broadridge Financial Solutions, Inc.		68,737		3,437,537
Convergys Corp.		56,670		1,444,518
CoreLogic, Inc. (a)		51,728		2,053,084
DST Systems, Inc.		16,203		2,041,254
Gartner, Inc. (a)		47,608		4,083,814
Global Payments, Inc.		38,108		3,942,273
Jack Henry & Associates, Inc.		46,891		3,033,848
Leidos Holdings, Inc.		35,831		1,446,497
MAXIMUS, Inc.		37,783		2,483,477
NeuStar, Inc. - Class A (a) (b)		31,748		927,359
Science Applications International Corp.		22,698		1,199,589
VeriFone Systems, Inc. (a)		65,536		2,225,603
WEX, Inc. (a) (b)		22,162		2,525,803
				31,632,680
Leisure Products—1.0%
Brunswick Corp.		53,154		2,703,412
Polaris Industries, Inc. (b)		35,060		5,192,737
Vista Outdoor, Inc. (a)		36,476		1,637,772
				9,533,921

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—1.2%
Bio-Rad Laboratories, Inc. - Class A (a)		11,861	$	1,786,385
Bio-Techne Corp.		21,304		2,097,805
Charles River Laboratories International, Inc. (a)		27,156		1,910,153
Mettler-Toledo International, Inc. (a)		16,037		5,475,994
				11,270,337
Machinery—4.2%
AGCO Corp. (b)		45,945		2,608,757
CLARCOR, Inc.		28,762		1,790,147
Crane Co.		27,935		1,640,623
Donaldson Co., Inc. (b)		72,500		2,595,500
Graco, Inc.		33,646		2,389,875
IDEX Corp.		44,693		3,511,976
ITT Corp.		51,147		2,139,991
Kennametal, Inc.		45,457		1,550,993
Lincoln Electric Holdings, Inc.		43,342		2,639,094
Nordson Corp.		32,440		2,526,752
Oshkosh Corp. (b)		44,846		1,900,573
SPX Corp.		23,524		1,702,902
Terex Corp.		60,264		1,401,138
Timken Co. (The)		41,612		1,521,751
Trinity Industries, Inc. (b)		88,845		2,348,173
Valmont Industries, Inc. (b)		13,507		1,605,577
Wabtec Corp.		55,400		5,220,896
Woodward, Inc. (b)		33,335		1,833,092
				40,927,810
Marine—0.3%
Kirby Corp. (a)		31,990		2,452,353
Media—1.4%
AMC Networks, Inc. - Class A (a)		33,987		2,781,836
Cinemark Holdings, Inc.		60,252		2,420,323
DreamWorks Animation SKG, Inc. - Class A (a) (b)		41,837		1,103,660
John Wiley & Sons, Inc. - Class A		26,599		1,446,187
Live Nation Entertainment, Inc. (a)		83,671		2,300,116
Meredith Corp. (b)		20,965		1,093,325
New York Times Co. (The) - Class A (b)		75,215		1,026,685
Time, Inc. (b)		62,800		1,445,028
				13,617,160
Metals & Mining—1.5%
Carpenter Technology Corp.		28,902		1,117,929
Commercial Metals Co.		66,359		1,067,053
Compass Minerals International, Inc.		19,304		1,585,631
Reliance Steel & Aluminum Co.		42,597		2,576,267
Royal Gold, Inc. (b)		37,381		2,302,296
Steel Dynamics, Inc.		138,651		2,872,155
TimkenSteel Corp.		21,560		581,904
United States Steel Corp. (b)		83,533		1,722,450
Worthington Industries, Inc.		27,735		833,714
				14,659,399
Multi-Utilities—0.9%
Alliant Energy Corp.		64,782		3,739,217
Black Hills Corp.		25,701		1,121,849
MDU Resources Group, Inc. (b)		111,682		2,181,149
Vectren Corp.		47,380		1,823,182
				8,865,397
Multiline Retail—0.3%
Big Lots, Inc. (b)		30,925		1,391,316
J.C. Penney Co., Inc. (a) (b)		175,134		1,483,385
				2,874,701
Oil, Gas & Consumable Fuels—2.3%
California Resources Corp. (b)		177,069		1,069,497
Denbury Resources, Inc. (b)		204,486		1,300,531
Energen Corp.		45,176		3,085,521
Gulfport Energy Corp. (a)		61,157		2,461,569
HollyFrontier Corp.		112,384		4,797,673
QEP Resources, Inc.		93,195		1,725,039
Rosetta Resources, Inc. (a)		43,404		1,004,369
SM Energy Co. (b)		38,684		1,784,106
Western Refining, Inc.		40,530		1,767,919
World Fuel Services Corp.		41,392		1,984,746
WPX Energy, Inc. (a)		117,400		1,441,672
				22,422,642
Paper & Forest Products—0.3%
Domtar Corp.		36,703		1,519,504
Louisiana-Pacific Corp. (a) (b)		81,682		1,391,045
				2,910,549
Personal Products—0.6%
Avon Products, Inc. (b)		249,479		1,561,738
Energizer Holdings, Inc.		35,660		4,691,073
				6,252,811
Pharmaceuticals—0.2%
Akorn, Inc. (a) (b)		45,275		1,976,706
Professional Services—1.2%
CEB, Inc.		19,186		1,670,333
FTI Consulting, Inc. (a)		23,852		983,656
ManpowerGroup, Inc.		44,854		4,009,051
Towers Watson & Co. - Class A		39,750		5,000,550
				11,663,590
Real Estate Investment Trusts—8.5%
Alexandria Real Estate Equities, Inc.		41,308		3,612,798
American Campus Communities, Inc.		64,400		2,427,236
BioMed Realty Trust, Inc.		116,704		2,257,055
Camden Property Trust		49,797		3,698,921
Communications Sales & Leasing, Inc. (b)		68,729		1,698,981
Corporate Office Properties Trust		54,208		1,276,056
Corrections Corp. of America		67,101		2,219,701
Douglas Emmett, Inc.		78,620		2,118,023

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Duke Realty Corp.		197,853	$	3,674,130
Equity One, Inc.		46,024		1,074,200
Extra Space Storage, Inc.		63,699		4,154,449
Federal Realty Investment Trust (b)		39,383		5,044,569
Highwoods Properties, Inc.		53,930		2,154,504
Home Properties, Inc.		33,209		2,425,918
Hospitality Properties Trust		85,988		2,478,174
Kilroy Realty Corp.		50,490		3,390,404
Lamar Advertising Co. - Class A		46,394		2,666,727
LaSalle Hotel Properties		64,773		2,296,851
Liberty Property Trust		85,708		2,761,512
Mack-Cali Realty Corp.		48,040		885,377
Mid-America Apartment Communities, Inc.		43,204		3,145,683
National Retail Properties, Inc.		76,840		2,690,168
Omega Healthcare Investors, Inc.		92,203		3,165,329
Potlatch Corp.		23,324		823,804
Rayonier, Inc.		72,813		1,860,372
Regency Centers Corp.		54,086		3,189,992
Senior Housing Properties Trust		134,757		2,364,985
Tanger Factory Outlet Centers, Inc.		54,952		1,741,978
Taubman Centers, Inc.		35,442		2,463,219
UDR, Inc.		148,504		4,756,583
Urban Edge Properties		52,933		1,100,477
Weingarten Realty Investors		65,364		2,136,749
WP GLIMCHER, Inc.		106,190		1,436,751
				83,191,676
Real Estate Management & Development—0.6%
Alexander & Baldwin, Inc.		26,051		1,026,409
Jones Lang LaSalle, Inc.		25,723		4,398,633
				5,425,042
Road & Rail—0.9%
Con-way, Inc. (b)		33,045		1,267,937
Genesee & Wyoming, Inc. - Class A (a)		29,426		2,241,673
Landstar System, Inc.		25,465		1,702,844
Old Dominion Freight Line, Inc. (a)		38,851		2,665,373
Werner Enterprises, Inc. (b)		25,554		670,792
				8,548,619
Semiconductors & Semiconductor Equipment—2.0%
Advanced Micro Devices, Inc. (a) (b)		361,376		867,302
Atmel Corp. (c)		239,326		2,358,558
Cree, Inc. (a) (b)		62,567		1,628,619
Cypress Semiconductor Corp. (a) (b)		190,319		2,238,151
Fairchild Semiconductor International, Inc. (a)		66,763		1,160,341
Integrated Device Technology, Inc. (a)		85,067		1,845,954
Intersil Corp. - Class A		75,591		945,643
Silicon Laboratories, Inc. (a)		22,776		1,230,132
SunEdison, Inc. (a)		167,156		4,999,636
Teradyne, Inc.		123,019		2,373,037
				19,647,373
Software—5.0%
ACI Worldwide, Inc. (a)		66,944		1,644,814
Software—(Continued)
Advent Software, Inc.		25,983		1,148,708
ANSYS, Inc. (a)		51,476		4,696,670
Cadence Design Systems, Inc. (a) (b)		167,820		3,299,341
CDK Global, Inc.		91,926		4,962,166
CommVault Systems, Inc. (a)		24,379		1,033,913
FactSet Research Systems, Inc. (b)		22,273		3,619,585
Fair Isaac Corp.		17,805		1,616,338
Fortinet, Inc. (a)		81,672		3,375,504
Informatica Corp. (a)		60,042		2,910,236
Manhattan Associates, Inc. (a)		42,307		2,523,613
Mentor Graphics Corp.		56,662		1,497,577
PTC, Inc. (a)		65,937		2,704,736
Rovi Corp. (a) (b)		50,698		808,633
SolarWinds, Inc. (a)		38,107		1,757,876
Solera Holdings, Inc.		38,486		1,714,936
Synopsys, Inc. (a)		88,928		4,504,203
Tyler Technologies, Inc. (a)		19,308		2,498,069
Ultimate Software Group, Inc. (The) (a)		16,388		2,693,204
				49,010,122
Specialty Retail—4.2%
Aaron’s, Inc.		37,036		1,341,074
Abercrombie & Fitch Co. - Class A (b)		39,891		858,055
Advance Auto Parts, Inc.		41,961		6,683,968
American Eagle Outfitters, Inc. (b)		100,849		1,736,620
ANN, Inc. (a)		26,372		1,273,504
Ascena Retail Group, Inc. (a) (b)		75,702		1,260,817
Cabela’s, Inc. (a) (b)		27,501		1,374,500
Chico’s FAS, Inc.		82,200		1,366,986
CST Brands, Inc.		44,176		1,725,514
Dick’s Sporting Goods, Inc.		55,696		2,883,382
Foot Locker, Inc. (b)		80,192		5,373,666
Guess?, Inc. (b)		36,852		706,453
Murphy USA, Inc. (a)		24,397		1,361,840
Office Depot, Inc. (a)		282,651		2,447,758
Rent-A-Center, Inc. (b)		30,406		862,010
Signet Jewelers, Ltd.		45,946		5,892,115
Williams-Sonoma, Inc.		48,871		4,020,617
				41,168,879
Technology Hardware, Storage & Peripherals—0.7%
3D Systems Corp. (a) (b)		60,258		1,176,236
Diebold, Inc. (b)		37,183		1,301,405
Lexmark International, Inc. - Class A (b)		35,148		1,553,542
NCR Corp. (a)		97,192		2,925,479
				6,956,662
Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.		30,126		3,202,394
Deckers Outdoor Corp. (a) (b)		19,093		1,374,123
Kate Spade & Co. (a) (b)		73,198		1,576,685
Skechers USA, Inc. - Class A (a)		23,569		2,587,640
				8,740,842

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Thrifts & Mortgage Finance—0.6%
New York Community Bancorp, Inc. (b)		254,750	$	4,682,305
Washington Federal, Inc.		54,377		1,269,703
				5,952,008
Trading Companies & Distributors—0.7%
GATX Corp.		25,172		1,337,892
MSC Industrial Direct Co., Inc. - Class A (b)		29,009		2,023,958
NOW, Inc. (a) (b)		61,457		1,223,609
Watsco, Inc.		15,745		1,948,286
				6,533,745
Water Utilities—0.3%
Aqua America, Inc.		101,532		2,486,519
Wireless Telecommunication Services—0.2%
Telephone & Data Systems, Inc.		56,375		1,657,425
Total Common Stocks (Cost $636,690,125)				918,271,332
Mutual Fund—3.4%
Investment Company Security—3.4%
SPDR S&P MidCap 400 ETF Trust (b) (Cost $33,529,457)		121,800		33,275,760
Short-Term Investments—21.0%
Discount Notes—1.4%
Federal Home Loan Bank 0.078%, 07/29/15 (d)		200,000		199,988
0.079%, 08/11/15 (d)		950,000		949,914
0.092%, 08/07/15 (d)		475,000		474,955
0.096%, 09/02/15 (d)		1,325,000		1,324,777
0.140%, 11/12/15 (d)		2,825,000		2,823,535
0.150%, 10/09/15 (d)		7,375,000		7,371,935
Federal Home Loan Mortgage Corp. 0.119%, 09/14/15 (d)		800,000		799,801
				13,944,905
Mutual Fund—19.0%
State Street Navigator Securities Lending MET Portfolio (e)		184,525,091		184,525,091
U.S. Treasury—0.6%
U.S. Treasury Bill 0.081%, 09/03/15 (d)		5,825,000		5,824,158
Total Short-Term Investments (Cost $204,294,154)				204,294,154
Total Investments—118.7% (Cost $874,513,736) (f)				1,155,841,246
Other assets and liabilities (net)—(18.7)%				(181,777,163	)
Net Assets—100.0%			$	974,064,083

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $199,519,543 and the collateral received consisted of cash in the amount of $184,525,091 and non-cash collateral with a value of $19,504,985. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2015, the market value of securities pledged was $3,573,000.

(d) The rate shown represents current yield to maturity.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(f) As of June 30, 2015, the aggregate cost of investments was $874,513,736. The aggregate unrealized appreciation and depreciation of investments were $314,621,495 and $(33,293,985), respectively, resulting in net unrealized appreciation of $281,327,510.

(ETF)— Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Depreciation
S&P Midcap 400 E-Mini Index Futures		09/18/15		142		USD	21,454,977	$	(181,957	)

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	918,271,332		$	—		$	—	$	918,271,332
Total Mutual Fund*		33,275,760			—			—		33,275,760
Short-Term Investments
Discount Notes		—			13,944,905			—		13,944,905
Mutual Fund		184,525,091			—			—		184,525,091
U.S. Treasury		—			5,824,158			—		5,824,158
Total Short-Term Investments		184,525,091			19,769,063			—		204,294,154
Total Investments	$	1,136,072,183		$	19,769,063		$	—	$	1,155,841,246
Collateral for securities loaned (Liability)	$	—		$	(184,525,091	)	$	—	$	(184,525,091	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(181,957	)	$	—		$	—	$	(181,957	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,155,841,246
Cash		1,677,411
Receivable for:
Investments sold		12,417,394
Fund shares sold		513,819
Dividends		938,911
Variation margin on futures contracts		25,560
Total Assets		1,171,414,341
Liabilities
Collateral for securities loaned		184,525,091
Payables for:
Investments purchased		11,780,499
Fund shares redeemed		468,968
Accrued expenses:
Management fees		201,529
Distribution and service fees		117,102
Deferred trustees’ fees		69,519
Other expenses		187,550
Total Liabilities		197,350,258
Net Assets	$	974,064,083
Net assets consist of:
Paid in surplus	$	643,887,639
Undistributed net investment income		5,651,587
Accumulated net realized gain		43,379,304
Unrealized appreciation on investments and futures contracts		281,145,553
Net Assets	$	974,064,083
Net Assets
Class A	$	420,182,496
Class B		404,026,248
Class E		40,760,968
Class G		109,094,371
Capital Shares Outstanding*
Class A		22,874,671
Class B		22,252,859
Class E		2,233,343
Class G		6,038,908
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.37
Class B		18.16
Class E		18.25
Class G		18.07

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $874,513,736.

(b) Includes securities loaned at value of $199,519,543.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends	$	7,287,055
Interest		11,871
Securities lending income		372,268
Total investment income		7,671,194
Expenses
Management fees		1,210,511
Administration fees		11,532
Custodian and accounting fees		58,321
Distribution and service fees—Class B		509,104
Distribution and service fees—Class E		31,565
Distribution and service fees—Class G		160,841
Audit and tax services		20,059
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		81,696
Insurance		2,848
Miscellaneous		17,709
Total expenses		2,137,943
Less management fee waiver		(11,815	)
Net expenses		2,126,128
Net Investment Income		5,545,066
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		46,740,039
Futures contracts		1,191,745
Net realized gain		47,931,784
Net change in unrealized depreciation on:
Investments		(15,284,456	)
Futures contracts		(384,999	)
Net change in unrealized depreciation		(15,669,455	)
Net realized and unrealized gain		32,262,329
Net Increase in Net Assets From Operations	$	37,807,395

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,545,066		$	10,861,670
Net realized gain		47,931,784			61,123,283
Net change in unrealized appreciation (depreciation)		(15,669,455	)		11,446,761
Increase in net assets from operations		37,807,395			83,431,714
From Distributions to Shareholders
Net investment income
Class A		(4,767,959	)		(3,908,986	)
Class B		(3,691,076	)		(3,219,158	)
Class E		(405,629	)		(393,348	)
Class G		(949,660	)		(808,575	)
Net realized capital gains
Class A		(25,916,508	)		(17,710,102	)
Class B		(25,360,594	)		(18,562,420	)
Class E		(2,557,138	)		(2,066,821	)
Class G		(6,872,392	)		(4,951,822	)
Total distributions		(70,520,956	)		(51,621,232	)
Increase in net assets from capital share transactions		55,558,970			12,627,162
Total increase in net assets		22,845,409			44,437,644
Net Assets
Beginning of period		951,218,674			906,781,030
End of period	$	974,064,083		$	951,218,674
Undistributed net investment income
End of period	$	5,651,587		$	9,920,845

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		1,341,751		$	26,323,457			3,308,259		$	60,505,261
Reinvestments		1,639,127			30,684,467			1,249,658			21,619,088
Redemptions		(1,123,349	)		(21,994,237	)		(3,597,434	)		(66,081,391	)
Net increase		1,857,529		$	35,013,687			960,483		$	16,042,958
Class B
Sales		501,137		$	9,698,738			1,291,519		$	23,239,422
Reinvestments		1,569,513			29,051,670			1,272,288			21,781,578
Redemptions		(1,320,537	)		(25,572,091	)		(2,349,274	)		(42,719,181	)
Net increase		750,113		$	13,178,317			214,533		$	2,301,819
Class E
Sales		28,781		$	559,165			48,872		$	887,728
Reinvestments		159,288			2,962,767			143,033			2,460,169
Redemptions		(200,332	)		(3,906,050	)		(399,557	)		(7,266,099	)
Net decrease		(12,263	)	$	(384,118	)		(207,652	)	$	(3,918,202	)
Class G
Sales		560,964		$	10,852,692			1,278,911		$	22,732,011
Reinvestments		424,881			7,822,052			337,853			5,760,397
Redemptions		(571,485	)		(10,923,660	)		(1,681,946	)		(30,291,821	)
Net increase (decrease)		414,360		$	7,751,084			(65,182	)	$	(1,799,413	)
Increase derived from capital shares transactions				$	55,558,970					$	12,627,162

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.01		$	18.45		$	14.47		$	12.97		$	13.88		$	11.10
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.24			0.18			0.19			0.14			0.13
Net realized and unrealized gain (loss) on investments		0.68			1.41			4.46			2.05			(0.34	)		2.79
Total from investment operations		0.81			1.65			4.64			2.24			(0.20	)		2.92
Less Distributions
Distributions from net investment income		(0.23	)		(0.20	)		(0.19	)		(0.14	)		(0.13	)		(0.12	)
Distributions from net realized capital gains		(1.22	)		(0.89	)		(0.47	)		(0.60	)		(0.58	)		(0.02	)
Total distributions		(1.45	)		(1.09	)		(0.66	)		(0.74	)		(0.71	)		(0.14	)
Net Asset Value, End of Period	$	18.37		$	19.01		$	18.45		$	14.47		$	12.97		$	13.88
Total Return (%) (b)		4.11	(c)		9.49			33.15			17.60			(1.89	)		26.28
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.30	(d)		0.30			0.30			0.32			0.30			0.31
Net ratio of expenses to average net assets (%) (e)		0.29	(d)		0.30			0.30			0.31			0.30			0.30
Ratio of net investment income to average net assets (%)		1.29	(d)		1.33			1.09			1.40			1.03			1.07
Portfolio turnover rate (%)		12	(c)		17			16			11			24			22
Net assets, end of period (in millions)	$	420.2		$	399.6		$	370.0		$	260.2		$	236.6		$	257.4
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.79		$	18.25		$	14.32		$	12.84		$	13.75		$	11.01
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.19			0.14			0.16			0.11			0.10
Net realized and unrealized gain (loss) on investments		0.67			1.39			4.42			2.03			(0.34	)		2.76
Total from investment operations		0.77			1.58			4.56			2.19			(0.23	)		2.86
Less Distributions
Distributions from net investment income		(0.18	)		(0.15	)		(0.16	)		(0.11	)		(0.10	)		(0.10	)
Distributions from net realized capital gains		(1.22	)		(0.89	)		(0.47	)		(0.60	)		(0.58	)		(0.02	)
Total distributions		(1.40	)		(1.04	)		(0.63	)		(0.71	)		(0.68	)		(0.12	)
Net Asset Value, End of Period	$	18.16		$	18.79		$	18.25		$	14.32		$	12.84		$	13.75
Total Return (%) (b)		3.96	(c)		9.23			32.83			17.33			(2.19	)		25.99
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55	(d)		0.55			0.55			0.57			0.55			0.56
Net ratio of expenses to average net assets (%) (e)		0.54	(d)		0.55			0.55			0.56			0.55			0.55
Ratio of net investment income to average net assets (%)		1.04	(d)		1.08			0.83			1.16			0.79			0.83
Portfolio turnover rate (%)		12	(c)		17			16			11			24			22
Net assets, end of period (in millions)	$	404.0		$	404.0		$	388.4		$	311.6		$	275.5		$	267.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.89		$	18.33		$	14.38		$	12.89		$	13.80		$	11.05
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.21			0.15			0.17			0.12			0.11
Net realized and unrealized gain (loss) on investments		0.66			1.41			4.44			2.04			(0.34	)		2.76
Total from investment operations		0.77			1.62			4.59			2.21			(0.22	)		2.87
Less Distributions
Distributions from net investment income		(0.19	)		(0.17	)		(0.17	)		(0.12	)		(0.11	)		(0.10	)
Distributions from net realized capital gains		(1.22	)		(0.89	)		(0.47	)		(0.60	)		(0.58	)		(0.02	)
Total distributions		(1.41	)		(1.06	)		(0.64	)		(0.72	)		(0.69	)		(0.12	)
Net Asset Value, End of Period	$	18.25		$	18.89		$	18.33		$	14.38		$	12.89		$	13.80
Total Return (%) (b)		3.97	(c)		9.39			32.95			17.46			(2.10	)		26.08
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.45	(d)		0.45			0.45			0.47			0.45			0.46
Net ratio of expenses to average net assets (%) (e)		0.44	(d)		0.45			0.45			0.46			0.45			0.45
Ratio of net investment income to average net assets (%)		1.14	(d)		1.17			0.93			1.24			0.87			0.92
Portfolio turnover rate (%)		12	(c)		17			16			11			24			22
Net assets, end of period (in millions)	$	40.8		$	42.4		$	45.0		$	37.6		$	37.1		$	46.9
	Class G
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.70		$	18.16		$	14.26		$	12.79		$	13.70		$	10.97
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.18			0.13			0.15			0.10			0.10
Net realized and unrealized gain (loss) on investments		0.67			1.39			4.40			2.02			(0.33	)		2.74
Total from investment operations		0.76			1.57			4.53			2.17			(0.23	)		2.84
Less Distributions
Distributions from net investment income		(0.17	)		(0.14	)		(0.16	)		(0.10	)		(0.10	)		(0.09	)
Distributions from net realized capital gains		(1.22	)		(0.89	)		(0.47	)		(0.60	)		(0.58	)		(0.02	)
Total distributions		(1.39	)		(1.03	)		(0.63	)		(0.70	)		(0.68	)		(0.11	)
Net Asset Value, End of Period	$	18.07		$	18.70		$	18.16		$	14.26		$	12.79		$	13.70
Total Return (%) (b)		3.94	(c)		9.21			32.75			17.27			(2.24	)		25.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60	(d)		0.60			0.60			0.62			0.60			0.61
Net ratio of expenses to average net assets (%) (e)		0.59	(d)		0.60			0.60			0.61			0.60			0.60
Ratio of net investment income to average net assets (%)		0.99	(d)		1.02			0.79			1.10			0.76			0.82
Portfolio turnover rate (%)		12	(c)		17			16			11			24			22
Net assets, end of period (in millions)	$	109.1		$	105.2		$	103.3		$	71.4		$	62.7		$	41.3

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Mid Cap Stock Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of

MSF-15

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to return of capital adjustments and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject

MSF-16

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s

MSF-17

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At June 30, 2015, the Portfolio had the following open derivatives, categorized by risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts*	$	181,957

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the six months ended June 30, 2015 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	1,191,745
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(384,999	)

For the six months ended June 30, 2015, the average Notional Par or Face Amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	14,200

‡ Averages are based on activity levels during the period.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared over-the-counter (“OTC”) derivatives. Cleared derivative transactions require posting of initial margin as determined by each

MSF-18

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	114,306,607	$	0	$	123,234,297

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the six months ended June 30, 2015 were $1,210,511.

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.030%	On the first $500 million
0.020%	On the next $500 million
0.010%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2015 were $121,635.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 through April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a

MSF-19

Metropolitan Series Fund

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$13,838,966	$	11,678,054	$	37,782,266	$	19,089,199	$	51,621,232	$	30,767,253

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$14,178,456	$	56,282,916	$	292,492,475	$	—	$	362,953,847

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-20

Metropolitan Series Fund

MetLife Stock Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, D, E, and G shares of the MetLife Stock Index Portfolio returned 1.12%, 0.98%, 1.04%, 1.04%, and 0.98%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 1.23%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2015, the S&P 500 Index returned 1.23%. Equity markets were mixed in the first quarter as macroeconomic data and earnings reports disappointed investors and oil prices continued to fall. Weak macroeconomic data included U.S. durable goods orders, U.S. pending home sales, and U.S. Gross Domestic Product growth. Companies that reported lower than expected earnings results included Caterpillar, Procter & Gamble and Pfizer. In February, equity markets rallied as oil prices recovered and Greece reached a new bailout deal with the European Union. A strong U.S. payrolls report, a cease fire between Russia and Ukraine, and U.S. Federal Reserve Bank (the “Fed”) Chair Yellen’s comments that the Fed is unlikely to raise rates before June also contributed to positive performance. In the second quarter, equity markets were relatively flat as strong earnings reports, merger & acquisition activity, and easy monetary policies contrasted with fears about Greece’s potential exit from the eurozone, unrest in the Middle East, and uncertainty around the timing of the first Fed rate hike. A tentative nuclear agreement between Iranian and world leaders and the People’s Bank of China lowering the reserve requirement ratio more than expected helped global equity indexes. In June, equity markets declined as a Greek deal failed to materialize, Greek Prime Minister Tsipras called for a referendum on the bailout, and Greece imposed capital controls and shut banks and the stock market for six days. Islamic militant terrorist attacks, U.S. growth forecasts cut by the International Monetary Fund, and global growth forecasts cut by the Organization for Economic Co-operation and Development also weighed on the markets.

During the first six months, the Federal Open Market Committee (the “Committee”) met four times and maintained the target range for the federal funds rate at 0 to 0.25%. The Committee stated that economic activity had been expanding moderately after having changed little during the first quarter. The Committee also stated that it would be appropriate to raise the target range for the federal funds rate when it had seen further improvement in the labor market.

Five of the ten sectors comprising the S&P 500 Index experienced positive returns for the first six months of 2015. Health Care (14.2% beginning weight in the benchmark), up 9.6%, was the best performing sector and had the largest positive impact on the benchmark return. Consumer Discretionary (12.1% beginning weight), up 6.8%, and Telecom Services (2.3% beginning weight), up 3.2%, were the next best-performing sectors. Utilities (3.2% beginning weight), down 10.7%, and Energy (8.4% beginning weight), down 4.6%, were the worst performing sectors.

The stocks in the S&P 500 Index with the largest positive impact on the benchmark return for the first half of the year were Amazon, up 39.9%; Gilead Sciences, up 24.7%; and Apple, up 14.5%. The stocks with the largest negative impact were Intel, down 15.0%; Proctor & Gamble, down 12.8%; and Exxon Mobil, down 8.6%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P 500 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P 500 Index. Factors that impacted tracking error during the period included transaction costs, cash drag, securities lending, NAV rounding, contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

MetLife Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Stock Index Portfolio
Class A		1.12		7.15		17.04		7.64		—
Class B		0.98		6.89		16.75		7.37		—
Class D		1.04		7.03		16.92		—		17.38
Class E		1.04		6.98		16.87		7.47		—
Class G		0.98		—		—		—		2.21
S&P 500 Index		1.23		7.42		17.34		7.89		—

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Inception dates of the Class A, Class B, Class D, Class E and Class G shares are 5/1/90, 1/2/01, 4/28/09. 5/1/01 and 11/12/14, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Apple, Inc.		3.9
Microsoft Corp.		1.9
Exxon Mobil Corp.		1.9
Johnson & Johnson		1.5
General Electric Co.		1.4
Wells Fargo & Co.		1.4
JPMorgan Chase & Co.		1.4
Berkshire Hathaway, Inc.- Class B		1.3
Procter & Gamble Co. (The)		1.1
Pfizer, Inc.		1.1

Top Sectors

	% of Net Assets
Information Technology		19.3
Financials		17.2
Health Care		15.2
Consumer Discretionary		12.6
Industrials		10.0
Consumer Staples		9.3
Energy		7.7
Materials		3.1
Utilities		2.8
Telecommunication Services		2.2

MSF-2

Metropolitan Series Fund

MetLife Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.26	%	$	1,000.00	$	1,011.20	$	1.30
	Hypothetical*		0.26	%	$	1,000.00	$	1,023.51	$	1.30
Class B(a)	Actual		0.51	%	$	1,000.00	$	1,009.80	$	2.54
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56
Class D(a)	Actual		0.36	%	$	1,000.00	$	1,010.40	$	1.79
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.01	$	1.81
Class E(a)	Actual		0.41	%	$	1,000.00	$	1,010.40	$	2.04
	Hypothetical*		0.41	%	$	1,000.00	$	1,022.76	$	2.06
Class G(a)	Actual		0.56	%	$	1,000.00	$	1,009.80	$	2.79
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.6%
Boeing Co. (The)		225,487	$	31,279,557
General Dynamics Corp.		109,497		15,514,630
Honeywell International, Inc.		274,081		27,948,040
L-3 Communications Holdings, Inc.		28,877		3,274,074
Lockheed Martin Corp.		93,807		17,438,721
Northrop Grumman Corp.		67,945		10,778,115
Precision Castparts Corp.		48,466		9,686,899
Raytheon Co.		106,989		10,236,707
Rockwell Collins, Inc.		46,376		4,282,824
Textron, Inc.		97,347		4,344,597
United Technologies Corp.		290,273		32,199,984
				166,984,148
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc. (a)		51,133		3,190,188
Expeditors International of Washington, Inc.		67,064		3,091,986
FedEx Corp.		92,429		15,749,901
United Parcel Service, Inc. - Class B		243,315		23,579,657
				45,611,732
Airlines—0.5%
American Airlines Group, Inc.		242,908		9,700,531
Delta Air Lines, Inc.		287,967		11,829,684
Southwest Airlines Co.		234,317		7,753,550
				29,283,765
Auto Components—0.4%
BorgWarner, Inc.		79,332		4,509,231
Delphi Automotive plc		101,237		8,614,256
Goodyear Tire & Rubber Co. (The)		94,584		2,851,708
Johnson Controls, Inc.		229,596		11,371,890
				27,347,085
Automobiles—0.6%
Ford Motor Co.		1,393,833		20,921,433
General Motors Co.		473,354		15,776,889
Harley-Davidson, Inc.		73,298		4,130,342
				40,828,664
Banks—6.1%
Bank of America Corp.		3,682,231		62,671,572
BB&T Corp.		256,283		10,330,768
Citigroup, Inc.		1,063,826		58,765,748
Comerica, Inc.		62,413		3,203,035
Fifth Third Bancorp		283,977		5,912,401
Huntington Bancshares, Inc.		283,484		3,206,204
JPMorgan Chase & Co.		1,301,176		88,167,686
KeyCorp		297,431		4,467,414
M&T Bank Corp. (a)		46,622		5,824,486
People’s United Financial, Inc. (a)		108,379		1,756,823
PNC Financial Services Group, Inc. (The)		181,592		17,369,275
Regions Financial Corp.		469,953		4,868,713
SunTrust Banks, Inc.		180,995		7,786,405
U.S. Bancorp		621,659		26,980,001
Wells Fargo & Co.		1,642,920		92,397,821
Banks—(Continued)
Zions Bancorporation		71,248	$	2,261,055
				395,969,407
Beverages—2.1%
Brown-Forman Corp. - Class B		54,636		5,473,434
Coca-Cola Co. (The)		1,375,417		53,957,609
Coca-Cola Enterprises, Inc.		75,153		3,264,646
Constellation Brands, Inc. - Class A		59,404		6,892,052
Dr Pepper Snapple Group, Inc.		67,224		4,900,630
Molson Coors Brewing Co. - Class B		55,976		3,907,685
Monster Beverage Corp. (b)		51,312		6,876,834
PepsiCo, Inc.		517,531		48,306,344
				133,579,234
Biotechnology—3.2%
Alexion Pharmaceuticals, Inc. (b)		78,503		14,190,987
Amgen, Inc.		266,584		40,925,976
Biogen, Inc. (b)		82,476		33,315,355
Celgene Corp. (b)		278,091		32,184,862
Gilead Sciences, Inc. (b)		515,271		60,327,929
Regeneron Pharmaceuticals, Inc. (a) (b)		26,434		13,484,776
Vertex Pharmaceuticals, Inc. (b)		85,464		10,553,095
				204,982,980
Building Products—0.1%
Allegion plc		33,546		2,017,456
Masco Corp.		121,873		3,250,353
				5,267,809
Capital Markets—2.3%
Affiliated Managers Group, Inc. (b)		19,188		4,194,497
Ameriprise Financial, Inc.		63,595		7,944,923
Bank of New York Mellon Corp. (The)		393,222		16,503,527
BlackRock, Inc.		44,524		15,404,414
Charles Schwab Corp. (The)		405,278		13,232,327
E*Trade Financial Corp. (b)		101,639		3,044,088
Franklin Resources, Inc.		136,752		6,704,951
Goldman Sachs Group, Inc. (The)		140,870		29,412,247
Invesco, Ltd.		151,013		5,661,477
Legg Mason, Inc.		34,203		1,762,481
Morgan Stanley		538,767		20,898,772
Northern Trust Corp.		76,914		5,880,844
State Street Corp.		144,343		11,114,411
T. Rowe Price Group, Inc.		92,123		7,160,721
				148,919,680
Chemicals—2.3%
Air Products & Chemicals, Inc.		67,771		9,273,106
Airgas, Inc.		23,829		2,520,632
CF Industries Holdings, Inc.		82,516		5,304,129
Dow Chemical Co. (The)		379,968		19,442,963
E.I. du Pont de Nemours & Co.		317,393		20,297,282
Eastman Chemical Co.		52,234		4,273,786
Ecolab, Inc.		93,961		10,624,170
FMC Corp.		46,819		2,460,338

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
International Flavors & Fragrances, Inc.		28,360	$	3,099,464
LyondellBasell Industries NV - Class A		137,737		14,258,534
Monsanto Co.		166,931		17,793,175
Mosaic Co. (The)		108,816		5,098,030
PPG Industries, Inc.		95,316		10,934,652
Praxair, Inc.		101,087		12,084,951
Sherwin-Williams Co. (The)		27,772		7,637,855
Sigma-Aldrich Corp.		41,874		5,835,142
				150,938,209
Commercial Services & Supplies—0.4%
ADT Corp. (The) (a)		60,059		2,016,181
Cintas Corp.		33,290		2,816,001
Pitney Bowes, Inc. (a)		70,713		1,471,538
Republic Services, Inc.		87,464		3,425,965
Stericycle, Inc. (b)		29,819		3,993,062
Tyco International plc		147,621		5,680,456
Waste Management, Inc.		149,284		6,919,313
				26,322,516
Communications Equipment—1.5%
Cisco Systems, Inc.		1,783,207		48,966,864
F5 Networks, Inc. (b)		25,221		3,035,347
Harris Corp.		43,208		3,323,127
Juniper Networks, Inc.		123,209		3,199,738
Motorola Solutions, Inc.		65,085		3,731,974
QUALCOMM, Inc.		571,357		35,784,089
				98,041,139
Construction & Engineering—0.1%
Fluor Corp.		51,690		2,740,087
Jacobs Engineering Group, Inc. (a) (b)		44,032		1,788,580
Quanta Services, Inc. (b)		74,269		2,140,432
				6,669,099
Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		21,767		3,080,248
Vulcan Materials Co.		46,513		3,903,836
				6,984,084
Consumer Finance—0.8%
American Express Co.		306,295		23,805,247
Capital One Financial Corp.		191,586		16,853,820
Discover Financial Services		155,150		8,939,743
Navient Corp.		136,398		2,483,808
				52,082,618
Containers & Packaging—0.2%
Avery Dennison Corp.		31,914		1,944,839
Ball Corp.		48,335		3,390,700
MeadWestvaco Corp.		117,200		5,530,668
Owens-Illinois, Inc. (b)		56,537		1,296,959
Sealed Air Corp.		73,688		3,786,090
				15,949,256
Distributors—0.1%
Genuine Parts Co.		53,364		4,777,679
Diversified Consumer Services—0.0%
H&R Block, Inc.		96,507		2,861,433
Diversified Financial Services—2.0%
Berkshire Hathaway, Inc. - Class B (b)		639,446		87,034,995
CME Group, Inc.		111,253		10,353,204
Intercontinental Exchange, Inc.		39,183		8,761,711
Leucadia National Corp.		110,559		2,684,373
McGraw Hill Financial, Inc.		95,964		9,639,584
Moody’s Corp.		62,378		6,734,329
NASDAQ OMX Group, Inc. (The)		41,524		2,026,786
				127,234,982
Diversified Telecommunication Services—2.2%
AT&T, Inc.		1,820,762		64,673,466
CenturyLink, Inc.		197,660		5,807,251
Frontier Communications Corp.		404,371		2,001,636
Level 3 Communications, Inc. (b)		103,152		5,433,016
Verizon Communications, Inc.		1,429,993		66,651,974
				144,567,343
Electric Utilities—1.6%
American Electric Power Co., Inc.		171,782		9,099,293
Duke Energy Corp.		242,466		17,122,949
Edison International		114,235		6,349,181
Entergy Corp.		62,944		4,437,552
Eversource Energy		111,373		5,057,448
Exelon Corp. (a)		301,968		9,487,835
FirstEnergy Corp.		147,970		4,816,423
NextEra Energy, Inc.		155,718		15,265,035
Pepco Holdings, Inc.		88,641		2,387,989
Pinnacle West Capital Corp.		38,830		2,209,039
PPL Corp.		234,250		6,903,347
Southern Co. (The) (a)		318,453		13,343,181
Xcel Energy, Inc.		177,733		5,719,448
				102,198,720
Electrical Equipment—0.5%
AMETEK, Inc.		84,681		4,638,825
Eaton Corp. plc		163,774		11,053,107
Emerson Electric Co.		234,320		12,988,358
Rockwell Automation, Inc.		47,193		5,882,136
				34,562,426
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp. - Class A		108,314		6,278,963
Corning, Inc.		441,272		8,706,296
FLIR Systems, Inc.		49,130		1,514,187
TE Connectivity, Ltd.		142,558		9,166,479
				25,665,925

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—1.3%
Baker Hughes, Inc.		152,405	$	9,403,389
Cameron International Corp. (b)		67,110		3,514,551
Diamond Offshore Drilling, Inc.		23,564		608,187
Ensco plc - Class A (a)		82,164		1,829,792
FMC Technologies, Inc. (b)		80,962		3,359,113
Halliburton Co.		298,332		12,849,159
Helmerich & Payne, Inc. (a)		37,745		2,658,003
National Oilwell Varco, Inc.		135,993		6,565,742
Noble Corp. plc (a)		84,836		1,305,626
Schlumberger, Ltd.		445,190		38,370,926
Transocean, Ltd. (a)		119,753		1,930,418
				82,394,906
Food & Staples Retailing—2.4%
Costco Wholesale Corp.		154,093		20,811,801
CVS Health Corp.		395,614		41,491,996
Kroger Co. (The)		171,874		12,462,584
Sysco Corp.		208,184		7,515,442
Wal-Mart Stores, Inc.		553,300		39,245,569
Walgreens Boots Alliance, Inc.		305,952		25,834,587
Whole Foods Market, Inc.		125,619		4,954,413
				152,316,392
Food Products—1.6%
Archer-Daniels-Midland Co.		217,514		10,488,525
Campbell Soup Co. (a)		62,312		2,969,167
ConAgra Foods, Inc.		149,732		6,546,283
General Mills, Inc.		209,000		11,645,480
Hershey Co. (The)		51,457		4,570,925
Hormel Foods Corp.		47,256		2,663,821
J.M. Smucker Co. (The)		33,982		3,683,989
Kellogg Co.		87,850		5,508,195
Keurig Green Mountain, Inc. (a)		40,488		3,102,595
Kraft Foods Group, Inc.		207,664		17,680,513
McCormick & Co., Inc. (a)		44,804		3,626,884
Mead Johnson Nutrition Co.		71,013		6,406,793
Mondelez International, Inc. - Class A		570,324		23,463,129
Tyson Foods, Inc. - Class A		102,286		4,360,452
				106,716,751
Gas Utilities—0.0%
AGL Resources, Inc.		42,051		1,957,895
Health Care Equipment & Supplies—2.2%
Abbott Laboratories		521,986		25,619,073
Baxter International, Inc.		190,825		13,344,392
Becton Dickinson & Co.		73,415		10,399,235
Boston Scientific Corp. (b)		470,065		8,320,150
C.R. Bard, Inc.		26,032		4,443,662
DENTSPLY International, Inc.		49,021		2,527,033
Edwards Lifesciences Corp. (b)		37,712		5,371,320
Intuitive Surgical, Inc. (b)		12,924		6,261,678
Medtronic plc		499,655		37,024,435
St. Jude Medical, Inc.		98,216		7,176,643
Stryker Corp.		104,815		10,017,170
Varian Medical Systems, Inc. (b)		34,991		2,950,791
Health Care Equipment & Supplies—(Continued)
Zimmer Biomet Holdings, Inc.		59,746		6,526,056
				139,981,638
Health Care Providers & Services—2.9%
Aetna, Inc.		122,436		15,605,693
AmerisourceBergen Corp.		73,175		7,781,430
Anthem, Inc.		92,751		15,224,149
Cardinal Health, Inc.		115,997		9,703,149
Cigna Corp.		90,238		14,618,556
DaVita HealthCare Partners, Inc. (b)		60,290		4,791,246
Express Scripts Holding Co. (b)		255,703		22,742,225
HCA Holdings, Inc. (b)		101,688		9,225,135
Henry Schein, Inc. (b)		29,319		4,166,816
Humana, Inc.		52,516		10,045,261
Laboratory Corp. of America Holdings (b)		35,202		4,267,186
McKesson Corp.		81,187		18,251,649
Patterson Cos., Inc.		30,041		1,461,495
Quest Diagnostics, Inc.		50,361		3,652,180
Tenet Healthcare Corp. (b)		34,789		2,013,587
UnitedHealth Group, Inc.		333,755		40,718,110
Universal Health Services, Inc. - Class B		31,961		4,541,658
				188,809,525
Health Care Technology—0.1%
Cerner Corp. (b)		107,370		7,414,972
Hotels, Restaurants & Leisure—1.7%
Carnival Corp.		158,130		7,810,041
Chipotle Mexican Grill, Inc. (b)		10,886		6,585,921
Darden Restaurants, Inc.		44,105		3,134,983
Marriott International, Inc. - Class A		72,302		5,378,546
McDonald’s Corp.		336,073		31,950,460
Royal Caribbean Cruises, Ltd.		57,828		4,550,485
Starbucks Corp.		526,103		28,207,012
Starwood Hotels & Resorts Worldwide, Inc.		59,916		4,858,589
Wyndham Worldwide Corp.		42,090		3,447,592
Wynn Resorts, Ltd. (a)		28,587		2,820,679
Yum! Brands, Inc.		151,608		13,656,849
				112,401,157
Household Durables—0.4%
DR Horton, Inc.		116,976		3,200,463
Garmin, Ltd. (a)		42,286		1,857,624
Harman International Industries, Inc.		24,947		2,967,196
Leggett & Platt, Inc. (a)		48,315		2,351,974
Lennar Corp. - Class A (a)		62,595		3,194,849
Mohawk Industries, Inc. (b)		21,783		4,158,375
Newell Rubbermaid, Inc.		94,211		3,873,014
PulteGroup, Inc.		115,053		2,318,318
Whirlpool Corp.		27,574		4,771,681
				28,693,494
Household Products—1.7%
Clorox Co. (The)		45,994		4,784,296
Colgate-Palmolive Co.		298,129		19,500,618
Kimberly-Clark Corp.		127,660		13,528,130

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Products—(Continued)
Procter & Gamble Co. (The)		951,227	$	74,424,000
				112,237,044
Independent Power and Renewable Electricity Producers—0.1%
AES Corp.		239,276		3,172,800
NRG Energy, Inc.		116,929		2,675,335
				5,848,135
Industrial Conglomerates—2.4%
3M Co.		222,412		34,318,172
Danaher Corp.		215,915		18,480,165
General Electric Co.		3,532,808		93,866,708
Roper Technologies, Inc.		35,245		6,078,353
				152,743,398
Insurance—2.7%
ACE, Ltd.		114,509		11,643,275
Aflac, Inc.		152,128		9,462,362
Allstate Corp. (The)		143,407		9,302,812
American International Group, Inc.		467,513		28,901,654
Aon plc		98,781		9,846,490
Assurant, Inc.		23,812		1,595,404
Chubb Corp. (The)		80,556		7,664,098
Cincinnati Financial Corp.		51,864		2,602,536
Genworth Financial, Inc. - Class A (b)		174,393		1,320,155
Hartford Financial Services Group, Inc. (The)		147,234		6,120,517
Lincoln National Corp.		88,714		5,253,643
Loews Corp.		104,169		4,011,548
Marsh & McLennan Cos., Inc.		188,776		10,703,599
MetLife, Inc. (c)		391,227		21,904,800
Principal Financial Group, Inc.		96,088		4,928,353
Progressive Corp. (The)		187,194		5,209,609
Prudential Financial, Inc.		158,830		13,900,802
Torchmark Corp. (a)		44,216		2,574,256
Travelers Cos., Inc. (The)		111,742		10,800,982
Unum Group		87,483		3,127,517
XL Group plc		107,512		3,999,446
				174,873,858
Internet & Catalog Retail—1.5%
Amazon.com, Inc. (b)		133,887		58,119,008
Expedia, Inc.		34,959		3,822,767
Netflix, Inc. (b)		21,256		13,963,916
Priceline Group, Inc. (The) (b)		18,175		20,926,150
TripAdvisor, Inc. (b)		39,247		3,419,983
				100,251,824
Internet Software & Services—3.3%
Akamai Technologies, Inc. (b)		62,606		4,371,151
eBay, Inc. (b)		387,604		23,349,265
Facebook, Inc. - Class A (b)		738,465		63,334,451
Google, Inc. - Class A (b)		100,348		54,191,934
Google, Inc. - Class C (b) (d)		100,635		52,381,524
VeriSign, Inc. (a) (b)		36,741		2,267,654
Internet Software & Services—(Continued)
Yahoo!, Inc. (b)		306,003		12,022,858
				211,918,837
IT Services—3.3%
Accenture plc - Class A		219,577		21,250,662
Alliance Data Systems Corp. (b)		21,756		6,351,447
Automatic Data Processing, Inc.		164,624		13,207,783
Cognizant Technology Solutions Corp. - Class A (b)		214,059		13,076,864
Computer Sciences Corp.		48,273		3,168,640
Fidelity National Information Services, Inc.		99,388		6,142,178
Fiserv, Inc. (b)		83,023		6,876,795
International Business Machines Corp.		321,098		52,229,801
MasterCard, Inc. - Class A		339,820		31,766,373
Paychex, Inc.		114,619		5,373,339
Teradata Corp. (a) (b)		49,787		1,842,119
Total System Services, Inc.		57,514		2,402,360
Visa, Inc. - Class A (a)		677,765		45,511,920
Western Union Co. (The) (a)		181,028		3,680,299
Xerox Corp.		363,840		3,871,258
				216,751,838
Leisure Products—0.1%
Hasbro, Inc. (a)		39,280		2,937,751
Mattel, Inc. (a)		118,627		3,047,528
				5,985,279
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.		116,823		4,507,032
PerkinElmer, Inc.		39,688		2,089,176
Thermo Fisher Scientific, Inc.		139,566		18,110,084
Waters Corp. (b)		28,994		3,722,250
				28,428,542
Machinery—1.5%
Caterpillar, Inc.		211,649		17,952,068
Cummins, Inc.		58,792		7,712,922
Deere & Co. (a)		117,061		11,360,770
Dover Corp. (a)		56,233		3,946,432
Flowserve Corp.		47,225		2,486,869
Illinois Tool Works, Inc.		118,606		10,886,845
Ingersoll-Rand plc		92,815		6,257,587
Joy Global, Inc. (a)		34,169		1,236,918
PACCAR, Inc. (a)		124,398		7,937,836
Pall Corp.		37,457		4,661,524
Parker-Hannifin Corp.		48,623		5,656,314
Pentair plc		62,985		4,330,219
Snap-on, Inc.		20,449		3,256,503
Stanley Black & Decker, Inc.		53,899		5,672,331
Xylem, Inc.		63,592		2,357,355
				95,712,493
Media—3.6%
Cablevision Systems Corp. - Class A (a)		77,300		1,850,562

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
CBS Corp. - Class B		158,750	$	8,810,625
Comcast Corp. - Class A		881,295		53,001,081
DIRECTV (b)		176,291		16,358,042
Discovery Communications, Inc. - Class A (a) (b)		52,295		1,739,332
Discovery Communications, Inc. - Class C (b)		91,544		2,845,187
Interpublic Group of Cos., Inc. (The)		144,783		2,789,968
News Corp. - Class A (b)		175,566		2,561,508
Omnicom Group, Inc.		85,660		5,952,513
Scripps Networks Interactive, Inc. - Class A (a)		33,324		2,178,390
TEGNA, Inc.		79,539		2,550,823
Time Warner Cable, Inc.		99,115		17,659,320
Time Warner, Inc.		289,121		25,272,067
Twenty-First Century Fox, Inc. - Class A		620,390		20,190,592
Viacom, Inc. - Class B		125,265		8,097,130
Walt Disney Co. (The)		547,323		62,471,447
				234,328,587
Metals & Mining—0.3%
Alcoa, Inc.		428,589		4,778,767
Allegheny Technologies, Inc.		38,292		1,156,418
Freeport-McMoRan, Inc.		364,659		6,789,951
Newmont Mining Corp.		185,423		4,331,481
Nucor Corp.		111,894		4,931,169
				21,987,786
Multi-Utilities—1.1%
Ameren Corp.		85,072		3,205,513
CenterPoint Energy, Inc.		150,838		2,870,447
CMS Energy Corp.		96,768		3,081,093
Consolidated Edison, Inc.		102,688		5,943,582
Dominion Resources, Inc.		208,083		13,914,510
DTE Energy Co.		62,876		4,693,065
NiSource, Inc.		111,278		5,073,164
PG&E Corp.		168,344		8,265,690
Public Service Enterprise Group, Inc.		177,364		6,966,858
SCANA Corp. (a)		50,109		2,538,021
Sempra Energy		81,601		8,073,603
TECO Energy, Inc.		82,438		1,455,855
WEC Energy Group, Inc.		110,521		4,970,114
				71,051,515
Multiline Retail—0.8%
Dollar General Corp.		104,172		8,098,331
Dollar Tree, Inc. (b)		72,294		5,710,503
Family Dollar Stores, Inc.		33,707		2,656,449
Kohl’s Corp. (a)		69,379		4,343,819
Macy’s, Inc.		117,951		7,958,154
Nordstrom, Inc.		49,435		3,682,908
Target Corp.		223,867		18,274,263
				50,724,427
Oil, Gas & Consumable Fuels—6.5%
Anadarko Petroleum Corp.		178,092		13,901,861
Apache Corp.		132,216		7,619,608
Oil, Gas & Consumable Fuels—(Continued)
Cabot Oil & Gas Corp.		145,017		4,573,836
Chesapeake Energy Corp. (a)		181,469		2,027,009
Chevron Corp.		659,331		63,605,662
Cimarex Energy Co.		32,843		3,622,911
ConocoPhillips		432,294		26,547,175
CONSOL Energy, Inc. (a)		80,229		1,744,178
Devon Energy Corp.		135,491		8,060,360
EOG Resources, Inc.		192,466		16,850,398
EQT Corp.		53,415		4,344,776
Exxon Mobil Corp.		1,465,974		121,969,037
Hess Corp. (a)		85,647		5,728,071
Kinder Morgan, Inc.		608,156		23,347,109
Marathon Oil Corp.		236,651		6,280,718
Marathon Petroleum Corp.		190,482		9,964,113
Murphy Oil Corp. (a)		58,655		2,438,288
Newfield Exploration Co. (b)		57,081		2,061,766
Noble Energy, Inc.		135,691		5,791,292
Occidental Petroleum Corp.		269,317		20,944,783
ONEOK, Inc.		73,195		2,889,739
Phillips 66		190,150		15,318,484
Pioneer Natural Resources Co.		52,347		7,260,005
Range Resources Corp. (a)		58,383		2,882,953
Southwestern Energy Co. (a) (b)		135,685		3,084,120
Spectra Energy Corp.		235,379		7,673,355
Tesoro Corp.		44,153		3,726,955
Valero Energy Corp.		178,332		11,163,583
Williams Cos., Inc. (The)		236,356		13,564,471
				418,986,616
Paper & Forest Products—0.1%
International Paper Co.		148,264		7,055,884
Personal Products—0.1%
Estee Lauder Cos., Inc. (The) - Class A		78,277		6,783,485
Pharmaceuticals—6.4%
AbbVie, Inc.		602,910		40,509,523
Allergan plc (b)		137,599		41,755,792
Bristol-Myers Squibb Co.		584,472		38,890,767
Eli Lilly & Co.		342,404		28,587,310
Endo International plc (b)		71,095		5,662,717
Hospira, Inc. (b)		60,580		5,374,052
Johnson & Johnson		972,281		94,758,506
Mallinckrodt plc (b)		41,014		4,828,168
Merck & Co., Inc.		990,575		56,393,435
Mylan NV (b)		144,324		9,793,827
Perrigo Co. plc		51,283		9,478,637
Pfizer, Inc.		2,158,993		72,391,035
Zoetis, Inc.		175,296		8,452,773
				416,876,542
Professional Services—0.2%
Dun & Bradstreet Corp. (The)		12,635		1,541,470
Equifax, Inc.		41,726		4,051,177
Nielsen NV		129,414		5,793,865

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—(Continued)
Robert Half International, Inc.		47,360	$	2,628,480
				14,014,992
Real Estate Investment Trusts—2.4%
American Tower Corp.		148,343		13,838,918
Apartment Investment & Management Co. - Class A		54,793		2,023,505
AvalonBay Communities, Inc.		46,348		7,409,655
Boston Properties, Inc.		53,788		6,510,500
Crown Castle International Corp.		118,328		9,501,738
Equinix, Inc.		19,959		5,069,586
Equity Residential		127,621		8,955,166
Essex Property Trust, Inc.		22,914		4,869,225
General Growth Properties, Inc.		220,614		5,660,955
HCP, Inc.		161,872		5,903,472
Health Care REIT, Inc.		123,078		8,077,609
Host Hotels & Resorts, Inc.		265,654		5,267,919
Iron Mountain, Inc.		65,703		2,036,793
Kimco Realty Corp.		144,718		3,261,944
Macerich Co. (The)		49,386		3,684,196
Plum Creek Timber Co., Inc.		61,577		2,498,179
Prologis, Inc.		183,740		6,816,754
Public Storage		50,922		9,388,489
Realty Income Corp. (a)		81,532		3,619,205
Simon Property Group, Inc.		109,137		18,882,884
SL Green Realty Corp.		34,916		3,836,919
Ventas, Inc. (a)		116,013		7,203,247
Vornado Realty Trust		61,391		5,827,848
Weyerhaeuser Co.		181,531		5,718,226
				155,862,932
Real Estate Management & Development—0.1%
CBRE Group, Inc. - Class A (b)		98,068		3,628,516
Road & Rail—0.9%
CSX Corp.		346,404		11,310,090
J.B. Hunt Transport Services, Inc.		32,284		2,650,193
Kansas City Southern		38,759		3,534,821
Norfolk Southern Corp.		106,886		9,337,561
Ryder System, Inc.		18,691		1,633,033
Union Pacific Corp.		306,999		29,278,495
				57,744,193
Semiconductors & Semiconductor Equipment—2.4%
Altera Corp.		105,567		5,405,030
Analog Devices, Inc.		109,934		7,056,114
Applied Materials, Inc.		431,821		8,299,600
Avago Technologies, Ltd.		89,964		11,958,914
Broadcom Corp. - Class A		190,680		9,818,113
First Solar, Inc. (b)		26,512		1,245,534
Intel Corp.		1,663,334		50,590,304
KLA-Tencor Corp.		56,071		3,151,751
Lam Research Corp.		55,512		4,515,901
Linear Technology Corp.		83,961		3,713,595
Microchip Technology, Inc. (a)		70,938		3,364,235
Micron Technology, Inc. (a) (b)		377,725		7,116,339
Semiconductors & Semiconductor Equipment—(Continued)
NVIDIA Corp.		179,201		3,603,732
Qorvo, Inc. (b)		52,394		4,205,666
Skyworks Solutions, Inc.		67,003		6,975,012
Texas Instruments, Inc.		364,770		18,789,303
Xilinx, Inc.		90,668		4,003,899
				153,813,042
Software—3.7%
Adobe Systems, Inc. (b)		166,633		13,498,939
Autodesk, Inc. (b)		79,819		3,996,937
CA, Inc.		110,994		3,251,014
Citrix Systems, Inc. (b)		56,200		3,942,992
Electronic Arts, Inc. (b)		109,020		7,249,830
Intuit, Inc.		96,655		9,739,924
Microsoft Corp.		2,836,355		125,225,073
Oracle Corp.		1,117,758		45,045,647
Red Hat, Inc. (b)		64,275		4,880,401
Salesforce.com, Inc. (b)		213,761		14,884,179
Symantec Corp.		238,675		5,549,194
				237,264,130
Specialty Retail—2.3%
AutoNation, Inc. (b)		26,386		1,661,790
AutoZone, Inc. (b)		11,123		7,417,929
Bed Bath & Beyond, Inc. (a) (b)		60,064		4,143,215
Best Buy Co., Inc. (a)		102,661		3,347,775
CarMax, Inc. (b)		73,359		4,857,099
GameStop Corp. - Class A (a)		37,418		1,607,477
Gap, Inc. (The) (a)		92,189		3,518,854
Home Depot, Inc. (The)		455,445		50,613,603
L Brands, Inc.		85,989		7,371,837
Lowe’s Cos., Inc.		327,017		21,900,329
O’Reilly Automotive, Inc. (b)		35,409		8,001,726
Ross Stores, Inc.		145,082		7,052,436
Staples, Inc.		224,625		3,439,009
Tiffany & Co.		39,398		3,616,736
TJX Cos., Inc. (The)		238,555		15,785,184
Tractor Supply Co.		47,834		4,302,190
Urban Outfitters, Inc. (a) (b)		34,143		1,195,005
				149,832,194
Technology Hardware, Storage & Peripherals—4.8%
Apple, Inc.		2,019,925		253,349,093
EMC Corp.		680,922		17,969,531
Hewlett-Packard Co.		633,362		19,007,194
NetApp, Inc.		109,319		3,450,108
SanDisk Corp.		72,900		4,244,238
Seagate Technology plc (a)		111,280		5,285,800
Western Digital Corp.		76,104		5,968,076
				309,274,040
Textiles, Apparel & Luxury Goods—0.9%
Coach, Inc.		96,871		3,352,705
Fossil Group, Inc. (a) (b)		15,060		1,044,562
Hanesbrands, Inc.		140,831		4,692,489

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—(Continued)
Michael Kors Holdings, Ltd. (b)		69,667	$	2,932,284
NIKE, Inc. - Class B		244,169		26,375,135
PVH Corp.		28,993		3,339,994
Ralph Lauren Corp.		21,189		2,804,576
Under Armour, Inc. - Class A (a) (b)		58,946		4,918,454
VF Corp.		119,203		8,313,217
				57,773,416
Thrifts & Mortgage Finance—0.0%
Hudson City Bancorp, Inc.		168,953		1,669,256
Tobacco—1.4%
Altria Group, Inc.		689,511		33,723,983
Philip Morris International, Inc.		543,159		43,545,057
Reynolds American, Inc.		145,742		10,881,098
				88,150,138
Trading Companies & Distributors—0.2%
Fastenal Co. (a)		95,316		4,020,429
United Rentals, Inc. (b)		34,000		2,979,080
WW Grainger, Inc. (a)		20,883		4,941,962
				11,941,471
Total Common Stocks (Cost $3,667,880,689)				6,391,831,073
Mutual Fund—0.9%
Investment Company Security—0.9%
SPDR S&P 500 ETF Trust (a) (Cost $58,290,808)		273,600		56,320,560
Short-Term Investments—3.6%
Discount Notes—0.4%
Federal Home Loan Bank 0.080%, 09/02/15 (e)		1,325,000		1,324,814
0.085%, 08/14/15 (e)		2,375,000		2,374,751
0.119%, 08/11/15 (e)		225,000		224,969
0.127%, 10/09/15 (e)		950,000		949,666
0.127%, 09/22/15 (e)		4,950,000		4,948,553
0.136%, 11/12/15 (e)		2,775,000		2,773,606
0.148%, 11/20/15 (e)		2,750,000		2,748,409
Discount Notes—(Continued)
Federal Home Loan Bank 0.152%, 11/25/15 (e)		11,275,000		11,268,053
				26,612,821
Mutual Fund—3.2%
State Street Navigator Securities Lending MET Portfolio (f)		207,501,489		207,501,489
U.S. Treasury—0.0%
U.S. Treasury Bill 0.020%, 07/16/15 (e)		1,500,000		1,499,987
Total Short-Term Investments (Cost $235,614,297)				235,614,297
Total Investments—103.1% (Cost $3,961,785,794) (g)				6,683,765,930
Other assets and liabilities (net)—(3.1)%				(199,262,791	)
Net Assets—100.0%			$	6,484,503,139

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $270,329,091 and the collateral received consisted of cash in the amount of $207,501,489 and non-cash collateral with a value of $68,058,933. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2015, the market value of securities pledged was $10,438,828.

(e) The rate shown represents current yield to maturity.

(f) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(g) As of June 30, 2015, the aggregate cost of investments was $3,961,785,794. The aggregate unrealized appreciation and depreciation of investments were $2,798,954,576 and $(76,974,440), respectively, resulting in net unrealized appreciation of $2,721,980,136.

(ETF)— Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Depreciation
S&P 500 Index Futures		09/17/15		68		USD	35,198,688	$	(273,888	)

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	6,391,831,073		$	—		$	—	$	6,391,831,073
Total Mutual Fund*		56,320,560			—			—		56,320,560
Short-Term Investments
Discount Notes		—			26,612,821			—		26,612,821
Mutual Fund		207,501,489			—			—		207,501,489
U.S. Treasury		—			1,499,987			—		1,499,987
Total Short-Term Investments		207,501,489			28,112,808			—		235,614,297
Total Investments	$	6,655,653,122		$	28,112,808		$	—	$	6,683,765,930
Collateral for securities loaned (Liability)	$	—		$	(207,501,489	)	$	—	$	(207,501,489	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(273,888	)	$	—		$	—	$	(273,888	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MetLife Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	6,661,861,130
Affiliated investments at value (c)		21,904,800
Cash		608,101
Receivable for:
Investments sold		11,823,573
Fund shares sold		518,044
Dividends		7,753,998
Variation margin on futures contracts		66,300
Total Assets		6,704,535,946
Liabilities
Collateral for securities loaned		207,501,489
Payables for:
Investments purchased		5,404,249
Fund shares redeemed		4,682,804
Accrued expenses:
Management fees		1,292,649
Distribution and service fees		445,944
Deferred trustees’ fees		91,638
Other expenses		614,034
Total Liabilities		220,032,807
Net Assets	$	6,484,503,139
Net assets consist of:
Paid in surplus	$	3,681,880,619
Undistributed net investment income		57,454,568
Accumulated net realized gain		23,461,704
Unrealized appreciation on investments, affiliated investments and futures contracts		2,721,706,248
Net Assets	$	6,484,503,139
Net Assets
Class A	$	4,232,632,576
Class B		1,985,414,988
Class D		108,481,492
Class E		153,209,787
Class G		4,764,296
Capital Shares Outstanding*
Class A		96,161,367
Class B		46,630,446
Class D		2,469,846
Class E		3,501,073
Class G		112,082
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	44.02
Class B		42.58
Class D		43.92
Class E		43.76
Class G		42.51

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $3,945,623,025.

(b) Includes securities loaned at value of $270,329,091.

(c) Identified cost of affiliated investments was $16,162,769.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	68,377,759
Dividends from affiliated investments		291,645
Interest		19,563
Securities lending income		341,754
Total investment income		69,030,721
Expenses
Management fees		8,237,365
Administration fees		76,328
Custodian and accounting fees		238,605
Distribution and service fees—Class B		2,529,825
Distribution and service fees—Class D		63,061
Distribution and service fees—Class E		118,322
Distribution and service fees—Class G		2,832
Audit and tax services		20,059
Legal		14,699
Trustees’ fees and expenses		19,433
Shareholder reporting		267,334
Insurance		19,856
Miscellaneous		101,076
Total expenses		11,708,795
Less management fee waiver		(407,461	)
Net expenses		11,301,334
Net Investment Income		57,729,387
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		156,395,978
Affiliated investments		335,487
Futures contracts		600,203
Net realized gain		157,331,668
Net change in unrealized appreciation (depreciation) on:
Investments		(141,959,963	)
Affiliated investments		372,276
Futures contracts		(306,004	)
Net change in unrealized depreciation		(141,893,691	)
Net realized and unrealized gain		15,437,977
Net Increase in Net Assets From Operations	$	73,167,364

(a) Net of foreign withholding taxes of $9,758.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MetLife Stock Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	57,729,387		$	110,883,637
Net realized gain		157,331,668			272,365,720
Net change in unrealized appreciation (depreciation)		(141,893,691	)		422,831,280
Increase in net assets from operations		73,167,364			806,080,637
From Distributions to Shareholders
Net investment income
Class A		(73,614,161	)		(69,375,129	)
Class B		(30,456,704	)		(29,217,098	)
Class D		(1,804,092	)		(3,170,591	)
Class E		(2,445,450	)		(2,526,320	)
Class G		(50,027	)		0
Net realized capital gains
Class A		(177,074,360	)		(101,806,592	)
Class B		(85,896,734	)		(49,440,809	)
Class D		(4,613,354	)		(5,057,069	)
Class E		(6,448,300	)		(4,053,340	)
Class G		(146,175	)		0
Total distributions		(382,549,357	)		(264,646,948	)
Increase (decrease) in net assets from capital share transactions		167,562,206			(305,494,341	)
Total increase (decrease) in net assets		(141,819,787	)		235,939,348
Net Assets
Beginning of period		6,626,322,926			6,390,383,578
End of period	$	6,484,503,139		$	6,626,322,926
Undistributed net investment income
End of period	$	57,454,568		$	108,095,615

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		2,197,919		$	102,536,253			5,308,051		$	228,297,870
Reinvestments		5,596,975			250,688,521			4,190,495			171,181,721
Redemptions		(4,583,724	)		(214,044,928	)		(11,906,916	)		(515,809,329	)
Net increase (decrease)		3,211,170		$	139,179,846			(2,408,370	)	$	(116,329,738	)
Class B
Sales		1,558,633		$	69,984,351			3,448,851		$	145,918,461
Reinvestments		2,685,287			116,353,438			1,985,809			78,657,907
Redemptions		(2,899,341	)		(131,271,595	)		(6,867,237	)		(289,650,272	)
Net increase (decrease)		1,344,579		$	55,066,194			(1,432,577	)	$	(65,073,904	)
Class D
Sales		120,426		$	5,638,828			226,305		$	9,802,277
Reinvestments		143,599			6,417,446			201,757			8,227,660
Redemptions		(908,205	)		(42,366,993	)		(2,907,345	)		(125,579,634	)
Net decrease		(644,180	)	$	(30,310,719	)		(2,479,283	)	$	(107,549,697	)
Class E
Sales		46,316		$	2,150,696			52,050		$	2,246,833
Reinvestments		199,725			8,893,750			161,901			6,579,660
Redemptions		(259,457	)		(12,046,837	)		(596,794	)		(25,737,213	)
Net decrease		(13,416	)	$	(1,002,391	)		(382,843	)	$	(16,910,720	)
Class G (a)
Sales		100,290		$	4,479,852			8,286		$	369,776
Reinvestments		4,535			196,202			0			0
Redemptions		(1,028	)		(46,778	)		(1	)		(58	)
Net increase		103,797		$	4,629,276			8,285		$	369,718
Increase (decrease) derived from capital shares transactions				$	167,562,206					$	(305,494,341	)

(a) Commencement of operations was November 12, 2014.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	46.21		$	42.58		$	33.42		$	29.60		$	29.71		$	26.31
Income (Loss) from Investment Operations
Net investment income (a)		0.43			0.79			0.71			0.67			0.55			0.49
Net realized and unrealized gain on investments		0.14			4.66			9.72			3.95			0.02			3.38
Total from investment operations		0.57			5.45			10.43			4.62			0.57			3.87
Less Distributions
Distributions from net investment income		(0.81	)		(0.74	)		(0.70	)		(0.57	)		(0.50	)		(0.47	)
Distributions from net realized capital gains		(1.95	)		(1.08	)		(0.57	)		(0.23	)		(0.18	)		0.00
Total distributions		(2.76	)		(1.82	)		(1.27	)		(0.80	)		(0.68	)		(0.47	)
Net Asset Value, End of Period	$	44.02		$	46.21		$	42.58		$	33.42		$	29.60		$	29.71
Total Return (%) (b)		1.12	(c)		13.36			32.02			15.76			1.84			14.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.27	(d)		0.27			0.27			0.28			0.27			0.27
Net ratio of expenses to average net assets (%) (e)		0.26	(d)		0.26			0.26			0.27			0.26			0.27
Ratio of net investment income to average net assets (%)		1.83	(d)		1.81			1.87			2.08			1.85			1.82
Portfolio turnover rate (%)		5	(c)		12			12			12			11			12
Net assets, end of period (in millions)	$	4,232.6		$	4,295.4		$	4,059.9		$	3,303.3		$	2,925.8		$	3,158.4
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	44.73		$	41.27		$	32.43		$	28.76		$	28.89		$	25.61
Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.66			0.60			0.57			0.47			0.41
Net realized and unrealized gain on investments		0.13			4.52			9.43			3.83			0.02			3.29
Total from investment operations		0.49			5.18			10.03			4.40			0.49			3.70
Less Distributions
Distributions from net investment income		(0.69	)		(0.64	)		(0.62	)		(0.50	)		(0.44	)		(0.42	)
Distributions from net realized capital gains		(1.95	)		(1.08	)		(0.57	)		(0.23	)		(0.18	)		0.00
Total distributions		(2.64	)		(1.72	)		(1.19	)		(0.73	)		(0.62	)		(0.42	)
Net Asset Value, End of Period	$	42.58		$	44.73		$	41.27		$	32.43		$	28.76		$	28.89
Total Return (%) (b)		0.98	(c)		13.10			31.70			15.43			1.64			14.49
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52	(d)		0.52			0.52			0.53			0.52			0.52
Net ratio of expenses to average net assets (%) (e)		0.51	(d)		0.51			0.51			0.52			0.51			0.52
Ratio of net investment income to average net assets (%)		1.58	(d)		1.56			1.62			1.83			1.61			1.57
Portfolio turnover rate (%)		5	(c)		12			12			12			11			12
Net assets, end of period (in millions)	$	1,985.4		$	2,025.6		$	1,928.0		$	1,615.0		$	1,454.7		$	1,402.7

Please see page 16 for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	46.10		$	42.46		$	33.32		$	29.52		$	29.63		$	26.25
Income (Loss) from Investment Operations
Net investment income (a)		0.40			0.73			0.66			0.63			0.52			0.46
Net realized and unrealized gain on investments		0.13			4.67			9.71			3.94			0.02			3.37
Total from investment operations		0.53			5.40			10.37			4.57			0.54			3.83
Less Distributions
Distributions from net investment income		(0.76	)		(0.68	)		(0.66	)		(0.54	)		(0.47	)		(0.45	)
Distributions from net realized capital gains		(1.95	)		(1.08	)		(0.57	)		(0.23	)		(0.18	)		0.00
Total distributions		(2.71	)		(1.76	)		(1.23	)		(0.77	)		(0.65	)		(0.45	)
Net Asset Value, End of Period	$	43.92		$	46.10		$	42.46		$	33.32		$	29.52		$	29.63
Total Return (%) (b)		1.04	(c)		13.26			31.91			15.62			1.76			14.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.37	(d)		0.37			0.37			0.38			0.37			0.37
Net ratio of expenses to average net assets (%) (e)		0.36	(d)		0.36			0.36			0.37			0.36			0.37
Ratio of net investment income to average net assets (%)		1.72	(d)		1.70			1.77			1.97			1.75			1.71
Portfolio turnover rate (%)		5	(c)		12			12			12			11			12
Net assets, end of period (in millions)	$	108.5		$	143.5		$	237.5		$	297.3		$	308.6		$	360.5
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	45.92		$	42.32		$	33.22		$	29.44		$	29.55		$	26.19
Income (Loss) from Investment Operations
Net investment income (a)		0.39			0.72			0.65			0.62			0.50			0.44
Net realized and unrealized gain on investments		0.14			4.64			9.67			3.92			0.03			3.36
Total from investment operations		0.53			5.36			10.32			4.54			0.53			3.80
Less Distributions
Distributions from net investment income		(0.74	)		(0.68	)		(0.65	)		(0.53	)		(0.46	)		(0.44	)
Distributions from net realized capital gains		(1.95	)		(1.08	)		(0.57	)		(0.23	)		(0.18	)		0.00
Total distributions		(2.69	)		(1.76	)		(1.22	)		(0.76	)		(0.64	)		(0.44	)
Net Asset Value, End of Period	$	43.76		$	45.92		$	42.32		$	33.22		$	29.44		$	29.55
Total Return (%) (b)		1.04	(c)		13.20			31.83			15.54			1.71			14.60
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.42	(d)		0.42			0.42			0.43			0.42			0.42
Net ratio of expenses to average net assets (%) (e)		0.41	(d)		0.41			0.41			0.42			0.41			0.42
Ratio of net investment income to average net assets (%)		1.68	(d)		1.66			1.72			1.92			1.69			1.67
Portfolio turnover rate (%)		5	(c)		12			12			12			11			12
Net assets, end of period (in millions)	$	153.2		$	161.4		$	164.9		$	147.9		$	147.0		$	180.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class G
	Six Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014(f)
Net Asset Value, Beginning of Period	$	44.64		$	44.10
Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.09
Net realized and unrealized gain on investments		0.13			0.45
Total from investment operations		0.49			0.54
Less Distributions
Distributions from net investment income		(0.67	)		0.00
Distributions from net realized capital gains		(1.95	)		0.00
Total distributions		(2.62	)		0.00
Net Asset Value, End of Period	$	42.51		$	44.64
Total Return (%) (b)		0.98	(c)		1.22	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57	(d)		0.58	(d)
Net ratio of expenses to average net assets (%) (e)		0.56	(d)		0.57	(d)
Ratio of net investment income to average net assets (%)		1.59	(d)		1.54	(d)
Portfolio turnover rate (%)		5	(c)		12
Net assets, end of period (in millions)	$	4.8		$	0.4

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(f) Commencement of operations was November 12, 2014.

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Stock Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers five classes of shares: Class A, B, D, E and G shares. Class G commenced operations on November 12, 2014. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-17

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to return of capital adjustments and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-18

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

MSF-19

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

At June 30, 2015, the Portfolio had the following open derivatives, categorized by risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts*	$	273,888

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the six months ended June 30, 2015 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	600,203
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(306,004	)

For the six months ended June 30, 2015, the average Notional Par or Face Amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	17,000

‡ Averages are based on activity levels during the period.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared over-the-counter (“OTC”) derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

MSF-20

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	308,316,071	$	0	$	433,804,465

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the six months ended June 30, 2015 were $8,237,365.

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net assets
0.020%	On the first $500 million
0.015%	Of the next $500 million
0.010%	Of the next $1 billion
0.005%	On amounts over $2 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2015 were $251,528.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, D, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, E, and G Shares. Under the Distribution and Service Plan, the Class B, D, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee.

MSF-21

Metropolitan Series Fund

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2015, is as follows:

Security Description	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015		Realized Gain on shares sold		Income earned during the period
MetLife, Inc.		408,003		651		(17,427	)		391,227	$	335,487	$	291,645

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2014		2013		2014		2013		2014		2013
$	122,649,589	$	105,466,407	$	141,997,359	$	89,196,043	$	264,646,948	$	194,662,450

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$	113,709,985	$	268,460,086	$	2,729,921,639	$	—	$	3,112,091,710

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-22

Metropolitan Series Fund

MFS Total Return Portfolio

Managed By Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, E, and F shares of the MFS Total Return Portfolio returned 1.10%, 0.98%, 1.02%, and 1.00%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index and the Barclays U.S. Aggregate Bond Index, returned 1.23% and -0.10%, respectively. A blend of the S&P 500 Index (60%) and the Barclays U.S. Aggregate Bond Index (40%) returned 0.79%.

MARKET ENVIRONMENT/CONDITIONS

Early in the period, the European Central Bank cut policy interest rates deeper into negative territory and announced non-conventional easing measures, a notable highlight amid a mini-wave of global easing due to declining inflation and inflation expectations.

A dominant trend for most of the period was the ongoing rise in U.S. equities alongside a decline in U.S. and global bond yields. A rising U.S. dollar and a sharp decline in commodity prices, particularly crude oil prices, negatively impacted credit markets, notably U.S. high yield and emerging market debt. The higher weightings of oil and gas credits in these asset classes resulted in widening spreads and increased volatility. Toward the end of the period, global bond yields rose abruptly, shrugging off concerns over a Greek debt default. The rise tempered the equity advance, as odds of a 2015 U.S. Federal Reserve rate hike increased. At the end of the period, the stronger U.S. dollar slowed revenues in many U.S.-based multinational companies.

PORTFOLIO REVIEW/PERIOD END POSITIONING

The Portfolio outperformed its benchmark for the period. Within the equity portion of the Portfolio, strong stock selection in the Consumer Staples sector contributed to performance relative to the S&P 500 Index. In particular, not owning shares of retail giant Wal-Mart and holdings of Japanese tobacco company Japan Tobacco aided relative returns.

Security selection in the Financials sector further supported relative results. The Portfolio’s overweight position in global financial services firm JPMorgan Chase and not holding poor-performing insurance and investment firm Berkshire Hathaway boosted relative performance.

Elsewhere, overweight positions in polypropylene manufacturer Lyondellbasell Industries (Netherlands), pharmaceutical company Eli Lily and broadband communications and networking services provider Broadcom added relative value. Holdings of strong-performing pharmaceutical company Valeant Pharmaceuticals (Canada) and an underweight position in computer components company Intel further supported relative results. Additionally, not owning wireless communications software company QUALCOMM also helped relative returns.

Within the fixed income portion of the Portfolio, performance was boosted through security selection within Agency Mortgage-Backed Securities (“MBS”), our ownership of higher yield securities and our overweight to Commercial MBS. Additionally, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. prepay contributed to performance as well as selection within MBS. The selection strategy favored higher coupons and select pools with better prepay characteristics.

Within the equity portion of the Portfolio, a combination of weak stock selection and an underweight position in the Health Care sector held back performance relative to the S&P 500 Index. Not holding strong-performing biotech firm Gilead Sciences and health insurance and Medicare/Medicaid provider UnitedHealth Group detracted from relative performance.

Elsewhere, the Portfolio’s underweight position in computer and personal electronics maker Apple and not owning internet retailer Amazon.com, internet TV show and movie subscription services provider Netflix.com and coffee shop operator Starbucks weighed on relative returns. Overweight positions in insurance company Travelers Companies, communications company Frontier Communications and offshore drilling contractor Ensco and holdings of Brazilian iron ore and pellets producer Vale also dampened relative performance.

Within the fixed income portion of the Portfolio, our greater exposure to BBB-rated securities weighed on relative returns.

MSF-1

Metropolitan Series Fund

MFS Total Return Portfolio

Managed By Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

Over the trailing six months ending June 30, 2015, the equity portion of the Portfolio increased its weighting in Consumer Discretionary and Health Care while reducing its exposure to Consumer Staples and Energy. The Portfolio’s weighting within fixed income has largely remained the same.

Brooks Taylor

Steven Gorham

Richard Hawkins

Nevin Chitkara

William Douglas

Joshua Marston

Jonathan Sage

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MFS Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX & THE BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception3
MFS Total Return Portfolio
Class A		1.10		4.16		11.04		6.16		—
Class B		0.98		3.90		10.76		5.89		—
Class E		1.02		4.00		10.87		6.00		—
Class F		1.00		3.95		10.81		—		5.85
Barclays U.S. Aggregate Bond Index		-0.10		1.86		3.35		4.44		—
S&P 500 Index		1.23		7.42		17.34		7.89		—

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

³ Inception dates of the Class A, Class B, Class E and Class F shares are 5/1/87, 5/1/02, 4/26/04 and 5/2/06, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Equity Sectors

	% of Net Assets
Financials		13.5
Health Care		8.1
Consumer Discretionary		7.7
Industrials		7.2
Consumer Staples		6.8

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		24.1
Corporate Bonds & Notes		11.6
Mortgage-Backed Securities		1.8
Asset-Backed Securities		0.8
Municipals		0.6

Top Equity Holdings

	% of Net Assets
JPMorgan Chase & Co.		2.5
Wells Fargo & Co.		1.7
Philip Morris International, Inc.		1.4
Johnson & Johnson		1.3
CVS Health Corp.		1.2

Top Fixed Income Issuers

	% of Net Assets
U.S. Treasury Notes		9.3
Fannie Mae 30 Yr. Pool		5.4
U.S. Treasury Bonds		2.7
Freddie Mac 30 Yr. Gold Pool		2.3
Ginnie Mae II 30 Yr. Pool		1.1

MSF-3

Metropolitan Series Fund

MFS Total Return Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A	Actual		0.60	%	$	1,000.00	$	1,011.00	$	2.99
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01
Class B	Actual		0.85	%	$	1,000.00	$	1,009.80	$	4.24
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26
Class E	Actual		0.75	%	$	1,000.00	$	1,010.20	$	3.74
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.08	$	3.76
Class F	Actual		0.80	%	$	1,000.00	$	1,010.00	$	3.99
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—58.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.8%
General Dynamics Corp.		12,454	$	1,764,607
Honeywell International, Inc.		73,352		7,479,703
Lockheed Martin Corp.		28,331		5,266,733
Northrop Grumman Corp.		30,186		4,788,405
United Technologies Corp.		64,448		7,149,217
				26,448,665
Air Freight & Logistics—0.4%
United Parcel Service, Inc. - Class B		38,359		3,717,371
Airlines—0.1%
Copa Holdings S.A. - Class A (a)		5,861		484,060
Auto Components—1.1%
Delphi Automotive plc		39,105		3,327,445
Johnson Controls, Inc.		80,629		3,993,554
Magna International, Inc.		50,307		2,823,475
				10,144,474
Automobiles—0.4%
General Motors Co.		24,406		813,452
Hyundai Motor Co.		9,486		1,154,708
Kia Motors Corp.		46,535		1,901,040
				3,869,200
Banks—6.1%
Bank of America Corp.		140,497		2,391,259
BB&T Corp.		39,192		1,579,829
BOC Hong Kong Holdings, Ltd.		179,000		746,642
Citigroup, Inc.		30,444		1,681,727
HSBC Holdings plc		149,631		1,339,612
JPMorgan Chase & Co.		351,874		23,842,982
PNC Financial Services Group, Inc. (The)		29,770		2,847,500
Sumitomo Mitsui Financial Group, Inc.		47,800		2,123,966
SunTrust Banks, Inc.		20,179		868,101
U.S. Bancorp		79,811		3,463,797
Wells Fargo & Co.		284,965		16,026,432
				56,911,847
Beverages—0.5%
Coca-Cola Co. (The)		25,990		1,019,588
Diageo plc		132,221		3,832,609
				4,852,197
Capital Markets—2.7%
Bank of New York Mellon Corp. (The)		143,291		6,013,923
BlackRock, Inc.		9,269		3,206,889
Franklin Resources, Inc.		71,939		3,527,169
Goldman Sachs Group, Inc. (The)		33,702		7,036,641
Morgan Stanley		45,423		1,761,958
State Street Corp.		51,193		3,941,861
				25,488,441
Chemicals—1.8%
Axalta Coating Systems, Ltd. (b)		49,075	$	1,623,401
Celanese Corp. - Series A		18,552		1,333,518
E.I. du Pont de Nemours & Co.		21,032		1,344,996
LyondellBasell Industries NV - Class A		49,679		5,142,770
Monsanto Co.		1,486		158,393
PPG Industries, Inc.		57,990		6,652,613
Praxair, Inc.		6,499		776,955
				17,032,646
Commercial Services & Supplies—0.3%
Tyco International plc		82,669		3,181,103
Communications Equipment—0.5%
Cisco Systems, Inc.		181,331		4,979,349
Consumer Finance—0.6%
American Express Co.		41,655		3,237,426
Discover Financial Services		37,593		2,166,109
				5,403,535
Containers & Packaging—0.1%
Crown Holdings, Inc. (b)		18,128		959,153
Distributors—0.1%
LKQ Corp. (b)		37,225		1,125,870
Diversified Financial Services—0.2%
McGraw Hill Financial, Inc.		5,431		545,544
NASDAQ OMX Group, Inc. (The)		28,553		1,393,672
				1,939,216
Diversified Telecommunication Services—1.6%
AT&T, Inc.		41,129		1,460,902
Frontier Communications Corp. (a)		423,698		2,097,305
TDC A/S		145,771		1,067,735
Telecom Italia S.p.A. - Risparmio Shares		816,637		831,414
Telefonica Brasil S.A. (ADR)		98,592		1,373,387
Verizon Communications, Inc.		182,116		8,488,427
				15,319,170
Electric Utilities—0.9%
American Electric Power Co., Inc.		48,273		2,557,021
Duke Energy Corp.		29,188		2,061,256
Edison International		10,069		559,635
PPL Corp.		100,732		2,968,572
				8,146,484
Electrical Equipment—0.3%
Eaton Corp. plc		41,721		2,815,750
Energy Equipment & Services—0.3%
Baker Hughes, Inc.		2,761		170,354
Noble Corp. plc (a)		46,669		718,236
Schlumberger, Ltd.		23,037		1,985,559
				2,874,149

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Food & Staples Retailing—1.3%
CVS Health Corp.		105,588	$	11,074,069
Kroger Co. (The)		16,064		1,164,801
				12,238,870
Food Products—2.1%
Archer-Daniels-Midland Co.		7,880		379,974
Danone S.A.		33,928		2,191,892
General Mills, Inc.		104,019		5,795,939
Ingredion, Inc.		10,146		809,752
Kellogg Co.		29,401		1,843,443
Marine Harvest ASA		156,809		1,795,864
McCormick & Co., Inc.		14,500		1,173,775
Mondelez International, Inc. - Class A		28,559		1,174,917
Nestle S.A.		63,615		4,598,444
				19,764,000
Health Care Equipment & Supplies—1.7%
Abbott Laboratories		107,783		5,289,990
Medtronic plc		78,117		5,788,470
St. Jude Medical, Inc.		46,064		3,365,896
Zimmer Biomet Holdings, Inc.		10,100		1,103,223
				15,547,579
Health Care Providers & Services—0.8%
Cigna Corp.		11,917		1,930,554
Express Scripts Holding Co. (b)		39,245		3,490,450
Health Net, Inc. (b)		17,681		1,133,706
McKesson Corp.		4,957		1,114,383
				7,669,093
Hotels, Restaurants & Leisure—0.5%
Hilton Worldwide Holdings, Inc. (b)		27,986		771,014
McDonald’s Corp.		22,061		2,097,339
Yum! Brands, Inc.		20,682		1,863,035
				4,731,388
Household Durables—0.0%
Newell Rubbermaid, Inc.		9,667		397,410
Household Products—0.4%
Procter & Gamble Co. (The)		31,943		2,499,220
Reckitt Benckiser Group plc		11,920		1,029,264
				3,528,484
Independent Power and Renewable Electricity Producers—0.1%
NRG Energy, Inc.		36,512		835,395
Industrial Conglomerates—1.7%
3M Co.		40,473		6,244,984
Danaher Corp.		100,693		8,618,314
Siemens AG		14,516		1,461,839
				16,325,137
Insurance—3.5%
ACE, Ltd.		47,728		4,852,983
American International Group, Inc.		13,659		844,399
Aon plc		38,406		3,828,310
Chubb Corp. (The)		22,346		2,125,998
Delta Lloyd NV		78,084		1,284,502
Prudential Financial, Inc.		55,035		4,816,663
Suncorp Group, Ltd.		124,292		1,286,182
Travelers Cos., Inc. (The)		90,441		8,742,027
Validus Holdings, Ltd.		57,630		2,535,144
Zurich Insurance Group AG (b)		7,037		2,144,981
				32,461,189
Internet Software & Services—0.1%
Google, Inc. - Class A (b)		2,250		1,215,090
IT Services—2.0%
Accenture plc - Class A		76,293		7,383,636
Fidelity National Information Services, Inc.		18,157		1,122,103
Fiserv, Inc. (b)		18,084		1,497,898
International Business Machines Corp.		30,408		4,946,165
Sabre Corp. (a)		52,801		1,256,664
Visa, Inc. - Class A (a)		41,071		2,757,918
				18,964,384
Leisure Products—0.2%
Hasbro, Inc. (a)		29,107		2,176,913
Life Sciences Tools & Services—0.6%
Thermo Fisher Scientific, Inc.		40,993		5,319,252
Machinery—1.2%
Allison Transmission Holdings, Inc.		78,836		2,306,741
Caterpillar, Inc. (a)		6,941		588,736
Cummins, Inc.		6,004		787,665
Deere & Co. (a)		6,132		595,111
Illinois Tool Works, Inc.		33,121		3,040,176
Pentair plc		28,248		1,942,050
Stanley Black & Decker, Inc.		16,925		1,781,187
				11,041,666
Media—2.9%
Comcast Corp. - Special Class A		154,336		9,250,900
Omnicom Group, Inc. (a)		41,530		2,885,920
Time Warner Cable, Inc.		21,385		3,810,165
Time Warner, Inc.		51,905		4,537,016
Time, Inc.		2,004		46,112
Twenty-First Century Fox, Inc. - Class A		39,819		1,295,909
Viacom, Inc. - Class B		16,878		1,090,994
Walt Disney Co. (The)		39,915		4,555,898
				27,472,914
Metals & Mining—0.2%
Rio Tinto plc		35,621		1,465,059

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Multi-Utilities—0.4%
GDF Suez		77,415	$	1,434,605
PG&E Corp.		26,370		1,294,767
Public Service Enterprise Group, Inc.		25,654		1,007,689
				3,737,061
Multiline Retail—1.6%
Kohl’s Corp. (a)		89,904		5,628,889
Target Corp.		115,584		9,435,122
				15,064,011
Oil, Gas & Consumable Fuels—3.7%
Anadarko Petroleum Corp.		25,965		2,026,828
Canadian Natural Resources, Ltd.		22,689		616,233
Chevron Corp.		59,209		5,711,892
EOG Resources, Inc.		23,780		2,081,939
EQT Corp.		14,134		1,149,660
Exxon Mobil Corp.		97,641		8,123,731
Marathon Petroleum Corp.		28,530		1,492,404
Noble Energy, Inc.		38,921		1,661,148
Occidental Petroleum Corp.		37,137		2,888,145
Royal Dutch Shell plc - A Shares		76,971		2,163,976
Valero Energy Corp.		67,242		4,209,349
Williams Cos., Inc. (The)		31,790		1,824,428
Williams Partners L.P.		23,711		1,148,324
				35,098,057
Pharmaceuticals—5.0%
Allergan plc (b)		6,434		1,952,462
Bayer AG		8,272		1,157,483
Bristol-Myers Squibb Co.		97,101		6,461,100
Eli Lilly & Co.		79,408		6,629,774
Indivior plc (b)		11,920		42,061
Johnson & Johnson		120,960		11,788,762
Merck & Co., Inc.		171,235		9,748,408
Novartis AG		6,326		624,837
Pfizer, Inc.		218,703		7,333,112
Roche Holding AG		1,817		510,129
Valeant Pharmaceuticals International, Inc. (b)		4,523		1,004,784
				47,252,912
Professional Services—0.1%
Equifax, Inc.		4,734		459,624
Real Estate Investment Trusts—0.5%
Home Properties, Inc.		19,192		1,401,975
Iron Mountain, Inc. (a)		27,344		847,664
Medical Properties Trust, Inc.		105,308		1,380,588
Starwood Property Trust, Inc. (a)		38,703		834,824
				4,465,051
Road & Rail—0.3%
Canadian National Railway Co.		16,198		935,435
Union Pacific Corp.		19,385		1,848,747
				2,784,182
Semiconductors & Semiconductor Equipment—1.4%
Broadcom Corp. - Class A		58,719		3,023,441
Intel Corp.		34,088		1,036,787
Microchip Technology, Inc. (a)		89,923		4,264,598
NVIDIA Corp.		9,016		181,312
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		60,808		1,380,950
Texas Instruments, Inc.		65,740		3,386,267
				13,273,355
Software—1.2%
Aspen Technology, Inc. (b)		19,352		881,484
CA, Inc.		35,735		1,046,678
Electronic Arts, Inc. (b)		26,564		1,766,506
Microsoft Corp.		62,129		2,742,995
Oracle Corp.		82,516		3,325,395
Symantec Corp.		56,635		1,316,764
				11,079,822
Specialty Retail—0.8%
Advance Auto Parts, Inc.		3,753		597,815
American Eagle Outfitters, Inc. (a)		216,681		3,731,247
Bed Bath & Beyond, Inc. (a) (b)		6,827		470,927
Best Buy Co., Inc. (a)		50,566		1,648,957
Staples, Inc.		36,773		562,995
				7,011,941
Technology Hardware, Storage & Peripherals—0.8%
Apple, Inc.		19,658		2,465,605
EMC Corp.		32,338		853,400
Hewlett-Packard Co.		36,945		1,108,719
Seagate Technology plc (a)		21,654		1,028,565
Western Digital Corp.		29,099		2,281,944
				7,738,233
Tobacco—2.5%
Altria Group, Inc.		90,767		4,439,414
Imperial Tobacco Group plc		8,442		407,562
Japan Tobacco, Inc. (a)		81,500		2,900,440
Philip Morris International, Inc.		165,945		13,303,811
Reynolds American, Inc.		32,305		2,411,891
				23,463,118
Wireless Telecommunication Services—0.1%
Vodafone Group plc		300,753		1,096,707
Total Common Stocks (Cost $407,317,413)				549,370,577
U.S. Treasury & Government Agencies—24.1%
Agency Sponsored Mortgage-Backed—12.0%
Fannie Mae 15 Yr. Pool
2.500%, 02/01/28		399,340		406,733
2.500%, 05/01/28		233,525		237,842

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 15 Yr. Pool
2.500%, 05/01/30		287,135	$	291,042
3.000%, 03/01/27		160,661		166,857
3.000%, 04/01/27		488,615		507,438
3.000%, 04/01/30		406,733		421,740
3.000%, TBA (c)		3,585,835		3,714,953
4.500%, 04/01/18		21,259		22,139
4.500%, 06/01/18		55,272		57,576
4.500%, 07/01/18		49,481		51,536
4.500%, 03/01/19		86,812		90,594
4.500%, 06/01/19		55,323		57,746
4.500%, 04/01/20		55,431		58,165
4.500%, 07/01/20		29,509		30,968
5.000%, 11/01/17		43,597		45,638
5.000%, 02/01/18		128,988		135,027
5.000%, 12/01/18		204,380		216,620
5.000%, 07/01/19		116,457		123,597
5.000%, 07/01/20		92,141		97,473
5.000%, 08/01/20		43,709		46,891
5.000%, 12/01/20		141,283		152,198
5.500%, 11/01/17		68,781		71,181
5.500%, 12/01/17		10,280		10,677
5.500%, 01/01/18		58,837		60,917
5.500%, 02/01/18		39,768		41,009
5.500%, 06/01/19		124,925		132,186
5.500%, 07/01/19		100,296		105,939
5.500%, 08/01/19		29,768		31,507
5.500%, 09/01/19		109,761		116,079
5.500%, 01/01/21		53,971		57,887
5.500%, 03/01/21		17,240		18,728
6.000%, 07/01/16		10,571		10,715
6.000%, 01/01/17		12,482		12,590
6.000%, 02/01/17		25,227		25,942
6.000%, 07/01/17		37,178		38,308
6.000%, 08/01/17		4,481		4,632
6.000%, 09/01/17		37,571		38,771
6.000%, 03/01/18		4,638		4,809
6.000%, 11/01/18		25,943		26,922
6.000%, 01/01/21		63,679		68,209
6.000%, 05/01/21		23,959		25,387
Fannie Mae 20 Yr. Pool 6.000%, 11/01/25		34,447		39,082
Fannie Mae 30 Yr. Pool 3.500%, 11/01/41		93,745		96,717
3.500%, 01/01/42		1,011,687		1,046,417
3.500%, 04/01/43		1,102,996		1,139,507
3.500%, 05/01/43		2,080,218		2,146,176
3.500%, 06/01/43		712,060		735,864
3.500%, 07/01/43		1,852,098		1,913,060
3.500%, 09/01/43		2,903,092		2,998,874
4.000%, 02/01/41		215,633		229,911
4.000%, 02/01/45		14,941,141		15,839,306
4.000%, TBA (c)		576,000		607,313
4.500%, 08/01/33		296,465		321,514
4.500%, 03/01/34		902,050		982,876
4.500%, 08/01/40		74,298		80,848
4.500%, 02/01/41		435,790		474,444
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.500%, 04/01/41		460,681		501,436
4.500%, 04/01/44		3,574,280		3,869,037
4.500%, TBA (c)		1,285,000		1,389,206
5.000%, 11/01/33		163,087		180,589
5.000%, 03/01/34		138,769		153,945
5.000%, 05/01/34		58,249		64,504
5.000%, 08/01/34		59,469		65,894
5.000%, 09/01/34		221,765		246,007
5.000%, 06/01/35		148,170		163,972
5.000%, 07/01/35		472,282		522,625
5.000%, 08/01/35		140,704		155,205
5.000%, 09/01/35		105,099		116,197
5.000%, 10/01/35		420,236		464,548
5.000%, 07/01/39		448,541		499,638
5.000%, 10/01/39		294,218		326,476
5.000%, 11/01/39		121,405		135,255
5.000%, 11/01/40		158,890		176,864
5.000%, 01/01/41		56,224		62,246
5.000%, 03/01/41		119,937		133,505
5.500%, 02/01/33		73,527		82,915
5.500%, 05/01/33		13,843		15,706
5.500%, 06/01/33		260,200		293,461
5.500%, 07/01/33		266,981		301,007
5.500%, 11/01/33		165,142		186,174
5.500%, 12/01/33		19,391		21,756
5.500%, 01/01/34		190,827		214,989
5.500%, 02/01/34		249,553		281,826
5.500%, 03/01/34		58,103		65,946
5.500%, 04/01/34		84,552		95,708
5.500%, 05/01/34		474,343		539,546
5.500%, 06/01/34		586,163		664,603
5.500%, 07/01/34		191,951		216,746
5.500%, 09/01/34		713,533		806,958
5.500%, 10/01/34		825,723		932,478
5.500%, 11/01/34		1,070,507		1,214,068
5.500%, 12/01/34		525,252		595,334
5.500%, 01/01/35		477,046		540,845
5.500%, 02/01/35		37,591		42,181
5.500%, 04/01/35		89,323		100,751
5.500%, 07/01/35		46,052		52,091
5.500%, 08/01/35		18,800		21,087
5.500%, 09/01/35		295,215		335,379
6.000%, 02/01/32		170,273		193,296
6.000%, 03/01/34		30,617		35,312
6.000%, 04/01/34		290,921		332,767
6.000%, 06/01/34		363,438		416,101
6.000%, 07/01/34		336,351		385,578
6.000%, 08/01/34		540,919		616,810
6.000%, 10/01/34		291,664		333,460
6.000%, 11/01/34		42,962		48,919
6.000%, 12/01/34		9,322		10,582
6.000%, 08/01/35		77,518		88,708
6.000%, 09/01/35		98,282		111,969
6.000%, 10/01/35		147,443		168,152
6.000%, 11/01/35		34,882		40,003
6.000%, 12/01/35		154,015		177,139

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.000%, 02/01/36		172,551	$	198,388
6.000%, 04/01/36		183,952		211,586
6.000%, 06/01/36		60,314		68,819
6.000%, 07/01/37		193,644		222,407
6.500%, 06/01/31		53,244		61,146
6.500%, 07/01/31		10,820		12,426
6.500%, 08/01/31		15,110		17,352
6.500%, 09/01/31		51,935		59,642
6.500%, 02/01/32		35,954		41,900
6.500%, 07/01/32		143,040		167,226
6.500%, 08/01/32		124,526		143,007
6.500%, 01/01/33		61,963		73,789
6.500%, 04/01/34		69,098		80,647
6.500%, 06/01/34		35,782		41,093
6.500%, 08/01/34		54,140		62,175
6.500%, 04/01/36		26,547		30,486
6.500%, 05/01/36		112,423		134,640
6.500%, 02/01/37		182,474		209,556
6.500%, 05/01/37		123,933		146,774
6.500%, 07/01/37		79,158		90,905
Fannie Mae Pool 2.410%, 05/01/23		96,442		95,951
2.550%, 05/01/23		155,112		155,755
3.800%, 02/01/18		135,894		143,886
3.854%, 07/01/18		175,581		186,293
3.910%, 02/01/18		197,070		208,249
4.600%, 09/01/19		131,227		144,045
4.940%, 08/01/15		50,000		50,037
5.370%, 05/01/18		614,791		678,502
5.430%, 11/01/15		219,926		220,512
5.663%, 02/01/16		197,047		197,911
5.733%, 07/01/16		226,629		232,712
Fannie Mae-ACES 2.578%, 09/25/18		500,000		515,774
Freddie Mac 15 Yr. Gold Pool 3.000%, TBA (c)		2,660,000		2,747,634
4.500%, 05/01/18		21,812		22,716
4.500%, 08/01/18		43,623		45,431
4.500%, 11/01/18		60,429		63,033
4.500%, 01/01/19		117,689		122,780
4.500%, 08/01/19		7,117		7,426
4.500%, 02/01/20		45,986		48,180
4.500%, 08/01/24		431,708		461,461
5.000%, 12/01/17		1,331		1,390
5.000%, 05/01/18		20,813		21,731
5.000%, 09/01/18		64,089		66,934
5.500%, 01/01/19		21,444		22,402
5.500%, 04/01/19		11,796		12,316
5.500%, 06/01/19		9,156		9,606
5.500%, 07/01/19		9,362		9,798
5.500%, 08/01/19		7,251		7,612
5.500%, 02/01/20		5,931		6,208
6.000%, 04/01/16		1,380		1,395
6.000%, 04/01/17		8,963		9,233
6.000%, 07/01/17		5,264		5,387
6.000%, 10/01/17		8,816		9,059
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool
6.000%, 08/01/19		66,045		69,385
6.000%, 09/01/19		11,846		12,183
6.000%, 11/01/19		26,749		28,137
6.000%, 05/01/21		32,176		34,340
6.000%, 10/01/21		58,030		62,247
Freddie Mac 20 Yr. Gold Pool 5.500%, 10/01/24		74,544		83,414
5.500%, 06/01/25		132,456		148,221
5.500%, 07/01/25		74,773		83,716
5.500%, 08/01/25		106,426		119,154
6.000%, 02/01/23		107,311		121,403
6.000%, 12/01/25		47,920		54,229
6.000%, 02/01/26		41,893		47,388
Freddie Mac 30 Yr. Gold Pool 3.000%, 10/01/42		741,785		739,752
3.000%, 04/01/43		1,752,975		1,747,632
3.000%, 05/01/43		1,504,473		1,499,516
3.500%, 02/01/42		872,813		900,837
3.500%, 04/01/42		484,668		499,164
3.500%, 12/01/42		1,337,178		1,380,879
3.500%, 04/01/43		356,999		367,677
3.500%, 07/01/43		512,218		527,742
3.500%, 08/01/43		878,355		904,698
4.000%, 11/01/40		1,197,380		1,270,351
4.000%, 01/01/41		1,748,628		1,855,524
4.000%, 11/01/43		1,227,086		1,297,754
4.000%, 09/01/44		2,609,234		2,761,265
4.500%, 04/01/35		83,790		91,004
4.500%, 07/01/39		452,285		489,479
4.500%, 09/01/39		231,802		250,948
4.500%, 10/01/39		140,381		151,892
5.000%, 09/01/33		336,089		374,842
5.000%, 03/01/34		75,684		83,720
5.000%, 04/01/34		58,772		65,240
5.000%, 08/01/35		85,785		94,477
5.000%, 10/01/35		166,211		183,290
5.000%, 11/01/35		168,220		185,632
5.000%, 12/01/36		100,526		111,164
5.000%, 07/01/39		759,061		836,439
5.500%, 12/01/33		359,073		405,000
5.500%, 01/01/34		242,761		273,241
5.500%, 04/01/34		52,982		59,572
5.500%, 11/01/34		55,155		61,959
5.500%, 12/01/34		99,974		112,710
5.500%, 05/01/35		42,963		48,350
5.500%, 09/01/35		100,453		113,283
5.500%, 10/01/35		77,874		87,181
6.000%, 04/01/34		113,348		129,642
6.000%, 07/01/34		51,946		59,032
6.000%, 08/01/34		413,241		472,530
6.000%, 09/01/34		7,269		8,227
6.000%, 07/01/35		74,815		85,608
6.000%, 08/01/35		83,571		95,666
6.000%, 11/01/35		159,047		179,932
6.000%, 03/01/36		73,630		83,516
6.000%, 10/01/36		82,600		94,582

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
6.000%, 03/01/37		8,224	$	9,306
6.000%, 05/01/37		91,142		103,129
6.000%, 06/01/37		125,036		142,114
6.500%, 05/01/34		29,984		34,340
6.500%, 06/01/34		86,784		99,696
6.500%, 08/01/34		121,300		138,920
6.500%, 10/01/34		118,893		138,273
6.500%, 11/01/34		46,551		53,313
6.500%, 05/01/37		85,958		98,445
6.500%, 07/01/37		134,584		157,035
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 1.869%, 11/25/19		363,000		364,061
2.412%, 08/25/18		458,000		471,216
2.456%, 08/25/19		330,000		339,955
2.510%, 11/25/22		415,000		413,507
2.670%, 12/25/24		507,000		497,796
2.682%, 10/25/22		620,000		625,480
2.791%, 01/25/22		474,000		485,427
3.111%, 02/25/23		695,000		718,453
3.154%, 02/25/18		113,216		118,356
3.171%, 10/25/24		424,000		432,775
3.250%, 04/25/23 (d)		803,000		836,162
3.320%, 02/25/23		186,000		194,867
3.458%, 08/25/23 (d)		835,000		878,082
3.882%, 11/25/17 (d)		332,556		351,168
5.085%, 03/25/19		1,226,000		1,369,426
Ginnie Mae I 30 Yr. Pool 3.000%, 02/15/43		600,287		609,703
3.500%, 12/15/41		413,616		431,430
3.500%, 02/15/42		216,945		225,365
4.500%, 09/15/33		134,106		146,714
4.500%, 11/15/39		529,207		575,027
4.500%, 03/15/40		457,531		509,290
4.500%, 04/15/40		668,307		726,550
4.500%, 06/15/40		261,021		286,509
5.000%, 03/15/34		50,019		55,872
5.000%, 06/15/34		115,082		128,495
5.000%, 12/15/34		50,011		55,492
5.000%, 06/15/35		15,808		17,497
5.500%, 11/15/32		161,938		184,083
5.500%, 08/15/33		438,642		506,249
5.500%, 12/15/33		216,623		249,858
5.500%, 09/15/34		158,718		183,255
5.500%, 10/15/35		46,905		53,675
6.000%, 12/15/28		51,353		59,270
6.000%, 12/15/31		47,752		54,950
6.000%, 03/15/32		3,799		4,310
6.000%, 10/15/32		197,643		230,966
6.000%, 01/15/33		80,902		93,010
6.000%, 02/15/33		2,360		2,740
6.000%, 04/15/33		215,212		249,223
6.000%, 08/15/33		1,609		1,848
6.000%, 07/15/34		158,572		184,777
6.000%, 09/15/34		44,598		50,595
6.000%, 01/15/38		226,338		261,633
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 3.000%, 06/20/43		815,519		828,500
3.000%, 07/20/43		600,805		610,368
3.500%, 06/20/43		1,213,653		1,263,347
3.500%, 07/20/43		1,939,114		2,018,512
3.500%, TBA (c)		1,859,000		1,924,356
4.000%, 01/20/41		1,602,933		1,717,571
4.000%, 02/20/41		400,837		429,464
4.000%, 04/20/41		301,367		322,829
4.000%, 02/20/42		429,267		457,540
4.000%, 01/20/45		220,955		234,192
4.500%, 07/20/33		27,464		29,887
4.500%, 09/20/33		17,226		18,732
4.500%, 12/20/34		14,033		15,238
4.500%, 03/20/35		67,440		73,231
4.500%, 01/20/41		430,762		470,963
5.000%, 07/20/33		58,767		65,811
6.000%, 01/20/35		61,531		71,778
6.000%, 02/20/35		29,873		33,912
6.000%, 04/20/35		48,947		57,001
				112,657,586
Federal Agencies—0.1%
Financing Corp. 9.650%, 11/02/18		430,000		547,103
U.S. Treasury—12.0%
U.S. Treasury Bonds 2.875%, 05/15/43		15,906,900		15,158,783
4.500%, 02/15/36		293,000		368,402
4.500%, 08/15/39		6,003,000		7,513,601
5.000%, 05/15/37		232,000		310,898
5.250%, 02/15/29		16,000		20,879
5.375%, 02/15/31		276,000		371,026
6.250%, 08/15/23		80,000		104,419
8.500%, 02/15/20		1,104,000		1,447,620
U.S. Treasury Notes 0.750%, 06/30/17 (a)		26,286,000		26,337,337
0.875%, 12/31/16		2,152,000		2,164,609
1.000%, 06/30/19		16,589,000		16,351,827
2.500%, 08/15/23		10,620,000		10,848,988
2.625%, 02/29/16		800,000		813,000
2.750%, 02/15/19		2,524,100		2,658,193
3.125%, 05/15/19		6,086,000		6,494,425
3.125%, 05/15/21		8,513,000		9,105,581
3.500%, 05/15/20		7,140,000		7,765,307
3.750%, 11/15/18		2,067,000		2,245,117
4.750%, 08/15/17 (a)		2,444,000		2,653,458
				112,733,470
Total U.S. Treasury & Government Agencies (Cost $222,494,584)				225,938,159

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—11.6%

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
BAE Systems Holdings, Inc. 5.200%, 08/15/15 (144A)		756,000	$	759,408
Agriculture—0.3%
Altria Group, Inc. 2.850%, 08/09/22		1,020,000		980,435
BAT International Finance plc 3.250%, 06/07/22 (144A) (a)		1,026,000		1,017,721
Reynolds American, Inc. 4.450%, 06/12/25		836,000		851,735
				2,849,891
Auto Manufacturers—0.2%
Toyota Motor Credit Corp. 3.400%, 09/15/21		880,000		920,208
Volkswagen International Finance NV 2.375%, 03/22/17 (144A)		857,000		872,037
				1,792,245
Banks—2.7%
Banco de Credito del Peru 5.375%, 09/16/20		835,000		903,887
Bank of America Corp. 3.950%, 04/21/25		374,000		360,233
4.100%, 07/24/23		1,270,000		1,306,720
4.125%, 01/22/24		1,973,000		2,022,067
5.490%, 03/15/19		196,000		214,650
7.625%, 06/01/19		710,000		842,541
Bank One Corp. 8.000%, 04/29/27		100,000		132,975
BBVA Bancomer S.A. 6.750%, 09/30/22 (144A)		810,000		892,012
BNP Paribas S.A. 7.195%, 06/25/37 (144A) (a) (d)		500,000		590,000
BPCE S.A. 12.500%, 09/30/19 (144A) (d)		922,000		1,221,078
Capital One Financial Corp. 6.150%, 09/01/16		1,330,000		1,403,796
Citigroup, Inc. 2.500%, 09/26/18		580,000		586,532
Credit Suisse AG 6.500%, 08/08/23 (144A)		830,000		907,697
Discover Bank 4.200%, 08/08/23		510,000		516,219
Goldman Sachs Group, Inc. (The) 5.625%, 01/15/17		1,351,000		1,430,597
ING Bank NV 5.800%, 09/25/23 (144A)		1,076,000		1,174,889
JPMorgan Chase & Co. 3.250%, 09/23/22		262,000		260,300
6.300%, 04/23/19		1,210,000		1,386,204
KFW 4.875%, 06/17/19		1,290,000		1,456,165
Morgan Stanley 3.875%, 04/29/24		1,081,000		1,092,518
6.625%, 04/01/18		1,343,000		1,506,921
Banks—(Continued)
PNC Funding Corp. 5.625%, 02/01/17		1,080,000		1,147,738
Royal Bank of Scotland Group plc 2.550%, 09/18/15		247,000		247,691
Santander U.S. Debt S.A. 3.781%, 10/07/15 (144A)		500,000		503,456
Swedbank AB 2.125%, 09/29/17 (144A)		231,000		233,672
U.S. Bancorp 3.700%, 01/30/24		785,000		812,682
Wells Fargo & Co. 3.000%, 02/19/25		1,279,000		1,224,948
5.900%, 06/15/24 (d)		594,000		595,485
				24,973,673
Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc. 8.000%, 11/15/39		1,020,000		1,496,653
Diageo Capital plc 2.625%, 04/29/23		1,020,000		972,114
				2,468,767
Biotechnology—0.1%
Gilead Sciences, Inc. 3.500%, 02/01/25		668,000		668,973
3.700%, 04/01/24		312,000		318,813
				987,786
Commercial Services—0.1%
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		1,115,000		1,362,920
Computers—0.0%
Apple, Inc. 3.850%, 05/04/43		370,000		336,767
Diversified Financial Services—0.3%
General Electric Capital Corp. 0.894%, 01/09/20 (a) (d)		1,265,000		1,272,285
2.300%, 01/14/19		940,000		953,025
3.100%, 01/09/23		481,000		479,674
				2,704,984
Electric—0.8%
Berkshire Hathaway Energy Co. 3.750%, 11/15/23		440,000		450,316
Midamerican Funding LLC 6.927%, 03/01/29		699,000		907,404
Oncor Electric Delivery Co. LLC 7.000%, 09/01/22		795,000		978,075
Pacific Gas & Electric Co. 4.600%, 06/15/43		880,000		886,364
PPL Capital Funding, Inc. 3.400%, 06/01/23		880,000		876,871
5.000%, 03/15/44		296,000		311,041

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Progress Energy, Inc. 3.150%, 04/01/22		1,083,000	$	1,082,629
PSEG Power LLC 5.320%, 09/15/16		989,000		1,035,589
State Grid Overseas Investment, Ltd. 2.750%, 05/07/19 (144A) (e)		778,000		785,857
W3A Funding Corp. 8.090%, 01/02/17		249,881		249,865
				7,564,011
Engineering & Construction—0.0%
ABB Finance USA, Inc. 2.875%, 05/08/22		309,000		304,004
Food—0.2%
J.M. Smucker Co. (The) 3.500%, 03/15/25 (144A) (e)		580,000		568,220
Kraft Foods Group, Inc. 3.500%, 06/06/22		412,000		413,011
5.000%, 06/04/42		640,000		637,774
WM Wrigley Jr. Co. 2.400%, 10/21/18 (144A)		248,000		251,523
				1,870,528
Healthcare-Products—0.4%
Becton Dickinson & Co. 2.675%, 12/15/19		596,000		596,451
6.375%, 08/01/19		1,110,000		1,278,934
Medtronic, Inc. 4.375%, 03/15/35 (144A)		1,010,000		1,002,248
Zimmer Biomet Holdings Inc. 3.550%, 04/01/25		1,222,000		1,180,681
				4,058,314
Healthcare-Services—0.2%
Anthem, Inc. 3.300%, 01/15/23		600,000		576,657
Laboratory Corp. of America Holdings 3.200%, 02/01/22		850,000		838,010
Roche Holdings, Inc. 6.000%, 03/01/19 (144A)		577,000		656,602
				2,071,269
Household Products/Wares—0.1%
Reckitt Benckiser Treasury Services plc 3.625%, 09/21/23 (144A)		1,070,000		1,093,294
Insurance—0.6%
ACE INA Holdings, Inc. 2.700%, 03/13/23		1,000,000		972,039
American International Group, Inc. 4.125%, 02/15/24		750,000		778,255
4.875%, 06/01/22		1,770,000		1,941,543
Insurance—(Continued)
Liberty Mutual Group, Inc. 4.250%, 06/15/23 (144A)		578,000		594,418
Marsh & McLennan Cos., Inc. 4.800%, 07/15/21		920,000		1,016,951
ZFS Finance USA Trust V 6.500%, 05/09/37 (144A) (d)		491,000		510,640
				5,813,846
Internet—0.1%
Baidu, Inc. 3.500%, 11/28/22		1,110,000		1,096,327
Investment Company Security—0.2%
Temasek Financial I, Ltd. 2.375%, 01/23/23 (144A)		1,790,000		1,737,191
Machinery-Construction & Mining—0.1%
Atlas Copco AB 5.600%, 05/22/17 (144A)		910,000		977,144
Media—0.5%
21st Century Fox America, Inc. 8.500%, 02/23/25		722,000		962,020
Comcast Corp. 2.850%, 01/15/23		990,000		962,039
Discovery Communications LLC 4.875%, 04/01/43 (a)		620,000		562,410
Grupo Televisa S.A.B. 5.000%, 05/13/45		318,000		303,372
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33		1,240,000		1,522,001
				4,311,842
Mining—0.1%
Freeport-McMoRan, Inc. 3.875%, 03/15/23		1,010,000		917,511
Miscellaneous Manufacturing—0.1%
General Electric Co. 2.700%, 10/09/22		800,000		782,052
Multi-National—0.1%
Asian Development Bank 1.125%, 03/15/17		574,000		578,039
Oil & Gas—1.3%
Anadarko Petroleum Corp. 6.375%, 09/15/17		536,000		588,209
Apache Corp. 3.250%, 04/15/22		421,000		414,025
4.750%, 04/15/43		321,000		297,061
BP Capital Markets plc 4.500%, 10/01/20		306,000		334,724
4.742%, 03/11/21		847,000		934,633
Chevron Corp. 0.444%, 11/15/17 (d)		1,696,000		1,693,495

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
CNOOC Finance, Ltd. 3.875%, 05/02/22 (144A) (a)		1,010,000	$	1,024,723
Petro-Canada 6.050%, 05/15/18		1,664,000		1,848,018
Petroleos Mexicanos 3.125%, 01/23/19		352,000		355,344
8.000%, 05/03/19		759,000		889,244
Ras Laffan Liquefied Natural Gas Co., Ltd. 5.832%, 09/30/16 (144A)		292,358		301,889
Statoil ASA 3.700%, 03/01/24 (a)		922,000		952,944
7.750%, 06/15/23		100,000		129,513
Total Capital International S.A. 1.550%, 06/28/17		1,239,000		1,250,492
3.750%, 04/10/24 (a)		910,000		941,501
				11,955,815
Pharmaceuticals—0.6%
AbbVie, Inc. 1.200%, 11/06/15		1,850,000		1,851,689
3.600%, 05/14/25		584,000		577,223
Actavis Funding SCS 3.800%, 03/15/25		463,000		454,815
4.850%, 06/15/44		537,000		518,094
Express Scripts Holding Co. 2.650%, 02/15/17		1,280,000		1,302,927
Teva Pharmaceutical Finance IV B.V. 3.650%, 11/10/21		572,000		582,978
				5,287,726
Pipelines—0.6%
APT Pipelines, Ltd. 4.200%, 03/23/25 (144A)		1,228,000		1,200,950
Energy Transfer Partners L.P. 3.600%, 02/01/23		558,000		528,426
4.900%, 02/01/24		450,000		457,650
Enterprise Products Operating LLC 6.500%, 01/31/19		908,000		1,035,213
Kinder Morgan Energy Partners L.P. 4.150%, 02/01/24 (a)		691,000		670,522
7.750%, 03/15/32		625,000		716,736
Spectra Energy Capital LLC 8.000%, 10/01/19		1,253,000		1,484,672
				6,094,169
Real Estate Investment Trusts—0.2%
ERP Operating L.P. 4.625%, 12/15/21		896,000		977,426
HCP, Inc. 5.375%, 02/01/21		734,000		809,774
				1,787,200
Retail—0.5%
Gap, Inc. (The) 5.950%, 04/12/21		620,000		700,160
Retail—(Continued)
Home Depot, Inc. (The) 3.750%, 02/15/24 (a)		600,000		624,418
5.950%, 04/01/41		278,000		338,408
Wal-Mart Stores, Inc. 5.250%, 09/01/35		1,830,000		2,077,751
Walgreens Boots Alliance, Inc. 3.300%, 11/18/21		836,000		830,200
4.500%, 11/18/34		426,000		400,582
				4,971,519
Telecommunications—0.8%
AT&T, Inc. 3.000%, 06/30/22		838,000		809,143
3.400%, 05/15/25		838,000		799,207
Crown Castle Towers LLC 4.883%, 08/15/20 (144A)		370,000		401,581
6.113%, 01/15/20 (144A)		711,000		809,554
Rogers Communications, Inc. 6.800%, 08/15/18		1,483,000		1,693,271
Verizon Communications, Inc. 6.400%, 09/15/33		1,271,000		1,456,490
6.550%, 09/15/43		1,700,000		1,988,582
				7,957,828
Total Corporate Bonds & Notes (Cost $103,375,781)				109,466,070
Mortgage-Backed Securities—1.8%
Collateralized Mortgage Obligations—0.0%
BlackRock Capital Finance L.P. 7.750%, 09/25/26 (144A) (e)		36,631		1,673
Commercial Mortgage-Backed Securities—1.8%
Commercial Mortgage Pass-Through Certificates 3.708%, 07/10/48		1,300,833		1,333,654
Credit Suisse Commercial Mortgage Trust 5.695%, 09/15/40 (d)		1,735,738		1,841,783
CSAIL Commercial Mortgage Trust 3.504%, 06/15/57		738,578		750,963
General Electric Capital Assurance Co. 5.743%, 05/12/35 (144A) (d) (e)		35,000		38,486
Greenwich Capital Commercial Funding Corp. 5.475%, 03/10/39		3,025,000		3,159,035
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,387,991		1,385,869
JP Morgan Chase Commercial Mortgage Securities Trust 5.475%, 04/15/43 (d)		112,607		114,236
5.962%, 06/15/49 (d)		2,207,157		2,336,953
JPMBB Commercial Mortgage Securities Trust 3.494%, 01/15/48		1,590,000		1,606,857
Morgan Stanley Capital I, Inc. 1.124%, 11/15/30 (144A) (d) (f)		1,472,937		29,546

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Wachovia Bank Commercial Mortgage Trust 5.903%, 06/15/49 (d)		1,131,867	$	1,196,789
6.150%, 02/15/51 (d)		1,477,109		1,552,531
Wells Fargo Commercial Mortgage Trust 3.540%, 05/15/48		1,410,327		1,431,877
				16,778,579
Total Mortgage-Backed Securities (Cost $16,773,020)				16,780,252
Asset-Backed Securities—0.8%
Asset-Backed - Automobile—0.1%
Ford Credit Auto Owner Trust 2.260%, 11/15/25 (144A)		550,000		556,803
2.310%, 04/15/26 (144A)		425,000		429,703
				986,506
Asset-Backed - Home Equity—0.2%
Bayview Financial Revolving Asset Trust 1.786%, 12/28/40 (144A) (d) (e)		842,516		522,103
GMAC Home Equity Loan Trust 5.805%, 10/25/36 (d)		318,991		312,159
Home Equity Loan Trust 5.320%, 12/25/35 (d)		741,082		606,630
				1,440,892
Asset-Backed - Other—0.5%
American Tower Trust I 3.070%, 03/15/48 (144A)		1,000,000		978,874
Cent CLO, Ltd. 1.578%, 01/30/25 (144A) (d) (e)		831,000		826,766
Dryden XXVI Senior Loan Fund 1.375%, 07/15/25 (144A) (d) (e)		1,068,000		1,055,732
ING Investment Management CLO, Ltd. 1.427%, 04/25/25 (144A) (d) (e)		970,000		959,513
Race Point IV CLO, Ltd. 0.478%, 08/01/21 (144A) (d)		382,950		382,718
Small Business Administration Participation Certificates 4.350%, 07/01/23		338,277		356,404
4.770%, 04/01/24		17,540		18,694
4.950%, 03/01/25		119,849		129,416
4.990%, 09/01/24		63,924		68,964
5.110%, 08/01/25		204,525		221,807
5.180%, 05/01/24		30,629		33,038
5.520%, 06/01/24		75,624		82,806
				5,114,732
Total Asset-Backed Securities (Cost $7,931,118)				7,542,130
Municipals—0.6%
County of Forsyth, NC 5.000%, 12/01/25		1,055,000		1,307,261
New Jersey State Turnpike Authority 7.414%, 01/01/40		1,050,000		1,468,698
State of Maryland 5.000%, 08/01/24		815,000		997,935
State of Texas 5.000%, 10/01/24		815,000		991,081
University of Texas System 5.000%, 08/15/25		815,000		1,000,062
Total Municipals (Cost $5,534,965)				5,765,037
Foreign Government—0.4%
Sovereign—0.4%
Egypt Government AID Bond 4.450%, 09/15/15		1,903,000		1,918,740
Iceland Government International Bond 4.875%, 06/16/16 (144A)		970,000		1,003,832
Mexico Government International Bond 4.750%, 03/08/44		909,000		863,550
Peruvian Government International Bond 7.350%, 07/21/25		103,000		134,415
Total Foreign Government (Cost $3,991,850)				3,920,537
Convertible Preferred Stocks—0.2%
Aerospace & Defense—0.0%
United Technologies Corp. 7.500%, 08/01/15		5,027		288,047
Diversified Telecommunication Services—0.1%
Frontier Communications Corp. 11.125%, 06/29/18		5,416		541,058
Pharmaceuticals—0.1%
Allergan plc 5.500%, 03/01/18		813		847,618
Total Convertible Preferred Stocks (Cost $1,618,124)				1,676,723
Short-Term Investments—5.7%
Mutual Fund—3.0%
State Street Navigator Securities Lending MET Portfolio (g)		28,433,285		28,433,285

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—2.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $25,062,640 on 07/01/15, collateralized by $25,505,000 U.S. Treasury Note at 1.250% due 11/30/18 with a value of $25,568,763		25,062,640	$	25,062,640
Total Short-Term Investments (Cost $53,495,925)				53,495,925
Total Investments—103.7% (Cost $822,532,780) (h)				973,955,410
Other assets and liabilities (net)—(3.7)%				(35,143,327	)
Net Assets—100.0%			$	938,812,083

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $41,815,912 and the collateral received consisted of cash in the amount of $28,433,285 and non-cash collateral with a value of $14,540,750. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(d) Variable or floating rate security. The stated rate represents the rate at June 30, 2015. Maturity date shown for callable securities reflects the earliest possible call date.

(e) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2015, the market value of restricted securities was $4,758,350, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.

(f) Interest only security.

(g) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(h) As of June 30, 2015, the aggregate cost of investments was $822,532,780. The aggregate unrealized appreciation and depreciation of investments were $161,823,466 and $(10,400,836), respectively, resulting in net unrealized appreciation of $151,422,630.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2015, the market value of 144A securities was $28,236,473, which is 3.0% of net assets.

(ACES)— Alternative Credit Enhancement Securities.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Bayview Financial Revolving Asset Trust		03/01/06	$	842,516	$	842,516	$	522,103
BlackRock Capital Finance L.P.		05/01/06		36,631		35,300		1,673
Cent CLO, Ltd.		09/26/14		831,000		825,806		826,766
Dryden XXVI Senior Loan Fund		09/26/14		1,068,000		1,052,300		1,055,732
General Electric Capital Assurance Co.		09/23/03		35,000		35,175		38,486
ING Investment Management CLO, Ltd.		09/26/14		970,000		958,360		959,513
J.M. Smucker Co. (The)		03/12/15		580,000		579,858		568,220
State Grid Overseas Investment, Ltd.		05/07/14		778,000		772,379		785,857
							$	4,758,350

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	26,448,665	$	—	$	—	$	26,448,665
Air Freight & Logistics		3,717,371		—		—		3,717,371
Airlines		484,060		—		—		484,060
Auto Components		10,144,474		—		—		10,144,474
Automobiles		813,452		3,055,748		—		3,869,200
Banks		52,701,627		4,210,220		—		56,911,847
Beverages		1,019,588		3,832,609		—		4,852,197
Capital Markets		25,488,441		—		—		25,488,441
Chemicals		17,032,646		—		—		17,032,646
Commercial Services & Supplies		3,181,103		—		—		3,181,103
Communications Equipment		4,979,349		—		—		4,979,349
Consumer Finance		5,403,535		—		—		5,403,535
Containers & Packaging		959,153		—		—		959,153
Distributors		1,125,870		—		—		1,125,870
Diversified Financial Services		1,939,216		—		—		1,939,216
Diversified Telecommunication Services		13,420,021		1,899,149		—		15,319,170
Electric Utilities		8,146,484		—		—		8,146,484
Electrical Equipment		2,815,750		—		—		2,815,750
Energy Equipment & Services		2,874,149		—		—		2,874,149
Food & Staples Retailing		12,238,870		—		—		12,238,870
Food Products		11,177,800		8,586,200		—		19,764,000
Health Care Equipment & Supplies		15,547,579		—		—		15,547,579
Health Care Providers & Services		7,669,093		—		—		7,669,093
Hotels, Restaurants & Leisure		4,731,388		—		—		4,731,388
Household Durables		397,410		—		—		397,410
Household Products		2,499,220		1,029,264		—		3,528,484
Independent Power and Renewable Electricity Producers		835,395		—		—		835,395
Industrial Conglomerates		14,863,298		1,461,839		—		16,325,137
Insurance		27,745,524		4,715,665		—		32,461,189
Internet Software & Services		1,215,090		—		—		1,215,090
IT Services		18,964,384		—		—		18,964,384
Leisure Products		2,176,913		—		—		2,176,913
Life Sciences Tools & Services		5,319,252		—		—		5,319,252
Machinery		11,041,666		—		—		11,041,666
Media		27,472,914		—		—		27,472,914
Metals & Mining		—		1,465,059		—		1,465,059
Multi-Utilities		2,302,456		1,434,605		—		3,737,061

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Multiline Retail	$	15,064,011	$	—		$	—	$	15,064,011
Oil, Gas & Consumable Fuels		32,934,081		2,163,976			—		35,098,057
Pharmaceuticals		44,918,402		2,334,510			—		47,252,912
Professional Services		459,624		—			—		459,624
Real Estate Investment Trusts		4,465,051		—			—		4,465,051
Road & Rail		2,784,182		—			—		2,784,182
Semiconductors & Semiconductor Equipment		13,273,355		—			—		13,273,355
Software		11,079,822		—			—		11,079,822
Specialty Retail		7,011,941		—			—		7,011,941
Technology Hardware, Storage & Peripherals		7,738,233		—			—		7,738,233
Tobacco		20,155,116		3,308,002			—		23,463,118
Wireless Telecommunication Services		—		1,096,707			—		1,096,707
Total Common Stocks		508,777,024		40,593,553			—		549,370,577
Total U.S. Treasury & Government Agencies*		—		225,938,159			—		225,938,159
Total Corporate Bonds & Notes*		—		109,466,070			—		109,466,070
Total Mortgage-Backed Securities*		—		16,780,252			—		16,780,252
Total Asset-Backed Securities*		—		7,542,130			—		7,542,130
Total Municipals		—		5,765,037			—		5,765,037
Total Foreign Government*		—		3,920,537			—		3,920,537
Total Convertible Preferred Stocks*		1,676,723		—			—		1,676,723
Short-Term Investments
Mutual Fund		28,433,285		—			—		28,433,285
Repurchase Agreement		—		25,062,640			—		25,062,640
Total Short-Term Investments		28,433,285		25,062,640			—		53,495,925
Total Investments	$	538,887,032	$	435,068,378		$	—	$	973,955,410
Collateral for securities loaned (Liability)	$	—	$	(28,433,285	)	$	—	$	(28,433,285	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

MFS Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	973,955,410
Cash denominated in foreign currencies (c)		7,594
Receivable for:
Investments sold		2,045,741
TBA securities sold		2,723,984
Fund shares sold		206,566
Dividends and interest		3,521,480
Total Assets		982,460,775
Liabilities
Collateral for securities loaned		28,433,285
Payables for:
Investments purchased		606,728
TBA securities purchased		13,214,530
Fund shares redeemed		546,796
Accrued expenses:
Management fees		432,672
Distribution and service fees		135,516
Deferred trustees’ fees		69,121
Other expenses		210,044
Total Liabilities		43,648,692
Net Assets	$	938,812,083
Net assets consist of:
Paid in surplus	$	769,059,567
Undistributed net investment income		9,403,298
Accumulated net realized gain		8,929,372
Unrealized appreciation on investments and foreign currency transactions		151,419,846
Net Assets	$	938,812,083
Net Assets
Class A	$	178,979,727
Class B		238,738,097
Class E		29,542,117
Class F		491,552,142
Capital Shares Outstanding*
Class A		1,052,049
Class B		1,419,483
Class E		174,454
Class F		2,911,123
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	170.12
Class B		168.19
Class E		169.34
Class F		168.85

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $822,532,780.

(b) Includes securities loaned at value of $41,815,912.

(c) Identified cost of cash denominated in foreign currencies was $7,585.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	7,618,804
Interest		5,654,708
Securities lending income		57,626
Total investment income		13,331,138
Expenses
Management fees		2,661,466
Administration fees		11,497
Custodian and accounting fees		104,129
Distribution and service fees—Class B		305,546
Distribution and service fees—Class E		22,680
Distribution and service fees—Class F		508,089
Audit and tax services		29,655
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		56,370
Insurance		3,156
Miscellaneous		7,593
Total expenses		3,743,938
Less broker commission recapture		(1,590	)
Net expenses		3,742,348
Net Investment Income		9,588,790
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		40,634,359
Foreign currency transactions		(47,264	)
Net realized gain		40,587,095
Net change in unrealized appreciation (depreciation) on:
Investments		(39,947,588	)
Foreign currency transactions		8,005
Net change in unrealized depreciation		(39,939,583	)
Net realized and unrealized gain		647,512
Net Increase in Net Assets From Operations	$	10,236,302

(a) Net of foreign withholding taxes of $108,104.

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

MFS Total Return Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	9,588,790		$	21,719,511
Net realized gain		40,587,095			66,494,415
Net change in unrealized depreciation		(39,939,583	)		(6,280,182	)
Increase in net assets from operations		10,236,302			81,933,744
From Distributions to Shareholders
Net investment income
Class A		(4,674,856	)		(4,409,116	)
Class B		(5,704,188	)		(5,437,850	)
Class E		(726,208	)		(723,652	)
Class F		(11,893,043	)		(12,205,996	)
Total distributions		(22,998,295	)		(22,776,614	)
Decrease in net assets from capital share transactions		(38,227,873	)		(124,024,443	)
Total decrease in net assets		(50,989,866	)		(64,867,313	)
Net Assets
Beginning of period		989,801,949			1,054,669,262
End of period	$	938,812,083		$	989,801,949
Undistributed net investment income
End of period	$	9,403,298		$	22,812,803

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		21,835		$	3,814,775			53,158		$	8,856,348
Reinvestments		27,213			4,674,856			27,391			4,409,116
Redemptions		(78,103	)		(13,632,093	)		(138,006	)		(22,951,623	)
Net decrease		(29,055	)	$	(5,142,462	)		(57,457	)	$	(9,686,159	)
Class B
Sales		45,839		$	7,893,215			104,010		$	17,097,346
Reinvestments		33,584			5,704,188			34,147			5,437,850
Redemptions		(110,756	)		(19,119,036	)		(257,124	)		(42,249,749	)
Net decrease		(31,333	)	$	(5,521,633	)		(118,967	)	$	(19,714,553	)
Class E
Sales		3,413		$	589,946			9,216		$	1,523,391
Reinvestments		4,247			726,208			4,515			723,652
Redemptions		(13,007	)		(2,259,919	)		(34,318	)		(5,691,063	)
Net decrease		(5,347	)	$	(943,765	)		(20,587	)	$	(3,444,020	)
Class F
Sales		56,424		$	9,757,484			129,262		$	21,349,305
Reinvestments		69,746			11,893,043			76,369			12,205,996
Redemptions		(279,009	)		(48,270,540	)		(757,238	)		(124,735,012	)
Net decrease		(152,839	)	$	(26,620,013	)		(551,607	)	$	(91,179,711	)
Decrease derived from capital shares transactions				$	(38,227,873	)				$	(124,024,443	)

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	172.72		$	162.91		$	140.60		$	129.68		$	130.06		$	121.69
Income (Loss) from Investment Operations
Net investment income (a)		1.87			3.85			3.33			3.34			3.34			3.14
Net realized and unrealized gain (loss) on investments		0.07			9.94			22.92			11.49			(0.14	)		8.95
Total from investment operations		1.94			13.79			26.25			14.83			3.20			12.09
Less Distributions
Distributions from net investment income		(4.54	)		(3.98	)		(3.94	)		(3.91	)		(3.58	)		(3.72	)
Total distributions		(4.54	)		(3.98	)		(3.94	)		(3.91	)		(3.58	)		(3.72	)
Net Asset Value, End of Period	$	170.12		$	172.72		$	162.91		$	140.60		$	129.68		$	130.06
Total Return (%) (b)		1.10	(c)		8.64			18.99			11.58			2.42			10.08
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.60	(d)		0.60			0.59			0.60			0.59			0.58
Ratio of net investment income to average net assets (%)		2.16	(d)		2.32			2.19			2.46			2.56			2.56
Portfolio turnover rate (%)		23	(c)(e)		34	(e)		53	(e)		20			19			31
Net assets, end of period (in millions)	$	179.0		$	186.7		$	185.5		$	169.9		$	169.5		$	186.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	170.57		$	160.94		$	138.95		$	128.21		$	128.66		$	120.45
Income (Loss) from Investment Operations
Net investment income (a)		1.63			3.40			2.92			2.97			2.98			2.80
Net realized and unrealized gain (loss) on investments		0.08			9.81			22.66			11.36			(0.15	)		8.86
Total from investment operations		1.71			13.21			25.58			14.33			2.83			11.66
Less Distributions
Distributions from net investment income		(4.09	)		(3.58	)		(3.59	)		(3.59	)		(3.28	)		(3.45	)
Total distributions		(4.09	)		(3.58	)		(3.59	)		(3.59	)		(3.28	)		(3.45	)
Net Asset Value, End of Period	$	168.19		$	170.57		$	160.94		$	138.95		$	128.21		$	128.66
Total Return (%) (b)		0.98	(c)		8.36			18.70			11.31			2.16			9.80
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.85	(d)		0.85			0.84			0.85			0.84			0.83
Ratio of net investment income to average net assets (%)		1.91	(d)		2.07			1.94			2.21			2.32			2.31
Portfolio turnover rate (%)		23	(c)(e)		34	(e)		53	(e)		20			19			31
Net assets, end of period (in millions)	$	238.7		$	247.5		$	252.6		$	229.8		$	220.0		$	227.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	171.80		$	162.06		$	139.88		$	129.04		$	129.46		$	121.16
Income (Loss) from Investment Operations
Net investment income (a)		1.73			3.59			3.09			3.12			3.13			2.95
Net realized and unrealized gain (loss) on investments		0.07			9.88			22.81			11.44			(0.15	)		8.91
Total from investment operations		1.80			13.47			25.90			14.56			2.98			11.86
Less Distributions
Distributions from net investment income		(4.26	)		(3.73	)		(3.72	)		(3.72	)		(3.40	)		(3.56	)
Total distributions		(4.26	)		(3.73	)		(3.72	)		(3.72	)		(3.40	)		(3.56	)
Net Asset Value, End of Period	$	169.34		$	171.80		$	162.06		$	139.88		$	129.04		$	129.46
Total Return (%) (b)		1.02	(c)		8.48			18.82			11.42			2.25			9.92
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.75	(d)		0.75			0.74			0.75			0.74			0.73
Ratio of net investment income to average net assets (%)		2.01	(d)		2.17			2.04			2.31			2.41			2.41
Portfolio turnover rate (%)		23	(c)(e)		34	(e)		53	(e)		20			19			31
Net assets, end of period (in millions)	$	29.5		$	30.9		$	32.5		$	30.3		$	31.0		$	36.5
	Class F
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	171.25		$	161.54		$	139.43		$	128.64		$	129.07		$	120.81
Income (Loss) from Investment Operations
Net investment income (a)		1.68			3.50			3.00			3.04			3.05			2.88
Net realized and unrealized gain (loss) on investments		0.08			9.84			22.74			11.40			(0.14	)		8.89
Total from investment operations		1.76			13.34			25.74			14.44			2.91			11.77
Less Distributions
Distributions from net investment income		(4.16	)		(3.63	)		(3.63	)		(3.65	)		(3.34	)		(3.51	)
Total distributions		(4.16	)		(3.63	)		(3.63	)		(3.65	)		(3.34	)		(3.51	)
Net Asset Value, End of Period	$	168.85		$	171.25		$	161.54		$	139.43		$	128.64		$	129.07
Total Return (%) (b)		1.00	(c)		8.42			18.75			11.36			2.21			9.87
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.80	(d)		0.80			0.79			0.80			0.79			0.78
Ratio of net investment income to average net assets (%)		1.96	(d)		2.12			1.99			2.26			2.36			2.36
Portfolio turnover rate (%)		23	(c)(e)		34	(e)		53	(e)		20			19			31
Net assets, end of period (in millions)	$	491.6		$	524.7		$	584.1		$	571.1		$	623.8		$	748.8

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 21%, 25% and 45% for the six months ended June 30, 2015 and for the years ended December 31, 2014 and 2013, respectively.

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MFS Total Return Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and F shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-22

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, paydown gain/loss reclasses, foreign currency transactions, real estate investment trust (REIT) adjustments, return of capital adjustments and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

MSF-23

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $25,062,640, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Treasury and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

MSF-24

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial

MSF-25

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$125,124,795	$	96,093,561	$	135,457,489	$	142,027,729

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company that amounted to $71,956 in purchases and $52,938 in sales of investments, which are included above.

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2015 were as follows:

Purchases	Sales
$28,113,589	$	46,402,213

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$2,661,466		0.600	%	Of the first $250 million
		0.550	%	Of the next $500 million
		0.500	%	On amounts in excess of $750 million

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

MSF-26

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and F Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and F Shares. Under the Distribution and Service Plan, the Class B, E, and F Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and F Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.20% per year for Class F Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$22,776,614	$	25,287,197	$	—	$	—	$	22,776,614	$	25,287,197

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$22,880,519	$	—	$	182,375,280	$	(22,677,868	)	$	—	$	182,577,931

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carry forwards of $62,105,143.

As of December 31, 2014 the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring
12/31/17

$22,677,868

MSF-27

Metropolitan Series Fund

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-28

Metropolitan Series Fund

MFS Value Portfolio

Managed By Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, D, and E shares of the MFS Value Portfolio returned 1.24%, 1.04%, 1.19%, and 1.13%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned -0.61%.

MARKET ENVIRONMENT/CONDITIONS

Early in the period, the European Central Bank cut policy interest rates deeper into negative territory and announced non-conventional easing measures, a notable highlight amid a mini-wave of global easing due to declining inflation and inflation expectations.

A dominant trend for most of the period was the ongoing rise in U.S. equities alongside a decline in U.S. and global bond yields. A rising U.S. dollar and a sharp decline in commodity prices, particularly crude oil prices, negatively impacted credit markets, notably U.S. high yield and emerging market debt. The higher weightings of oil and gas credits in these asset classes resulted in widening spreads and increased volatility. Toward the end of the period, global bond yields rose abruptly, shrugging off concerns over a Greek debt default. The rise tempered the equity advance, as odds of a 2015 U.S. Federal Reserve rate hike increased. At the end of the period, the stronger U.S. dollar slowed revenues in many U.S.-based multinational companies.

PORTFOLIO REVIEW/PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Value Index for the period. Within the Information Technology sector, stock selection positively affected performance during the period. Owning management consulting firm Accenture benefited relative results as positive revenue momentum, driven by its digital unit, helped deliver strong performance. Additionally, not holding computer components company Intel Corp. and computer and personal electronics maker Hewlett-Packard aided relative performance as both companies struggled with weak demand for desktop and notebook computers.

Strong stock selection within the Consumer Staples sector contributed to performance, with an underweight position in household products maker Procter & Gamble driving results. Weak volume growth, combined with negative foreign currency impacts resulting from a stronger U.S. dollar, hurt performance at the multinational firm. Not holding retail giant Wal-Mart also contributed positively in this sector.

An underweight allocation to the Utilities sector contributed to positive relative results. There were no stocks within this sector that were among the Portfolio’s top relative contributors during the period.

Individual stocks that benefited relative performance included not holding insurance and investment firm Berkshire Hathaway, overweight positions in global financial services firm JPMorgan Chase, toy maker Hasbro, and tobacco producer Lorillard and an underweight position in integrated oil and gas company Exxon Mobil.

Stock selection in the Health Care sector was a primary detractor from performance relative to the Russell 1000 Value Index. Not holding health insurance and Medicare/Medicaid provider UnitedHealth Group, pharmaceutical company Eli Lilly, employee benefits company Cigna, and insurance plan provider Anthem all hurt relative results. The Health Care sector has benefited from strong organic growth and from a wave of consolidations. Shares of UnitedHealth rose with the overall industry and benefited from strong business trends. Eli Lilly surged towards the end of the period after the company provided promising update on its diabetes portfolio. Finally, shares of Anthem reacted positively after it announced a bid to acquire Cigna.

Security selection in the Industrials sector also hindered relative results. Not holding strong-performing diversified industrial conglomerate General Electric held back relative returns as shares jumped after the company announced its intention to sell a majority of its GE Capital segment in order to become a more focused industrial company. An overweight positon in ground delivery service company United Parcel Service held back relative results as the firm announced disappointing results for its peak fourth quarter period driven by unpredictable peak online retail demand and inefficient capacity management. An overweight position in manufacturing conglomerate Tyco International dampened relative returns as the share price fell on disappointing earnings and unfavorable full year guidance.

Individual stocks that detracted from relative performance included overweight positions in insurance company Travelers and investment management firm Franklin Resources as well as an underweight position in telecommunications company AT&T.

Over the trailing six-month period ending June 30, 2015, the Portfolio reflected an increased absolute weighting in Financials and to a

MSF-1

Metropolitan Series Fund

MFS Value Portfolio

Managed By Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

lesser extent increased positions in Information Technology and Utilities. Conversely, at the end of the period the Portfolio reflected decreased exposure to Consumer Discretionary, Consumer Staples, and Energy stocks. At the end of the period, the Portfolio was overweight to Industrials, Consumer Staples, and Consumer Discretionary while being underweight to Energy, Utilities, and Information Technology. Relative sector positioning reflects the investment team’s bottom up stock selection process rather than any top-down macroeconomic or sector views.

Steven R. Gorham

Nevin P. Chitkara

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

MFS Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MFS Value Portfolio
Class A		1.24		7.06		16.58		8.38		—
Class B		1.04		6.72		16.27		—		7.41
Class D		1.19		6.97		—		—		14.09
Class E		1.13		6.85		16.41		—		7.53
Russell 1000 Value Index		-0.61		4.13		16.50		7.05		—

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

² Inception dates of the Class A, Class B, Class D and Class E shares are 7/20/98, 4/28/08, 4/26/13 and 4/28/08, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		4.8
Wells Fargo & Co.		3.4
Johnson & Johnson		3.3
Philip Morris International, Inc.		3.1
Pfizer, Inc.		2.9
Accenture plc - Class A		2.6
Travelers Cos., Inc. (The)		2.2
Honeywell International, Inc.		2.2
Goldman Sachs Group, Inc. (The)		2.1
CVS Health Corp.		2.0

Top Sectors

	% of Net Assets
Financials		26.9
Industrials		16.8
Health Care		14.4
Consumer Staples		12.4
Consumer Discretionary		10.2
Information Technology		7.6
Energy		5.2
Materials		2.7
Telecommunication Services		2.5
Utilities		0.7

MSF-3

Metropolitan Series Fund

MFS Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.58	%	$	1,000.00	$	1,012.40	$	2.89
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91
Class B(a)	Actual		0.83	%	$	1,000.00	$	1,010.40	$	4.14
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16
Class D(a)	Actual		0.68	%	$	1,000.00	$	1,011.90	$	3.39
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41
Class E(a)	Actual		0.73	%	$	1,000.00	$	1,011.20	$	3.64
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

MFS Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—99.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—6.9%
Honeywell International, Inc.		696,969	$	71,069,929
Lockheed Martin Corp.		326,870		60,765,133
Northrop Grumman Corp.		175,692		27,870,022
United Technologies Corp.		578,123		64,131,184
				223,836,268
Air Freight & Logistics—1.3%
United Parcel Service, Inc. - Class B		440,473		42,686,238
Auto Components—1.8%
Delphi Automotive plc		318,206		27,076,148
Johnson Controls, Inc.		644,328		31,913,566
				58,989,714
Banks—11.4%
Citigroup, Inc.		213,996		11,821,139
JPMorgan Chase & Co.		2,272,072		153,955,599
PNC Financial Services Group, Inc. (The)		333,695		31,917,927
U.S. Bancorp		1,401,464		60,823,537
Wells Fargo & Co.		1,959,834		110,221,064
				368,739,266
Beverages—1.4%
Diageo plc		1,507,818		43,706,193
Capital Markets—6.5%
Bank of New York Mellon Corp. (The)		990,651		41,577,622
BlackRock, Inc.		89,105		30,828,548
Franklin Resources, Inc.		793,328		38,896,872
Goldman Sachs Group, Inc. (The)		324,461		67,744,212
State Street Corp.		397,216		30,585,632
				209,632,886
Chemicals—2.2%
E.I. du Pont de Nemours & Co.		152,862		9,775,525
Monsanto Co.		25,815		2,751,621
PPG Industries, Inc.		496,559		56,965,248
				69,492,394
Commercial Services & Supplies—1.2%
Tyco International plc		1,040,979		40,056,872
Consumer Finance—0.8%
American Express Co.		331,564		25,769,154
Containers & Packaging—0.5%
Crown Holdings, Inc. (a)		316,266		16,733,634
Diversified Financial Services—1.1%
McGraw Hill Financial, Inc.		94,578		9,500,360
NASDAQ OMX Group, Inc. (The)		504,445		24,621,961
				34,122,321
Diversified Telecommunication Services—1.9%
AT&T, Inc.		261,602		9,292,103
Verizon Communications, Inc.		1,149,490		53,577,729
				62,869,832
Electric Utilities—0.7%
Duke Energy Corp.		331,887		23,437,860
Electrical Equipment—0.9%
Eaton Corp. plc		407,053		27,472,007
Energy Equipment & Services—0.7%
Baker Hughes, Inc.		48,191		2,973,385
Schlumberger, Ltd.		242,445		20,896,334
				23,869,719
Food & Staples Retailing—2.0%
CVS Health Corp.		616,038		64,610,066
Food Products—4.3%
Archer-Daniels-Midland Co.		137,788		6,644,137
Danone S.A.		352,837		22,794,761
General Mills, Inc.		890,152		49,599,270
Kellogg Co.		143,900		9,022,530
Nestle S.A.		692,291		50,042,626
				138,103,324
Health Care Equipment & Supplies—4.0%
Abbott Laboratories		875,796		42,984,068
Medtronic plc		835,472		61,908,475
St. Jude Medical, Inc.		338,721		24,750,343
				129,642,886
Health Care Providers & Services—1.1%
Express Scripts Holding Co. (a) (b)		402,432		35,792,302
Hotels, Restaurants & Leisure—0.7%
McDonald’s Corp.		236,997		22,531,305
Household Durables—0.2%
Newell Rubbermaid, Inc.		168,671		6,934,065
Household Products—0.5%
Procter & Gamble Co. (The)		189,356		14,815,213
Industrial Conglomerates—3.3%
3M Co.		408,092		62,968,595
Danaher Corp.		491,747		42,088,626
				105,057,221
Insurance—7.1%
ACE, Ltd.		319,836		32,520,925
Aon plc		399,841		39,856,151
Chubb Corp. (The)		396,981		37,768,772
Prudential Financial, Inc.		565,056		49,453,701

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MFS Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Travelers Cos., Inc. (The)		737,384	$	71,275,537
				230,875,086
IT Services—5.4%
Accenture plc - Class A		873,005		84,489,424
Fidelity National Information Services, Inc.		315,577		19,502,659
Fiserv, Inc. (a)		315,553		26,137,255
International Business Machines Corp.		275,646		44,836,578
				174,965,916
Leisure Products—0.6%
Hasbro, Inc. (b)		267,301		19,991,442
Life Sciences Tools & Services—1.1%
Thermo Fisher Scientific, Inc.		276,176		35,836,598
Machinery—2.0%
Deere & Co.		106,695		10,354,750
Illinois Tool Works, Inc.		238,089		21,854,190
Pentair plc		252,899		17,386,806
Stanley Black & Decker, Inc.		155,780		16,394,287
				65,990,033
Media—4.5%
Comcast Corp. - Special Class A (b)		657,652		39,419,661
Omnicom Group, Inc. (b)		492,157		34,199,990
Time Warner, Inc.		326,205		28,513,579
Time, Inc. (b)		35,127		808,272
Viacom, Inc. - Class B		294,407		19,030,468
Walt Disney Co. (The)		195,840		22,353,178
				144,325,148
Multiline Retail—1.8%
Kohl’s Corp. (b)		85,278		5,339,256
Target Corp.		642,932		52,482,539
				57,821,795
Oil, Gas & Consumable Fuels—4.5%
Chevron Corp.		421,810		40,692,011
EOG Resources, Inc.		165,672		14,504,584
Exxon Mobil Corp.		669,136		55,672,115
Occidental Petroleum Corp.		435,404		33,861,369
				144,730,079
Pharmaceuticals—8.1%
Johnson & Johnson		1,092,257		106,451,367
Merck & Co., Inc.		755,901		43,033,444
Novartis AG		110,459		10,910,349
Pfizer, Inc.		2,776,805		93,106,272
Roche Holding AG		31,687		8,896,235
				262,397,667
Professional Services—0.3%
Equifax, Inc.		83,452		8,102,355
Road & Rail—0.8%
Canadian National Railway Co.		283,920		16,396,380
Union Pacific Corp.		112,470		10,726,264
				27,122,644
Semiconductors & Semiconductor Equipment—1.3%
NVIDIA Corp.		158,548		3,188,400
Texas Instruments, Inc.		753,038		38,788,988
				41,977,388
Software—0.9%
Oracle Corp.		740,031		29,823,249
Specialty Retail—0.6%
Advance Auto Parts, Inc. (b)		65,343		10,408,486
Bed Bath & Beyond, Inc. (a) (b)		114,515		7,899,245
				18,307,731
Tobacco—4.3%
Altria Group, Inc.		364,536		17,829,456
Imperial Tobacco Group plc		148,141		7,151,942
Philip Morris International, Inc.		1,233,099		98,857,547
Reynolds American, Inc.		197,686		14,759,238
				138,598,183
Wireless Telecommunication Services—0.6%
Vodafone Group plc		5,250,361		19,145,640
Total Common Stocks (Cost $2,368,119,490)				3,208,911,694
Convertible Preferred Stock—0.1%
Aerospace & Defense—0.1%
United Technologies Corp. 7.500%, 08/01/15 (Cost $2,885,057)		55,377		3,173,102
Short-Term Investments—1.4%
Mutual Fund—0.8%
State Street Navigator Securities Lending MET Portfolio (c)		25,786,552		25,786,552

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MFS Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—0.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $19,579,444 on 07/01/15, collateralized by $18,850,000 U.S. Treasury Note at 2.875% due 03/31/18 with a value of $19,971,198.		19,579,444	$	19,579,444
Total Short-Term Investments (Cost $45,365,996)				45,365,996
Total Investments—100.8% (Cost $2,416,370,543) (d)				3,257,450,792
Other assets and liabilities (net)—(0.8)%				(25,589,329	)
Net Assets—100.0%			$	3,231,861,463

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $36,662,575 and the collateral received consisted of cash in the amount of $25,786,552 and non-cash collateral with a value of $11,670,983. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $2,416,370,543. The aggregate unrealized appreciation and depreciation of investments were $869,783,350 and $(28,703,101), respectively, resulting in net unrealized appreciation of $841,080,249.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	223,836,268	$	—	$	—	$	223,836,268
Air Freight & Logistics		42,686,238		—		—		42,686,238
Auto Components		58,989,714		—		—		58,989,714
Banks		368,739,266		—		—		368,739,266
Beverages		—		43,706,193		—		43,706,193
Capital Markets		209,632,886		—		—		209,632,886
Chemicals		69,492,394		—		—		69,492,394
Commercial Services & Supplies		40,056,872		—		—		40,056,872
Consumer Finance		25,769,154		—		—		25,769,154
Containers & Packaging		16,733,634		—		—		16,733,634
Diversified Financial Services		34,122,321		—		—		34,122,321
Diversified Telecommunication Services		62,869,832		—		—		62,869,832
Electric Utilities		23,437,860		—		—		23,437,860
Electrical Equipment		27,472,007		—		—		27,472,007
Energy Equipment & Services		23,869,719		—		—		23,869,719

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MFS Value Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Food & Staples Retailing	$	64,610,066	$	—		$	—	$	64,610,066
Food Products		65,265,937		72,837,387			—		138,103,324
Health Care Equipment & Supplies		129,642,886		—			—		129,642,886
Health Care Providers & Services		35,792,302		—			—		35,792,302
Hotels, Restaurants & Leisure		22,531,305		—			—		22,531,305
Household Durables		6,934,065		—			—		6,934,065
Household Products		14,815,213		—			—		14,815,213
Industrial Conglomerates		105,057,221		—			—		105,057,221
Insurance		230,875,086		—			—		230,875,086
IT Services		174,965,916		—			—		174,965,916
Leisure Products		19,991,442		—			—		19,991,442
Life Sciences Tools & Services		35,836,598		—			—		35,836,598
Machinery		65,990,033		—			—		65,990,033
Media		144,325,148		—			—		144,325,148
Multiline Retail		57,821,795		—			—		57,821,795
Oil, Gas & Consumable Fuels		144,730,079		—			—		144,730,079
Pharmaceuticals		242,591,083		19,806,584			—		262,397,667
Professional Services		8,102,355		—			—		8,102,355
Road & Rail		27,122,644		—			—		27,122,644
Semiconductors & Semiconductor Equipment		41,977,388		—			—		41,977,388
Software		29,823,249		—			—		29,823,249
Specialty Retail		18,307,731		—			—		18,307,731
Tobacco		131,446,241		7,151,942			—		138,598,183
Wireless Telecommunication Services		—		19,145,640			—		19,145,640
Total Common Stocks		3,046,263,948		162,647,746			—		3,208,911,694
Total Convertible Preferred Stock*		3,173,102		—			—		3,173,102
Short-Term Investments
Mutual Fund		25,786,552		—			—		25,786,552
Repurchase Agreement		—		19,579,444			—		19,579,444
Total Short-Term Investments		25,786,552		19,579,444			—		45,365,996
Total Investments	$	3,075,223,602	$	182,227,190		$	—	$	3,257,450,792
Collateral for securities loaned (Liability)	$	—	$	(25,786,552	)	$	—	$	(25,786,552	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2014		Realized Gain		Change in Unrealized Depreciation			Sales			Balance as of June 30, 2015		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at June 30, 2015
Common Stocks
Real Estate Management & Development	$	6,471,443	$	3,630,742	$	(2,798,267	)	$	(7,303,918	)	$	—	$	—

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MFS Value Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	3,257,450,792
Cash denominated in foreign currencies (c)		51,170
Receivable for:
Fund shares sold		310,055
Dividends		6,839,137
Total Assets		3,264,651,154
Liabilities
Collateral for securities loaned		25,786,552
Payables for:
Investments purchased		2,732,538
Fund shares redeemed		2,143,597
Accrued expenses:
Management fees		1,510,221
Distribution and service fees		170,296
Deferred trustees’ fees		132,576
Other expenses		313,911
Total Liabilities		32,789,691
Net Assets	$	3,231,861,463
Net assets consist of:
Paid in surplus	$	2,205,251,043
Undistributed net investment income		30,608,756
Accumulated net realized gain		154,938,582
Unrealized appreciation on investments and foreign currency transactions		841,063,082
Net Assets	$	3,231,861,463
Net Assets
Class A	$	2,380,471,141
Class B		763,747,123
Class D		15,924,945
Class E		71,718,254
Capital Shares Outstanding*
Class A		155,623,614
Class B		50,399,912
Class D		1,043,829
Class E		4,711,890
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.30
Class B		15.15
Class D		15.26
Class E		15.22

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,416,370,543.

(b) Includes securities loaned at value of $36,662,575.

(c) Identified cost of cash denominated in foreign currencies was $51,235.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	41,244,427
Interest		4,601
Securities lending income		121,810
Total investment income		41,370,838
Expenses
Management fees		11,562,003
Administration fees		38,584
Custodian and accounting fees		160,184
Distribution and service fees—Class B		980,594
Distribution and service fees—Class D		8,159
Distribution and service fees—Class E		56,292
Audit and tax services		20,059
Legal		14,250
Trustees’ fees and expenses		18,834
Shareholder reporting		95,892
Insurance		10,877
Miscellaneous		16,168
Total expenses		12,981,896
Less management fee waiver		(2,318,462	)
Less broker commission recapture		(14,020	)
Net expenses		10,649,414
Net Investment Income		30,721,424
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		159,538,831
Foreign currency transactions		323,133
Net realized gain		159,861,964
Net change in unrealized appreciation (depreciation) on:
Investments		(149,803,261	)
Foreign currency transactions		74,399
Net change in unrealized depreciation		(149,728,862	)
Net realized and unrealized gain		10,133,102
Net Increase in Net Assets From Operations	$	40,854,526

(a) Net of foreign withholding taxes of $443,308.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MFS Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	30,721,424		$	86,528,642
Net realized gain		159,861,964			508,689,031
Net change in unrealized depreciation		(149,728,862	)		(239,158,052	)
Increase in net assets from operations		40,854,526			356,059,621
From Distributions to Shareholders
Net investment income
Class A		(64,266,030	)		(51,243,103	)
Class B		(18,873,575	)		(11,976,675	)
Class D		(413,063	)		(290,817	)
Class E		(1,838,640	)		(1,262,087	)
Net realized capital gains
Class A		(369,239,893	)		(142,976,657	)
Class B		(119,713,583	)		(37,471,141	)
Class D		(2,472,344	)		(847,551	)
Class E		(11,239,619	)		(3,849,593	)
Total distributions		(588,056,747	)		(249,917,624	)
Increase (decrease) in net assets from capital share transactions		392,418,963			(692,374,108	)
Total decrease in net assets		(154,783,258	)		(586,232,111	)
Net Assets
Beginning of period		3,386,644,721			3,972,876,832
End of period	$	3,231,861,463		$	3,386,644,721
Undistributed net investment income
End of period	$	30,608,756		$	85,278,640

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		2,304,760		$	41,815,312			4,284,122		$	73,879,782
Reinvestments		27,842,385			433,505,923			11,778,033			194,219,760
Redemptions		(10,197,439	)		(185,883,931	)		(53,586,449	)		(921,672,735	)
Net increase (decrease)		19,949,706		$	289,437,304			(37,524,294	)	$	(653,573,193	)
Class B
Sales		1,575,699		$	28,371,003			3,256,308		$	55,681,719
Reinvestments		8,981,670			138,587,158			3,020,636			49,447,816
Redemptions		(3,963,822	)		(71,732,113	)		(7,661,555	)		(133,137,000	)
Net increase (decrease)		6,593,547		$	95,226,048			(1,384,611	)	$	(28,007,465	)
Class D
Sales		2,790		$	51,829			42,648		$	736,968
Reinvestments		185,796			2,885,407			69,160			1,138,368
Redemptions		(59,936	)		(1,098,838	)		(244,658	)		(4,261,229	)
Net increase (decrease)		128,650		$	1,838,398			(132,850	)	$	(2,385,893	)
Class E
Sales		46,264		$	844,562			166,105		$	2,896,835
Reinvestments		843,758			13,078,259			311,119			5,111,680
Redemptions		(441,054	)		(8,005,608	)		(942,744	)		(16,416,072	)
Net increase (decrease)		448,968		$	5,917,213			(465,520	)	$	(8,407,557	)
Increase (decrease) derived from capital shares transactions				$	392,418,963					$	(692,374,108	)

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.38		$	17.75		$	13.80		$	12.23		$	12.31		$	11.20
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.43			0.30			0.29			0.25			0.21
Net realized and unrealized gain (loss) on investments		0.12			1.36			4.46			1.72			(0.13	)		1.06
Total from investment operations		0.29			1.79			4.76			2.01			0.12			1.27
Less Distributions
Distributions from net investment income		(0.50	)		(0.31	)		(0.30	)		(0.26	)		(0.20	)		(0.16	)
Distributions from net realized capital gains		(2.87	)		(0.85	)		(0.51	)		(0.18	)		0.00			0.00
Total distributions		(3.37	)		(1.16	)		(0.81	)		(0.44	)		(0.20	)		(0.16	)
Net Asset Value, End of Period	$	15.30		$	18.38		$	17.75		$	13.80		$	12.23		$	12.31
Total Return (%) (b)		1.24	(c)		10.81			35.73			16.65			0.85			11.42
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(d)		0.72			0.72			0.73			0.73			0.73
Net ratio of expenses to average net assets (%) (e)		0.58	(d)		0.58			0.58			0.60			0.61			0.63
Ratio of net investment income to average net assets (%)		1.92	(d)		2.49			1.92			2.21			2.03			1.82
Portfolio turnover rate (%)		4	(c)		12			17			16			16			28
Net assets, end of period (in millions)	$	2,380.5		$	2,493.9		$	3,074.8		$	2,363.0		$	2,141.2		$	2,097.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.22		$	17.61		$	13.70		$	12.15		$	12.23		$	11.13
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.37			0.27			0.26			0.22			0.18
Net realized and unrealized gain (loss) on investments		0.10			1.36			4.41			1.70			(0.13	)		1.06
Total from investment operations		0.25			1.73			4.68			1.96			0.09			1.24
Less Distributions
Distributions from net investment income		(0.45	)		(0.27	)		(0.26	)		(0.23	)		(0.17	)		(0.14	)
Distributions from net realized capital gains		(2.87	)		(0.85	)		(0.51	)		(0.18	)		0.00			0.00
Total distributions		(3.32	)		(1.12	)		(0.77	)		(0.41	)		(0.17	)		(0.14	)
Net Asset Value, End of Period	$	15.15		$	18.22		$	17.61		$	13.70		$	12.15		$	12.23
Total Return (%) (b)		1.04	(c)		10.56			35.38			16.32			0.64			11.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(d)		0.97			0.97			0.98			0.98			0.98
Net ratio of expenses to average net assets (%) (e)		0.83	(d)		0.83			0.83			0.85			0.86			0.88
Ratio of net investment income to average net assets (%)		1.67	(d)		2.16			1.68			1.96			1.79			1.58
Portfolio turnover rate (%)		4	(c)		12			17			16			16			28
Net assets, end of period (in millions)	$	763.7		$	798.0		$	795.9		$	250.2		$	217.7		$	197.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013(f)
Net Asset Value, Beginning of Period	$	18.33		$	17.71		$	14.88
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.41			0.20
Net realized and unrealized gain on investments		0.12			1.35			2.63
Total from investment operations		0.28			1.76			2.83
Less Distributions
Distributions from net investment income		(0.48	)		(0.29	)		0.00
Distributions from net realized capital gains		(2.87	)		(0.85	)		0.00
Total distributions		(3.35	)		(1.14	)		0.00
Net Asset Value, End of Period	$	15.26		$	18.33		$	17.71
Total Return (%) (b)		1.19	(c)		10.69			19.02	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(d)		0.82			0.82	(d)
Net ratio of expenses to average net assets (%) (e)		0.68	(d)		0.68			0.68	(d)
Ratio of net investment income to average net assets (%)		1.81	(d)		2.34			1.80	(d)
Portfolio turnover rate (%)		4	(c)		12			17
Net assets, end of period (in millions)	$	15.9		$	16.8		$	18.6

	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.29		$	17.67		$	13.73		$	12.18		$	12.25		$	11.15
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.40			0.28			0.27			0.23			0.19
Net realized and unrealized gain (loss) on investments		0.11			1.35			4.45			1.70			(0.12	)		1.06
Total from investment operations		0.27			1.75			4.73			1.97			0.11			1.25
Less Distributions
Distributions from net investment income		(0.47	)		(0.28	)		(0.28	)		(0.24	)		(0.18	)		(0.15	)
Distributions from net realized capital gains		(2.87	)		(0.85	)		(0.51	)		(0.18	)		0.00			0.00
Total distributions		(3.34	)		(1.13	)		(0.79	)		(0.42	)		(0.18	)		(0.15	)
Net Asset Value, End of Period	$	15.22		$	18.29		$	17.67		$	13.73		$	12.18		$	12.25
Total Return (%) (b)		1.13	(c)		10.63			35.63			16.39			0.81			11.25
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.87			0.87			0.88			0.88			0.88
Net ratio of expenses to average net assets (%) (e)		0.73	(d)		0.73			0.73			0.75			0.76			0.78
Ratio of net investment income to average net assets (%)		1.76	(d)		2.28			1.81			2.05			1.85			1.67
Portfolio turnover rate (%)		4	(c)		12			17			16			16			28
Net assets, end of period (in millions)	$	71.7		$	78.0		$	83.5		$	57.0		$	58.1		$	69.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(f) Commencement of operations was April 26, 2013.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MFS Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, D, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-13

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trust (REIT), convertible preferred stock and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-14

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $19,579,443, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist

MSF-15

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	142,846,316	$	0	$	262,616,683

The Portfolio engaged in the security transactions with other accounts managed by Massachusetts Financial Services Co. that amounted to $1,165,049 in sales of investments, which are included above.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$11,562,003		0.750	%	Of the first $250 million
		0.700	%	Of the next $2.25 billion
		0.675	%	Of the next $2.5 billion
		0.650	%	On amounts in excess of $5 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.100%	On the first $200 million
0.125%	On the next $50 million
0.075%	On the next $1.25 billion
0.200%	On the next $1 billion
0.175%	On the next $2.5 billion
0.150%	On amounts in excess of $5 billion

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

MSF-16

Metropolitan Series Fund

MFS Value Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, D, and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, and E Shares. Under the Distribution and Service Plan, the Class B, D, and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$64,772,682	$	64,176,070	$	185,144,942	$	89,448,783	$	249,917,624	$	153,624,853

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$93,106,209	$	494,648,876	$	986,187,975	$	—	$	1,573,943,060

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-17

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, E, and G shares of the MSCI EAFE Index Portfolio returned 6.16%, 6.02%, 6.10%, and 6.02%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned 5.52%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets were mixed in the first quarter as macroeconomic data and earnings reports disappointed investors and oil prices continued to fall. Weak macroeconomic data included U.S. durable goods orders, U.S. pending home sales, and U.S. Gross Domestic Product growth. Companies that reported lower than expected earnings results included Caterpillar, Procter & Gamble and Pfizer. In February, equity markets rallied as oil prices recovered and Greece reached a new bailout deal with the European Union. A strong U.S. payrolls report, a cease fire between Russia and Ukraine, and U.S. Federal Reserve Bank (the “Fed”) Chair Yellen’s comments that the Fed is unlikely to raise rates before June also contributed to positive performance. In the second quarter, equity markets were relatively flat as strong earnings reports, merger and acquisition activity, and easy monetary policies contrasted with fears about Greece’s potential exit from the eurozone, unrest in the Middle East, and uncertainty around the timing of the first Fed rate hike. A tentative nuclear agreement between Iranian and world leaders and the People’s Bank of China lowering the reserve requirement ratio more than expected helped global equity indexes. In June, equity markets declined as a Greek deal failed to materialize, Greek Prime Minister Tsipras called for a referendum on the bailout, and Greece imposed capital controls and shut banks and the stock market for six days. Islamic militant terrorist attacks, U.S. growth forecasts cut by the International Monetary Fund, and global growth forecasts cut by the Organization for Economic Co-operation and Development also weighed on the markets.

The U.S. dollar strengthened during the six-month period, which negatively impacted the U.S. investors’ MSCI EAFE Index return versus the local currency return by approximately 3.3%.

Sixteen of the twenty-one countries comprising the MSCI EAFE Index experienced positive returns for the first six months of 2015. Denmark (1.5% beginning weight in the benchmark), up 19.45%, was the best performing country. The next best-performing country was Japan (21.2% beginning weight), up 13.8%, which was the largest country by weight and had the largest positive impact on the benchmark. New Zealand (0.2% beginning weight), down 13.4%, and Australia (7.5% beginning weight), down 2.5% were the worst performing countries.

The stocks in the MSCI EAFE Index with the largest positive impact on the benchmark return for the first half of the year were Mitsubishi UFJ Financial Group (Japan), up 31.3%; Novo Nordisk A/S (Denmark), up 30.6%; and Novartis (Switzerland), up 9.0%. The stocks with the largest negative impact were Royal Dutch (Netherlands), down 15.7%; Royal Dutch Shell Class B, down 13.8%; and Royal Dutch Shell Class A, down 13.6%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the MSCI EAFE Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across countries. The Portfolio is periodically rebalanced for compositional changes in the MSCI EAFE Index. Factors that impacted tracking error during the period included sampling, fair value pricing, transaction costs, cash drag, securities lending, NAV rounding, contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

MSCI EAFE Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MSCI EAFE Index Portfolio
Class A		6.16		-4.54		9.56		5.00		—
Class B		6.02		-4.79		9.29		4.74		—
Class E		6.10		-4.65		9.41		4.85		—
Class G		6.02		-4.83		9.23		—		10.74
MSCI EAFE Index		5.52		-4.22		9.54		5.12		—

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98, 1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
iShares MSCI EAFE ETF		3.0
Nestle S.A.		1.7
Novartis AG		1.7
Roche Holding AG		1.4
Toyota Motor Corp.		1.3
HSBC Holdings plc		1.2
BP plc		0.9
Sanofi		0.9
Bayer AG		0.8
Royal Dutch Shell plc - A Shares		0.8

Top Countries

	% of Net Assets
Japan		21.7
United Kingdom		18.9
Switzerland		9.1
France		8.8
Germany		8.5
Australia		6.5
Spain		3.3
Hong Kong		3.1
Sweden		2.8
Netherlands		2.6

MSF-2

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MSCI EAFE Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.40	%	$	1,000.00	$	1,061.60	$	2.04
	Hypothetical*		0.40	%	$	1,000.00	$	1,022.81	$	2.01
Class B(a)	Actual		0.65	%	$	1,000.00	$	1,060.20	$	3.32
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.57	$	3.26
Class E(a)	Actual		0.55	%	$	1,000.00	$	1,061.00	$	2.81
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class G(a)	Actual		0.70	%	$	1,000.00	$	1,060.20	$	3.58
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—94.5% of Net Assets

Security Description	Shares		Value
Australia—6.5%
AGL Energy, Ltd.		49,491	$	587,368
Alumina, Ltd.		191,453		223,780
Amcor, Ltd.		95,202		1,002,070
AMP, Ltd.		234,994		1,076,901
APA Group		78,818		495,279
Aristocrat Leisure, Ltd.		41,217		240,402
Asciano, Ltd.		86,457		441,149
ASX, Ltd.		16,055		490,672
Aurizon Holdings, Ltd.		157,842		619,314
AusNet Services		106,030		113,577
Australia & New Zealand Banking Group, Ltd.		203,759		5,029,718
Bank of Queensland, Ltd.		24,917		242,863
Bendigo and Adelaide Bank, Ltd.		35,779		336,805
BHP Billiton, Ltd.		237,369		4,806,567
Boral, Ltd.		61,162		273,577
Brambles, Ltd.		111,315		901,925
Caltex Australia, Ltd.		19,432		473,822
Coca-Cola Amatil, Ltd.		42,510		297,357
Cochlear, Ltd. (a)		5,478		335,853
Commonwealth Bank of Australia		119,762		7,777,350
Computershare, Ltd.		41,806		374,799
Crown Resorts, Ltd. (a)		29,464		274,482
CSL, Ltd.		35,655		2,357,673
Dexus Property Group (REIT)		65,315		364,037
Federation Centres, Ltd. (REIT) (a)		252,185		565,017
Flight Centre Travel Group, Ltd. (a)		4,347		113,779
Fortescue Metals Group, Ltd. (a)		100,245		145,477
Goodman Group (REIT) (a)		139,425		670,203
GPT Group (REIT) (a)		121,517		397,103
Harvey Norman Holdings, Ltd.		44,000		151,655
Healthscope, Ltd.		84,711		176,015
Iluka Resources, Ltd.		29,031		170,395
Incitec Pivot, Ltd.		152,808		449,309
Insurance Australia Group, Ltd.		184,566		790,350
Lend Lease Group		37,629		431,585
Macquarie Group, Ltd.		22,297		1,395,578
Medibank Private, Ltd. (b)		199,900		308,526
Mirvac Group (REIT)		298,553		423,743
National Australia Bank, Ltd.		193,263		4,912,737
Newcrest Mining, Ltd. (b)		54,807		551,938
Orica, Ltd. (a)		26,176		427,386
Origin Energy, Ltd.		78,717		717,942
QBE Insurance Group, Ltd.		108,452		1,133,375
Ramsay Health Care, Ltd.		10,616		500,833
Rio Tinto, Ltd.		31,918		1,311,145
Santos, Ltd.		67,710		405,144
Scentre Group (REIT)		398,014		1,145,138
Seek, Ltd.		22,233		238,969
Sonic Healthcare, Ltd.		32,696		536,734
South32, Ltd. (Australian Exchange) (a) (b)		237,369		326,571
South32, Ltd. (London Exchange) (b)		156,033		211,038
Stockland (REIT) (a)		161,293		504,979
Suncorp Group, Ltd.		92,598		954,546
Sydney Airport		80,467		306,458
Tabcorp Holdings, Ltd.		54,472		189,213
Tatts Group, Ltd.		123,533		351,236
Telstra Corp., Ltd.		317,665		1,491,188
Australia—(Continued)
TPG Telecom, Ltd.		21,838		150,237
Transurban Group		141,082		1,002,960
Treasury Wine Estates, Ltd.		46,412		176,716
Wesfarmers, Ltd.		83,181		2,483,903
Westfield Corp. (REIT)		143,754		999,783
Westpac Banking Corp.		229,750		5,674,793
Woodside Petroleum, Ltd.		54,061		1,415,264
Woolworths, Ltd. (a)		93,350		1,924,374
				65,370,675
Austria—0.2%
Andritz AG		5,184		286,568
Erste Group Bank AG (b)		22,499		638,140
OMV AG		13,980		384,002
Voestalpine AG (a)		9,525		395,483
				1,704,193
Belgium—1.2%
Ageas		15,573		599,387
Anheuser-Busch InBev NV		59,328		7,136,294
Colruyt S.A.		5,430		242,812
Delhaize Group S.A.		7,008		577,798
Groupe Bruxelles Lambert S.A.		5,864		471,636
KBC Groep NV		17,912		1,195,105
Proximus		10,680		376,443
Solvay S.A.		4,588		630,263
Telenet Group Holding NV (b)		4,184		227,777
UCB S.A.		8,852		634,342
Umicore S.A.		8,519		403,501
				12,495,358
Denmark—1.6%
AP Moeller - Maersk A/S - Class A		274		480,146
AP Moeller - Maersk A/S - Class B		566		1,026,216
Carlsberg A/S - Class B (a)		7,997		725,487
Coloplast A/S - Class B		8,608		565,716
Danske Bank A/S		52,088		1,533,860
DSV A/S		13,261		430,111
ISS A/S		10,958		360,801
Novo Nordisk A/S - Class B		140,270		7,689,149
Novozymes A/S - B Shares		17,609		838,299
Pandora A/S		8,100		868,519
TDC A/S		59,338		434,415
Tryg A/S		8,735		181,752
Vestas Wind Systems A/S		15,700		785,476
William Demant Holding A/S (a) (b)		1,881		143,249
				16,063,196
Finland—0.8%
Elisa Oyj		9,437		298,669
Fortum Oyj		31,487		559,918
Kone Oyj - Class B (a)		24,546		997,384
Metso Oyj		7,511		206,071
Neste Oyj		9,073		231,625
Nokia Oyj		280,943		1,902,415

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Finland—(Continued)
Nokian Renkaat Oyj		7,322	$	229,232
Orion Oyj - Class B		6,402		224,248
Sampo Oyj - A Shares		33,940		1,600,914
Stora Enso Oyj - R Shares		40,497		416,566
UPM-Kymmene Oyj		38,111		675,936
Wartsila Oyj Abp		12,999		608,405
				7,951,383
France—8.8%
Accor S.A.		15,368		776,847
Aeroports de Paris		2,209		249,322
Air Liquide S.A.		25,210		3,183,416
Alcatel-Lucent (b)		228,275		832,780
Alstom S.A. (b)		17,917		507,740
Arkema S.A.		5,073		365,314
Atos SE		6,339		473,983
AXA S.A.		144,212		3,632,091
BNP Paribas S.A.		78,180		4,710,968
Bollore S.A.		61,600		328,400
Bouygues S.A.		14,921		556,274
Bureau Veritas S.A.		19,643		452,548
Cap Gemini S.A.		11,486		1,018,361
Carrefour S.A.		41,615		1,330,522
Casino Guichard Perrachon S.A.		4,364		330,153
Christian Dior SE		3,972		774,444
Cie de St-Gobain		35,273		1,586,469
Cie Generale des Etablissements Michelin		14,364		1,507,032
CNP Assurances		10,520		175,512
Credit Agricole S.A.		81,041		1,203,289
Danone S.A.		42,774		2,761,771
Dassault Systemes S.A.		10,162		738,293
Edenred		13,868		342,423
Electricite de France S.A.		17,389		387,361
Essilor International S.A.		15,773		1,878,520
Eurazeo S.A.		2,361		156,041
Eutelsat Communications S.A.		10,813		348,619
Fonciere Des Regions (REIT)		1,726		146,893
GDF Suez		105,297		1,950,159
Gecina S.A. (REIT)		2,574		317,621
Groupe Eurotunnel S.A.		32,808		474,573
Hermes International		1,907		710,583
ICADE (REIT)		3,450		246,181
Iliad S.A.		1,838		406,367
Imerys S.A.		2,253		172,273
JCDecaux S.A.		4,706		196,002
Kering		5,893		1,050,566
Klepierre (REIT)		14,446		634,522
L’Oreal S.A.		18,411		3,280,439
Lafarge S.A.		13,327		881,128
Lagardere SCA		8,303		241,800
Legrand S.A.		20,811		1,166,830
LVMH Moet Hennessy Louis Vuitton SE		20,755		3,631,170
Natixis S.A.		80,165		576,024
Numericable-SFR SAS (b)		6,900		366,226
Orange S.A.		137,169		2,121,170
Pernod-Ricard S.A. (a)		15,449		1,786,288
Peugeot S.A. (b)		32,001		656,359
France—(Continued)
Publicis Groupe S.A.		13,551		1,000,217
Renault S.A.		14,233		1,485,584
Rexel S.A.		20,012		322,908
Safran S.A.		21,561		1,459,101
Sanofi		87,761		8,653,214
Schneider Electric SE		40,991		2,825,530
SCOR SE		11,686		411,696
SES S.A.		24,380		817,575
Societe BIC S.A.		1,753		279,646
Societe Generale S.A.		52,822		2,462,959
Sodexo S.A.		6,625		628,291
Suez Environnement Co.		22,682		421,124
Technip S.A.		6,959		430,788
Thales S.A.		6,811		411,805
Total S.A.		157,958		7,681,354
Unibail-Rodamco SE (REIT)		7,239		1,835,814
Valeo S.A.		5,873		927,873
Vallourec S.A. (a)		8,091		164,967
Veolia Environnement S.A.		33,271		677,422
Vinci S.A.		35,881		2,071,711
Vivendi S.A. (a)		84,228		2,126,276
Wendel S.A.		2,267		277,624
Zodiac Aerospace		14,929		485,568
				89,480,714
Germany—7.9%
Adidas AG		15,290		1,169,460
Allianz SE		33,694		5,242,819
Axel Springer SE		3,006		157,686
BASF SE		67,792		5,953,935
Bayer AG		61,029		8,534,677
Bayerische Motoren Werke (BMW) AG		24,450		2,673,464
Beiersdorf AG		8,420		704,590
Brenntag AG		12,657		725,025
Commerzbank AG (b)		75,217		960,572
Continental AG		8,442		1,995,747
Daimler AG		71,067		6,461,766
Deutsche Annington Immobilien SE		32,784		923,636
Deutsche Bank AG (a)		101,837		3,056,798
Deutsche Boerse AG		13,869		1,147,277
Deutsche Lufthansa AG (b)		17,782		229,083
Deutsche Post AG		70,487		2,057,978
Deutsche Telekom AG		231,391		3,981,147
Deutsche Wohnen AG		23,542		539,104
E.ON SE		145,720		1,939,638
Evonik Industries AG		6,876		262,032
Fraport AG Frankfurt Airport Services Worldwide		2,305		144,651
Fresenius Medical Care AG & Co. KGaA		15,540		1,281,525
Fresenius SE & Co. KGaA		27,969		1,799,528
GEA Group AG		12,718		566,806
Hannover Rueck SE		5,287		512,388
HeidelbergCement AG		10,797		855,532
Henkel AG & Co. KGaA		8,633		824,569
Hugo Boss AG		4,934		550,944
Infineon Technologies AG		79,317		983,668
K&S AG (a)		14,121		594,328
Kabel Deutschland Holding AG (b)		1,650		220,574

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
LANXESS AG		7,402	$	436,094
Linde AG		13,518		2,558,153
MAN SE		3,022		311,108
Merck KGaA		9,291		924,877
Metro AG		11,432		360,174
Muenchener Rueckversicherungs-Gesellschaft AG		12,534		2,220,287
OSRAM Licht AG		5,714		273,361
ProSiebenSat.1 Media AG		15,354		757,603
RTL Group S.A.		2,700		244,353
RWE AG		34,949		750,707
SAP SE		72,507		5,049,350
Siemens AG		58,520		5,889,846
Symrise AG		8,990		557,452
Telefonica Deutschland Holding AG (a)		38,600		222,775
ThyssenKrupp AG		31,754		825,672
TUI AG		32,856		533,029
United Internet AG		8,781		390,077
Volkswagen AG		2,495		576,855
				79,932,720
Hong Kong—3.1%
AIA Group, Ltd.		889,200		5,788,132
ASM Pacific Technology, Ltd. (a)		14,200		139,797
Bank of East Asia, Ltd. (The)		103,920		454,311
BOC Hong Kong Holdings, Ltd.		290,465		1,211,427
Cathay Pacific Airways, Ltd.		87,000		213,726
Cheung Kong Infrastructure Holdings, Ltd.		43,000		333,379
Cheung Kong Property Holdings, Ltd. (b)		214,440		1,773,043
CK Hutchison Holdings, Ltd.		199,440		2,936,999
CLP Holdings, Ltd.		147,377		1,254,517
First Pacific Co., Ltd.		173,250		145,742
Galaxy Entertainment Group, Ltd.		181,000		718,509
Hang Lung Properties, Ltd.		161,000		477,448
Hang Seng Bank, Ltd.		60,800		1,188,030
Henderson Land Development Co., Ltd.		89,177		611,549
HKT Trust & HKT, Ltd.		189,980		222,907
Hong Kong & China Gas Co., Ltd.		486,379		1,020,969
Hong Kong Exchanges and Clearing, Ltd.		85,000		2,995,206
Hysan Development Co., Ltd.		45,000		194,100
Kerry Properties, Ltd.		46,500		181,411
Li & Fung, Ltd.		429,600		340,284
Link REIT (The) (REIT)		181,141		1,060,638
MTR Corp., Ltd.		95,000		440,160
New World Development Co., Ltd.		348,707		457,047
Noble Group, Ltd. (a)		305,909		172,601
NWS Holdings, Ltd.		93,000		134,526
PCCW, Ltd.		281,000		167,015
Power Assets Holdings, Ltd.		99,549		905,466
Sands China, Ltd.		190,000		636,707
Shangri-La Asia, Ltd.		94,000		130,496
Sino Land Co., Ltd.		193,600		323,483
SJM Holdings, Ltd. (a)		141,000		152,251
Sun Hung Kai Properties, Ltd.		126,250		2,049,039
Swire Pacific, Ltd. - Class A		43,317		543,703
Swire Properties, Ltd.		83,600		265,268
Techtronic Industries Co., Ltd.		96,000		317,306
Hong Kong—(Continued)
WH Group, Ltd. (b)		437,000		296,807
Wharf Holdings, Ltd. (The)		104,976		698,117
Wheelock & Co., Ltd.		68,000		347,748
Wynn Macau, Ltd. (a)		104,000		172,163
Yue Yuen Industrial Holdings, Ltd.		50,500		167,819
				31,639,846
Ireland—0.9%
Bank of Ireland (b)		2,013,826		811,003
CRH plc		59,982		1,690,580
Experian plc		72,050		1,312,283
James Hardie Industries plc		30,172		401,177
Kerry Group plc - Class A		13,003		962,634
Shire plc		44,035		3,542,941
				8,720,618
Israel—0.6%
Bank Hapoalim B.M.		85,977		463,189
Bank Leumi Le-Israel B.M. (b)		120,713		510,633
Bezeq The Israeli Telecommunication Corp., Ltd.		178,026		303,318
Israel Chemicals, Ltd.		45,583		318,601
NICE Systems, Ltd.		5,213		331,947
Teva Pharmaceutical Industries, Ltd.		66,400		3,937,151
				5,864,839
Italy—2.1%
Assicurazioni Generali S.p.A.		86,150		1,549,615
Atlantia S.p.A.		28,975		714,687
Banca Monte dei Paschi di Siena S.p.A. (a) (b)		167,772		326,202
Banco Popolare SC (b)		24,000		394,137
Enel Green Power S.p.A.		152,537		297,730
Enel S.p.A. (a)		521,451		2,356,195
ENI S.p.A.		188,316		3,338,447
Exor S.p.A.		6,830		325,574
Finmeccanica S.p.A. (b)		28,782		361,312
Intesa Sanpaolo S.p.A.		933,282		3,377,744
Intesa Sanpaolo S.p.A. - Risparmio Shares		65,400		208,379
Luxottica Group S.p.A.		11,742		780,825
Mediobanca S.p.A.		44,816		438,569
Pirelli & C S.p.A.		17,048		286,980
Prysmian S.p.A.		13,126		283,136
Saipem S.p.A. (a) (b)		18,391		194,329
Snam S.p.A.		154,632		734,380
Telecom Italia S.p.A. (b)		780,821		989,885
Telecom Italia S.p.A. - Risparmio Shares (a)		501,246		510,019
Terna Rete Elettrica Nazionale S.p.A. (a)		118,746		523,965
UniCredit S.p.A.		360,470		2,416,989
Unione di Banche Italiane SCPA		67,193		538,051
UnipolSai S.p.A.		64,500		159,574
				21,106,724
Japan—21.7%
Aeon Co., Ltd. (a)		51,500		730,650
AEON Financial Service Co., Ltd. (a)		8,400		233,170

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Aeon Mall Co., Ltd.		6,800	$	127,817
Air Water, Inc.		10,000		182,540
Aisin Seiki Co., Ltd.		16,500		701,255
Ajinomoto Co., Inc.		44,000		952,540
Alfresa Holdings Corp.		12,000		186,543
Amada Co., Ltd.		27,000		285,125
ANA Holdings, Inc.		84,000		227,857
Aozora Bank, Ltd.		77,000		290,026
Asahi Glass Co., Ltd. (a)		72,000		431,665
Asahi Group Holdings, Ltd.		30,700		975,912
Asahi Kasei Corp.		97,000		794,725
Asics Corp.		11,000		285,954
Astellas Pharma, Inc.		158,700		2,261,718
Bandai Namco Holdings, Inc.		12,500		241,424
Bank of Kyoto, Ltd. (The)		22,000		252,118
Bank of Yokohama, Ltd. (The)		83,000		508,645
Bridgestone Corp. (a)		47,200		1,744,936
Brother Industries, Ltd.		16,400		232,053
Calbee, Inc.		5,500		231,247
Canon, Inc. (a)		79,000		2,563,922
Casio Computer Co., Ltd.		16,900		333,194
Central Japan Railway Co.		10,400		1,877,385
Chiba Bank, Ltd. (The)		49,000		373,276
Chubu Electric Power Co., Inc.		47,800		712,321
Chugai Pharmaceutical Co., Ltd.		15,100		520,928
Chugoku Bank, Ltd. (The)		12,000		189,208
Chugoku Electric Power Co., Inc. (The) (a)		23,700		345,412
Citizen Holdings Co., Ltd. (a)		20,500		142,969
Credit Saison Co., Ltd. (a)		10,500		225,877
Dai Nippon Printing Co., Ltd.		40,000		412,997
Dai-ichi Life Insurance Co., Ltd. (The)		77,000		1,512,457
Daicel Corp.		22,000		282,419
Daihatsu Motor Co., Ltd. (a)		14,000		199,268
Daiichi Sankyo Co., Ltd.		45,200		834,081
Daikin Industries, Ltd.		16,800		1,208,272
Daito Trust Construction Co., Ltd.		5,000		517,010
Daiwa House Industry Co., Ltd. (a)		47,500		1,106,752
Daiwa Securities Group, Inc.		126,000		941,332
Denso Corp.		36,700		1,826,795
Dentsu, Inc.		15,200		792,680
Don Quijote Holdings Co., Ltd.		8,200		348,020
East Japan Railway Co.		24,700		2,220,916
Eisai Co., Ltd.		18,200		1,219,241
Electric Power Development Co., Ltd.		10,900		384,795
FamilyMart Co., Ltd.		4,300		197,556
FANUC Corp.		15,100		3,083,107
Fast Retailing Co., Ltd.		3,900		1,769,338
Fuji Electric Co., Ltd.		43,000		184,819
Fuji Heavy Industries, Ltd.		45,600		1,675,199
FUJIFILM Holdings Corp.		36,700		1,310,631
Fujitsu, Ltd.		135,000		752,849
Fukuoka Financial Group, Inc.		53,000		274,717
Gunma Bank, Ltd. (The)		26,000		191,931
Hachijuni Bank, Ltd. (The)		30,000		226,337
Hakuhodo DY Holdings, Inc.		17,600		187,949
Hamamatsu Photonics KK		9,600		282,332
Hankyu Hanshin Holdings, Inc.		83,000		490,016
Japan—(Continued)
Hino Motors, Ltd.		19,000		234,836
Hirose Electric Co., Ltd.		2,300		329,158
Hiroshima Bank, Ltd. (The)		38,000		227,037
Hisamitsu Pharmaceutical Co., Inc.		4,500		174,293
Hitachi Chemical Co., Ltd.		8,000		144,170
Hitachi Construction Machinery Co., Ltd.		6,400		112,070
Hitachi High-Technologies Corp.		4,800		135,814
Hitachi Metals, Ltd.		20,000		306,809
Hitachi, Ltd.		358,000		2,358,450
Hokuhoku Financial Group, Inc.		85,000		200,568
Hokuriku Electric Power Co. (a)		12,000		178,627
Honda Motor Co., Ltd.		120,900		3,909,050
Hoya Corp.		31,900		1,277,622
Hulic Co., Ltd.		18,600		165,491
Ibiden Co., Ltd.		9,500		161,158
IHI Corp.		99,000		461,531
Iida Group Holdings Co., Ltd.		12,700		202,192
Inpex Corp.		71,100		808,773
Isetan Mitsukoshi Holdings, Ltd. (a)		26,900		480,589
Isuzu Motors, Ltd.		42,000		551,211
ITOCHU Corp.		116,900		1,543,364
Iyo Bank, Ltd. (The)		17,000		208,741
J Front Retailing Co., Ltd.		23,000		432,761
Japan Airlines Co., Ltd.		8,400		292,822
Japan Airport Terminal Co., Ltd. (a)		3,300		179,637
Japan Exchange Group, Inc.		23,200		752,635
Japan Prime Realty Investment Corp. (REIT)		49		152,613
Japan Real Estate Investment Corp. (REIT)		105		476,569
Japan Retail Fund Investment Corp. (REIT)		202		404,043
Japan Tobacco, Inc.		82,200		2,925,829
JFE Holdings, Inc.		35,500		787,433
JGC Corp.		14,000		264,266
Joyo Bank, Ltd. (The)		54,000		302,467
JSR Corp.		19,100		337,034
JTEKT Corp.		20,000		378,358
JX Holdings, Inc.		163,100		705,963
Kajima Corp.		59,000		277,043
Kakaku.com, Inc. (a)		11,000		159,692
Kamigumi Co., Ltd.		17,000		159,327
Kaneka Corp.		22,000		162,203
Kansai Electric Power Co., Inc. (The) (b)		55,000		608,035
Kansai Paint Co., Ltd.		15,000		232,348
Kao Corp.		39,800		1,850,192
Kawasaki Heavy Industries, Ltd.		124,000		578,126
KDDI Corp.		127,500		3,066,858
Keihan Electric Railway Co., Ltd. (a)		39,000		228,848
Keikyu Corp.		36,000		271,630
Keio Corp.		45,000		321,911
Keisei Electric Railway Co., Ltd.		20,000		237,785
Keyence Corp.		3,300		1,779,533
Kikkoman Corp.		12,000		374,681
Kintetsu Group Holdings Co., Ltd. (a)		125,120		426,063
Kirin Holdings Co., Ltd.		62,000		853,542
Kobe Steel, Ltd.		272,000		457,537
Koito Manufacturing Co., Ltd.		7,000		272,861
Komatsu, Ltd.		67,200		1,346,891
Konica Minolta, Inc.		37,000		433,126

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Kubota Corp.		89,000	$	1,410,840
Kuraray Co., Ltd.		24,500		299,509
Kurita Water Industries, Ltd.		7,100		165,176
Kyocera Corp.		24,900		1,294,063
Kyowa Hakko Kirin Co., Ltd. (a)		20,000		261,444
Kyushu Electric Power Co., Inc. (a) (b)		28,400		328,902
Lawson, Inc.		4,900		335,241
LIXIL Group Corp.		18,800		372,924
M3, Inc.		18,600		373,632
Mabuchi Motor Co., Ltd.		3,600		227,511
Makita Corp.		9,500		514,822
Marubeni Corp.		133,500		764,997
Marui Group Co., Ltd. (a)		16,000		216,057
Mazda Motor Corp.		41,400		814,723
Medipal Holdings Corp.		10,700		174,159
MEIJI Holdings Co., Ltd.		5,100		657,951
Minebea Co., Ltd.		24,000		395,795
Miraca Holdings, Inc.		4,000		199,340
Mitsubishi Chemical Holdings Corp.		95,500		599,039
Mitsubishi Corp.		101,300		2,224,891
Mitsubishi Electric Corp.		141,000		1,817,923
Mitsubishi Estate Co., Ltd.		91,000		1,955,296
Mitsubishi Gas Chemical Co., Inc.		26,000		145,551
Mitsubishi Heavy Industries, Ltd.		225,000		1,368,034
Mitsubishi Materials Corp.		79,000		303,206
Mitsubishi Motors Corp.		44,999		382,992
Mitsubishi Tanabe Pharma Corp.		15,000		224,420
Mitsubishi UFJ Financial Group, Inc.		942,488		6,745,473
Mitsubishi UFJ Lease & Finance Co., Ltd.		41,500		226,972
Mitsui & Co., Ltd.		132,217		1,793,337
Mitsui Chemicals, Inc.		57,000		211,382
Mitsui Fudosan Co., Ltd.		68,000		1,898,827
Mitsui OSK Lines, Ltd. (a)		75,000		239,684
Mizuho Financial Group, Inc.		1,708,100		3,683,821
MS&AD Insurance Group Holdings		40,200		1,251,607
Murata Manufacturing Co., Ltd.		15,300		2,668,032
Nabtesco Corp.		12,700		317,037
Nagoya Railroad Co., Ltd. (a)		62,000		231,898
NEC Corp.		185,000		560,423
NGK Insulators, Ltd.		23,000		592,535
NGK Spark Plug Co., Ltd.		12,000		332,088
NH Foods, Ltd.		14,000		318,740
Nidec Corp.		15,700		1,177,795
Nikon Corp. (a)		23,100		267,052
Nintendo Co., Ltd.		8,300		1,386,036
Nippon Building Fund, Inc. (REIT)		118		516,346
Nippon Electric Glass Co., Ltd. (a)		31,000		156,802
Nippon Express Co., Ltd.		59,000		290,010
Nippon Paint Holdings Co., Ltd.		13,000		366,716
Nippon Prologis REIT, Inc. (REIT)		109		200,693
Nippon Steel Sumitomo Metal Corp.		556,000		1,440,117
Nippon Telegraph & Telephone Corp.		56,400		2,041,551
Nippon Yusen KK		142,000		395,266
Nissan Motor Co., Ltd.		181,800		1,888,747
Nisshin Seifun Group, Inc.		15,700		208,710
Nissin Foods Holdings Co., Ltd. (a)		4,700		206,138
Nitori Holdings Co., Ltd.		5,300		431,102
Japan—(Continued)
Nitto Denko Corp.		12,600		1,034,894
NOK Corp.		7,100		220,070
Nomura Holdings, Inc.		274,700		1,851,827
Nomura Real Estate Holdings, Inc.		13,100		274,367
Nomura Research Institute, Ltd.		8,200		320,528
NSK, Ltd.		39,000		602,054
NTT Data Corp.		10,776		470,773
NTT DoCoMo, Inc.		114,200		2,185,462
Obayashi Corp.		45,000		328,143
Odakyu Electric Railway Co., Ltd. (a)		44,000		410,749
OJI Holdings Corp.		68,000		295,424
Olympus Corp.		19,600		675,862
Omron Corp.		16,400		712,419
Ono Pharmaceutical Co., Ltd.		6,400		698,091
Oriental Land Co., Ltd. (a)		16,000		1,021,108
ORIX Corp.		96,000		1,433,516
Osaka Gas Co., Ltd.		161,000		635,449
Otsuka Corp.		3,700		172,809
Otsuka Holdings Co., Ltd. (a)		28,200		896,553
Panasonic Corp.		161,200		2,209,133
Rakuten, Inc.		56,700		913,387
Recruit Holdings Co., Ltd.		10,200		311,094
Resona Holdings, Inc.		156,800		853,782
Ricoh Co., Ltd.		51,000		528,676
Rinnai Corp.		2,800		221,615
Rohm Co., Ltd.		6,700		447,996
Santen Pharmaceutical Co., Ltd.		27,500		389,137
SBI Holdings, Inc. (a)		19,011		261,639
Secom Co., Ltd.		15,800		1,025,070
Sega Sammy Holdings, Inc.		13,300		173,824
Seibu Holdings, Inc.		9,000		209,082
Seiko Epson Corp.		20,000		354,360
Sekisui Chemical Co., Ltd.		39,000		477,598
Sekisui House, Ltd.		46,800		741,489
Seven & I Holdings Co., Ltd.		55,000		2,362,195
Seven Bank, Ltd. (a)		43,000		198,722
Sharp Corp. (a) (b)		103,000		125,729
Shikoku Electric Power Co., Inc.		15,100		225,774
Shimadzu Corp.		17,000		230,589
Shimamura Co., Ltd.		1,400		146,822
Shimano, Inc.		5,600		763,744
Shimizu Corp.		54,000		454,655
Shin-Etsu Chemical Co., Ltd.		30,100		1,867,301
Shinsei Bank, Ltd.		160,000		321,973
Shionogi & Co., Ltd.		25,000		968,524
Shiseido Co., Ltd.		29,300		664,690
Shizuoka Bank, Ltd. (The)		41,000		428,041
SMC Corp.		4,000		1,203,559
SoftBank Corp.		72,100		4,244,031
Sompo Japan Nipponkoa Holdings, Inc.		26,999		990,158
Sony Corp. (b)		85,000		2,412,464
Sony Financial Holdings, Inc.		12,800		224,243
Stanley Electric Co., Ltd.		11,800		246,442
Sumitomo Chemical Co., Ltd.		109,000		654,841
Sumitomo Corp.		81,000		940,897
Sumitomo Electric Industries, Ltd.		56,334		872,763
Sumitomo Heavy Industries, Ltd.		39,000		226,766

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Sumitomo Metal Mining Co., Ltd.		40,000	$	608,338
Sumitomo Mitsui Financial Group, Inc.		94,700		4,208,629
Sumitomo Mitsui Trust Holdings, Inc.		265,262		1,213,898
Sumitomo Realty & Development Co., Ltd.		28,000		981,598
Sumitomo Rubber Industries, Ltd. (a)		12,500		193,380
Suntory Beverage & Food, Ltd.		10,400		418,200
Suruga Bank, Ltd.		13,000		278,781
Suzuken Co., Ltd.		5,800		185,366
Suzuki Motor Corp.		26,200		884,496
Sysmex Corp.		12,400		738,238
T&D Holdings, Inc.		49,200		733,015
Taiheiyo Cement Corp.		82,000		239,765
Taisei Corp.		69,000		396,096
Taisho Pharmaceutical Holdings Co., Ltd.		3,000		202,206
Takashimaya Co., Ltd.		19,000		172,219
Takeda Pharmaceutical Co., Ltd.		58,500		2,823,550
TDK Corp.		10,500		808,316
Teijin, Ltd.		66,000		255,985
Terumo Corp.		21,600		519,356
THK Co., Ltd.		7,700		166,293
Tobu Railway Co., Ltd.		73,000		313,586
Toho Co., Ltd.		8,500		212,468
Toho Gas Co., Ltd.		31,000		183,547
Tohoku Electric Power Co., Inc.		39,800		538,391
Tokio Marine Holdings, Inc.		51,400		2,131,683
Tokyo Electric Power Co., Inc. (b)		123,600		673,218
Tokyo Electron, Ltd.		12,400		783,027
Tokyo Gas Co., Ltd.		170,000		902,126
Tokyo Tatemono Co., Ltd.		14,500		200,880
Tokyu Corp.		96,000		642,857
Tokyu Fudosan Holdings Corp.		37,000		286,394
TonenGeneral Sekiyu KK		18,000		167,903
Toppan Printing Co., Ltd.		41,000		342,819
Toray Industries, Inc.		111,000		937,349
Toshiba Corp.		313,000		1,072,716
TOTO, Ltd. (a)		19,000		342,205
Toyo Seikan Group Holdings, Ltd.		10,200		163,369
Toyo Suisan Kaisha, Ltd.		6,000		218,322
Toyota Industries Corp.		12,600		718,012
Toyota Motor Corp.		201,900		13,505,523
Toyota Tsusho Corp.		14,200		380,889
Trend Micro, Inc.		7,000		241,026
Unicharm Corp.		26,700		634,501
United Urban Investment Corp. (REIT)		167		236,095
USS Co., Ltd.		16,600		299,188
West Japan Railway Co.		11,700		748,702
Yahoo Japan Corp. (a)		101,500		409,281
Yakult Honsha Co., Ltd. (a)		6,300		372,555
Yamada Denki Co., Ltd. (a)		55,900		223,502
Yamaguchi Financial Group, Inc.		15,000		186,788
Yamaha Corp.		11,000		221,805
Yamaha Motor Co., Ltd.		17,800		389,047
Yamato Holdings Co., Ltd.		27,000		520,974
Yaskawa Electric Corp. (a)		18,000		230,012
Yokogawa Electric Corp.		16,300		209,468
Yokohama Rubber Co., Ltd. (The) (a)		8,000		160,584
				220,093,259
Luxembourg—0.2%
Altice S.A. (b)		6,070		840,553
ArcelorMittal (a)		75,087		730,645
Tenaris S.A. (a)		32,705		441,215
				2,012,413
Netherlands—2.6%
Aegon NV		144,233		1,058,391
Airbus Group SE		43,423		2,811,659
Akzo Nobel NV		17,901		1,307,203
ASML Holding NV		26,377		2,736,998
Boskalis Westminster NV		6,001		294,422
CNH Industrial NV (a)		78,026		710,652
Delta Lloyd NV		14,459		237,716
Fiat Chrysler Automobiles NV (b)		59,813		869,083
Gemalto NV (a)		5,659		504,835
Heineken Holding NV		8,233		579,238
Heineken NV		16,408		1,248,449
ING Groep NV		285,044		4,723,785
Koninklijke Ahold NV		66,939		1,258,040
Koninklijke DSM NV		13,385		777,664
Koninklijke KPN NV		230,706		884,911
Koninklijke Philips NV		70,528		1,799,036
Koninklijke Vopak NV (a)		4,391		221,861
NN Group NV		14,226		399,329
OCI NV (b)		6,200		175,673
QIAGEN NV (b)		20,370		501,734
Randstad Holding NV		9,402		614,314
Reed Elsevier NV		53,546		1,273,164
STMicroelectronics NV		44,693		365,653
TNT Express NV		37,717		319,581
Wolters Kluwer NV		20,745		618,142
				26,291,533
New Zealand—0.1%
Auckland International Airport, Ltd.		99,212		330,886
Fletcher Building, Ltd.		56,031		308,303
Meridian Energy, Ltd.		124,449		181,669
Ryman Healthcare, Ltd.		29,900		160,509
Spark New Zealand, Ltd.		190,899		360,599
				1,341,966
Norway—0.6%
DNB ASA		70,539		1,171,164
Gjensidige Forsikring ASA		14,357		230,420
Norsk Hydro ASA		92,923		390,240
Orkla ASA		68,492		536,081
Seadrill, Ltd. (a)		27,606		286,067
Statoil ASA		82,820		1,473,408
Subsea 7 S.A. (a) (b)		18,500		180,286
Telenor ASA		58,784		1,284,865
Yara International ASA		12,261		637,486
				6,190,017
Portugal—0.2%
Banco Comercial Portugues S.A. - Class R (a) (b)		2,472,000		214,533

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Portugal—(Continued)
Banco Espirito Santo S.A. (b) (c) (d)		199,038	$	0
EDP - Energias de Portugal S.A.		198,295		751,990
Galp Energia SGPS S.A.		31,688		371,113
Jeronimo Martins SGPS S.A.		16,641		213,606
				1,551,242
Singapore—1.3%
Ascendas Real Estate Investment Trust (REIT)		141,000		257,310
CapitaCommercial Trust (REIT)		143,000		165,436
CapitaLand, Ltd.		227,200		589,889
CapitaMall Trust (REIT)		240,200		382,672
City Developments, Ltd.		34,000		246,144
ComfortDelGro Corp., Ltd.		153,000		355,674
DBS Group Holdings, Ltd.		134,767		2,068,396
Genting Singapore plc (a)		418,200		277,744
Global Logistic Properties, Ltd.		278,000		521,391
Golden Agri-Resources, Ltd. (a)		492,569		149,907
Hutchison Port Holdings Trust - Class U		538,000		338,702
Jardine Cycle & Carriage, Ltd. (a)		8,000		196,391
Keppel Corp., Ltd. (a)		102,700		626,072
Oversea-Chinese Banking Corp., Ltd.		219,364		1,656,707
Sembcorp Industries, Ltd.		71,000		205,031
Singapore Airlines, Ltd.		36,940		294,598
Singapore Exchange, Ltd.		56,000		324,487
Singapore Press Holdings, Ltd. (a)		107,250		324,734
Singapore Technologies Engineering, Ltd.		130,000		318,305
Singapore Telecommunications, Ltd.		581,820		1,809,406
Suntec Real Estate Investment Trust (REIT) (a)		179,000		228,856
United Overseas Bank, Ltd.		95,392		1,632,614
UOL Group, Ltd.		33,000		169,374
Wilmar International, Ltd.		130,000		316,324
Yangzijiang Shipbuilding Holdings, Ltd.		151,000		158,691
				13,614,855
Spain—3.3%
Abertis Infraestructuras S.A.		30,059		492,254
ACS Actividades de Construccion y Servicios S.A.		12,742		410,889
Aena S.A. (144A) (b)		5,774		604,598
Amadeus IT Holding S.A. - A Shares		33,021		1,313,972
Banco Bilbao Vizcaya Argentaria S.A.		465,485		4,576,273
Banco de Sabadell S.A. (a)		360,561		869,238
Banco de Sabadell S.A. - Interim Shares		6,085		14,679
Banco Popular Espanol S.A. (a)		128,908		626,818
Banco Santander S.A.		1,059,033		7,388,595
Bankia S.A. (a) (b)		323,299		410,976
Bankinter S.A.		48,939		362,613
CaixaBank S.A.		169,489		787,357
Distribuidora Internacional de Alimentacion S.A. (a)		40,490		309,789
Enagas S.A. (a)		15,504		422,348
Endesa S.A. (a)		23,384		447,978
Ferrovial S.A.		36,266		787,981
Gas Natural SDG S.A. (a)		24,586		558,485
Grifols S.A. (a)		11,921		481,223
Iberdrola S.A.		392,358		2,648,790
Spain—(Continued)
Inditex S.A.		80,481		2,623,023
International Consolidated Airlines Group S.A. - Class DI (b)		71,373		556,793
Mapfre S.A.		74,474		256,944
Red Electrica Corp. S.A. (a)		7,572		607,842
Repsol S.A.		79,570		1,399,895
Telefonica S.A.		330,259		4,703,949
Zardoya Otis S.A. (a)		9,525		103,597
				33,766,899
Sweden—2.8%
Alfa Laval AB (a)		20,852		366,225
Assa Abloy AB - Class B		76,998		1,448,586
Atlas Copco AB - A Shares		47,637		1,330,001
Atlas Copco AB - B Shares		26,827		666,686
Boliden AB		18,744		340,993
Electrolux AB - Series B		17,118		535,118
Elekta AB - B Shares (a)		26,324		164,925
Getinge AB - B Shares		13,484		324,063
Hennes & Mauritz AB - B Shares		70,872		2,722,116
Hexagon AB - B Shares		17,090		618,163
Husqvarna AB - B Shares		25,677		193,178
ICA Gruppen AB (a)		5,619		199,052
Industrivarden AB - C Shares		16,050		301,843
Investment AB Kinnevik - B Shares		16,520		521,309
Investor AB - B Shares		35,158		1,307,055
Lundin Petroleum AB (a) (b)		16,017		274,010
Millicom International Cellular S.A.		5,384		396,321
Nordea Bank AB		224,105		2,787,903
Sandvik AB		84,986		937,422
Securitas AB - B Shares		21,462		283,285
Skandinaviska Enskilda Banken AB - Class A		113,626		1,449,915
Skanska AB - B Shares		30,119		609,832
SKF AB - B Shares		32,785		746,596
Svenska Cellulosa AB SCA - B Shares		46,579		1,183,026
Svenska Handelsbanken AB - A Shares		107,106		1,559,674
Swedbank AB - A Shares		64,776		1,507,347
Swedish Match AB		14,499		411,500
Tele2 AB - B Shares		21,032		243,919
Telefonaktiebolaget LM Ericsson - B Shares		224,535		2,322,138
TeliaSonera AB		181,622		1,067,483
Volvo AB - B Shares		112,044		1,387,724
				28,207,408
Switzerland—9.1%
ABB, Ltd. (b)		165,867		3,477,107
Actelion, Ltd. (b)		7,563		1,109,540
Adecco S.A. (b)		11,954		972,854
Aryzta AG (b)		7,132		351,988
Baloise Holding AG		4,297		523,838
Barry Callebaut AG (a) (b)		132		150,180
Chocoladefabriken Lindt & Spruengli AG		7		437,458
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		81		428,182
Cie Financiere Richemont S.A.		38,761		3,160,920
Coca-Cola HBC AG (b)		13,800		296,489

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
Credit Suisse Group AG (b)		110,853	$	3,047,263
Dufry AG (b)		2,000		278,262
EMS-Chemie Holding AG		579		244,181
Geberit AG		2,659		888,207
Givaudan S.A. (b)		717		1,243,076
Glencore plc (b)		828,169		3,327,639
Holcim, Ltd. (b)		16,305		1,205,881
Julius Baer Group, Ltd. (b)		15,588		876,092
Kuehne & Nagel International AG		4,135		549,500
Lonza Group AG (b)		3,785		506,961
Nestle S.A.		237,926		17,205,970
Novartis AG		169,714		16,770,308
Pargesa Holding S.A.		1,694		113,784
Partners Group Holding AG		1,228		366,831
Roche Holding AG		51,835		14,559,085
Schindler Holding AG		1,428		233,133
Schindler Holding AG (Participation Certificate)		3,222		527,834
SGS S.A.		429		783,981
Sika AG		170		599,368
Sonova Holding AG		4,058		549,544
Sulzer AG		1,649		169,345
Swatch Group AG (The)		3,213		240,789
Swatch Group AG (The) - Bearer Shares		2,384		930,157
Swiss Life Holding AG (b)		2,699		619,167
Swiss Prime Site AG (b)		4,882		370,586
Swiss Re AG		25,597		2,265,093
Swisscom AG		1,911		1,070,786
Syngenta AG		6,727		2,757,763
Transocean, Ltd. (Swiss-Traded Shares) (a)		24,746		401,668
UBS Group AG		269,444		5,715,509
Zurich Insurance Group AG (b)		11,105		3,386,416
				92,712,735
United Kingdom—18.9%
3i Group plc		83,477		677,456
Aberdeen Asset Management plc		61,345		389,378
Admiral Group plc		16,009		348,859
Aggreko plc		17,661		399,364
Amec Foster Wheeler plc		28,170		361,886
Anglo American plc		100,587		1,454,738
Antofagasta plc		26,957		292,084
ARM Holdings plc		102,474		1,678,587
Ashtead Group plc		36,539		632,481
Associated British Foods plc		27,546		1,245,574
AstraZeneca plc		93,154		5,928,702
Aviva plc		293,788		2,279,229
Babcock International Group plc		22,688		385,003
BAE Systems plc		242,267		1,720,989
Barclays plc		1,211,615		4,959,447
Barratt Developments plc		73,185		706,946
BG Group plc		248,517		4,139,290
BHP Billiton plc		156,033		3,067,713
BP plc		1,339,590		8,848,201
British American Tobacco plc		137,527		7,397,954
British Land Co. plc (The) (REIT)		73,348		916,458
BT Group plc		617,446		4,376,872
United Kingdom—(Continued)
Bunzl plc		27,344		748,247
Burberry Group plc		32,742		810,087
Capita plc		48,717		949,804
Carnival plc		15,318		784,209
Centrica plc		369,393		1,534,999
Cobham plc		99,074		409,526
Compass Group plc		123,769		2,052,099
Croda International plc		9,658		417,746
Diageo plc		185,358		5,377,818
Direct Line Insurance Group plc		96,493		510,052
Dixons Carphone plc		68,700		489,612
easyJet plc		10,815		262,715
Fiat Chrysler Automobiles NV (b)		10,974		160,508
Fresnillo plc (a)		22,254		243,111
G4S plc		106,542		449,720
GKN plc		126,099		662,678
GlaxoSmithKline plc		357,799		7,454,841
Hammerson plc (REIT)		56,484		547,473
Hargreaves Lansdown plc		16,913		306,446
HSBC Holdings plc		1,412,837		12,660,479
ICAP plc		36,213		301,306
IMI plc		20,055		354,593
Imperial Tobacco Group plc		71,347		3,447,666
Inmarsat plc		28,473		409,462
InterContinental Hotels Group plc		18,621		751,931
Intertek Group plc		14,174		545,676
Intu Properties plc (REIT) (a)		62,951		304,359
Investec plc		41,855		376,220
J Sainsbury plc (a)		85,611		357,090
Johnson Matthey plc		16,508		788,738
Kingfisher plc		189,541		1,033,518
Land Securities Group plc (REIT)		59,558		1,126,972
Legal & General Group plc		444,946		1,740,213
Lloyds Banking Group plc		4,212,772		5,660,408
London Stock Exchange Group plc		21,954		819,755
Marks & Spencer Group plc		118,772		1,002,491
Meggitt plc		55,862		410,225
Melrose Industries plc		67,335		261,930
Merlin Entertainments plc (144A)		52,353		351,371
Mondi plc		27,093		583,328
National Grid plc		275,883		3,550,975
Next plc		11,690		1,370,918
Old Mutual plc		378,865		1,199,446
Pearson plc		63,486		1,204,211
Persimmon plc (b)		20,663		642,752
Petrofac, Ltd. (a)		17,337		252,556
Prudential plc		189,352		4,573,395
Randgold Resources, Ltd.		6,351		426,507
Reckitt Benckiser Group plc		48,068		4,154,390
Reed Elsevier plc		81,271		1,324,483
Rexam plc		46,152		400,895
Rio Tinto plc		93,883		3,864,885
Rolls-Royce Holdings plc (b)		138,645		1,899,466
Royal Bank of Scotland Group plc (b)		196,011		1,084,038
Royal Dutch Shell plc - A Shares		286,740		8,068,899
Royal Dutch Shell plc - B Shares		180,054		5,125,194
Royal Mail plc		56,481		456,767

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
RSA Insurance Group plc		72,429	$	452,054
SABMiller plc		72,712		3,773,124
Sage Group plc (The)		79,455		640,313
Schroders plc		8,724		435,421
Segro plc (REIT)		61,844		394,218
Severn Trent plc		16,575		542,062
Sky plc		73,819		1,205,212
Smith & Nephew plc		66,221		1,119,992
Smiths Group plc		31,976		567,212
Sports Direct International plc (b)		18,899		213,319
SSE plc		74,903		1,812,158
Standard Chartered plc		182,247		2,918,057
Standard Life plc		143,071		998,044
Tate & Lyle plc		33,576		274,194
Taylor Wimpey plc		240,026		700,700
Tesco plc		621,955		2,077,710
Travis Perkins plc		16,708		554,047
Tullow Oil plc		61,905		330,476
Unilever NV		120,187		5,020,234
Unilever plc		96,470		4,150,644
United Utilities Group plc		48,207		676,045
Vodafone Group plc		1,955,179		7,136,216
Weir Group plc (The)		17,104		456,037
Whitbread plc		14,502		1,129,341
William Hill plc		58,853		373,594
WM Morrison Supermarkets plc (a)		166,578		473,309
Wolseley plc		18,911		1,207,064
WPP plc		97,220		2,183,486
				191,080,693
Total Common Stocks (Cost $833,362,748)				957,193,286
Mutual Fund—3.0%
United States—3.0%
iShares MSCI EAFE ETF (a) (e) (Cost $30,763,196)		485,500		30,824,395
Preferred Stocks—0.6%
Germany—0.6%
Bayerische Motoren Werke (BMW) AG		3,505		296,444
FUCHS Petrolub SE		4,900		206,793
Henkel AG & Co. KGaA		12,771		1,431,364
Porsche Automobil Holding SE		11,870		999,095
Volkswagen AG		12,003		2,780,876
Total Preferred Stocks (Cost $3,331,729)				5,714,572
Rights—0.0%
Security Description	Shares/ Principal Amount*		Value
Singapore—0.0%
Jardine Cycle & Carriage, Ltd., Expires 07/15/15 (b)		889		4,687
Spain—0.0%
Abertis Infraestructuras S.A. (b)		30,059		24,633
Repsol S.A., Expires 07/03/15 (a) (b)		79,570		41,225
Zardoya Otis S.A., Expires 06/30/15 (a) (b)		9,525		4,150
				70,008
Total Rights (Cost $74,135)				74,695
Short-Term Investments—6.1%
Discount Notes—1.6%
Fannie Mae 0.135%, 09/30/15 (f)		1,850,000		1,849,369
Federal Home Loan Bank 0.050%, 08/26/15 (f)		225,000		224,982
0.064%, 07/08/15 (f)		700,000		699,990
0.078%, 07/29/15 (f)		750,000		749,953
0.080%, 09/02/15 (f)		6,175,000		6,174,136
0.111%, 08/07/15 (f)		1,600,000		1,599,816
0.144%, 11/25/15 (f)		425,000		424,752
0.151%, 11/16/15 (f)		725,000		724,583
0.166%, 11/06/15 (f)		3,500,000		3,497,947
Federal Home Loan Mortgage Corp. 0.130%, 09/14/15 (f)		700,000		699,810
				16,645,338
Mutual Fund—4.4%
State Street Navigator Securities Lending MET Portfolio (g)		44,698,936		44,698,936
U.S. Treasury—0.1%
U.S. Treasury Bills 0.023%, 07/16/15 (f)		650,000		649,994
Total Short-Term Investments (Cost $61,994,268)				61,994,268
Total Investments—104.2% (Cost $929,526,076) (h)				1,055,801,216
Other assets and liabilities (net)—(4.2)%				(42,365,551	)
Net Assets—100.0%			$	1,013,435,665

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $42,312,927 and the collateral received consisted of cash in the amount of $44,698,936 and non-cash collateral with a value of $17,719. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2015, these securities represent less than 0.05% of net assets.

(d) Illiquid security. As of June 30, 2015, these securities represent 0.0% of net assets.

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2015, the market value of securities pledged was $1,904,000.

(f) The rate shown represents current yield to maturity.

(g) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(h) As of June 30, 2015, the aggregate cost of investments was $929,526,076. The aggregate unrealized appreciation and depreciation of investments were $240,261,179 and $(113,986,039), respectively, resulting in net unrealized appreciation of $126,275,140.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2015, the market value of 144A securities was $901,405, which is 0.1% of net assets.

(ETF)— Exchange-Traded Fund

(REIT)— A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

Ten Largest Industries as of June 30, 2015 (Unaudited)	% of Net Assets
Banks		13.0
Pharmaceuticals		8.9
Insurance		5.4
Oil, Gas & Consumable Fuels		4.6
Automobiles		4.1
Chemicals		3.4
Diversified Telecommunication Services		2.9
Food Products		2.8
Metals & Mining		2.7
Machinery		2.5

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Depreciation
MSCI EAFE Mini Index Futures		09/18/15		179		USD	16,680,475	$	(266,175	)

(USD)— United States Dollar

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1			Level 2			Level 3		Total
Common Stocks
Australia	$	537,609		$	64,833,066		$	—	$	65,370,675
Austria		—			1,704,193			—		1,704,193
Belgium		—			12,495,358			—		12,495,358
Denmark		—			16,063,196			—		16,063,196
Finland		—			7,951,383			—		7,951,383
France		—			89,480,714			—		89,480,714
Germany		—			79,932,720			—		79,932,720
Hong Kong		1,773,043			29,866,803			—		31,639,846
Ireland		—			8,720,618			—		8,720,618
Israel		—			5,864,839			—		5,864,839
Italy		—			21,106,724			—		21,106,724
Japan		—			220,093,259			—		220,093,259
Luxembourg		—			2,012,413			—		2,012,413
Netherlands		869,083			25,422,450			—		26,291,533
New Zealand		—			1,341,966			—		1,341,966
Norway		—			6,190,017			—		6,190,017
Portugal		—			1,551,242			0		1,551,242
Singapore		—			13,614,855			—		13,614,855
Spain		14,679			33,752,220			—		33,766,899
Sweden		—			28,207,408			—		28,207,408
Switzerland		—			92,712,735			—		92,712,735
United Kingdom		—			191,080,693			—		191,080,693
Total Common Stocks		3,194,414			953,998,872			0		957,193,286
Total Mutual Fund*		30,824,395			—			—		30,824,395
Total Preferred Stocks*		—			5,714,572			—		5,714,572
Total Rights*		74,695			—			—		74,695
Short-Term Investments
Discount Notes		—			16,645,338			—		16,645,338
Mutual Fund		44,698,936			—			—		44,698,936
U.S. Treasury		—			649,994			—		649,994
Total Short-Term Investments		44,698,936			17,295,332			—		61,994,268
Total Investments	$	78,792,440		$	977,008,776		$	0	$	1,055,801,216
Collateral for securities loaned (Liability)	$	—		$	(44,698,936	)	$	—	$	(44,698,936	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(266,175	)	$	—		$	—	$	(266,175	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 to Level 2 in the amount of $4,958,816 were due to the application of a systematic fair valuation model factor.

As of June 30, 2015, the security designated as Level 3 was fair valued using significant unobservable inputs under procedures adopted by the Board. Such valuations were based on a review of inputs such as, but not limited to, similar securities, company specific financial information, and company specific news. For this security there was no change in the valuation techniques used since the December 31, 2014 annual report. The Level 3 security comprised 0.0% of net assets of the Portfolio. As such, the Level 3 roll forward and change in unrealized appreciation (depreciation) of the Level 3 security held at June 30, 2015 have not been presented.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,055,801,216
Cash		23,426
Cash denominated in foreign currencies (c)		77,964
Receivable for:
Investments sold		30,654
Fund shares sold		651,575
Dividends		3,381,469
Total Assets		1,059,966,304
Liabilities
Collateral for securities loaned		44,698,936
Payables for:
Investments purchased		176,165
Fund shares redeemed		759,147
Variation margin on futures contracts		45,645
Accrued expenses:
Management fees		253,557
Distribution and service fees		117,681
Deferred trustees’ fees		68,805
Other expenses		410,703
Total Liabilities		46,530,639
Net Assets	$	1,013,435,665
Net assets consist of:
Paid in surplus	$	914,284,136
Undistributed net investment income		10,923,411
Accumulated net realized loss		(37,745,290	)
Unrealized appreciation on investments, futures contracts and foreign currency transactions		125,973,408
Net Assets	$	1,013,435,665
Net Assets
Class A	$	461,396,065
Class B		415,187,710
Class E		33,991,132
Class G		102,860,758
Capital Shares Outstanding*
Class A		35,418,098
Class B		32,458,677
Class E		2,621,444
Class G		8,084,979
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.03
Class B		12.79
Class E		12.97
Class G		12.72

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $929,526,076.

(b) Includes securities loaned at value of $42,312,927.

(c) Identified cost of cash denominated in foreign currencies was $77,631.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	19,977,028
Interest		10,748
Securities lending income		496,830
Total investment income		20,484,606
Expenses
Management fees		1,517,321
Administration fees		12,029
Custodian and accounting fees		304,701
Distribution and service fees—Class B		528,721
Distribution and service fees—Class E		26,363
Distribution and service fees—Class G		145,052
Audit and tax services		20,059
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		86,828
Insurance		3,059
Miscellaneous		68,852
Total expenses		2,746,742
Less management fee waiver		(13,591	)
Net expenses		2,733,151
Net Investment Income		17,751,455
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(349,312	)
Futures contracts		1,202,877
Foreign currency transactions		(99,612	)
Net realized gain		753,953
Net change in unrealized appreciation (depreciation) on:
Investments		40,745,301
Futures contracts		(282,955	)
Foreign currency transactions		19,965
Net change in unrealized appreciation		40,482,311
Net realized and unrealized gain		41,236,264
Net Increase in Net Assets From Operations	$	58,987,719

(a) Net of foreign withholding taxes of $1,745,728.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	17,751,455		$	31,236,779
Net realized gain (loss)		753,953			(2,261,485	)
Net change in unrealized appreciation (depreciation)		40,482,311			(89,533,496	)
Increase (decrease) in net assets from operations		58,987,719			(60,558,202	)
From Distributions to Shareholders
Net investment income
Class A		(14,562,770	)		(10,334,152	)
Class B		(12,357,853	)		(9,801,239	)
Class E		(1,026,590	)		(904,946	)
Class G		(3,019,719	)		(2,227,213	)
Total distributions		(30,966,932	)		(23,267,550	)
Increase in net assets from capital share transactions		25,084,436			88,627,258
Total increase in net assets		53,105,223			4,801,506
Net Assets
Beginning of period		960,330,442			955,528,936
End of period	$	1,013,435,665		$	960,330,442
Undistributed net investment income
End of period	$	10,923,411		$	24,138,888

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		2,209,501		$	29,516,692			7,597,394		$	101,943,757
Reinvestments		1,108,278			14,562,770			772,936			10,334,152
Redemptions		(1,852,093	)		(24,970,605	)		(2,945,620	)		(39,809,978	)
Net increase		1,465,686		$	19,108,857			5,424,710		$	72,467,931
Class B
Sales		920,434		$	11,865,176			3,126,359		$	40,720,123
Reinvestments		957,973			12,357,853			745,909			9,801,239
Redemptions		(2,026,522	)		(26,958,686	)		(2,417,922	)		(32,413,489	)
Net increase (decrease)		(148,115	)	$	(2,735,657	)		1,454,346		$	18,107,873
Class E
Sales		53,451		$	702,546			160,476		$	2,124,600
Reinvestments		78,485			1,026,590			67,990			904,946
Redemptions		(233,924	)		(3,144,185	)		(330,142	)		(4,465,186	)
Net decrease		(101,988	)	$	(1,415,049	)		(101,676	)	$	(1,435,640	)
Class G
Sales		1,461,160		$	19,287,739			1,583,548		$	20,799,598
Reinvestments		235,364			3,019,719			170,276			2,227,213
Redemptions		(949,951	)		(12,181,173	)		(1,766,344	)		(23,539,717	)
Net increase (decrease)		746,573		$	10,126,285			(12,520	)	$	(512,906	)
Increase derived from capital shares transactions				$	25,084,436					$	88,627,258

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.67		$	13.83		$	11.72		$	10.22		$	11.95		$	11.34
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.45			0.35			0.35			0.36			0.28
Net realized and unrealized gain (loss) on investments		0.54			(1.26	)		2.15			1.49			(1.80	)		0.63
Total from investment operations		0.78			(0.81	)		2.50			1.84			(1.44	)		0.91
Less Distributions
Distributions from net investment income		(0.42	)		(0.35	)		(0.39	)		(0.34	)		(0.29	)		(0.30	)
Total distributions		(0.42	)		(0.35	)		(0.39	)		(0.34	)		(0.29	)		(0.30	)
Net Asset Value, End of Period	$	13.03		$	12.67		$	13.83		$	11.72		$	10.22		$	11.95
Total Return (%) (b)		6.16	(c)		(6.00	)		21.86			18.33			(12.50	)		8.19
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.40	(d)		0.40			0.40			0.41			0.41			0.41
Net ratio of expenses to average net assets (%) (e)		0.40	(d)		0.40			0.40			0.40			0.41			0.40
Ratio of net investment income to average net assets (%)		3.65	(d)		3.34			2.76			3.25			3.09			2.59
Portfolio turnover rate (%)		4	(c)		9			10			8			11			11
Net assets, end of period (in millions)	$	461.4		$	430.0		$	394.5		$	297.7		$	283.2		$	332.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.43		$	13.58		$	11.52		$	10.05		$	11.75		$	11.16
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.42			0.31			0.32			0.32			0.25
Net realized and unrealized gain (loss) on investments		0.53			(1.25	)		2.11			1.46			(1.76	)		0.62
Total from investment operations		0.75			(0.83	)		2.42			1.78			(1.44	)		0.87
Less Distributions
Distributions from net investment income		(0.39	)		(0.32	)		(0.36	)		(0.31	)		(0.26	)		(0.28	)
Total distributions		(0.39	)		(0.32	)		(0.36	)		(0.31	)		(0.26	)		(0.28	)
Net Asset Value, End of Period	$	12.79		$	12.43		$	13.58		$	11.52		$	10.05		$	11.75
Total Return (%) (b)		6.02	(c)		(6.27	)		21.52			18.02			(12.65	)		7.91
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(d)		0.65			0.65			0.66			0.66			0.66
Net ratio of expenses to average net assets (%) (e)		0.65	(d)		0.65			0.65			0.65			0.66			0.65
Ratio of net investment income to average net assets (%)		3.38	(d)		3.14			2.55			2.99			2.83			2.32
Portfolio turnover rate (%)		4	(c)		9			10			8			11			11
Net assets, end of period (in millions)	$	415.2		$	405.3		$	422.9		$	375.4		$	329.2		$	339.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.60		$	13.75		$	11.66		$	10.17		$	11.89		$	11.29
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.44			0.33			0.33			0.34			0.27
Net realized and unrealized gain (loss) on investments		0.54			(1.26	)		2.13			1.48			(1.79	)		0.62
Total from investment operations		0.77			(0.82	)		2.46			1.81			(1.45	)		0.89
Less Distributions
Distributions from net investment income		(0.40	)		(0.33	)		(0.37	)		(0.32	)		(0.27	)		(0.29	)
Total distributions		(0.40	)		(0.33	)		(0.37	)		(0.32	)		(0.27	)		(0.29	)
Net Asset Value, End of Period	$	12.97		$	12.60		$	13.75		$	11.66		$	10.17		$	11.89
Total Return (%) (b)		6.10	(c)		(6.11	)		21.62			18.13			(12.59	)		8.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55	(d)		0.55			0.55			0.56			0.56			0.56
Net ratio of expenses to average net assets (%) (e)		0.55	(d)		0.55			0.55			0.55			0.56			0.55
Ratio of net investment income to average net assets (%)		3.47	(d)		3.26			2.66			3.11			2.94			2.45
Portfolio turnover rate (%)		4	(c)		9			10			8			11			11
Net assets, end of period (in millions)	$	34.0		$	34.3		$	38.9		$	37.0		$	35.5		$	47.9
	Class G
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.36		$	13.51		$	11.47		$	10.01		$	11.70		$	11.12
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.41			0.31			0.31			0.31			0.23
Net realized and unrealized gain (loss) on investments		0.53			(1.25	)		2.09			1.46			(1.75	)		0.62
Total from investment operations		0.75			(0.84	)		2.40			1.77			(1.44	)		0.85
Less Distributions
Distributions from net investment income		(0.39	)		(0.31	)		(0.36	)		(0.31	)		(0.25	)		(0.27	)
Total distributions		(0.39	)		(0.31	)		(0.36	)		(0.31	)		(0.25	)		(0.27	)
Net Asset Value, End of Period	$	12.72		$	12.36		$	13.51		$	11.47		$	10.01		$	11.70
Total Return (%) (b)		6.02	(c)		(6.33	)		21.44			17.94			(12.65	)		7.76
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.70	(d)		0.70			0.70			0.71			0.71			0.71
Net ratio of expenses to average net assets (%) (e)		0.70	(d)		0.70			0.70			0.70			0.71			0.70
Ratio of net investment income to average net assets (%)		3.40	(d)		3.10			2.49			2.94			2.80			2.16
Portfolio turnover rate (%)		4	(c)		9			10			8			11			11
Net assets, end of period (in millions)	$	102.9		$	90.7		$	99.3		$	69.8		$	58.9		$	45.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MSCI EAFE Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-19

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and passive foreign investment companies (PFICs). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-20

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

MSF-21

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

At June 30, 2015, the Portfolio had the following open derivatives, categorized by risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts*	$	266,175

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the six months ended June 30, 2015 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	1,202,877
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(282,955	)

For the six months ended June 30, 2015, the average Notional Par or Face Amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	4,475

‡ Averages are based on activity levels during the period.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared over-the-counter (“OTC”) derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

MSF-22

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	51,137,921	$	0	$	42,363,293

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.300% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the six months ended June 30, 2015 were $1,517,321.

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $500 million
0.040%	Of the next $500 million
0.020%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2015 were $224,311.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G

MSF-23

Metropolitan Series Fund

MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$23,267,550	$	24,928,025	$	—	$	—	$	23,267,550	$	24,928,025

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$30,644,835	$	—	$	73,287,030	$	(26,531,041	)	$	(6,206,995	)	$	71,193,829

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the post-enactment accumulated long-term capital losses were $6,206,995 and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/18		Total
$23,421,712	$	3,109,329	$	26,531,041

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-24

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Managed By Neuberger Berman Management LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the Neuberger Berman Genesis Portfolio returned 4.92%, 4.83%, and 4.86%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 0.76%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. stock market was volatile at times and generated a modest gain during the reporting period. The market was supported by signs of improving economic growth and overall solid demand. However, the market was challenged at times by periods of investor risk aversion, some of which were triggered by geopolitical issues. The overall U.S. stock market, as measured by the S&P 500 Index, gained 1.23% for the six months ended June 30, 2015. Small-cap stocks generated more robust results, as the Russell 2000 Index gained 4.75% for the period. However, there was a significant dispersion between small-cap growth and value stocks, as the as the Russell 2000 Growth and Value Indexes returned 8.74% and 0.76%, respectively.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 2000 Value Index during the reporting period due to both stock selection and sector allocation. From a stock selection perspective, holdings in the Information Technology, Industrials and Consumer Discretionary sectors were the largest contributors to performance.

Within the Information Technology sector, a number of the Portfolio’s software companies generated strong results. Examples of individual stocks that produced strong returns included three Information Technology companies: Manhattan Associates, Zebra Technologies and Constellation Software. Manhattan Associates provides software solutions designed to enable the efficient movement of goods through the supply chain. The company reported excellent results and provided guidance that implied continued momentum in its business. Zebra Technologies designs and manufactures enterprise mobile computers, advanced data capture devices and specialty printers. It reported very strong results in its core business and significantly improved results at its recently acquired Motorola Solutions Enterprise business. Constellation Software acquires mission-critical vertical market software companies. The company announced several significant acquisitions during the period, reported continued progress on margins and shared its belief it can effectively compete for larger transactions.

Several machinery companies boosted the Portfolio’s returns in the Industrials sector, whereas standout performers in the Consumer Discretionary sector included a number of specialty retailers. These positives were modestly offset by holdings in the Health Care and Consumer Staples sectors. Within Health Care, several health care equipment and supplies companies underperformed. The Portfolio’s holdings in beverage company Boston Beer Company was negative for performance in the Consumer Staples sector as volume growth slowed.

Holdings that detracted the most from performance included three stocks in the Financials sector: Home Loan Servicing Solutions, Altisource Portfolio Solutions, and Altisource Asset Management.

Home Loan Servicing Solutions invests in mortgage servicing rights and associated servicing advances. The company was negatively impacted by ongoing regulatory scrutiny across the sector. Based on continued uncertainty, the position was sold during the first quarter of 2015. Altisource Portfolio Solutions provides real estate and mortgage portfolio management and related products and asset recovery management services. The company was negatively impacted by its affiliate relationship with Ocwen Financial Corporation and was also eliminated from the Portfolio during the first quarter. Altisource Asset Management provides asset management and corporate governance services to Altisource Residential Corp. The company was negatively impacted by ongoing speculation regarding the re-pricing of its management contract with Altisource Residential Corp.

Sector allocation also contributed to performance. Having no exposure to real estate investment trusts (“REITs”) was a positive as they generated weak returns during the reporting period. The Portfolio’s underweight to the poor performing Utilities sector also contributed to results. In contrast, a lack of exposure to biotechnology companies detracted from performance. These companies are generally not held in the Portfolio as they do not meet the investment criteria given their speculative nature, a general lack of earnings and need to access the capital markets and in the case of REITs and Utilities, modest entry barriers, levered balance sheets and the need to access capital markets. Elsewhere, an overweight to Materials was a drag on results.

While there were several changes on the margin, there were no significant adjustments to the Portfolio’s sector positioning during the reporting period. Though the Portfolio remains materially underweight versus the benchmark in Financials, and materially overweight in Health Care, Industrials and Information Technology, these outcomes are more of a result of our investment approach which is predominantly driven by bottom-up considerations as opposed to our

MSF-1

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Managed By Neuberger Berman Management LLC

Portfolio Manager Commentary*—(Continued)

view on the individual sectors. At period end, we continued to position the Portfolio to capture what we believe are very long-term tailwinds and seek to avoid long-term headwinds. While the U.S. economy has been resilient in our view, we believe there are still several potential headwinds for the economy to face. Given these uncertainties, we continue to maintain our focus on the backbone of our investment process, stock-specific analysis, as opposed to making significant sector based decisions.

Judith M. Vale

Robert W. D’Alelio

Michael L. Bowyer

Brett S. Reiner

Portfolio Managers

Neuberger Berman Management LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
Neuberger Berman Genesis Portfolio
Class A		4.92		4.40		16.23		5.30
Class B		4.83		4.13		15.92		5.03
Class E		4.86		4.28		16.05		5.14
Russell 2000 Value Index		0.76		0.78		14.81		6.87

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Wabtec Corp.		2.4
Church & Dwight Co., Inc.		2.4
Sensient Technologies Corp.		2.0
ICON plc		1.9
Zebra Technologies Corp. - Class A		1.9
West Pharmaceutical Services, Inc.		1.9
Manhattan Associates, Inc.		1.8
Aptargroup, Inc.		1.7
Rollins, Inc.		1.7
Tyler Technologies, Inc.		1.6

Top Sectors

	% of Net Assets
Industrials		20.6
Information Technology		19.9
Health Care		14.8
Consumer Discretionary		13.7
Financials		11.1
Materials		9.1
Consumer Staples		5.6
Energy		3.4
Utilities		0.3

MSF-3

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Neuberger Berman Genesis Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.83	%	$	1,000.00	$	1,049.20	$	4.22
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16
Class B(a)	Actual		1.08	%	$	1,000.00	$	1,048.30	$	5.48
	Hypothetical*		1.08	%	$	1,000.00	$	1,019.44	$	5.41
Class E(a)	Actual		0.98	%	$	1,000.00	$	1,048.60	$	4.98
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.3%
Astronics Corp. (a)		60,050	$	4,256,945
Air Freight & Logistics—0.8%
Forward Air Corp.		205,926		10,761,693
Airlines—0.3%
Allegiant Travel Co.		20,900		3,717,692
Auto Components—0.7%
Drew Industries, Inc.		85,000		4,931,700
Gentex Corp.		258,350		4,242,107
				9,173,807
Banks—9.2%
Bank of Hawaii Corp.		269,350		17,960,258
Bank of the Ozarks, Inc.		307,776		14,080,752
BankUnited, Inc.		261,850		9,408,271
BOK Financial Corp.		158,732		11,044,573
Community Bank System, Inc.		133,937		5,058,800
Cullen/Frost Bankers, Inc.		213,698		16,792,389
CVB Financial Corp.		423,800		7,463,118
First Financial Bankshares, Inc.		393,660		13,636,382
FNB Corp.		544,698		7,800,075
LegacyTexas Financial Group, Inc.		198,050		5,981,110
PacWest Bancorp		196,078		9,168,607
Westamerica Bancorp		111,600		5,652,540
				124,046,875
Beverages—0.8%
Boston Beer Co., Inc. (The) - Class A (a)		44,772		10,386,656
Building Products—1.5%
AAON, Inc.		257,322		5,794,891
Advanced Drainage Systems, Inc.		122,500		3,592,925
AO Smith Corp.		142,850		10,282,343
				19,670,159
Capital Markets—0.0%
OM Asset Management plc		9,500		169,005
Chemicals—4.5%
Balchem Corp.		206,213		11,490,188
Innophos Holdings, Inc.		144,261		7,593,899
NewMarket Corp.		11,567		5,134,476
Quaker Chemical Corp.		30,650		2,722,946
RPM International, Inc.		135,850		6,652,575
Sensient Technologies Corp.		391,650		26,765,361
				60,359,445
Commercial Services & Supplies—4.3%
Essendant, Inc.		229,724		9,016,667
G&K Services, Inc. - Class A		48,000		3,318,720
Healthcare Services Group, Inc.		436,114		14,413,568
Rollins, Inc.		782,465		22,323,726
Team, Inc. (a)		83,653		3,367,033
Commercial Services & Supplies—(Continued)
UniFirst Corp.		46,150		5,161,878
				57,601,592
Communications Equipment—0.4%
NETGEAR, Inc. (a)		189,200		5,679,784
Construction Materials—0.4%
Eagle Materials, Inc.		76,900		5,869,777
Containers & Packaging—2.4%
Aptargroup, Inc.		365,604		23,314,567
Silgan Holdings, Inc.		161,550		8,523,378
				31,837,945
Distributors—1.5%
Pool Corp.		288,210		20,226,578
Diversified Financial Services—0.4%
MarketAxess Holdings, Inc.		58,650		5,440,960
Electrical Equipment—0.5%
Franklin Electric Co., Inc.		139,250		4,501,952
Thermon Group Holdings, Inc. (a)		83,550		2,011,049
				6,513,001
Electronic Equipment, Instruments & Components—6.1%
Badger Meter, Inc.		133,838		8,497,375
Cognex Corp.		132,700		6,382,870
FARO Technologies, Inc. (a)		69,500		3,245,650
FEI Co.		205,104		17,009,275
Littelfuse, Inc.		79,550		7,548,499
MTS Systems Corp.		56,574		3,900,777
Rogers Corp. (a)		146,950		9,719,273
Zebra Technologies Corp. - Class A (a)		233,432		25,922,624
				82,226,343
Energy Equipment & Services—2.4%
CARBO Ceramics, Inc.		104,150		4,335,765
Natural Gas Services Group, Inc. (a)		212,385		4,846,626
Oceaneering International, Inc.		216,650		10,093,723
Pason Systems, Inc.		495,000		8,840,700
ShawCor, Ltd.		155,000		4,524,450
				32,641,264
Food & Staples Retailing—0.2%
North West Co., Inc. (The)		125,000		2,546,975
Food Products—2.3%
B&G Foods, Inc.		185,750		5,299,448
Flowers Foods, Inc.		337,050		7,128,607
J&J Snack Foods Corp.		97,409		10,780,254
Lancaster Colony Corp.		86,900		7,894,865
				31,103,174

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—7.9%
Abaxis, Inc.		164,554	$	8,471,240
Cantel Medical Corp.		43,150		2,315,861
Cyberonics, Inc. (a)		118,174		7,026,626
Haemonetics Corp. (a)		365,908		15,133,955
Halyard Health, Inc. (a)		30,000		1,215,000
IDEXX Laboratories, Inc. (a)		235,400		15,098,556
Meridian Bioscience, Inc.		239,881		4,471,382
Natus Medical, Inc. (a)		11,200		476,672
Neogen Corp. (a)		46,000		2,182,240
Sirona Dental Systems, Inc. (a)		197,950		19,878,139
Thoratec Corp. (a)		114,350		5,096,579
West Pharmaceutical Services, Inc.		439,316		25,515,473
				106,881,723
Health Care Providers & Services—3.3%
Amsurg Corp. (a)		154,192		10,785,730
Chemed Corp.		98,700		12,939,570
Henry Schein, Inc. (a)		126,450		17,971,074
U.S. Physical Therapy, Inc.		41,100		2,250,636
				43,947,010
Hotels, Restaurants & Leisure—4.0%
Brinker International, Inc.		248,850		14,346,202
Cheesecake Factory, Inc. (The)		135,800		7,405,853
Cracker Barrel Old Country Store, Inc.		73,550		10,970,718
Papa John’s International, Inc.		150,400		11,371,744
Texas Roadhouse, Inc.		255,050		9,546,522
				53,641,039
Household Products—2.4%
Church & Dwight Co., Inc.		391,600		31,770,508
Industrial Conglomerates—0.4%
Raven Industries, Inc.		277,179		5,635,049
Insurance—1.3%
RLI Corp.		244,690		12,574,619
Safety Insurance Group, Inc.		84,000		4,847,640
				17,422,259
Internet Software & Services—0.5%
j2 Global, Inc.		94,700		6,433,918
IT Services—0.9%
Jack Henry & Associates, Inc.		187,150		12,108,605
Leisure Products—1.3%
Polaris Industries, Inc.		121,598		18,009,880
Life Sciences Tools & Services—3.2%
Bio-Techne Corp.		93,100		9,167,557
ICON plc (a)		385,687		25,956,735
PAREXEL International Corp. (a)		129,950		8,357,085
				43,481,377
Machinery—9.8%
CIRCOR International, Inc.		53,100		2,895,543
CLARCOR, Inc.		305,202		18,995,772
Donaldson Co., Inc.		179,350		6,420,730
Graco, Inc.		73,250		5,202,948
Middleby Corp. (The) (a)		134,700		15,117,381
Milacron Holdings Corp. (a)		119,300		2,347,824
Nordson Corp.		169,362		13,191,606
RBC Bearings, Inc. (a)		89,450		6,418,932
Tennant Co.		103,278		6,748,185
Toro Co. (The)		169,100		11,461,598
Valmont Industries, Inc.		91,100		10,829,057
Wabtec Corp.		345,450		32,555,208
				132,184,784
Media—2.3%
Gray Television, Inc. (a)		194,700		3,052,896
Media General, Inc. (a)		693,411		11,455,150
Nexstar Broadcasting Group, Inc. - Class A		281,000		15,736,000
				30,244,046
Metals & Mining—1.1%
Alamos Gold, Inc. (a)		473,500		2,680,010
Compass Minerals International, Inc.		146,300		12,017,082
				14,697,092
Multi-Utilities—0.3%
NorthWestern Corp.		87,800		4,280,250
Oil, Gas & Consumable Fuels—1.0%
Gulfport Energy Corp. (a)		197,100		7,933,275
Painted Pony Petroleum, Ltd. (a)		95,400		607,994
Painted Pony Petroleum, Ltd. (U.S. Listed Shares) (a)		152,700		974,226
Synergy Resources Corp. (a)		312,050		3,566,731
				13,082,226
Paper & Forest Products—0.7%
Stella-Jones, Inc.		294,850		9,890,478
Pharmaceuticals—0.3%
Phibro Animal Health Corp. - Class A		104,850		4,082,859
Professional Services—1.1%
Exponent, Inc.		287,156		12,858,846
Mistras Group, Inc. (a)		111,834		2,122,609
				14,981,455
Real Estate Management & Development—0.2%
Altisource Asset Management Corp. (a)		13,905		2,006,352
Road & Rail—0.2%
Genesee & Wyoming, Inc. - Class A (a)		43,500		3,313,830
Semiconductors & Semiconductor Equipment—1.0%
Power Integrations, Inc.		283,080		12,789,554

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Software—10.3%
Aspen Technology, Inc. (a)		106,300	$	4,841,965
Computer Modelling Group, Ltd.		297,000		3,118,500
Constellation Software, Inc.		49,920		19,818,520
Descartes Systems Group, Inc. (The) (a)		258,800		4,153,740
FactSet Research Systems, Inc.		73,900		12,009,489
Fair Isaac Corp.		110,450		10,026,651
Manhattan Associates, Inc. (a)		409,076		24,401,383
Monotype Imaging Holdings, Inc.		376,943		9,088,096
NetScout Systems, Inc. (a)		325,450		11,934,251
NICE Systems, Ltd. (ADR)		44,600		2,836,114
Progress Software Corp. (a)		46,500		1,278,750
Qualys, Inc. (a)		50,050		2,019,518
Solera Holdings, Inc.		255,950		11,405,132
Tyler Technologies, Inc. (a)		168,800		21,839,344
				138,771,453
Specialty Retail—3.9%
Asbury Automotive Group, Inc. (a)		49,700		4,503,814
Hibbett Sports, Inc. (a)		214,650		9,998,397
Lithia Motors, Inc. - Class A		52,650		5,957,874
Monro Muffler Brake, Inc.		53,050		3,297,588
Sally Beauty Holdings, Inc. (a)		375,550		11,859,869
Tractor Supply Co.		186,750		16,796,295
				52,413,837
Technology Hardware, Storage & Peripherals—0.7%
Electronics For Imaging, Inc. (a)		230,950		10,048,634
Trading Companies & Distributors—1.4%
Applied Industrial Technologies, Inc.		219,021		8,684,183
Watsco, Inc.		80,675		9,982,724
				18,666,907
Total Common Stocks (Cost $900,897,408)				1,325,014,795
Short-Term Investment—1.1%
Security Description	Shares		Value
Repurchase Agreement—1.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $15,349,271 on 07/01/15, collateralized by $14,225,000 U.S. Treasury Note at 3.625% due 08/15/19 with a value of $15,659,762.		15,349,271		15,349,271
Total Short-Term Investment (Cost $15,349,271)				15,349,271
Total Investments—99.6% (Cost $916,246,679) (b)				1,340,364,066
Other assets and liabilities (net)—0.4%				5,041,626
Net Assets—100.0%			$	1,345,405,692

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) As of June 30, 2015, the aggregate cost of investments was $916,246,679. The aggregate unrealized appreciation and depreciation of investments were $444,761,790 and $(20,644,403), respectively, resulting in net unrealized appreciation of $424,117,387.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	1,325,014,795	$	—	$	—	$	1,325,014,795
Total Short-Term Investment*		—		15,349,271		—		15,349,271
Total Investments	$	1,325,014,795	$	15,349,271	$	—	$	1,340,364,066

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a)	$	1,340,364,066
Cash denominated in foreign currencies (b)		2,182
Receivable for:
Investments sold		8,000,086
Fund shares sold		289,603
Dividends		655,453
Total Assets		1,349,311,390
Liabilities
Due to broker		109
Payables for:
Investments purchased		2,221,943
Fund shares redeemed		385,172
Accrued expenses:
Management fees		895,686
Distribution and service fees		86,042
Deferred trustees’ fees		101,424
Other expenses		215,322
Total Liabilities		3,905,698
Net Assets	$	1,345,405,692
Net assets consist of:
Paid in surplus	$	986,096,383
Undistributed net investment income		1,644,635
Accumulated net realized loss		(66,451,841	)
Unrealized appreciation on investments and foreign currency transactions		424,116,515
Net Assets	$	1,345,405,692
Net Assets
Class A	$	893,541,388
Class B		352,141,999
Class E		99,722,305
Capital Shares Outstanding*
Class A		47,338,478
Class B		18,946,888
Class E		5,339,508
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.88
Class B		18.59
Class E		18.68

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $916,246,679.

(b) Identified cost of cash denominated in foreign currencies was $2,200.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	7,996,999
Total investment income		7,996,999
Expenses
Management fees		5,659,821
Administration fees		16,620
Custodian and accounting fees		62,371
Distribution and service fees—Class B		446,873
Distribution and service fees—Class E		75,830
Audit and tax services		20,058
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		90,772
Insurance		4,580
Miscellaneous		8,924
Total expenses		6,419,606
Less management fee waiver		(61,987	)
Less broker commission recapture		(53,729	)
Net expenses		6,303,890
Net Investment Income		1,693,109
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		85,722,513
Futures contracts		(1,675,119	)
Foreign currency transactions		(11,500	)
Net realized gain		84,035,894
Net change in unrealized depreciation on:
Investments		(18,242,727	)
Foreign currency transactions		(912	)
Net change in unrealized depreciation		(18,243,639	)
Net realized and unrealized gain		65,792,255
Net Increase in Net Assets From Operations	$	67,485,364

(a) Net of foreign withholding taxes of $73,972.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	1,693,109		$	5,397,476
Net realized gain		84,035,894			118,314,496
Net change in unrealized depreciation		(18,243,639	)		(132,528,504	)
Increase (decrease) in net assets from operations		67,485,364			(8,816,532	)
From Distributions to Shareholders
Net investment income
Class A		(3,753,077	)		(4,302,810	)
Class B		(551,741	)		(792,309	)
Class E		(262,696	)		(284,767	)
Total distributions		(4,567,514	)		(5,379,886	)
Decrease in net assets from capital share transactions		(173,707,759	)		(224,471,934	)
Total decrease in net assets		(110,789,909	)		(238,668,352	)
Net Assets
Beginning of period		1,456,195,601			1,694,863,953
End of period	$	1,345,405,692		$	1,456,195,601
Undistributed net investment income
End of period	$	1,644,635		$	4,519,040

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		323,926		$	5,918,032			1,524,678		$	26,544,515
Reinvestments		196,805			3,753,077			248,430			4,302,810
Redemptions		(7,753,168	)		(143,961,038	)		(10,804,986	)		(188,921,386	)
Net decrease		(7,232,437	)	$	(134,289,929	)		(9,031,878	)	$	(158,074,061	)
Class B
Sales		246,040		$	4,474,903			988,287		$	17,045,998
Reinvestments		29,379			551,741			46,443			792,309
Redemptions		(1,974,618	)		(36,018,879	)		(3,855,708	)		(66,823,780	)
Net decrease		(1,699,199	)	$	(30,992,235	)		(2,820,978	)	$	(48,985,473	)
Class E
Sales		18,213		$	332,793			125,572		$	2,200,050
Reinvestments		13,921			262,696			16,614			284,767
Redemptions		(492,419	)		(9,021,084	)		(1,142,075	)		(19,897,217	)
Net decrease		(460,285	)	$	(8,425,595	)		(999,889	)	$	(17,412,400	)
Decrease derived from capital shares transactions				$	(173,707,759	)				$	(224,471,934	)

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.07		$	18.14		$	13.21		$	12.05		$	11.47		$	9.48
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.08			0.07			0.11			0.05			0.11
Net realized and unrealized gain (loss) on investments		0.86			(0.08	)		4.98			1.10			0.62			1.93
Total from investment operations		0.89			0.00			5.05			1.21			0.67			2.04
Less Distributions
Distributions from net investment income		(0.08	)		(0.07	)		(0.12	)		(0.05	)		(0.09	)		(0.05	)
Total distributions		(0.08	)		(0.07	)		(0.12	)		(0.05	)		(0.09	)		(0.05	)
Net Asset Value, End of Period	$	18.88		$	18.07		$	18.14		$	13.21		$	12.05		$	11.47
Total Return (%) (b)		4.92	(c)		0.01			38.52			10.03			5.80			21.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(d)		0.83			0.83			0.86			0.86			0.89
Net ratio of expenses to average net assets (%) (e)		0.83	(d)		0.83			0.82			0.85			0.85			0.88
Ratio of net investment income to average net assets (%)		0.31	(d)		0.43			0.42			0.89			0.40			1.09
Portfolio turnover rate (%)		9	(c)		9			17			15			12			84
Net assets, end of period (in millions)	$	893.5		$	985.8		$	1,154.0		$	922.1		$	868.1		$	729.6
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.76		$	17.85		$	13.00		$	11.86		$	11.30		$	9.34
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.03			0.03			0.08			0.02			0.06
Net realized and unrealized gain (loss) on investments		0.85			(0.08	)		4.91			1.08			0.61			1.93
Total from investment operations		0.86			(0.05	)		4.94			1.16			0.63			1.99
Less Distributions
Distributions from net investment income		(0.03	)		(0.04	)		(0.09	)		(0.02	)		(0.07	)		(0.03	)
Total distributions		(0.03	)		(0.04	)		(0.09	)		(0.02	)		(0.07	)		(0.03	)
Net Asset Value, End of Period	$	18.59		$	17.76		$	17.85		$	13.00		$	11.86		$	11.30
Total Return (%) (b)		4.83	(c)		(0.30	)		38.19			9.75			5.51			21.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.09	(d)		1.08			1.08			1.11			1.11			1.14
Net ratio of expenses to average net assets (%) (e)		1.08	(d)		1.08			1.07			1.10			1.10			1.13
Ratio of net investment income to average net assets (%)		0.07	(d)		0.18			0.22			0.63			0.14			0.64
Portfolio turnover rate (%)		9	(c)		9			17			15			12			84
Net assets, end of period (in millions)	$	352.1		$	366.8		$	418.9		$	117.0		$	118.2		$	122.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Financial Highlights

	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.86		$	17.94		$	13.06		$	11.91		$	11.35		$	9.38
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.05			0.04			0.09			0.03			0.07
Net realized and unrealized gain (loss) on investments		0.85			(0.09	)		4.94			1.09			0.60			1.94
Total from investment operations		0.87			(0.04	)		4.98			1.18			0.63			2.01
Less Distributions
Distributions from net investment income		(0.05	)		(0.04	)		(0.10	)		(0.03	)		(0.07	)		(0.04	)
Total distributions		(0.05	)		(0.04	)		(0.10	)		(0.03	)		(0.07	)		(0.04	)
Net Asset Value, End of Period	$	18.68		$	17.86		$	17.94		$	13.06		$	11.91		$	11.35
Total Return (%) (b)		4.86	(c)		(0.19	)		38.37			9.90			5.56			21.45
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.99	(d)		0.98			0.98			1.01			1.01			1.04
Net ratio of expenses to average net assets (%) (e)		0.98	(d)		0.98			0.97			1.00			1.00			1.03
Ratio of net investment income to average net assets (%)		0.17	(d)		0.28			0.28			0.72			0.24			0.71
Portfolio turnover rate (%)		9	(c)		9			17			15			12			84
Net assets, end of period (in millions)	$	99.7		$	103.6		$	122.0		$	90.6		$	97.1		$	112.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Neuberger Berman Genesis Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-13

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, passive foreign investment companies (PFICs), real estate investment trust (REIT) adjustments and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-14

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $15,349,271, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the six months ended June 30, 2015, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 28, 2015 through April 30, 2015, the Portfolio had bought and sold $67,917,698 in notional cost on equity index futures contracts. At June 30, 2015, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2015, the Portfolio had realized losses in the amount of $1,675,119 which are shown under Net realized loss on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing

MSF-15

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	121,957,215	$	0	$	272,530,770

During the six months ended June 30, 2015, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $3,790,646 in sales of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$5,659,821		0.850	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Neuberger Berman Management LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net assets
0.025%	First $500 million

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

MSF-16

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$5,379,886	$	9,257,934	$	—	$	—	$	5,379,886	$	9,257,934

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$4,664,018	$	—	$	442,550,404	$	(150,497,187	)	$	(228,247	)	$	296,488,988

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $118,395,770.

As of December 31, 2014, the Portfolio had short term post-enactment accumulated capital losses of $228,247. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/16*		Total
$121,521,199	$	28,975,988	$	150,497,187

* The Portfolio acquired capital losses in its merger with MIST MLA Mid Cap Portfolio on April 26, 2013.

MSF-17

Metropolitan Series Fund

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund

Russell 2000 Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, E, and G shares of the Russell 2000 Index Portfolio returned 4.83%, 4.68%, 4.75%, and 4.66%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 4.75%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2015, the Russell 2000 Index returned 4.75%. Equity markets were mixed in the first quarter as macroeconomic data and earnings reports disappointed investors and oil prices continued to fall. Weak macroeconomic data included U.S. durable goods orders, U.S. pending home sales, and U.S. Gross Domestic Product growth. Companies that reported lower than expected earnings results included Caterpillar, Procter & Gamble and Pfizer. In February, equity markets rallied as oil prices recovered and Greece reached a new bailout deal with the European Union. A strong U.S. payrolls report, a cease fire between Russia and Ukraine, and U.S. Federal Reserve Bank (the “Fed”) Chair Yellen’s comments that the Fed is unlikely to raise rates before June also contributed to positive performance. In the second quarter, equity markets were relatively flat as strong earnings reports, merger and acquisition activity, and easy monetary policies contrasted with fears about Greece’s potential exit from the eurozone, unrest in the Middle East, and uncertainty around the timing of the first Fed rate hike. A tentative nuclear agreement between Iranian and world leaders and the People’s Bank of China lowering the reserve requirement ratio more than expected helped global equity indexes. In June, equity markets declined as a Greek deal failed to materialize, Greek Prime Minister Tsipras called for a referendum on the bailout, and Greece imposed capital controls and shut banks and the stock market for six days. Islamic militant terrorist attacks, U.S. growth forecasts cut by the International Monetary Fund, and global growth forecasts cut by the Organization for Economic Co-operation and Development also weighed on the markets.

During the first six months, the Federal Open Market Committee (the “Committee”) met four times and maintained the target range for the federal funds rate at 0 to 0.25%. The Committee stated that economic activity had been expanding moderately after having changed little during the first quarter. The Committee also stated that it would be appropriate to raise the target range for the federal funds rate when it had seen further improvement in the labor market.

Five of the nine sectors comprising the Russell 2000 Index experienced positive returns for the first six months of 2015. Health Care (14.8% beginning weight in the benchmark), up 18.9%, was the best performing sector and had the largest positive impact on the benchmark. Technology (14.8% beginning weight), up 6.8%; and Consumer Discretionary (14.4% beginning weight), up 4.7%; were the next best-performing sectors. Utilities (4.5% beginning weight), down 4.8%; and Energy (3.2% beginning weight), down 4.5% were the worst performing sectors.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Synageva BioPharma, up 157.1%; Neurocrine Biosciences, up 113.8%; and Skechers USA, up 101.8%. The stocks with the largest negative impact were Lumber Liquidators Holdings, down 68.8%; Helix Energy Solutions, down 41.8%; and Puma Biotechnology, down 38.9%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the Russell 2000 Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across sectors. The Portfolio is periodically rebalanced for compositional changes in the Russell 2000 Index. Factors that impacted tracking error during the period included sampling, transaction costs, cash drag, securities lending, NAV rounding, contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

Russell 2000 Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Russell 2000 Index Portfolio
Class A		4.83		6.74		17.12		8.32		—
Class B		4.68		6.41		16.79		8.05		—
Class E		4.75		6.56		16.94		8.15		—
Class G		4.66		6.39		16.75		—		18.29
Russell 2000 Index		4.75		6.49		17.08		8.40		—

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98, 1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
iShares Russell 2000 Index Fund		3.0
Team Health Holdings, Inc.		0.2
Cepheid, Inc.		0.2
Manhattan Associates, Inc.		0.2
MAXIMUS, Inc.		0.2
Investors Bancorp, Inc.		0.2
Tyler Technologies, Inc.		0.2
HealthSouth Corp.		0.2
West Pharmaceutical Services, Inc.		0.2
Prosperity Bancshares, Inc.		0.2

Top Sectors

	% of Net Assets
Financials		25.8
Information Technology		16.2
Health Care		15.1
Consumer Discretionary		13.7
Industrials		12.1
Materials		3.8
Energy		3.6
Utilities		3.1
Consumer Staples		2.9
Telecommunication Services		0.8

MSF-2

Metropolitan Series Fund

Russell 2000 Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Russell 2000 Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.31	%	$	1,000.00	$	1,048.30	$	1.57
	Hypothetical*		0.31	%	$	1,000.00	$	1,023.26	$	1.56
Class B(a)	Actual		0.56	%	$	1,000.00	$	1,046.80	$	2.84
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81
Class E(a)	Actual		0.46	%	$	1,000.00	$	1,047.50	$	2.34
	Hypothetical*		0.46	%	$	1,000.00	$	1,022.51	$	2.31
Class G(a)	Actual		0.61	%	$	1,000.00	$	1,046.60	$	3.10
	Hypothetical*		0.61	%	$	1,000.00	$	1,021.77	$	3.06

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—94.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.5%
AAR Corp.		16,635	$	530,157
Aerojet Rocketdyne Holdings, Inc. (a) (b)		29,383		605,584
Aerovironment, Inc. (a)		8,967		233,859
American Science & Engineering, Inc. (b)		3,412		149,480
Astronics Corp. (a)		9,277		657,647
Cubic Corp.		9,993		475,467
Curtiss-Wright Corp.		22,029		1,595,781
DigitalGlobe, Inc. (a)		33,672		935,745
Ducommun, Inc. (a)		5,534		142,058
Engility Holdings, Inc.		8,737		219,823
Esterline Technologies Corp. (a)		14,168		1,350,777
HEICO Corp. (b)		9,014		525,516
HEICO Corp. - Class A		19,195		974,530
KEYW Holding Corp. (The) (a) (b)		16,705		155,691
KLX, Inc. (a)		24,509		1,081,582
Kratos Defense & Security Solutions, Inc. (a)		8,935		56,290
Moog, Inc. - Class A (a)		18,647		1,317,970
National Presto Industries, Inc.		2,572		206,583
Sparton Corp. (a)		5,744		156,926
TASER International, Inc. (a) (b)		26,071		868,425
Teledyne Technologies, Inc. (a)		16,039		1,692,275
Vectrus, Inc. (a)		5,231		130,095
				14,062,261
Air Freight & Logistics—0.5%
Air Transport Services Group, Inc. (a)		17,564		184,246
Atlas Air Worldwide Holdings, Inc. (a)		12,481		685,956
Echo Global Logistics, Inc. (a)		14,649		478,436
Forward Air Corp.		15,560		813,166
HUB Group, Inc. - Class A (a)		17,356		700,141
Park-Ohio Holdings Corp. (b)		4,748		230,088
UTi Worldwide, Inc. (a) (b)		35,712		356,763
XPO Logistics, Inc. (a) (b)		33,146		1,497,536
				4,946,332
Airlines—0.3%
Allegiant Travel Co.		6,222		1,106,769
Hawaiian Holdings, Inc. (a)		22,098		524,828
Republic Airways Holdings, Inc. (a)		25,789		236,743
SkyWest, Inc.		24,419		367,262
Virgin America, Inc. (a) (b)		11,940		328,111
				2,563,713
Auto Components—1.1%
American Axle & Manufacturing Holdings, Inc. (a) (b)		34,595		723,381
Cooper Tire & Rubber Co.		28,364		959,554
Cooper-Standard Holding, Inc. (a) (b)		6,881		422,975
Dana Holding Corp.		75,676		1,557,412
Dorman Products, Inc. (a) (b)		12,774		608,809
Drew Industries, Inc.		11,598		672,916
Federal-Mogul Holdings Corp. (a)		14,782		167,776
Fox Factory Holding Corp. (a)		8,514		136,905
Gentherm, Inc. (a)		17,276		948,625
Metaldyne Performance Group, Inc.		4,718		85,632
Modine Manufacturing Co. (a)		15,717		168,643
Auto Components—(Continued)
Motorcar Parts of America, Inc. (a)		8,000		240,720
Remy International, Inc.		13,745		303,902
Standard Motor Products, Inc.		9,638		338,487
Stoneridge, Inc. (a)		13,705		160,485
Strattec Security Corp. (b)		1,911		131,286
Superior Industries International, Inc.		12,615		230,981
Tenneco, Inc. (a)		29,432		1,690,574
Tower International, Inc. (a)		10,455		272,353
				9,821,416
Automobiles—0.0%
Winnebago Industries, Inc. (b)		12,257		289,143
Banks—8.0%
1st Source Corp.		8,143		277,839
Ameris Bancorp		13,498		341,364
Ames National Corp.		4,647		116,640
Arrow Financial Corp.		5,706		154,233
Banc of California, Inc.		17,545		241,244
Bancfirst Corp.		3,589		234,900
Banco Latinoamericano de Comercio Exterior S.A. - Class E (b)		14,005		450,681
Bancorp, Inc. (The) (a)		8,200		76,096
BancorpSouth, Inc.		46,488		1,197,531
Bank of Marin Bancorp		3,199		162,733
Bank of the Ozarks, Inc. (b)		36,111		1,652,078
Banner Corp.		10,387		497,849
Bar Harbor Bankshares		3,014		106,786
BBCN Bancorp, Inc.		39,760		588,050
Berkshire Hills Bancorp, Inc.		14,754		420,194
Blue Hills Bancorp, Inc. (a)		13,063		182,882
BNC Bancorp		10,025		193,783
Boston Private Financial Holdings, Inc.		40,232		539,511
Bridge Bancorp, Inc. (b)		6,098		162,756
Bridge Capital Holdings (a)		5,459		162,678
Bryn Mawr Bank Corp.		8,151		245,834
Camden National Corp.		3,953		152,981
Capital Bank Financial Corp. - Class A (a)		11,460		333,142
Cardinal Financial Corp.		17,067		371,890
Cathay General Bancorp		37,025		1,201,461
Centerstate Banks, Inc.		21,605		291,884
Central Pacific Financial Corp.		10,976		260,680
Chemical Financial Corp.		16,215		536,068
Citizens & Northern Corp. (b)		6,716		138,014
City Holding Co. (b)		6,368		313,624
CNB Financial Corp.		6,782		124,789
CoBiz Financial, Inc.		17,832		233,064
Columbia Banking System, Inc.		26,670		867,842
Community Bank System, Inc. (b)		19,773		746,826
Community Trust Bancorp, Inc.		8,162		284,609
ConnectOne Bancorp, Inc.		12,322		265,293
CU Bancorp (a)		8,163		180,892
Customers Bancorp, Inc. (a)		11,686		314,237
CVB Financial Corp. (b)		52,144		918,256
Eagle Bancorp, Inc. (a)		14,470		636,101
Enterprise Financial Services Corp.		11,259		256,367

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
FCB Financial Holdings, Inc. - Class A (a)		13,180	$	419,124
Fidelity Southern Corp.		7,991		139,363
Financial Institutions, Inc.		6,461		160,491
First Bancorp (a)		37,376		180,152
First Bancorp		8,573		142,998
First Busey Corp.		36,777		241,625
First Citizens BancShares, Inc. - Class A		3,585		942,998
First Commonwealth Financial Corp.		36,640		351,378
First Community Bancshares, Inc.		8,470		154,323
First Connecticut Bancorp, Inc.		9,833		156,050
First Financial Bancorp		28,214		506,159
First Financial Bankshares, Inc. (b)		30,535		1,057,732
First Financial Corp.		6,038		215,919
First Interstate BancSystem, Inc. - Class A		9,233		256,123
First Merchants Corp.		18,171		448,824
First Midwest Bancorp, Inc.		38,435		729,112
First NBC Bank Holding Co. (a)		7,557		272,052
First of Long Island Corp. (The)		5,032		139,487
FirstMerit Corp.		78,803		1,641,467
Flushing Financial Corp.		15,132		317,923
FNB Corp. (b)		81,774		1,171,004
Fulton Financial Corp.		82,075		1,071,900
German American Bancorp, Inc.		6,759		199,053
Glacier Bancorp, Inc.		36,532		1,074,771
Great Southern Bancorp, Inc.		6,069		255,748
Great Western Bancorp, Inc.		19,405		467,855
Guaranty Bancorp		8,675		143,224
Hancock Holding Co.		36,160		1,153,866
Hanmi Financial Corp.		15,681		389,516
Heartland Financial USA, Inc.		7,703		286,706
Heritage Financial Corp.		12,896		230,452
Hilltop Holdings, Inc. (a)		34,119		821,927
Home BancShares, Inc.		26,645		974,141
HomeTrust Bancshares, Inc. (a)		10,270		172,125
Horizon Bancorp		5,200		129,792
Hudson Valley Holding Corp.		7,889		222,549
Iberiabank Corp.		17,718		1,208,899
Independent Bank Corp.		11,835		554,943
Independent Bank Corp.		11,863		160,862
Independent Bank Group, Inc. (b)		4,624		198,370
International Bancshares Corp.		27,173		730,139
Investors Bancorp, Inc.		161,358		1,984,703
Lakeland Bancorp, Inc.		17,320		205,935
Lakeland Financial Corp.		8,139		352,988
LegacyTexas Financial Group, Inc.		22,230		671,346
MainSource Financial Group, Inc.		10,246		224,900
MB Financial, Inc.		34,863		1,200,682
Mercantile Bank Corp.		8,647		185,132
Metro Bancorp, Inc.		7,930		207,290
MidWestOne Financial Group, Inc.		3,645		119,993
National Bank Holdings Corp. - Class A		17,203		358,338
National Penn Bancshares, Inc.		65,334		736,968
NBT Bancorp, Inc.		20,117		526,462
NewBridge Bancorp		14,434		128,896
OFG Bancorp		19,884		212,162
Old National Bancorp		50,499		730,216
Opus Bank		5,056		182,926
Banks—(Continued)
Pacific Continental Corp.		10,841		146,679
Pacific Premier Bancorp, Inc. (a)		8,535		144,754
Park National Corp.		5,773		504,387
Park Sterling Corp.		17,566		126,475
Peapack Gladstone Financial Corp.		6,672		148,252
Peoples Bancorp, Inc.		10,141		236,691
Peoples Financial Services Corp. (b)		4,884		193,455
Pinnacle Financial Partners, Inc.		16,556		900,150
Preferred Bank		6,777		203,649
PrivateBancorp, Inc.		36,432		1,450,722
Prosperity Bancshares, Inc.		32,417		1,871,758
QCR Holdings, Inc.		5,811		126,447
Renasant Corp.		15,636		509,734
Republic Bancorp, Inc. - Class A		5,421		139,320
S&T Bancorp, Inc.		15,660		463,379
Sandy Spring Bancorp, Inc.		13,670		382,487
Seacoast Banking Corp. of Florida (a)		10,342		163,404
ServisFirst Bancshares, Inc.		10,517		395,124
Simmons First National Corp. - Class A		13,943		650,859
South State Corp.		10,917		829,583
Southside Bancshares, Inc.		12,997		379,902
Southwest Bancorp, Inc.		11,069		205,994
Square 1 Financial, Inc. - Class A (a)		8,107		221,726
State Bank Financial Corp. (b)		16,379		355,424
Sterling Bancorp		42,278		621,487
Stock Yards Bancorp, Inc.		7,089		267,893
Stonegate Bank		5,132		152,266
Suffolk Bancorp		6,378		163,659
Susquehanna Bancshares, Inc.		84,615		1,194,764
Talmer Bancorp, Inc. - Class A		25,714		430,710
Texas Capital Bancshares, Inc. (a)		20,536		1,278,161
Tompkins Financial Corp.		7,424		398,817
TowneBank		19,403		316,075
TriCo Bancshares		11,155		268,278
TriState Capital Holdings, Inc. (a)		11,422		147,686
Trustmark Corp.		30,283		756,469
UMB Financial Corp. (b)		17,961		1,024,136
Umpqua Holdings Corp. (b)		102,073		1,836,293
Union Bankshares Corp.		22,489		522,644
United Bankshares, Inc. (b)		32,641		1,313,147
United Community Banks, Inc.		24,926		520,206
Univest Corp. of Pennsylvania		9,559		194,621
Valley National Bancorp (b)		100,359		1,034,701
Washington Trust Bancorp, Inc.		7,713		304,509
Webster Financial Corp.		41,644		1,647,020
WesBanco, Inc.		17,978		611,612
West Bancorp, Inc.		8,036		159,434
Westamerica Bancorp (b)		12,513		633,783
Western Alliance Bancorp (a)		37,712		1,273,157
Wilshire Bancorp, Inc.		35,291		445,725
Wintrust Financial Corp.		22,057		1,177,403
Yadkin Financial Corp. (a)		10,344		216,707
				74,215,479
Beverages—0.2%
Boston Beer Co., Inc. (The) - Class A (a)		4,062		942,343
Coca-Cola Bottling Co. Consolidated		2,376		358,942

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Beverages—(Continued)
National Beverage Corp. (a)		7,440	$	167,326
				1,468,611
Biotechnology—6.3%
ACADIA Pharmaceuticals, Inc. (a)		36,940		1,547,047
Acceleron Pharma, Inc. (a)		10,318		326,462
Achillion Pharmaceuticals, Inc. (a) (b)		56,103		497,073
Acorda Therapeutics, Inc. (a) (b)		20,455		681,765
Adamas Pharmaceuticals, Inc. (a)		5,162		135,348
Aduro Biotech, Inc. (a)		5,108		154,926
Advaxis, Inc. (a)		14,489		294,561
Aegerion Pharmaceuticals, Inc. (a) (b)		14,687		278,612
Agenus, Inc. (a) (b)		32,824		283,271
Akebia Therapeutics, Inc. (a)		12,302		126,588
Alder Biopharmaceuticals, Inc. (a) (b)		9,698		513,703
AMAG Pharmaceuticals, Inc. (a) (b)		14,202		980,790
Amicus Therapeutics, Inc. (a)		45,144		638,788
Anacor Pharmaceuticals, Inc. (a) (b)		19,003		1,471,402
Anthera Pharmaceuticals, Inc. (a)		17,682		152,419
Arena Pharmaceuticals, Inc. (a) (b)		91,964		426,713
ARIAD Pharmaceuticals, Inc. (a) (b)		81,659		675,320
Array BioPharma, Inc. (a) (b)		64,536		465,305
Arrowhead Research Corp. (a) (b)		25,887		185,092
Atara Biotherapeutics, Inc. (a) (b)		6,865		362,197
Avalanche Biotechnologies, Inc. (a)		9,624		156,294
BioCryst Pharmaceuticals, Inc. (a) (b)		34,840		520,161
BioSpecifics Technologies Corp. (a)		2,463		127,091
Blueprint Medicines Corp. (a)		5,831		154,463
Catalyst Pharmaceuticals, Inc. (a)		37,037		152,963
Celldex Therapeutics, Inc. (a)		47,742		1,204,053
Cellular Biomedicine Group, Inc. (a)		5,772		216,508
Cepheid, Inc. (a) (b)		34,332		2,099,402
ChemoCentryx, Inc. (a)		15,036		123,746
Chimerix, Inc. (a)		19,248		889,258
Clovis Oncology, Inc. (a) (b)		12,230		1,074,772
Coherus Biosciences, Inc. (a)		11,228		324,489
Concert Pharmaceuticals, Inc. (a)		7,706		114,742
CTI BioPharma Corp. (a) (b)		24,587		47,945
Curis, Inc. (a)		54,612		180,766
Cytokinetics, Inc. (a) (b)		18,716		125,772
CytRx Corp. (a) (b)		4,374		16,271
Dyax Corp. (a)		69,204		1,833,906
Dynavax Technologies Corp. (a) (b)		13,709		321,133
Eagle Pharmaceuticals, Inc. (a)		4,073		329,343
Emergent Biosolutions, Inc. (a)		13,410		441,859
Enanta Pharmaceuticals, Inc. (a) (b)		7,598		341,834
Epizyme, Inc. (a) (b)		13,833		331,992
Esperion Therapeutics, Inc. (a)		6,166		504,132
Exact Sciences Corp. (a) (b)		43,408		1,290,954
Exelixis, Inc. (a) (b)		72,244		271,637
FibroGen, Inc. (a)		22,468		527,998
Five Prime Therapeutics, Inc. (a) (b)		8,981		223,088
Flexion Therapeutics, Inc. (a)		6,860		150,165
Foundation Medicine, Inc. (a)		7,156		242,159
Galena Biopharma, Inc. (a) (b)		11,766		20,002
Genocea Biosciences, Inc. (a)		9,368		128,623
Biotechnology—(Continued)
Genomic Health, Inc. (a) (b)		8,810		244,830
Geron Corp. (a) (b)		58,006		248,266
Halozyme Therapeutics, Inc. (a) (b)		51,119		1,154,267
Heron Therapeutics, Inc. (a) (b)		11,263		350,955
Idera Pharmaceuticals, Inc. (a) (b)		14,856		55,116
Ignyta, Inc. (a)		9,090		137,168
Immune Design Corp. (a)		5,624		116,136
ImmunoGen, Inc. (a)		44,397		638,429
Immunomedics, Inc. (a) (b)		39,907		162,022
Infinity Pharmaceuticals, Inc. (a)		24,496		268,231
Inovio Pharmaceuticals, Inc. (a) (b)		36,297		296,184
Insmed, Inc. (a) (b)		30,343		740,976
Insys Therapeutics, Inc. (a)		11,118		399,359
Ironwood Pharmaceuticals, Inc. (a) (b)		58,760		708,646
Karyopharm Therapeutics, Inc. (a) (b)		11,019		299,827
Keryx Biopharmaceuticals, Inc. (a) (b)		50,118		500,178
Kite Pharma, Inc. (a) (b)		13,446		819,803
KYTHERA Biopharmaceuticals, Inc. (a)		12,020		905,226
La Jolla Pharmaceutical Co. (a)		5,744		140,785
Lexicon Pharmaceuticals, Inc. (a) (b)		17,177		138,275
Ligand Pharmaceuticals, Inc. (a) (b)		8,179		825,261
Lion Biotechnologies, Inc. (a)		25,388		232,808
MacroGenics, Inc. (a)		13,229		502,305
MannKind Corp. (a) (b)		111,868		636,529
Merrimack Pharmaceuticals, Inc. (a) (b)		51,565		637,601
MiMedx Group, Inc. (a) (b)		49,469		573,346
Mirati Therapeutics, Inc. (a) (b)		4,660		146,650
Momenta Pharmaceuticals, Inc. (a)		26,806		611,445
Myriad Genetics, Inc. (a)		32,284		1,097,333
Navidea Biopharmaceuticals, Inc. (a)		75,619		121,747
Neurocrine Biosciences, Inc. (a)		39,063		1,865,649
NewLink Genetics Corp. (a)		8,942		395,862
Northwest Biotherapeutics, Inc. (a) (b)		18,629		184,986
Novavax, Inc. (a) (b)		130,917		1,458,415
OncoMed Pharmaceuticals, Inc. (a) (b)		6,539		147,127
Oncothyreon, Inc. (a) (b)		24,577		91,918
Ophthotech Corp. (a) (b)		11,108		578,282
Orexigen Therapeutics, Inc. (a)		37,757		186,897
Organovo Holdings, Inc. (a) (b)		14,050		52,968
Osiris Therapeutics, Inc. (a) (b)		9,827		191,233
Otonomy, Inc. (a)		7,267		167,068
OvaScience, Inc. (a) (b)		11,135		322,136
PDL BioPharma, Inc. (b)		67,220		432,225
Peregrine Pharmaceuticals, Inc. (a) (b)		22,982		30,106
Pfenex, Inc. (a)		8,039		155,957
Portola Pharmaceuticals, Inc. (a)		22,529		1,026,196
Progenics Pharmaceuticals, Inc. (a) (b)		32,263		240,682
Prothena Corp. plc (a) (b)		15,217		801,479
PTC Therapeutics, Inc. (a) (b)		15,786		759,780
Radius Health, Inc. (a)		13,632		922,886
Raptor Pharmaceutical Corp. (a) (b)		39,815		628,679
Regulus Therapeutics, Inc. (a) (b)		14,017		153,626
Repligen Corp. (a)		15,913		656,730
Retrophin, Inc. (a)		16,403		543,759
Rigel Pharmaceuticals, Inc. (a)		17,518		56,233
Sage Therapeutics, Inc. (a)		6,488		473,624
Sangamo Biosciences, Inc. (a) (b)		31,616		350,621

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Sarepta Therapeutics, Inc. (a) (b)		19,766	$	601,479
Sorrento Therapeutics, Inc. (a)		13,643		240,390
Spark Therapeutics, Inc. (a) (b)		4,906		295,685
Spectrum Pharmaceuticals, Inc. (a) (b)		30,932		211,575
Synergy Pharmaceuticals, Inc. (a) (b)		42,569		353,323
Synta Pharmaceuticals Corp. (a)		46,117		102,841
TESARO, Inc. (a) (b)		10,530		619,059
TG Therapeutics, Inc. (a) (b)		16,876		279,973
Threshold Pharmaceuticals, Inc. (a) (b)		6,729		27,185
Trovagene, Inc. (a)		12,381		125,667
Ultragenyx Pharmaceutical, Inc. (a)		16,635		1,703,258
Vanda Pharmaceuticals, Inc. (a) (b)		20,273		257,264
Verastem, Inc. (a) (b)		15,532		117,111
Versartis, Inc. (a)		10,994		167,329
Vital Therapies, Inc. (a)		8,219		173,421
Xencor, Inc. (a)		13,567		298,067
XOMA Corp. (a) (b)		17,274		67,023
Zafgen, Inc. (a) (b)		7,873		272,642
ZIOPHARM Oncology, Inc. (a) (b)		53,630		643,560
				57,826,583
Building Products—0.8%
AAON, Inc. (b)		21,161		476,546
Advanced Drainage Systems, Inc. (b)		15,729		461,332
American Woodmark Corp. (a)		5,650		309,902
Apogee Enterprises, Inc.		13,684		720,326
Builders FirstSource, Inc. (a)		18,481		237,296
Continental Building Products, Inc. (a)		14,810		313,824
Gibraltar Industries, Inc. (a)		14,856		302,617
Griffon Corp.		14,438		229,853
Insteel Industries, Inc.		9,958		186,215
Masonite International Corp. (a)		14,468		1,014,351
NCI Building Systems, Inc. (a)		8,025		120,937
Nortek, Inc. (a) (b)		4,481		372,505
Patrick Industries, Inc. (a)		5,493		209,009
PGT, Inc. (a)		17,619		255,652
Ply Gem Holdings, Inc. (a) (b)		11,295		133,168
Quanex Building Products Corp.		17,697		379,247
Simpson Manufacturing Co., Inc.		20,877		709,818
Trex Co., Inc. (a)		14,671		725,187
Universal Forest Products, Inc.		8,783		456,979
				7,614,764
Capital Markets—1.4%
Arlington Asset Investment Corp. - Class A (b)		10,056		196,695
BGC Partners, Inc. - Class A		75,091		657,046
Calamos Asset Management, Inc. - Class A		3,322		40,695
Cohen & Steers, Inc.		9,693		330,337
Cowen Group, Inc. - Class A (a)		42,639		272,890
Diamond Hill Investment Group, Inc. (b)		1,546		308,674
Evercore Partners, Inc. - Class A		16,148		871,346
Financial Engines, Inc. (b)		24,757		1,051,677
GAMCO Investors, Inc. - Class A		3,184		218,773
Greenhill & Co., Inc. (b)		13,790		569,941
HFF, Inc. - Class A		17,641		736,159
International FCStone, Inc. (a)		7,668		254,884
Capital Markets—(Continued)
Investment Technology Group, Inc.		17,949		445,135
Janus Capital Group, Inc. (b)		67,429		1,154,384
KCG Holdings, Inc. - Class A (a)		26,569		327,596
Ladenburg Thalmann Financial Services, Inc. (a) (b)		24,282		84,987
Moelis & Co. - Class A (b)		8,425		241,882
OM Asset Management plc		14,839		263,986
Oppenheimer Holdings, Inc. - Class A		5,749		151,084
Piper Jaffray Cos. (a)		7,967		347,680
RCS Capital Corp. - Class A (a)		24,097		184,583
Safeguard Scientifics, Inc. (a) (b)		11,857		230,737
Stifel Financial Corp. (a)		31,775		1,834,688
Virtu Financial, Inc. - Class A (a)		10,626		249,498
Virtus Investment Partners, Inc.		3,430		453,618
Walter Investment Management Corp. (a) (b)		19,069		436,108
Westwood Holdings Group, Inc.		3,352		199,679
WisdomTree Investments, Inc. (b)		50,887		1,117,733
				13,232,495
Chemicals—1.9%
A. Schulman, Inc.		12,946		565,999
American Vanguard Corp. (b)		14,887		205,441
Axiall Corp.		33,438		1,205,440
Balchem Corp.		15,297		852,349
Calgon Carbon Corp.		26,333		510,334
Chase Corp.		3,533		140,437
Chemtura Corp. (a)		32,639		924,010
Ferro Corp. (a)		34,923		586,008
Flotek Industries, Inc. (a) (b)		26,380		330,541
FutureFuel Corp.		10,195		131,210
Hawkins, Inc.		4,778		192,983
HB Fuller Co.		23,919		971,590
Innophos Holdings, Inc.		9,884		520,294
Innospec, Inc.		12,490		562,550
Intrepid Potash, Inc. (a) (b)		19,646		234,573
KMG Chemicals, Inc.		5,294		134,679
Koppers Holdings, Inc.		10,265		253,751
Kraton Performance Polymers, Inc. (a)		16,524		394,593
Kronos Worldwide, Inc. (b)		10,959		120,111
LSB Industries, Inc. (a)		9,253		377,892
Minerals Technologies, Inc.		15,461		1,053,358
Olin Corp.		38,118		1,027,280
OM Group, Inc.		13,515		454,104
OMNOVA Solutions, Inc. (a)		12,521		93,782
PolyOne Corp.		40,607		1,590,576
Quaker Chemical Corp.		6,591		585,544
Rayonier Advanced Materials, Inc		19,176		311,802
Rentech, Inc. (a) (b)		27,156		29,057
Senomyx, Inc. (a) (b)		4,549		24,383
Sensient Technologies Corp.		21,287		1,454,754
Stepan Co.		9,701		524,921
Trecora Resources (a)		10,819		163,367
Tredegar Corp.		13,367		295,544
Trinseo S.A. (a) (b)		6,267		168,206
Tronox, Ltd. - Class A		30,359		444,152
				17,435,615

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—2.0%
ABM Industries, Inc.		27,975	$	919,538
ACCO Brands Corp. (a)		43,659		339,230
ARC Document Solutions, Inc. (a)		8,120		61,793
Brady Corp. - Class A		22,732		562,390
Brink’s Co. (The) (b)		24,924		733,513
Casella Waste Systems, Inc. - Class A (a)		3,929		22,042
Ceco Environmental Corp.		9,240		104,689
Civeo Corp.		45,952		141,073
Deluxe Corp.		23,936		1,484,032
Ennis, Inc.		14,123		262,547
Essendant, Inc.		16,899		663,286
G&K Services, Inc. - Class A		9,849		680,960
Healthcare Services Group, Inc. (b)		34,663		1,145,612
Herman Miller, Inc.		29,708		859,452
HNI Corp.		20,250		1,035,788
InnerWorkings, Inc. (a)		4,546		30,322
Interface, Inc.		31,333		784,892
Kimball International, Inc. - Class B		10,652		129,528
Knoll, Inc.		23,781		595,238
Matthews International Corp. - Class A		15,251		810,438
McGrath RentCorp		13,375		407,001
Mobile Mini, Inc.		20,648		868,042
MSA Safety, Inc.		14,087		683,360
Multi-Color Corp.		6,168		394,012
Quad/Graphics, Inc.		13,076		242,037
SP Plus Corp. (a)		8,683		226,713
Steelcase, Inc. - Class A		41,383		782,553
Team, Inc. (a)		10,055		404,714
Tetra Tech, Inc. (e)		27,830		713,561
U.S. Ecology, Inc. (b)		10,067		490,464
UniFirst Corp.		7,187		803,866
Viad Corp.		11,786		319,519
West Corp.		24,184		727,938
				18,430,143
Communications Equipment—1.3%
ADTRAN, Inc.		24,190		393,088
Alliance Fiber Optic Products, Inc.		6,973		129,349
Applied Optoelectronics, Inc. (a)		8,235		142,960
Bel Fuse, Inc. - Class B		5,525		113,373
Black Box Corp.		10,414		208,280
CalAmp Corp. (a) (b)		19,380		353,879
Calix, Inc. (a)		19,494		148,349
Ciena Corp. (a) (b)		54,524		1,291,128
Comtech Telecommunications Corp.		8,068		234,375
Digi International, Inc. (a)		4,218		40,282
Extreme Networks, Inc. (a)		14,014		37,698
Finisar Corp. (a) (b)		50,382		900,326
Harmonic, Inc. (a)		34,340		234,542
Infinera Corp. (a) (b)		62,922		1,320,104
InterDigital, Inc. (b)		17,703		1,007,124
Ixia (a)		28,748		357,625
KVH Industries, Inc. (a)		8,641		116,221
NETGEAR, Inc. (a)		17,479		524,720
Oclaro, Inc. (a) (b)		8,513		19,239
Plantronics, Inc.		19,134		1,077,436
Communications Equipment—(Continued)
Polycom, Inc. (a)		67,951		777,359
Ruckus Wireless, Inc. (a) (b)		32,295		333,930
ShoreTel, Inc. (a)		28,961		196,356
Sonus Networks, Inc. (a) (b)		14,882		102,983
Ubiquiti Networks, Inc. (b)		14,660		467,874
ViaSat, Inc. (a) (b)		19,916		1,200,138
				11,728,738
Construction & Engineering—0.6%
Aegion Corp. (a)		14,940		282,964
Argan, Inc.		6,140		247,626
Comfort Systems USA, Inc.		19,376		444,679
Dycom Industries, Inc. (a)		16,749		985,679
EMCOR Group, Inc.		28,642		1,368,228
Furmanite Corp. (a)		7,914		64,262
Granite Construction, Inc.		19,068		677,105
Great Lakes Dredge & Dock Corp. (a)		13,918		82,951
MasTec, Inc. (a)		32,059		637,012
MYR Group, Inc. (a)		10,017		310,126
Primoris Services Corp.		17,845		353,331
Tutor Perini Corp. (a)		19,192		414,164
				5,868,127
Construction Materials—0.1%
Headwaters, Inc. (a)		35,983		655,610
Summit Materials, Inc. - Class A (a)		13,440		342,720
U.S. Concrete, Inc. (a) (b)		7,217		273,452
				1,271,782
Consumer Finance—0.5%
Cash America International, Inc. (b)		14,003		366,739
Encore Capital Group, Inc. (a) (b)		12,804		547,243
Enova International, Inc. (a)		12,812		239,328
Ezcorp, Inc. - Class A (a) (b)		11,992		89,101
First Cash Financial Services, Inc. (a)		12,552		572,246
Green Dot Corp. - Class A (a)		21,594		412,877
Nelnet, Inc. - Class A		10,320		446,959
PRA Group, Inc. (a) (b)		22,334		1,391,631
World Acceptance Corp. (a) (b)		3,560		218,976
				4,285,100
Containers & Packaging—0.3%
AEP Industries, Inc. (a)		2,193		121,054
Berry Plastics Group, Inc. (a)		55,200		1,788,480
Greif, Inc. - Class A		14,378		515,451
Myers Industries, Inc.		13,337		253,403
				2,678,388
Distributors—0.2%
Core-Mark Holding Co., Inc.		11,438		677,701
Pool Corp.		20,211		1,418,408
				2,096,109

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Consumer Services—1.1%
2U, Inc. (a)		11,421	$	367,642
American Public Education, Inc. (a)		8,921		229,448
Apollo Education Group, Inc. (a)		44,173		568,948
Ascent Capital Group, Inc. - Class A (a)		6,860		293,197
Bright Horizons Family Solutions, Inc. (a)		17,415		1,006,587
Capella Education Co.		5,633		302,323
Career Education Corp. (a)		3,867		12,761
Carriage Services, Inc. (b)		9,414		224,806
Chegg, Inc. (a) (b)		25,551		200,320
DeVry Education Group, Inc.		29,702		890,466
Grand Canyon Education, Inc. (a)		22,843		968,543
Houghton Mifflin Harcourt Co. (a)		63,495		1,600,074
K12, Inc. (a)		17,337		219,313
LifeLock, Inc. (a) (b)		44,145		723,978
Regis Corp. (a)		18,180		286,517
Sotheby’s (b)		30,046		1,359,281
Steiner Leisure, Ltd. (a)		5,716		307,407
Strayer Education, Inc. (a)		5,524		238,084
				9,799,695
Diversified Financial Services—0.4%
FNFV Group (a)		37,452		576,012
Gain Capital Holdings, Inc.		12,111		115,781
MarketAxess Holdings, Inc.		16,887		1,566,607
NewStar Financial, Inc. (a)		5,661		62,271
PHH Corp. (a)		24,884		647,731
PICO Holdings, Inc. (a)		12,147		178,804
Tiptree Financial, Inc. - Class A		15,090		109,402
				3,256,608
Diversified Telecommunication Services—0.7%
8x8, Inc. (a) (b)		32,958		295,304
Atlantic Tele-Network, Inc.		4,754		328,406
Cincinnati Bell, Inc. (a)		77,434		295,798
Cogent Communications Holdings, Inc.		22,011		744,852
Consolidated Communications Holdings, Inc. (b)		24,229		509,051
Fairpoint Communications, Inc. (a)		11,602		211,389
General Communication, Inc. - Class A (a)		16,537		281,294
Globalstar, Inc. (a) (b)		221,350		467,049
Hawaiian Telcom Holdco, Inc. (a) (b)		6,401		167,066
IDT Corp. - Class B		8,438		152,559
inContact, Inc. (a)		27,382		270,260
Inteliquent, Inc.		16,025		294,860
Intelsat S.A. (a) (b)		13,533		134,247
Iridium Communications, Inc. (a) (b)		30,237		274,854
Lumos Networks Corp.		8,454		125,035
ORBCOMM, Inc. (a)		27,147		183,242
Pacific DataVision, Inc. (a)		6,964		293,393
Premiere Global Services, Inc. (a)		15,601		160,534
Straight Path Communications, Inc. - Class B (a)		4,448		145,850
Vonage Holdings Corp. (a)		86,416		424,303
Windstream Holdings, Inc.		47,088		300,422
				6,059,768
Electric Utilities—1.0%
ALLETE, Inc.		23,439		1,087,335
Cleco Corp.		27,239		1,466,820
El Paso Electric Co.		18,779		650,880
Empire District Electric Co. (The)		22,399		488,298
IDACORP, Inc.		22,725		1,275,781
MGE Energy, Inc.		16,879		653,724
Otter Tail Corp. (b)		18,873		502,022
PNM Resources, Inc.		34,831		856,843
Portland General Electric Co.		38,033		1,261,174
UIL Holdings Corp.		25,300		1,159,246
Unitil Corp.		7,429		245,306
				9,647,429
Electrical Equipment—0.8%
AZZ, Inc.		12,522		648,640
Encore Wire Corp.		10,537		466,684
EnerSys (b)		20,139		1,415,570
Enphase Energy, Inc. (a)		14,019		106,684
Franklin Electric Co., Inc.		23,378		755,811
FuelCell Energy, Inc. (a) (b)		86,190		84,199
Generac Holdings, Inc. (a) (b)		31,228		1,241,313
General Cable Corp.		24,951		492,283
GrafTech International, Ltd. (a)		39,461		195,726
Plug Power, Inc. (a) (b)		40,337		98,826
Polypore International, Inc. (a)		21,441		1,283,887
Powell Industries, Inc.		4,404		154,889
Power Solutions International, Inc. (a) (b)		2,293		123,868
PowerSecure International, Inc. (a)		11,742		173,312
Thermon Group Holdings, Inc. (a)		15,847		381,437
				7,623,129
Electronic Equipment, Instruments & Components—2.4%
Anixter International, Inc. (a)		13,642		888,776
AVX Corp.		21,871		294,384
Badger Meter, Inc. (b)		6,820		433,002
Belden, Inc.		19,726		1,602,343
Benchmark Electronics, Inc. (a)		26,588		579,087
Checkpoint Systems, Inc.		21,005		213,831
Coherent, Inc. (a)		10,815		686,536
CTS Corp.		18,070		348,209
Daktronics, Inc.		18,513		219,564
DTS, Inc. (a)		9,298		283,496
Fabrinet (a)		17,507		327,906
FARO Technologies, Inc. (a) (b)		8,551		399,332
FEI Co. (b)		19,233		1,594,993
GSI Group, Inc. (a)		18,739		281,647
II-VI, Inc. (a)		27,302		518,192
Insight Enterprises, Inc. (a) (e)		19,337		578,370
InvenSense, Inc. (a) (b)		34,992		528,379
Itron, Inc. (a)		17,053		587,305
Kimball Electronics, Inc. (a)		14,109		205,850
Knowles Corp. (a)		39,623		717,176
Littelfuse, Inc.		10,194		967,309
Mercury Systems, Inc. (a)		15,581		228,106
Mesa Laboratories, Inc.		1,474		131,038
Methode Electronics, Inc.		19,169		526,189

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
MTS Systems Corp.		7,482	$	515,884
Newport Corp. (a)		20,202		383,030
OSI Systems, Inc. (a)		8,661		613,112
Park Electrochemical Corp.		10,569		202,502
PC Connection, Inc.		5,366		132,755
Plexus Corp. (a) (e)		15,326		672,505
RealD, Inc. (a) (b)		18,684		230,374
Rofin-Sinar Technologies, Inc. (a)		15,227		420,265
Rogers Corp. (a)		8,965		592,945
Sanmina Corp. (a)		38,495		776,059
ScanSource, Inc. (a)		14,516		552,479
SYNNEX Corp.		13,395		980,380
Tech Data Corp. (a)		17,007		978,923
TTM Technologies, Inc. (a) (b)		26,923		268,961
Universal Display Corp. (a) (b)		19,252		995,906
Vishay Intertechnology, Inc.		63,046		736,377
				22,193,477
Energy Equipment & Services—1.3%
Atwood Oceanics, Inc.		30,196		798,382
Basic Energy Services, Inc. (a)		18,235		137,674
Bristow Group, Inc.		17,044		908,445
C&J Energy Services, Ltd. (a) (b)		23,819		314,411
CARBO Ceramics, Inc. (b)		9,292		386,826
Era Group, Inc. (a)		10,332		211,599
Exterran Holdings, Inc.		32,296		1,054,464
FMSA Holdings, Inc. (a) (b)		30,707		251,490
Forum Energy Technologies, Inc. (a)		29,182		591,811
Geospace Technologies Corp. (a) (b)		6,866		158,261
GulfMark Offshore, Inc. - Class A (b)		13,516		156,786
Helix Energy Solutions Group, Inc. (a)		52,891		668,013
Hornbeck Offshore Services, Inc. (a) (b)		18,165		372,928
Key Energy Services, Inc. (a)		15,230		27,414
Matrix Service Co. (a)		14,196		259,503
McDermott International, Inc. (a) (b)		116,414		621,651
Natural Gas Services Group, Inc. (a)		6,643		151,593
Newpark Resources, Inc. (a)		42,672		346,923
Oil States International, Inc. (a)		24,052		895,456
Parker Drilling Co. (a)		61,149		203,015
PHI, Inc. (a)		6,426		192,909
Pioneer Energy Services Corp. (a)		31,825		201,771
RigNet, Inc. (a) (b)		7,930		242,420
SEACOR Holdings, Inc. (a)		8,562		607,388
Seventy Seven Energy, Inc. (a)		28,293		121,377
Tesco Corp.		18,090		197,181
TETRA Technologies, Inc. (a)		39,068		249,254
Tidewater, Inc.		22,085		501,992
U.S. Silica Holdings, Inc. (b)		26,394		774,928
Unit Corp. (a)		23,609		640,276
				12,246,141
Food & Staples Retailing—0.9%
Andersons, Inc. (The)		13,251		516,789
Casey’s General Stores, Inc.		17,736		1,698,045
Chefs’ Warehouse, Inc. (The) (a) (b)		8,577		182,175
Fresh Market, Inc. (The) (a) (b)		21,412		688,182
Food & Staples Retailing—(Continued)
Ingles Markets, Inc. - Class A		6,173		294,884
Natural Grocers by Vitamin Cottage, Inc. (a)		5,060		124,577
Pricesmart, Inc. (b)		9,262		845,065
Smart & Final Stores, Inc. (a)		12,072		215,727
SpartanNash Co.		16,917		550,479
SUPERVALU, Inc. (a)		122,481		990,871
United Natural Foods, Inc. (a) (b)		24,142		1,537,362
Village Super Market, Inc. - Class A		3,901		123,623
Weis Markets, Inc.		6,205		261,541
				8,029,320
Food Products—1.4%
B&G Foods, Inc. (b)		28,531		813,989
Boulder Brands, Inc. (a) (b)		17,764		123,282
Cal-Maine Foods, Inc. (b)		14,936		779,659
Calavo Growers, Inc. (b)		7,353		381,841
Darling Ingredients, Inc. (a)		73,666		1,079,944
Dean Foods Co. (b)		40,701		658,135
Diamond Foods, Inc. (a)		11,938		374,615
Fresh Del Monte Produce, Inc.		15,644		604,797
Freshpet, Inc. (a) (b)		10,328		192,101
J&J Snack Foods Corp.		6,576		727,766
John B Sanfilippo & Son, Inc.		4,642		240,920
Lancaster Colony Corp.		9,178		833,821
Landec Corp. (a)		14,010		202,164
Limoneira Co. (b)		4,954		110,127
Omega Protein Corp. (a)		11,349		156,049
Post Holdings, Inc. (a) (b)		25,719		1,387,026
Sanderson Farms, Inc. (b)		10,180		765,129
Seaboard Corp. (a) (b)		116		417,484
Seneca Foods Corp. - Class A (a)		4,612		128,075
Snyders-Lance, Inc.		22,934		740,080
Tootsie Roll Industries, Inc. (b)		7,524		243,101
TreeHouse Foods, Inc. (a)		20,661		1,674,161
				12,634,266
Gas Utilities—0.9%
Chesapeake Utilities Corp.		6,975		375,604
Laclede Group, Inc. (The) (b)		20,981		1,092,271
New Jersey Resources Corp.		41,016		1,129,991
Northwest Natural Gas Co. (b)		13,257		559,180
ONE Gas, Inc. (b)		25,410		1,081,450
Piedmont Natural Gas Co., Inc. (b)		35,782		1,263,462
South Jersey Industries, Inc.		31,808		786,612
Southwest Gas Corp.		22,160		1,179,133
WGL Holdings, Inc.		22,985		1,247,856
				8,715,559
Health Care Equipment & Supplies—3.3%
Abaxis, Inc. (b)		11,146		573,796
ABIOMED, Inc. (a)		19,803		1,301,651
Accuray, Inc. (a) (b)		37,218		250,849
Analogic Corp.		6,542		516,164
AngioDynamics, Inc. (a)		13,423		220,137
Anika Therapeutics, Inc. (a)		7,087		234,084
Antares Pharma, Inc. (a)		20,273		42,168

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
AtriCure, Inc. (a) (b)		16,421	$	404,613
Atrion Corp.		618		242,448
Cantel Medical Corp.		16,951		909,760
Cardiovascular Systems, Inc. (a)		14,951		395,454
Cerus Corp. (a) (b)		58,685		304,575
CONMED Corp.		12,540		730,706
CryoLife, Inc.		17,220		194,242
Cutera, Inc. (a)		7,303		113,050
Cyberonics, Inc. (a)		13,162		782,613
Cynosure, Inc. - Class A (a)		11,463		442,243
Endologix, Inc. (a) (b)		32,408		497,139
Exactech, Inc. (a)		5,322		110,857
GenMark Diagnostics, Inc. (a) (b)		19,362		175,420
Globus Medical, Inc. - Class A (a)		32,393		831,528
Greatbatch, Inc. (a)		12,931		697,240
Haemonetics Corp. (a)		24,041		994,336
Halyard Health, Inc. (a)		21,675		877,837
HeartWare International, Inc. (a) (b)		8,570		622,953
ICU Medical, Inc. (a)		6,398		612,033
Inogen, Inc. (a)		7,470		333,162
Insulet Corp. (a) (b)		27,643		856,518
Integra LifeSciences Holdings Corp. (a)		11,486		773,812
Invacare Corp.		15,930		344,566
InVivo Therapeutics Holdings Corp. (a)		14,692		237,276
K2M Group Holdings, Inc. (a)		8,524		204,746
LDR Holding Corp. (a)		10,928		472,636
Masimo Corp. (a)		21,582		836,087
Meridian Bioscience, Inc. (b)		22,552		420,369
Merit Medical Systems, Inc. (a)		21,638		466,083
Natus Medical, Inc. (a)		16,472		701,048
Neogen Corp. (a)		17,828		845,760
Nevro Corp. (a)		7,164		385,065
NuVasive, Inc. (a)		21,973		1,041,081
NxStage Medical, Inc. (a) (b)		30,508		435,807
OraSure Technologies, Inc. (a) (b)		29,491		158,956
Orthofix International NV (a)		9,598		317,886
Oxford Immunotec Global plc (a) (b)		8,922		123,570
Quidel Corp. (a) (b)		13,903		319,074
Rockwell Medical, Inc. (a) (b)		22,438		361,701
RTI Surgical, Inc. (a)		15,908		102,766
Spectranetics Corp. (The) (a) (b)		21,548		495,819
STAAR Surgical Co. (a) (b)		19,419		187,588
STERIS Corp. (b)		28,118		1,811,924
SurModics, Inc. (a)		5,420		126,936
Thoratec Corp. (a) (b)		26,257		1,170,274
Tornier NV (a)		17,693		442,148
Unilife Corp. (a) (b)		10,691		22,986
Utah Medical Products, Inc.		2,002		119,379
Vascular Solutions, Inc. (a)		9,953		345,568
West Pharmaceutical Services, Inc.		32,889		1,910,193
Wright Medical Group, Inc. (a) (b)		24,578		645,418
Zeltiq Aesthetics, Inc. (a)		14,709		433,474
				30,527,572
Health Care Providers & Services—2.6%
AAC Holdings, Inc. (a) (b)		3,146		137,040
Aceto Corp.		12,766		314,427
Health Care Providers & Services—(Continued)
Adeptus Health, Inc. - Class A (a)		2,999		284,875
Air Methods Corp. (a) (b)		18,730		774,298
Almost Family, Inc. (a)		4,667		186,260
Amedisys, Inc. (a)		13,972		555,108
AMN Healthcare Services, Inc. (a)		23,983		757,623
Amsurg Corp. (a)		22,435		1,569,328
Bio-Reference Labs, Inc. (a)		12,716		524,535
BioScrip, Inc. (a)		2,508		9,104
BioTelemetry, Inc. (a)		15,006		141,507
Capital Senior Living Corp. (a)		14,260		349,370
Chemed Corp.		7,941		1,041,065
Civitas Solutions, Inc. (a)		6,456		137,706
Corvel Corp. (a)		5,325		170,507
Cross Country Healthcare, Inc. (a)		16,495		209,157
Diplomat Pharmacy, Inc. (a) (b)		17,028		762,003
Ensign Group, Inc. (The)		11,187		571,208
ExamWorks Group, Inc. (a) (b)		19,285		754,043
Genesis Healthcare, Inc. (a)		18,387		121,354
Hanger, Inc. (a)		17,356		406,825
HealthEquity, Inc. (a)		17,002		544,914
HealthSouth Corp.		42,069		1,937,698
Healthways, Inc. (a)		16,239		194,543
IPC Healthcare, Inc. (a)		7,683		425,561
Kindred Healthcare, Inc.		38,603		783,255
Landauer, Inc. (b)		5,165		184,081
LHC Group, Inc. (a)		6,847		261,898
Magellan Health, Inc. (a)		12,415		869,919
Molina Healthcare, Inc. (a) (b)		16,364		1,150,389
National Healthcare Corp.		5,246		340,938
Nobilis Health Corp. (a)		20,768		141,222
Owens & Minor, Inc. (b)		31,521		1,071,714
PharMerica Corp. (a)		13,843		460,972
Providence Service Corp. (The) (a)		6,975		308,853
RadNet, Inc. (a)		17,918		119,871
Select Medical Holdings Corp.		48,954		793,055
Surgical Care Affiliates, Inc. (a)		10,168		390,248
Team Health Holdings, Inc. (a)		33,000		2,155,890
Triple-S Management Corp. - Class B (a)		12,074		309,819
U.S. Physical Therapy, Inc.		6,011		329,162
Universal American Corp. (a)		20,509		207,551
WellCare Health Plans, Inc. (a)		20,280		1,720,352
				24,479,248
Health Care Technology—0.6%
Castlight Health, Inc. - Class B (a)		16,704		135,971
Computer Programs & Systems, Inc. (b)		5,856		312,827
HealthStream, Inc. (a)		12,016		365,527
HMS Holdings Corp. (a) (b)		44,959		771,946
MedAssets, Inc. (a)		31,309		690,676
Medidata Solutions, Inc. (a)		26,770		1,454,146
Merge Healthcare, Inc. (a)		38,387		184,258
Omnicell, Inc. (a)		18,760		707,440
Press Ganey Holdings, Inc. (a)		6,250		179,187
Quality Systems, Inc.		24,814		411,168
Vocera Communications, Inc. (a)		11,244		128,744
				5,341,890

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—3.1%
Belmond, Ltd. - Class A (a)		45,218	$	564,773
Biglari Holdings, Inc. (a)		871		360,376
BJ’s Restaurants, Inc. (a)		10,878		527,039
Bloomin’ Brands, Inc.		57,635		1,230,507
Bob Evans Farms, Inc.		10,847		553,739
Boyd Gaming Corp. (a)		36,081		539,411
Buffalo Wild Wings, Inc. (a) (b)		8,659		1,356,779
Caesars Acquisition Co. - Class A (a) (b)		13,325		91,676
Caesars Entertainment Corp. (a) (b)		25,824		158,043
Carrols Restaurant Group, Inc. (a)		11,166		116,126
Cheesecake Factory, Inc. (The)		22,672		1,236,418
Churchill Downs, Inc.		6,674		834,584
Chuy’s Holdings, Inc. (a) (b)		8,272		221,607
ClubCorp Holdings, Inc.		20,723		494,865
Cracker Barrel Old Country Store, Inc. (b)		9,084		1,354,969
Dave & Buster’s Entertainment, Inc. (a)		10,814		390,277
Del Frisco’s Restaurant Group, Inc. (a)		12,052		224,529
Denny’s Corp. (a)		35,635		413,722
Diamond Resorts International, Inc. (a) (b)		19,545		616,645
DineEquity, Inc.		7,910		783,802
El Pollo Loco Holdings, Inc. (a)		6,767		140,145
Eldorado Resorts, Inc. (a)		18,349		143,489
Fiesta Restaurant Group, Inc. (a)		13,371		668,550
Habit Restaurants, Inc. (The) - Class A (a)		5,649		176,757
International Speedway Corp. - Class A		12,935		474,326
Interval Leisure Group, Inc. (b)		19,771		451,767
Intrawest Resorts Holdings, Inc. (a)		9,271		107,729
Isle of Capri Casinos, Inc. (a)		12,013		218,036
Jack in the Box, Inc.		17,122		1,509,476
Jamba, Inc. (a) (b)		9,661		149,649
Krispy Kreme Doughnuts, Inc. (a) (b)		33,031		636,177
La Quinta Holdings, Inc. (a) (b)		43,635		997,060
Marcus Corp. (The)		9,550		183,169
Marriott Vacations Worldwide Corp.		12,016		1,102,468
Papa John’s International, Inc.		13,488		1,019,828
Penn National Gaming, Inc. (a) (b)		39,538		725,522
Pinnacle Entertainment, Inc. (a)		29,578		1,102,668
Popeyes Louisiana Kitchen, Inc. (a)		10,245		614,598
Potbelly Corp. (a)		8,334		102,091
Red Robin Gourmet Burgers, Inc. (a)		7,250		622,195
Ruby Tuesday, Inc. (a)		16,937		106,195
Ruth’s Hospitality Group, Inc.		17,912		288,741
Scientific Games Corp. - Class A (a) (b)		23,377		363,279
SeaWorld Entertainment, Inc.		32,101		591,942
Shake Shack, Inc. - Class A (a) (b)		2,909		175,325
Sonic Corp.		24,157		695,722
Speedway Motorsports, Inc.		7,078		160,317
Texas Roadhouse, Inc. (b)		33,641		1,259,183
Vail Resorts, Inc.		16,836		1,838,491
Zoe’s Kitchen, Inc. (a)		9,191		376,280
				29,071,062
Household Durables—1.2%
Bassett Furniture Industries, Inc.		5,374		152,675
Beazer Homes USA, Inc. (a) (b)		13,700		273,315
Cavco Industries, Inc. (a)		4,452		335,859
Household Durables—(Continued)
Century Communities, Inc. (a)		7,561		152,203
CSS Industries, Inc.		4,201		127,080
Ethan Allen Interiors, Inc. (b)		12,159		320,268
Flexsteel Industries, Inc.		2,983		128,537
Helen of Troy, Ltd. (a)		12,978		1,265,225
Hooker Furniture Corp.		5,444		136,699
Hovnanian Enterprises, Inc. - Class A (a) (b)		21,851		58,124
Installed Building Products, Inc. (a)		9,469		231,801
iRobot Corp. (a)		14,746		470,102
KB Home (b)		37,768		626,949
La-Z-Boy, Inc.		22,985		605,425
LGI Homes, Inc. (a) (b)		8,210		162,394
Libbey, Inc.		10,247		423,509
M/I Homes, Inc. (a)		12,868		317,454
MDC Holdings, Inc. (b)		19,869		595,474
Meritage Homes Corp. (a)		17,972		846,301
NACCO Industries, Inc. - Class A		2,380		144,609
Ryland Group, Inc. (The)		21,072		977,109
Standard Pacific Corp. (a)		61,225		545,515
Taylor Morrison Home Corp. - Class A (a)		15,532		316,232
TRI Pointe Homes, Inc. (a)		72,675		1,111,927
Universal Electronics, Inc. (a)		7,461		371,856
WCI Communities, Inc. (a)		6,498		158,486
William Lyon Homes - Class A (a) (b)		9,057		232,493
ZAGG, Inc. (a)		15,041		119,125
				11,206,746
Household Products—0.2%
Central Garden & Pet Co. - Class A (a)		14,853		169,473
HRG Group, Inc. (a)		41,219		535,847
Orchids Paper Products Co.		5,348		128,726
WD-40 Co.		6,750		588,330
				1,422,376
Independent Power and Renewable Electricity Producers—0.6%
Abengoa Yield plc (b)		22,721		711,622
Atlantic Power Corp. (b)		29,364		90,441
Dynegy, Inc. (a)		59,317		1,735,022
NRG Yield, Inc. - Class A (b)		16,087		353,753
NRG Yield, Inc. - Class C (b)		16,123		352,933
Ormat Technologies, Inc.		16,649		627,334
Pattern Energy Group, Inc. (b)		23,960		679,985
Talen Energy Corp. (a)		38,673		663,629
Vivint Solar, Inc. (a) (b)		12,006		146,113
				5,360,832
Industrial Conglomerates—0.0%
Raven Industries, Inc. (b)		18,658		379,317
Insurance—2.2%
Ambac Financial Group, Inc. (a)		22,444		373,468
American Equity Investment Life Holding Co.		34,819		939,417
AMERISAFE, Inc.		9,298		437,564
Argo Group International Holdings, Ltd.		13,573		756,016
Baldwin & Lyons, Inc. - Class B		4,133		95,142
Citizens, Inc. (a) (b)		22,172		165,403

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
CNO Financial Group, Inc.		91,193	$	1,673,391
Crawford & Co. - Class B (b)		3,188		26,875
eHealth, Inc. (a)		9,228		117,103
Employers Holdings, Inc.		16,380		373,136
Enstar Group, Ltd. (a)		4,185		648,466
FBL Financial Group, Inc. - Class A		4,790		276,479
Federated National Holding Co.		5,884		142,393
Fidelity & Guaranty Life		4,816		113,802
First American Financial Corp. (b)		49,604		1,845,765
Global Indemnity plc (a)		3,335		93,647
Greenlight Capital Re, Ltd. - Class A (a)		13,998		408,322
HCI Group, Inc. (b)		5,174		228,742
Heritage Insurance Holdings, Inc. (a)		11,792		271,098
Horace Mann Educators Corp.		20,028		728,619
Infinity Property & Casualty Corp.		5,597		424,476
James River Group Holdings, Ltd.		4,499		116,389
Kemper Corp.		20,321		783,375
Maiden Holdings, Ltd. (b)		26,833		423,425
MBIA, Inc. (a)		72,982		438,622
Meadowbrook Insurance Group, Inc.		15,359		132,087
Montpelier Re Holdings, Ltd.		17,757		701,401
National General Holdings Corp.		15,899		331,176
National Western Life Insurance Co. - Class A		1,212		290,262
Navigators Group, Inc. (The) (a)		5,301		411,146
OneBeacon Insurance Group, Ltd. - Class A		11,496		166,807
Primerica, Inc.		24,674		1,127,355
RLI Corp. (b)		20,825		1,070,197
Safety Insurance Group, Inc.		6,815		393,294
Selective Insurance Group, Inc.		28,514		799,818
State Auto Financial Corp.		7,940		190,163
State National Cos., Inc. (b)		7,988		86,510
Stewart Information Services Corp.		11,286		449,183
Symetra Financial Corp.		37,115		897,069
Third Point Reinsurance, Ltd. (a) (b)		39,485		582,404
United Fire Group, Inc.		9,732		318,820
United Insurance Holdings Corp.		8,654		134,483
Universal Insurance Holdings, Inc. (b)		16,046		388,313
				20,371,623
Internet & Catalog Retail—0.7%
1-800-Flowers.com, Inc. - Class A (a)		13,348		139,620
Blue Nile, Inc. (a) (b)		6,605		200,726
Etsy, Inc. (a)		12,070		169,583
FTD Cos., Inc. (a) (b)		9,600		270,624
HSN, Inc.		14,732		1,034,039
Lands’ End, Inc. (a) (b)		8,472		210,360
Liberty TripAdvisor Holdings, Inc. - Class A (a)		34,803		1,121,353
Nutrisystem, Inc. (b)		14,262		354,839
Orbitz Worldwide, Inc. (a)		52,480		599,322
Overstock.com, Inc. (a)		6,447		145,315
PetMed Express, Inc. (b)		11,281		194,823
Shutterfly, Inc. (a) (b)		17,108		817,933
Travelport Worldwide, Ltd. (b)		49,436		681,228
Wayfair, Inc. - Class A (a) (b)		9,556		359,688
zulily, Inc. - Class A (a)		31,059		405,009
				6,704,462
Internet Software & Services—2.4%
Actua Corp. (a)		20,148		287,310
Angie’s List, Inc. (a)		21,237		130,820
Bankrate, Inc. (a)		24,195		253,806
Bazaarvoice, Inc. (a) (b)		25,119		147,951
Benefitfocus, Inc. (a)		3,815		167,288
Blucora, Inc. (a)		20,338		328,459
Box, Inc. - Class A (a) (b)		4,427		82,519
Brightcove, Inc. (a)		4,060		27,852
Carbonite, Inc. (a)		9,013		106,444
ChannelAdvisor Corp. (a) (b)		10,403		124,316
Cimpress NV (a) (b)		15,212		1,280,242
comScore, Inc. (a)		16,327		869,576
Constant Contact, Inc. (a)		15,503		445,866
Cornerstone OnDemand, Inc. (a) (b)		26,060		906,888
Coupons.com, Inc. (a)		29,125		314,259
Cvent, Inc. (a)		11,076		285,539
Dealertrack Technologies, Inc. (a)		24,713		1,551,729
Demandware, Inc. (a) (b)		15,487		1,100,816
DHI Group, Inc. (a)		16,579		147,387
EarthLink Holdings Corp.		39,685		297,241
Endurance International Group Holdings, Inc. (a) (b)		27,384		565,753
Envestnet, Inc. (a)		16,750		677,202
Everyday Health, Inc. (a)		10,524		134,497
Gogo, Inc. (a) (b)		27,419		587,589
GrubHub, Inc. (a) (b)		34,851		1,187,374
GTT Communications, Inc. (a)		11,597		276,820
Internap Corp. (a)		29,790		275,558
IntraLinks Holdings, Inc. (a)		20,583		245,144
j2 Global, Inc.		21,621		1,468,931
Limelight Networks, Inc. (a)		9,528		37,540
Liquidity Services, Inc. (a)		13,134		126,480
LivePerson, Inc. (a) (b)		29,330		287,727
LogMeIn, Inc. (a)		11,323		730,220
Marketo, Inc. (a) (b)		16,297		457,294
Millennial Media, Inc. (a)		59,527		96,434
Monster Worldwide, Inc. (a) (b)		30,595		200,091
NIC, Inc.		33,146		605,909
OPOWER, Inc. (a)		12,724		146,453
Q2 Holdings, Inc. (a)		9,262		261,652
QuinStreet, Inc. (a)		4,772		30,779
RetailMeNot, Inc. (a)		18,130		323,258
Rocket Fuel, Inc. (a)		13,061		107,100
SciQuest, Inc. (a)		15,491		229,422
Shutterstock, Inc. (a) (b)		9,230		541,247
SPS Commerce, Inc. (a)		7,550		496,790
Stamps.com, Inc. (a)		6,857		504,469
Textura Corp. (a) (b)		9,452		263,049
TrueCar, Inc. (a)		23,179		277,916
United Online, Inc. (a)		7,274		113,984
Web.com Group, Inc. (a)		20,520		496,994
WebMD Health Corp. (a) (b)		19,045		843,313
Wix.com, Ltd. (a)		7,180		169,592
XO Group, Inc. (a)		17,026		278,375
Xoom Corp. (a) (b)		15,422		324,710
				22,225,974

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—2.2%
Acxiom Corp. (a)		37,591	$	660,850
Blackhawk Network Holdings, Inc. (a)		24,769		1,020,483
CACI International, Inc. - Class A (a) (e)		10,745		869,163
Cardtronics, Inc. (a) (b)		20,736		768,269
Cass Information Systems, Inc. (b)		5,928		333,272
CIBER, Inc. (a)		15,031		51,857
Convergys Corp.		48,317		1,231,600
CSG Systems International, Inc. (b)		15,258		483,068
EPAM Systems, Inc. (a)		22,632		1,612,077
Euronet Worldwide, Inc. (a)		23,694		1,461,920
EVERTEC, Inc.		32,365		687,433
ExlService Holdings, Inc. (a)		16,429		568,115
Forrester Research, Inc.		5,782		208,268
Global Cash Access Holdings, Inc. (a)		21,062		163,020
Hackett Group, Inc. (The)		13,330		179,022
Heartland Payment Systems, Inc. (b)		17,385		939,659
iGATE Corp. (a)		17,995		858,182
Lionbridge Technologies, Inc. (a)		17,251		106,439
Luxoft Holding, Inc. (a)		8,590		485,764
ManTech International Corp. - Class A		12,440		360,760
MAXIMUS, Inc.		30,487		2,003,910
MoneyGram International, Inc. (a) (b)		11,813		108,561
NeuStar, Inc. - Class A (a) (b)		26,451		772,634
Perficient, Inc. (a)		17,369		334,180
Science Applications International Corp.		21,353		1,128,506
ServiceSource International, Inc. (a) (b)		13,099		71,651
Sykes Enterprises, Inc. (a)		20,461		496,179
Syntel, Inc. (a)		13,894		659,687
TeleTech Holdings, Inc.		7,377		199,769
Unisys Corp. (a) (b)		26,228		524,298
Virtusa Corp. (a)		13,325		684,905
				20,033,501
Leisure Products—0.3%
Arctic Cat, Inc.		6,783		225,264
Black Diamond, Inc. (a)		12,972		119,861
Callaway Golf Co. (b)		30,294		270,828
Malibu Boats, Inc. - Class A (a)		8,768		176,149
Nautilus, Inc. (a)		16,328		351,215
Performance Sports Group, Ltd. (a)		23,135		416,430
Smith & Wesson Holding Corp. (a) (b)		25,637		425,318
Sturm Ruger & Co., Inc. (b)		8,538		490,508
				2,475,573
Life Sciences Tools & Services—0.5%
Accelerate Diagnostics, Inc. (a) (b)		11,348		292,892
Affymetrix, Inc. (a) (b) (e)		38,409		419,426
Albany Molecular Research, Inc. (a) (b)		12,484		252,426
Cambrex Corp. (a)		15,180		667,009
Fluidigm Corp. (a) (b)		13,200		319,440
INC Research Holdings, Inc. - Class A (a)		6,230		249,948
Luminex Corp. (a)		18,464		318,689
NeoGenomics, Inc. (a)		26,497		143,349
Pacific Biosciences of California, Inc. (a) (b)		27,011		155,583
PAREXEL International Corp. (a)		25,560		1,643,764
PRA Health Sciences, Inc. (a)		11,493		417,541
Life Sciences Tools & Services—(Continued)
Sequenom, Inc. (a) (b)		28,658		87,120
				4,967,187
Machinery—2.7%
Actuant Corp. - Class A		30,307		699,789
Alamo Group, Inc.		4,629		252,929
Albany International Corp. - Class A		14,147		563,051
Altra Industrial Motion Corp.		13,385		363,804
American Railcar Industries, Inc. (b)		4,708		228,997
Astec Industries, Inc.		10,141		424,097
Barnes Group, Inc.		24,622		960,012
Blount International, Inc. (a)		16,990		185,531
Briggs & Stratton Corp. (b)		23,052		443,982
Chart Industries, Inc. (a)		15,307		547,225
CIRCOR International, Inc.		8,835		481,773
CLARCOR, Inc.		23,140		1,440,234
Columbus McKinnon Corp.		10,074		251,850
Commercial Vehicle Group, Inc. (a)		15,127		109,066
Douglas Dynamics, Inc.		9,877		212,158
EnPro Industries, Inc.		11,493		657,629
ESCO Technologies, Inc.		13,728		513,564
Federal Signal Corp.		25,461		379,623
FreightCar America, Inc.		7,047		147,141
Global Brass & Copper Holdings, Inc.		11,099		188,794
Gorman-Rupp Co. (The)		10,331		290,094
Greenbrier Cos., Inc. (The) (b)		13,566		635,567
Harsco Corp.		33,732		556,578
Hillenbrand, Inc.		31,050		953,235
Hurco Cos., Inc.		3,395		117,535
Hyster-Yale Materials Handling, Inc.		4,976		344,737
John Bean Technologies Corp.		15,202		571,443
Kadant, Inc.		5,766		272,155
LB Foster Co. - Class A		5,476		189,524
Lindsay Corp. (b)		5,740		504,603
Lydall, Inc. (a)		9,530		281,707
Meritor, Inc. (a)		43,321		568,371
Miller Industries, Inc.		6,185		123,391
Mueller Industries, Inc.		25,607		889,075
Mueller Water Products, Inc. - Class A		70,313		639,848
Navistar International Corp. (a)		23,914		541,174
NN, Inc. (b)		9,533		243,282
Proto Labs, Inc. (a) (b)		11,113		749,905
RBC Bearings, Inc. (a)		11,531		827,465
Rexnord Corp. (a)		47,178		1,128,026
Standex International Corp.		6,262		500,522
Sun Hydraulics Corp.		10,558		402,365
Tennant Co.		8,929		583,421
Titan International, Inc. (b)		21,944		235,679
TriMas Corp. (a)		22,514		666,414
Wabash National Corp. (a)		26,707		334,906
Watts Water Technologies, Inc. - Class A		13,983		725,019
Woodward, Inc.		30,225		1,662,073
				24,589,363
Marine—0.1%
Golden Ocean Group, Ltd. (b)		11,981		46,127
Matson, Inc.		21,468		902,515

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Marine—(Continued)
Navios Maritime Holdings, Inc.		13,999	$	52,076
Scorpio Bulkers, Inc. (a) (b)		4,197		6,841
				1,007,559
Media—1.5%
AMC Entertainment Holdings, Inc. - Class A		9,526		292,258
Carmike Cinemas, Inc. (a)		12,031		319,303
Cumulus Media, Inc. - Class A (a)		23,250		47,198
Daily Journal Corp. (a) (b)		598		117,513
DreamWorks Animation SKG, Inc. - Class A (a)		35,402		933,905
Entercom Communications Corp. - Class A (a)		14,538		166,024
Entravision Communications Corp. - Class A		29,645		243,978
Eros International plc (a)		11,568		290,588
EW Scripps Co. (The) - Class A		25,704		587,336
Global Eagle Entertainment, Inc. (a) (b)		19,718		256,728
Gray Television, Inc. (a)		30,714		481,596
Harte-Hanks, Inc.		10,616		63,271
IMAX Corp. (a)		28,090		1,131,184
Journal Media Group, Inc.		12,571		104,214
Loral Space & Communications, Inc. (a)		6,669		420,947
MDC Partners, Inc. - Class A		19,973		393,468
Media General, Inc. (a) (b)		44,825		740,509
Meredith Corp.		18,123		945,114
National CineMedia, Inc.		31,052		495,590
New Media Investment Group, Inc.		22,310		400,018
New York Times Co. (The) - Class A (b)		61,504		839,530
Nexstar Broadcasting Group, Inc. - Class A		14,830		830,480
Reading International, Inc. - Class A (a)		9,450		130,882
Rentrak Corp. (a) (b)		6,007		419,289
Scholastic Corp.		11,930		526,471
Sinclair Broadcast Group, Inc. - Class A (b)		30,881		861,889
Time, Inc.		50,164		1,154,274
Tribune Publishing Co.		14,706		228,531
World Wrestling Entertainment, Inc. - Class A (b)		14,120		232,980
				13,655,068
Metals & Mining—0.9%
AK Steel Holding Corp. (a) (b)		63,814		246,960
Carpenter Technology Corp.		23,384		904,493
Century Aluminum Co. (a) (b)		16,335		170,374
Cliffs Natural Resources, Inc.		72,173		312,509
Coeur Mining, Inc. (a)		50,511		288,418
Commercial Metals Co.		52,948		851,404
Globe Specialty Metals, Inc.		31,634		559,922
Haynes International, Inc.		6,653		328,126
Hecla Mining Co. (b)		137,699		362,148
Horsehead Holding Corp. (a) (b)		20,134		235,970
Kaiser Aluminum Corp. (b)		8,525		708,257
Materion Corp.		10,677		376,364
Real Industry, Inc. (a)		14,514		164,734
RTI International Metals, Inc. (a)		16,034		505,392
Schnitzer Steel Industries, Inc. - Class A		13,529		236,352
Stillwater Mining Co. (a) (b)		56,563		655,565
SunCoke Energy, Inc.		35,308		459,004
TimkenSteel Corp.		18,629		502,797
Worthington Industries, Inc.		21,412		643,645
				8,512,434
Multi-Utilities—0.3%
Avista Corp.		27,466		841,833
Black Hills Corp.		20,984		915,951
NorthWestern Corp. (b)		22,620		1,102,725
				2,860,509
Multiline Retail—0.4%
Big Lots, Inc.		25,092		1,128,889
Burlington Stores, Inc. (a)		34,950		1,789,440
Fred’s, Inc. - Class A		16,936		326,695
Tuesday Morning Corp. (a) (b)		21,822		245,825
				3,490,849
Oil, Gas & Consumable Fuels—2.3%
Abraxas Petroleum Corp. (a) (b)		13,876		40,934
Alon USA Energy, Inc.		13,787		260,574
Approach Resources, Inc. (a) (b)		21,598		147,946
Ardmore Shipping Corp.		9,727		117,794
Bill Barrett Corp. (a) (b)		24,966		214,458
Bonanza Creek Energy, Inc. (a) (b)		23,473		428,382
Callon Petroleum Co. (a) (b)		35,112		292,132
Carrizo Oil & Gas, Inc. (a)		25,277		1,244,640
Clayton Williams Energy, Inc. (a) (b)		3,222		211,847
Clean Energy Fuels Corp. (a) (b)		35,238		198,038
Cloud Peak Energy, Inc. (a) (b)		31,583		147,177
Contango Oil & Gas Co. (a)		9,335		114,540
Delek U.S. Holdings, Inc.		26,403		972,159
DHT Holdings, Inc.		33,914		263,512
Dorian LPG, Ltd. (a)		12,155		202,745
Eclipse Resources Corp. (a)		24,173		127,150
Energy Fuels, Inc. (a)		21,569		95,982
Energy XXI, Ltd. (b)		13,128		34,527
Frontline, Ltd. (a) (b)		6,578		16,050
GasLog, Ltd. (b)		20,748		413,923
Gastar Exploration, Inc. (a)		10,266		31,722
Green Plains, Inc.		18,400		506,920
Halcon Resources Corp. (a) (b)		177,952		206,424
Jones Energy, Inc. - Class A (a)		14,549		131,668
Magnum Hunter Resources Corp. (a) (b)		44,903		83,969
Matador Resources Co. (a) (b)		34,122		853,050
Navios Maritime Acquisition Corp.		15,083		54,148
Nordic American Tankers, Ltd. (b)		38,762		551,583
Northern Oil and Gas, Inc. (a) (b)		32,713		221,467
Oasis Petroleum, Inc. (a)		64,797		1,027,033
Pacific Ethanol, Inc. (a) (b)		14,686		151,560
Panhandle Oil and Gas, Inc. - Class A (b)		10,459		216,397
Par Petroleum Corp. (a)		9,479		177,447
Parsley Energy, Inc. - Class A (a) (b)		39,039		680,059
PDC Energy, Inc. (a) (b)		19,719		1,057,727
Peabody Energy Corp.		132,802		290,836
Penn Virginia Corp. (a) (b)		32,308		141,509
Renewable Energy Group, Inc. (a) (b)		17,354		200,612
REX American Resources Corp. (a) (b)		2,989		190,220
Rex Energy Corp. (a) (b)		9,440		52,770
Ring Energy, Inc. (a)		12,081		135,186
Rosetta Resources, Inc. (a)		37,138		859,373
RSP Permian, Inc. (a)		25,583		719,138

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Sanchez Energy Corp. (a) (b)		24,958	$	244,588
SandRidge Energy, Inc. (a)		210,617		184,711
Scorpio Tankers, Inc.		77,836		785,365
SemGroup Corp. - Class A		20,664		1,642,375
Ship Finance International, Ltd. (b)		28,428		463,945
Solazyme, Inc. (a) (b)		44,324		139,177
Stone Energy Corp. (a) (b)		27,971		352,155
Synergy Resources Corp. (a)		48,841		558,253
Teekay Tankers, Ltd. - Class A		26,862		177,558
Triangle Petroleum Corp. (a) (b)		16,496		82,810
Ultra Petroleum Corp. (a)		71,411		894,066
Western Refining, Inc.		33,013		1,440,027
Westmoreland Coal Co. (a)		11,267		234,128
				21,284,486
Paper & Forest Products—0.6%
Boise Cascade Co. (a)		19,596		718,782
Clearwater Paper Corp. (a)		9,289		532,260
Deltic Timber Corp. (b)		4,579		309,724
KapStone Paper and Packaging Corp.		41,235		953,353
Louisiana-Pacific Corp. (a) (b)		63,741		1,085,509
Neenah Paper, Inc.		7,745		456,645
PH Glatfelter Co.		21,278		467,903
Schweitzer-Mauduit International, Inc.		14,898		594,132
Wausau Paper Corp.		12,918		118,587
				5,236,895
Personal Products—0.2%
Elizabeth Arden, Inc. (a) (b)		12,466		177,765
Inter Parfums, Inc.		8,191		277,921
Medifast, Inc. (a) (b)		7,275		235,128
Natural Health Trends Corp.		4,644		192,540
Revlon, Inc. - Class A (a)		6,172		226,574
USANA Health Sciences, Inc. (a)		2,803		383,058
				1,492,986
Pharmaceuticals—1.8%
Aerie Pharmaceuticals, Inc. (a)		9,996		176,429
Amphastar Pharmaceuticals, Inc. (a)		15,186		266,970
ANI Pharmaceuticals, Inc. (a) (b)		3,380		209,729
Aratana Therapeutics, Inc. (a) (b)		12,495		188,924
Assembly Biosciences, Inc. (a)		9,117		175,593
BioDelivery Sciences International, Inc. (a) (b)		20,287		161,485
Catalent, Inc. (a) (b)		38,849		1,139,441
Cempra, Inc. (a)		15,026		516,293
Corcept Therapeutics, Inc. (a) (b)		27,975		168,130
Depomed, Inc. (a) (b)		26,785		574,806
Dermira, Inc. (a)		6,512		114,286
Durect Corp. (a)		55,870		133,529
Foamix Pharmaceuticals, Ltd. (a)		11,276		115,579
IGI Laboratories, Inc. (a) (b)		17,629		111,063
Impax Laboratories, Inc. (a)		34,206		1,570,740
Intersect ENT, Inc. (a)		6,805		194,827
Intra-Cellular Therapies, Inc. (a)		10,123		323,430
Lannett Co., Inc. (a) (b)		12,710		755,482
Medicines Co. (The) (a) (b)		32,038		916,607
Pharmaceuticals—(Continued)
Nektar Therapeutics (a) (b)		62,084		776,671
Ocular Therapeutix, Inc. (a)		6,439		135,412
Omeros Corp. (a) (b)		18,771		337,690
Pacira Pharmaceuticals, Inc. (a) (b)		17,459		1,234,701
Paratek Pharmaceuticals, Inc.		5,993		154,440
Pernix Therapeutics Holdings, Inc. (a) (b)		17,177		101,688
Phibro Animal Health Corp. - Class A (b)		7,619		296,684
Pozen, Inc. (a)		14,262		147,041
Prestige Brands Holdings, Inc. (a)		23,984		1,109,020
Relypsa, Inc. (a) (b)		15,309		506,575
Revance Therapeutics, Inc. (a) (b)		7,511		240,202
Sagent Pharmaceuticals, Inc. (a) (b)		11,006		267,556
Sciclone Pharmaceuticals, Inc. (a)		27,839		273,379
Sucampo Pharmaceuticals, Inc. - Class A (a) (b)		9,684		159,108
Supernus Pharmaceuticals, Inc. (a)		15,103		256,449
Tetraphase Pharmaceuticals, Inc. (a) (b)		16,854		799,554
TherapeuticsMD, Inc. (a)		59,460		467,356
Theravance Biopharma, Inc. (a) (b)		11,720		152,594
Theravance, Inc. (b)		40,393		729,902
Vivus, Inc. (a) (b)		7,609		17,957
XenoPort, Inc. (a) (b)		30,042		184,157
Zogenix, Inc. (a)		76,684		128,829
ZS Pharma, Inc. (a)		8,556		448,249
				16,738,557
Professional Services—1.3%
Acacia Research Corp. (b)		15,923		139,645
Advisory Board Co. (The) (a)		20,597		1,126,038
Barrett Business Services, Inc.		3,858		140,123
CBIZ, Inc. (a) (b)		20,130		194,053
CEB, Inc.		15,450		1,345,077
CRA International, Inc. (a)		4,935		137,538
Exponent, Inc.		13,442		601,933
Franklin Covey Co. (a)		5,394		109,444
FTI Consulting, Inc. (a)		19,255		794,076
GP Strategies Corp. (a)		5,793		192,559
Heidrick & Struggles International, Inc.		9,634		251,255
Huron Consulting Group, Inc. (a)		10,297		721,717
ICF International, Inc. (a)		10,002		348,670
Insperity, Inc.		9,107		463,546
Kelly Services, Inc. - Class A		14,944		229,390
Kforce, Inc.		12,692		290,266
Korn/Ferry International		24,691		858,506
Mistras Group, Inc. (a)		8,222		156,053
Navigant Consulting, Inc. (a)		21,686		322,471
On Assignment, Inc. (a)		24,181		949,830
Pendrell Corp. (a)		79,845		109,388
Resources Connection, Inc.		20,687		332,854
RPX Corp. (a)		26,264		443,862
TriNet Group, Inc. (a)		19,326		489,914
TrueBlue, Inc. (a)		19,573		585,233
VSE Corp.		2,185		116,919
WageWorks, Inc. (a)		17,251		697,803
				12,148,163

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—8.1%
Acadia Realty Trust		33,214	$	966,860
AG Mortgage Investment Trust, Inc. (b)		14,345		247,882
Agree Realty Corp.		8,695		253,633
Alexander’s, Inc.		1,029		421,890
Altisource Residential Corp.		29,057		489,610
American Assets Trust, Inc.		17,413		682,764
American Capital Mortgage Investment Corp.		26,073		416,907
American Residential Properties, Inc. (a) (b)		16,166		299,071
Anworth Mortgage Asset Corp.		37,726		185,989
Apollo Commercial Real Estate Finance, Inc. (b)		28,760		472,527
Apollo Residential Mortgage, Inc.		16,439		241,489
Ares Commercial Real Estate Corp.		11,438		130,279
Armada Hoffler Properties, Inc.		12,863		128,501
ARMOUR Residential REIT, Inc. (b)		134,923		379,134
Ashford Hospitality Prime, Inc.		12,917		194,013
Ashford Hospitality Trust, Inc.		39,201		331,640
Associated Estates Realty Corp. (b)		26,042		745,582
Bluerock Residential Growth REIT, Inc.		9,427		119,346
Campus Crest Communities, Inc. (a) (b)		16,435		91,050
Capstead Mortgage Corp. (b)		37,933		421,056
CareTrust REIT, Inc.		14,311		181,320
CatchMark Timber Trust, Inc. - Class A		19,002		219,853
Cedar Realty Trust, Inc.		37,954		242,906
Chambers Street Properties (b)		106,980		850,491
Chatham Lodging Trust		18,798		497,583
Chesapeake Lodging Trust		28,075		855,726
Colony Capital, Inc. - Class A (b)		52,491		1,188,921
CorEnergy Infrastructure Trust, Inc. (b)		8,333		52,665
Coresite Realty Corp.		10,812		491,297
Cousins Properties, Inc.		98,133		1,018,621
CubeSmart		78,343		1,814,424
CyrusOne, Inc.		24,859		732,098
CYS Investments, Inc. (b)		68,956		533,030
DCT Industrial Trust, Inc.		40,451		1,271,779
DiamondRock Hospitality Co.		95,431		1,222,471
DuPont Fabros Technology, Inc.		30,926		910,771
Dynex Capital, Inc. (b)		16,442		125,288
Easterly Government Properties, Inc.		5,391		85,825
EastGroup Properties, Inc.		15,137		851,154
Education Realty Trust, Inc.		22,842		716,325
EPR Properties		25,946		1,421,322
Equity One, Inc.		34,207		798,391
Excel Trust, Inc.		30,346		478,556
FelCor Lodging Trust, Inc.		60,221		594,984
First Industrial Realty Trust, Inc.		53,380		999,807
First Potomac Realty Trust		21,029		216,599
Franklin Street Properties Corp.		37,228		421,049
Geo Group, Inc. (The)		35,405		1,209,435
Getty Realty Corp.		13,375		218,815
Gladstone Commercial Corp. (b)		10,038		166,229
Government Properties Income Trust (b)		33,503		621,481
Gramercy Property Trust, Inc.		27,916		652,397
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		16,148		323,767
Hatteras Financial Corp.		47,468		773,728
Healthcare Realty Trust, Inc.		46,860		1,089,964
Hersha Hospitality Trust		24,672		632,577
Real Estate Investment Trusts—(Continued)
Highwoods Properties, Inc.		42,765		1,708,462
Hudson Pacific Properties, Inc.		35,234		999,589
InfraREIT, Inc. (a) (b)		10,732		304,360
Inland Real Estate Corp.		40,747		383,837
Invesco Mortgage Capital, Inc.		58,562		838,608
Investors Real Estate Trust		51,434		367,239
iStar Financial, Inc. (a) (b)		35,513		473,033
Kite Realty Group Trust		38,856		950,806
LaSalle Hotel Properties		51,101		1,812,041
Lexington Realty Trust (b)		89,885		762,225
LTC Properties, Inc.		16,934		704,454
Mack-Cali Realty Corp.		43,604		803,622
Medical Properties Trust, Inc.		101,158		1,326,181
Monmouth Real Estate Investment Corp. - Class A		18,665		181,424
Monogram Residential Trust, Inc.		81,254		732,911
National Health Investors, Inc. (b)		18,125		1,129,188
National Storage Affiliates Trust		13,919		172,596
New Residential Investment Corp.		96,369		1,468,664
New Senior Investment Group, Inc.		33,701		450,582
New York Mortgage Trust, Inc. (b)		38,859		290,665
New York REIT, Inc.		69,041		686,958
NexPoint Residential Trust, Inc.		11,779		158,192
One Liberty Properties, Inc.		6,290		133,851
Orchid Island Capital, Inc.		9,191		103,031
Parkway Properties, Inc.		38,318		668,266
Pebblebrook Hotel Trust		34,483		1,478,631
Pennsylvania Real Estate Investment Trust		33,427		713,332
PennyMac Mortgage Investment Trust		35,722		622,634
Physicians Realty Trust		34,473		529,505
Potlatch Corp.		19,692		695,521
Preferred Apartment Communities, Inc. - Class A		11,149		110,933
PS Business Parks, Inc.		9,538		688,167
QTS Realty Trust, Inc. - Class A		11,309		412,213
RAIT Financial Trust (b)		27,862		170,237
Ramco-Gershenson Properties Trust		37,976		619,768
Redwood Trust, Inc.		42,013		659,604
Resource Capital Corp. (b)		41,005		158,689
Retail Opportunity Investments Corp.		44,363		692,950
Rexford Industrial Realty, Inc.		28,400		414,072
RLJ Lodging Trust		62,808		1,870,422
Rouse Properties, Inc. (b)		18,643		304,813
Ryman Hospitality Properties, Inc.		20,440		1,085,568
Sabra Health Care REIT, Inc.		28,851		742,625
Saul Centers, Inc.		4,228		207,975
Select Income REIT		29,295		604,649
Silver Bay Realty Trust Corp.		19,300		314,397
Sovran Self Storage, Inc.		16,136		1,402,380
STAG Industrial, Inc. (b)		30,449		608,980
Starwood Waypoint Residential Trust (b)		19,398		460,897
STORE Capital Corp.		17,642		354,604
Strategic Hotels & Resorts, Inc. (a)		129,028		1,563,819
Summit Hotel Properties, Inc.		40,984		533,202
Sun Communities, Inc.		21,611		1,336,208
Sunstone Hotel Investors, Inc.		101,224		1,519,372
Terreno Realty Corp.		20,992		413,542
UMH Properties, Inc. (b)		11,462		112,328
United Development Funding IV		16,593		290,046

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Universal Health Realty Income Trust		6,109	$	283,824
Urban Edge Properties		41,316		858,960
Urstadt Biddle Properties, Inc. - Class A		13,207		246,707
Washington Real Estate Investment Trust (b)		32,300		838,185
Western Asset Mortgage Capital Corp. (b)		20,929		309,121
Whitestone REIT (b)		9,513		123,859
Xenia Hotels & Resorts, Inc.		53,296		1,158,655
				74,823,051
Real Estate Management & Development—0.4%
Alexander & Baldwin, Inc.		23,959		943,985
Altisource Portfolio Solutions S.A. (a) (b)		6,754		207,956
Consolidated-Tomoka Land Co. (b)		2,461		141,852
Forestar Group, Inc. (a) (b)		17,933		235,998
FRP Holdings, Inc. (a) (b)		3,479		112,824
Kennedy-Wilson Holdings, Inc.		43,109		1,060,050
Marcus & Millichap, Inc. (a)		6,463		298,203
RE/MAX Holdings, Inc. - Class A (b)		4,716		167,465
St. Joe Co. (The) (a) (b)		31,148		483,728
Tejon Ranch Co. (a)		7,566		194,522
				3,846,583
Road & Rail—0.7%
ArcBest Corp.		12,815		407,517
Celadon Group, Inc.		13,029		269,440
Con-way, Inc.		26,785		1,027,740
Covenant Transportation Group, Inc. - Class A (a)		5,776		144,747
Heartland Express, Inc. (b)		21,986		444,777
Knight Transportation, Inc.		29,563		790,515
Marten Transport, Ltd.		8,595		186,511
Quality Distribution, Inc. (a)		11,883		183,711
Roadrunner Transportation Systems, Inc. (a)		13,855		357,459
Saia, Inc. (a)		11,835		464,997
Swift Transportation Co. (a)		41,359		937,609
USA Truck, Inc. (a)		4,954		105,173
Werner Enterprises, Inc. (b)		22,043		578,629
YRC Worldwide, Inc. (a)		14,785		191,909
				6,090,734
Semiconductors & Semiconductor Equipment—3.1%
Advanced Energy Industries, Inc. (a)		20,778		571,187
Advanced Micro Devices, Inc. (a)		296,073		710,575
Ambarella, Inc. (a) (b)		14,300		1,468,467
Amkor Technology, Inc. (a)		42,324		253,098
Applied Micro Circuits Corp. (a) (b)		37,494		253,084
Axcelis Technologies, Inc. (a)		29,649		87,761
Brooks Automation, Inc.		28,372		324,859
Cabot Microelectronics Corp. (a)		12,507		589,205
Cascade Microtech, Inc. (a)		7,060		107,488
Cavium, Inc. (a) (b)		25,863		1,779,633
Ceva, Inc. (a) (b)		9,018		175,220
Cirrus Logic, Inc. (a)		30,584		1,040,773
Cohu, Inc.		11,848		156,749
Diodes, Inc. (a)		18,315		441,575
DSP Group, Inc. (a)		12,177		125,788
Entegris, Inc. (a)		64,015		932,699
Semiconductors & Semiconductor Equipment—(Continued)
Exar Corp. (a) (e)		20,123		196,803
Fairchild Semiconductor International, Inc. (a)		56,225		977,190
FormFactor, Inc. (a) (e)		27,182		250,074
Inphi Corp. (a) (b)		17,959		410,543
Integrated Device Technology, Inc. (a)		68,677		1,490,291
Integrated Silicon Solution, Inc.		14,137		312,993
Intersil Corp. - Class A		65,241		816,165
IXYS Corp.		13,771		210,696
Kopin Corp. (a)		9,009		31,081
Lattice Semiconductor Corp. (a)		45,922		270,481
M/A-COM Technology Solutions Holdings, Inc. (a) (b)		10,997		420,635
Mattson Technology, Inc. (a)		36,782		123,220
MaxLinear, Inc. - Class A (a)		23,196		280,672
Micrel, Inc.		25,489		354,297
Microsemi Corp. (a)		44,049		1,539,513
MKS Instruments, Inc.		24,685		936,549
Monolithic Power Systems, Inc.		18,931		959,991
Nanometrics, Inc. (a)		12,771		205,869
NeoPhotonics Corp. (a)		13,738		125,428
NVE Corp.		2,605		204,232
OmniVision Technologies, Inc. (a)		26,397		691,469
PDF Solutions, Inc. (a)		13,631		218,096
Pericom Semiconductor Corp.		12,144		159,694
Photronics, Inc. (a)		30,362		288,743
PMC - Sierra, Inc. (a)		74,917		641,290
Power Integrations, Inc.		14,941		675,034
Rambus, Inc. (a) (b)		56,543		819,308
Rudolph Technologies, Inc. (a)		18,288		219,639
Semtech Corp. (a)		33,156		658,147
Sigma Designs, Inc. (a)		16,965		202,392
Silicon Laboratories, Inc. (a)		19,602		1,058,704
Synaptics, Inc. (a) (b)		16,544		1,434,944
Tessera Technologies, Inc.		24,436		928,079
Ultra Clean Holdings, Inc. (a)		15,759		98,179
Ultratech, Inc. (a) (b)		13,618		252,750
Veeco Instruments, Inc. (a) (b)		20,425		587,014
Xcerra Corp. (a)		26,473		200,401
				28,268,767
Software—4.2%
A10 Networks, Inc. (a)		16,786		108,102
ACI Worldwide, Inc. (a)		55,734		1,369,384
Advent Software, Inc.		25,347		1,120,591
American Software, Inc. - Class A		12,761		121,230
Aspen Technology, Inc. (a) (b) (e)		39,380		1,793,759
AVG Technologies NV (a)		19,150		521,071
Barracuda Networks, Inc. (a)		4,133		163,749
Blackbaud, Inc. (b)		21,648		1,232,854
Bottomline Technologies de, Inc. (a)		19,170		533,118
BroadSoft, Inc. (a)		14,701		508,214
Callidus Software, Inc. (a)		24,272		378,158
CommVault Systems, Inc. (a)		21,011		891,077
Comverse, Inc. (a)		11,872		238,390
Digimarc Corp. (a)		3,950		178,303
Ebix, Inc. (b)		12,915		421,158
Ellie Mae, Inc. (a) (b)		13,561		946,422

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
EnerNOC, Inc. (a) (b)		13,640	$	132,308
EPIQ Systems, Inc.		15,846		267,480
ePlus, Inc. (a)		2,282		174,915
Fair Isaac Corp.		14,192		1,288,350
FleetMatics Group plc (a)		18,434		863,264
Gigamon, Inc. (a)		12,234		403,600
Globant S.A. (a)		7,299		222,109
Glu Mobile, Inc. (a)		56,662		351,871
Guidewire Software, Inc. (a) (b)		33,292		1,762,146
HubSpot, Inc. (a)		8,823		437,444
Imperva, Inc. (a)		12,766		864,258
Infoblox, Inc. (a)		27,141		711,366
Interactive Intelligence Group, Inc. (a) (b)		7,901		351,357
Jive Software, Inc. (a)		2,954		15,509
Manhattan Associates, Inc. (a)		34,112		2,034,781
Mentor Graphics Corp.		48,583		1,284,049
MicroStrategy, Inc. - Class A (a)		4,507		766,551
MobileIron, Inc. (a)		19,193		113,431
Model N, Inc. (a)		10,589		126,115
Monotype Imaging Holdings, Inc.		18,592		448,253
NetScout Systems, Inc. (a) (b)		17,336		635,711
Paycom Software, Inc. (a)		14,749		503,678
Paylocity Holding Corp. (a)		7,401		265,326
Pegasystems, Inc.		16,572		379,333
Progress Software Corp. (a)		25,065		689,287
Proofpoint, Inc. (a) (b)		19,087		1,215,269
PROS Holdings, Inc. (a) (b)		10,832		228,664
QAD, Inc. - Class A		5,009		132,388
QLIK Technologies, Inc. (a)		42,908		1,500,064
Qualys, Inc. (a) (b)		11,629		469,230
Rally Software Development Corp. (a)		12,922		251,333
RealPage, Inc. (a) (b)		23,670		451,387
Rovi Corp. (a)		41,187		656,933
Rubicon Project, Inc. (The) (a)		12,316		184,247
Sapiens International Corp. NV (b)		3,688		38,281
SeaChange International, Inc. (a)		15,237		106,811
Silver Spring Networks, Inc. (a)		17,691		219,545
Synchronoss Technologies, Inc. (a) (b)		17,427		796,937
Take-Two Interactive Software, Inc. (a) (b)		41,148		1,134,450
Tangoe, Inc. (a) (b)		19,395		243,989
Telenav, Inc. (a)		2,897		23,321
TiVo, Inc. (a)		39,293		398,431
TubeMogul, Inc. (a)		7,203		102,931
Tyler Technologies, Inc. (a)		15,214		1,968,387
Varonis Systems, Inc. (a)		4,468		98,698
VASCO Data Security International, Inc. (a) (b)		15,031		453,786
Verint Systems, Inc. (a)		29,277		1,778,431
Yodlee, Inc. (a)		8,912		128,689
Zendesk, Inc. (a)		25,082		557,071
Zix Corp. (a)		13,920		71,966
				38,829,311
Specialty Retail—3.2%
Abercrombie & Fitch Co. - Class A		32,535		699,828
America’s Car-Mart, Inc. (a)		3,580		176,566
American Eagle Outfitters, Inc. (b)		90,391		1,556,533
ANN, Inc. (a)		21,423		1,034,517
Specialty Retail—(Continued)
Asbury Automotive Group, Inc. (a)		12,479		1,130,847
Ascena Retail Group, Inc. (a)		65,324		1,087,971
Barnes & Noble, Inc. (a) (b)		23,825		618,497
Big 5 Sporting Goods Corp.		10,041		142,683
Boot Barn Holdings, Inc. (a)		5,884		188,288
Buckle, Inc. (The) (b)		14,188		649,385
Build-A-Bear Workshop, Inc. (a)		6,759		108,076
Caleres, Inc.		20,189		641,606
Cato Corp. (The) - Class A		11,668		452,252
Chico’s FAS, Inc.		66,717		1,109,504
Children’s Place, Inc. (The)		9,293		607,855
Citi Trends, Inc. (a)		8,551		206,934
Conn’s, Inc. (a) (b)		13,796		547,701
Container Store Group, Inc. (The) (a) (b)		8,770		147,950
Express, Inc. (a)		42,861		776,213
Finish Line, Inc. (The) - Class A		24,015		668,097
Five Below, Inc. (a) (b)		26,805		1,059,602
Francesca’s Holdings Corp. (a)		22,196		298,980
Genesco, Inc. (a)		11,779		777,767
Group 1 Automotive, Inc.		10,876		987,867
Guess?, Inc. (b)		30,485		584,397
Haverty Furniture Cos., Inc.		10,391		224,653
Hibbett Sports, Inc. (a) (b)		12,576		585,790
Kirkland’s, Inc.		9,307		259,386
Lithia Motors, Inc. - Class A		10,347		1,170,867
Lumber Liquidators Holdings, Inc. (a) (b)		13,856		286,958
MarineMax, Inc. (a)		12,696		298,483
Mattress Firm Holding Corp. (a) (b)		9,630		586,949
Men’s Wearhouse, Inc. (The)		22,434		1,437,346
Monro Muffler Brake, Inc. (b)		15,548		966,464
Outerwall, Inc. (b)		9,248		703,865
Party City Holdco, Inc. (a)		13,656		276,807
Pep Boys-Manny Moe & Jack (The) (a)		20,504		251,584
Pier 1 Imports, Inc.		47,023		593,900
Rent-A-Center, Inc.		26,759		758,618
Restoration Hardware Holdings, Inc. (a)		15,345		1,498,132
Select Comfort Corp. (a)		24,198		727,634
Shoe Carnival, Inc.		8,227		237,431
Sonic Automotive, Inc. - Class A		14,688		350,015
Sportsman’s Warehouse Holdings, Inc. (a)		9,266		105,354
Stage Stores, Inc.		16,362		286,826
Stein Mart, Inc.		15,504		162,327
Tile Shop Holdings, Inc. (a)		14,624		207,515
Vitamin Shoppe, Inc. (a)		13,117		488,871
Winmark Corp.		1,140		112,290
Zumiez, Inc. (a) (b)		10,452		278,337
				29,116,318
Technology Hardware, Storage & Peripherals—0.7%
Avid Technology, Inc. (a)		17,870		238,386
Cray, Inc. (a) (b)		20,870		615,873
Diebold, Inc.		30,087		1,053,045
Dot Hill Systems Corp. (a)		16,233		99,346
Eastman Kodak Co. (a) (b)		7,370		123,816
Electronics for Imaging, Inc. (a)		22,627		984,501
Immersion Corp. (a)		16,446		208,371
Nimble Storage, Inc. (a) (b)		23,597		662,132

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Technology Hardware, Storage & Peripherals—(Continued)
QLogic Corp. (a)		44,263	$	628,092
Quantum Corp. (a)		61,191		102,801
Silicon Graphics International Corp. (a) (b)		3,423		22,147
Stratasys, Ltd. (a)		23,667		826,688
Super Micro Computer, Inc. (a) (b)		17,788		526,169
Violin Memory, Inc. (a) (b)		4,211		10,317
				6,101,684
Textiles, Apparel & Luxury Goods—1.0%
Cherokee, Inc.		4,365		123,006
Columbia Sportswear Co.		12,824		775,339
Crocs, Inc. (a) (b) (e)		36,244		533,149
Culp, Inc.		4,697		145,607
Deckers Outdoor Corp. (a)		16,079		1,157,206
G-III Apparel Group, Ltd. (a) (b)		18,754		1,319,344
Iconix Brand Group, Inc. (a) (b)		23,416		584,697
Movado Group, Inc.		10,013		271,953
Oxford Industries, Inc.		6,557		573,410
Perry Ellis International, Inc. (a)		7,318		173,949
Sequential Brands Group, Inc. (a) (b)		9,559		146,157
Steven Madden, Ltd. (a)		26,195		1,120,622
Tumi Holdings, Inc. (a) (b)		24,156		495,681
Unifi, Inc. (a)		7,892		264,382
Vera Bradley, Inc. (a) (b)		10,263		115,664
Wolverine World Wide, Inc. (b)		47,159		1,343,088
				9,143,254
Thrifts & Mortgage Finance—1.8%
Anchor BanCorp Wisconsin, Inc. (a)		4,716		179,114
Astoria Financial Corp.		42,231		582,366
Bank Mutual Corp.		11,326		86,870
BankFinancial Corp.		3,877		45,671
Beneficial Bancorp, Inc. (a)		38,821		484,874
BofI Holding, Inc. (a) (b)		7,041		744,304
Brookline Bancorp, Inc.		28,635		323,289
Capitol Federal Financial, Inc.		67,397		811,460
Clifton Bancorp, Inc. (b)		13,646		190,908
Dime Community Bancshares, Inc.		15,501		262,587
Essent Group, Ltd. (a)		25,938		709,404
EverBank Financial Corp.		44,827		880,851
Federal Agricultural Mortgage Corp. - Class C		5,480		159,249
First Defiance Financial Corp.		5,038		189,076
Flagstar Bancorp, Inc. (a)		9,133		168,778
Heritage Financial Group, Inc.		4,566		137,802
HomeStreet, Inc. (a)		10,511		239,861
Kearny Financial Corp. (a)		43,899		489,913
Ladder Capital Corp. - Class A		18,832		326,735
LendingTree, Inc. (a) (b)		2,103		165,317
Meridian Bancorp, Inc. (a)		26,006		348,740
Meta Financial Group, Inc.		3,308		141,979
MGIC Investment Corp. (a) (b)		155,926		1,774,438
Nationstar Mortgage Holdings, Inc. (a)		18,633		313,034
NMI Holdings, Inc. - Class A (a)		20,655		165,653
Northfield Bancorp, Inc.		26,346		396,507
Northwest Bancshares, Inc.		43,929		563,170
OceanFirst Financial Corp.		6,649		124,004
Ocwen Financial Corp. (a)		50,367		513,743
Thrifts & Mortgage Finance—(Continued)
Oritani Financial Corp.		22,475		360,724
PennyMac Financial Services, Inc. - Class A (a)		8,785		159,184
Provident Financial Services, Inc.		29,417		558,629
Radian Group, Inc. (b)		90,816		1,703,708
TrustCo Bank Corp. (b)		33,526		235,688
United Community Financial Corp.		8,666		46,363
United Financial Bancorp, Inc.		28,056		377,353
Walker & Dunlop, Inc. (a)		12,545		335,453
Washington Federal, Inc.		45,400		1,060,090
Waterstone Financial, Inc. (b)		17,578		232,030
WSFS Financial Corp. (b)		12,636		345,595
				16,934,514
Tobacco—0.2%
Universal Corp. (b)		10,350		593,262
Vector Group, Ltd. (b)		37,196		872,618
				1,465,880
Trading Companies & Distributors—0.6%
Aircastle, Ltd.		31,863		722,334
Applied Industrial Technologies, Inc.		18,076		716,713
Beacon Roofing Supply, Inc. (a)		22,020		731,504
CAI International, Inc. (a)		7,804		160,684
DXP Enterprises, Inc. (a)		6,409		298,019
H&E Equipment Services, Inc.		15,412		307,778
Kaman Corp. (b)		14,024		588,167
MRC Global, Inc. (a)		47,898		739,545
Rush Enterprises, Inc. - Class A (a)		16,786		439,961
Stock Building Supply Holdings, Inc. (a) (b)		7,700		150,535
TAL International Group, Inc. (a)		16,976		536,442
Textainer Group Holdings, Ltd. (b)		10,746		279,503
Titan Machinery, Inc. (a) (b)		8,967		132,084
Veritiv Corp. (a)		3,938		143,580
				5,946,849
Transportation Infrastructure—0.0%
Wesco Aircraft Holdings, Inc. (a) (b)		25,919		392,673
Water Utilities—0.2%
American States Water Co.		17,191		642,771
California Water Service Group		24,670		563,709
Connecticut Water Service, Inc.		4,766		162,807
Middlesex Water Co.		7,497		169,132
SJW Corp.		7,394		226,922
York Water Co. (The) (b)		6,695		139,658
				1,904,999
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc. (a)		17,390		143,641
RingCentral, Inc. - Class A (a) (b)		25,092		463,951
Shenandoah Telecommunications Co.		12,542		429,313
Spok Holdings, Inc.		11,723		197,415
				1,234,320
Total Common Stocks (Cost $628,269,389)				869,723,360

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mutual Fund—3.0%

Security Description	Shares/ Principal Amount*		Value
Investment Company Security—3.0%
iShares Russell 2000 Index Fund (b) (Cost $26,090,527)		220,000	$	27,469,200
Rights—0.0%
Health Care Providers & Services—0.0%
BioScrip, Inc., Expires 07/27/15 (a) (d)		7		0
Life Sciences Tools & Services—0.0%
Furiex Pharmaceuticals, Inc., Expires 07/02/16 (a) (c) (d)		3,553		34,713
Machinery—0.0%
Gerber Scientific, Inc. (a) (b) (d)		14,024		0
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc., Expires 03/13/17 (a) (c) (d)		27,485		69,262
Total Rights (Cost $103,975)				103,975
Warrant—0.0%
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/16 (a) (b) (d) (Cost $0)		8,794		0
Short-Term Investments—23.5%
Discount Notes—2.5%
Federal Home Loan Bank
0.040%, 07/08/15 (f)		1,150,000		1,149,990
0.082%, 08/26/15 (f)		5,700,000		5,699,267
0.112%, 09/02/15 (f)		2,875,000		2,874,437
0.121%, 10/09/15 (f)		275,000		274,908
0.130%, 08/07/15 (f)		1,050,000		1,049,858
0.139%, 11/12/15 (f)		600,000		599,692
0.144%, 11/25/15 (f)		8,375,000		8,370,117
Federal Home Loan Mortgage Corp.
0.130%, 09/14/15 (f)		600,000		599,837
Discount Notes—(Continued)
Federal National Mortgage Association
0.112%, 08/05/15 (f)		2,075,000		2,074,770
				22,692,876
Mutual Fund—21.0%
State Street Navigator Securities Lending MET Portfolio (g)		194,402,538		194,402,538
Total Short-Term Investments (Cost $217,095,414)				217,095,414
Total Investments—120.7% (Cost $871,559,305) (h)				1,114,391,949
Other assets and liabilities (net)—(20.7)%				(190,739,170	)
Net Assets—100.0%			$	923,652,779

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $199,605,045 and the collateral received consisted of cash in the amount of $194,402,538 and non-cash collateral with a value of $12,511,110. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2015, these securities represent less than 0.05% of net assets.

(d) Illiquid security. As of June 30, 2015, these securities represent 0.0% of net assets.

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2015, the market value of securities pledged was $2,831,922.

(f) The rate shown represents current yield to maturity.

(g) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(h) As of June 30, 2015, the aggregate cost of investments was $871,559,305. The aggregate unrealized appreciation and depreciation of investments were $284,079,608 and $(41,246,964), respectively, resulting in net unrealized appreciation of $242,832,644.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
Russell 2000 Mini Index Futures		09/18/15		197		USD	24,565,272	$	67,608

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	869,723,360	$	—		$	—	$	869,723,360
Total Mutual Fund*		27,469,200		—			—		27,469,200
Rights
Health Care Providers & Services		0		—			—		0
Life Sciences Tools & Services		—		—			34,713		34,713
Machinery		—		—			0		0
Wireless Telecommunication Services		—		—			69,262		69,262
Total Rights		0		—			103,975		103,975
Total Warrant*		0		—			—		0
Short-Term Investments
Discount Notes		—		22,692,876			—		22,692,876
Mutual Fund		194,402,538		—			—		194,402,538
Total Short-Term Investments		194,402,538		22,692,876			—		217,095,414
Total Investments	$	1,091,595,098	$	22,692,876		$	103,975	$	1,114,391,949
Collateral for securities loaned (Liability)	$	—	$	(194,402,538	)	$	—	$	(194,402,538	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	67,608	$	—		$	—	$	67,608

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2014		Change in Unrealized Appreciation		Balance as of June 30, 2015		Change in Unrealized Appreciation from Investments Still Held at June 30, 2015
Rights
Life Sciences Tools & Services	$	34,713	$	0	$	34,713	$	0
Machinery		0		0		0		0
Wireless Telecommunication Services		69,262		0		69,262		0
Total	$	103,975	$	0	$	103,975	$	0

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

Russell 2000 Index Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,114,391,949
Cash		1,336,753
Receivable for:
Investments sold		91,998,985
Fund shares sold		1,204,603
Dividends		1,007,406
Variation margin on futures contracts		96,530
Total Assets		1,210,036,226
Liabilities
Collateral for securities loaned		194,402,538
Payables for:
Investments purchased		90,861,286
Fund shares redeemed		535,286
Accrued expenses:
Management fees		190,303
Distribution and service fees		91,734
Deferred trustees’ fees		69,519
Other expenses		232,781
Total Liabilities		286,383,447
Net Assets	$	923,652,779
Net assets consist of:
Paid in surplus	$	632,931,498
Undistributed net investment income		5,129,891
Accumulated net realized gain		42,691,141
Unrealized appreciation on investments, futures contracts and foreign currency transactions		242,900,249
Net Assets	$	923,652,779
Net Assets
Class A	$	502,474,208
Class B		241,409,535
Class E		28,264,857
Class G		151,504,179
Capital Shares Outstanding*
Class A		25,524,691
Class B		12,512,267
Class E		1,442,990
Class G		7,877,997
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.69
Class B		19.29
Class E		19.59
Class G		19.23

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $871,559,305.

(b) Includes securities loaned at value of $199,605,045.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	6,248,190
Interest		12,245
Securities lending income		1,227,697
Total investment income		7,488,132
Expenses
Management fees		1,138,722
Administration fees		10,870
Custodian and accounting fees		88,432
Distribution and service fees—Class B		299,776
Distribution and service fees—Class E		21,415
Distribution and service fees—Class G		224,587
Audit and tax services		20,310
Legal		14,250
Trustees’ fees and expenses		19,506
Shareholder reporting		89,959
Insurance		2,668
Miscellaneous		33,541
Total expenses		1,964,036
Less management fee waiver		(10,377	)
Net expenses		1,953,659
Net Investment Income		5,534,473
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		44,938,941
Futures contracts		1,510,584
Foreign currency transactions		9
Net realized gain		46,449,534
Net change in unrealized depreciation on:
Investments		(8,591,096	)
Futures contracts		(328,017	)
Foreign currency transactions		(6	)
Net change in unrealized depreciation		(8,919,119	)
Net realized and unrealized gain		37,530,415
Net Increase in Net Assets From Operations	$	43,064,888

(a) Net of foreign withholding taxes of $3,015.

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

Russell 2000 Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,534,473		$	9,996,774
Net realized gain		46,449,534			53,199,041
Net change in unrealized depreciation		(8,919,119	)		(20,353,248	)
Increase in net assets from operations		43,064,888			42,842,567
From Distributions to Shareholders
Net investment income
Class A		(5,846,773	)		(5,529,382	)
Class B		(2,312,441	)		(2,181,006	)
Class E		(293,363	)		(299,757	)
Class G		(1,394,445	)		(1,285,279	)
Net realized capital gains
Class A		(27,706,544	)		(10,714,714	)
Class B		(13,697,672	)		(5,253,695	)
Class E		(1,599,037	)		(663,422	)
Class G		(8,565,878	)		(3,130,624	)
Total distributions		(61,416,153	)		(29,057,879	)
Increase (decrease) in net assets from capital share transactions		40,194,952			(7,413,817	)
Total increase in net assets		21,843,687			6,370,871
Net Assets
Beginning of period		901,809,092			895,438,221
End of period	$	923,652,779		$	901,809,092
Undistributed net investment income
End of period	$	5,129,891		$	9,442,440

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		1,044,602		$	21,371,113			3,845,842		$	74,846,406
Reinvestments		1,686,944			33,553,317			879,011			16,244,096
Redemptions		(1,488,594	)		(30,541,999	)		(4,931,542	)		(95,849,744	)
Net increase (decrease)		1,242,952		$	24,382,431			(206,689	)	$	(4,759,242	)
Class B
Sales		357,020		$	7,178,423			1,322,439		$	24,862,083
Reinvestments		821,031			16,010,113			409,626			7,434,701
Redemptions		(849,642	)		(17,040,605	)		(1,791,260	)		(34,103,516	)
Net increase (decrease)		328,409		$	6,147,931			(59,195	)	$	(1,806,732	)
Class E
Sales		139,542		$	2,847,973			254,366		$	4,895,769
Reinvestments		95,624			1,892,400			52,347			963,179
Redemptions		(228,048	)		(4,679,302	)		(423,422	)		(8,149,381	)
Net increase (decrease)		7,118		$	61,071			(116,709	)	$	(2,290,433	)
Class G
Sales		852,292		$	16,651,982			1,477,585		$	27,856,317
Reinvestments		512,626			9,960,323			243,973			4,415,903
Redemptions		(849,012	)		(17,008,786	)		(1,637,996	)		(30,829,630	)
Net increase		515,906		$	9,603,519			83,562		$	1,442,590
Increase (decrease) derived from capital shares transactions				$	40,194,952					$	(7,413,817	)

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.11		$	19.83		$	14.56		$	12.66		$	13.33		$	10.61
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.24			0.20			0.28			0.15			0.14
Net realized and unrealized gain (loss) on investments		0.85			0.71			5.33			1.78			(0.68	)		2.71
Total from investment operations		0.99			0.95			5.53			2.06			(0.53	)		2.85
Less Distributions
Distributions from net investment income		(0.25	)		(0.23	)		(0.26	)		(0.16	)		(0.14	)		(0.13	)
Distributions from net realized capital gains		(1.16	)		(0.44	)		0.00			0.00			0.00			0.00
Total distributions		(1.41	)		(0.67	)		(0.26	)		(0.16	)		(0.14	)		(0.13	)
Net Asset Value, End of Period	$	19.69		$	20.11		$	19.83		$	14.56		$	12.66		$	13.33
Total Return (%) (b)		4.83	(c)		5.04			38.55			16.35			(4.10	)		26.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.31	(d)		0.32			0.31			0.33			0.31			0.32
Net ratio of expenses to average net assets (%) (e)		0.31	(d)		0.31			0.31			0.33			0.31			0.31
Ratio of net investment income to average net assets (%)		1.34	(d)		1.26			1.18			2.01			1.12			1.24
Portfolio turnover rate (%)		16	(c)		24			25			26			25			26
Net assets, end of period (in millions)	$	502.5		$	488.3		$	485.5		$	366.9		$	350.3		$	406.2
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.71		$	19.45		$	14.29		$	12.43		$	13.09		$	10.43
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.19			0.16			0.24			0.11			0.11
Net realized and unrealized gain (loss) on investments		0.83			0.69			5.23			1.75			(0.66	)		2.65
Total from investment operations		0.94			0.88			5.39			1.99			(0.55	)		2.76
Less Distributions
Distributions from net investment income		(0.20	)		(0.18	)		(0.23	)		(0.13	)		(0.11	)		(0.10	)
Distributions from net realized capital gains		(1.16	)		(0.44	)		0.00			0.00			0.00			0.00
Total distributions		(1.36	)		(0.62	)		(0.23	)		(0.13	)		(0.11	)		(0.10	)
Net Asset Value, End of Period	$	19.29		$	19.71		$	19.45		$	14.29		$	12.43		$	13.09
Total Return (%) (b)		4.68	(c)		4.78			38.18			16.05			(4.29	)		26.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.56	(d)		0.57			0.56			0.58			0.56			0.57
Net ratio of expenses to average net assets (%) (e)		0.56	(d)		0.56			0.56			0.58			0.56			0.56
Ratio of net investment income to average net assets (%)		1.08	(d)		1.01			0.93			1.77			0.89			1.00
Portfolio turnover rate (%)		16	(c)		24			25			26			25			26
Net assets, end of period (in millions)	$	241.4		$	240.2		$	238.1		$	185.7		$	168.0		$	174.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.00		$	19.72		$	14.48		$	12.60		$	13.26		$	10.57
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.21			0.17			0.25			0.13			0.12
Net realized and unrealized gain (loss) on investments		0.84			0.71			5.31			1.77			(0.67	)		2.68
Total from investment operations		0.96			0.92			5.48			2.02			(0.54	)		2.80
Less Distributions
Distributions from net investment income		(0.21	)		(0.20	)		(0.24	)		(0.14	)		(0.12	)		(0.11	)
Distributions from net realized capital gains		(1.16	)		(0.44	)		0.00			0.00			0.00			0.00
Total distributions		(1.37	)		(0.64	)		(0.24	)		(0.14	)		(0.12	)		(0.11	)
Net Asset Value, End of Period	$	19.59		$	20.00		$	19.72		$	14.48		$	12.60		$	13.26
Total Return (%) (b)		4.75	(c)		4.91			38.35			16.10			(4.16	)		26.60
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.46	(d)		0.47			0.46			0.48			0.46			0.47
Net ratio of expenses to average net assets (%) (e)		0.46	(d)		0.46			0.46			0.48			0.46			0.46
Ratio of net investment income to average net assets (%)		1.18	(d)		1.10			1.03			1.85			0.96			1.08
Portfolio turnover rate (%)		16	(c)		24			25			26			25			26
Net assets, end of period (in millions)	$	28.3		$	28.7		$	30.6		$	25.7		$	25.1		$	32.6
	Class G
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.65		$	19.40		$	14.26		$	12.41		$	13.07		$	10.41
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.18			0.15			0.24			0.11			0.12
Net realized and unrealized gain (loss) on investments		0.83			0.69			5.22			1.73			(0.66	)		2.64
Total from investment operations		0.93			0.87			5.37			1.97			(0.55	)		2.76
Less Distributions
Distributions from net investment income		(0.19	)		(0.18	)		(0.23	)		(0.12	)		(0.11	)		(0.10	)
Distributions from net realized capital gains		(1.16	)		(0.44	)		0.00			0.00			0.00			0.00
Total distributions		(1.35	)		(0.62	)		(0.23	)		(0.12	)		(0.11	)		(0.10	)
Net Asset Value, End of Period	$	19.23		$	19.65		$	19.40		$	14.26		$	12.41		$	13.07
Total Return (%) (b)		4.66	(c)		4.73			38.12			15.94			(4.33	)		26.54
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.61	(d)		0.62			0.61			0.63			0.61			0.62
Net ratio of expenses to average net assets (%) (e)		0.61	(d)		0.61			0.61			0.63			0.61			0.61
Ratio of net investment income to average net assets (%)		1.04	(d)		0.96			0.89			1.81			0.88			1.09
Portfolio turnover rate (%)		16	(c)		24			25			26			25			26
Net assets, end of period (in millions)	$	151.5		$	144.7		$	141.2		$	88.7		$	61.5		$	41.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Russell 2000 Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

MSF-27

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, return of capital adjustments, passive foreign investment companies (PFICs) and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MSF-28

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

MSF-29

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

At June 30, 2015, the Portfolio had the following open derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts*	$	67,608

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the six months ended June 30, 2015 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	1,510,584
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(328,017	)

For the six months ended June 30, 2015, the average Notional Par or Face Amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	19,700

‡ Averages are based on activity levels during the period.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared over-the-counter (“OTC”) derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

MSF-30

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	142,955,874	$	0	$	159,253,732

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the six months ended June 30, 2015 were $1,138,722.

MetLife Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, MetLife Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2015 were $161,441.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

MSF-31

Metropolitan Series Fund

Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$9,295,424	$	11,245,758	$	19,762,455	$	—	$	29,057,879	$	11,245,758

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Other Accumulated Capital Losses		Total
$10,280,397	$	50,938,998	$	247,916,993	$	—	$	—	$	309,136,388

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-32

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Managed By T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the T. Rowe Price Large Cap Growth Portfolio returned 7.12%, 6.96%, and 7.05%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 3.96%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks generated gains in the six months ended June 30, 2015. Several major indexes reached all-time highs in May or June, but they retreated in the sharp sell-off at the end of June. During the first three months of the period, optimism about stabilizing oil prices and monetary stimulus overseas overrode concerns about impending rate hikes, a stronger dollar, and mixed U.S. economic data. In the second quarter, stock market performance was mixed. Merger activity and a strengthening economy supported U.S. stocks, but heightened volatility resulting from the financial crisis in Greece sapped investor confidence.

As the period progressed, worries that the Federal Reserve would begin raising short-term interest rates later in 2015 faded and had little effect on the equity market. As the first half of the year ended, global markets reacted negatively to events in Greece, which included a one-week closure of its stock market and banks, the implementation of capital controls, a missed payment to the International Monetary Fund, and the expiration of its bailout agreement.

Sector performance in the S&P 500 Index was mixed. The Health Care and Telecommunication sectors outperformed, while Utilities, Energy, and Industrials posted losses. As measured by various Russell indexes, large-cap stocks underperformed small- and mid-caps. Non-U.S. developed and emerging markets equities outpaced U.S. stocks. U.S. and emerging markets bonds posted gains for the period. Bonds in developed non-U.S. markets fell in U.S. dollar terms, as the U.S. dollar strengthened versus the euro and Japanese yen.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Growth Index for the six-month period. Overall, stock selection accounted for most of the relative outperformance, and sector allocation also helped.

A relative overweight to the Health Care sector, the best-performing sector in the Index this period, contributed to relative performance. Stock selection was also beneficial. Valeant Pharmaceuticals continued to make value-enhancing acquisitions with its purchase of Salix Pharmaceuticals in February, which helped shares advance. Management subsequently indicated that it expects Salix, which develops treatments for gastrointestinal disorders, to contribute $1 billion in revenue this year. The company also benefited from gains in Asia and Mexico as well as in its contact lens and dermatology businesses.

A relative overweight to the Consumer Discretionary sector also contributed to relative performance, although to a lesser extent than stock selection. Shares of Amazon.com soared after the company announced strong Amazon Prime membership growth and that it would break out financial results for its Amazon Web Services unit for the first time. The stock rose further after the profitability of Amazon Web Services reported by the firm was much higher than expected.

Information Technology was the largest detractor from relative returns for the period due to stock selection and to a lesser extent sector allocation. Alibaba shares exhibited weakness after Chinese government officials said early in the year that the company did not act sufficiently to prevent the sale of counterfeit goods. The stock has since recovered some of its losses but has remained challenged amidst weakness in Chinese equity markets. Despite these temporary headwinds, we continue to have a favorable outlook on Alibaba as the dominant e-commerce platform in China. Limiting exposure to Apple hurt relative performance as strong iPhone sales persisted. We remain underweight in Apple as we believe that a decelerating product cycle will eventually hamper iPhone growth. Despite the additional products and services that the company has launched or is preparing to launch, it is unclear how durable these launches will be in contributing to Apple’s growth beyond the iPhone 6 upgrade cycle.

At period end, the Portfolio was overweight Industrials and Business Services (versus underweight on December 31, 2014). Meanwhile, the Portfolio’s exposure to both the Energy and Information Technology sectors shifted from underweight to overweight. In Information Technology, we remain focused on companies that are

MSF-1

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Managed By T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

well-positioned to take advantage of transformational change in the space. We believe that demand for social and mobile connectivity and cloud computing services should drive growth. We increased slightly the Portfolio’s overweight in Health Care as we seek opportunities to take advantage of larger industry trends, such as broader insurance coverage over time, the increase in generic drug availability, and cost-saving distribution methods. During the period, there was also a notable decrease in the Portfolio’s overweight in Consumer Discretionary.

Joseph Fath

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
T. Rowe Price Large Cap Growth Portfolio
Class A		7.12		13.59		19.45		9.55
Class B		6.96		13.29		19.15		9.28
Class E		7.05		13.41		19.27		9.39
Russell 1000 Growth Index		3.96		10.56		18.59		9.10

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Amazon.com, Inc.		4.7
Priceline Group, Inc. (The)		3.1
Visa, Inc.- Class A		2.9
Apple, Inc.		2.8
Danaher Corp.		2.6
Valeant Pharmaceuticals International, Inc.		2.6
Google, Inc.- Class C		2.6
Google, Inc.- Class A		2.5
Allergan plc		2.5
Facebook, Inc.- Class A		2.5

Top Sectors

	% of Net Assets
Information Technology		28.6
Health Care		24.1
Consumer Discretionary		24.1
Industrials		11.0
Financials		6.2
Consumer Staples		2.7
Materials		1.6
Energy		1.3

MSF-3

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Large Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.58	%	$	1,000.00	$	1,071.20	$	2.98
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91
Class B(a)	Actual		0.83	%	$	1,000.00	$	1,069.60	$	4.26
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16
Class E(a)	Actual		0.73	%	$	1,000.00	$	1,070.50	$	3.75
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
Boeing Co. (The)		269,800	$	37,426,656
Precision Castparts Corp.		100,480		20,082,938
				57,509,594
Air Freight & Logistics—0.8%
FedEx Corp.		113,600		19,357,440
Airlines—1.7%
American Airlines Group, Inc.		737,600		29,456,056
United Continental Holdings, Inc. (a)		200,000		10,602,000
				40,058,056
Auto Components—0.9%
BorgWarner, Inc.		159,100		9,043,244
Delphi Automotive plc		143,300		12,193,397
				21,236,641
Automobiles—1.4%
Tesla Motors, Inc. (a) (b)		121,790		32,671,385
Biotechnology—10.9%
Alexion Pharmaceuticals, Inc. (a)		251,940		45,543,194
Alnylam Pharmaceuticals, Inc. (a)		14,200		1,702,154
Biogen, Inc. (a)		110,990		44,833,301
BioMarin Pharmaceutical, Inc. (a)		117,400		16,057,972
Celgene Corp. (a)		315,834		36,553,048
Gilead Sciences, Inc.		460,000		53,856,800
Incyte Corp. (a)		180,000		18,757,800
Regeneron Pharmaceuticals, Inc. (a)		39,750		20,277,667
Vertex Pharmaceuticals, Inc. (a)		132,000		16,299,360
				253,881,296
Capital Markets—2.9%
BlackRock, Inc.		28,900		9,998,822
Morgan Stanley		760,900		29,515,311
State Street Corp.		204,900		15,777,300
TD Ameritrade Holding Corp.		345,400		12,717,628
				68,009,061
Chemicals—1.3%
Ashland, Inc.		84,500		10,300,550
Sherwin-Williams Co. (The)		71,520		19,669,430
				29,969,980
Communications Equipment—0.3%
Palo Alto Networks, Inc. (a) (b)		33,700		5,887,390
Construction Materials—0.3%
Martin Marietta Materials, Inc.		53,400		7,556,634
Diversified Financial Services—0.7%
Intercontinental Exchange, Inc.		76,108		17,018,510
Food & Staples Retailing—2.4%
Costco Wholesale Corp.		64,200		8,670,852
Food & Staples Retailing—(Continued)
CVS Health Corp.		232,400		24,374,112
Walgreens Boots Alliance, Inc.		257,300		21,726,412
				54,771,376
Health Care Equipment & Supplies—1.3%
Intuitive Surgical, Inc. (a)		60,900		29,506,050
Health Care Providers & Services—5.9%
Anthem, Inc.		143,200		23,504,848
Cigna Corp.		104,300		16,896,600
Humana, Inc.		110,913		21,215,439
McKesson Corp.		226,200		50,852,022
UnitedHealth Group, Inc.		205,000		25,010,000
				137,478,909
Hotels, Restaurants & Leisure—3.1%
Chipotle Mexican Grill, Inc. (a)		19,300		11,676,307
Las Vegas Sands Corp. (b)		219,700		11,549,629
MGM Resorts International (a)		1,056,420		19,279,665
Starbucks Corp.		500,500		26,834,307
Wynn Resorts, Ltd. (b)		28,580		2,819,989
				72,159,897
Industrial Conglomerates—3.7%
Danaher Corp.		711,800		60,922,962
Roper Technologies, Inc.		148,840		25,668,946
				86,591,908
Internet & Catalog Retail—9.9%
Amazon.com, Inc. (a)		252,205		109,479,668
JD.com, Inc. (ADR) (a)		305,800		10,427,780
Netflix, Inc. (a)		25,400		16,686,276
Priceline Group, Inc. (The) (a)		63,540		73,158,050
Vipshop Holdings, Ltd. (ADR) (a) (b)		922,000		20,514,500
				230,266,274
Internet Software & Services—13.0%
58.com, Inc. (ADR) (a)		53,700		3,440,022
Akamai Technologies, Inc. (a)		108,300		7,561,506
Alibaba Group Holding, Ltd. (ADR) (a)		437,356		35,981,278
Baidu, Inc. (ADR) (a)		153,890		30,636,421
Dropbox, Inc. - Class A (a) (c) (d)		214,763		3,975,263
Facebook, Inc. - Class A (a)		674,900		57,882,799
Google, Inc. - Class A (a)		110,070		59,442,203
Google, Inc. - Class C (a)		116,302		60,536,354
LinkedIn Corp. - Class A (a)		101,720		21,018,404
Pandora Media, Inc. (a)		202,900		3,153,066
Tencent Holdings, Ltd.		1,046,685		20,853,596
				304,480,912
IT Services—5.8%
Fiserv, Inc. (a)		154,300		12,780,669
MasterCard, Inc. - Class A		590,400		55,190,592
Visa, Inc. - Class A (b)		1,020,020		68,494,343
				136,465,604

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—1.3%
Flowserve Corp.		223,100	$	11,748,446
Wabtec Corp.		207,300		19,535,952
				31,284,398
Media—1.6%
Walt Disney Co. (The)		319,046		36,415,911
Oil, Gas & Consumable Fuels—1.3%
Concho Resources, Inc. (a)		37,700		4,292,522
Continental Resources, Inc. (a) (b)		102,400		4,340,736
EQT Corp.		122,100		9,931,614
Pioneer Natural Resources Co.		47,060		6,526,752
Range Resources Corp. (b)		120,258		5,938,340
				31,029,964
Personal Products—0.4%
Estee Lauder Cos., Inc. (The) - Class A		107,800		9,341,948
Pharmaceuticals—6.0%
AbbVie, Inc.		85,022		5,712,628
Allergan plc (a)		192,283		58,350,199
Bristol-Myers Squibb Co.		244,600		16,275,684
Valeant Pharmaceuticals International, Inc. (a)		273,000		60,646,950
				140,985,461
Professional Services—0.2%
IHS, Inc. - Class A (a)		31,100		4,000,393
Real Estate Investment Trusts—2.4%
American Tower Corp.		392,200		36,588,338
Crown Castle International Corp.		248,478		19,952,783
				56,541,121
Real Estate Management & Development—0.0%
WeWork Cos., Inc. - Class A (a) (c) (d)		7,199		236,772
Road & Rail—0.8%
Canadian Pacific Railway, Ltd.		73,300		11,744,859
J.B. Hunt Transport Services, Inc.		71,800		5,894,062
				17,638,921
Semiconductors & Semiconductor Equipment—0.3%
ASML Holding NV (b)		64,100		6,674,733
Software—6.0%
Microsoft Corp.		1,118,500		49,381,775
Mobileye NV (a) (b)		245,600		13,058,552
NetSuite, Inc. (a) (b)		115,500		10,597,125
Red Hat, Inc. (a)		162,900		12,368,997
Salesforce.com, Inc. (a)		476,460		33,175,910
ServiceNow, Inc. (a)		185,200		13,762,212
Workday, Inc. - Class A (a) (b)		113,400		8,662,626
				141,007,197
Specialty Retail—5.3%
AutoZone, Inc. (a)		39,640	$	26,435,916
CarMax, Inc. (a)		281,300		18,624,873
Home Depot, Inc. (The)		136,000		15,113,680
Lowe’s Cos., Inc.		405,300		27,142,941
Ross Stores, Inc.		248,600		12,084,446
Tractor Supply Co. (b)		270,082		24,291,175
				123,693,031
Technology Hardware, Storage & Peripherals—2.8%
Apple, Inc.		518,840		65,075,507
Textiles, Apparel & Luxury Goods—1.9%
Hanesbrands, Inc.		720,200		23,997,064
NIKE, Inc. - Class B		137,700		14,874,354
Under Armour, Inc. - Class A (a) (b)		76,300		6,366,472
				45,237,890
Total Common Stocks (Cost $1,688,825,500)				2,314,040,164
Convertible Preferred Stocks—0.4%
Internet Software & Services—0.4%
Airbnb, Inc. - Series D (a) (c) (d)		97,047		8,217,940
Living Social, Inc. - Class F (a) (c) (d)		101,591		18,601
Total Convertible Preferred Stocks (Cost $4,732,312)				8,236,541
Preferred Stock—0.1%
Real Estate Management & Development—0.1%
WeWork Cos., Inc. - Series E (a) (c) (d) (Cost $2,129,403)		64,744		2,129,403
Short-Term Investments—6.8%
Mutual Funds—6.8%
State Street Navigator Securities Lending MET Portfolio (e)		137,572,458		137,572,458
T. Rowe Price Government Reserve Investment Fund (f)		22,065,598		22,065,598
Total Short-Term Investments (Cost $159,638,056)				159,638,056
Total Investments—106.4% (Cost $1,855,325,271) (g)				2,484,044,164
Other assets and liabilities (net)—(6.4)%				(149,334,803	)
Net Assets—100.0%			$	2,334,709,361

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $159,775,186 and the collateral received consisted of cash in the amount of $137,572,458

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

and non-cash collateral with a value of $23,126,633. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2015, these securities represent 0.6% of net assets.

(d) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2015, the market value of restricted securities was $14,577,979, which is 0.6% of net assets. See details shown in the Restricted Securities table that follows.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(f) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(g) As of June 30, 2015, the aggregate cost of investments was $1,855,325,271. The aggregate unrealized appreciation and depreciation of investments were $652,981,007 and $(24,262,114), respectively, resulting in net unrealized appreciation of $628,718,893.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Airbnb, Inc. - Series D		04/16/14		97,047	$	3,951,077	$	8,217,940
Dropbox, Inc. - Class A		11/07/14		214,763		4,102,231		3,975,263
Living Social, Inc. - Class F		11/18/11		101,591		781,235		18,601
WeWork Cos., Inc. - Class A		06/23/15		7,199		236,772		236,772
WeWork Cos., Inc. - Series E		06/23/15		64,744		2,129,404		2,129,403
							$	14,577,979

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	57,509,594	$	—	$	—	$	57,509,594
Air Freight & Logistics		19,357,440		—		—		19,357,440
Airlines		40,058,056		—		—		40,058,056
Auto Components		21,236,641		—		—		21,236,641
Automobiles		32,671,385		—		—		32,671,385
Biotechnology		253,881,296		—		—		253,881,296
Capital Markets		68,009,061		—		—		68,009,061
Chemicals		29,969,980		—		—		29,969,980
Communications Equipment		5,887,390		—		—		5,887,390

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Construction Materials	$	7,556,634	$	—		$	—	$	7,556,634
Diversified Financial Services		17,018,510		—			—		17,018,510
Food & Staples Retailing		54,771,376		—			—		54,771,376
Health Care Equipment & Supplies		29,506,050		—			—		29,506,050
Health Care Providers & Services		137,478,909		—			—		137,478,909
Hotels, Restaurants & Leisure		72,159,897		—			—		72,159,897
Industrial Conglomerates		86,591,908		—			—		86,591,908
Internet & Catalog Retail		230,266,274		—			—		230,266,274
Internet Software & Services		279,652,053		20,853,596			3,975,263		304,480,912
IT Services		136,465,604		—			—		136,465,604
Machinery		31,284,398		—			—		31,284,398
Media		36,415,911		—			—		36,415,911
Oil, Gas & Consumable Fuels		31,029,964		—			—		31,029,964
Personal Products		9,341,948		—			—		9,341,948
Pharmaceuticals		140,985,461		—			—		140,985,461
Professional Services		4,000,393		—			—		4,000,393
Real Estate Investment Trusts		56,541,121		—			—		56,541,121
Real Estate Management & Development		—		—			236,772		236,772
Road & Rail		17,638,921		—			—		17,638,921
Semiconductors & Semiconductor Equipment		6,674,733		—			—		6,674,733
Software		141,007,197		—			—		141,007,197
Specialty Retail		123,693,031		—			—		123,693,031
Technology Hardware, Storage & Peripherals		65,075,507		—			—		65,075,507
Textiles, Apparel & Luxury Goods		45,237,890		—			—		45,237,890
Total Common Stocks		2,288,974,533		20,853,596			4,212,035		2,314,040,164
Total Convertible Preferred Stocks*		—		—			8,236,541		8,236,541
Total Preferred Stock*		—		—			2,129,403		2,129,403
Total Short-Term Investments*		159,638,056		—			—		159,638,056
Total Investments	$	2,448,612,589	$	20,853,596		$	14,577,979	$	2,484,044,164
Collateral for securities loaned (Liability)	$	—	$	(137,572,458	)	$	—	$	(137,572,458	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2014		Change in Unrealized Appreciation/  Depreciation			Purchases		Balance as of June 30, 2015		Change in Unrealized Appreciation/ Depreciation from Investments Still Held at June 30, 2015
Common Stock
Internet Software & Services	$	4,102,231	$	(126,968	)	$	—	$	3,975,263	$	(126,968	)
Real Estate Management & Development		—		—			236,772		236,772		—
Convertible Preferred Stocks
Internet Software & Services		4,918,553		3,317,988			—		8,236,541		3,317,988
Preferred Stock
Real Estate Management & Development		—		—			2,129,403		2,129,403		—
Total	$	9,020,784	$	3,191,020		$	2,366,175	$	14,577,979	$	3,191,020

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	2,461,978,566
Affiliated investments at value (c)		22,065,598
Receivable for:
Investments sold		3,979,480
Fund shares sold		530,031
Dividends		647,333
Dividends on affiliated investments		769
Total Assets		2,489,201,777
Liabilities
Collateral for securities loaned		137,572,458
Payables for:
Investments purchased		14,823,228
Fund shares redeemed		520,052
Accrued expenses:
Management fees		1,085,900
Distribution and service fees		144,343
Deferred trustees’ fees		101,424
Other expenses		245,011
Total Liabilities		154,492,416
Net Assets	$	2,334,709,361
Net assets consist of:
Paid in surplus	$	1,551,785,081
Undistributed net investment income		862,451
Accumulated net realized gain		153,346,801
Unrealized appreciation on investments and foreign currency transactions		628,715,028
Net Assets	$	2,334,709,361
Net Assets
Class A	$	1,622,980,511
Class B		673,540,600
Class E		38,188,250
Capital Shares Outstanding*
Class A		73,954,597
Class B		31,065,442
Class E		1,750,412
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	21.95
Class B		21.68
Class E		21.82

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,833,259,673.

(b) Includes securities loaned at value of $159,775,186.

(c) Identified cost of affiliated investments was $22,065,598.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	8,491,104
Dividends from affiliated investments		6,073
Securities lending income		374,836
Total investment income		8,872,013
Expenses
Management fees		7,167,962
Administration fees		27,859
Custodian and accounting fees		114,788
Distribution and service fees—Class B		825,803
Distribution and service fees—Class E		28,919
Audit and tax services		19,864
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		75,669
Insurance		7,585
Miscellaneous		11,194
Total expenses		8,313,400
Less management fee waiver		(523,953	)
Less broker commission recapture		(12,669	)
Net expenses		7,776,778
Net Investment Income		1,095,235
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		156,033,393
Foreign currency transactions		(34,718	)
Net realized gain		155,998,675
Net change in unrealized appreciation on:
Investments		8,114,424
Foreign currency transactions		5,871
Net change in unrealized appreciation		8,120,295
Net realized and unrealized gain		164,118,970
Net Increase in Net Assets From Operations	$	165,214,205

(a) Net of foreign withholding taxes of $15,511.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	1,095,235		$	2,190,656
Net realized gain		155,998,675			412,059,136
Net change in unrealized appreciation (depreciation)		8,120,295			(208,891,514	)
Increase in net assets from operations		165,214,205			205,358,278
From Distributions to Shareholders
Net investment income
Class A		(2,222,739	)		(1,184,801	)
Net realized capital gains
Class A		(284,325,405	)		(135,304,228	)
Class B		(118,081,761	)		(42,997,307	)
Class E		(6,718,484	)		(2,701,930	)
Total distributions		(411,348,389	)		(182,188,266	)
Increase (decrease) in net assets from capital share transactions		190,142,684			(295,377,662	)
Total decrease in net assets		(55,991,500	)		(272,207,650	)
Net Assets
Beginning of period		2,390,700,861			2,662,908,511
End of period	$	2,334,709,361		$	2,390,700,861
Undistributed net investment income
End of period	$	862,451		$	1,989,955

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		470,169		$	12,229,953			3,594,337		$	80,177,221
Reinvestments		12,861,227			286,548,144			6,307,257			136,489,029
Redemptions		(8,452,611	)		(218,230,859	)		(22,750,488	)		(527,126,265	)
Net increase (decrease)		4,878,785		$	80,547,238			(12,848,894	)	$	(310,460,015	)
Class B
Sales		2,115,057		$	54,158,842			4,619,616		$	108,524,649
Reinvestments		5,364,915			118,081,761			2,003,603			42,997,307
Redemptions		(2,626,021	)		(66,822,017	)		(5,697,433	)		(133,841,023	)
Net increase		4,853,951		$	105,418,586			925,786		$	17,680,933
Class E
Sales		47,753		$	1,233,651			141,899		$	3,370,559
Reinvestments		303,318			6,718,484			125,438			2,701,930
Redemptions		(147,374	)		(3,775,275	)		(365,404	)		(8,671,069	)
Net increase (decrease)		203,697		$	4,176,860			(98,067	)	$	(2,598,580	)
Increase (decrease) derived from capital shares transactions				$	190,142,684					$	(295,377,662	)

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	24.76		$	24.51		$	17.67		$	14.87		$	15.05		$	12.89
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.04			0.03			0.07			0.03			0.02
Net realized and unrealized gain (loss) on investments		1.82			1.94			6.87			2.75			(0.20	)		2.18
Total from investment operations		1.84			1.98			6.90			2.82			(0.17	)		2.20
Less Distributions
Distributions from net investment income		(0.04	)		(0.02	)		(0.06	)		(0.02	)		(0.01	)		(0.04	)
Distributions from net realized capital gains		(4.61	)		(1.71	)		0.00			0.00			0.00			0.00
Total distributions		(4.65	)		(1.73	)		(0.06	)		(0.02	)		(0.01	)		(0.04	)
Net Asset Value, End of Period	$	21.95		$	24.76		$	24.51		$	17.67		$	14.87		$	15.05
Total Return (%) (b)		7.12	(c)		9.09			39.16			18.97			(1.12	)		17.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63	(d)		0.63			0.63			0.64			0.64			0.64
Net ratio of expenses to average net assets (%) (e) (f)		0.58	(d)		0.58			0.58			0.60			0.60			0.62
Ratio of net investment income to average net assets (%)		0.16	(d)		0.15			0.14			0.43			0.18			0.15
Portfolio turnover rate (%)		19	(c)		34			41			38			33			42
Net assets, end of period (in millions)	$	1,623.0		$	1,710.2		$	2,007.8		$	1,328.9		$	971.1		$	639.7
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	24.51		$	24.32		$	17.54		$	14.78		$	14.98		$	12.84
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.02	)		(0.03	)		0.02			(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		1.79			1.92			6.83			2.74			(0.19	)		2.16
Total from investment operations		1.78			1.90			6.80			2.76			(0.20	)		2.15
Less Distributions
Distributions from net investment income		0.00			0.00			(0.02	)		0.00			0.00			(0.01	)
Distributions from net realized capital gains		(4.61	)		(1.71	)		0.00			0.00			0.00			0.00
Total distributions		(4.61	)		(1.71	)		(0.02	)		0.00			0.00			(0.01	)
Net Asset Value, End of Period	$	21.68		$	24.51		$	24.32		$	17.54		$	14.78		$	14.98
Total Return (%) (b)		6.96	(c)		8.83			38.77			18.67			(1.34	)		16.74
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(d)		0.88			0.88			0.89			0.89			0.89
Net ratio of expenses to average net assets (%) (e) (f)		0.83	(d)		0.83			0.83			0.85			0.85			0.87
Ratio of net investment income (loss) to average net assets (%)		(0.09	)(d)		(0.09	)		(0.12	)		0.12			(0.09	)		(0.10	)
Portfolio turnover rate (%)		19	(c)		34			41			38			33			42
Net assets, end of period (in millions)	$	673.5		$	642.4		$	615.0		$	215.7		$	199.5		$	231.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	24.62		$	24.40		$	17.60		$	14.81	$	15.00		$	12.85
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(g)		0.00	(g)		(0.01	)		0.04		0.00	(g)		(0.00	)(g)
Net realized and unrealized gain (loss) on investments		1.81			1.93			6.84			2.75		(0.19	)		2.17
Total from investment operations		1.81			1.93			6.83			2.79		(0.19	)		2.17
Less Distributions
Distributions from net investment income		0.00			0.00			(0.03	)		0.00		0.00			(0.02	)
Distributions from net realized capital gains		(4.61	)		(1.71	)		0.00			0.00		0.00			0.00
Total distributions		(4.61	)		(1.71	)		(0.03	)		0.00		0.00			(0.02	)
Net Asset Value, End of Period	$	21.82		$	24.62		$	24.40		$	17.60	$	14.81		$	15.00
Total Return (%) (b)		7.05	(c)		8.93			38.87			18.84		(1.27	)		16.89
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(d)		0.78			0.78			0.79		0.79			0.79
Net ratio of expenses to average net assets (%) (e) (f)		0.73	(d)		0.73			0.73			0.75		0.75			0.77
Ratio of net investment income (loss) to average net assets (%)		0.01	(d)		0.00	(h)		(0.03	)		0.22		0.01			(0.01	)
Portfolio turnover rate (%)		19	(c)		34			41			38		33			42
Net assets, end of period (in millions)	$	38.2		$	38.1		$	40.1		$	16.8	$	16.0		$	20.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) The effect of the voluntary portion of the waiver on average net assets was 0.03%, 0.03%, 0.03%, 0.03%, 0.03%, and 0.02% for the six months ended June 30, 2015 and for the years ended December 31, 2014 through 2010, respectively (see Note 5 of the Notes to Financial Statements).

(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(g) Net investment income (loss) was less than $0.01.

(h) Ratio of net investment income to average net assets was less than 0.01%.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is T. Rowe Price Large Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of

MSF-13

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject

MSF-14

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

MSF-15

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	436,918,839	$	0	$	604,131,068

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc. that amounted to $797,760 in purchases of investments and $1,089,212 in sales of investments, which is included above.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$7,167,962		0.650	%	Of the first $50 million
		0.600	%	On amounts in excess of $50 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 through April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows provided the Portfolio’s assets exceed $1 billion:

% per annum	Average Daily Net Assets
0.030%	On the first $ 50 million
0.010%	On amounts between $100 million and $1.5 billion
0.025%	On amounts in excess of $1.5 billion

If the Portfolio’s average daily net assets fall below $1 billion, the per annum fee reduction would be 0.015% on the first $50 million.

An identical expense agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 amounted to $189,053 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

Effective February 17, 2005, T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Met Investors Series Trust (“MIST”), an affiliate of the Trust, in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and MIST in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by MetLife Advisers by 5% for combined Trust and MIST average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. MetLife Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and MetLife Advisers at any time. Amounts voluntarily waived by MetLife Advisers for the six months ended June 30, 2015 amounted to $334,900 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

MSF-16

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2015 is as follows:

Security Description	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015		Realized Gain on shares sold		Income earned from affiliates during the period
T. Rowe Price Government Reserve Investment Fund		27,425,131		225,415,096		(230,774,629	)		22,065,598	$	0	$	6,073

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$1,184,801	$	4,999,060	$	181,003,465	$	—	$	182,188,266	$	4,999,060

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$33,052,335	$	378,043,024	$	618,060,635	$	—	$	1,029,155,994

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

MSF-17

Metropolitan Series Fund

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, E, and G shares of the T. Rowe Price Small Cap Growth Portfolio returned 9.52%, 9.40%, 9.47%, and 9.61%, respectively. The Portfolio’s benchmark, the MSCI U.S. Small Cap Growth Index¹, returned 7.85%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks rose in the first half of 2015. Several major indexes reached all-time highs in May or June, but they retreated in a sharp sell-off at the end of the period. During the first three months of the year, optimism about stabilizing oil prices and monetary stimulus overseas overrode concerns about impending rate hikes, a stronger U.S. dollar, and mixed U.S. economic data. In the second quarter, stock market performance was mixed. Merger activity and a strengthening economy supported U.S. stocks, but heightened volatility resulting from the financial crisis in Greece sapped investor confidence.

As measured by the various Russell indexes, large-cap stocks underperformed small- and mid-caps, and growth outpaced value across all capitalization levels. Within the MSCI U.S. Small Cap Growth Index, Health Care was by far the strongest performer, while Materials and Financials ended in negative territory.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark index for the six months ended June 30, 2015. Broadly speaking, stock selection accounted for the majority of outperformance, and sector allocation helped as well.

Stock selection in Health Care added relative value, most notably the Portfolio’s positions in Pharmacyclics and Salix Pharmaceuticals. Pharmacyclics focuses on therapies for cancers and immune diseases, and in the first quarter the company exceeded sales expectations for its lymphoma treatment, which may also have other applications. In addition, the company was acquired by AbbVie, which wanted to extend its blood cancer franchise with new early cycle drugs. Salix shares advanced on news that Valeant Pharmaceuticals had outbid a competitor to acquire the company.

Financials was another area of relative strength, due to stock choices that included E*TRADE Financial and SVB Financial Group. The online discount brokerage E*TRADE Financial received a favorable decision by regulators early in the year allowing the firm to use excess capital from its banking subsidiary and reduce its leverage ratio, which should free up a substantial amount of capital to use in expanding or strengthening its balance sheet. SVB Financial Group is a leader in the venture capital banking niche. During the period, it delivered another quarter of better-than-expected earnings.

In Consumer Discretionary, the Portfolio’s stock holdings also outperformed. Helen of Troy was a key name for the period. This consumer products company has enjoyed improved sales due in part to product innovations in the company’s homeware business and increased demand for cold and flu remedies. The firm is in the midst of a turnaround as it shifts from being a holding company to taking a more active hand in the operations of its subsidiary businesses.

On the negative side, stock choices in Information Technology detracted from relative results. Anixter International was among the underperformers, as this cabling and security provider posted lower-than-expected earnings in part due to currency headwinds and lower copper prices.

While our stock selection is primarily based on a quantitative model, we take into consideration the fundamental research conducted by T. Rowe Price’s equity analysts. In constructing the Portfolio, our sector weights are usually in line with those of the MSCI U.S. Small Cap Growth Index, but we will occasionally overweight or underweight certain sectors based on our analysis. At the end of the period, the Portfolio’s sector allocations were generally in line with the benchmark across most sectors. The Portfolio finished the period overweight the benchmark in Industrials and Business Services and Consumer Staples and underweight the benchmark in Health Care.

Sudhir Nanda

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI U.S. SMALL CAP GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year		Since Inception2
T. Rowe Price Small Cap Growth Portfolio
Class A		9.52		13.90		22.15		11.52		—
Class B		9.40		13.63		21.85		11.24		—
Class E		9.47		13.69		21.98		11.35		—
Class G		9.61		—		—		—		11.09
MSCI U.S. Small Cap Growth Index		7.85		8.44		20.23		10.86		—

¹ The MSCI U.S. Small Cap Growth Index represents the growth companies of the MSCI U.S. Small Cap 1750 Index. (The MSCI U.S. Small Cap 1750 Index represents the universe of small capitalization companies in the U.S. equity market).

² Inception dates of the Class A, Class B, Class E and Class G shares are 3/3/97, 7/30/02, 5/1/01 and 11/12/14, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
MAXIMUS, Inc.		1.1
Tyler Technologies, Inc.		1.0
Domino’s Pizza, Inc.		0.9
Middleby Corp. (The)		0.9
Vail Resorts, Inc.		0.9
WEX, Inc.		0.8
Centene Corp.		0.8
J&J Snack Foods Corp.		0.8
Manhattan Associates, Inc.		0.8
SS&C Technologies Holdings, Inc.		0.8

Top Sectors

	% of Net Assets
Information Technology		22.8
Health Care		21.3
Consumer Discretionary		18.9
Industrials		15.7
Financials		8.4
Materials		4.2
Energy		3.9
Consumer Staples		3.6

MSF-2

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.48	%	$	1,000.00	$	1,095.20	$	2.49
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,094.00	$	3.79
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class E(a)	Actual		0.63	%	$	1,000.00	$	1,094.70	$	3.27
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class G(a)	Actual		0.78	%	$	1,000.00	$	1,096.10	$	4.05
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—98.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.4%
Aerojet Rocketdyne Holdings, Inc. (a) (b)		182,100	$	3,753,081
Esterline Technologies Corp. (a)		32,600		3,108,084
HEICO Corp. - Class A		132,081		6,705,752
Hexcel Corp.		110,000		5,471,400
Teledyne Technologies, Inc. (a)		89,300		9,422,043
TransDigm Group, Inc. (a)		16,900		3,796,923
				32,257,283
Airlines—0.6%
Allegiant Travel Co.		18,500		3,290,780
Spirit Airlines, Inc. (a)		84,000		5,216,400
				8,507,180
Auto Components—0.7%
Gentherm, Inc. (a)		82,700		4,541,057
Tenneco, Inc. (a)		88,700		5,094,928
				9,635,985
Banks—1.3%
Signature Bank (a)		60,000		8,783,400
SVB Financial Group (a)		44,800		6,450,304
Texas Capital Bancshares, Inc. (a)		43,900		2,732,336
				17,966,040
Beverages—0.6%
Boston Beer Co., Inc. (The) - Class A (a) (b)		34,887		8,093,435
Biotechnology—8.8%
ACADIA Pharmaceuticals, Inc. (a)		94,400		3,953,472
Acceleron Pharma, Inc. (a)		44,600		1,411,144
Acorda Therapeutics, Inc. (a) (b)		39,700		1,323,201
Agios Pharmaceuticals, Inc. (a)		6,700		744,638
Alkermes plc (a)		88,000		5,661,920
Alnylam Pharmaceuticals, Inc. (a) (b)		45,200		5,418,124
AMAG Pharmaceuticals, Inc. (a) (b)		45,000		3,107,700
Anacor Pharmaceuticals, Inc. (a) (b)		44,000		3,406,920
BioMarin Pharmaceutical, Inc. (a)		38,700		5,293,386
Bluebird Bio, Inc. (a)		33,400		5,623,558
Cepheid, Inc. (a)		80,700		4,934,805
Clovis Oncology, Inc. (a) (b)		21,500		1,889,420
Dyax Corp. (a)		152,900		4,051,850
Exelixis, Inc. (a) (b)		198,300		745,608
Incyte Corp. (a)		99,600		10,379,316
Insmed, Inc. (a)		149,300		3,645,906
Insys Therapeutics, Inc. (a) (b)		51,600		1,853,472
Intercept Pharmaceuticals, Inc. (a) (b)		8,100		1,955,178
Isis Pharmaceuticals, Inc. (a) (b)		83,500		4,805,425
Ligand Pharmaceuticals, Inc. (a) (b)		44,600		4,500,140
Medivation, Inc. (a) (b)		16,000		1,827,200
Neurocrine Biosciences, Inc. (a)		151,700		7,245,192
Novavax, Inc. (a) (b)		306,100		3,409,954
Ophthotech Corp. (a) (b)		24,200		1,259,852
Opko Health, Inc. (a) (b)		289,000		4,647,120
Prothena Corp. plc (a)		41,800		2,201,606
Puma Biotechnology, Inc. (a) (b)		33,200		3,876,100
Biotechnology—(Continued)
Receptos, Inc. (a)		29,000		5,511,450
Regulus Therapeutics, Inc. (a) (b)		34,200		374,832
Repligen Corp. (a)		39,400		1,626,038
Seattle Genetics, Inc. (a) (b)		65,600		3,175,040
Sunesis Pharmaceuticals, Inc. (a)		76,600		230,566
TESARO, Inc. (a) (b)		38,800		2,281,052
United Therapeutics Corp. (a) (b)		43,000		7,479,850
				119,851,035
Building Products—0.8%
AAON, Inc.		152,299		3,429,774
Lennox International, Inc. (b)		74,400		8,012,136
				11,441,910
Capital Markets—1.7%
Affiliated Managers Group, Inc. (a)		14,649		3,202,271
E*Trade Financial Corp. (a)		259,560		7,773,822
Financial Engines, Inc. (b)		82,200		3,491,856
Virtus Investment Partners, Inc.		10,800		1,428,300
Waddell & Reed Financial, Inc. - Class A (b)		142,800		6,755,868
				22,652,117
Chemicals—1.9%
NewMarket Corp. (b)		21,500		9,543,635
PolyOne Corp.		216,400		8,476,388
Stepan Co.		46,100		2,494,471
WR Grace & Co. (a)		45,300		4,543,590
				25,058,084
Commercial Services & Supplies—2.2%
Clean Harbors, Inc. (a) (b)		83,700		4,498,038
Healthcare Services Group, Inc. (b)		130,500		4,313,025
Rollins, Inc.		256,525		7,318,658
Team, Inc. (a)		59,500		2,394,875
U.S. Ecology, Inc. (b)		106,500		5,188,680
Waste Connections, Inc.		94,300		4,443,416
West Corp.		58,800		1,769,880
				29,926,572
Communications Equipment—1.2%
ARRIS Group, Inc. (a)		170,700		5,223,420
EchoStar Corp. - Class A (a)		75,700		3,685,076
JDS Uniphase Corp. (a)		102,500		1,186,950
Plantronics, Inc.		73,100		4,116,261
Polycom, Inc. (a)		140,586		1,608,304
Ubiquiti Networks, Inc. (b)		18,400		587,236
				16,407,247
Consumer Finance—0.5%
PRA Group, Inc. (a) (b)		104,900		6,536,319
Containers & Packaging—1.3%
Berry Plastics Group, Inc. (a)		275,100		8,913,240
Graphic Packaging Holding Co.		514,300		7,164,199

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Containers & Packaging—(Continued)
Rock-Tenn Co. - Class A		36,400	$	2,191,280
				18,268,719
Distributors—0.6%
Pool Corp.		106,100		7,446,098
Diversified Consumer Services—1.1%
Ascent Capital Group, Inc. - Class A (a)		27,200		1,162,528
Capella Education Co.		68,900		3,697,863
ServiceMaster Global Holdings, Inc. (a)		197,900		7,158,043
Sotheby’s (b)		77,400		3,501,576
				15,520,010
Diversified Financial Services—1.6%
CBOE Holdings, Inc.		126,700		7,249,774
MarketAxess Holdings, Inc.		87,300		8,098,821
MSCI, Inc.		98,978		6,092,096
NewStar Financial, Inc. (a)		57,591		633,501
				22,074,192
Electrical Equipment—0.9%
Acuity Brands, Inc.		46,900		8,441,062
Generac Holdings, Inc. (a) (b)		77,800		3,092,550
				11,533,612
Electronic Equipment, Instruments & Components—2.0%
Anixter International, Inc. (a)		68,200		4,443,230
Cognex Corp.		152,100		7,316,010
Coherent, Inc. (a)		62,800		3,986,544
FARO Technologies, Inc. (a) (b)		21,600		1,008,720
FEI Co.		75,800		6,286,094
OSI Systems, Inc. (a)		48,000		3,397,920
				26,438,518
Energy Equipment & Services—0.8%
Atwood Oceanics, Inc. (b)		38,800		1,025,872
Core Laboratories NV (b)		17,300		1,972,892
Dril-Quip, Inc. (a)		40,700		3,062,675
Oceaneering International, Inc.		35,900		1,672,581
Oil States International, Inc. (a)		40,100		1,492,923
Tesco Corp.		98,600		1,074,740
				10,301,683
Food & Staples Retailing—1.3%
Casey’s General Stores, Inc.		98,300		9,411,242
Rite Aid Corp. (a)		975,400		8,144,590
				17,555,832
Food Products—1.3%
J&J Snack Foods Corp.		99,400		11,000,598
TreeHouse Foods, Inc. (a)		83,200		6,741,696
				17,742,294
Health Care Equipment & Supplies—4.4%
Abaxis, Inc. (b)		57,000		2,934,360
Align Technology, Inc. (a)		116,300		7,293,173
Cooper Cos., Inc. (The)		28,900		5,143,333
DexCom, Inc. (a)		111,100		8,885,778
Halyard Health, Inc. (a) (b)		89,800		3,636,900
HeartWare International, Inc. (a) (b)		11,300		821,397
ICU Medical, Inc. (a)		40,200		3,845,532
IDEXX Laboratories, Inc. (a) (b)		69,800		4,476,972
Inogen, Inc. (a)		12,400		553,040
Masimo Corp. (a)		64,400		2,494,856
Natus Medical, Inc. (a)		65,800		2,800,448
Sirona Dental Systems, Inc. (a)		83,300		8,364,986
Thoratec Corp. (a)		63,000		2,807,910
West Pharmaceutical Services, Inc.		105,900		6,150,672
				60,209,357
Health Care Providers & Services—3.8%
Air Methods Corp. (a) (b)		62,000		2,563,080
Centene Corp. (a)		137,400		11,046,960
Chemed Corp.		32,600		4,273,860
Corvel Corp. (a)		79,200		2,535,984
Health Net, Inc. (a)		91,200		5,847,744
HealthSouth Corp.		108,300		4,988,298
MEDNAX, Inc. (a)		65,600		4,861,616
Team Health Holdings, Inc. (a)		130,400		8,519,032
U.S. Physical Therapy, Inc.		46,900		2,568,244
WellCare Health Plans, Inc. (a)		45,700		3,876,731
				51,081,549
Health Care Technology—0.3%
athenahealth, Inc. (a) (b)		13,000		1,489,540
Omnicell, Inc. (a)		77,000		2,903,670
				4,393,210
Hotels, Restaurants & Leisure—6.2%
Brinker International, Inc. (b)		135,500		7,811,575
Buffalo Wild Wings, Inc. (a) (b)		31,000		4,857,390
Cheesecake Factory, Inc. (The)		42,200		2,301,377
Choice Hotels International, Inc.		105,700		5,734,225
Denny’s Corp. (a)		566,500		6,577,065
Diamond Resorts International, Inc. (a)		196,200		6,190,110
Domino’s Pizza, Inc.		108,800		12,337,920
Jack in the Box, Inc.		90,500		7,978,480
Marriott Vacations Worldwide Corp.		111,200		10,202,600
Red Robin Gourmet Burgers, Inc. (a)		37,500		3,218,250
Six Flags Entertainment Corp. (b)		121,400		5,444,790
Vail Resorts, Inc.		106,000		11,575,200
				84,228,982
Household Durables—0.8%
Helen of Troy, Ltd. (a)		104,800		10,216,952
Household Products—0.3%
Spectrum Brands Holdings, Inc.		37,700		3,845,023

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—0.3%
Amtrust Financial Services, Inc. (b)		66,878	$	4,381,178
Internet & Catalog Retail—1.8%
HSN, Inc.		133,500		9,370,365
Liberty TripAdvisor Holdings, Inc. - Class A (a)		143,600		4,626,792
Liberty Ventures - Series A (a)		179,900		7,064,673
Shutterfly, Inc. (a) (b)		68,300		3,265,423
				24,327,253
Internet Software & Services—2.4%
comScore, Inc. (a)		109,500		5,831,970
CoStar Group, Inc. (a)		29,300		5,896,918
Envestnet, Inc. (a)		110,900		4,483,687
j2 Global, Inc. (b)		58,700		3,988,078
MercadoLibre, Inc. (b)		27,700		3,925,090
Stamps.com, Inc. (a)		38,200		2,810,374
WebMD Health Corp. (a) (b)		124,500		5,512,860
				32,448,977
IT Services—6.4%
Blackhawk Network Holdings, Inc. (a)		101,300		4,173,560
Broadridge Financial Solutions, Inc.		136,400		6,821,364
Cardtronics, Inc. (a) (b)		124,100		4,597,905
CoreLogic, Inc. (a)		193,600		7,683,984
DST Systems, Inc.		54,600		6,878,508
Euronet Worldwide, Inc. (a)		113,000		6,972,100
Gartner, Inc. (a)		90,900		7,797,402
Heartland Payment Systems, Inc.		110,160		5,954,148
Jack Henry & Associates, Inc.		65,300		4,224,910
MAXIMUS, Inc.		231,700		15,229,641
Perficient, Inc. (a)		76,900		1,479,556
Unisys Corp. (a)		50,109		1,001,679
VeriFone Systems, Inc. (a)		76,400		2,594,544
WEX, Inc. (a)		100,600		11,465,382
				86,874,683
Leisure Products—0.7%
Brunswick Corp.		110,100		5,599,686
Polaris Industries, Inc. (b)		30,600		4,532,166
				10,131,852
Life Sciences Tools & Services—1.8%
Affymetrix, Inc. (a) (b)		267,100		2,916,732
Bio-Rad Laboratories, Inc. - Class A (a)		31,200		4,699,032
Bruker Corp. (a) (b)		106,400		2,171,624
Cambrex Corp. (a)		96,600		4,244,604
Mettler-Toledo International, Inc. (a)		7,200		2,458,512
PAREXEL International Corp. (a)		98,600		6,340,966
VWR Corp. (a)		71,700		1,916,541
				24,748,011
Machinery—5.0%
Actuant Corp. - Class A		71,700		1,655,553
Chart Industries, Inc. (a)		30,200		1,079,650
Graco, Inc.		83,600		5,938,108
Machinery—(Continued)
Hyster-Yale Materials Handling, Inc.		30,494		2,112,624
IDEX Corp.		51,800		4,070,444
John Bean Technologies Corp.		145,500		5,469,345
Lincoln Electric Holdings, Inc.		63,300		3,854,337
Middleby Corp. (The) (a)		105,400		11,829,042
Nordson Corp.		67,500		5,257,575
Standex International Corp.		27,800		2,222,054
Sun Hydraulics Corp. (b)		53,600		2,042,696
Toro Co. (The)		133,500		9,048,630
Valmont Industries, Inc. (b)		27,500		3,268,925
Wabtec Corp.		80,500		7,586,320
Woodward, Inc.		50,800		2,793,492
				68,228,795
Marine—0.4%
Kirby Corp. (a)		69,400		5,320,204
Media—1.3%
Eros International plc (a)		31,500		791,280
John Wiley & Sons, Inc. - Class A		14,900		810,113
Live Nation Entertainment, Inc. (a)		304,300		8,365,207
Starz - Class A (a) (b)		175,700		7,857,304
				17,823,904
Metals & Mining—0.5%
Compass Minerals International, Inc.		30,400		2,497,056
Stillwater Mining Co. (a) (b)		165,300		1,915,827
Worthington Industries, Inc.		91,000		2,735,460
				7,148,343
Multiline Retail—0.9%
Big Lots, Inc. (b)		103,500		4,656,465
Burlington Stores, Inc. (a)		146,300		7,490,560
				12,147,025
Oil, Gas & Consumable Fuels—3.1%
Carrizo Oil & Gas, Inc. (a)		112,400		5,534,576
Clayton Williams Energy, Inc. (a) (b)		22,800		1,499,100
Contango Oil & Gas Co. (a)		42,600		522,702
Diamondback Energy, Inc. (a)		84,700		6,384,686
Gran Tierra Energy, Inc. (a)		164,000		488,720
Matador Resources Co. (a) (b)		123,700		3,092,500
Oasis Petroleum, Inc. (a)		88,800		1,407,480
Rosetta Resources, Inc. (a)		66,600		1,541,124
SemGroup Corp. - Class A		86,500		6,875,020
SM Energy Co.		68,600		3,163,832
Stone Energy Corp. (a)		75,600		951,804
Targa Resources Corp.		51,800		4,621,596
World Fuel Services Corp.		124,400		5,964,980
				42,048,120
Paper & Forest Products—0.5%
Clearwater Paper Corp. (a)		37,200		2,131,560
KapStone Paper and Packaging Corp.		173,800		4,018,256
				6,149,816

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Personal Products—0.2%
Nu Skin Enterprises, Inc. - Class A (b)		49,700	$	2,342,361
Pharmaceuticals—2.1%
Akorn, Inc. (a) (b)		112,600		4,916,116
Jazz Pharmaceuticals plc (a)		12,200		2,148,054
Mallinckrodt plc (a)		17,376		2,045,503
Medicines Co. (The) (a) (b)		62,700		1,793,847
Nektar Therapeutics (a) (b)		121,300		1,517,463
Pacira Pharmaceuticals, Inc. (a) (b)		36,900		2,609,568
Phibro Animal Health Corp. - Class A (b)		95,000		3,699,300
Prestige Brands Holdings, Inc. (a)		164,400		7,601,856
Theravance Biopharma, Inc. (a)		23,914		311,360
Theravance, Inc. (b)		50,300		908,921
ZS Pharma, Inc. (a)		14,400		754,416
				28,306,404
Professional Services—1.4%
Advisory Board Co. (The) (a)		8,300		453,761
Dun & Bradstreet Corp. (The)		47,400		5,782,800
Exponent, Inc.		99,000		4,433,220
Huron Consulting Group, Inc. (a)		86,800		6,083,812
TriNet Group, Inc. (a)		98,400		2,494,440
				19,248,033
Real Estate Investment Trusts—1.3%
Equity Lifestyle Properties, Inc.		130,500		6,861,690
FelCor Lodging Trust, Inc.		436,100		4,308,668
Strategic Hotels & Resorts, Inc. (a)		355,500		4,308,660
Taubman Centers, Inc.		22,300		1,549,850
				17,028,868
Real Estate Management & Development—1.0%
Forest City Enterprises, Inc. - Class A (a)		220,100		4,864,210
Jones Lang LaSalle, Inc.		23,400		4,001,400
Kennedy-Wilson Holdings, Inc.		178,743		4,395,290
				13,260,900
Road & Rail—1.8%
AMERCO		20,500		6,701,655
Avis Budget Group, Inc. (a)		108,000		4,760,640
Landstar System, Inc.		59,100		3,952,017
Old Dominion Freight Line, Inc. (a)		128,450		8,812,312
				24,226,624
Semiconductors & Semiconductor Equipment—2.6%
Amkor Technology, Inc. (a)		46,700		279,266
Atmel Corp.		420,200		4,141,071
Cabot Microelectronics Corp. (a)		47,000		2,214,170
Cavium, Inc. (a) (b)		86,800		5,972,708
Diodes, Inc. (a)		80,200		1,933,622
Microsemi Corp. (a)		181,500		6,343,425
Semtech Corp. (a)		73,500		1,458,975
Silicon Laboratories, Inc. (a)		31,000		1,674,310
Synaptics, Inc. (a) (b)		90,700		7,866,865
Semiconductors & Semiconductor Equipment—(Continued)
Teradyne, Inc.		163,500		3,153,915
				35,038,327
Software—8.2%
ACI Worldwide, Inc. (a)		175,200		4,304,664
Aspen Technology, Inc. (a)		166,400		7,579,520
CommVault Systems, Inc. (a)		56,300		2,387,683
Computer Modelling Group, Ltd.		286,900		2,908,050
Descartes Systems Group, Inc. (The) (a)		18,200		292,110
FactSet Research Systems, Inc. (b)		40,600		6,597,906
Fair Isaac Corp.		57,300		5,201,694
Fortinet, Inc. (a)		204,200		8,439,586
Informatica Corp. (a)		88,500		4,289,595
Manhattan Associates, Inc. (a)		178,700		10,659,455
Monotype Imaging Holdings, Inc.		111,905		2,698,029
NetScout Systems, Inc. (a) (b)		93,300		3,421,311
Pegasystems, Inc.		143,300		3,280,137
Proofpoint, Inc. (a) (b)		85,100		5,418,317
PTC, Inc. (a)		172,200		7,063,644
SolarWinds, Inc. (a)		111,000		5,120,430
SS&C Technologies Holdings, Inc.		166,800		10,425,000
Tyler Technologies, Inc. (a)		101,200		13,093,256
Ultimate Software Group, Inc. (The) (a) (b)		49,900		8,200,566
				111,380,953
Specialty Retail—2.6%
Aaron’s, Inc.		39,800		1,441,158
Ascena Retail Group, Inc. (a) (b)		94,100		1,567,236
Buckle, Inc. (The) (b)		39,900		1,826,223
Chico’s FAS, Inc.		117,100		1,947,373
Children’s Place, Inc. (The)		24,500		1,602,545
DSW, Inc. - Class A		87,100		2,906,527
Monro Muffler Brake, Inc. (b)		132,800		8,254,848
Murphy USA, Inc. (a)		121,300		6,770,966
Sally Beauty Holdings, Inc. (a)		167,700		5,295,966
Tractor Supply Co. (b)		34,600		3,111,924
				34,724,766
Technology Hardware, Storage & Peripherals—0.0%
Stratasys, Ltd. (a) (b)		11,400		398,202
Textiles, Apparel & Luxury Goods—2.3%
Carter’s, Inc.		81,000		8,610,300
Deckers Outdoor Corp. (a)		40,300		2,900,391
Fossil Group, Inc. (a) (b)		16,049		1,113,159
Hanesbrands, Inc.		272,300		9,073,036
Iconix Brand Group, Inc. (a) (b)		90,300		2,254,791
Steven Madden, Ltd. (a)		155,300		6,643,734
				30,595,411
Thrifts & Mortgage Finance—0.8%
MGIC Investment Corp. (a) (b)		432,200		4,918,436
Radian Group, Inc. (b)		290,500		5,449,780
				10,368,216

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Trading Companies & Distributors—0.1%
Beacon Roofing Supply, Inc. (a)		56,500	$	1,876,930
Total Common Stocks (Cost $997,997,908)				1,339,763,394
Short-Term Investments—16.5%
Mutual Funds—16.5%
State Street Navigator Securities Lending MET Portfolio (c)		211,209,058		211,209,058
T. Rowe Price Government Reserve Investment Fund (d)		12,667,764		12,667,764
Total Short-Term Investments (Cost $223,876,822)				223,876,822
Total Investments—115.4% (Cost $1,221,874,730) (e)				1,563,640,216
Other assets and liabilities (net)—(15.4)%				(208,276,564	)
Net Assets—100.0%			$	1,355,363,652

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $229,838,902 and the collateral received consisted of cash in the amount of $211,209,058 and non-cash collateral with a value of $21,233,345. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(e) As of June 30, 2015, the aggregate cost of investments was $1,221,874,730. The aggregate unrealized appreciation and depreciation of investments were $376,989,094 and $(35,223,608), respectively, resulting in net unrealized appreciation of $341,765,486.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,339,763,394	$	—		$	—	$	1,339,763,394
Total Short-Term Investments*		223,876,822		—			—		223,876,822
Total Investments	$	1,563,640,216	$	—		$	—	$	1,563,640,216
Collateral for securities loaned (Liability)	$	—	$	(211,209,058	)	$	—	$	(211,209,058	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,550,972,452
Affiliated investments at value (c)		12,667,764
Cash denominated in foreign currencies (d)		19,790
Receivable for:
Investments sold		11,318,419
Fund shares sold		236,173
Dividends		599,820
Dividends on affiliated investments		790
Total Assets		1,575,815,208
Liabilities
Collateral for securities loaned		211,209,058
Payables for:
Investments purchased		7,907,663
Fund shares redeemed		510,605
Accrued expenses:
Management fees		501,374
Distribution and service fees		83,901
Deferred trustees’ fees		69,519
Other expenses		169,436
Total Liabilities		220,451,556
Net Assets	$	1,355,363,652
Net assets consist of:
Paid in surplus	$	881,540,610
Undistributed net investment income		2,027,848
Accumulated net realized gain		130,029,989
Unrealized appreciation on investments and foreign currency transactions		341,765,205
Net Assets	$	1,355,363,652
Net Assets
Class A	$	940,774,975
Class B		395,553,400
Class E		18,632,953
Class G		402,324
Capital Shares Outstanding*
Class A		40,084,963
Class B		17,778,676
Class E		822,634
Class G		18,499
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	23.47
Class B		22.25
Class E		22.65
Class G		21.75

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,209,206,966.

(b) Includes securities loaned at value of $229,838,902.

(c) Identified cost of affiliated investments was $12,667,764.

(d) Identified cost of cash denominated in foreign currencies was $20,071.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	5,158,494
Dividends from affiliated investments		3,143
Securities lending income		532,464
Total investment income		5,694,101
Expenses
Management fees		3,151,405
Administration fees		15,878
Custodian and accounting fees		66,103
Distribution and service fees—Class B		479,107
Distribution and service fees—Class E		13,462
Distribution and service fees—Class G		210
Audit and tax services		20,059
Legal		14,699
Trustees’ fees and expenses		19,507
Shareholder reporting		60,551
Insurance		3,930
Miscellaneous		7,325
Total expenses		3,852,236
Less management fee waiver		(151,200	)
Less broker commission recapture		(3,400	)
Net expenses		3,697,636
Net Investment Income		1,996,465
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		130,456,689
Foreign currency transactions		73
Net realized gain		130,456,762
Net change in unrealized depreciation on:
Investments		(9,978,433	)
Foreign currency transactions		(195	)
Net change in unrealized depreciation		(9,978,628	)
Net realized and unrealized gain		120,478,134
Net Increase in Net Assets From Operations	$	122,474,599

(a) Net of foreign withholding taxes of $12,080.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	1,996,465		$	2,135,652
Net realized gain		130,456,762			115,913,676
Net change in unrealized depreciation		(9,978,628	)		(21,764,780	)
Increase in net assets from operations		122,474,599			96,284,548
From Distributions to Shareholders
Net investment income
Class A		(1,259,590	)		(116,737	)
Net realized capital gains
Class A		(79,094,819	)		(52,064,808	)
Class B		(34,643,548	)		(28,893,533	)
Class E		(1,604,588	)		(1,398,334	)
Class G		(31,998	)		0
Total distributions		(116,634,543	)		(82,473,412	)
Increase in net assets from capital share transactions		24,341,082			204,809,872
Total increase in net assets		30,181,138			218,621,008
Net Assets
Beginning of period		1,325,182,514			1,106,561,506
End of period	$	1,355,363,652		$	1,325,182,514
Undistributed net investment income
End of period	$	2,027,848		$	1,290,973

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		538,681		$	13,326,468			15,008,185		$	316,162,633
Reinvestments		3,406,291			80,354,409			2,508,728			52,181,545
Redemptions		(3,973,952	)		(97,633,965	)		(7,447,917	)		(163,971,248	)
Net increase (decrease)		(28,980	)	$	(3,953,088	)		10,068,996		$	204,372,930
Class B
Sales		808,012		$	19,083,445			1,553,570		$	33,767,444
Reinvestments		1,548,661			34,643,548			1,456,327			28,893,533
Redemptions		(1,169,097	)		(27,376,027	)		(2,823,945	)		(60,841,837	)
Net increase		1,187,576		$	26,350,966			185,952		$	1,819,140
Class E
Sales		59,854		$	1,439,693			81,824		$	1,800,257
Reinvestments		70,469			1,604,588			69,431			1,398,334
Redemptions		(63,453	)		(1,523,106	)		(208,909	)		(4,587,639	)
Net increase (decrease)		66,870		$	1,521,175			(57,654	)	$	(1,389,048	)
Class G (a)
Sales		17,308		$	403,963			315		$	6,850
Reinvestments		1,463			31,998			0			0
Redemptions		(587	)		(13,932	)		0			0
Net increase		18,184		$	422,029			315		$	6,850
Increase derived from capital shares transactions				$	24,341,082					$	204,809,872

(a) Commencement of operations was November 12, 2014.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	23.40		$	23.77		$	17.53		$	16.68		$	16.39		$	12.15
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			0.06			0.04			0.10			(0.02	)		0.00	(b)
Net realized and unrealized gain on investments		2.19			1.35			7.37			2.52			0.31			4.24
Total from investment operations		2.24			1.41			7.41			2.62			0.29			4.24
Less Distributions
Distributions from net investment income		(0.03	)		0.00	(c)		(0.07	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.14	)		(1.78	)		(1.10	)		(1.77	)		0.00			0.00
Total distributions		(2.17	)		(1.78	)		(1.17	)		(1.77	)		0.00			0.00
Net Asset Value, End of Period	$	23.47		$	23.40		$	23.77		$	17.53		$	16.68		$	16.39
Total Return (%) (d)		9.52	(e)		6.91			44.55			16.18			1.77			34.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50	(f)		0.51			0.52			0.55			0.55			0.57
Net ratio of expenses to average net assets (%) (g)		0.48	(f)		0.48			0.49			0.52			0.53			0.55
Ratio of net investment income (loss) to average net assets (%)		0.37	(f)		0.25			0.21			0.56			(0.09	)		0.02
Portfolio turnover rate (%)		15	(e)		25			29			26			29			33
Net assets, end of period (in millions)	$	940.8		$	938.5		$	714.2		$	387.0		$	263.8		$	281.0
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	22.28		$	22.77		$	16.84		$	16.12		$	15.89		$	11.80
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			0.00			(0.01	)		0.04			(0.06	)		(0.03	)
Net realized and unrealized gain on investments		2.10			1.29			7.07			2.45			0.29			4.12
Total from investment operations		2.11			1.29			7.06			2.49			0.23			4.09
Less Distributions
Distributions from net investment income		0.00			0.00			(0.03	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.14	)		(1.78	)		(1.10	)		(1.77	)		0.00			0.00
Total distributions		(2.14	)		(1.78	)		(1.13	)		(1.77	)		0.00			0.00
Net Asset Value, End of Period	$	22.25		$	22.28		$	22.77		$	16.84		$	16.12		$	15.89
Total Return (%) (d)		9.40	(e)		6.65			44.17			15.91			1.45			34.66
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(f)		0.76			0.77			0.80			0.80			0.82
Net ratio of expenses to average net assets (%) (g)		0.73	(f)		0.73			0.74			0.77			0.78			0.80
Ratio of net investment income (loss) to average net assets (%)		0.12	(f)		(0.01	)		(0.05	)		0.25			(0.34	)		(0.22	)
Portfolio turnover rate (%)		15	(e)		25			29			26			29			33
Net assets, end of period (in millions)	$	395.6		$	369.6		$	373.6		$	276.5		$	268.4		$	266.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	22.63		$	23.09		$	17.06		$	16.29		$	16.04		$	11.91
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			0.02			0.01			0.06			(0.04	)		(0.02	)
Net realized and unrealized gain on investments		2.13			1.30			7.16			2.48			0.29			4.15
Total from investment operations		2.16			1.32			7.17			2.54			0.25			4.13
Less Distributions
Distributions from net investment income		0.00			0.00			(0.04	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.14	)		(1.78	)		(1.10	)		(1.77	)		0.00			0.00
Total distributions		(2.14	)		(1.78	)		(1.14	)		(1.77	)		0.00			0.00
Net Asset Value, End of Period	$	22.65		$	22.63		$	23.09		$	17.06		$	16.29		$	16.04
Total Return (%) (d)		9.47	(e)		6.69			44.32			16.06			1.56			34.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(f)		0.66			0.67			0.70			0.70			0.72
Net ratio of expenses to average net assets (%) (g)		0.63	(f)		0.63			0.64			0.67			0.68			0.70
Ratio of net investment income (loss) to average net assets (%)		0.22	(f)		0.09			0.05			0.34			(0.24	)		(0.14	)
Portfolio turnover rate (%)		15	(e)		25			29			26			29			33
Net assets, end of period (in millions)	$	18.6		$	17.1		$	18.8		$	14.2		$	14.2		$	16.3

	Class G
	Six Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014(h)
Net Asset Value, Beginning of Period	$	21.78		$	21.49
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(b)		0.01
Net realized and unrealized gain on investments		2.11			0.28
Total from investment operations		2.11			0.29
Less Distributions
Distributions from net realized capital gains		(2.14	)		0.00
Total distributions		(2.14	)		0.00
Net Asset Value, End of Period	$	21.75		$	21.78
Total Return (%) (d)		9.61	(e)		1.35	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.80	(f)		0.83	(f)
Net ratio of expenses to average net assets (%) (g)		0.78	(f)		0.81	(f)
Ratio of net investment income (loss) to average net assets (%)		(0.03	)(f)		0.40	(f)
Portfolio turnover rate (%)		15	(e)		25
Net assets, end of period (in millions)	$	0.4		$	0.00	(i)

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Distributions from net investment income were less than $0.01.

(d) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(e) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

(g) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(h) Commencement of operations was November 12, 2014.

(i) Net assets, end of period rounds to less than $0.1 million.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is T. Rowe Price Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers four classes of shares: Class A, B, E, and G shares. Class G commenced operations on November 12, 2014. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of

MSF-13

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, return of capital adjustments, real estate investment trust (REIT) adjustments, and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

MSF-14

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

MSF-15

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	206,210,086	$	0	$	291,613,824

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$3,151,405		0.550	%	Of the first $100 million
		0.500	%	Of the next $300 million
		0.450	%	On amounts in excess of $400 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Effective February 17, 2005, T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Met Investors Series Trust (“MIST”), an affiliate of the Trust, in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and MIST in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by MetLife Advisers by 5% for combined Trust and MIST average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. MetLife Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and MetLife Advisers at any time. Amounts waived for the six months ended June 30, 2015 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a

MSF-16

Metropolitan Series Fund

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2015 is as follows:

Security Description	Number of shares held at December 31, 2014		Shares purchased		Shares sold			Number of shares held at June 30, 2015		Realized Gain/(Loss) on shares sold		Income earned from affiliates during the period
T. Rowe Price Government Reserve Investment Fund		2,091,497		131,892,994		(121,316,727	)		12,667,764	$	0	$	3,143

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2014		2013		2014		2013		2014		2013
$	439,885	$	6,905,254	$	82,033,527	$	46,423,228	$	82,473,412	$	53,328,482

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$	7,059,675	$	109,506,988	$	351,480,164	$	—	$	468,046,827

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-17

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Managed By Van Eck Associates Corporation

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A and B shares of the Van Eck Global Natural Resources Portfolio returned -1.31% and -1.41%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) North American Natural Resources Sector Index¹, returned -4.14%.

MARKET ENVIRONMENT / CONDITIONS

The most significant factor influencing the markets in which the Portfolio invested over the past six months was the effect on the Energy sector of the dramatic sell-off in crude oil at the end of the fourth quarter of 2014. This overhung the market for the first half of the year.

By the end of March, the U.S. rig count had already dropped drastically from its peak in September 2014. The count continued to drop even further in the second quarter of the year. At the end of June, the U.S. total rig count figure was 859, down 18% on the quarter and 53% for the full six-month period. However, having fallen nearly 46% in 2014 to end the year at $53.27 per barrel, by June 30, 2015 West Texas Intermediate (WTI) front month crude prices had risen to $59.47 per barrel. And, having ended 2014 some 32% down on the previous year, North American (front month Henry Hub) natural gas was lower by 2%, ending the first half of the year at $2.832 per MMBtu.

There were signs of both European and U.S. economic growth picking up in the second quarter of the year, but any such acceleration was far from substantial. Geopolitical risks continued to remain significant. Although, by the end of the six-month period, there was growing evidence of some stabilization in China, the situations in both Russia and Brazil remained fragile, Islamic State continued to pose a considerable threat in the Middle East and the uncertainty of Greece’s position cast a shadow over matters European through the end of the six-month period. Commodities continued to suffer accordingly.

Gold declined slightly during the period under review. Platinum and palladium prices were down during the period on the back of moderating growth outlooks. Base metal markets, too, followed the trajectory of lower global growth. A positive start to the growing season in the U.S. caused grain (soy, corn and wheat) prices to decline throughout most of the first half of the year before rebounding sharply on the last day of June as a weaker than expected U.S. Department of Agriculture Quarterly Acreage Report reflected poor weather in the Midwest.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The two key aspects of the Portfolio that contributed to outperformance relative to the S&P North American Natural Resources Sector Index were the absence of any position in integrated oil & gas, and an overweight position and outperformance within oil & gas exploration and production.

The three strongest positive-contributing sub-sectors to the Portfolio’s performance relative to the benchmark were oil & gas exploration and production, integrated oil & gas, and semiconductor equipment (which includes solar energy). The Portfolio had exposure to both oil & gas exploration and production and semiconductor equipment over the six-month period. However, it had no exposure to integrated oil & gas during the same period. The S&P North American Natural Resources Sector Index had exposure to both oil & gas exploration and production and integrated oil & gas, but no exposure to semiconductor equipment, over the six-month period.

The Portfolio’s three strongest contributors were all energy-related companies; two directly related and one indirectly related. The strongest contributor was semiconductor equipment company SunEdison, a solar and wind alternative energy company that benefited from the strength of its position in the market. The other two companies were Diamondback Energy and Concho Resources, both oil & gas exploration and production companies, and both of which benefited from the high quality of their assets.

The three weakest-contributing sub-sectors to the Portfolio’s performance relative to the benchmark were coal & consumable fuels, gold, and diversified metals & mining.

The Portfolio’s three weakest-contributing companies were coal & consumable fuels company Consol Energy, a victim of the weak natural gas and coal market; diversified metals & mining company Glencore, which was hit not only by disappointing China growth during the period and its exposure to both coal and zinc, but also by continuing woes in the copper market; and, the international oil & gas exploration and production company Afren.

Significant purchases by the Portfolio were made in three different sub-sectors. In the oil & gas exploration and production sub-sector a new position was established in Bonanza Creek Energy during the six-month period. In the diversified metals & mining and the gold sub-sectors, positions were increased in First Quantum Minerals and Goldcorp, respectively.

The Portfolio’s largest sales during the six-month period were the oil & gas exploration and production company Marathon Oil, the oil & gas equipment and services company National Oil Varco, and railroad company CSX (all eliminated in the Portfolio by period end).

The Portfolio increased its weightings in the oil & gas exploration and production, the oil & gas transportation and storage and the semiconductor equipment sub-sectors. The Portfolio decreased its weightings in the coal & consumable fuels and the oil & gas equipment and services sub-sectors.

As of June 30, 2015, the Portfolio had no allocation to the integrated oil & gas sub-sector, making that sub-sector a substantially

MSF-1

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Managed By Van Eck Associates Corporation

Portfolio Manager Commentary*—(Continued)

underweight position in relation to the S&P North American Natural Resources Sector Index. As of the same date, the Portfolio’s next most substantially underweight position was in the oil & gas storage and transportation sub-sector, followed by a slightly less underweight position in the oil & gas equipment and services sub-sector.

As of June 30, 2015, the Portfolio’s most substantially overweight position relative to the S&P North American Natural Resources Sector Index was in the diversified metals & mining sub-sector. As of the same date, the Portfolio’s next most substantially overweight positions were in the oil & gas exploration and production sub-sector and in the gold sub-sector.

Charles Cameron

Shawn Reynolds

Portfolio Managers

Van Eck Associates Corporation

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		Since Inception2
Van Eck Global Natural Resources Portfolio
Class A		-1.31		-29.38		2.33		6.20
Class B		-1.41		-29.53		2.08		5.41
S&P North American Natural Resources Sector Index		-4.14		-25.71		5.44		6.90

¹ The S&P North American Natural Resources Sector Index was developed as an equity benchmark for U.S. traded natural resource related stocks.

² Inception dates of the Class A and Class B shares are 10/31/08 and 4/28/09, respectively. Index since inception return is based on the Class A inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
Glencore plc		4.7
First Quantum Minerals, Ltd.		4.4
Schlumberger, Ltd.		4.1
Cimarex Energy Co.		4.1
Concho Resources, Inc.		4.1
EOG Resources, Inc.		3.6
Anadarko Petroleum Corp.		3.6
Pioneer Natural Resources Co.		3.5
Halliburton Co.		3.4
SunEdison, Inc.		3.1

Top Sectors

	% of Net Assets
Energy		60.8
Materials		28.9
Industrials		3.4
Information Technology		3.3

MSF-3

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Van Eck Global Natural Resources Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.80	%	$	1,000.00	$	986.90	$	3.94
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class B(a)	Actual		1.05	%	$	1,000.00	$	985.90	$	5.17
	Hypothetical*		1.05	%	$	1,000.00	$	1,019.59	$	5.26

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—96.4% of Net Assets

Security Description	Shares		Value
Building Products—0.7%
Advanced Drainage Systems, Inc. (a)		253,800	$	7,443,954
Chemicals—3.5%
Agrium, Inc. (a)		195,300		20,692,035
CF Industries Holdings, Inc.		260,500		16,744,940
				37,436,975
Energy Equipment & Services—14.3%
Baker Hughes, Inc.		188,800		11,648,960
Cameron International Corp. (b)		110,600		5,792,122
Dril-Quip, Inc. (b)		143,200		10,775,800
Halliburton Co.		846,000		36,437,220
Helmerich & Payne, Inc. (a)		91,100		6,415,262
Nabors Industries, Ltd.		1,327,600		19,157,268
Schlumberger, Ltd.		510,900		44,034,471
Seadrill, Ltd. (a)		286,424		2,961,624
Superior Energy Services, Inc.		764,600		16,087,184
				153,309,911
Machinery—1.8%
Cummins, Inc.		146,400		19,206,216
Metals & Mining—23.5%
Agnico Eagle Mines, Ltd.		80,233		2,277,872
Agnico Eagle Mines, Ltd. (U.S. Listed Shares) (a)		223,500		6,340,695
Barrick Gold Corp.		797,200		8,498,152
Commercial Metals Co.		797,200		12,818,976
Eldorado Gold Corp.		2,261,500		9,362,610
First Quantum Minerals, Ltd. (a)		3,577,800		46,777,801
Freeport-McMoRan, Inc.		865,600		16,117,472
Glencore plc (b)		12,661,037		50,825,976
Goldcorp, Inc.		1,711,600		27,727,920
New Gold, Inc. (b)		2,303,800		6,197,222
Osisko Gold Royalties, Ltd.		102,479		1,289,808
Petra Diamonds, Ltd. (144A) (b) (c)		2,299,600		5,380,966
Randgold Resources, Ltd. (ADR)		276,600		18,518,370
Royal Gold, Inc. (a)		211,500		13,026,285
Steel Dynamics, Inc.		580,600		12,027,129
United States Steel Corp. (a)		468,500		9,660,470
Yamana Gold, Inc. (U.S. Listed Shares) (a)		1,791,462		5,374,386
				252,222,110
Oil, Gas & Consumable Fuels—46.5%
Anadarko Petroleum Corp.		491,250		38,346,975
Antero Resources Corp. (a) (b)		296,100		10,168,074
Bonanza Creek Energy, Inc. (a) (b)		486,800		8,884,100
Cimarex Energy Co.		398,900		44,002,659
Concho Resources, Inc. (b)		382,450		43,545,757
CONSOL Energy, Inc. (a)		1,262,500		27,446,750
Diamondback Energy, Inc. (b)		410,000		30,905,800
EOG Resources, Inc.		445,800		39,029,790
Genel Energy plc (a) (b)		413,300		3,289,199
Golar LNG, Ltd. (a)		311,200		14,564,160
Gulfport Energy Corp. (b)		491,600		19,786,900
Oil, Gas & Consumable Fuels—(Continued)
Kinder Morgan, Inc.		530,400		20,362,056
Laredo Petroleum, Inc. (a) (b)		930,700		11,708,206
Marathon Petroleum Corp.		234,400		12,261,464
Newfield Exploration Co. (b)		351,400		12,692,568
Ophir Energy plc (b)		2,494,503		4,428,045
Parsley Energy, Inc. - Class A (a) (b)		709,400		12,357,748
Phillips 66		146,400		11,793,984
Pioneer Natural Resources Co.		273,400		37,917,846
Scorpio Tankers, Inc. (a)		504,400		5,089,396
SemGroup Corp. - Class A		305,900		24,312,932
SM Energy Co. (a)		540,100		24,909,412
Valero Energy Corp.		439,300		27,500,180
Westmoreland Coal Co. (a) (b)		84,600		1,757,988
Whiting Petroleum Corp. (b)		383,900		12,899,040
				499,961,029
Paper & Forest Products—1.9%
Louisiana-Pacific Corp. (a) (b)		1,207,200		20,558,616
Road & Rail—0.9%
Union Pacific Corp.		107,300		10,233,201
Semiconductors & Semiconductor Equipment—3.3%
SolarEdge Technologies, Inc. (a) (b)		61,800		2,246,430
SunEdison, Inc. (a) (b)		1,109,600		33,188,136
				35,434,566
Total Common Stocks (Cost $1,122,577,827)				1,035,806,578
Short-Term Investments—19.4%
Mutual Funds—19.4%
AIM STIT-STIC Prime Portfolio		21,045,855		21,045,855
State Street Navigator Securities Lending MET Portfolio (d)		187,260,249		187,260,249
Total Short-Term Investments (Cost $208,306,104)				208,306,104
Total Investments—115.8% (Cost $1,330,883,931) (e)				1,244,112,682
Other assets and liabilities (net)—(15.8)%				(169,313,687	)
Net Assets—100.0%			$	1,074,798,995

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $179,550,424 and the collateral received consisted of cash in the amount of $187,260,249 and non-cash collateral with a value of $565,087. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

(c) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2015, the market value of restricted securities was $5,380,966, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.

(d) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(e) As of June 30, 2015, the aggregate cost of investments was $1,330,883,931. The aggregate unrealized appreciation and depreciation of investments were $98,431,913 and $(185,203,162), respectively, resulting in net unrealized depreciation of $(86,771,249).

(144A)—Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2015, the market value of 144A securities was $5,380,966, which is 0.5% of net assets.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Petra Diamonds, Ltd.		05/19/15—06/24/15		2,299,600	$	5,787,415	$	5,380,966

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Building Products	$	7,443,954	$	—		$	—	$	7,443,954
Chemicals		37,436,975		—			—		37,436,975
Energy Equipment & Services		153,309,911		—			—		153,309,911
Machinery		19,206,216		—			—		19,206,216
Metals & Mining		196,015,168		56,206,942			—		252,222,110
Oil, Gas & Consumable Fuels		492,243,785		7,717,244			—		499,961,029
Paper & Forest Products		20,558,616		—			—		20,558,616
Road & Rail		10,233,201		—			—		10,233,201
Semiconductors & Semiconductor Equipment		35,434,566		—			—		35,434,566
Total Common Stocks		971,882,392		63,924,186			—		1,035,806,578
Total Short-Term Investments*		208,306,104		—			—		208,306,104
Total Investments	$	1,180,188,496	$	63,924,186		$	—	$	1,244,112,682
Collateral for securities loaned (Liability)	$	—	$	(187,260,249	)	$	—	$	(187,260,249	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,244,112,682
Cash denominated in foreign currencies (c)		103,338
Receivable for:
Investments sold		18,118,319
Fund shares sold		133,898
Dividends and interest		614,930
Total Assets		1,263,083,167
Liabilities
Collateral for securities loaned		187,260,249
Payables for:
Fund shares redeemed		78,209
Accrued expenses:
Management fees		707,501
Distribution and service fees		29,304
Deferred trustees’ fees		69,519
Other expenses		139,390
Total Liabilities		188,284,172
Net Assets	$	1,074,798,995
Net assets consist of:
Paid in surplus	$	1,218,474,345
Undistributed net investment income		3,406,818
Accumulated net realized loss		(60,307,502	)
Unrealized depreciation on investments and foreign currency transactions		(86,774,666	)
Net Assets	$	1,074,798,995
Net Assets
Class A	$	939,204,718
Class B		135,594,277
Capital Shares Outstanding*
Class A		84,427,779
Class B		12,246,462
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.12
Class B		11.07

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,330,883,931.

(b) Includes securities loaned at value of $179,550,424.

(c) Identified cost of cash denominated in foreign currencies was $105,627.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	8,411,303
Interest		25,137
Securities lending income		217,448
Total investment income		8,653,888
Expenses
Management fees		4,352,353
Administration fees		13,270
Custodian and accounting fees		58,240
Distribution and service fees—Class B		180,990
Audit and tax services		26,258
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		23,660
Insurance		3,793
Miscellaneous		10,184
Total expenses		4,702,505
Less management fee waiver		(60,995	)
Less broker commission recapture		(19,032	)
Net expenses		4,622,478
Net Investment Income		4,031,410
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(41,929,924	)
Foreign currency transactions		64,228
Net realized loss		(41,865,696	)
Net change in unrealized appreciation (depreciation) on:
Investments		36,626,455
Foreign currency transactions		(3,393	)
Net change in unrealized appreciation		36,623,062
Net realized and unrealized loss		(5,242,634	)
Net Decrease in Net Assets From Operations	$	(1,211,224	)

(a) Net of foreign withholding taxes of $166,605.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	4,031,410		$	6,167,907
Net realized loss		(41,865,696	)		(17,633,046	)
Net change in unrealized appreciation (depreciation)		36,623,062			(192,632,899	)
Decrease in net assets from operations		(1,211,224	)		(204,098,038	)
From Distributions to Shareholders
Net investment income
Class A		(4,538,788	)		(5,357,330	)
Class B		(282,297	)		(406,516	)
Net realized capital gains
Class A		0			(16,643,439	)
Class B		0			(2,559,953	)
Total distributions		(4,821,085	)		(24,967,238	)
Increase in net assets from capital share transactions		104,565,330			27,679,329
Total increase (decrease) in net assets		98,533,021			(201,385,947	)
Net Assets
Beginning of period		976,265,974			1,177,651,921
End of period	$	1,074,798,995		$	976,265,974
Undistributed net investment income
End of period	$	3,406,818		$	4,196,493

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		14,497,181		$	156,643,789			7,104,572		$	91,685,348
Reinvestments		388,928			4,538,788			1,531,021			22,000,769
Redemptions		(4,761,980	)		(58,438,370	)		(6,039,682	)		(91,891,949	)
Net increase		10,124,129		$	102,744,207			2,595,911		$	21,794,168
Class B
Sales		1,396,137		$	15,626,725			2,502,897		$	31,178,841
Reinvestments		24,294			282,297			207,446			2,966,469
Redemptions		(1,201,259	)		(14,087,899	)		(1,931,512	)		(28,260,149	)
Net increase		219,172		$	1,821,123			778,831		$	5,885,161
Increase derived from capital shares transactions				$	104,565,330					$	27,679,329

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.32		$	14.21		$	12.91		$	13.52		$	18.06		$	15.05
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.08			0.08			0.13			0.04			0.01
Net realized and unrealized gain (loss) on investments		(0.19	)		(2.66	)		1.34			0.25			(2.56	)		4.19
Total from investment operations		(0.15	)		(2.58	)		1.42			0.38			(2.52	)		4.20
Less Distributions
Distributions from net investment income		(0.05	)		(0.08	)		(0.12	)		0.00			(0.24	)		(0.08	)
Distributions from net realized capital gains		0.00			(0.23	)		0.00			(0.99	)		(1.78	)		(1.11	)
Total distributions		(0.05	)		(0.31	)		(0.12	)		(0.99	)		(2.02	)		(1.19	)
Net Asset Value, End of Period	$	11.12		$	11.32		$	14.21		$	12.91		$	13.52		$	18.06
Total Return (%) (b)		(1.31	)(c)		(18.63	)		11.06			2.80			(16.45	)		29.39
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81	(d)		0.81			0.81			0.82			0.82			0.84
Net ratio of expenses to average net assets (%) (e)		0.80	(d)		0.80			0.80			0.82			0.82			0.84
Ratio of net investment income to average net assets (%)		0.75	(d)		0.56			0.64			0.98			0.25			0.10
Portfolio turnover rate (%)		12	(c)		39			36			23			42			72
Net assets, end of period (in millions)	$	939.2		$	841.0		$	1,018.8		$	828.1		$	695.7		$	575.6
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.25		$	14.12		$	12.83		$	13.47		$	18.01		$	15.03
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			0.04			0.05			0.09			0.00	(f)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.19	)		(2.64	)		1.33			0.26			(2.55	)		4.15
Total from investment operations		(0.16	)		(2.60	)		1.38			0.35			(2.55	)		4.14
Less Distributions
Distributions from net investment income		(0.02	)		(0.04	)		(0.09	)		0.00			(0.21	)		(0.05	)
Distributions from net realized capital gains		0.00			(0.23	)		0.00			(0.99	)		(1.78	)		(1.11	)
Total distributions		(0.02	)		(0.27	)		(0.09	)		(0.99	)		(1.99	)		(1.16	)
Net Asset Value, End of Period	$	11.07		$	11.25		$	14.12		$	12.83		$	13.47		$	18.01
Total Return (%) (b)		(1.41	)(c)		(18.82	)		10.76			2.58			(16.67	)		29.02
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.06	(d)		1.06			1.06			1.07			1.07			1.09
Net ratio of expenses to average net assets (%) (e)		1.05	(d)		1.05			1.05			1.07			1.07			1.09
Ratio of net investment income (loss) to average net assets (%)		0.50	(d)		0.31			0.38			0.72			0.01			(0.09	)
Portfolio turnover rate (%)		12	(c)		39			36			23			42			72
Net assets, end of period (in millions)	$	135.6		$	135.3		$	158.8		$	165.1		$	153.0		$	108.0

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(f) Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Van Eck Global Natural Resources Portfolio (the “Portfolio”), which is non-diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of

MSF-10

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, return of capital adjustments, passive foreign investment companies (PFICs), broker commission recapture, and re-designation of distributions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

MSF-11

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

MSF-12

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Natural Resource and Foreign Investment Risk: The Portfolio may concentrate its investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal and by investing in gold bullion and coins. Since the Portfolio may concentrate its investments, it may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature. In addition, the investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	277,525,724	$	0	$	130,347,141

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$4,352,353		0.800	%	Of the first $250 million
		0.775	%	Of the next $750 million
		0.750	%	On amounts in excess of $1 billion

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Van Eck Associates Corporation is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.025%	On amounts over $500 million and under $1 billion

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

MSF-13

Metropolitan Series Fund

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A and B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B Shares. Under the Distribution and Service Plan, the Class B Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$6,134,646	$	9,218,470	$	18,832,592	$	—	$	24,967,238	$	9,218,470

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$4,401,254	$	—	$	(126,255,713	)	$	(15,724,515	)	$	(137,578,974	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the post-enactment accumulated short-term capital losses were $10,107,464 and the post-enactment accumulated long-term capital losses were $5,617,051.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-14

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the Western Asset Management Strategic Bond Opportunities Portfolio returned 0.56%, 0.36%, and 0.46%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned -0.10%.

MARKET ENVIRONMENT / CONDITIONS

Despite a very sluggish start to 2015, the U.S. economy generally improved over the first half of 2015, as the post-crisis trend of modest economic growth continued. While setting the stage for an eventual lift-off from near zero rates, the Federal Reserve (the “Fed”) remained highly accommodative throughout the period. Equity market gains were modest, with the S&P 500 Index up a modest 1.2% over the period. International events, such as the reignited crisis in Greece, threatened to roil markets but largely had only modest effects.

While setting the stage for a future rate hike, the Fed repeated its mantra of “data dependency” and reiterated that once rate increases begin, they would likely occur at a very gradual pace. Early in the year, markets thought a June rate increase was on the table. However, a disappointing first quarter and a spell of rather weak economic data rendered this potential liftoff date unrealistic. While the Fed may want to move away from an extended period of emergency policy and begin normalization, it also does not want to make a mistake and risk upsetting an economic recovery that has consistently struggled to firmly take hold and accelerate. The Fed is also aware that most measures of inflation have remained below target and that wage growth has yet to accelerate. The U.S. dollar continued to strengthen over the period with the U.S. Trade-Weighted Dollar Index up over 6%. As the Fed contemplated a rate hike, other major central banks were generally becoming more accommodative.

The economy grew at a real annualized rate of 2.2% in the fourth quarter of 2014, resulting in 2.4% annual growth for the year. In a familiar pattern, expectations for the economy heading into 2015 were fairly high, only to be dashed in the first months of the year. First quarter growth registered a small contraction, largely driven by harsh winter weather which slowed economic activity. The story in 2014 was quite similar, with brutal winter weather acting as a drag on growth. However, growth for the second quarter of 2015 is tracking higher and the Fed’s most recent survey indicated the central bank expects growth in the range of 1.8% to 2.0% in 2015 (which is lower than their previous forecast). The housing market has shown steady improvement and there has been momentum recently in retail sales and consumer spending. Manufacturing related data, however, has been weak.

The labor market continued to improve over the period, as the unemployment rate dropped from 5.6% at the end of 2014 to 5.3% by the end of June. Nonfarm payroll gains averaged 208,000 per month over the first six months, down from 2014’s average of 259,700 but still registering steady improvement. However, economists have for a long time been looking for a meaningful pickup in the wages workers earn but this still remains elusive. The average monthly increase in wages was just 0.2% over the period. Long-term unemployment still remains a concern.

After the price of West Texas Intermediate (WTI) crude oil plunged by about 46% last year to end 2014 at $53 per barrel, oil prices fell a bit further in the first quarter but recovered in the second quarter, stabilizing near $60 per barrel. This stabilization benefited energy producers, a major component of high-yield bond indices, which suffered during the price plunge. Many producers had responded to the drop in oil prices by reducing capital expenditures, raising equity capital and retiring older and less efficient rigs. Going forward, the survivors are generally better situated to operate profitably despite lower prices.

The renewed crisis in Greece made headlines almost daily over the second quarter of 2015, as Greece attempted to negotiate a new bailout package with its creditors on more favorable terms. The risk of Greece leaving the Eurozone became quite real, and despite a potential new bailout package (negotiated in early July), Greece is far from out of the woods. However, economists generally feel that the effects of a Greece exit would now be much more contained compared to several years ago when a larger contagion was much more likely.

U.S. Treasury rates generally ended the first half of 2015 higher, especially at the longer end of the yield curve. Rates actually ended the first quarter lower, only to increase in the second quarter of the year. While 5-year and shorter maturities saw small yield decreases, the 10-year yield increased by 18 basis points (“bps”) while the 30-year yield increased by 36 bps. Part of this increase was driven by global moves, notably an increase European yields despite the European Central Bank’s quantitative easing programs. European yields, such as the German bund yield, had in many cases become unsustainably low and were primed to move higher. Better than expected economic data, pointing towards a possible resurgence in growth on the Continent, may have been the trigger to move higher. As European yields increased, U.S. Treasury yields rose in kind for much of the second quarter. This occurred even as market expectations for the timing of Fed rate liftoff were generally being pushed out.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark for the six month reporting period ending June 30. The main contributor to performance was the Portfolio’s non-Agency mortgage allocation. Non-Agency mortgages benefited from continued price appreciation based on ongoing investor demand, positive carry and continued principal paydowns.

The Portfolio’s high yield allocation also significantly contributed to performance as the sector saw meaningful positive excess returns as energy prices stabilized in the first quarter of the year. The Portfolio’s underweight to Agency mortgage-backed securities (“MBS”) helped

MSF-1

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

performance as the sector underperformed Treasuries of similar interest rate risk. Additionally, our active relative value trading within the coupon stack further contributed to the sectors performance. The Portfolio’s non-dollar exposure was additive over the quarter, particularly due to the Portfolio’s short euro and yen positions.

The largest detractor from performance was the Portfolio’s yield curve positioning. We increased the Portfolio’s overweight to the longer end of the yield curve during the period, which hurt performance as the yield curve meaningfully steepened from January to June. We also maintained our tactical overweight to duration, which hurt performance as rates generally rose across the yield curve. Finally, the Portfolio’s emerging market allocation hurt performance over the prior six months as emerging market currencies fell due to concerns over global growth and lower oil prices in the first quarter.

Interest rate options, futures, and swaps were used for managing duration and curve positioning and detracted from performance during the first half of the year. FX forwards, swaps, and options used to manage currency exposures contributed to performance. In aggregate, the Portfolio’s total derivative exposure detracted from performance during the period.

Economic data, while somewhat stagnant in recent months, continue to support our expectation for modest growth domestically. At period end, the Fed remained highly accommodative, and will remain accommodative following the initial increase in interest rates that is on the horizon. We maintained that the most likely time frame for an interest rate increase is September, although the likelihood of September liftoff has decreased recently due to softer economic data. Nonetheless, we continued to believe that accommodative central bank policy domestically, and particularly abroad, will support the global recovery and risk assets generally.

Over the last six months, we increased exposure to U.S. Treasuries, Investment Grade and High Yield credit, and non-dollar securities. This increase was mostly funded by a decrease in the Portfolio’s allocation to cash over the period. We generally increased the Portfolio’s duration positioning over the first half of the year as rates trended higher. We also increased the Portfolio’s overweight to longer key rate durations as the curve steepened significantly over the period.

At period end, we continued to maintain exposure to the global Investment Grade credit (19%) and High Yield credit (26%) sectors, where we believed the fundamental outlook and management of companies remain positive, particularly in the Financials sector. The Portfolio also remained positioned to benefit from risk premiums in emerging market bonds (9%), diversified across sovereign debt in local currencies, sovereign debt in U.S. dollars and select emerging market corporate issuers. The Portfolio remained overweight Commercial MBS (10%) and non-Agency mortgages (19%), despite a slight reduction in exposure during the first half of the year.

S. Kenneth Leech

Chris Orndorf

Michael Buchanan

Carl L. Eichstaedt

Mark S. Lindbloom

Chia-Liang Lian

Portfolio Managers

Western Asset Management Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
Western Asset Management Strategic Bond Opportunities Portfolio
Class A		0.56		0.04		5.93		5.87
Class B		0.36		-0.24		5.67		5.60
Class E		0.46		-0.06		5.79		5.71
Barclays U.S. Aggregate Bond Index		-0.10		1.86		3.35		4.44

¹ Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		45.4
Mortgage-Backed Securities		26.5
U.S. Treasury & Government Agencies		11.7
Foreign Government		9.0
Asset-Backed Securities		5.3
Floating Rate Loans		0.5
Preferred Stocks		0.5
Municipals		0.1
Convertible Bonds		0.1

MSF-3

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Western Asset Management Strategic Bond Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.59	%	$	1,000.00	$	1,005.60	$	2.93
	Hypothetical*		0.59	%	$	1,000.00	$	1,021.87	$	2.96
Class B(a)	Actual		0.84	%	$	1,000.00	$	1,003.60	$	4.17
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.63	$	4.21
Class E(a)	Actual		0.74	%	$	1,000.00	$	1,004.60	$	3.68
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—45.4% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.0%
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.250%, 02/15/22		430,000	$	435,375
WPP Finance 2010
5.125%, 09/07/42		240,000		239,340
				674,715
Aerospace/Defense—0.1%
Boeing Co. (The)
4.875%, 02/15/20		540,000		609,277
6.000%, 03/15/19		50,000		57,127
Raytheon Co.
3.125%, 10/15/20		30,000		31,084
Triumph Group, Inc.
5.250%, 06/01/22 (a)		350,000		345,625
United Technologies Corp.
4.500%, 06/01/42		360,000		365,722
				1,408,835
Agriculture—1.3%
Altria Group, Inc.
2.850%, 08/09/22		510,000		490,218
4.750%, 05/05/21		890,000		964,452
5.375%, 01/31/44		2,630,000		2,781,762
10.200%, 02/06/39		1,328,000		2,186,857
Lorillard Tobacco Co.
3.750%, 05/20/23		3,000,000		2,915,784
8.125%, 06/23/19		390,000		462,024
Philip Morris International, Inc.
2.500%, 08/22/22		2,910,000		2,802,406
Reynolds American, Inc.
3.250%, 06/12/20		680,000		688,773
3.250%, 11/01/22		270,000		260,052
4.850%, 09/15/23		2,960,000		3,127,438
5.850%, 08/15/45		1,640,000		1,720,188
				18,399,954
Airlines—0.5%
American Airlines Pass-Through Trust
5.625%, 01/15/21 (144A)		3,047,012		3,168,892
Delta Air Lines Pass-Through Trust
6.821%, 02/10/24		508,304		583,279
8.021%, 02/10/24		2,135,433		2,450,409
Northwest Airlines Pass-Through Trust
7.575%, 09/01/20		17,237		19,133
UAL Pass-Through Trust
9.750%, 07/15/18		56,985		61,972
United Airlines Pass-Through Trust
4.625%, 03/03/24		840,000		856,800
				7,140,485
Auto Manufacturers—0.8%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.250%, 06/15/21		610,000		664,900
Auto Manufacturers—(Continued)
Ford Motor Co.
4.750%, 01/15/43		2,610,000		2,530,661
Ford Motor Credit Co. LLC 3.664%, 09/08/24 (a)		720,000		710,446
General Motors Co. 6.250%, 10/02/43		3,000,000		3,346,665
General Motors Financial Co., Inc. 2.750%, 05/15/16		30,000		30,359
4.375%, 09/25/21		3,340,000		3,466,586
				10,749,617
Auto Parts & Equipment—0.1%
Schaeffler Holding Finance B.V. 6.750%, 11/15/22 (144A) (a) (b)		870,000		938,513
Banks—7.0%
Bank of America Corp. 3.300%, 01/11/23		270,000		265,906
4.000%, 04/01/24		1,260,000		1,282,145
4.000%, 01/22/25		3,310,000		3,224,913
4.100%, 07/24/23		1,730,000		1,780,019
4.125%, 01/22/24		880,000		901,885
4.200%, 08/26/24		1,480,000		1,476,436
4.875%, 04/01/44		2,290,000		2,326,010
5.000%, 01/21/44		2,700,000		2,803,364
5.625%, 07/01/20		190,000		214,141
6.250%, 09/29/49 (c)		2,090,000		2,080,867
Barclays Bank plc 10.179%, 06/12/21 (144A)		100,000		132,490
BPCE S.A. 5.150%, 07/21/24 (144A)		420,000		426,704
CIT Group, Inc. 5.000%, 08/01/23 (a)		2,030,000		1,999,550
Citigroup, Inc. 4.050%, 07/30/22		3,470,000		3,553,207
4.400%, 06/10/25		1,820,000		1,813,217
5.300%, 05/06/44 (a)		4,460,000		4,540,409
5.350%, 04/29/49 (a) (c)		560,000		527,240
5.500%, 09/13/25		990,000		1,069,989
5.900%, 12/29/49 (a) (c)		320,000		315,200
5.950%, 07/29/49 (a) (c)		590,000		581,150
5.950%, 12/29/49 (c)		2,790,000		2,692,908
6.300%, 12/29/49 (c)		850,000		829,813
Compass Bank 3.875%, 04/10/25		840,000		790,821
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 4.625%, 12/01/23 (a)		1,400,000		1,444,391
5.750%, 12/01/43		1,480,000		1,624,981
11.000%, 12/29/49 (144A) (c)		415,000		526,013
Credit Agricole S.A. 4.375%, 03/17/25 (144A)		1,000,000		957,920
8.375%, 10/29/49 (144A) (c)		890,000		1,032,400
Goldman Sachs Capital II 4.000%, 12/29/49 (c)		3,490,000		2,656,763

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 4.000%, 03/03/24		3,780,000	$	3,845,953
5.150%, 05/22/45		370,000		356,949
5.250%, 07/27/21		1,680,000		1,865,670
6.250%, 02/01/41		210,000		248,545
6.750%, 10/01/37		2,400,000		2,815,075
7.500%, 02/15/19		20,000		23,492
HSBC Holdings plc 4.250%, 03/14/24		850,000		858,487
5.250%, 03/14/44		4,400,000		4,563,988
6.375%, 12/29/49 (a) (c)		1,290,000		1,293,225
ING Bank NV 5.800%, 09/25/23 (144A)		1,290,000		1,408,556
Intesa Sanpaolo S.p.A. 5.017%, 06/26/24 (144A)		4,820,000		4,682,842
JPMorgan Chase & Co. 3.375%, 05/01/23 (a)		720,000		699,134
3.625%, 05/13/24		810,000		804,124
3.875%, 09/10/24		4,630,000		4,555,485
4.350%, 08/15/21		160,000		171,263
4.500%, 01/24/22		160,000		171,468
4.950%, 06/01/45		1,610,000		1,565,026
M&T Bank Corp. 6.875%, 12/29/49		2,540,000		2,590,800
Nordea Bank AB 4.875%, 05/13/21 (144A)		950,000		1,028,425
Novo Banco S.A. 5.875%, 11/09/15 (EUR)		1,300,000		1,449,304
Royal Bank of Scotland Group plc 5.125%, 05/28/24		820,000		819,002
6.000%, 12/19/23		460,000		487,109
6.100%, 06/10/23		780,000		829,325
6.125%, 12/15/22		790,000		850,658
7.648%, 08/29/49 (c)		120,000		149,400
Royal Bank of Scotland NV 4.650%, 06/04/18		530,000		555,514
Royal Bank of Scotland plc 13.125%, 03/19/22 (AUD) (c)		1,580,000		1,394,420
Standard Chartered plc 5.700%, 03/26/44 (144A)		4,950,000		5,131,526
State Street Corp. 4.956%, 03/15/18		140,000		150,497
Wachovia Capital Trust III 5.570%, 03/29/49 (a) (c)		1,321,000		1,306,139
Wells Fargo & Co. 3.450%, 02/13/23		680,000		676,318
4.480%, 01/16/24		2,596,000		2,732,916
4.600%, 04/01/21		110,000		120,503
4.650%, 11/04/44		380,000		364,226
5.375%, 11/02/43		660,000		704,695
5.606%, 01/15/44		2,770,000		3,042,263
Wells Fargo Capital X 5.950%, 12/01/86		500,000		508,250
				98,691,424
Beverages—0.8%
Anheuser-Busch InBev Finance, Inc. 3.700%, 02/01/24 (a)		1,900,000		1,944,665
Anheuser-Busch InBev Worldwide, Inc. 2.500%, 07/15/22		280,000		269,269
5.000%, 04/15/20 (a)		260,000		290,608
Constellation Brands, Inc. 4.750%, 11/15/24		2,030,000		2,035,075
6.000%, 05/01/22		840,000		915,785
Diageo Capital plc 2.625%, 04/29/23 (a)		2,000,000		1,906,106
Diageo Investment Corp. 2.875%, 05/11/22		670,000		655,015
Molson Coors Brewing Co. 3.500%, 05/01/22 (a)		60,000		60,537
PepsiCo, Inc. 4.000%, 03/05/42		670,000		628,804
Pernod-Ricard S.A. 4.450%, 01/15/22 (144A)		940,000		988,240
5.500%, 01/15/42 (144A)		1,130,000		1,201,553
				10,895,657
Biotechnology—0.6%
Amgen, Inc. 3.625%, 05/22/24		120,000		119,038
5.375%, 05/15/43		70,000		74,282
Celgene Corp. 3.625%, 05/15/24		250,000		249,683
Concordia Healthcare Corp. 7.000%, 04/15/23 (144A)		3,450,000		3,450,000
Gilead Sciences, Inc. 3.500%, 02/01/25		1,000,000		1,001,457
3.700%, 04/01/24		3,060,000		3,126,818
				8,021,278
Building Materials—0.7%
Cemex Finance LLC 9.375%, 10/12/22 (144A)		7,270,000		8,096,963
Hardwoods Acquisition, Inc. 7.500%, 08/01/21 (144A) (a)		700,000		675,500
NWH Escrow Corp. 7.500%, 08/01/21 (144A)		550,000		517,000
				9,289,463
Chemicals—0.4%
Alpek S.A.B. de C.V. 4.500%, 11/20/22 (144A) (a)		890,000		887,508
Axiall Corp. 4.875%, 05/15/23 (a)		2,620,000		2,528,300
Braskem Finance, Ltd. 5.375%, 05/02/22 (144A) (a)		1,980,000		1,823,580
Ecolab, Inc. 4.350%, 12/08/21		70,000		75,519
Potash Corp. of Saskatchewan, Inc. 4.875%, 03/30/20 (a)		40,000		44,063
				5,358,970

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Coal—0.4%
Arch Coal, Inc. 7.000%, 06/15/19		210,000	$	30,450
9.875%, 06/15/19		1,110,000		188,700
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp. 6.375%, 03/15/24 (a)		480,000		340,800
Murray Energy Corp. 11.250%, 04/15/21 (144A) (a)		4,550,000		3,822,000
Natural Resource Partners L.P. / NRP Finance Corp. 9.125%, 10/01/18 (a)		720,000		637,200
				5,019,150
Commercial Services—1.1%
Ancestry.com Holdings LLC 9.625%, 10/15/18 (144A) (b)		2,790,000		2,845,800
Ashtead Capital, Inc. 5.625%, 10/01/24 (144A)		2,420,000		2,426,050
ExamWorks Group, Inc. 5.625%, 04/15/23		3,480,000		3,568,253
NES Rentals Holdings, Inc. 7.875%, 05/01/18 (144A)		990,000		999,900
Service Corp. International 7.500%, 04/01/27 (a)		350,000		402,500
7.625%, 10/01/18		125,000		142,500
UBM plc 5.750%, 11/03/20 (144A)		50,000		53,955
United Rentals North America, Inc. 4.625%, 07/15/23		2,830,000		2,775,098
WEX, Inc. 4.750%, 02/01/23 (144A)		2,000,000		1,930,000
				15,144,056
Computers—0.2%
Compiler Finance Sub, Inc. 7.000%, 05/01/21 (144A)		2,950,000		2,242,000
Containers & Packaging—0.2%
Ball Corp. 5.250%, 07/01/25		3,240,000		3,203,550
Distribution/Wholesale—0.1%
Rexel S.A. 5.250%, 06/15/20 (144A) (a)		1,400,000		1,456,000
Diversified Financial Services—2.2%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.750%, 05/15/19 (144A)		1,080,000		1,067,850
American Express Co. 6.800%, 09/01/66 (c)		1,650,000		1,697,685
Ausdrill Finance Pty, Ltd. 6.875%, 11/01/19 (144A)		3,050,000		2,562,000
CIMPOR Financial Operations B.V. 5.750%, 07/17/24 (144A)		2,340,000		1,895,400
Diversified Financial Services—(Continued)
General Electric Capital Corp. 4.375%, 09/16/20		70,000		76,224
4.625%, 01/07/21		40,000		44,040
5.300%, 02/11/21		850,000		955,767
6.375%, 11/15/67 (c)		1,460,000		1,569,500
6.875%, 01/10/39		5,391,000		7,238,356
ILFC E-Capital Trust II 6.250%, 12/21/65 (144A) (c)		330,000		323,400
International Lease Finance Corp. 6.250%, 05/15/19		1,150,000		1,243,437
6.750%, 09/01/16 (144A)		250,000		262,969
8.250%, 12/15/20		3,150,000		3,740,625
8.750%, 03/15/17		1,550,000		1,695,870
KKR Group Finance Co. II LLC 5.500%, 02/01/43 (144A)		130,000		131,584
Navient Corp. 5.875%, 10/25/24		3,150,000		2,961,000
8.000%, 03/25/20		150,000		167,250
Quicken Loans, Inc. 5.750%, 05/01/25 (144A) (a)		2,950,000		2,824,625
TMX Finance LLC / TitleMax Finance Corp. 8.500%, 09/15/18 (144A) (a)		560,000		459,200
				30,916,782
Electric—1.5%
AES Corp. 5.500%, 03/15/24 (a)		650,000		625,625
8.000%, 06/01/20		1,000,000		1,155,000
Calpine Corp. 5.875%, 01/15/24 (144A)		874,000		924,255
Centrais Eletricas Brasileiras S.A. 5.750%, 10/27/21 (144A) (a)		2,160,000		1,998,000
Duke Energy Carolinas LLC 5.300%, 02/15/40		980,000		1,115,982
Exelon Corp. 5.625%, 06/15/35		375,000		402,214
FirstEnergy Corp. 4.250%, 03/15/23		1,910,000		1,921,922
7.375%, 11/15/31		4,200,000		5,117,293
Mirant Mid Atlantic Pass-Through Trust 10.060%, 12/30/28		5,056,588		5,536,964
Pacific Gas & Electric Co. 6.050%, 03/01/34		1,430,000		1,719,162
				20,516,417
Electronics—0.2%
Sanmina Corp. 4.375%, 06/01/19 (144A)		2,320,000		2,314,200
Thermo Fisher Scientific, Inc. 3.600%, 08/15/21		200,000		203,584
				2,517,784
Energy-Alternate Sources—0.1%
TerraForm Power Operating LLC 5.875%, 02/01/23 (144A)		1,600,000		1,624,000

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Engineering & Construction—0.3%
AECOM 5.875%, 10/15/24 (144A)		1,240,000	$	1,257,050
Empresas ICA S.A.B. de C.V. 8.875%, 05/29/24 (144A) (a)		1,540,000		1,151,150
8.900%, 02/04/21 (a)		1,250,000		1,075,000
Michael Baker International LLC / CDL Acquisition Co., Inc. 8.250%, 10/15/18 (144A)		980,000		948,150
				4,431,350
Entertainment—0.0%
Greektown Holdings LLC / Greektown Mothership Corp. 8.875%, 03/15/19 (144A)		540,000		567,000
Environmental Control—0.1%
Waste Management, Inc. 3.500%, 05/15/24		1,230,000		1,231,680
4.600%, 03/01/21		180,000		198,173
7.375%, 05/15/29		190,000		258,154
				1,688,007
Food—1.2%
Dole Food Co., Inc. 7.250%, 05/01/19 (144A)		850,000		858,500
Hearthside Group Holdings LLC / Hearthside Finance Co. 6.500%, 05/01/22 (144A)		980,000		935,900
HJ Heinz Co. 3.950%, 07/15/25 (144A)		1,200,000		1,206,654
4.250%, 10/15/20 (a)		270,000		275,737
4.875%, 02/15/25 (144A)		2,880,000		3,135,600
5.000%, 07/15/35 (144A)		630,000		637,573
Kraft Foods Group, Inc. 3.500%, 06/06/22		690,000		691,692
Kroger Co. (The) 6.900%, 04/15/38		300,000		372,062
Marfrig Holding Europe B.V. 6.875%, 06/24/19 (144A) (a)		2,260,000		2,152,650
8.375%, 05/09/18 (a)		1,400,000		1,410,080
Mondelez International, Inc. 4.000%, 02/01/24 (a)		1,830,000		1,895,375
Simmons Foods, Inc. 7.875%, 10/01/21 (144A) (a)		1,280,000		1,177,600
WM Wrigley Jr. Co. 3.375%, 10/21/20 (144A)		1,480,000		1,525,103
				16,274,526
Forest Products & Paper—0.6%
Appvion, Inc. 9.000%, 06/01/20 (144A) (a)		1,580,000		995,400
Fibria Overseas Finance, Ltd. 5.250%, 05/12/24		4,160,000		4,170,400
Klabin Finance S.A. 5.250%, 07/16/24 (144A)		1,980,000		1,929,510
Forest Products & Paper—(Continued)
Resolute Forest Products, Inc. 5.875%, 05/15/23 (a)		1,250,000		1,137,500
Smurfit Kappa Treasury Funding, Ltd. 7.500%, 11/20/25		275,000		338,250
				8,571,060
Healthcare-Products—1.0%
Becton Dickinson & Co. 3.734%, 12/15/24		540,000		538,183
4.685%, 12/15/44		180,000		174,176
ConvaTec Finance International S.A. 8.250%, 01/15/19 (144A) (b)		1,280,000		1,257,600
DJO Finance LLC / DJO Finance Corp. 10.750%, 04/15/20 (144A)		560,000		574,000
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp. 8.125%, 06/15/21 (144A) (a)		4,570,000		4,707,100
Medtronic, Inc. 3.125%, 03/15/22		60,000		60,800
3.500%, 03/15/25 (144A)		3,500,000		3,488,055
4.450%, 03/15/20		340,000		370,874
Universal Hospital Services, Inc. 7.625%, 08/15/20		2,810,000		2,599,250
				13,770,038
Healthcare-Services—1.5%
Acadia Healthcare Co., Inc. 5.125%, 07/01/22		860,000		853,550
Anthem, Inc. 3.125%, 05/15/22		2,170,000		2,108,889
3.700%, 08/15/21		130,000		133,018
7.000%, 02/15/19		170,000		194,154
DaVita HealthCare Partners, Inc. 5.000%, 05/01/25		3,460,000		3,330,250
5.125%, 07/15/24		730,000		717,681
HCA, Inc. 4.750%, 05/01/23		590,000		597,375
5.375%, 02/01/25		5,280,000		5,366,064
7.500%, 02/15/22		360,000		413,550
Humana, Inc. 3.150%, 12/01/22		190,000		183,265
Lantheus Medical Imaging, Inc. 9.750%, 05/15/17		3,989,000		4,096,703
Tenet Healthcare Corp. 8.125%, 04/01/22		1,840,000		2,012,040
UnitedHealth Group, Inc. 2.875%, 03/15/23		1,700,000		1,636,473
5.800%, 03/15/36		10,000		11,629
6.875%, 02/15/38		10,000		13,154
				21,667,795
Holding Companies-Diversified—0.4%
DH Services Luxembourg S.a.r.l. 7.750%, 12/15/20 (144A)		5,670,000		5,882,625

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—0.4%
Taylor Morrison Communities, Inc. / Monarch Communities, Inc. 5.250%, 04/15/21 (144A)		1,180,000	$	1,162,300
5.875%, 04/15/23 (144A)		780,000		770,250
William Lyon Homes, Inc. 7.000%, 08/15/22 (a)		650,000		672,750
8.500%, 11/15/20		2,430,000		2,624,400
				5,229,700
Household Products/Wares—0.1%
Century Intermediate Holding Co. 2 9.750%, 02/15/19 (144A) (b)		1,280,000		1,331,200
Insurance—0.2%
American International Group, Inc. 6.250%, 03/15/87		453,000		498,886
Teachers Insurance & Annuity Association of America 4.900%, 09/15/44 (144A)		1,000,000		1,019,761
6.850%, 12/16/39 (144A)		700,000		876,507
				2,395,154
Internet—0.2%
Netflix, Inc. 5.500%, 02/15/22 (144A)		190,000		196,175
5.875%, 02/15/25 (144A)		2,420,000		2,504,966
				2,701,141
Iron/Steel—0.4%
ArcelorMittal 5.250%, 02/25/17		380,000		394,725
Glencore Funding LLC 2.875%, 04/16/20 (144A)		2,890,000		2,832,697
Ryerson, Inc. / Joseph T Ryerson & Son, Inc. 9.000%, 10/15/17		2,120,000		2,135,900
				5,363,322
Lodging—0.5%
Caesars Entertainment Resort Properties LLC 11.000%, 10/01/21 (a)		670,000		561,125
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 5.625%, 10/15/21		3,800,000		3,947,060
MGM Resorts International 6.625%, 12/15/21		2,520,000		2,633,400
				7,141,585
Media—1.9%
21st Century Fox America, Inc. 6.200%, 12/15/34		10,000		11,606
6.650%, 11/15/37		70,000		85,185
CCO Holdings LLC / CCO Holdings Capital Corp. 5.375%, 05/01/25 (144A) (a)		880,000		856,900
Media—(Continued)
CCO Holdings LLC / CCO Holdings Capital Corp. 6.500%, 04/30/21		1,740,000	$	1,820,475
7.000%, 01/15/19		39,000		40,511
Comcast Cable Communications Holdings, Inc. 9.455%, 11/15/22		230,000		316,060
Comcast Corp. 3.375%, 08/15/25 (a)		1,090,000		1,075,620
5.650%, 06/15/35		10,000		11,328
6.500%, 11/15/35		490,000		609,674
6.550%, 07/01/39		390,000		488,980
6.950%, 08/15/37		250,000		325,028
CSC Holdings LLC 5.250%, 06/01/24 (a)		1,000,000		960,000
6.750%, 11/15/21		2,010,000		2,120,550
DISH DBS Corp. 5.875%, 07/15/22 (a)		1,755,000		1,719,900
5.875%, 11/15/24		2,450,000		2,353,531
6.750%, 06/01/21		75,000		78,188
NBCUniversal Media LLC 4.375%, 04/01/21		470,000		509,046
Numericable-SFR 6.000%, 05/15/22 (144A)		570,000		561,806
Time Warner Cable, Inc. 4.125%, 02/15/21 (a)		10,000		10,325
5.500%, 09/01/41		330,000		307,780
5.875%, 11/15/40		10,000		9,681
6.750%, 06/15/39		170,000		181,501
7.300%, 07/01/38		420,000		473,217
8.250%, 04/01/19		850,000		999,681
8.750%, 02/14/19 (a)		80,000		95,012
Time Warner, Inc. 7.625%, 04/15/31		1,300,000		1,690,434
7.700%, 05/01/32		1,410,000		1,852,201
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.500%, 01/15/23 (144A)		3,000,000		3,058,125
Univision Communications, Inc. 5.125%, 02/15/25 (144A)		2,960,000		2,856,992
Viacom, Inc. 4.250%, 09/01/23		240,000		241,900
Ziggo Bond Finance B.V. 5.875%, 01/15/25 (144A)		830,000		813,400
				26,534,637
Mining—1.1%
Barminco Finance Pty, Ltd. 9.000%, 06/01/18 (144A) (a)		1,670,000		1,561,450
Barrick Gold Corp. 3.850%, 04/01/22		280,000		271,386
4.100%, 05/01/23 (a)		1,200,000		1,169,249
6.950%, 04/01/19		380,000		440,104
Barrick North America Finance LLC 4.400%, 05/30/21		400,000		408,603

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—(Continued)
BHP Billiton Finance USA, Ltd. 3.250%, 11/21/21		590,000	$	599,290
5.000%, 09/30/43		750,000		778,526
FMG Resources Pty, Ltd. 6.875%, 04/01/22 (144A) (a)		2,320,000		1,626,900
9.750%, 03/01/22 (144A)		3,240,000		3,345,300
Freeport-McMoRan, Inc. 3.550%, 03/01/22 (a)		545,000		504,467
Midwest Vanadium Pty, Ltd. 11.500%, 02/15/18 (144A) (d) (e)		1,000,000		40,000
Mirabela Nickel, Ltd. 1.000%, 09/10/44 (144A) (e) (f)		3,418		0
Rio Tinto Finance USA plc 2.250%, 12/14/18		240,000		241,348
Rio Tinto Finance USA, Ltd. 1.875%, 11/02/15		10,000		10,040
3.500%, 11/02/20 (a)		100,000		104,183
4.125%, 05/20/21 (a)		130,000		137,626
Vedanta Resources plc 6.750%, 06/07/16 (144A) (a)		2,960,000		3,030,300
8.250%, 06/07/21		1,120,000		1,140,378
				15,409,150
Miscellaneous Manufacturing—0.3%
Eaton Corp. 2.750%, 11/02/22		3,510,000		3,413,924
General Electric Co. 4.500%, 03/11/44		380,000		385,924
Techniplas LLC 10.000%, 05/01/20 (144A)		740,000		745,550
				4,545,398
Oil & Gas—5.8%
Anadarko Finance Co. 7.500%, 05/01/31		80,000		100,181
Anadarko Petroleum Corp. 4.500%, 07/15/44 (a)		1,000,000		919,050
6.450%, 09/15/36		220,000		253,854
Antero Resources Corp. 5.125%, 12/01/22		1,200,000		1,134,000
Apache Corp. 3.250%, 04/15/22 (a)		774,000		761,177
4.250%, 01/15/44		380,000		330,005
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.125%, 11/15/22 (144A)		1,310,000		1,349,300
BP Capital Markets plc 3.245%, 05/06/22		390,000		390,993
3.561%, 11/01/21		100,000		103,780
California Resources Corp. 6.000%, 11/15/24 (a)		1,040,000		894,400
Calumet Specialty Products Partners L.P. / Calumet Finance Corp. 7.625%, 01/15/22 (a)		780,000		795,600
Oil & Gas—(Continued)
Carrizo Oil & Gas, Inc. 7.500%, 09/15/20		2,100,000		2,210,250
Chesapeake Energy Corp. 5.750%, 03/15/23 (a)		3,300,000		2,986,500
Comstock Resources, Inc. 10.000%, 03/15/20 (144A) (a)		3,260,000		2,940,781
Concho Resources, Inc. 6.500%, 01/15/22		1,400,000		1,459,500
ConocoPhillips Holding Co. 6.950%, 04/15/29		495,000		633,144
Continental Resources, Inc. 7.125%, 04/01/21		1,090,000		1,158,125
Devon Energy Corp. 3.250%, 05/15/22 (a)		280,000		276,742
5.000%, 06/15/45		2,720,000		2,685,222
Devon Financing Corp. LLC 7.875%, 09/30/31		140,000		180,460
Ecopetrol S.A. 5.875%, 09/18/23		441,000		463,050
5.875%, 05/28/45		1,150,000		1,014,875
Ensco plc 5.200%, 03/15/25 (a)		1,000,000		990,065
EXCO Resources, Inc. 7.500%, 09/15/18 (a)		1,930,000		1,225,550
Gulfport Energy Corp. 7.750%, 11/01/20		290,000		303,775
Halcon Resources Corp. 8.875%, 05/15/21 (a)		4,240,000		2,787,800
Hercules Offshore, Inc. 6.750%, 04/01/22 (144A)		530,000		182,850
7.500%, 10/01/21 (144A)		140,000		48,300
Hess Corp. 8.125%, 02/15/19		90,000		106,551
KCA Deutag UK Finance plc 7.250%, 05/15/21 (144A) (a)		1,430,000		1,186,900
Kerr-McGee Corp. 6.950%, 07/01/24		360,000		434,020
7.875%, 09/15/31		405,000		518,738
Linn Energy LLC / Linn Energy Finance Corp. 6.500%, 05/15/19		1,380,000		1,114,350
Magnum Hunter Resources Corp. 9.750%, 05/15/20 (a)		1,740,000		1,557,300
MEG Energy Corp. 6.375%, 01/30/23 (144A) (a)		3,600,000		3,330,000
6.500%, 03/15/21 (144A)		290,000		279,125
Murphy Oil USA, Inc. 6.000%, 08/15/23		1,150,000		1,193,125
Oasis Petroleum, Inc. 6.500%, 11/01/21 (a)		3,500,000		3,482,500
Occidental Petroleum Corp. 2.700%, 02/15/23		510,000		493,178
3.125%, 02/15/22		110,000		110,275
Odebrecht Offshore Drilling Finance, Ltd. 6.625%, 10/01/23 (144A)		853,110		592,911
Pacific Drilling V, Ltd. 7.250%, 12/01/17 (144A) (a)		2,000,000		1,720,000

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Pacific Rubiales Energy Corp. 5.375%, 01/26/19 (144A) (a)		1,660,000	$	1,363,690
Parker Drilling Co. 6.750%, 07/15/22		830,000		715,875
Parsley Energy LLC / Parsley Finance Corp. 7.500%, 02/15/22 (144A)		1,660,000		1,684,385
Petrobras Global Finance B.V. 5.375%, 01/27/21		6,920,000		6,655,656
5.750%, 01/20/20		513,000		508,301
Puma International Financing S.A. 6.750%, 02/01/21 (144A)		2,050,000		2,088,355
QEP Resources, Inc. 5.250%, 05/01/23		2,650,000		2,537,375
6.875%, 03/01/21		2,130,000		2,209,875
Quicksilver Resources, Inc. 11.000%, 07/01/21 (d)		1,140,000		156,750
Range Resources Corp. 4.875%, 05/15/25 (144A)		1,630,000		1,583,382
5.000%, 08/15/22		870,000		852,600
Reliance Holdings USA, Inc. 5.400%, 02/14/22		1,860,000		2,005,690
Rice Energy, Inc. 6.250%, 05/01/22 (a)		1,120,000		1,111,600
7.250%, 05/01/23 (144A)		870,000		891,750
Samson Investment Co. 9.750%, 02/15/20		3,750,000		215,625
Sanchez Energy Corp. 6.125%, 01/15/23 (a)		2,610,000		2,335,950
7.750%, 06/15/21 (a)		1,500,000		1,492,500
Shell International Finance B.V. 4.125%, 05/11/35		590,000		577,562
4.375%, 05/11/45		1,900,000		1,875,437
Sinopec Group Overseas Development, Ltd. 2.750%, 05/17/17 (144A)		690,000		701,894
Teine Energy, Ltd. 6.875%, 09/30/22 (144A)		390,000		376,350
Ultra Petroleum Corp. 5.750%, 12/15/18 (144A)		780,000		748,800
Whiting Canadian Hollding Co. ULC 8.125%, 12/01/19		3,250,000		3,402,344
				80,790,048
Oil & Gas Services—0.9%
Baker Hughes, Inc. 3.200%, 08/15/21		480,000		488,448
CGG S.A. 6.500%, 06/01/21 (a)		2,840,000		2,357,200
6.875%, 01/15/22		220,000		182,600
7.750%, 05/15/17		187,000		181,390
Exterran Holdings, Inc. 7.250%, 12/01/18		1,780,000		1,837,850
Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas, Inc. 6.500%, 11/15/20		163,000		172,372
Oil & Gas Services—(Continued)
FTS International, Inc. 6.250%, 05/01/22 (a)		1,770,000		1,300,950
Globe Luxembourg SCA 9.625%, 05/01/18 (144A)		1,500,000		1,440,000
Gulfmark Offshore, Inc. 6.375%, 03/15/22 (a)		2,080,000		1,554,800
Key Energy Services, Inc. 6.750%, 03/01/21 (a)		2,860,000		1,687,400
SESI LLC 7.125%, 12/15/21		1,050,000		1,113,000
				12,316,010
Packaging & Containers—0.6%
Ardagh Finance Holdings S.A. 8.625%, 06/15/19 (144A) (a) (b)		783,976		811,415
Ardagh Packaging Finance plc 9.125%, 10/15/20 (144A)		1,845,000		1,946,475
Ardagh Packaging Finance plc / Ardagh MP Holdings USA, Inc. 9.125%, 10/15/20 (144A)		340,000		357,000
Coveris Holdings S.A. 7.875%, 11/01/19 (144A)		1,360,000		1,353,200
Pactiv LLC 8.375%, 04/15/27		3,180,000		3,148,200
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 6.875%, 02/15/21		480,000		500,400
Rock Tenn Co. 3.500%, 03/01/20		230,000		236,857
4.000%, 03/01/23		210,000		213,482
				8,567,029
Pharmaceuticals—1.6%
AbbVie, Inc. 2.900%, 11/06/22		590,000		571,297
3.600%, 05/14/25		1,470,000		1,452,941
Actavis Funding SCS 3.450%, 03/15/22		570,000		564,601
3.800%, 03/15/25		890,000		874,267
4.550%, 03/15/35		580,000		551,448
4.750%, 03/15/45		1,730,000		1,647,053
Baxalta, Inc. 5.250%, 06/23/45 (144A)		250,000		251,364
BioScrip, Inc. 8.875%, 02/15/21		2,862,000		2,432,700
DPx Holdings B.V. 7.500%, 02/01/22 (144A) (a)		830,000		865,275
Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc. 6.000%, 07/15/23 (144A)		3,250,000		3,323,125
GlaxoSmithKline Capital plc 2.850%, 05/08/22		590,000		584,832
JLL/Delta Dutch Pledgeco B.V. 8.750%, 05/01/20 (144A) (b)		2,750,000		2,791,250
Merck & Co., Inc. 2.750%, 02/10/25		540,000		517,825

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
Omnicare, Inc. 4.750%, 12/01/22		460,000	$	487,600
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/21		23,000		23,441
Valeant Pharmaceuticals International, Inc. 6.125%, 04/15/25 (144A)		4,450,000		4,577,937
Wyeth LLC 5.950%, 04/01/37		290,000		345,943
Zoetis, Inc. 3.250%, 02/01/23		240,000		232,514
				22,095,413
Pipelines—0.7%
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		190,000		229,937
Genesis Energy L.P. / Genesis Energy Finance Corp. 6.000%, 05/15/23		1,630,000		1,630,815
Hiland Partners L.P. / Hiland Partner Finance Corp. 7.250%, 10/01/20 (144A)		520,000		561,600
Kinder Morgan, Inc. 7.800%, 08/01/31		67,000		76,520
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp. 4.875%, 12/01/24		3,040,000		2,971,600
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.000%, 10/01/22		570,000		579,004
5.875%, 03/01/22		1,130,000		1,202,901
6.500%, 07/15/21		360,000		379,350
Sabine Pass Liquefaction LLC 5.625%, 02/01/21		820,000		836,400
Southern Natural Gas Co. LLC 5.900%, 04/01/17 (144A)		10,000		10,651
8.000%, 03/01/32		25,000		29,677
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 4.250%, 11/15/23		410,000		379,250
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 6.250%, 10/15/22 (144A) (a)		670,000		693,450
Williams Cos., Inc. (The) 7.500%, 01/15/31		45,000		49,249
7.750%, 06/15/31		14,000		15,626
7.875%, 09/01/21		436,000		511,811
8.750%, 03/15/32		255,000		309,238
				10,467,079
Real Estate—0.5%
Howard Hughes Corp. (The) 6.875%, 10/01/21 (144A)		1,350,000		1,431,000
WEA Finance LLC / Westfield UK & Europe Finance plc 4.750%, 09/17/44 (144A)		1,960,000		1,922,403
Real Estate—(Continued)
Yuzhou Properties Co., Ltd. 8.750%, 10/04/18		3,470,000		3,513,375
				6,866,778
Real Estate Investment Trusts—0.4%
Communications Sales & Leasing, Inc. 8.250%, 10/15/23 (144A)		2,580,000		2,534,850
CTR Partnership L.P. / CareTrust Capital Corp. 5.875%, 06/01/21		2,410,000		2,452,175
GEO Group, Inc. (The) 5.875%, 10/15/24		870,000		896,100
				5,883,125
Retail—1.1%
BC ULC / New Red Finance, Inc. 6.000%, 04/01/22 (144A)		1,960,000		2,013,900
CST Brands, Inc. 5.000%, 05/01/23		340,000		338,300
CVS Health Corp. 2.750%, 12/01/22		2,490,000		2,400,425
CVS Pass-Through Trust 6.943%, 01/10/30		707,334		840,431
Dufry Finance SCA 5.500%, 10/15/20 (144A)		2,130,000		2,192,846
Family Tree Escrow LLC 5.250%, 03/01/20 (144A)		690,000		721,913
5.750%, 03/01/23 (144A)		1,570,000		1,640,650
First Cash Financial Services, Inc. 6.750%, 04/01/21 (a)		370,000		389,425
Guitar Center, Inc. 9.625%, 04/15/20 (144A) (a)		1,940,000		1,610,200
L Brands, Inc. 6.950%, 03/01/33		60,000		63,900
Neiman Marcus Group, Ltd. LLC 8.750%, 10/15/21 (144A) (a) (b)		1,250,000		1,342,187
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.500%, 06/01/24		1,570,000		1,569,215
5.750%, 03/01/25		840,000		837,900
				15,961,292
Semiconductors—0.2%
NXP B.V. / NXP Funding LLC 4.625%, 06/15/22 (144A) (a)		3,000,000		2,958,750
Software—0.4%
Activision Blizzard, Inc. 5.625%, 09/15/21 (144A)		3,130,000		3,278,675
6.125%, 09/15/23 (144A)		580,000		622,050
First Data Corp. 8.250%, 01/15/21 (144A)		1,070,000		1,128,850
11.750%, 08/15/21 (a)		650,000		731,250
				5,760,825

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—4.0%
Altice Financing S.A. 6.625%, 02/15/23 (144A)		2,760,000	$	2,740,128
AT&T, Inc. 3.400%, 05/15/25		5,830,000		5,560,118
4.350%, 06/15/45		1,250,000		1,067,145
4.450%, 05/15/21		300,000		320,189
CenturyLink, Inc. 5.625%, 04/01/25 (144A)		1,670,000		1,507,175
6.750%, 12/01/23 (a)		1,290,000		1,294,031
HC2 Holdings, Inc. 11.000%, 12/01/19 (144A)		980,000		999,600
Hughes Satellite Systems Corp. 7.625%, 06/15/21		1,500,000		1,650,300
Intelsat Jackson Holdings S.A. 7.250%, 10/15/20		2,200,000		2,175,250
7.500%, 04/01/21		1,000,000		988,750
Level 3 Financing, Inc. 6.125%, 01/15/21		1,380,000		1,447,206
Rogers Communications, Inc. 6.800%, 08/15/18		280,000		319,701
Sprint Capital Corp. 6.875%, 11/15/28		5,290,000		4,549,400
8.750%, 03/15/32		2,520,000		2,450,700
Sprint Corp. 7.625%, 02/15/25		2,090,000		1,969,825
7.875%, 09/15/23		2,750,000		2,682,075
T-Mobile USA, Inc. 6.000%, 03/01/23		1,200,000		1,228,500
6.125%, 01/15/22 (a)		880,000		908,600
6.633%, 04/28/21		1,000,000		1,037,500
Telecom Italia Capital S.A. 7.175%, 06/18/19		40,000		44,950
Telefonica Emisiones S.A.U. 5.134%, 04/27/20 (a)		140,000		153,143
5.877%, 07/15/19		140,000		158,169
Verizon Communications, Inc. 2.450%, 11/01/22		390,000		366,126
4.150%, 03/15/24		300,000		307,924
5.150%, 09/15/23		3,470,000		3,799,098
6.400%, 09/15/33		2,166,000		2,482,106
6.550%, 09/15/43		4,779,000		5,590,254
Virgin Media Finance plc 6.000%, 10/15/24 (144A)		3,060,000		3,105,900
West Corp. 5.375%, 07/15/22 (144A)		3,070,000		2,870,450
Windstream Corp. 7.500%, 04/01/23 (a)		2,000,000		1,745,000
				55,519,313
Transportation—0.7%
Florida East Coast Holdings Corp. 6.750%, 05/01/19 (144A)		2,080,000		2,085,200
Navios Maritime Acquisition Corp. / Navios Acquisition Finance U.S., Inc. 8.125%, 11/15/21 (144A)		3,980,000		3,920,300
Transportation—(Continued)
XPO Logistics, Inc. 6.500%, 06/15/22 (144A)		3,340,000		3,269,025
7.875%, 09/01/19 (144A)		700,000		748,020
				10,022,545
Trucking & Leasing—0.0%
Jurassic Holdings III, Inc. 6.875%, 02/15/21 (144A)		550,000		429,000
Total Corporate Bonds & Notes (Cost $655,916,334)				635,349,545
Mortgage-Backed Securities—26.5%
Collateralized Mortgage Obligations—16.9%
American Home Mortgage Assets Trust 0.377%, 12/25/46 (c)		4,150,352		2,867,740
American Home Mortgage Investment Trust 0.407%, 06/25/45 (c)		834,969		776,285
0.767%, 11/25/45 (c)		758,094		650,647
Banc of America Funding Trust 0.357%, 05/20/36 (c)		500,948		483,664
Banc of America Mortgage Trust 2.484%, 12/25/34 (c)		12,201		11,899
2.687%, 09/25/35 (c)		194,602		178,040
BCAP LLC Trust 0.391%, 10/28/36 (144A) (c)		4,978,600		4,737,254
1.969%, 11/26/36 (144A) (c)		6,470,000		6,416,791
2.774%, 05/26/47 (144A) (c)		8,300,490		5,596,779
3.500%, 05/26/37 (144A) (c)		3,418,345		3,461,048
Bear Stearns Asset-Backed Securities I Trust 32.773%, 07/25/36 (c)		963,853		1,430,072
Citigroup Mortgage Loan Trust, Inc. 2.714%, 12/25/35 (c)		2,421,777		2,120,375
CitiMortgage Alternative Loan Trust 34.565%, 07/25/37 (c)		2,329,534		3,938,704
Countrywide Alternative Loan Trust 0.417%, 07/20/35 (c)		2,680,299		2,280,846
0.457%, 01/25/36 (c)		352,864		313,891
5.500%, 10/25/33		13,322		13,589
5.750%, 01/25/37		4,101,201		3,646,903
6.000%, 01/25/37		4,534,172		4,080,805
16.529%, 06/25/35 (c)		3,063,099		3,922,571
22.239%, 02/25/36 (c)		2,929,804		3,923,881
27.852%, 07/25/36 (c)		4,844,112		8,294,757
37.878%, 08/25/37 (c)		4,694,165		8,332,912
Countrywide Alternative Loan Trust Resecuritization 6.000%, 08/25/37		10,269,554		8,352,367
Countrywide Home Loan Mortgage Pass-Through Trust 2.420%, 11/25/34 (c)		129,964		111,638
Countrywide Home Loan Reperforming Loan REMIC Trust 0.547%, 03/25/35 (144A) (c)		1,007,568		896,228
0.607%, 11/25/34 (144A) (c)		107,793		96,216
5.853%, 03/25/35 (144A) (c) (g)		12,494,582		1,710,608

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Credit Suisse Mortgage Capital Certificates 2.403%, 01/27/36 (144A) (c)		4,141,659	$	4,106,957
CSMC Mortgage-Backed Trust 29.497%, 02/25/36 (c)		2,790,344		4,019,103
CSMC Trust 0.381%, 06/27/46 (144A) (c)		4,827,657		4,470,412
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust 1.815%, 08/25/35 (c)		68,441		54,921
DSLA Mortgage Loan Trust 0.398%, 03/19/45 (c)		227,474		203,896
1.066%, 03/19/46 (c)		1,731,147		1,301,667
Fannie Mae Connecticut Avenue Securities 3.187%, 07/25/24 (c)		8,670,000		8,048,925
5.437%, 10/25/23 (c)		2,780,000		3,018,382
Freddie Mac Structured Agency Credit Risk Debt Notes 4.687%, 02/25/24 (c)		2,210,000		2,278,220
4.937%, 10/25/24 (c)		5,925,000		6,146,471
GreenPoint MTA Trust 0.627%, 06/25/45 (c)		2,047,386		1,772,375
GSMPS Mortgage Loan Trust 0.537%, 09/25/35 (144A) (c)		4,181,777		3,551,897
0.587%, 04/25/36 (144A) (c)		1,105,453		932,527
GSR Mortgage Loan Trust 2.822%, 10/25/35 (c)		498,595		434,410
HarborView Mortgage Loan Trust 0.438%, 01/19/36 (c)		1,327,814		909,336
0.988%, 11/19/34 (c)		2,538,883		2,253,924
1.187%, 10/25/37 (c)		2,262,960		1,990,413
Impac Secured Assets CMN Owner Trust 0.507%, 03/25/36 (c)		1,227,529		886,423
Impac Secured Assets Trust 0.537%, 08/25/36 (c)		104,250		102,807
IndyMac INDX Mortgage Loan Trust 0.907%, 01/25/35 (c)		1,479,746		1,158,295
2.564%, 03/25/35 (c)		762,509		748,872
2.751%, 05/25/37 (c)		5,340,248		4,187,828
JPMorgan Mortgage Trust 6.500%, 01/25/36		145,401		129,752
JPMorgan Resecuritization Trust 0.395%, 07/27/46 (144A) (c)		6,704,250		6,621,144
Lehman Mortgage Trust 6.443%, 02/25/37 (c) (g)		10,494,021		3,582,386
Lehman XS Trust 0.347%, 03/25/47 (c)		4,265,649		3,436,957
0.387%, 08/25/46 (c)		3,656,855		3,009,423
Luminent Mortgage Trust 0.377%, 05/25/46 (c)		1,593,003		1,271,557
MASTR Adjustable Rate Mortgages Trust 2.666%, 11/25/35 (144A) (c)		90,798		70,178
MASTR Seasoned Securitization Trust 3.296%, 10/25/32 (c)		254,218		248,783
Merrill Lynch Mortgage Investors Trust 2.504%, 08/25/33 (c)		1,266,080		1,174,252
2.703%, 05/25/34 (c)		155,360		154,882
Collateralized Mortgage Obligations—(Continued)
Morgan Stanley Mortgage Loan Trust 0.507%, 01/25/35 (c)		1,500,072		1,398,723
Nomura Resecuritization Trust 0.321%, 07/26/37 (144A) (c)		3,701,789		3,587,844
0.356%, 05/26/46 (144A) (c)		17,785,312		10,379,492
0.445%, 02/26/46 (144A) (c) (f)		4,868,000		4,136,905
NovaStar Mortgage Funding Trust 0.377%, 09/25/46 (c)		1,308,357		1,114,579
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates 0.757%, 02/25/35 (c)		5,000,000		4,782,945
Prime Mortgage Trust 5.500%, 05/25/35 (144A)		1,794,201		1,810,319
6.000%, 05/25/35 (144A)		3,265,126		3,239,026
RBSGC Mortgage Loan Trust 0.637%, 01/25/37 (c)		1,288,037		879,528
Residential Accredit Loans, Inc. Trust 0.367%, 12/25/36 (c)		2,957,848		2,287,712
0.377%, 05/25/47 (c)		2,023,989		1,666,939
0.387%, 05/25/47 (c)		3,952,474		3,258,850
0.397%, 04/25/46 (c)		2,003,591		1,040,715
0.447%, 04/25/46 (c)		1,039,591		547,700
0.517%, 04/25/46 (c)		1,455,070		781,681
1.390%, 11/25/37 (c)		6,566,783		4,197,015
Residential Asset Securitization Trust 5.750%, 02/25/36		3,642,101		3,437,641
6.363%, 12/25/36 (c) (g)		16,342,970		5,461,886
Sequoia Mortgage Trust 1.083%, 06/20/33 (c)		185,172		179,910
Structured Adjustable Rate Mortgage Loan Trust 0.832%, 04/25/35 (c)		4,894,470		4,167,108
1.684%, 09/25/37 (c)		5,826,482		5,154,933
2.593%, 01/25/35 (c)		970,203		963,193
2.654%, 09/25/35 (c)		1,175,392		992,784
Structured Asset Mortgage Investments II Trust 0.397%, 05/25/46 (c)		302,959		225,481
0.467%, 02/25/36 (c)		5,930,166		4,813,474
2.460%, 08/25/35 (c)		138,134		132,191
Structured Asset Securities Corp. Trust 0.535%, 03/25/35 (c)		3,106,505		2,415,969
WaMu Mortgage Pass-Through Certificates Trust 0.457%, 12/25/45 (c)		1,037,234		991,523
0.477%, 07/25/45 (c)		30,216		28,238
0.477%, 10/25/45 (c)		945,164		879,129
0.968%, 07/25/47 (c)		226,163		78,424
1.937%, 03/25/47 (c)		3,689,893		2,949,110
2.090%, 09/25/36 (c)		1,419,270		1,259,183
2.449%, 10/25/34 (c)		1,221,507		1,234,140
6.493%, 04/25/37 (c) (g)		16,096,665		5,071,995
Wells Fargo Mortgage-Backed Securities Trust 2.623%, 06/25/35 (c)		96,729		97,183
2.641%, 04/25/36 (c)		166,098		162,503
2.681%, 10/25/35 (c)		124,532		124,949
				236,854,805

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—9.6%
Americold 2010 LLC Trust 4.954%, 01/14/29 (144A)		500,000	$	547,169
BAMLL Mezzanine Securities Trust 8.665%, 12/15/19 (144A) (c)		5,700,000		5,685,750
Bear Stearns Commercial Mortgage Securities Trust 6.383%, 06/11/50 (c)		1,040,000		1,056,744
BLCP Hotel Trust 5.914%, 08/15/29 (144A) (c)		7,000,000		6,982,730
Carefree Portfolio Trust 6.163%, 11/15/19 (144A) (c)		1,000,000		1,003,620
7.908%, 11/15/29 (144A) (c)		6,000,000		6,036,743
CD Mortgage Trust 5.527%, 01/15/46 (c)		100,000		101,837
Citigroup Commercial Mortgage Trust 6.349%, 12/10/49 (c)		9,063,000		8,791,110
Commercial Mortgage Trust 5.254%, 10/10/46 (c)		70,000		74,219
5.377%, 12/10/46		3,309,000		3,329,830
Credit Suisse Commercial Mortgage Trust 5.373%, 12/15/39		1,360,209		1,326,638
6.000%, 06/15/38 (c)		3,160,000		3,082,811
Credit Suisse European Mortgage 7.165%, 07/20/22 (144A) (EUR) (c)		2,105,398		2,347,176
CSMC Trust 1.000%, 03/15/17		6,400,000		6,351,996
4.007%, 09/15/38 (144A) (c)		4,200,000		4,166,774
4.373%, 09/15/37 (144A)		1,620,000		1,488,301
DBUBS Mortgage Trust 3.750%, 08/10/44 (144A)		5,180,000		3,346,280
FREMF Mortgage Trust 2.535%, 06/25/21 (144A) (c)		5,280,043		5,281,246
4.187%, 09/25/22 (144A) (c)		6,793,160		6,797,258
GE Business Loan Trust 0.606%, 05/15/34 (144A) (c)		1,437,476		1,296,951
GMAC Commercial Mortgage Securities, Inc. 5.349%, 11/10/45 (c)		2,210,000		2,176,275
GS Mortgage Securities Corp. 1.025%, 06/26/36 (144A) (c)		7,760,000		5,215,302
GS Mortgage Securities Trust 5.622%, 11/10/39		1,225,143		1,243,705
5.739%, 04/10/38 (c)		1,270,000		1,271,924
Hyatt Hotel Portfolio Trust 6.411%, 11/15/16 (144A) (c)		2,000,000		2,004,814
JPMorgan Chase Commercial Mortgage Securities Trust 3.486%, 08/15/27 (144A) (c)		460,000		461,503
3.786%, 06/15/29 (144A) (c)		3,540,000		3,526,431
5.386%, 05/15/47 (c)		2,280,000		1,929,528
5.411%, 05/15/47		2,360,000		2,020,830
5.502%, 06/12/47 (c)		3,120,000		3,090,685
6.411%, 10/15/19 (144A) (c)		9,900,000		9,927,579
LB-UBS Commercial Mortgage Trust 6.455%, 09/15/45 (c)		1,100,000		1,026,610
ML-CFC Commercial Mortgage Trust 5.450%, 08/12/48 (c)		1,318,000		1,285,047
Commercial Mortgage-Backed Securities—(Continued)
ML-CFC Commercial Mortgage Trust
6.193%, 09/12/49 (c)		3,473,000		3,382,702
6.222%, 09/12/49 (c)		5,780,000		5,631,379
Morgan Stanley Bank of America Merrill Lynch Trust
2.918%, 02/15/46		260,000		257,920
3.456%, 05/15/46		510,000		513,611
Morgan Stanley Capital I Trust 5.399%, 12/15/43		3,561,053		3,273,338
6.104%, 06/11/49 (c)		1,680,000		1,676,170
PFP III, Ltd. 4.274%, 06/14/31 (144A) (c)		1,280,000		1,277,338
UBS-Barclays Commercial Mortgage Trust 4.889%, 05/10/63 (144A) (c)		4,530,000		2,170,330
Wachovia Bank Commercial Mortgage Trust 0.385%, 12/15/43 (144A) (c)		646,000		625,745
5.413%, 12/15/43 (c)		2,393,290		2,447,512
5.731%, 01/15/45 (144A) (c)		6,466,500		6,167,593
5.825%, 07/15/45 (c)		1,720,000		1,744,197
				133,443,251
Total Mortgage-Backed Securities (Cost $361,701,398)				370,298,056
U.S. Treasury & Government Agencies—11.7%
Agency Sponsored Mortgage-Backed—5.9%
Fannie Mae 15 Yr. Pool 3.000%, TBA (h)		5,900,000		6,099,770
3.500%, TBA (h)		2,500,000		2,636,602
5.500%, 12/01/16		3,048		3,107
6.500%, 03/01/16		139		140
6.500%, 09/01/16		1,427		1,437
6.500%, 12/01/16		3,603		3,687
6.500%, 01/01/17		2,622		2,690
Fannie Mae 20 Yr. Pool 4.500%, 04/01/31		223,834		243,430
4.500%, 05/01/31		656,843		714,150
4.500%, 06/01/31		232,744		253,180
8.500%, 08/01/19		12,618		13,503
Fannie Mae 30 Yr. Pool 2.500%, 10/01/42		1,004,934		965,224
3.500%, TBA (h)		2,700,000		2,778,492
4.000%, TBA (h)		14,400,000		15,222,768
4.500%, 10/01/41		1,164,161		1,263,369
4.500%, 01/01/45		386,722		426,415
4.500%, TBA (h)		7,000,000		7,567,657
5.000%, 01/01/39		19,300		21,442
5.000%, 08/01/39		46,228		51,047
5.000%, 11/01/39		13,437		14,931
5.000%, 12/01/39		37,478		41,744
5.000%, 05/01/40		64,976		72,405
5.000%, 07/01/40		58,956		65,555
5.000%, 11/01/40		1,764,737		1,966,346
5.000%, 01/01/41		75,639		84,289

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 02/01/41		88,211	$	97,634
5.000%, 04/01/41		187,773		209,245
5.000%, 05/01/41		4,029,781		4,490,435
5.000%, 06/01/41		396,553		441,902
6.000%, 04/01/32		62,908		71,567
6.500%, 08/01/31		1,374		1,578
6.500%, 10/01/31		2,088		2,398
6.500%, 03/01/32		14,093		16,185
6.500%, 06/01/37		35,103		40,313
7.000%, 05/01/26		1,780		1,975
7.000%, 07/01/30		292		302
7.000%, 01/01/31		438		499
7.000%, 09/01/31		5,173		5,887
7.000%, 10/01/31		3,542		4,134
7.000%, 11/01/31		35,749		39,281
7.000%, 01/01/32		6,162		6,367
7.000%, 02/01/32		4,844		5,066
7.500%, 12/01/29		517		530
7.500%, 02/01/30		362		368
7.500%, 06/01/30		683		687
7.500%, 08/01/30		94		97
7.500%, 09/01/30		897		1,054
7.500%, 11/01/30		10,982		11,739
7.500%, 02/01/31		4,736		5,023
8.000%, 08/01/27		1,390		1,582
8.000%, 07/01/30		936		1,111
8.000%, 09/01/30		807		889
Fannie Mae Pool 3.500%, 08/01/42		1,270,821		1,311,566
3.500%, 05/01/43		175,926		181,797
4.000%, 10/01/42		342,049		364,958
5.000%, 05/01/40		72,202		80,441
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (i)		229,501		213,624
0.537%, 05/25/34 (c)		207,078		207,851
6.343%, 12/25/40 (c) (g)		1,346,772		213,881
6.343%, 01/25/41 (c) (g)		931,194		170,032
6.363%, 10/25/41 (c) (g)		2,937,054		507,820
9.750%, 11/25/18		276,945		304,312
9.750%, 08/25/19		93,373		102,216
Freddie Mac 15 Yr. Gold Pool 7.000%, 05/01/16		2,086		2,100
Freddie Mac 30 Yr. Gold Pool 3.500%, TBA (h)		900,000		923,467
5.000%, 12/01/34		17,039		18,924
5.000%, 11/01/41		1,355,336		1,502,436
6.000%, 12/01/36		1,737		1,971
6.000%, 02/01/37		49,563		56,095
6.500%, 09/01/31		9,704		11,113
7.000%, 03/01/39		250,459		284,649
Freddie Mac 30 Yr. Pool 7.000%, 07/01/31		2,094		2,413
Freddie Mac ARM Non-Gold Pool 1.838%, 05/01/37 (c)		59,959		62,918
1.945%, 02/01/37 (c)		27,391		28,854
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac ARM Non-Gold Pool
1.945%, 03/01/37 (c)		115,633	$	121,818
1.945%, 04/01/37 (c)		54,405		57,311
2.194%, 01/01/38 (c)		33,583		35,909
2.495%, 02/01/36 (c)		65,397		70,451
2.495%, 05/01/37 (c)		79,265		84,921
Freddie Mac Gold Pool 4.000%, 10/01/42		2,039,188		2,175,906
Freddie Mac REMICS (CMO) 1,156.500%, 06/15/21 (g)		8		131
Ginnie Mae I 30 Yr. Pool 3.500%, TBA (h)		1,100,000		1,141,164
5.000%, 01/15/40		269,123		300,002
6.000%, 07/15/38		24,590		28,125
6.500%, 09/15/28		1,783		2,034
6.500%, 10/15/28		1,506		1,718
6.500%, 01/15/29		11,797		13,458
6.500%, 02/15/29		37,360		42,619
6.500%, 06/15/29		6,210		7,084
6.500%, 10/15/30		2,101		2,397
7.000%, 06/15/28		21,762		24,338
7.000%, 07/15/29		1,333		1,502
Ginnie Mae II 30 Yr. Pool 3.500%, TBA (h)		3,400,000		3,528,696
4.000%, TBA (h)		2,500,000		2,649,366
4.500%, 01/20/40		37,231		40,625
4.500%, 05/20/40		38,319		41,813
4.500%, 03/20/41		37,925		41,383
5.000%, 07/20/40		1,208,193		1,345,671
5.000%, 08/20/40		611,443		681,019
5.000%, 09/20/40		68,059		75,895
5.000%, 11/20/40		33,091		36,856
6.000%, 12/20/36		15,468		17,576
6.000%, 09/20/39		416,832		474,744
6.000%, 09/20/40		21,792		24,980
6.000%, 11/20/40		394,678		455,017
6.000%, 09/20/41		69,529		80,359
Ginnie Mae II ARM Pool 1.700%, 01/20/60 (c)		872,522		894,160
2.067%, 05/20/60 (c)		824,595		850,179
Government National Mortgage Association 1.052%, 09/16/56 (c) (g)		20,243,719		1,745,839
Government National Mortgage Association (CMO) 0.512%, 10/20/60 (c)		3,815,374		3,804,477
0.632%, 02/20/61 (c)		273,635		274,145
0.682%, 01/20/61 (c)		589,977		593,156
0.682%, 03/20/61 (c)		233,909		234,788
1.068%, 04/16/52 (c) (g)		18,573,435		832,164
1.185%, 05/20/60 (c)		1,661,391		1,700,301
1.196%, 03/16/47 (c) (g)		13,828,601		642,947
1.337%, 11/20/59 (c)		5,233,111		5,353,519
6.313%, 03/20/39 (c) (g)		314,386		43,620
6.463%, 01/20/40 (c) (g)		1,307,423		238,692
				83,337,541

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—0.3%
Tennessee Valley Authority 3.875%, 02/15/21		150,000	$	165,092
5.250%, 09/15/39		400,000		486,684
5.980%, 04/01/36		2,490,000		3,240,917
				3,892,693
U.S. Treasury—5.5%
U.S. Treasury Bonds 3.375%, 05/15/44		19,840,000		20,839,758
U.S. Treasury Notes 0.250%, 10/31/15		70,000		70,033
0.375%, 11/15/15		270,000		270,295
1.500%, 08/31/18		220,000		222,870
1.625%, 07/31/19		980,000		988,346
1.750%, 09/30/19		17,680,000		17,892,708
2.000%, 02/15/25 (a)		12,990,000		12,620,590
2.125%, 05/15/25		40,000		39,275
2.250%, 07/31/21		23,710,000		24,158,261
2.500%, 05/15/24		10,000		10,171
				77,112,307
Total U.S. Treasury & Government Agencies (Cost $165,459,235)				164,342,541
Foreign Government—9.0%
Regional Government—0.2%
Japan Finance Organization for Municipalities 4.000%, 01/13/21		1,900,000		2,081,068
Sovereign—8.8%
Argentina Boden Bond 7.000%, 10/03/15		3,065,000		3,052,996
Brazil Notas do Tesouro Nacional 6.000%, 08/15/22 (BRL) (j)		10,200,000		8,557,343
6.000%, 08/15/50 (BRL) (j)		10,200,000		8,689,380
Hungary Government International Bonds 5.750%, 11/22/23		2,714,000		3,005,755
Indonesia Government International Bonds 3.750%, 04/25/22 (144A)		280,000		275,800
3.750%, 04/25/22		430,000		423,550
4.875%, 05/05/21		400,000		424,520
5.875%, 03/13/20		300,000		333,750
5.875%, 01/15/24 (144A)		887,000		980,135
Ireland Government Bonds 5.400%, 03/13/25 (EUR)		18,700,000		27,765,366
Mexican Bonos 6.500%, 06/09/22 (MXN)		610,143,700		40,216,302
8.000%, 06/11/20 (MXN)		90,954,000		6,468,304
Portugal Government International Bonds 5.125%, 10/15/24 (144A)		14,000,000		14,281,120
South Africa Government International Bonds 5.875%, 09/16/25 (a)		2,590,000		2,869,316
Sovereign—(Continued)
Turkey Government International Bond 6.250%, 09/26/22		5,380,000		5,984,927
				123,328,564
Total Foreign Government (Cost $139,133,509)				125,409,632
Asset-Backed Securities—5.3%
Asset-Backed - Automobile—0.4%
Avis Budget Rental Car Funding AESOP LLC 1.920%, 09/20/19 (144A)		570,000		568,165
2.460%, 07/20/20 (144A)		3,290,000		3,311,599
HERTZ 2015 1A B 03/21 3.52 3.520%, 03/25/21		1,300,000		1,292,541
Hertz Vehicle Financing LLC 1.830%, 08/25/19 (144A)		790,000		785,910
				5,958,215
Asset-Backed - Home Equity—0.7%
ABFC Trust 0.847%, 03/25/35 (c)		2,482,334		1,963,513
ACE Securities Corp. Home Equity Loan Trust 0.527%, 01/25/36 (c)		620,519		89,563
Asset-Backed Securities Corp. Home Equity Loan Trust 3.036%, 04/15/33 (c)		16,520		15,793
Bear Stearns Asset-Backed Securities Trust 0.925%, 01/25/34 (c)		28,144		27,065
EMC Mortgage Loan Trust 0.635%, 05/25/43 (144A) (c)		789,681		774,283
0.835%, 05/25/43 (144A) (c)		7,660,000		6,432,493
0.887%, 01/25/41 (144A) (c)		100,884		99,037
SASCO Mortgage Loan Trust 0.745%, 04/25/35 (c)		13,569		13,456
Structured Asset Securities Corp. Mortgage Loan Trust 0.405%, 02/25/36 (144A) (c)		2,700,261		221,926
				9,637,129
Asset-Backed - Manufactured Housing—1.3%
Access Financial Manufactured Housing Contract Trust 7.650%, 05/15/21		1,747,039		1,047,103
Conseco Financial Corp. 7.030%, 07/15/28		7,287,422		6,980,687
Greenpoint Manufactured Housing
Zero Coupon, 03/18/29 (c)		550,000		503,286
3.549%, 06/19/29 (c)		375,000		326,250
3.687%, 02/20/30 (c)		350,000		304,500
Manufactured Housing Contract Trust Pass-Through Certificates 3.685%, 02/20/32 (c)		300,000		275,314
3.686%, 03/13/32 (c)		500,000		453,121
Mid-State Trust VI 7.340%, 07/01/35		258,166		277,087

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Manufactured Housing—(Continued)
Origen Manufactured Housing Contract Trust 0.174%, 04/15/37 (c)		1,948,162	$	1,747,091
2.300%, 10/15/37 (c)		2,144,886		1,938,953
UCFC Manufactured Housing Contract 7.095%, 04/15/29 (c)		4,850,000		4,796,946
				18,650,338
Asset-Backed - Other—1.9%
ACE Home Equity Loan Trust 0.447%, 02/25/31 (c)		143,823		139,317
Amortizing Residential Collateral Trust 1.987%, 08/25/32 (c)		68,447		46,247
Bear Stearns Asset-Backed Securities Trust 6.000%, 10/25/36		2,230,149		1,859,141
Consumer Credit Origination Loan Trust 2.820%, 03/15/21 (144A)		1,038,917		1,045,061
Countrywide Asset-Backed Certificates Trust 2.062%, 06/25/34 (c)		189,987		173,150
Countrywide Revolving Home Equity Loan Resecuritization Trust 0.486%, 12/15/33 (144A) (c)		305,866		258,160
Countrywide Revolving Home Equity Loan Trust 0.326%, 07/15/36 (c)		647,027		550,463
First Horizon Asset-Backed Trust 0.347%, 10/25/34 (c)		89,243		79,517
GSAMP Trust 0.387%, 01/25/36 (c)		105,254		25,850
1.162%, 06/25/34 (c)		615,703		586,348
GSRPM Mortgage Loan Trust 0.487%, 03/25/35 (144A) (c)		763,109		749,069
Home Equity Mortgage Loan Asset-Backed Notes 0.357%, 04/25/36 (c)		208,862		153,589
HSI Asset Securitization Corp. Trust 0.607%, 11/25/35 (c)		4,000,000		3,313,900
JGWPT XXXIII LLC 3.500%, 06/15/77 (144A)		2,260,944		2,260,657
Long Beach Mortgage Loan Trust 0.707%, 01/21/31 (c)		24,583		22,972
Magnus Dritte Immobilienbesitz und Verwaltungs 1 GmbH 7.250%, 07/01/24 (144A) (EUR)		4,257,000		4,879,464
Magnus Relda Holding Vier GmbH 7.000%, 10/28/24 (144A) (EUR)		5,940,000		6,810,105
RAAC Trust 0.435%, 02/25/37 (144A) (c)		538,109		530,976
SACO I Trust
0.447%, 06/25/36 (c)		479,344		796,554
0.527%, 03/25/36 (c)		131,546		193,554
SpringCastle America Funding LLC 2.700%, 05/25/23 (144A)		1,304,647		1,312,722
				25,786,816
Asset-Backed - Student Loan—1.0%
National Collegiate Student Loan Trust 0.457%, 03/26/29 (c)		2,250,000		2,056,180
1.037%, 03/25/38 (c)		9,030,000		6,455,671
Nelnet Student Loan Trust
1.155%, 03/22/32 (c)		6,200,000		5,902,078
Northstar Education Finance, Inc. 1.273%, 10/30/45 (c)		100,000		79,990
				14,493,919
Total Asset-Backed Securities (Cost $74,637,921)				74,526,417
Floating Rate Loans(k)—0.5%
Electric—0.4%
Energy Future Intermediate Holding Co. LLC
Term Loan, 4.250%, 06/19/16		6,240,991		6,256,593
Software—0.1%
First Data Corp.
Extended Term Loan, 3.687%, 03/24/18		1,047,353		1,045,308
Total Floating Rate Loans (Cost $7,244,796)				7,301,901
Preferred Stocks—0.5%
Banks—0.5%
Citigroup Capital XIII, 7.875% (c)		35,900		931,964
GMAC Capital Trust I, 8.125% (c)		244,339		6,347,927
Total Preferred Stocks (Cost $7,190,437)				7,279,891
Municipals—0.1%
Virginia Housing Development Authority 6.000%, 06/25/34 (Cost $1,045,114)		1,059,784		1,131,065
Convertible Bond—0.1%
Mining—0.1%
Mirabela Nickel, Ltd. 9.500%, 06/24/19 (144A) (b) (e) (Cost $966,683)		966,683		686,345
Purchased Options—0.0%
Currency Options—0.0%
EUR Call/GBP Put, Strike Price EUR 0.7658, Expires 07/06/15 (Counterparty - Barclays Bank plc) (EUR)		9,550,000		3

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Purchased Options—(Continued)

Security Description	Shares/ Principal/ Notional Amount*		Value
Currency Options—(Continued)
EUR Call/GBP Put, Strike Price EUR 0.7767, Expires 10/06/15 (Counterparty - Barclays Bank plc) (EUR)		9,550,000	$	10,926
				10,929
Interest Rate Swaptions—0.0%
Put - 30 Yr. Interest Rate Swap, Exercise Rate 3.290%, Expires 09/04/15 (Counterparty - Morgan Stanley Capital Services, Inc.)		31,710,000		255,720
Put - 30 Yr. Interest Rate Swap, Exercise Rate 3.380%, Expires 08/12/15 (Counterparty - Deutsche Bank AG)		31,710,000		84,756
				340,476
Options on Exchange-Traded Funds—0.0%
Put - iShares iBoxx $ High Yield Corporate Bond ETF @ 88, Expires 07/17/15		325,200		198,661
Total Purchased Options (Cost $4,070,329)				550,066
Common Stocks—0.0%
Marine—0.0%
Deep Ocean Group Holding A/S (f) (l) (m)		44,744		342,041
Metals & Mining—0.0%
Mirabela Nickel, Ltd. (m)		901,134		79,820
Total Common Stocks (Cost $1,010,298)				421,861
Short-Term Investments—7.9%
Mutual Fund—5.2%
State Street Navigator Securities Lending MET Portfolio (n)		73,326,413		73,326,413
Repurchase Agreements—2.7%
Merrill Lynch Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 06/30/15 at 0.100% to be repurchased at $35,000,097 on 07/01/15, collateralized by $35,047,000 U.S. Treasury Bond with rates ranging from 3.125% - 3.375%, maturity dates ranging from 05/15/44 - 08/15/44, with a value of $35,507,577.		35,000,000		35,000,000
Repurchase Agreements—(Continued)
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $2,021,786 on 07/01/15, collateralized by $2,060,000 U.S. Treasury Note at 1.250% due 11/30/18 with a value of $2,065,150.		2,021,786		2,021,786
				37,021,786
Total Short-Term Investments (Cost $110,348,199)				110,348,199
Total Investments—107.0% (Cost $1,528,724,253) (o)				1,497,645,519
Other assets and liabilities (net)—(7.0)%				(97,877,443	)
Net Assets—100.0%			$	1,399,768,076

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $92,723,889 and the collateral received consisted of cash in the amount of $73,326,413 and non-cash collateral with a value of $22,704,805. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2015. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Non-income producing; security is in default and/or issuer is in bankruptcy.

(e) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2015, the market value of restricted securities was $726,345, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.

(f) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2015, these securities represent 0.3% of net assets.

(g) Interest only security.

(h) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(i) Principal only security.

(j) Principal amount of security is adjusted for inflation.

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

(k) Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(l) Illiquid security. As of June 30, 2015, these securities represent 0.0% of net assets.

(m) Non-income producing security.

(n) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(o) As of June 30, 2015, the aggregate cost of investments was $1,528,724,253. The aggregate unrealized appreciation and depreciation of investments were $30,865,446 and $(61,944,180), respectively, resulting in net unrealized depreciation of $(31,078,734).

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2015, the market value of 144A securities was $406,381,484, which is 29.0% of net assets.

(ARM)— Adjustable-Rate Mortgage

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CMO)— Collateralized Mortgage Obligation

(ETF)— Exchange-Traded Fund

(EUR)— Euro

(MXN)— Mexican Peso

(REMIC)— Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Midwest Vanadium Pty, Ltd.		05/05/11—05/24/11	$	1,000,000	$	1,031,250	$	40,000
Mirabela Nickel, Ltd.		06/06/14—06/30/14		966,683		966,683		686,345
Mirabela Nickel, Ltd.		09/10/14		3,418		—		0
							$	726,345

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	38,590,000	Barclays Bank plc		07/16/15	$	12,142,857	$	207,800
BRL	48,050,000	Barclays Bank plc		07/16/15		15,273,363		104,950
BRL	48,735,000	Citibank N.A.		07/16/15		15,121,944		475,602
CAD	23,000,000	Bank of America N.A.		07/16/15		18,960,706		(549,370	)
CAD	34,700,000	Bank of America N.A.		07/16/15		28,280,243		(503,141	)
EUR	11,490,000	Barclays Bank plc		07/16/15		12,881,290		(69,278	)
EUR	2,510,000	Goldman Sachs & Co.		07/16/15		2,682,244		116,551
GBP	11,560,000	Barclays Bank plc		07/16/15		17,952,368		209,514
IDR	321,582,410,000	Barclays Bank plc		07/22/15		24,133,764		(105,346	)
INR	199,280,000	Citibank N.A.		07/16/15		3,128,906		(8,051	)
INR	1,590,860,000	Citibank N.A.		07/16/15		25,135,047		(221,142	)
KRW	14,394,380,000	Bank of America N.A.		07/16/15		13,427,593		(527,133	)
MXN	8,710,000	Bank of America N.A.		07/16/15		567,556		(13,947	)
MYR	47,130,000	Bank of America N.A.		07/16/15		13,175,846		(698,230	)
NOK	274,730,000	Bank of America N.A.		07/16/15		35,523,058		(494,164	)
PHP	1,123,280,000	Barclays Bank plc		07/16/15		25,104,034		(212,357	)
PHP	848,530,000	Citibank N.A.		07/16/15		18,969,194		(165,927	)
SGD	28,810,000	Bank of America N.A.		07/16/15		21,381,921		4,196
SGD	35,350,000	Citibank N.A.		07/16/15		26,779,796		(538,933	)
TRY	40,310,000	Bank of America N.A.		07/16/15		14,785,064		190,203
Contracts to Deliver
BRL	43,940,000	Bank of America N.A.		07/16/15		13,642,997		(419,918	)
BRL	59,050,000	Barclays Bank plc		07/16/15		18,389,910		(508,933	)
BRL	38,590,000	Barclays Bank plc		07/16/15		12,132,549		(218,108	)
BRL	50,320,000	Citibank N.A.		07/16/15		16,326,970		222,148

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CAD	34,700,000	Bank of America N.A.		07/16/15	$	28,096,529	$	319,427
CAD	23,000,000	Bank of America N.A.		07/16/15		18,817,446		406,111
EUR	8,150,000	Barclays Bank plc		07/16/15		9,055,278		(32,442	)
EUR	2,917,070	Barclays Bank plc		07/16/15		3,117,239		(135,462	)
EUR	35,360,000	Citibank N.A.		07/16/15		37,473,538		(1,954,897	)
EUR	24,600,000	Citibank N.A.		07/16/15		27,548,162		117,747
EUR	989,241	UBS AG		08/13/15		1,126,701		23,229
GBP	8,290,000	Barclays Bank plc		07/16/15		12,733,481		(290,914	)
IDR	321,582,410,000	Barclays Bank plc		07/22/15		23,962,922		(65,496	)
KRW	14,394,380,000	Bank of America N.A.		07/16/15		13,128,767		228,307
MXN	522,962,414	Barclays Bank plc		07/16/15		34,117,444		877,840
MXN	206,797,586	Citibank N.A.		07/16/15		13,427,717		283,618
MYR	47,130,000	Bank of America N.A.		07/16/15		12,884,090		406,474
NOK	274,730,000	Bank of America N.A.		07/16/15		35,117,657		88,764
NZD	18,550,000	Barclays Bank plc		07/16/15		13,581,939		1,027,021
NZD	18,550,000	Barclays Bank plc		07/16/15		13,511,449		956,531
NZD	1,470,000	JPMorgan Chase Bank N.A.		08/13/15		1,083,903		91,380
PHP	1,123,280,000	Barclays Bank plc		07/16/15		25,168,721		277,044
PHP	848,530,000	Citibank N.A.		07/16/15		19,008,288		205,021
SGD	28,810,000	Bank of America N.A.		07/16/15		21,332,840		(53,278	)
SGD	35,350,000	Citibank N.A.		07/16/15		25,699,185		(541,677	)
TRY	40,310,000	Bank of America N.A.		07/16/15		14,866,310		(108,958	)
TWD	1,304,390,000	Citibank N.A.		07/16/15		42,158,694		(120,031	)
Net Unrealized Depreciation							$	(1,717,655	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
90 Day EuroDollar Futures		12/19/16		311			USD	75,966,898		$	717,927
U.S. Treasury Note 10 Year Futures		09/21/15		994			USD	125,811,199			(396,356	)
U.S. Treasury Ultra Long Bond Futures		09/21/15		95			USD	14,700,028			(64,090	)
Futures Contracts—Short
90 Day EuroDollar Futures		03/14/16		(1,407	)		USD	(348,985,915	)		(231,485	)
Euro-Bobl Futures		09/08/15		(236	)		EUR	(30,639,491	)		65,342
Euro-Bund Futures		09/08/15		(240	)		EUR	(36,225,724	)		(283,480	)
U.S. Treasury Long Bond Futures		09/21/15		(64	)		USD	(9,757,597	)		103,597
U.S. Treasury Note 2 Year Futures		09/30/15		(211	)		USD	(46,144,064	)		(51,748	)
U.S. Treasury Note 5 Year Futures		09/30/15		(1,378	)		USD	(164,157,412	)		(179,854	)
Net Unrealized Depreciation										$	(320,147	)

Written Options

Foreign Currency Written Options	Strike Price		Counterparty	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
EUR Call/USD Put	EUR	1.145	Bank of America N.A.		07/02/15		(26,000,000	)	$	(155,937	)	$	(4,145	)	$	151,792
EUR Call/USD Put	EUR	1.140	Barclays Bank plc		07/16/15		(26,600,000	)		(261,235	)		(107,855	)		153,380
EUR Put/GBP Call	EUR	0.735	Barclays Bank plc		07/06/15		(4,775,000	)		(120,078	)		(198,707	)		(78,629	)
EUR Put/USD Call	EUR	1.088	Bank of America N.A.		07/02/15		(26,000,000	)		(160,771	)		(12,899	)		147,872
Totals									$	(698,021	)	$	(323,606	)	$	374,415

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Written Options—(Continued)

Options on Exchange-Traded Funds	Strike Price		Expiration Date		Number of Contracts			Premiums Received			Market Value			Unrealized Appreciation
Call - iShares iBoxx $ High Yield Corporate Bond ETF	$	91.000		07/17/15		(325,200	)	$	(130,080	)	$	(9,871	)	$	120,209

Swap Agreement

Cross-Currency Swaps

Receive	Pay	Maturity Date(a)	Counterparty	Notional Amount of Currency Received		Notional Amount of Currency Delivered			Market Value		Upfront Premium Paid/(Received)			Unrealized Appreciation
Fixed Rate equal to 9.005% based on the notional amount of currency delivered	Fixed rate equal to 7.250% based on the notional amount of currency received	07/01/24	Barclays Bank plc	$	5,848,000		EUR	4,300,000	$	1,657,132	$	(4,084	)	$	1,661,216

(a) At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.

Securities in the amount of $2,242,117 have been received at the custodian bank as collateral for swap contracts.

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(EUR)— Euro

(GBP)— British Pound

(IDR)— Indonesian Rupiah

(INR)— Indian Rupee

(KRW)— South Korea Won

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(NOK)— Norwegian Krone

(NZD)— New Zealand Dollar

(PHP)— Philippine Peso

(SGD)— Singapore Dollar

(TRY)— Turkish Lira

(TWD)— Taiwanese Dollar

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2- other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	674,715	$	—	$	674,715
Aerospace/Defense		—		1,408,835		—		1,408,835
Agriculture		—		18,399,954		—		18,399,954
Airlines		—		7,140,485		—		7,140,485
Auto Manufacturers		—		10,749,617		—		10,749,617
Auto Parts & Equipment		—		938,513		—		938,513
Banks		—		98,691,424		—		98,691,424
Beverages		—		10,895,657		—		10,895,657
Biotechnology		—		8,021,278		—		8,021,278
Building Materials		—		9,289,463		—		9,289,463
Chemicals		—		5,358,970		—		5,358,970
Coal		—		5,019,150		—		5,019,150
Commercial Services		—		15,144,056		—		15,144,056
Computers		—		2,242,000		—		2,242,000
Containers & Packaging		—		3,203,550		—		3,203,550
Distribution/Wholesale		—		1,456,000		—		1,456,000
Diversified Financial Services		—		30,916,782		—		30,916,782
Electric		—		20,516,417		—		20,516,417
Electronics		—		2,517,784		—		2,517,784
Energy-Alternate Sources		—		1,624,000		—		1,624,000
Engineering & Construction		—		4,431,350		—		4,431,350
Entertainment		—		567,000		—		567,000
Environmental Control		—		1,688,007		—		1,688,007
Food		—		16,274,526		—		16,274,526
Forest Products & Paper		—		8,571,060		—		8,571,060
Healthcare-Products		—		13,770,038		—		13,770,038
Healthcare-Services		—		21,667,795		—		21,667,795
Holding Companies-Diversified		—		5,882,625		—		5,882,625
Home Builders		—		5,229,700		—		5,229,700
Household Products/Wares		—		1,331,200		—		1,331,200
Insurance		—		2,395,154		—		2,395,154
Internet		—		2,701,141		—		2,701,141
Iron/Steel		—		5,363,322		—		5,363,322
Lodging		—		7,141,585		—		7,141,585
Media		—		26,534,637		—		26,534,637
Mining		—		15,409,150		0		15,409,150
Miscellaneous Manufacturing		—		4,545,398		—		4,545,398
Oil & Gas		—		80,790,048		—		80,790,048

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Oil & Gas Services	$	—		$	12,316,010		$	—	$	12,316,010
Packaging & Containers		—			8,567,029			—		8,567,029
Pharmaceuticals		—			22,095,413			—		22,095,413
Pipelines		—			10,467,079			—		10,467,079
Real Estate		—			6,866,778			—		6,866,778
Real Estate Investment Trusts		—			5,883,125			—		5,883,125
Retail		—			15,961,292			—		15,961,292
Semiconductors		—			2,958,750			—		2,958,750
Software		—			5,760,825			—		5,760,825
Telecommunications		—			55,519,313			—		55,519,313
Transportation		—			10,022,545			—		10,022,545
Trucking & Leasing		—			429,000			—		429,000
Total Corporate Bonds & Notes		—			635,349,545			0		635,349,545
Mortgage-Backed Securities
Collateralized Mortgage Obligations		—			232,717,900			4,136,905		236,854,805
Commercial Mortgage-Backed Securities		—			133,443,251			—		133,443,251
Total Mortgage-Backed Securities		—			366,161,151			4,136,905		370,298,056
Total U.S. Treasury & Government Agencies*		—			164,342,541			—		164,342,541
Total Foreign Government*		—			125,409,632			—		125,409,632
Total Asset-Backed Securities*		—			74,526,417			—		74,526,417
Total Floating Rate Loans*		—			7,301,901			—		7,301,901
Total Preferred Stocks*		7,279,891			—			—		7,279,891
Total Municipals		—			1,131,065			—		1,131,065
Total Convertible Bond*		—			686,345			—		686,345
Total Purchased Options*		—			550,066			—		550,066
Common Stocks
Marine		—			—			342,041		342,041
Metals & Mining		—			79,820			—		79,820
Total Common Stocks		—			79,820			342,041		421,861
Short-Term Investments
Mutual Fund		73,326,413			—			—		73,326,413
Repurchase Agreements		—			37,021,786			—		37,021,786
Total Short-Term Investments		73,326,413			37,021,786			—		110,348,199
Total Investments	$	80,606,304		$	1,412,560,269		$	4,478,946	$	1,497,645,519
Collateral for securities loaned (Liability)	$	—		$	(73,326,413	)	$	—	$	(73,326,413	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	6,839,478		$	—	$	6,839,478
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(8,557,133	)		—		(8,557,133	)
Total Forward Contracts	$	—		$	(1,717,655	)	$	—	$	(1,717,655	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	886,866		$	—		$	—	$	886,866
Futures Contracts (Unrealized Depreciation)		(1,207,013	)		—			—		(1,207,013	)
Total Futures Contracts	$	(320,147	)	$	—		$	—	$	(320,147	)
Written Options
Foreign Currency Written Options at Value	$	—		$	(323,606	)	$	—	$	(323,606	)
Options on Exchange-Traded Funds at Value		—			(9,871	)		—		(9,871	)
Total Written Options	$	—		$	(333,477	)	$	—	$	(333,477	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,657,132		$	—	$	1,657,132

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2015

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation)			Purchases		Transfers out of Level 3			Balance as of June 30, 2015		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at June 30, 2015
Corporate Bonds & Notes
Mining	$	0	$	0		$	—	$	—		$	0	$	0
Common Stocks
Marine		1,095,718		(753,677	)		—		—			342,041		(753,677	)
Metals & Mining		21,335		—			—		(21,335	)		—		—
Mortgage-Backed Securities
Collateralized Mortgage Obligations		—		(895	)		4,137,800		—			4,136,905		(895	)
Total	$	1,117,053	$	(754,572	)	$	4,137,800	$	(21,335	)	$	4,478,946	$	(754,572	)

Common Stocks in the amount of $21,335 were transferred out of Level 3 due to the initiation of a vendor or broker providing prices that are based on market activity which has been determined to be significant observable inputs.

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2015

Assets
Investments at value (a) (b)	$	1,497,645,519
Cash		300,310
Cash denominated in foreign currencies (c)		9,961,563
Cash collateral (d)		2,326,306
OTC swap contracts at market value (e)		1,657,132
Unrealized appreciation on forward foreign currency exchange contracts		6,839,478
Receivable for:
TBA securities sold		23,819,688
Fund shares sold		179,410
Interest		12,411,786
Variation margin on futures contracts		144,392
Interest on OTC swap contracts		263,306
Other assets		168,573
Total Assets		1,555,717,463
Liabilities
Written options at value (f)		333,477
Unrealized depreciation on forward foreign currency exchange contracts		8,557,133
Collateral for securities loaned		73,326,413
Payables for:
Investments purchased		5,888,053
TBA securities purchased		66,563,816
Fund shares redeemed		125,112
Interest on OTC swap contracts		173,777
Accrued Expenses:
Management fees		625,732
Distribution and service fees		50,169
Deferred trustees’ fees		69,295
Other expenses		236,410
Total Liabilities		155,949,387
Net Assets	$	1,399,768,076
Net assets consist of:
Paid in surplus	$	1,451,353,089
Undistributed net investment income		18,899,879
Accumulated net realized loss		(39,438,711	)
Unrealized depreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		(31,046,181	)
Net Assets	$	1,399,768,076
Net Assets
Class A	$	1,134,573,517
Class B		209,777,122
Class E		55,417,437
Capital Shares Outstanding*
Class A		88,519,371
Class B		16,441,508
Class E		4,337,871
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.82
Class B		12.76
Class E		12.78

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,528,724,253.

(b) Includes securities loaned at value of $92,723,889.

(c) Identified cost of cash denominated in foreign currencies was $10,189,248.

(d) Includes collateral of $2,277,968 for futures contracts and $48,338 for centrally cleared swap contracts.

(e) Net premium received on OTC swap contracts was $4,084.

(f) Premiums received on written options were $828,101.

Statement of Operations

Six Months Ended June 30, 2015

Investment Income
Dividends	$	283,496
Interest (a)		31,854,959
Securities lending income		236,749
Total investment income		32,375,204
Expenses
Management fees		3,847,514
Administration fees		15,462
Custodian and accounting fees		125,637
Distribution and service fees—Class B		269,025
Distribution and service fees—Class E		43,182
Audit and tax services		44,318
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		49,472
Insurance		3,917
Miscellaneous		6,853
Total expenses		4,439,137
Less management fee waiver		(277,644	)
Net expenses		4,161,493
Net Investment Income		28,213,711
Net Realized and Unrealized Loss
Net realized gain (loss) on:
Investments		(15,497,231	)
Futures contracts		182,141
Written options		2,142,058
Swap contracts		(7,322,053	)
Foreign currency transactions		9,838,689
Net realized loss		(10,656,396	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,725,732	)
Futures contracts		(5,699,042	)
Written options		277,960
Swap contracts		5,489,354
Foreign currency transactions		(8,017,253	)
Net change in unrealized depreciation		(12,674,713	)
Net realized and unrealized loss		(23,331,109	)
Net Increase in Net Assets From Operations	$	4,882,602

(a) Net of foreign withholding taxes of $5,616.

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	28,213,711		$	55,792,338
Net realized gain (loss)		(10,656,396	)		971,494
Net change in unrealized depreciation		(12,674,713	)		(258,259	)
Increase in net assets from operations		4,882,602			56,505,573
From Distributions to Shareholders
Net investment income
Class A		(57,669,980	)		(37,728,630	)
Class B		(10,166,780	)		(12,189,599	)
Class E		(2,750,972	)		(3,425,851	)
Total distributions		(70,587,732	)		(53,344,080	)
Increase in net assets from capital share transactions		202,711,069			272,226,470
Total increase in net assets		137,005,939			275,387,963
Net Assets
Beginning of period		1,262,762,137			987,374,174
End of period	$	1,399,768,076		$	1,262,762,137
Undistributed net investment income
End of period	$	18,899,879		$	61,273,900

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		12,181,770		$	166,101,777			22,407,536		$	297,920,274
Reinvestments		4,491,431			57,669,980			2,849,594			37,728,630
Redemptions		(1,311,819	)		(17,737,608	)		(2,869,098	)		(38,836,945	)
Net increase		15,361,382		$	206,034,149			22,388,032		$	296,811,959
Class B
Sales		486,880		$	6,508,823			1,021,688		$	13,797,670
Reinvestments		795,522			10,166,780			924,154			12,189,599
Redemptions		(1,367,475	)		(18,381,363	)		(3,253,590	)		(43,797,559	)
Net decrease		(85,073	)	$	(1,705,760	)		(1,307,748	)	$	(17,810,290	)
Class E
Sales		81,516		$	1,093,742			206,398		$	2,794,964
Reinvestments		214,920			2,750,972			259,534			3,425,851
Redemptions		(405,994	)		(5,462,034	)		(962,994	)		(12,996,014	)
Net decrease		(109,558	)	$	(1,617,320	)		(497,062	)	$	(6,775,199	)
Increase derived from capital shares transactions				$	202,711,069					$	272,226,470

See accompanying notes to financial statements.

MSF-27

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.43		$	13.45		$	13.98		$	13.01		$	12.90		$	12.19
Income (Loss) from Investment Operations
Net investment income (a)		0.29			0.64			0.63			0.50			0.53			0.63
Net realized and unrealized gain (loss) on investments		(0.21	)		0.09			(0.47	)		0.96			0.24			0.87
Total from investment operations		0.08			0.73			0.16			1.46			0.77			1.50
Less Distributions
Distributions from net investment income		(0.69	)		(0.75	)		(0.69	)		(0.49	)		(0.66	)		(0.79	)
Total distributions		(0.69	)		(0.75	)		(0.69	)		(0.49	)		(0.66	)		(0.79	)
Net Asset Value, End of Period	$	12.82		$	13.43		$	13.45		$	13.98		$	13.01		$	12.90
Total Return (%) (b)		0.56	(c)		5.47			1.09			11.50			6.14			12.73
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63	(d)		0.65			0.66			0.65			0.67			0.67
Net ratio of expenses to average net assets (%) (e)		0.59	(d)		0.61			0.62			0.61			0.63			0.63
Ratio of net investment income to average net assets (%)		4.36	(d)		4.77			4.65			3.70			4.13			5.00
Portfolio turnover rate (%)		37	(c)(f)		98	(f)		132	(f)		228	(f)		473			295
Net assets, end of period (in millions)	$	1,134.6		$	982.6		$	682.7		$	708.5		$	578.9		$	343.2
	Class B
	Six Months Ended June 30, 2015			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.35		$	13.37		$	13.90		$	12.93		$	12.83		$	12.13
Income (Loss) from Investment Operations
Net investment income (a)		0.27			0.61			0.59			0.46			0.49			0.59
Net realized and unrealized gain (loss) on investments		(0.21	)		0.08			(0.46	)		0.97			0.24			0.87
Total from investment operations		0.06			0.69			0.13			1.43			0.73			1.46
Less Distributions
Distributions from net investment income		(0.65	)		(0.71	)		(0.66	)		(0.46	)		(0.63	)		(0.76	)
Total distributions		(0.65	)		(0.71	)		(0.66	)		(0.46	)		(0.63	)		(0.76	)
Net Asset Value, End of Period	$	12.76		$	13.35		$	13.37		$	13.90		$	12.93		$	12.83
Total Return (%) (b)		0.36	(c)		5.29			0.83			11.29			5.83			12.45
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(d)		0.90			0.91			0.90			0.92			0.92
Net ratio of expenses to average net assets (%) (e)		0.84	(d)		0.86			0.87			0.86			0.88			0.88
Ratio of net investment income to average net assets (%)		4.10	(d)		4.53			4.39			3.45			3.83			4.70
Portfolio turnover rate (%)		37	(c)(f)		98	(f)		132	(f)		228	(f)		473			295
Net assets, end of period (in millions)	$	209.8		$	220.7		$	238.4		$	268.0		$	273.6		$	227.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-28

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.38		$	13.39		$	13.93		$	12.96		$	12.85		$	12.15
Income (Loss) from Investment Operations
Net investment income (a)		0.28			0.62			0.61			0.48			0.50			0.60
Net realized and unrealized gain (loss) on investments		(0.22	)		0.09			(0.48	)		0.96			0.25			0.88
Total from investment operations		0.06			0.71			0.13			1.44			0.75			1.48
Less Distributions
Distributions from net investment income		(0.66	)		(0.72	)		(0.67	)		(0.47	)		(0.64	)		(0.78	)
Total distributions		(0.66	)		(0.72	)		(0.67	)		(0.47	)		(0.64	)		(0.78	)
Net Asset Value, End of Period	$	12.78		$	13.38		$	13.39		$	13.93		$	12.96		$	12.85
Total Return (%) (b)		0.46	(c)		5.40			0.94			11.30			5.92			12.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(d)		0.80			0.81			0.80			0.82			0.82
Net ratio of expenses to average net assets (%) (e)		0.74	(d)		0.76			0.77			0.76			0.78			0.78
Ratio of net investment income to average net assets (%)		4.20	(d)		4.63			4.49			3.55			3.90			4.81
Portfolio turnover rate (%)		37	(c)(f)		98	(f)		132	(f)		228	(f)		473			295
Net assets, end of period (in millions)	$	55.4		$	59.5		$	66.2		$	74.0		$	75.9		$	89.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 18%, 57%, 62% and 84% for the six months ended June 30, 2015 and for the years ended December 31, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MSF-29

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Western Asset Management Strategic Bond Opportunities Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-30

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MSF-31

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, paydown reclasses, swap transactions, and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $37,021,786, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of

MSF-32

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High Yield Debt Securities - The Portfolio may invest in high yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations or an assignment, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the

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Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked to market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received is offset against the amount paid for the purchase of the underlying instrument.

Options on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution

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Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

MSF-36

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2015, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust the interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

MSF-37

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

At June 30, 2015, the Portfolio had the following open derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts* (a)	$	886,866	Unrealized depreciation on futures contracts* (a)	$	1,207,013
	Investments at market value (b)		340,476
Credit	Investments at market value (a) (b)		198,661
				Written options at value (a)		9,871
Foreign Exchange	Investments at market value (b)		10,929
	OTC swap contracts at market value (c)		1,657,132
	Unrealized appreciation on forward foreign currency exchange contracts		6,839,478	Unrealized depreciation on forward foreign currency exchange contracts		8,557,133
				Written options at value		323,606
Total		$	9,933,542		$	10,097,623

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

(a) Financial instrument not subject to a master netting agreement.

(b) Represents purchased options which are part of investments as shown in the Statement of Assets and Liabilities.

(c) Excludes OTC swap interest receivable of $263,306 and OTC swap interest payable of $173,777.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2015.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	1,643,482	$	(1,643,482	)	$	—		$	—
Barclays Bank plc		5,328,761		(1,944,898	)		(1,754,926	)		1,628,937
Citibank N.A.		1,304,136		(1,304,136	)		—			—
Deutsche Bank AG		84,756		—			(84,756	)		—
Goldman Sachs & Co.		116,551		—			—			116,551
JPMorgan Chase Bank N.A.		91,380		—			—			91,380
Morgan Stanley Capital Services, Inc.		255,720		—			(205,030	)		50,690
UBS AG		23,229		—			—			23,229
	$	8,848,015	$	(4,892,516	)	$	(2,044,712	)	$	1,910,787

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2015.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	3,385,183	$	(1,643,482	)	$	—	$	1,741,701
Barclays Bank plc		1,944,898		(1,944,898	)		—		—
Citibank N.A.		3,550,658		(1,304,136	)		—		2,246,522
	$	8,880,739	$	(4,892,516	)	$	—	$	3,988,223

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

MSF-38

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Transactions in derivative instruments during the six months ended June 30, 2015 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(956,455	)	$	(1,683,244	)	$	—		$	(2,639,699	)
Forward foreign currency transactions		—			—			10,431,819			10,431,819
Futures contracts		182,141			—			—			182,141
Swap contracts		(7,410,120	)		—			88,067			(7,322,053	)
Written options		236,409			1,325,694			579,955			2,142,058
	$	(7,948,025	)	$	(357,550	)	$	11,099,841		$	2,794,266
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(530,162	)	$	268,350		$	(214,054	)	$	(475,866	)
Forward foreign currency transactions		—			—			(8,087,371	)		(8,087,371	)
Futures contracts		(5,699,042	)		—			—			(5,699,042	)
Swap contracts		4,728,717			—			760,637			5,489,354
Written options		23,703			(120,158	)		374,415			277,960
	$	(1,476,784	)	$	148,192		$	(7,166,373	)	$	(8,494,965	)

For the six months ended June 30, 2015, the average Notional Par or Face Amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	396,312,813
Forward foreign currency transactions		498,855,843
Futures contracts long		195,533,333
Futures contracts short		(277,846,720	)
Swap contracts		31,699,395
Written options		(615,800,234	)

‡ Averages are based on activity levels during the period.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2015:

Call Options	Notional Amount*			Number of Contracts			Premium Received
Options outstanding December 31, 2014		—			—		$	—
Options written		90,800,000			325,200			994,192
Options expired		(38,200,000	)		—			(446,940	)
Options outstanding June 30, 2015		52,600,000			325,200		$	547,252
Put Options	Notional Amount*			Number of Contracts			Premium Received
Options outstanding December 31, 2014		205,000,000			7,293		$	547,035
Options written		1,473,809,000			—			1,442,309
Options bought back		—			(608	)		(20,824	)
Options expired		(1,648,034,000	)		(6,685	)		(1,687,671	)
Options outstanding June 30, 2015		30,775,000			—		$	280,849

* Amount shown is in the currency in which the transaction was denominated.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The

MSF-39

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

MSF-40

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$341,933,351	$	338,828,811	$	263,079,753	$	192,960,739

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2015 were as follows:

Purchases	Sales
$246,086,770	$	237,203,688

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$3,847,514		0.650	%	Of the first $500 million
		0.550	%	On amounts in excess of $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.055%	On the first $500 million
0.025%	On the next $500 million
0.050%	On amounts in excess of $1 billion

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of

MSF-41

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$53,344,080	$	46,899,918	$	—	$	—	$	53,344,080	$	46,899,918

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards			Other Accumulated Capital Losses			Total
$70,478,730	$	—	$	(36,456,265	)	$	(16,715,740	)	$	(3,123,004	)	$	14,183,721

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $620,227.

As of December 31, 2014, the Portfolio had post-enactment long-term accumulated capital losses of $3,123,004. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/18	Expiring 12/31/17		Total
$2,454,113	$	14,261,627	$	16,715,740

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-42

Metropolitan Series Fund

Western Asset Management Strategic Bond Opportunities Portfolio Opinion

Report of Independent Registered Public Accounting Firm

To the Shareholders of Western Asset Management Strategic Bond Opportunities Portfolio and the Board of Trustees of Metropolitan Series Fund:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset Management Strategic Bond Opportunities Portfolio, one of the portfolios constituting Metropolitan Series Fund (the “Trust”), as of June 30, 2015, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and the year ended December 31, 2014, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2014. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2015, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Western Asset Management Strategic Bond Opportunities Portfolio of Metropolitan Series Fund as of June 30, 2015, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and the year ended December 31, 2014, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 26, 2015

MSF-43

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the Western Asset Management U.S. Government Portfolio returned 0.49%, 0.39%, and 0.48%, respectively. The Portfolio’s benchmark, the Barclays U.S. Intermediate Government Bond Index¹, returned 0.82%.

MARKET ENVIRONMENT / CONDITIONS

Despite a very sluggish start to 2015, the U.S. economy generally improved over the first half of 2015, as the post-crisis trend of modest economic growth continued. While setting the stage for an eventual lift-off from near zero rates, the Federal Reserve (the “Fed”) remained highly accommodative throughout the period. Equity market gains were modest, with the S&P 500 Index up a modest 1.2% over the period. International events, such as the reignited crisis in Greece, threatened to roil markets but largely had only modest effects.

While setting the stage for a future rate hike, the Fed repeated its mantra of “data dependency” and reiterated that once rate increases begin, they would likely occur at a very gradual pace. Early in the year, markets thought a June rate increase was on the table. However, a disappointing first quarter and a spell of rather weak economic data rendered this potential liftoff date unrealistic. While the Fed may want to move away from an extended period of emergency policy and begin normalization, it also does not want to make a mistake and risk upsetting an economic recovery that has consistently struggled to firmly take hold and accelerate. The Fed is also aware that most measures of inflation have remained below target and that wage growth has yet to accelerate. The U.S. dollar continued to strengthen over the period with the U.S. Trade-Weighted Dollar Index up over 6%. As the Fed contemplated a rate hike, other major central banks were generally becoming more accommodative.

The economy grew at a real annualized rate of 2.2% in the fourth quarter of 2014, resulting in 2.4% annual growth for the year. In a familiar pattern, expectations for the economy heading into 2015 were fairly high, only to be dashed in the first months of the year. First quarter growth registered a small contraction, largely driven by harsh winter weather which slowed economic activity. The story in 2014 was quite similar, with brutal winter weather acting as a drag on growth. However, growth for the second quarter of 2015 is tracking higher and the Fed’s most recent survey indicated the central bank expects growth in the range of 1.8% to 2.0% in 2015 (which is lower than their previous forecast). The housing market has shown steady improvement and there has been momentum recently in retail sales and consumer spending. Manufacturing related data, however, has been weak.

The labor market continued to improve over the period, as the unemployment rate dropped from 5.6% at the end of 2014 to 5.3% by the end of June. Nonfarm payroll gains averaged 208,000 per month over the first six months, down from 2014’s average of 259,700 but still registering steady improvement. However, economists have for a long time been looking for a meaningful pickup in the wages workers earn but this still remains elusive. The average monthly increase in wages was just 0.2% over the period. Long-term unemployment still remains a concern.

After the price of West Texas Intermediate (WTI) crude oil plunged by about 46% last year to end 2014 at $53 per barrel, oil prices fell a bit further in the first quarter but recovered in the second quarter, stabilizing near $60 per barrel. This stabilization benefited energy producers, a major component of high-yield bond indices, which suffered during the price plunge. Many producers had responded to the drop in oil prices by reducing capital expenditures, raising equity capital and retiring older and less efficient rigs. Going forward, the survivors are generally better situated to operate profitably despite lower prices.

The renewed crisis in Greece made headlines almost daily during the second quarter of 2015, as Greece attempted to negotiate a new bailout package with its creditors on more favorable terms. The risk of Greece leaving the Eurozone became quite real, and despite a potential new bailout package (negotiated in early July), Greece is far from out of the woods. However, economists generally feel that the effects of a Greece exit would now be much more contained compared to several years ago when a larger contagion was much more likely.

U.S. Treasury rates generally ended the first half of 2015 higher, especially at the longer end of the yield curve. Rates actually ended the first quarter lower, only to increase in the second quarter of the year. While 5-year and shorter maturities saw small yield decreases, the 10-year yield increased by 18 basis points (“bps”) while the 30-year yield increased by 36 bps. Part of this increase was driven by global moves, notably an increase European yields despite the European Central Bank’s quantitative easing programs. European yields, such as the German bund yield, had in many cases become unsustainably low and were primed to move higher. Better than expected economic data, pointing towards a possible resurgence in growth on the Continent, may have been the trigger to move higher. As European yields increased, U.S. Treasury yields rose in kind for much of the second quarter. This occurred even as market expectations for the timing of a Fed rate liftoff were generally being pushed out.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Western Asset Management U.S. Government Portfolio underperformed its benchmark for the six month reporting period. The largest detractor from performance during the period was the Portfolio’s yield curve positioning. We increased the Portfolio’s overweight to the back end of the yield curve on the period, which was not beneficial to performance as the yield curve meaningfully steepened from January to June. We also maintained a tactically overweight duration stance. This hurt performance as rates generally rose across all maturities on a year to date basis.

The main contributor to performance was the Portfolio’s overweight to Agency debentures as the sector generated excess returns on the period, particularly in February.

MSF-1

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

Agency mortgage-backed securities (“MBS”) underperformed Treasuries of similar interest rate risk during the first half of 2015, yet allocations to this sector contributed to performance as we actively traded within the coupon stack to take advantage of relative value with in the sector. Non- Agency mortgages added to performance, as our bias towards lower dollar priced securities in the sector benefited from price appreciation based on ongoing investor demand, positive carry and continued principal paydowns.

Economic data, while somewhat stagnant in recent months, continue to support our expectation for modest growth domestically. As of period end, the Fed remained highly accommodative, and will remain accommodative following the initial increase in interest rates that is on the horizon. We believed that the most likely time frame for an interest rate increase is September, although the likelihood of September liftoff has decreased recently due to softer economic data. Nonetheless, we continued to believe that accommodative central bank policy domestically, and particularly abroad, will support the global recovery and risk assets generally.

Over the last six months, we reduced exposure to U.S. Treasuries and added to Agency Bonds, Non-Agency MBS & Agency MBS. We generally increased the Portfolio’s duration positioning over the first half of the year as rates trended higher. We also increased the Portfolio’s overweight to longer maturities as the curve steepened significantly over the period.

At period end, the Portfolio is positioned to reflect our expectation for modest U.S. economic growth and low inflation even as the Federal Reserve is likely to raise policy rates in the second half of the year. The Portfolio’s exposure to interest rate risk was conservatively positioned relative to an average of 1-year to 10-year U.S. government securities, as shorter-dated interest rates are expected to trend higher over the remainder of the year. However, the Portfolio held significant exposure to long-dated interest rates, as at period end we considered longer maturity bond yields above 3% representing fair value in an environment of low inflation and sluggish global growth. While we expected inflation to remain low for some time due to overcapacity in global goods markets, including commodities, at period end the Portfolio held a moderate position in long-dated inflation-linked Treasury Inflation-Protected Securities.

At period end, the Portfolio held an 18% weighting in Agency MBS, which is at the low end of the historic range for exposure to Agency MBS in this Portfolio. Recent underperformance of this sector reflects the higher interest rate volatility seen in capital markets this year. While making MBS somewhat more attractive at current yields, the option-adjusted yield advantage of MBS remains fairly low relative to its historical average. Over the period, we found better opportunities for additional yield in sectors outside of Agency debentures and Agency MBS. These included U.S. dollar bonds from select emerging market issuers and non-Agency MBS.

S. Kenneth Leech

Mark S. Lindbloom

Fredrick Marki

Portfolio Managers

Western Asset Management Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. INTERMEDIATE GOVERNMENT BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
Western Asset Management U.S. Government Portfolio
Class A		0.49		1.16		2.35		2.96
Class B		0.39		0.98		2.11		2.70
Class E		0.48		1.07		2.21		2.80
Barclays U.S. Intermediate Government Bond Index		0.82		1.79		2.06		3.67

¹ The Barclays U.S. Intermediate Government Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations having maturities between one and ten years.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		81.5
Corporate Bonds & Notes		11.0
Foreign Government		8.3
Mortgage-Backed Securities		7.3
Asset-Backed Securities		0.8

MSF-3

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Western Asset Management U.S. Government Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.48	%	$	1,000.00	$	1,004.90	$	2.39
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,003.90	$	3.63
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class E(a)	Actual		0.63	%	$	1,000.00	$	1,004.80	$	3.13
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—81.5% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—23.1%
Fannie Mae 15 Yr. Pool
2.500%, TBA (a)		9,400,000	$	9,513,871
3.000%, TBA (a)		33,800,000		34,944,446
3.500%, TBA (a)		15,000,000		15,819,609
4.500%, 03/01/20		88,146		92,233
5.000%, 03/01/18		103,955		108,822
6.500%, 06/01/17		36,728		37,525
7.000%, 07/01/15		21		21
7.500%, 02/01/16		1,295		1,297
Fannie Mae 20 Yr. Pool
3.500%, 04/01/33		674,326		705,935
4.500%, 11/01/31		1,332,169		1,451,331
4.500%, 12/01/31		1,784,618		1,945,013
Fannie Mae 30 Yr. Pool
3.000%, 09/01/42		12,425,850		12,446,351
3.500%, TBA (a)		32,800,000		33,741,907
4.000%, 07/01/42		5,238,557		5,576,508
4.000%, 05/01/43		23,752,910		25,399,663
4.000%, TBA (a)		29,000,000		30,656,963
4.500%, 04/01/41		15,102,056		16,371,710
4.500%, 10/01/41		11,605,228		12,585,229
4.500%, 07/01/44		377,813		414,899
4.500%, 10/01/44		2,462,532		2,699,328
4.500%, 01/01/45		193,361		213,207
4.500%, TBA (a)		7,800,000		8,432,532
5.000%, 07/01/33		443,007		491,030
5.000%, 09/01/33		542,746		602,058
5.000%, 10/01/35		1,493,773		1,656,919
5.000%, 03/01/36		2,474,595		2,733,238
5.000%, 01/01/39		19,300		21,441
5.000%, 08/01/39		46,228		51,047
5.000%, 12/01/39		37,478		41,744
5.000%, 05/01/40		64,976		72,405
5.000%, 07/01/40		67,472		75,024
5.000%, 11/01/40		1,719,487		1,915,927
5.000%, 01/01/41		75,639		84,289
5.000%, 02/01/41		88,211		97,634
5.000%, 04/01/41		187,773		209,245
5.000%, 05/01/41		3,871,691		4,314,265
5.000%, 06/01/41		331,679		369,609
5.000%, 07/01/41		3,896,270		4,297,818
5.000%, TBA (a)		13,900,000		15,355,156
6.000%, 04/01/33		119,184		136,281
6.000%, 02/01/34		26,117		29,877
6.000%, 11/01/35		269,201		307,697
6.000%, 08/01/37		582,408		665,894
6.500%, 03/01/26		1,640		1,883
6.500%, 04/01/29		80,086		91,972
7.000%, 11/01/28		2,593		2,891
7.000%, 02/01/29		2,157		2,247
7.000%, 01/01/30		2,360		2,438
7.000%, 10/01/37		41,847		50,574
7.000%, 11/01/37		33,980		37,440
7.000%, 12/01/37		31,877		36,321
7.000%, 02/01/38		26,112		28,343
7.000%, 08/01/38		41,464		45,138
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
7.000%, 09/01/38		3,131		3,207
7.000%, 11/01/38		225,745		262,797
7.000%, 02/01/39		2,319,107		2,713,430
7.500%, 04/01/32		14,314		14,733
8.000%, 05/01/28		4,560		5,251
8.000%, 07/01/32		918		1,009
11.500%, 09/01/19		5		5
Fannie Mae ARM Pool
1.792%, 07/01/37 (b)		56,370		60,033
Fannie Mae Interest Strip (CMO)
3.500%, 11/25/41 (c)		3,977,708		823,645
4.000%, 04/25/42 (c)		5,860,721		1,370,702
4.500%, 11/25/39 (c)		3,712,299		751,828
Fannie Mae Pool
3.500%, 08/01/42		14,966,974		15,447,998
3.500%, 09/01/42		1,024,782		1,057,746
3.500%, 10/01/42		7,133,669		7,362,730
3.500%, 05/01/43		439,816		454,493
4.000%, 10/01/42		2,992,928		3,193,384
4.000%, 11/01/42		3,012,403		3,214,918
4.000%, 07/01/43		90,182		96,254
4.000%, 08/01/43		2,067,328		2,206,867
5.000%, 05/01/40		36,101		40,221
6.500%, 12/01/27		5,060		5,137
6.500%, 05/01/32		36,393		40,881
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (d)		860,628		801,090
3.000%, 12/25/27 (c)		11,137,242		1,179,982
5.500%, 07/25/41		7,597,248		8,884,861
5.500%, 04/25/42		3,802,092		4,278,243
5.913%, 09/25/42 (b) (c)		1,978,543		402,107
5.913%, 07/25/43 (b) (c)		2,308,408		576,881
5.963%, 03/25/42 (b) (c)		13,999,541		2,252,442
5.963%, 12/25/42 (b) (c)		1,521,909		298,794
5.963%, 03/25/43 (b) (c)		5,017,658		1,364,820
6.000%, 05/25/42		2,626,543		2,984,572
6.313%, 02/25/42 (b) (c)		3,279,859		756,289
6.343%, 12/25/40 (b) (c)		1,879,217		298,438
6.343%, 01/25/41 (b) (c)		2,370,313		432,810
6.363%, 10/25/41 (b) (c)		8,276,804		1,431,068
6.463%, 02/25/41 (b) (c)		1,376,583		286,811
6.463%, 03/25/42 (b) (c)		3,385,135		606,173
6.500%, 06/25/39		538,283		603,561
6.500%, 07/25/42		4,706,624		5,428,164
9.750%, 11/25/18		1,046,238		1,149,625
9.750%, 08/25/19		342,368		374,793
Fannie Mae Whole Loan
3.551%, 01/25/43 (b)		418,093		424,720
Freddie Mac 20 Yr. Gold Pool
3.500%, 09/01/33		2,864,611		2,993,760
3.500%, 10/01/33		827,503		864,791
Freddie Mac 30 Yr. Gold Pool
3.000%, TBA (a)		10,000,000		9,940,234
5.000%, 08/01/33		35,428		39,510
6.000%, 10/01/36		1,535,560		1,757,217

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
6.500%, 09/01/39		567,432	$	653,676
8.000%, 12/01/19		1,884		1,902
8.000%, 09/01/30		5,309		6,690
Freddie Mac 30 Yr. Non-Gold Pool
8.000%, 07/01/20		3,217		3,252
Freddie Mac ARM Non-Gold Pool
1.838%, 05/01/37 (b)		43,699		45,856
1.945%, 02/01/37 (b)		19,921		20,985
2.431%, 01/01/35 (b)		20,819		22,284
2.495%, 05/01/37 (b)		57,662		61,777
Freddie Mac Gold Pool
3.500%, 10/01/42		1,478,124		1,525,812
3.500%, 02/01/44		672,176		693,837
4.000%, 04/01/43		2,180,058		2,327,110
4.000%, 08/01/43		1,292,351		1,379,783
Freddie Mac REMICS (CMO)
4.500%, 04/15/32		304,579		335,582
6.000%, 05/15/36		1,100,601		1,252,824
6.415%, 11/15/41 (b) (c)		4,513,696		864,544
8.500%, 06/15/21		16,465		18,187
Ginnie Mae I 30 Yr. Pool
5.500%, 06/15/36		782,078		893,133
6.000%, 03/15/33		1,241,308		1,450,177
6.500%, 06/15/31		4,758		5,428
6.500%, 08/15/34		274,480		315,881
7.500%, 01/15/29		11,209		12,163
7.500%, 09/15/29		2,922		3,348
7.500%, 02/15/30		1,752		1,843
8.500%, 05/15/18		6,516		6,545
8.500%, 06/15/25		39,656		47,715
9.000%, 12/15/16		1,206		1,213
Ginnie Mae II 30 Yr. Pool
3.000%, TBA (a)		29,500,000		29,778,866
3.500%, TBA (a)		40,100,000		41,617,853
4.000%, TBA (a)		5,000,000		5,298,731
4.500%, 01/20/40		1,414,788		1,543,757
4.500%, 05/20/40		1,992,605		2,174,256
4.500%, 09/20/40		39,158		42,728
4.500%, 01/20/41		297,050		324,772
4.500%, 07/20/41		2,078,069		2,267,533
5.000%, 07/20/40		1,508,725		1,680,400
6.000%, 11/20/34		2,441		2,848
6.000%, 06/20/35		3,923		4,504
6.000%, 07/20/36		258,292		293,268
6.000%, 09/20/36		12,418		14,100
6.000%, 07/20/38		705,425		800,999
6.000%, 09/20/38		1,949,339		2,213,394
6.000%, 06/20/39		7,223		8,304
6.000%, 05/20/40		163,368		188,041
6.000%, 06/20/40		449,449		515,309
6.000%, 08/20/40		216,621		249,082
6.000%, 09/20/40		560,627		642,629
6.000%, 10/20/40		353,717		401,605
6.000%, 11/20/40		480,013		553,398
6.000%, 01/20/41		458,574		523,826
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
6.000%, 03/20/41		2,004,884		2,276,344
6.000%, 07/20/41		394,243		452,407
6.000%, 12/20/41		288,562		330,748
6.500%, 10/20/37		541,093		632,113
Government National Mortgage Association
0.552%, 10/16/54 (b) (c)		36,667,084		1,540,091
0.664%, 05/16/54 (b) (c)		23,941,702		1,173,862
0.700%, 03/16/49 (b) (c)		14,457,315		646,921
0.758%, 09/16/51 (b) (c)		92,318,580		5,808,131
0.767%, 02/16/53 (b) (c)		21,552,989		1,250,160
0.884%, 05/16/54 (b) (c)		21,569,930		1,325,666
0.894%, 11/16/55 (b) (c)		36,123,388		2,735,371
0.923%, 09/16/46 (b) (c)		84,035,225		3,811,502
0.929%, 06/16/55 (b) (c)		15,669,324		935,051
0.941%, 01/16/53 (b) (c)		15,968,535		1,212,187
1.021%, 09/16/55 (b) (c)		23,969,211		1,666,987
1.037%, 01/16/57 (b) (c)		40,290,724		3,522,255
1.052%, 09/16/56 (b) (c)		46,612,704		4,019,926
1.073%, 09/16/44 (b) (c)		21,132,128		1,472,550
1.216%, 02/16/46 (b) (c)		28,041,647		2,095,569
1.273%, 02/16/48 (b) (c)		20,093,648		1,410,172
2.250%, 03/16/35		6,123,268		6,175,383
Government National Mortgage Association (CMO)
0.562%, 12/20/60 (b)		20,889,147		20,892,114
0.582%, 12/20/60 (b)		7,426,642		7,425,758
0.662%, 03/20/61 (b)		5,911,400		5,928,779
0.682%, 12/20/60 (b)		54,657,097		54,865,118
5.915%, 08/16/42 (b) (c)		2,090,685		358,164
6.313%, 03/20/39 (b) (c)		786,140		109,073
6.463%, 01/20/40 (b) (c)		1,821,507		332,547
				574,021,969
Federal Agencies—38.7%
Federal Farm Credit Bank
0.250%, 09/10/15		25,000,000		25,004,825
0.375%, 03/03/16		20,000,000		20,008,980
0.390%, 05/09/16		20,000,000		19,992,240
0.450%, 02/03/16		25,000,000		25,028,925
0.500%, 08/23/16		25,000,000		25,027,025
0.820%, 02/21/17		20,000,000		19,939,380
1.100%, 06/01/18		20,000,000		20,011,700
1.500%, 11/16/15		20,000,000		20,093,680
1.950%, 11/15/17		19,980,000		20,541,957
Federal Home Loan Bank
0.340%, 01/25/16		20,000,000		20,015,500
0.500%, 10/17/16		15,000,000		15,002,430
0.625%, 11/23/16 (e)		20,000,000		20,012,120
0.750%, 03/24/17		23,000,000		23,033,235
1.375%, 12/11/15		20,000,000		20,103,460
2.000%, 09/09/16		20,000,000		20,361,460
2.125%, 06/09/23		17,700,000		17,107,900
2.750%, 06/08/18		15,000,000		15,697,455
5.250%, 12/11/20		12,000,000		14,116,956

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal Home Loan Bank of Chicago
5.625%, 06/13/16		43,170,000	$	45,253,945
Federal Home Loan Mortgage Corp.
Zero Coupon, 11/29/19		10,000,000		9,121,650
5.000%, 12/14/18 (e)		13,241,000		14,857,938
Federal National Mortgage Association
Zero Coupon, 10/09/19		50,000,000		45,666,400
0.500%, 10/22/15		30,000,000		30,027,720
2.625%, 09/06/24 (e)		42,000,000		42,016,212
6.000%, 04/18/36		9,700,000		10,118,565
Financing Corp. Fico
Zero Coupon, 10/06/17		20,433,000		20,012,775
Zero Coupon, 05/11/18		40,000,000		38,592,520
Zero Coupon, 08/03/18		7,638,000		7,314,515
Zero Coupon, 12/27/18		16,254,000		15,486,665
Zero Coupon, 06/06/19		26,414,000		24,736,209
Zero Coupon, 09/26/19		14,535,000		13,473,640
Government Trust Certificates
Zero Coupon, 10/01/16		8,567,000		8,447,867
National Archives Facility Trust
8.500%, 09/01/19 (f)		2,470,734		2,845,226
New Valley Generation II
5.572%, 05/01/20 (f)		7,448,570		8,286,534
Overseas Private Investment Corp.
Zero Coupon, 11/18/16		8,000,000		8,073,648
Zero Coupon, 11/17/17		26,000,000		27,631,150
Zero Coupon, 07/30/19		20,000,000		20,538,000
Zero Coupon, 11/11/20		8,500,000		8,498,385
Zero Coupon, 11/13/20		5,000,000		5,119,315
Zero Coupon, 11/15/20		4,700,000		4,924,848
2.310%, 11/15/30 (f)		8,938,653		8,438,080
3.330%, 05/15/33		6,977,929		7,035,623
3.490%, 12/20/29 (f)		11,614,674		12,105,789
Residual Funding Corp. Principal Strip
Zero Coupon, 10/15/19		10,642,000		9,822,715
Zero Coupon, 07/15/20		10,000,000		9,050,560
Zero Coupon, 10/15/20		38,159,000		34,256,097
Tennessee Valley Authority
1.750%, 10/15/18 (e)		20,000,000		20,174,460
3.875%, 02/15/21		35,000,000		38,521,560
4.500%, 04/01/18		20,000,000		21,812,420
5.500%, 07/18/17 (e)		23,306,000		25,472,945
				958,833,204
U.S. Treasury—19.7%
U.S. Treasury Bonds
3.375%, 05/15/44		24,000,000		25,209,384
U.S. Treasury Inflation Indexed Bonds
0.625%, 02/15/43 (f)		17,493,340		15,508,931
1.375%, 02/15/44 (f)		34,514,080		36,843,780
U.S. Treasury Notes
0.250%, 11/30/15		10,000,000		10,007,030
0.375%, 01/31/16		26,000,000		26,034,528
0.375%, 05/31/16		10,000,000		10,007,030
0.375%, 10/31/16 (e)		30,000,000		29,981,250
U.S. Treasury—(Continued)
U.S. Treasury Notes
0.500%, 08/31/16		19,000,000		19,026,714
0.875%, 11/30/16		25,000,000		25,146,475
0.875%, 01/31/17		10,000,000		10,055,470
1.500%, 07/31/16 (e)		68,000,000		68,828,784
1.875%, 11/30/21		29,000,000		28,811,964
2.000%, 02/15/25 (e)		3,190,000		3,099,283
2.125%, 09/30/21		26,000,000		26,260,000
2.125%, 12/31/21		71,090,000		71,645,355
3.125%, 01/31/17 (e)		80,000,000		83,287,520
				489,753,498
Total U.S. Treasury & Government Agencies (Cost $2,002,683,122)				2,022,608,671
Corporate Bonds & Notes—11.0%
Banks—1.7%
National Australia Bank, Ltd.
1.250%, 03/08/18 (144A) (e)		13,000,000		12,954,396
National Bank of Canada
2.200%, 10/19/16 (144A) (e)		13,000,000		13,265,681
Stadshypotek AB
1.875%, 10/02/19 (144A) (e)		5,000,000		5,001,445
UBS AG
0.750%, 03/24/17 (144A)		11,000,000		11,015,653
				42,237,175
Diversified Financial Services—8.4%
COP I LLC
3.650%, 12/05/21		8,608,801		9,128,204
National Credit Union Administration Guaranteed Notes
3.000%, 06/12/19		19,650,000		20,679,660
3.450%, 06/12/21		45,000,000		49,117,050
Postal Square, L.P.
6.500%, 06/15/22		8,070,840		8,977,615
Private Export Funding Corp.
1.375%, 02/15/17		25,000,000		25,139,000
2.250%, 12/15/17		40,000,000		41,118,640
2.300%, 09/15/20		28,000,000		28,155,232
4.950%, 11/15/15		25,406,000		25,857,541
				208,172,942
Multi-National—0.1%
Asian Development Bank
2.125%, 03/19/25		2,000,000		1,935,092
European Investment Bank
2.500%, 10/15/24 (e)		2,000,000		1,996,356
				3,931,448
Oil & Gas—0.8%
Ecopetrol S.A.
5.375%, 06/26/26		4,260,000		4,217,400

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Petrobras International Finance Co. S.A.
5.375%, 01/27/21 (e)		12,000,000	$	11,541,600
Petroleos Mexicanos
6.375%, 01/23/45 (e)		3,610,000		3,704,762
				19,463,762
Total Corporate Bonds & Notes (Cost $273,758,995)				273,805,327
Foreign Government—8.3%
Sovereign—8.3%
Colombia Government International Bonds
5.625%, 02/26/44		4,840,000		4,900,500
Egypt Government AID Bonds
4.450%, 09/15/15		20,000,000		20,165,420
Indonesia Government International Bonds
3.750%, 04/25/22 (144A) (e)		410,000		403,850
3.750%, 04/25/22		1,900,000		1,871,500
4.875%, 05/05/21		2,957,000		3,138,264
5.875%, 03/13/20		310,000		344,875
5.875%, 01/15/24 (144A)		1,060,000		1,171,300
Israel Government AID Bonds
Zero Coupon, 08/15/16		28,251,000		28,035,586
Zero Coupon, 09/15/16		10,000,000		9,914,580
Zero Coupon, 11/15/18		20,869,000		19,792,535
5.500%, 12/04/23		24,290,000		29,475,187
5.500%, 04/26/24		20,950,000		25,553,050
Mexico Government International Bonds
5.550%, 01/21/45 (e)		11,480,000		12,211,850
Peruvian Government International Bonds
5.625%, 11/18/50		4,000,000		4,460,000
Poland Government International Bonds
4.000%, 01/22/24		7,870,000		8,233,988
Turkey Government International Bonds
5.625%, 03/30/21		1,078,000		1,161,976
5.750%, 03/22/24 (e)		4,290,000		4,643,925
6.250%, 09/26/22		2,205,000		2,452,930
7.000%, 03/11/19		1,660,000		1,865,674
7.500%, 11/07/19		540,000		622,620
Ukraine Government AID Bonds
1.844%, 05/16/19		25,000,000		25,031,425
Total Foreign Government (Cost $204,583,182)				205,451,035
Mortgage-Backed Securities—7.3%
Collateralized Mortgage Obligations—5.7%
American Home Mortgage Assets Trust
0.377%, 09/25/46 (b)		937,637		689,657
0.377%, 12/25/46 (b)		2,787,321		1,925,936
Banc of America Funding Corp.
0.335%, 02/27/37 (144A) (b)		14,342,897		13,419,214
2.117%, 06/20/35 (b)		367,740		237,954
Collateralized Mortgage Obligations—(Continued)
Banc of America Funding Trust
0.346%, 09/29/36 (144A) (b)		13,828,056		13,274,932
Banc of America Mortgage 2005-F Trust
2.712%, 07/25/35 (b)		138,430		127,861
BCAP LLC Trust
0.331%, 11/27/36 (144A) (b)		21,768,257		20,266,513
Citigroup Mortgage Loan Trust, Inc.
2.510%, 10/25/35 (b)		266,230		263,352
Countrywide Alternative Loan Trust
0.387%, 07/20/46 (b)		3,348,658		2,482,340
0.477%, 05/25/34 (b)		2,659,469		2,575,991
Countrywide Home Loan Mortgage Pass-Through Trust
0.607%, 07/25/36 (144A) (b)		998,103		907,437
Fannie Mae Connecticut Avenue Securities
1.687%, 02/25/25 (b)		5,053,564		5,059,906
FDIC Structured Sale Guaranteed Notes
0.734%, 02/25/48 (144A) (b)		1,057,202		1,057,533
First Horizon Alternative Mortgage Securities
0.557%, 02/25/37 (b)		291,060		172,703
Freddie Mac Structured Agency Credit Risk Debt Notes
2.387%, 02/25/24 (b)		5,000,000		5,005,645
2.387%, 09/25/24 (b)		8,000,000		7,942,400
GMAC Mortgage Corp. Loan Trust
2.739%, 11/19/35 (b)		823,824		730,910
Greenpoint Mortgage Funding Trust
0.267%, 02/25/47 (b)		75,375		71,806
GSMPS Mortgage Loan Trust
0.537%, 01/25/35 (144A) (b)		434,503		364,370
0.587%, 06/25/34 (144A) (b)		758,109		658,224
3.338%, 06/25/34 (144A) (b)		4,484,072		4,211,360
GSR Mortgage Loan Trust
2.813%, 04/25/35 (b)		835,851		815,366
HarborView Mortgage Loan Trust
0.368%, 11/19/46 (b)		156,933		122,612
0.388%, 09/19/46 (b)		374,354		286,020
Impac Secured Assets CMN Owner Trust
0.507%, 03/25/36 (b)		4,781,014		3,452,465
JPMorgan Mortgage Trust
2.114%, 06/25/34 (b)		250,455		247,804
JPMorgan Resecuritization Trust
0.347%, 12/27/36 (144A) (b)		11,494,166		10,962,402
Luminent Mortgage Trust
0.377%, 05/25/46 (b)		3,131,075		2,499,268
MASTR Adjustable Rate Mortgages Trust
0.387%, 05/25/47 (b)		6,552,437		5,410,072
0.958%, 12/25/46 (b)		5,435,504		3,991,486
2.243%, 02/25/34 (b)		264,336		257,826
3.316%, 12/25/34 (b)		20,281		19,599
MASTR Reperforming Loan Trust
0.537%, 05/25/35 (144A) (b)		364,202		297,977
3.350%, 05/25/35 (144A) (b)		4,484,591		3,703,725
4.699%, 05/25/36 (144A) (b)		3,676,690		3,447,930
7.000%, 08/25/34 (144A)		454,923		474,796

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Morgan Stanley Mortgage Loan Trust
0.257%, 06/25/36 (b)		730,941	$	375,593
2.445%, 07/25/35 (b)		363,670		333,277
NovaStar Mortgage Funding Trust
0.377%, 09/25/46 (b)		2,571,598		2,190,724
Provident Funding Mortgage Loan Trust
2.498%, 05/25/35 (b)		1,047,069		1,046,857
2.530%, 10/25/35 (b)		128,543		125,617
Residential Accredit Loans, Inc. Trust
0.347%, 01/25/37 (b)		478,295		372,721
RFMSI Trust
4.750%, 12/25/18		247,811		250,978
SACO I Trust
8.974%, 06/25/21 (144A) (b)		1,538,066		1,601,917
Structured Adjustable Rate Mortgage Loan Trust
2.545%, 05/25/35 (b)		4,705,254		4,357,922
Structured Agency Credit Risk Debt Notes
1.837%, 04/25/24 (b)		7,000,000		6,836,620
Structured Asset Mortgage Investments II Trust
0.367%, 07/25/46 (b)		301,073		240,451
Structured Asset Securities Corp.
0.537%, 04/25/35 (144A) (b)		3,227,489		2,673,952
3.365%, 06/25/35 (144A) (b)		186,134		165,807
Structured Asset Securities Corp. Mortgage Loan Trust
0.987%, 09/25/33 (144A) (b)		77,730		76,786
Thornburg Mortgage Securities Trust
6.088%, 09/25/37 (b)		53,397		54,810
WaMu Mortgage Pass-Through Certificates Trust
0.447%, 11/25/45 (b)		31,448		29,432
0.457%, 12/25/45 (b)		2,187,266		2,039,984
0.477%, 12/25/45 (b)		183,421		168,205
0.507%, 08/25/45 (b)		206,379		193,518
0.587%, 08/25/45 (b)		424,067		383,433
2.458%, 04/25/35 (b)		92,515		90,780
				141,044,776
Commercial Mortgage-Backed Securities—1.6%
FDIC Structured Sale Guaranteed Notes
2.980%, 12/06/20 (144A)		10,458,083		10,702,353
NCUA Guaranteed Notes Trust
2.900%, 10/29/20		30,000,000		30,780,720
				41,483,073
Total Mortgage-Backed Securities (Cost $184,119,680)				182,527,849
Asset-Backed Securities—0.8%
Asset-Backed - Home Equity—0.1%
Bayview Financial Asset Trust
0.787%, 12/25/39 (144A) (b)		232,030		222,623
EMC Mortgage Loan Trust
0.635%, 12/25/42 (144A) (b)		65,894		62,316
Asset-Backed - Home Equity—(Continued)
Home Equity Mortgage Loan Asset-Backed Trust
0.447%, 06/25/36 (b)		4,245,323		998,101
Morgan Stanley Mortgage Loan Trust
0.277%, 12/25/36 (b)		255,161		144,829
0.487%, 03/25/36 (b)		1,797,736		1,311,208
Option One Mortgage Loan Trust
0.767%, 06/25/33 (b)		150,155		140,978
Structured Asset Securities Corp. Mortgage Loan Trust
0.405%, 02/25/36 (144A) (b)		4,841,847		397,937
				3,277,992
Asset-Backed - Other—0.4%
Countrywide Home Equity Loan Trust
0.305%, 11/15/36 (b)		57,073		50,214
0.466%, 02/15/34 (b)		268,929		245,886
0.476%, 02/15/34 (b)		141,151		128,377
Countrywide Revolving Home Equity Loan Trust
0.326%, 07/15/36 (b)		1,282,898		1,091,434
GMAC Mortgage Corp. Loan Trust
0.365%, 12/25/36 (b)		583,592		514,799
0.395%, 11/25/36 (b)		3,091,061		2,707,006
GSR Mortgage Loan Trust
0.727%, 11/25/30 (b)		1,474		133
Ownit Mortgage Loan Trust
3.333%, 12/25/36 (b)		1,205,711		744,440
RAAC Series
0.455%, 05/25/36 (144A) (b)		1,533,294		1,384,806
SACO I Trust
0.447%, 06/25/36 (b)		849,364		1,411,438
0.487%, 04/25/36 (b)		311,585		539,125
0.707%, 06/25/36 (b)		14,388		21,470
				8,839,128
Asset-Backed - Student Loan—0.3%
NCUA Guaranteed Notes Trust
0.524%, 12/07/20 (b)		6,867,829		6,875,384
Total Asset-Backed Securities (Cost $23,728,066)				18,992,504
Short-Term Investments—3.6%
Mutual Fund—3.4%
State Street Navigator Securities Lending MET Portfolio (g)		84,110,786		84,110,786

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—0.2%
Bank of America Securities LLC Repurchase Agreement dated 06/30/15 at 0.100% to be repurchased at $3,000,008 on 07/01/15, collateralized by $3,039,000 U.S. Treasury Bond at 3.125% due 08/15/44, with a value of 3,043,163		3,000,000	$	3,000,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $1,058,667 on 07/01/15, collateralized by $1,080,000 U.S. Treasury Note at 1.250% due 11/30/18 with a value of $1,082,700.		1,058,667		1,058,667
				4,058,667
Total Short-Term Investments (Cost $88,169,453)				88,169,453
Total Investments—112.5% (Cost $2,777,042,498) (h)				2,791,554,839
Other assets and liabilities (net)—(12.5)%				(311,184,690	)
Net Assets—100.0%			$	2,480,370,149

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(b) Variable or floating rate security. The stated rate represents the rate at June 30, 2015. Maturity date shown for callable securities reflects the earliest possible call date.

(c) Interest only security.

(d) Principal only security.

(e) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $184,545,200 and the collateral received consisted of cash in the amount of $84,110,786 and non-cash collateral with a value of $106,063,551. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(f) Principal amount of security is adjusted for inflation.

(g) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(h) As of June 30, 2015, the aggregate cost of investments was $2,777,042,498. The aggregate unrealized appreciation and depreciation of investments were $55,912,050 and $(41,399,709), respectively, resulting in net unrealized appreciation of $14,512,341.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2015, the market value of 144A securities was $134,147,235, which is 5.4% of net assets.

(ARM)— Adjustable-Rate Mortgage

(CMO)— Collateralized Mortgage Obligation

(REMIC)— Real Estate Mortgage Investment Conduit

Futures Contracts

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
90 Day EuroDollar Futures		12/14/15		(1,000	)		USD	(248,559,250	)	$	(103,250	)
90 Day EuroDollar Futures		12/19/16		(1,000	)		USD	(246,546,750	)		(28,250	)
U.S. Treasury Long Bond Futures		09/21/15		(324	)		USD	(48,844,439	)		(28,936	)
U.S. Treasury Note 10 Year Futures		09/21/15		(210	)		USD	(26,518,380	)		22,286
U.S. Treasury Note 5 Year Futures		09/30/15		(802	)		USD	(94,961,894	)		(682,872	)
Net Unrealized Depreciation										$	(821,022	)

(USD)— United States Dollar

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	2,022,608,671		$	—	$	2,022,608,671
Total Corporate Bonds & Notes*		—			273,805,327			—		273,805,327
Total Foreign Government*		—			205,451,035			—		205,451,035
Total Mortgage-Backed Securities*		—			182,527,849			—		182,527,849
Total Asset-Backed Securities*		—			18,992,504			—		18,992,504
Short-Term Investments
Mutual Fund		84,110,786			—			—		84,110,786
Repurchase Agreements		—			4,058,667			—		4,058,667
Total Short-Term Investments		84,110,786			4,058,667			—		88,169,453
Total Investments	$	84,110,786		$	2,707,444,053		$	—	$	2,791,554,839
Collateral for Securities Loaned (Liability)	$	—		$	(84,110,786	)	$	—	$	(84,110,786	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	22,286		$	—		$	—	$	22,286
Futures Contracts (Unrealized Depreciation)		(843,308	)		—			—		(843,308	)
Total Futures Contracts	$	(821,022	)	$	—		$	—	$	(821,022	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	2,791,554,839
Cash collateral on futures contracts		3,203,935
Receivable for:
Investments sold		582,446
TBA securities sold		88,956,149
Fund shares sold		72,891
Interest		8,908,833
Variation margin on futures contracts		101,129
Other assets		189,700
Total Assets		2,893,569,922
Liabilities
Due to custodian		431,647
Collateral for securities loaned		84,110,786
Payables for:
Investments purchased		476,144
TBA securities purchased		325,266,305
Fund shares redeemed		1,562,532
Accrued Expenses:
Management fees		932,339
Distribution and service fees		102,241
Deferred trustees’ fees		69,371
Other expenses		248,408
Total Liabilities		413,199,773
Net Assets	$	2,480,370,149
Net assets consist of:
Paid in surplus	$	2,508,062,730
Undistributed net investment income		17,221,793
Accumulated net realized loss		(58,795,393	)
Unrealized appreciation on investments and futures contracts		13,881,019
Net Assets	$	2,480,370,149
Net Assets
Class A	$	1,971,682,295
Class B		478,282,859
Class E		30,404,995
Capital Shares Outstanding*
Class A		165,794,798
Class B		40,378,312
Class E		2,564,403
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.89
Class B		11.85
Class E		11.86

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,777,042,498.

(b) Includes securities loaned at value of $184,545,200.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Interest	$	24,332,690
Securities lending income		135,805
Total investment income		24,468,495
Expenses
Management fees		6,267,642
Administration fees		31,200
Custodian and accounting fees		118,560
Distribution and service fees—Class B		605,004
Distribution and service fees—Class E		23,718
Audit and tax services		32,472
Legal		14,250
Trustees’ fees and expenses		19,507
Shareholder reporting		65,685
Insurance		8,608
Miscellaneous		11,179
Total expenses		7,197,825
Less management fee waiver		(193,159	)
Net expenses		7,004,666
Net Investment Income		17,463,829
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		7,273,033
Futures contracts		(1,827,099	)
Net realized gain		5,445,934
Net change in unrealized appreciation (depreciation) on:
Investments		(10,984,859	)
Futures contracts		3,253,051
Net change in unrealized depreciation		(7,731,808	)
Net realized and unrealized loss		(2,285,874	)
Net Increase in Net Assets From Operations	$	15,177,955

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	17,463,829		$	35,777,961
Net realized gain		5,445,934			347,895
Net change in unrealized appreciation (depreciation)		(7,731,808	)		37,264,279
Increase in net assets from operations		15,177,955			73,390,135
From Distributions to Shareholders
Net investment income
Class A		(45,365,989	)		(40,733,256	)
Class B		(9,804,626	)		(8,613,714	)
Class E		(650,862	)		(649,143	)
Total distributions		(55,821,477	)		(49,996,113	)
Increase (decrease) in net assets from capital share transactions		(268,973,557	)		109,004,508
Total increase (decrease) in net assets		(309,617,079	)		132,398,530
Net Assets
Beginning of period		2,789,987,228			2,657,588,698
End of period	$	2,480,370,149		$	2,789,987,228
Undistributed net investment income
End of period	$	17,221,793		$	55,579,441

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		2,141,478		$	26,084,346			17,953,364		$	215,107,518
Reinvestments		3,815,474			45,365,989			3,414,355			40,733,256
Redemptions		(27,127,391	)		(331,270,151	)		(8,773,537	)		(105,820,488	)
Net increase (decrease)		(21,170,439	)	$	(259,819,816	)		12,594,182		$	150,020,286
Class B
Sales		1,284,950		$	15,555,791			3,516,534		$	42,235,299
Reinvestments		828,094			9,804,626			724,450			8,613,714
Redemptions		(2,680,760	)		(32,438,097	)		(7,216,678	)		(86,693,848	)
Net decrease		(567,716	)	$	(7,077,680	)		(2,975,694	)	$	(35,844,835	)
Class E
Sales		21,470		$	260,037			100,613		$	1,207,715
Reinvestments		54,925			650,862			54,550			649,143
Redemptions		(246,449	)		(2,986,960	)		(584,749	)		(7,027,801	)
Net decrease		(170,054	)	$	(2,076,061	)		(429,586	)	$	(5,170,943	)
Increase (decrease) derived from capital shares transactions				$	(268,973,557	)				$	109,004,508

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.11		$	12.01		$	12.36		$	12.21		$	12.17		$	11.86
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.16			0.13			0.13			0.18			0.17
Net realized and unrealized gain (loss) on investments		(0.02	)		0.17			(0.22	)		0.28			0.46			0.51
Total from investment operations		0.06			0.33			(0.09	)		0.41			0.64			0.68
Less Distributions
Distributions from net investment income		(0.28	)		(0.23	)		(0.26	)		(0.26	)		(0.18	)		(0.33	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.42	)		(0.04	)
Total distributions		(0.28	)		(0.23	)		(0.26	)		(0.26	)		(0.60	)		(0.37	)
Net Asset Value, End of Period	$	11.89		$	12.11		$	12.01		$	12.36		$	12.21		$	12.17
Total Return (%) (b)		0.49	(c)		2.81			(0.74	)		3.37			5.51			5.81
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.49	(d)		0.49			0.49			0.50			0.49			0.50
Net ratio of expenses to average net assets (%) (e)		0.48	(d)		0.48			0.48			0.48			0.49			0.49
Ratio of net investment income to average net assets (%)		1.35	(d)		1.35			1.05			1.03			1.51			1.36
Portfolio turnover rate (%)		101	(c)(f)		194	(f)		317	(f)		340	(f)		549			551
Net assets, end of period (in millions)	$	1,971.7		$	2,263.8		$	2,094.9		$	2,017.9		$	1,904.6		$	1,830.2
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.04		$	11.95		$	12.29		$	12.15		$	12.11		$	11.81
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.13			0.10			0.10			0.15			0.13
Net realized and unrealized gain (loss) on investments		(0.01	)		0.16			(0.21	)		0.27			0.46			0.51
Total from investment operations		0.06			0.29			(0.11	)		0.37			0.61			0.64
Less Distributions
Distributions from net investment income		(0.25	)		(0.20	)		(0.23	)		(0.23	)		(0.15	)		(0.30	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.42	)		(0.04	)
Total distributions		(0.25	)		(0.20	)		(0.23	)		(0.23	)		(0.57	)		(0.34	)
Net Asset Value, End of Period	$	11.85		$	12.04		$	11.95		$	12.29		$	12.15		$	12.11
Total Return (%) (b)		0.39	(c)		2.55			(0.91	)		3.05			5.27			5.49
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(d)		0.74			0.74			0.75			0.74			0.75
Net ratio of expenses to average net assets (%) (e)		0.73	(d)		0.73			0.73			0.73			0.74			0.74
Ratio of net investment income to average net assets (%)		1.11	(d)		1.10			0.80			0.78			1.26			1.12
Portfolio turnover rate (%)		101	(c)(f)		194	(f)		317	(f)		340	(f)		549			551
Net assets, end of period (in millions)	$	478.3		$	493.2		$	524.9		$	565.2		$	538.2		$	466.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.06		$	11.97		$	12.31		$	12.16		$	12.13		$	11.82
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.14			0.11			0.11			0.16			0.15
Net realized and unrealized gain (loss) on investments		(0.01	)		0.16			(0.21	)		0.28			0.46			0.51
Total from investment operations		0.06			0.30			(0.10	)		0.39			0.62			0.66
Less Distributions
Distributions from net investment income		(0.26	)		(0.21	)		(0.24	)		(0.24	)		(0.17	)		(0.31	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.42	)		(0.04	)
Total distributions		(0.26	)		(0.21	)		(0.24	)		(0.24	)		(0.59	)		(0.35	)
Net Asset Value, End of Period	$	11.86		$	12.06		$	11.97		$	12.31		$	12.16		$	12.13
Total Return (%) (b)		0.48	(c)		2.56			(0.75	)		3.15			5.28			5.67
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(d)		0.64			0.64			0.65			0.64			0.65
Net ratio of expenses to average net assets (%) (e)		0.63	(d)		0.63			0.63			0.63			0.64			0.64
Ratio of net investment income to average net assets (%)		1.21	(d)		1.20			0.90			0.88			1.35			1.20
Portfolio turnover rate (%)		101	(c)(f)		194	(f)		317	(f)		340	(f)		549			551
Net assets, end of period (in millions)	$	30.4		$	33.0		$	37.9		$	43.8		$	48.7		$	57.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 41%, 68%, 137% and 164% for the six months ended June 30, 2015 and for the years ended December 31, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Western Asset Management U.S. Government Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-16

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities and paydown reclasses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its

MSF-17

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $4,058,667, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement

MSF-18

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

MSF-19

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

At June 30, 2015, the Portfolio had the following open derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts*	$	22,286	Unrealized depreciation on futures contracts*	$	843,308

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the six months ended June 30, 2015 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(1,827,099	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	3,253,051

For the six months ended June 30, 2015, the average Notional Par or Face Amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	26,200,000
Futures contracts short		(214,850,000	)

‡ Averages are based on activity levels during the period.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or

MSF-20

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$2,721,960,171	$	209,685,444	$	3,182,790,436	$	63,151,002

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2015 were as follows:

Purchases	Sales
$1,838,084,928	$	1,847,020,292

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$6,267,642		0.550	%	Of the first $500 million
		0.450	%	On amounts in excess of $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On amounts over $200 million and under $500 million
0.010%	On amounts over $1 billion and under $2 billion
0.020%	On amounts in excess of $2 billion

MSF-21

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$49,996,113	$	54,710,888	$	—	$	—	$	49,996,113	$	54,710,888

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$55,688,077	$	—	$	6,310,414	$	(48,983,863	)	$	13,014,628

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had post-enactment short-term accumulated capital losses in the amount of $8,627,044 and post-enactment long-term accumulated capital losses in the amount of $40,356,819.

MSF-22

Metropolitan Series Fund

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-23

Metropolitan Series Fund

WMC Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the WMC Balanced Portfolio returned 2.36%, 2.18%, and 2.25%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Barclays U.S. Aggregate Bond Index², returned 1.23% and -0.10%, respectively. A blend of the S&P 500 Index (60%) and the Barclays U.S. Aggregate Bond Index (40%) returned 0.79%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities and other developed-market stocks rose during the six month period as the S&P 500 Index posted a 1.2% return and the MSCI World Index posted a 2.9% return. Emerging markets also rose, with the MSCI Emerging Markets Index posting a return of 3.1%. The fixed income markets, on the other hand, fell during the period as the Barclays U.S. Aggregate Bond Index returned -0.10%, and the Barclays Global Aggregate Bond Index fell -3.08%. The yield on the 10-year U.S. Treasury note rose, beginning the year at 2.12% and ending June at 2.35%.

The end of 2014 was a microcosm of the predominant year-long global fixed income trends: falling U.S. Treasury yields and dollar strength. Monetary policy and growth in the U.S. increasingly diverged from other parts of the world. Many central banks eased monetary policy during the first quarter of 2015, with some resorting to radical measures to counter falling inflation and stimulate growth. Macroeconomic data remained mixed in March, with the U.S. hitting a soft patch and Europe showing signs of economic recovery. Concerns about Greece’s bailout, on the other hand, intensified and global economic growth moderated toward the end of the period. Meanwhile, the Federal Reserve acknowledged weak first-quarter growth in the U.S., but appeared optimistic about a second-quarter rebound, suggesting it is still on track to raise rates this year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its custom benchmark, consisting of 60% S&P 500 Index / 40% Barclays U.S. Aggregate Bond Index, for the period ended June 30, 2015.

The equity portion of the Portfolio outperformed its benchmark, the S&P 500 Index, for the six month period ended June 30, 2015. As the Portfolio is generally managed in an industry-neutral manner, nearly all of the value added over the period came from security selection. In particular, stock selection within the Consumer Staples, Information Technology, and Financials sectors aided relative results, while selection was weaker within Consumer Discretionary and Utilities. Another key driver of outperformance over the period was the health care providers & services industry, which was boosted by a wave of merger and acquisition activity in the managed care space.

Freescale Semiconductor, Apple, Santander Consumer USA Holdings and Aetna were among the stocks that contributed most to relative performance during the period. Not owning benchmark laggard Procter and Gamble also aided relative results. Western Digital was among the Portfolio’s top detractors. The Portfolio’s underweight exposure to Walt Disney Co. (eliminated during the period) and Gilead Sciences also weighed on relative performance, as did the decision to not own JPMorgan Chase.

The fixed income portion of the Portfolio also outperformed its benchmark, the Barclay’s U.S. Aggregate Bond Index, for the period. Allocations to Bank Loans and Collateralized Loan Obligations aided relative performance, as did the Portfolio’s positioning within Investment Grade Credit. Positive results were partially offset by allocations to non-U.S. dollar denominated bonds and Treasury Inflation Protected Securities (“TIPS”), which weighed on relative performance during the period. Duration and yield curve positioning also had a negative impact on performance.

During the period, the fixed income portion of the Portfolio used Treasury futures and swaps to manage duration and yield curve positioning. The Portfolio also used currency forwards, futures, and options to implement non-U.S. rate and currency positions. Credit default swaps (“CDS”) were used to manage credit exposure, and investment grade and high yield CDS index positions were used as a source of liquidity and to manage overall portfolio risk.

As mentioned, the equity portion of the Portfolio is generally industry-neutral relative to the benchmark. On an absolute basis, the Portfolio’s largest exposures were to the technology hardware & equipment, pharmaceuticals, biotechnology & life sciences, and health care & equipment services industries at the end of the period. Over the long term, within the Health Care sector, we are focusing on companies that will generate sustainable, innovation-driven growth. The Portfolio had less exposure to the automobiles & components and transportation industries, and no exposure to the telecommunication services industry.

MSF-1

Metropolitan Series Fund

WMC Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

As of the end of the period, the fixed income portion of the Portfolio was positioned with a modestly short U.S. duration bias. The Portfolio was underweight credit, but continued to favor Financials issuers. The Portfolio was overweight Agency Mortgage-Backed Securities (“MBS”) pass-throughs and Commercial MBS, and continued to own a small allocation to TIPS, as well as allocations to Non-Agency MBS, high quality Asset-Backed Securities, Collaterized Loan Obligations, High Yield (favoring BBs), non-U.S. dollar denominated bonds, and Bank Loans as of the end of the period.

Cheryl M. Duckworth

Mark D. Mandel

Joseph F. Marvan

Lucius T. Hill III

Campe Goodman

Portfolio Managers

Wellington Management Company LLP

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-2

Metropolitan Series Fund

WMC Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX, THE BARCLAYS U.S. AGGREGATE BOND INDEX & THE RUSSELL 1000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
WMC Balanced Portfolio
Class A		2.36		6.61		12.62		6.35
Class B		2.18		6.31		12.34		6.08
Class E		2.25		6.41		12.44		6.19
S&P 500 Index		1.23		7.42		17.34		7.89
Russell 1000 Index		1.71		7.37		17.58		8.13
Barclays U.S. Aggregate Bond Index		-0.10		1.86		3.35		4.44

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

³ The Russell 1000 Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investable U.S. equity market.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Equity Holdings

	% of Net Assets
Apple, Inc.		3.4
Wells Fargo & Co.		1.5
Google, Inc.		1.3
Bank of America Corp.		1.1
Cisco Systems, Inc.		1.1

Top Fixed Income Issuers

	% of Net Assets
Fannie Mae 30 Yr. Pool		11.1
Freddie Mac 30 Yr. Gold Pool		2.3
Ginnie Mae I 30 Yr. Pool		1.4
Ginnie Mae II 30 Yr. Pool		1.4
U.S. Treasury Inflation Indexed Notes		1.3

Top Equity Sectors

	% of Net Assets
Information Technology		10.6
Financials		10.5
Health Care		9.3
Consumer Discretionary		7.1
Consumer Staples		5.7

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		20.6
Corporate Bonds & Notes		13.3
Asset-Backed Securities		7.0
Mortgage-Backed Securities		6.5
Floating Rate Loans		2.4

MSF-3

Metropolitan Series Fund

WMC Balanced Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

WMC Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.50	%	$	1,000.00	$	1,023.60	$	2.51
	Hypothetical*		0.50	%	$	1,000.00	$	1,022.32	$	2.51
Class B(a)	Actual		0.75	%	$	1,000.00	$	1,021.80	$	3.76
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.08	$	3.76
Class E(a)	Actual		0.65	%	$	1,000.00	$	1,022.50	$	3.26
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.57	$	3.26

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MSF-4

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—57.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Boeing Co. (The)		44,960	$	6,236,851
General Dynamics Corp.		14,730		2,087,094
Honeywell International, Inc.		73,761		7,521,409
Lockheed Martin Corp.		34,590		6,430,281
United Technologies Corp.		43,992		4,880,033
				27,155,668
Air Freight & Logistics—0.2%
Echo Global Logistics, Inc. (a)		16,480		538,237
FedEx Corp.		6,410		1,092,264
United Parcel Service, Inc. - Class B		13,810		1,338,327
				2,968,828
Airlines—0.0%
American Airlines Group, Inc.		6,140		245,201
United Continental Holdings, Inc. (a)		7,480		396,515
				641,716
Automobiles—0.4%
Harley-Davidson, Inc.		89,132		5,022,588
Banks—3.8%
Bank of America Corp.		886,960		15,096,059
Citizens Financial Group, Inc.		193,290		5,278,750
PNC Financial Services Group, Inc. (The)		112,280		10,739,582
Wells Fargo & Co.		351,580		19,772,859
				50,887,250
Beverages—2.0%
Anheuser-Busch InBev NV (ADR)		35,550		4,289,818
Coca-Cola Co. (The)		178,085		6,986,275
Dr Pepper Snapple Group, Inc.		37,342		2,722,232
Monster Beverage Corp. (a)		35,201		4,717,638
PepsiCo, Inc.		90,047		8,404,987
				27,120,950
Biotechnology—1.6%
Achillion Pharmaceuticals, Inc. (a) (b)		25,655		227,303
Alkermes plc (a) (b)		51,555		3,317,049
Alnylam Pharmaceuticals, Inc. (a) (b)		6,290		753,982
Arena Pharmaceuticals, Inc. (a) (b)		130,295		604,569
BioCryst Pharmaceuticals, Inc. (a) (b)		54,180		808,908
Blueprint Medicines Corp. (a)		6,900		182,781
Dicerna Pharmaceuticals, Inc. (a) (b)		37,200		518,940
Gilead Sciences, Inc.		28,550		3,342,634
GlycoMimetics, Inc. (a) (b)		55,683		442,680
Incyte Corp. (a)		3,730		388,703
Ironwood Pharmaceuticals, Inc. (a) (b)		74,300		896,058
Karyopharm Therapeutics, Inc. (a) (b)		4,887		132,975
Nivalis Therapeutics, Inc. (a) (b)		13,700		207,555
Novavax, Inc. (a) (b)		56,510		629,521
Otonomy, Inc. (a) (b)		19,512		448,581
PTC Therapeutics, Inc. (a) (b)		8,390		403,811
Puma Biotechnology, Inc. (a) (b)		1,190		138,933
Regeneron Pharmaceuticals, Inc. (a)		10,230		5,218,630
Biotechnology—(Continued)
Regulus Therapeutics, Inc. (a) (b)		25,920		284,083
TESARO, Inc. (a) (b)		14,520		853,631
Trevena, Inc. (a) (b)		70,270		439,890
Ultragenyx Pharmaceutical, Inc. (a) (b)		10,470		1,072,023
				21,313,240
Capital Markets—0.9%
Ameriprise Financial, Inc.		22,480		2,808,427
BlackRock, Inc.		7,040		2,435,699
Invesco, Ltd.		34,178		1,281,333
Janus Capital Group, Inc. (b)		43,540		745,405
Northern Trust Corp.		40,720		3,113,451
Raymond James Financial, Inc.		15,270		909,787
WisdomTree Investments, Inc. (b)		36,790		808,092
				12,102,194
Chemicals—1.1%
Cabot Corp.		32,840		1,224,604
Celanese Corp. - Series A		54,905		3,946,571
Dow Chemical Co. (The)		39,984		2,045,981
LyondellBasell Industries NV - Class A		22,260		2,304,355
Mosaic Co. (The)		40,690		1,906,327
Sherwin-Williams Co. (The)		12,896		3,546,658
				14,974,496
Communications Equipment—1.5%
Cisco Systems, Inc.		533,424		14,647,823
QUALCOMM, Inc.		93,100		5,830,853
				20,478,676
Construction Materials—0.2%
CRH plc (ADR)		47,510		1,335,506
Martin Marietta Materials, Inc. (b)		1,650		233,492
Summit Materials, Inc. - Class A (a)		46,000		1,173,000
Vulcan Materials Co.		2,810		235,843
				2,977,841
Consumer Finance—0.6%
Santander Consumer USA Holdings, Inc.		318,275		8,138,292
Containers & Packaging—0.4%
Ball Corp.		55,949		3,924,822
Owens-Illinois, Inc. (a)		57,100		1,309,874
				5,234,696
Diversified Financial Services—0.2%
McGraw Hill Financial, Inc.		11,690		1,174,261
MSCI, Inc.		13,866		853,452
				2,027,713
Electric Utilities—1.4%
American Electric Power Co., Inc.		13,360		707,679
Duke Energy Corp.		48,000		3,389,760
Edison International		46,270		2,571,686

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
Eversource Energy (b)		33,300	$	1,512,153
Exelon Corp. (b)		65,730		2,065,237
FirstEnergy Corp.		13,160		428,358
ITC Holdings Corp.		32,450		1,044,241
NextEra Energy, Inc.		65,030		6,374,891
Pinnacle West Capital Corp.		18,080		1,028,571
				19,122,576
Electrical Equipment—0.4%
AMETEK, Inc.		25,260		1,383,743
Eaton Corp. plc		54,030		3,646,485
				5,030,228
Electronic Equipment, Instruments & Components—0.0%
Arrow Electronics, Inc. (a)		6,610		368,838
Energy Equipment & Services—0.5%
Baker Hughes, Inc.		11,369		701,467
Ensco plc - Class A (b)		20,420		454,753
Halliburton Co.		61,220		2,636,746
Patterson-UTI Energy, Inc. (b)		99,682		1,875,517
Tesco Corp.		92,040		1,003,236
				6,671,719
Food & Staples Retailing—1.0%
CVS Health Corp.		83,290		8,735,455
Walgreens Boots Alliance, Inc.		55,260		4,666,155
				13,401,610
Food Products—1.2%
Mondelez International, Inc. - Class A		227,741		9,369,265
Post Holdings, Inc. (a) (b)		62,854		3,389,716
SunOpta, Inc. (a)		53,580		574,913
TreeHouse Foods, Inc. (a)		27,150		2,199,965
				15,533,859
Gas Utilities—0.1%
UGI Corp.		44,750		1,541,638
Health Care Equipment & Supplies—2.2%
Abbott Laboratories		54,308		2,665,437
Baxter International, Inc.		45,498		3,181,675
Baxter International, Inc. (a)		17,100		649,800
Medtronic plc		180,247		13,356,303
St. Jude Medical, Inc.		82,490		6,027,544
Stryker Corp.		40,190		3,840,958
				29,721,717
Health Care Providers & Services—2.3%
Aetna, Inc.		52,510		6,692,925
Cardinal Health, Inc.		34,800		2,911,020
Cigna Corp.		14,153		2,292,786
HCA Holdings, Inc. (a)		64,850		5,883,192
McKesson Corp.		24,250		5,451,642
Health Care Providers & Services—(Continued)
UnitedHealth Group, Inc.		56,518		6,895,196
				30,126,761
Hotels, Restaurants & Leisure—1.2%
Chipotle Mexican Grill, Inc. (a)		4,670		2,825,303
Las Vegas Sands Corp. (b)		18,080		950,466
McDonald’s Corp.		40,461		3,846,627
Norwegian Cruise Line Holdings, Ltd. (a)		30,647		1,717,458
Starbucks Corp.		77,892		4,176,180
Wingstop, Inc. (a)		1,800		51,120
Wyndham Worldwide Corp. (b)		36,530		2,992,172
				16,559,326
Household Durables—0.5%
Mohawk Industries, Inc. (a)		21,640		4,131,076
Whirlpool Corp.		15,100		2,613,055
				6,744,131
Household Products—0.2%
Colgate-Palmolive Co.		49,830		3,259,380
Independent Power and Renewable Electricity Producers—0.1%
8Point3 Energy Partners L.P. (a)		13,100		243,922
NRG Energy, Inc.		20,280		464,006
				707,928
Industrial Conglomerates—0.8%
Danaher Corp.		104,510		8,945,011
General Electric Co.		87,000		2,311,590
				11,256,601
Insurance—3.2%
Allstate Corp. (The)		47,461		3,078,795
American International Group, Inc.		170,950		10,568,129
Assured Guaranty, Ltd.		143,093		3,432,801
Hartford Financial Services Group, Inc. (The)		123,446		5,131,650
Marsh & McLennan Cos., Inc.		125,080		7,092,036
Principal Financial Group, Inc.		86,260		4,424,275
Prudential Financial, Inc.		50,130		4,387,378
XL Group plc		134,790		5,014,188
				43,129,252
Internet & Catalog Retail—1.0%
Amazon.com, Inc. (a)		23,849		10,352,612
Netflix, Inc. (a)		4,250		2,791,995
				13,144,607
Internet Software & Services—2.0%
Envestnet, Inc. (a)		15,087		609,967
Facebook, Inc. - Class A (a)		78,470		6,729,980
Google, Inc. - Class A (a)		33,130		17,891,525
Zillow Group, Inc. - Class A (a) (b)		11,453		993,433
				26,224,905

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—2.4%
Accenture plc - Class A		47,862	$	4,632,084
Alliance Data Systems Corp. (a)		4,468		1,304,388
Automatic Data Processing, Inc.		37,564		3,013,760
Cognizant Technology Solutions Corp. - Class A (a)		53,939		3,295,134
Genpact, Ltd. (a)		202,251		4,314,014
Global Payments, Inc.		19,990		2,067,965
Heartland Payment Systems, Inc.		28,990		1,566,909
Visa, Inc. - Class A		128,184		8,607,556
WEX, Inc. (a)		29,650		3,379,210
				32,181,020
Leisure Products—0.1%
Arctic Cat, Inc.		29,755		988,164
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.		53,130		2,049,755
Thermo Fisher Scientific, Inc.		25,060		3,251,786
				5,301,541
Machinery—1.1%
Caterpillar, Inc. (b)		13,330		1,130,651
Dover Corp.		32,470		2,278,744
Illinois Tool Works, Inc.		58,290		5,350,439
Luxfer Holdings plc (ADR)		82,500		1,072,500
Pentair plc		61,500		4,228,125
				14,060,459
Media—2.0%
Comcast Corp. - Class A		192,340		11,567,328
DreamWorks Animation SKG, Inc. - Class A (a) (b)		33,750		890,325
Interpublic Group of Cos., Inc. (The)		32,848		632,981
Time Warner Cable, Inc.		45,410		8,090,700
Twenty-First Century Fox, Inc. - Class A		155,379		5,056,809
				26,238,143
Metals & Mining—0.1%
Nucor Corp. (b)		9,865		434,751
Reliance Steel & Aluminum Co.		15,000		907,200
				1,341,951
Multi-Utilities—0.9%
Ameren Corp.		44,630		1,681,659
Dominion Resources, Inc.		60,605		4,052,656
DTE Energy Co.		17,581		1,312,246
MDU Resources Group, Inc. (b)		77,960		1,522,559
PG&E Corp.		46,020		2,259,582
Public Service Enterprise Group, Inc.		18,975		745,338
Sempra Energy		1,510		149,399
				11,723,439
Oil, Gas & Consumable Fuels—3.1%
Anadarko Petroleum Corp.		45,033		3,515,276
Chevron Corp.		61,305		5,914,093
Oil, Gas & Consumable Fuels—(Continued)
Cobalt International Energy, Inc. (a) (b)		395,785		3,843,072
CONSOL Energy, Inc. (b)		45,470		988,518
Enbridge, Inc. (b)		114,685		5,366,111
EOG Resources, Inc.		46,820		4,099,091
Exxon Mobil Corp.		21,600		1,797,120
Marathon Oil Corp.		38,830		1,030,548
Newfield Exploration Co. (a)		20,900		754,908
Occidental Petroleum Corp.		46,526		3,618,327
ONEOK, Inc.		8,776		346,477
Pioneer Natural Resources Co.		28,576		3,963,205
Southwestern Energy Co. (a) (b)		71,250		1,619,513
Valero Energy Corp.		63,240		3,958,824
				40,815,083
Paper & Forest Products—0.5%
Boise Cascade Co. (a)		71,189		2,611,213
International Paper Co.		71,870		3,420,293
				6,031,506
Personal Products—0.7%
Avon Products, Inc. (b)		223,265		1,397,639
Coty, Inc. - Class A		65,557		2,095,857
Estee Lauder Cos., Inc. (The) - Class A		62,807		5,442,855
				8,936,351
Pharmaceuticals—2.8%
Aerie Pharmaceuticals, Inc. (a) (b)		12,730		224,684
Allergan plc (a)		20,950		6,357,487
AstraZeneca plc (ADR) (b)		57,890		3,688,172
Bristol-Myers Squibb Co.		135,510		9,016,835
Johnson & Johnson		56,540		5,510,388
Merck & Co., Inc.		133,201		7,583,133
Mylan NV (a)		43,000		2,917,980
Ocular Therapeutix, Inc. (a) (b)		22,000		462,660
Relypsa, Inc. (a) (b)		13,475		445,888
Tetraphase Pharmaceuticals, Inc. (a) (b)		15,190		720,614
				36,927,841
Professional Services—0.7%
Equifax, Inc.		24,812		2,408,997
ManpowerGroup, Inc.		23,490		2,099,536
Nielsen NV		83,363		3,732,162
TransUnion (a)		17,700		444,270
TriNet Group, Inc. (a)		39,380		998,283
				9,683,248
Real Estate Investment Trusts—1.8%
American Tower Corp.		49,652		4,632,035
AvalonBay Communities, Inc.		33,928		5,424,069
Health Care REIT, Inc.		28,840		1,892,769
InfraREIT, Inc. (a) (b)		14,200		402,712
Public Storage		17,944		3,308,335
Simon Property Group, Inc.		15,893		2,749,807
SL Green Realty Corp.		30,940		3,399,997
Weyerhaeuser Co.		60,230		1,897,245
				23,706,969

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Road & Rail—0.3%
Celadon Group, Inc.		10,520	$	217,554
J.B. Hunt Transport Services, Inc.		7,120		584,481
Kansas City Southern		3,520		321,024
Knight Transportation, Inc.		27,870		745,244
Landstar System, Inc.		20,870		1,395,577
Swift Transportation Co. (a)		43,350		982,744
				4,246,624
Semiconductors & Semiconductor Equipment—0.8%
Analog Devices, Inc.		9,600		616,176
Avago Technologies, Ltd.		22,300		2,964,339
First Solar, Inc. (a)		18,854		885,761
Freescale Semiconductor, Ltd. (a)		53,200		2,126,404
Intel Corp.		84,093		2,557,689
Linear Technology Corp.		14,100		623,643
Microchip Technology, Inc. (b)		13,230		627,433
SunEdison Semiconductor, Ltd. (a) (b)		16,600		286,682
SunPower Corp. (a) (b)		15,725		446,747
				11,134,874
Software—0.1%
SS&C Technologies Holdings, Inc.		16,410		1,025,625
Specialty Retail—1.8%
Advance Auto Parts, Inc.		40,492		6,449,971
L Brands, Inc.		35,019		3,002,179
Lowe’s Cos., Inc.		121,350		8,126,809
Ross Stores, Inc.		31,554		1,533,840
Signet Jewelers, Ltd.		34,614		4,438,899
				23,551,698
Technology Hardware, Storage & Peripherals—3.7%
Apple, Inc.		360,414		45,204,926
Western Digital Corp.		54,201		4,250,442
				49,455,368
Textiles, Apparel & Luxury Goods—0.2%
VF Corp.		29,150		2,032,921
Tobacco—0.6%
Altria Group, Inc.		159,040		7,778,646
Total Common Stocks (Cost $680,139,239)				760,750,695
U.S. Treasury & Government Agencies—20.6%
Agency Sponsored Mortgage-Backed—18.9%
Fannie Mae 15 Yr. Pool 2.500%, TBA (c)		1,300,000		1,315,748
3.000%, 07/01/28		2,939,926		3,053,048
3.500%, 07/01/28		430,378		457,003
3.500%, 11/01/28		1,512,920		1,596,025
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 15 Yr. Pool
4.000%, 04/01/26		76,753		82,046
4.500%, 06/01/24		507,543		544,724
4.500%, 02/01/25		158,413		170,041
4.500%, 04/01/25		22,486		24,136
4.500%, 07/01/25		112,679		120,973
4.500%, 06/01/26		2,250,646		2,408,579
5.000%, TBA (c)		500,000		522,558
Fannie Mae 30 Yr. Pool 3.000%, 02/01/43		1,110,875		1,112,708
3.000%, 03/01/43		3,175,018		3,178,975
3.000%, 04/01/43		2,475,757		2,478,645
3.000%, 05/01/43		4,159,872		4,164,452
3.000%, 06/01/43		424,308		424,707
3.000%, TBA (c)		8,600,000		8,567,918
3.500%, 03/01/43		85,969		88,914
3.500%, 05/01/43		166,849		172,488
3.500%, 06/01/43		626,647		648,085
3.500%, 07/01/43		957,887		990,590
3.500%, 08/01/43		1,531,110		1,583,921
3.500%, TBA (c)		88,025,000		90,713,891
4.000%, 08/01/42		275,964		293,563
4.000%, TBA (c)		7,825,000		8,290,434
4.500%, 09/01/41		133,352		144,716
4.500%, 08/01/42		199,689		216,590
4.500%, 09/01/43		3,206,727		3,473,132
4.500%, 10/01/43		491,160		531,904
4.500%, 12/01/43		431,725		467,638
4.500%, 01/01/44		992,544		1,088,383
4.500%, TBA (c)		8,300,000		8,973,079
5.000%, 04/01/33		7,773		8,620
5.000%, 07/01/33		22,324		24,695
5.000%, 09/01/33		360,148		399,413
5.000%, 11/01/33		88,406		98,062
5.000%, 12/01/33		35,746		39,651
5.000%, 02/01/34		15,598		17,301
5.000%, 03/01/34		7,505		8,326
5.000%, 04/01/34		7,348		8,151
5.000%, 06/01/34		6,897		7,646
5.000%, 07/01/34		107,746		119,507
5.000%, 10/01/34		278,096		308,192
5.000%, 07/01/35		184,658		204,855
5.000%, 10/01/35		206,456		229,005
5.000%, 12/01/35		161,073		178,652
5.000%, 08/01/36		148,153		164,311
5.000%, 07/01/37		77,993		86,518
5.000%, 07/01/41		130,243		144,898
5.000%, 08/01/41		85,987		95,293
5.000%, TBA (c)		500,000		552,344
5.500%, 08/01/28		31,138		34,910
5.500%, 04/01/33		91,587		103,141
5.500%, 08/01/37		573,907		647,073
5.500%, 04/01/41		48,675		54,737
6.000%, 03/01/28		5,169		5,874
6.000%, 05/01/28		13,390		15,188

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.000%, 06/01/28		2,444	$	2,772
6.000%, 02/01/34		365,636		418,276
6.000%, 08/01/34		200,788		229,576
6.000%, 04/01/35		1,652,401		1,890,466
6.000%, 02/01/38		132,148		151,228
6.000%, 03/01/38		50,412		57,689
6.000%, 05/01/38		160,411		184,018
6.000%, 10/01/38		45,159		51,687
6.000%, 12/01/38		61,061		69,710
6.000%, TBA (c)		1,600,000		1,817,211
6.500%, 05/01/40		1,197,259		1,374,946
Fannie Mae ARM Pool 2.973%, 03/01/41 (d)		130,341		139,605
3.129%, 03/01/41 (d)		208,224		221,567
3.163%, 12/01/40 (d)		320,169		338,941
3.359%, 06/01/41 (d)		365,658		386,719
3.518%, 09/01/41 (d)		269,389		284,999
Fannie Mae Pool 2.440%, 01/01/23		20,000		19,838
2.450%, 08/01/22		14,080		14,123
2.640%, 03/01/27		318,597		306,379
2.660%, 09/01/22		19,155		19,420
2.760%, 05/01/21		175,000		179,626
2.780%, 04/01/22		28,253		28,927
2.780%, 02/01/27		700,000		680,822
2.780%, 03/01/27		608,000		588,355
2.890%, 02/01/27		1,045,000		1,029,456
2.970%, 06/01/27		1,115,000		1,097,604
2.970%, 06/01/30		1,264,000		1,202,253
2.980%, 01/01/22		28,258		29,194
3.130%, 02/01/27		412,000		411,597
3.160%, 12/01/26		90,000		90,342
3.200%, 04/01/22		19,095		19,951
3.210%, 05/01/23		165,000		171,418
3.240%, 12/01/26		85,200		86,298
3.340%, 04/01/24		85,000		88,566
3.355%, 01/01/27		1,359,027		1,400,375
3.450%, 01/01/24		34,783		36,495
3.470%, 01/01/24		34,379		36,120
3.650%, 08/01/23		1,854,148		1,975,696
3.670%, 08/01/23		83,121		88,682
3.700%, 10/01/23		25,000		26,646
3.760%, 03/01/24		30,000		32,101
3.780%, 10/01/23		2,202,074		2,365,755
3.810%, 11/01/23		635,749		682,469
3.855%, 12/01/25		45,000		48,026
3.860%, 11/01/23		25,000		26,941
3.870%, 10/01/25		78,128		83,502
3.890%, 05/01/30		103,911		110,357
3.930%, 10/01/23		110,000		120,281
3.960%, 05/01/34		44,358		47,636
3.970%, 05/01/29		30,000		32,091
4.060%, 10/01/28		67,641		73,924
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae-ACES (CMO) 2.478%, 01/25/22 (d) (e)		1,701,127		178,630
3.329%, 10/25/23 (d)		505,000		526,100
Freddie Mac 15 Yr. Gold Pool 3.000%, 07/01/28		1,021,493		1,059,328
3.000%, 08/01/29		714,187		742,271
3.000%, TBA (c)		200,000		207,050
3.500%, TBA (c)		1,500,000		1,580,544
4.000%, TBA (c)		2,000,000		2,095,859
Freddie Mac 20 Yr. Gold Pool 3.500%, 08/01/34		1,503,871		1,571,064
Freddie Mac 30 Yr. Gold Pool 3.000%, 03/01/43		527,342		525,769
3.000%, 04/01/43		2,794,894		2,786,248
3.000%, 08/01/43		1,250,245		1,246,665
3.000%, TBA (c)		1,000,000		994,023
3.500%, 04/01/42		342,324		353,636
3.500%, 08/01/42		277,325		286,660
3.500%, 09/01/42		160,040		165,182
3.500%, 11/01/42		311,526		321,206
3.500%, 04/01/43		1,013,153		1,045,995
3.500%, 12/01/43		978,809		1,010,320
3.500%, TBA (c)		7,900,000		8,127,125
4.000%, 05/01/42		1,536,154		1,628,864
4.000%, 08/01/42		372,769		395,865
4.000%, 09/01/42		589,031		625,527
4.000%, 07/01/44		161,781		171,372
4.000%, TBA (c)		5,975,000		6,318,679
4.500%, 09/01/43		285,594		309,087
4.500%, 11/01/43		2,827,779		3,055,219
4.500%, TBA (c)		800,000		863,888
5.500%, 07/01/33		259,648		292,614
5.500%, 04/01/39		121,403		135,854
5.500%, 06/01/41		458,253		512,698
Freddie Mac ARM Non-Gold Pool
3.013%, 02/01/41 (d)		271,007		289,990
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
1.632%, 06/25/22 (d) (e)		1,927,102		160,620
1.681%, 12/25/18 (d) (e)		3,171,906		146,828
1.866%, 03/25/22 (d) (e)		1,480,930		137,747
1.906%, 05/25/19 (d) (e)		2,483,315		144,988
Freddie Mac REMICS (CMO)
4.500%, 03/15/41		277,336		315,546
FREMF Mortgage Trust (CMO)
3.079%, 10/25/47 (144A) (d)		770,000		775,461
Ginnie Mae (CMO)
0.929%, 02/16/53 (d) (e)		3,069,608		208,426
Ginnie Mae I 30 Yr. Pool
3.000%, TBA (c)		3,900,000		3,936,563
3.500%, TBA (c)		1,300,000		1,348,649
4.000%, 09/15/42		1,739,387		1,853,000
4.000%, TBA (c)		2,400,000		2,550,500
4.500%, 04/15/41		1,504,106		1,634,669
4.500%, 02/15/42		3,022,189		3,286,913

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
5.000%, 12/15/38		100,487	$	111,348
5.000%, 04/15/39		2,189,054		2,428,378
5.000%, 07/15/39		205,182		227,491
5.000%, 12/15/40		290,560		322,330
5.500%, 12/15/40		961,267		1,085,695
9.000%, 11/15/19		5,034		5,059
Ginnie Mae II 30 Yr. Pool
3.500%, TBA (c)		7,700,000		7,991,458
4.000%, TBA (c)		9,800,000		10,385,513
5.000%, 10/20/39		51,623		57,494
Government National Mortgage Association (CMO)
4.000%, 05/16/42 (e)		174,113		29,242
5.000%, 10/16/41 (e)		782,622		143,011
				251,036,914
U.S. Treasury—1.7%
U.S. Treasury Bonds
2.750%, 08/15/42 (f)		350,000		325,637
3.000%, 11/15/44 (f)		595,000		582,031
U.S. Treasury Floating Rate Notes
0.085%, 07/31/16 (d) (f)		5,000,000		5,001,165
U.S. Treasury Inflation Indexed Notes
0.250%, 01/15/25 (g)		17,185,386		16,856,441
U.S. Treasury Notes
0.625%, 12/31/16 (f)		250,000		250,527
				23,015,801
Total U.S. Treasury & Government Agencies (Cost $273,201,799)				274,052,715
Corporate Bonds & Notes—13.3%
Aerospace/Defense—0.0%
Triumph Group, Inc.
5.250%, 06/01/22		160,000		158,000
Agriculture—0.1%
BAT International Finance plc
2.750%, 06/15/20 (144A)		490,000		492,780
Reynolds American, Inc.
3.250%, 06/12/20		1,355,000		1,372,482
				1,865,262
Apparel—0.0%
William Carter Co. (The)
5.250%, 08/15/21		400,000		410,000
Auto Manufacturers—0.5%
Daimler Finance North America LLC
1.650%, 03/02/18 (144A)		1,600,000		1,593,134
Ford Motor Credit Co. LLC
1.461%, 03/27/17		1,560,000		1,553,025
2.240%, 06/15/18		535,000		535,362
Auto Manufacturers—(Continued)
Ford Motor Credit Co. LLC
4.207%, 04/15/16		125,000		127,842
4.250%, 02/03/17		400,000		415,751
General Motors Financial Co., Inc.
2.400%, 04/10/18		575,000		576,430
3.500%, 07/10/19		1,080,000		1,102,861
4.750%, 08/15/17		1,215,000		1,282,207
				7,186,612
Banks—4.1%
ABN AMRO Bank NV
2.450%, 06/04/20 (144A)		850,000		845,044
Banco Bilbao Vizcaya Argentaria S.A.
7.000%, 02/19/19 (EUR) (d)		1,000,000		1,116,243
9.000%, 05/09/18 (b) (d)		800,000		860,000
Banco do Brasil S.A
6.250%, 04/15/24 (d)		270,000		190,013
Banco Santander S.A.
6.250%, 03/12/19 (EUR) (d)		1,500,000		1,638,829
Bank of America Corp.
3.950%, 04/21/25		350,000		337,116
4.000%, 04/01/24		795,000		808,972
4.000%, 01/22/25		2,150,000		2,094,732
4.125%, 01/22/24		500,000		512,434
4.200%, 08/26/24		30,000		29,928
6.050%, 05/16/16		700,000		726,877
7.750%, 05/14/38		825,000		1,098,476
Barclays Bank plc
6.050%, 12/04/17 (144A)		2,325,000		2,529,691
8.000%, 12/15/20 (EUR) (d)		550,000		649,957
Barclays plc
8.250%, 12/15/18 (b) (d)		600,000		633,576
BPCE S.A.
4.000%, 04/15/24 (b)		375,000		378,577
5.150%, 07/21/24 (144A)		2,150,000		2,184,318
Capital One Financial Corp.
6.150%, 09/01/16		1,575,000		1,662,390
Capital One N.A.
1.650%, 02/05/18		925,000		917,907
CIT Group, Inc.
5.500%, 02/15/19 (144A)		540,000		562,950
Citigroup, Inc.
2.500%, 09/26/18		250,000		252,816
4.300%, 11/20/26		1,725,000		1,686,743
4.400%, 06/10/25		600,000		597,764
4.450%, 01/10/17		269,000		281,040
5.500%, 09/13/25		1,900,000		2,053,514
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
5.500%, 06/29/20 (EUR) (d)		200,000		224,642
Credit Agricole S.A.
4.375%, 03/17/25 (144A)		500,000		478,960
6.500%, 06/23/21 (EUR) (d)		450,000		504,191
6.625%, 09/23/19 (144A) (b) (d)		270,000		263,520
8.125%, 09/19/33 (144A) (d)		225,000		247,500

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Credit Suisse AG
5.750%, 09/18/25 (EUR) (d)		280,000	$	346,427
Credit Suisse Group AG
6.250%, 12/18/24 (144A) (d)		465,000		445,819
Credit Suisse Group Guernsey I, Ltd.
7.875%, 02/24/41 (d)		250,000		261,388
Deutsche Bank AG
4.500%, 04/01/25		1,015,000		966,291
Export-Import Bank of India
2.750%, 08/12/20		290,000		283,490
Goldman Sachs Group, Inc. (The)
2.600%, 04/23/20		1,850,000		1,840,730
3.625%, 02/07/16		331,000		336,362
5.150%, 05/22/45		640,000		617,426
5.625%, 01/15/17		300,000		317,675
6.250%, 02/01/41		430,000		508,925
6.750%, 10/01/37		1,375,000		1,612,803
HSBC Holdings plc
5.250%, 09/16/22 (EUR) (d)		225,000		250,553
5.250%, 03/14/44		280,000		290,436
5.625%, 01/17/20 (d)		675,000		675,844
6.800%, 06/01/38		625,000		776,029
ING Groep NV
6.000%, 04/16/20 (b) (d)		330,000		325,669
6.500%, 04/16/25 (d)		225,000		216,984
JPMorgan Chase & Co.
2.200%, 10/22/19		525,000		520,374
2.600%, 01/15/16		520,000		524,126
2.750%, 06/23/20		1,500,000		1,501,599
5.600%, 07/15/41		125,000		141,720
5.625%, 08/16/43		220,000		234,621
6.000%, 01/15/18		725,000		798,585
KBC Groep NV
5.625%, 03/19/19 (EUR) (d)		190,000		207,320
LBI HF
6.100%, 08/25/11 (144A) (h)		320,000		36,000
Lloyds Banking Group plc
6.375%, 06/27/20 (EUR) (b) (d)		780,000		895,670
7.000%, 06/27/19 (GBP) (d)		280,000		441,338
Morgan Stanley
2.500%, 01/24/19		455,000		459,220
3.950%, 04/23/27		465,000		438,443
4.300%, 01/27/45		750,000		700,798
4.350%, 09/08/26		520,000		509,538
5.000%, 11/24/25		707,000		740,129
5.550%, 04/27/17		1,350,000		1,446,780
6.250%, 08/28/17		1,000,000		1,095,962
Royal Bank of Scotland Group plc
5.125%, 05/28/24		535,000		534,349
6.125%, 12/15/22		560,000		602,998
Societe Generale S.A.
6.750%, 04/07/21 (EUR) (d)		255,000		283,221
8.250%, 11/29/18 (b) (d)		1,210,000		1,268,745
Standard Chartered plc
6.500%, 04/02/20 (144A) (b) (d)		680,000		685,866
Banks—(Continued)
SunTrust Banks, Inc.
3.500%, 01/20/17		945,000	$	973,156
UBS AG
7.625%, 08/17/22		250,000		293,000
UBS Group AG
5.750%, 02/19/22 (EUR) (d)		250,000		282,196
UniCredit S.p.A.
8.000%, 06/03/24 (b) (d)		230,000		225,400
Wells Fargo & Co.
3.000%, 02/19/25		535,000		512,390
4.100%, 06/03/26		1,385,000		1,390,838
4.650%, 11/04/44		275,000		263,585
5.606%, 01/15/44		490,000		538,162
				54,987,700
Biotechnology—0.1%
Celgene Corp.
4.625%, 05/15/44		715,000		682,272
Building Materials—0.2%
Building Materials Corp. of America
5.375%, 11/15/24 (144A)		145,000		142,368
6.750%, 05/01/21 (144A)		270,000		281,475
Cemex S.A.B. de C.V.
4.375%, 03/05/23 (144A) (EUR)		205,000		219,688
4.750%, 01/11/22 (EUR)		195,000		218,037
CRH America, Inc.
5.125%, 05/18/45 (144A)		500,000		494,432
Norbord, Inc.
6.250%, 04/15/23 (144A)		220,000		222,750
USG Corp.
5.500%, 03/01/25 (144A)		10,000		9,963
West China Cement, Ltd.
6.500%, 09/11/19		280,000		281,936
				1,870,649
Chemicals—0.2%
CF Industries, Inc.
4.950%, 06/01/43		500,000		467,838
5.150%, 03/15/34		1,060,000		1,046,967
Eagle Spinco, Inc.
4.625%, 02/15/21		225,000		218,250
NOVA Chemicals Corp.
5.000%, 05/01/25 (144A)		315,000		316,181
				2,049,236
Coal—0.0%
Peabody Energy Corp.
6.000%, 11/15/18 (b)		20,000		9,600
6.500%, 09/15/20 (b)		360,000		122,400
				132,000
Commercial Services—0.1%
ADT Corp. (The)
6.250%, 10/15/21 (b)		470,000		493,500

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Cardtronics, Inc.
5.125%, 08/01/22 (144A)		220,000	$	215,050
Sotheby’s
5.250%, 10/01/22 (144A)		345,000		338,100
United Rentals North America, Inc.
4.625%, 07/15/23		105,000		102,963
5.500%, 07/15/25		135,000		130,444
				1,280,057
Computers—0.1%
Apple, Inc.
3.450%, 02/09/45		1,370,000		1,161,108
NCR Corp.
4.625%, 02/15/21		240,000		240,600
				1,401,708
Diversified Financial Services—0.3%
Aircastle, Ltd.
5.500%, 02/15/22		50,000		51,032
General Electric Capital Corp.
5.300%, 02/11/21		1,225,000		1,377,429
5.875%, 01/14/38		50,000		59,801
6.250%, 12/15/22 (d)		600,000		656,250
6.875%, 01/10/39		120,000		161,121
Intercorp Peru, Ltd.
5.875%, 02/12/25 (144A)		280,000		280,952
International Lease Finance Corp.
5.875%, 04/01/19		810,000		863,622
Navient Corp.
5.500%, 01/15/19		520,000		530,202
7.250%, 01/25/22		290,000		305,950
				4,286,359
Electric—0.4%
AES Corp.
5.500%, 03/15/24		325,000		312,813
Berkshire Hathaway Energy Co.
6.500%, 09/15/37		1,121,000		1,375,242
DPL, Inc.
7.250%, 10/15/21		275,000		290,125
Duke Energy Carolinas LLC
4.250%, 12/15/41		435,000		427,966
Duke Energy Progress, Inc.
4.375%, 03/30/44		565,000		568,314
Empresa Electrica Angamos S.A.
4.875%, 05/25/29 (144A)		830,000		816,263
Eskom Holdings SOC, Ltd.
5.750%, 01/26/21 (144A)		390,000		382,200
Exelon Corp.
2.850%, 06/15/20		565,000		568,279
NRG Energy, Inc.
6.250%, 07/15/22		200,000		203,000
				4,944,202
Electrical Components & Equipment—0.0%
EnerSys
5.000%, 04/30/23 (144A)		215,000		212,648
Environmental Control—0.0%
Clean Harbors, Inc.
5.250%, 08/01/20		210,000		213,150
Food—0.3%
HJ Heinz Co.
2.000%, 07/02/18 (144A)		2,400,000		2,399,242
2.800%, 07/02/20 (144A)		675,000		675,525
Marfrig Holding Europe B.V.
6.875%, 06/24/19		540,000		514,350
				3,589,117
Forest Products & Paper—0.0%
Cascades, Inc.
5.500%, 07/15/22 (144A)		70,000		67,725
5.750%, 07/15/23 (144A)		120,000		116,100
Clearwater Paper Corp.
5.375%, 02/01/25 (144A)		220,000		215,600
				399,425
Gas—0.0%
Southern Star Central Corp.
5.125%, 07/15/22 (144A)		25,000		25,375
Healthcare-Products—0.2%
Hologic, Inc.
5.250%, 07/15/22 (144A)		60,000		61,275
Medtronic, Inc.
2.500%, 03/15/20 (144A)		855,000		856,428
3.150%, 03/15/22 (144A)		505,000		507,262
4.375%, 03/15/35 (144A)		725,000		719,436
4.625%, 03/15/45 (144A)		375,000		379,631
Zimmer Biomet Holdings Inc.
1.450%, 04/01/17		555,000		555,187
				3,079,219
Healthcare-Services—0.4%
Anthem, Inc.
2.300%, 07/15/18		822,000		826,890
3.500%, 08/15/24		900,000		864,475
4.625%, 05/15/42		400,000		365,623
CHS/Community Health Systems, Inc.
5.125%, 08/01/21		250,000		254,688
HCA, Inc.
6.500%, 02/15/20		810,000		905,175
Laboratory Corp. of America Holdings
3.200%, 02/01/22		350,000		345,063
Roche Holdings, Inc.
3.350%, 09/30/24 (144A)		830,000		837,935
Tenet Healthcare Corp.
6.000%, 10/01/20		460,000		490,475

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
UnitedHealth Group, Inc.
1.400%, 10/15/17		625,000	$	625,698
WellCare Health Plans, Inc.
5.750%, 11/15/20		110,000		114,400
				5,630,422
Holding Companies-Diversified—0.2%
Hutchison Whampoa Europe Finance, Ltd.
3.750%, 05/10/18 (EUR) (d)		450,000		509,208
Hutchison Whampoa International, Ltd.
2.000%, 11/08/17 (144A)		1,475,000		1,482,596
				1,991,804
Home Builders—0.1%
Lennar Corp.
4.500%, 06/15/19		215,000		219,300
Meritage Homes Corp.
6.000%, 06/01/25 (144A)		220,000		221,100
Ryland Group, Inc. (The)
5.375%, 10/01/22		240,000		242,400
				682,800
Insurance—0.3%
CNO Financial Group, Inc.
4.500%, 05/30/20		10,000		10,150
5.250%, 05/30/25		50,000		50,810
Marsh & McLennan Cos., Inc.
2.550%, 10/15/18		525,000		534,437
3.500%, 03/10/25		370,000		365,452
Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/39 (144A)		325,000		487,122
Nationwide Mutual Insurance Co.
9.375%, 08/15/39 (144A)		910,000		1,362,018
Teachers Insurance & Annuity Association of America
6.850%, 12/16/39 (144A)		574,000		718,736
				3,528,725
Internet—0.0%
Alibaba Group Holding, Ltd.
3.600%, 11/28/24 (b)		285,000		274,805
Iron/Steel—0.1%
ArcelorMittal
6.000%, 08/05/20		465,000		485,925
Glencore Funding LLC
1.700%, 05/27/16 (144A)		625,000		625,702
Steel Dynamics, Inc.
5.125%, 10/01/21		95,000		95,190
5.500%, 10/01/24		105,000		105,000
United States Steel Corp.
6.875%, 04/01/21 (b)		25,000		25,000
7.375%, 04/01/20 (b)		45,000		47,025
				1,383,842
Machinery-Construction & Mining—0.0% Oshkosh Corp.
5.375%, 03/01/25		120,000		120,000
Machinery-Diversified—0.0%
Case New Holland Industrial, Inc.
7.875%, 12/01/17		335,000		366,825
CNH Industrial Capital LLC
3.375%, 07/15/19		15,000		14,550
				381,375
Media—1.0%
21st Century Fox America, Inc.
6.150%, 03/01/37		825,000		953,943
CCO Holdings LLC / CCO Holdings Capital Corp.
5.125%, 02/15/23		10,000		9,750
5.250%, 09/30/22		330,000		325,050
5.750%, 09/01/23 (b)		60,000		60,113
Comcast Corp.
3.375%, 08/15/25 (b)		1,190,000		1,174,300
4.750%, 03/01/44		740,000		751,207
Cox Communications, Inc.
3.850%, 02/01/25 (144A)		520,000		499,745
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
5.150%, 03/15/42		439,000		413,012
DISH DBS Corp.
7.875%, 09/01/19		490,000		543,410
Liberty Interactive LLC
8.250%, 02/01/30 (b)		385,000		404,250
NBCUniversal Media LLC
5.150%, 04/30/20		601,000		674,960
Sky plc
2.625%, 09/16/19 (144A)		810,000		804,516
TEGNA Inc.
5.125%, 10/15/19		550,000		566,500
TEGNA, Inc.
4.875%, 09/15/21 (144A)		225,000		223,312
Time Warner Cable, Inc.
4.500%, 09/15/42 (b)		325,000		265,103
5.000%, 02/01/20		585,000		631,574
7.300%, 07/01/38		500,000		563,354
8.250%, 04/01/19		626,000		736,235
8.750%, 02/14/19		759,000		901,428
Time Warner, Inc.
3.600%, 07/15/25		350,000		340,438
4.850%, 07/15/45		275,000		266,783
6.500%, 11/15/36		535,000		628,367
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH
5.500%, 01/15/23 (144A)		450,000		458,719
Videotron, Ltd.
5.375%, 06/15/24 (144A)		425,000		425,000
				12,621,069

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—0.1%
FMG Resources Pty, Ltd.
6.875%, 04/01/22 (144A) (b)		270,000	$	189,337
Freeport-McMoRan, Inc.
4.000%, 11/14/21		560,000		549,906
5.450%, 03/15/43		175,000		146,100
Southern Copper Corp.
5.250%, 11/08/42		215,000		186,586
5.875%, 04/23/45		375,000		356,700
				1,428,629
Oil & Gas—1.0%
Anadarko Petroleum Corp.
6.375%, 09/15/17		900,000		987,664
Antero Resources Corp.
5.625%, 06/01/23 (144A)		100,000		96,625
BP Capital Markets plc
3.062%, 03/17/22		125,000		124,674
Cenovus Energy, Inc.
5.200%, 09/15/43		455,000		429,717
CNPC General Capital, Ltd.
1.450%, 04/16/16 (144A)		1,300,000		1,301,950
Concho Resources, Inc.
6.500%, 01/15/22		65,000		67,762
ConocoPhillips Co.
1.500%, 05/15/18		685,000		684,502
3.350%, 11/15/24		525,000		519,513
3.350%, 05/15/25 (b)		325,000		321,452
Continental Resources, Inc.
5.000%, 09/15/22		235,000		230,448
Ecopetrol S.A.
5.875%, 05/28/45		585,000		516,262
Encana Corp.
6.500%, 05/15/19 (b)		800,000		908,239
Harvest Operations Corp.
6.875%, 10/01/17		210,000		193,725
Hess Corp.
5.600%, 02/15/41		190,000		194,603
Kerr-McGee Corp.
6.950%, 07/01/24		585,000		705,283
Lukoil International Finance B.V.
3.416%, 04/24/18 (144A)		950,000		911,050
Marathon Oil Corp.
2.700%, 06/01/20		555,000		550,543
MEG Energy Corp.
7.000%, 03/31/24 (144A)		136,000		130,390
Nexen Energy ULC
5.875%, 03/10/35		70,000		77,344
6.400%, 05/15/37		370,000		443,323
Petrobras Global Finance B.V.
5.375%, 10/01/29 (GBP) (b)		290,000		368,759
6.750%, 01/27/41		595,000		521,059
Petroleos Mexicanos
3.500%, 07/23/20 (144A)		355,000		358,898
5.500%, 06/27/44		625,000		575,000
7.470%, 11/12/26 (MXN)		12,500,000		753,778
Oil & Gas—(Continued)
QEP Resources, Inc.
5.375%, 10/01/22		5,000		4,829
6.800%, 03/01/20		15,000		15,469
SM Energy Co.
6.125%, 11/15/22 (144A)		55,000		56,523
Statoil ASA
3.700%, 03/01/24		90,000		93,021
3.950%, 05/15/43		525,000		487,781
Tesoro Corp.
5.125%, 04/01/24 (b)		150,000		150,750
WPX Energy, Inc.
5.250%, 09/15/24		70,000		64,487
6.000%, 01/15/22		55,000		54,313
Zhaikmunai LLP
7.125%, 11/13/19 (b)		280,000		264,950
				13,164,686
Packaging & Containers—0.0%
Graphic Packaging International, Inc.
4.875%, 11/15/22		220,000		221,100
Pharmaceuticals—0.7%
AbbVie, Inc.
1.800%, 05/14/18		950,000		947,208
2.500%, 05/14/20		295,000		291,973
4.500%, 05/14/35		515,000		503,826
Actavis Funding SCS
2.350%, 03/12/18		2,375,000		2,387,538
3.000%, 03/12/20		1,220,000		1,222,767
3.800%, 03/15/25		1,420,000		1,394,897
Cardinal Health, Inc.
1.950%, 06/15/18		265,000		265,446
3.500%, 11/15/24		1,075,000		1,057,130
EMD Finance LLC
2.950%, 03/19/22 (144A)		705,000		690,044
Perrigo Co. plc
1.300%, 11/08/16		335,000		333,582
Quintiles Transnational Corp.
4.875%, 05/15/23 (144A)		85,000		85,425
				9,179,836
Pipelines—0.5%
Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp.
6.250%, 04/01/23 (144A) (b)		100,000		104,000
DCP Midstream LLC
5.350%, 03/15/20 (144A)		25,000		25,700
9.750%, 03/15/19 (144A)		30,000		34,813
DCP Midstream Operating L.P.
4.950%, 04/01/22		51,000		50,295
5.600%, 04/01/44		50,000		44,595
Energy Transfer Equity L.P.
7.500%, 10/15/20		390,000		439,725
Energy Transfer Partners L.P.
4.150%, 10/01/20		1,757,000		1,805,774

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Kinder Morgan Energy Partners L.P.
5.500%, 03/01/44		675,000	$	624,838
Kinder Morgan, Inc.
3.050%, 12/01/19		390,000		389,568
5.050%, 02/15/46		620,000		537,610
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp.
4.875%, 12/01/24		105,000		102,637
4.875%, 06/01/25		100,000		97,750
Sunoco Logistics Partners Operations L.P.
4.250%, 04/01/24		345,000		335,008
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp.
5.500%, 10/15/19 (144A)		130,000		134,875
6.250%, 10/15/22 (144A)		200,000		207,000
Williams Partners L.P.
3.600%, 03/15/22		1,325,000		1,286,505
4.300%, 03/04/24		695,000		683,545
				6,904,238
Real Estate—0.1%
Agile Property Holdings, Ltd.
8.875%, 04/28/17		200,000		202,000
Prologis L.P.
3.350%, 02/01/21		1,280,000		1,307,490
				1,509,490
Real Estate Investment Trusts—0.6%
American Tower Corp.
3.400%, 02/15/19		785,000		803,305
4.500%, 01/15/18		425,000		449,729
Brandywine Operating Partnership L.P.
3.950%, 02/15/23		875,000		868,088
Duke Realty L.P.
3.625%, 04/15/23		550,000		543,679
3.750%, 12/01/24		240,000		238,462
Equinix, Inc.
4.875%, 04/01/20		190,000		191,900
HCP, Inc.
4.000%, 06/01/25		1,100,000		1,076,903
Health Care REIT, Inc.
4.500%, 01/15/24		1,250,000		1,297,841
Kimco Realty Corp.
3.125%, 06/01/23		850,000		813,854
Liberty Property L.P.
4.125%, 06/15/22		525,000		534,552
Ventas Realty L.P. / Ventas Capital Corp.
2.700%, 04/01/20		570,000		568,312
				7,386,625
Retail—0.1%
CVS Health Corp.
5.300%, 12/05/43		102,000		111,148
Family Tree Escrow LLC
5.750%, 03/01/23 (144A)		120,000		125,400
Retail—(Continued)
Group 1 Automotive, Inc.
5.000%, 06/01/22		205,000		203,975
Home Depot, Inc. (The)
2.625%, 06/01/22		500,000		491,756
4.250%, 04/01/46		520,000		504,936
Sally Holdings LLC / Sally Capital, Inc.
5.750%, 06/01/22		45,000		46,913
				1,484,128
Savings & Loans—0.1%
Nationwide Building Society
6.875%, 06/20/19 (GBP) (d)		730,000		1,132,675
Semiconductors—0.2%
NXP B.V. / NXP Funding LLC
4.625%, 06/15/22 (144A)		200,000		197,250
QUALCOMM, Inc.
3.450%, 05/20/25		850,000		828,310
Sensata Technologies B.V.
5.000%, 10/01/25 (144A)		115,000		111,981
5.625%, 11/01/24 (144A)		20,000		20,700
TSMC Global, Ltd.
1.625%, 04/03/18 (144A)		1,400,000		1,383,982
				2,542,223
Software—0.2%
Activision Blizzard, Inc.
5.625%, 09/15/21 (144A)		420,000		439,950
Audatex North America, Inc.
6.000%, 06/15/21 (144A)		270,000		277,425
6.125%, 11/01/23 (144A)		60,000		61,650
MSCI, Inc.
5.250%, 11/15/24 (144A)		75,000		75,938
Open Text Corp.
5.625%, 01/15/23 (144A)		80,000		79,200
Oracle Corp.
2.500%, 05/15/22		1,525,000		1,480,787
				2,414,950
Telecommunications—0.8%
America Movil S.A.B. de C.V.
7.125%, 12/09/24 (MXN)		7,880,000		486,211
AT&T, Inc.
3.000%, 06/30/22		700,000		675,895
4.500%, 05/15/35		195,000		179,261
4.750%, 05/15/46		560,000		509,585
Bharti Airtel, Ltd.
4.375%, 06/10/25 (144A)		285,000		280,786
CommScope, Inc.
4.375%, 06/15/20 (144A)		135,000		136,350
Digicel Group, Ltd.
7.125%, 04/01/22		530,000		503,341
GTP Acquisition Partners I LLC
3.482%, 06/16/25 (144A)		1,355,000		1,335,827

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Inmarsat Finance plc
4.875%, 05/15/22 (144A)		130,000	$	125,450
SoftBank Corp.
4.500%, 04/15/20 (144A)		380,000		381,425
Sprint Communications, Inc.
7.000%, 03/01/20 (144A)		540,000		587,358
Sprint Corp.
7.125%, 06/15/24		200,000		185,520
T-Mobile USA, Inc.
6.464%, 04/28/19		440,000		453,200
6.731%, 04/28/22 (b)		400,000		417,000
Verizon Communications, Inc.
2.625%, 02/21/20		252,000		251,433
3.000%, 11/01/21		675,000		665,919
4.400%, 11/01/34		535,000		495,281
4.672%, 03/15/55 (144A)		2,378,000		2,068,751
4.862%, 08/21/46		525,000		491,356
5.012%, 08/21/54		523,000		479,898
6.550%, 09/15/43		266,000		311,155
				11,021,002
Transportation—0.1%
Kansas City Southern de Mexico S.A. de C.V.
3.000%, 05/15/23		1,200,000		1,152,542
Ryder System, Inc.
2.550%, 06/01/19		365,000		365,638
				1,518,180
Trucking & Leasing—0.1%
Penske Truck Leasing Co. L.P. / PTL Finance Corp.
4.875%, 07/11/22 (144A)		1,425,000		1,505,820
Total Corporate Bonds & Notes (Cost $182,228,559)				176,801,415
Asset-Backed Securities—7.0%
Asset-Backed - Automobile—0.9%
American Credit Acceptance Receivables Trust
1.140%, 03/12/18 (144A)		87,731		87,711
AmeriCredit Automobile Receivables Trust
1.520%, 01/08/19		185,000		185,536
1.690%, 11/08/18		325,000		326,748
1.930%, 08/08/18		415,000		417,410
2.290%, 11/08/19		100,000		101,188
2.720%, 09/09/19		620,000		633,350
3.310%, 10/08/19		245,000		251,401
Credit Acceptance Auto Loan Trust
1.210%, 10/15/20 (144A)		260,841		261,142
1.500%, 04/15/21 (144A)		330,000		331,187
1.550%, 10/15/21 (144A)		690,000		690,164
1.880%, 03/15/22 (144A)		1,280,000		1,284,209
DT Auto Owner Trust
4.940%, 07/16/18 (144A)		231,638		232,573
Asset-Backed - Automobile—(Continued)
First Investors Auto Owner Trust
1.490%, 01/15/20 (144A)		395,000		395,566
1.670%, 11/16/20 (144A)		1,055,000		1,054,207
1.810%, 10/15/18 (144A)		195,000		195,746
2.390%, 11/16/20 (144A)		285,000		285,253
Flagship Credit Auto Trust
1.210%, 04/15/19 (144A)		238,065		237,759
GM Financial Automobile Leasing Trust
1.960%, 03/20/18 (144A)		200,000		201,195
Prestige Auto Receivables Trust
1.090%, 02/15/18 (144A)		60,475		60,502
1.330%, 05/15/19 (144A)		330,000		330,854
Santander Drive Auto Receivables Trust
2.360%, 04/15/20		785,000		790,354
3.120%, 10/15/19 (144A)		300,000		306,234
3.250%, 01/15/20		510,000		521,977
3.780%, 10/15/19 (144A)		195,000		202,786
4.670%, 01/15/20 (144A)		1,085,000		1,118,971
Westlake Automobile Receivables Trust
1.580%, 04/15/20 (144A)		1,335,000		1,337,795
				11,841,818
Asset-Backed - Home Equity—0.3%
GSAA Home Equity Trust
0.257%, 12/25/46 (d)		425,747		249,930
0.285%, 03/25/37 (d)		914,250		488,257
0.417%, 04/25/47 (d)		304,280		200,981
0.427%, 11/25/36 (d)		392,554		239,949
0.487%, 03/25/36 (d)		1,818,991		1,293,050
5.876%, 09/25/36		183,894		105,311
5.985%, 06/25/36 (d)		709,661		408,697
Morgan Stanley ABS Capital I, Inc. Trust
0.337%, 06/25/36 (d)		99,567		90,586
Renaissance Home Equity Loan Trust
5.909%, 04/25/37		685,874		387,617
Soundview Home Loan Trust
0.437%, 11/25/36 (d)		595,000		410,549
				3,874,927
Asset-Backed - Other—5.8%
AMMC CLO, Ltd.
1.727%, 07/27/26 (144A) (d)		1,340,000		1,339,461
Apidos CDO
1.725%, 01/19/25 (144A) (d)		895,000		892,711
1.774%, 04/17/26 (144A) (d)		1,595,000		1,594,244
2.125%, 07/15/23 (144A) (d)		465,000		463,350
Apidos CLO
1.766%, 01/16/27 (144A) (d)		480,000		480,664
Ares CLO, Ltd.
1.125%, 04/20/23 (144A) (d)		1,218,751		1,210,533
1.795%, 04/17/26 (144A) (d)		1,475,000		1,475,161
Atlas Senior Loan Fund, Ltd.
1.815%, 10/15/26 (144A) (d)		1,190,000		1,189,013
1.826%, 07/16/26 (144A) (d)		615,000		615,550
Atrium VII
2.026%, 11/16/22 (144A) (d)		550,000		549,874

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Avalon Capital, Ltd.
2.124%, 04/17/23 (144A) (d)		585,000	$	582,442
Avery Point CLO, Ltd.
1.797%, 04/25/26 (144A) (d)		1,460,000		1,460,831
Babson CLO, Ltd.
1.765%, 07/20/25 (144A) (d)		340,000		339,961
Battalion CLO, Ltd.
1.675%, 10/22/25 (144A) (d)		615,000		613,008
Benefit Street Partners CLO II, Ltd.
1.475%, 07/15/24 (144A) (d)		320,000		315,070
Carlyle Global Market Strategies
1.744%, 04/27/27 (144A) (d)		1,425,000		1,425,090
Carlyle Global Market Strategies CLO, Ltd.
1.665%, 01/20/25 (144A) (d)		1,935,000		1,930,987
Cent CLO, Ltd.
1.578%, 01/30/25 (144A) (d)		1,135,000		1,129,217
1.756%, 11/07/26 (144A) (d)		760,000		760,099
1.767%, 04/17/26 (144A) (d)		1,345,000		1,364,484
1.767%, 07/27/26 (144A) (d)		940,000		939,846
2.327%, 04/17/26 (144A) (d)		530,000		529,798
CIFC Funding, Ltd.
1.762%, 05/24/26 (144A) (d)		1,580,000		1,579,788
1.775%, 04/18/25 (144A) (d)		1,585,000		1,585,621
2.375%, 08/14/24 (144A) (d)		985,000		985,128
Consumer Credit Origination Loan Trust
2.820%, 03/15/21 (144A)		335,650		337,635
Dryden Senior Loan Fund
1.569%, 11/15/23 (144A) (d)		980,000		976,926
1.697%, 07/15/27 (144A) (d)		1,215,000		1,214,622
1.755%, 07/15/26 (144A) (d)		1,605,000		1,602,678
Finance America Mortgage Loan Trust
1.237%, 09/25/33 (d)		120,031		110,484
Flatiron CLO, Ltd.
2.174%, 07/17/26 (144A) (d)		330,000		329,285
Ford Credit Floorplan Master Owner Trust
1.400%, 02/15/19		230,000		230,740
2.860%, 01/15/19		139,000		142,070
3.500%, 01/15/19		265,000		273,381
Fremont Home Loan Trust
1.237%, 12/25/33 (d)		108,350		103,290
GMACM Home Equity Loan Trust
0.425%, 10/25/34 (144A) (d)		153,229		140,856
Gramercy Park CLO, Ltd.
1.574%, 07/17/23 (144A) (d)		1,345,000		1,345,009
GT Loan Financing I, Ltd.
1.549%, 10/28/24 (144A) (d)		680,000		675,264
Highbridge Loan Management, Ltd.
1.271%, 05/05/27 (144A) (d)		895,000		892,627
HLSS Servicer Advance Receivables Backed Notes
1.793%, 05/15/46 (144A)		2,210,000		2,198,950
1.979%, 08/15/46 (144A)		385,000		384,615
HLSS Servicer Advance Receivables Trust
1.990%, 10/15/45 (144A)		440,000		439,560
ING Investment Management CLO, Ltd.
1.476%, 03/14/22 (144A) (d)		1,373,997		1,374,208
2.136%, 03/14/22 (144A) (d)		500,000		499,919
Asset-Backed - Other—(Continued)
KKR Financial CLO, Ltd.
1.425%, 07/15/25 (144A) (d)		565,000		555,691
Knollwood CDO, Ltd.
3.474%, 01/10/39 (144A) (d)		567,714		6
Lehman XS Trust
0.447%, 11/25/35 (d)		276,248		195,176
Limerock CLO, Ltd.
1.775%, 04/18/26 (144A) (d)		1,590,000		1,590,108
Madison Park Funding, Ltd.
1.775%, 07/20/26 (144A) (d)		1,485,000		1,485,460
Magnetite, Ltd.
1.697%, 07/25/26 (144A) (d)		1,255,000		1,252,313
1.755%, 04/15/26 (144A) (d)		970,000		970,195
1.817%, 04/15/27 (144A) (d)		955,000		955,490
2.227%, 07/25/26 (144A) (d)		1,010,000		1,009,334
Neuberger Berman CLO, Ltd.
1.745%, 04/15/26 (144A) (d)		1,170,000		1,169,898
1.749%, 08/04/25 (144A) (d)		1,230,000		1,226,301
Newcastle Mortgage Securities Trust
0.417%, 04/25/37 (d)		525,000		355,361
Oak Hill Credit Partners X, Ltd.
1.745%, 07/20/26 (144A) (d)		455,000		455,000
Oaktree EIF II, Ltd.
1.908%, 02/15/26 (144A) (d)		1,345,000		1,344,956
OCP CLO, Ltd.
1.804%, 04/17/27 (144A) (d)		1,230,000		1,229,567
Octagon Investment Partners XVI, Ltd.
1.394%, 07/17/25 (144A) (d)		720,000		711,452
OHA Loan Funding, Ltd.
1.552%, 08/23/24 (144A) (d)		695,000		690,339
1.769%, 02/15/27 (144A) (d)		1,575,000		1,574,334
OZLM Funding, Ltd.
1.426%, 07/22/25 (144A) (d)		1,205,000		1,190,354
OZLM XII, Ltd.
1.736%, 04/30/27 (144A) (d)		1,360,000		1,355,377
Race Point CLO, Ltd
1.768%, 04/15/27 (144A) (d)		1,610,000		1,609,411
SBA Tower Trust
2.898%, 10/15/44 (144A)		845,000		849,231
Securitized Asset-Backed Receivables LLC Trust
0.277%, 07/25/36 (d)		594,263		295,538
Seneca Park CLO, Ltd.
1.754%, 07/17/26 (144A) (d)		1,095,000		1,094,973
Shackleton CLO, Ltd.
1.754%, 07/17/26 (144A) (d)		1,105,000		1,077,720
Sound Point CLO, Ltd.
1.645%, 01/21/26 (144A) (d)		1,415,000		1,402,157
1.792%, 04/15/27 (144A) (d)		1,315,000		1,311,254
SpringCastle America Funding LLC
2.700%, 05/25/23 (144A)		1,028,807		1,035,175
Springleaf Funding Trust
2.410%, 12/15/22 (144A)		1,140,000		1,141,425
Symphony CLO L.P.
2.002%, 01/09/23 (144A) (d)		1,280,000		1,279,715
Symphony CLO, Ltd.
1.544%, 07/23/23 (144A) (d)		1,420,000		1,418,499
1.750%, 07/14/26 (144A) (d)		1,295,000		1,295,342

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Treman Park CLO LLC
1.761%, 04/20/27 (144A) (d)		1,350,000	$	1,350,645
Vibrant CLO, Ltd.
1.754%, 07/17/24 (144A) (d)		1,920,000		1,913,996
2.674%, 07/17/24 (144A) (d)		500,000		500,026
Voya CLO, Ltd.
1.755%, 04/18/27 (144A) (d)		1,265,000		1,264,899
2.375%, 04/18/27 (144A) (d)		440,000		439,755
				77,220,523
Total Asset-Backed Securities (Cost $93,387,283)				92,937,268
Mortgage-Backed Securities—6.5%
Collateralized Mortgage Obligations—1.7%
Adjustable Rate Mortgage Trust
0.445%, 01/25/36 (d)		84,723		70,933
0.457%, 11/25/35 (d)		530,022		483,365
0.687%, 01/25/36 (d)		362,501		313,598
Banc of America Funding Trust
0.417%, 02/20/47 (d)		1,828,911		1,586,613
Bear Stearns Adjustable Rate Mortgage Trust
2.821%, 07/25/36 (d)		837,950		714,141
Bear Stearns ALT-A Trust
0.667%, 02/25/36 (d)		1,309,220		1,075,456
0.687%, 01/25/36 (d)		164,478		135,278
Bear Stearns Mortgage Funding Trust
0.367%, 10/25/36 (d)		541,051		431,353
0.387%, 02/25/37 (d)		1,100,145		830,182
CHL Mortgage Pass-Through Trust
2.481%, 03/20/36 (d)		122,467		106,998
Countrywide Alternative Loan Trust
0.457%, 01/25/36 (d)		355,635		316,356
0.507%, 11/25/35 (d)		241,730		197,695
0.587%, 10/25/36 (d)		62,799		45,235
0.987%, 12/25/35 (d)		334,933		274,579
5.500%, 11/25/35		1,497,102		1,417,242
5.500%, 12/25/35		157,309		137,646
5.750%, 05/25/36		98,769		87,329
6.000%, 12/25/36		250,991		195,467
Countrywide Home Loan Mortgage Pass-Through Trust
0.387%, 04/25/46 (d)		490,139		395,387
0.527%, 02/25/35 (d)		253,597		228,383
0.527%, 03/25/35 (d)		287,666		236,943
2.476%, 06/20/35 (d)		41,555		39,692
2.554%, 09/25/47 (d)		1,044,566		930,256
5.750%, 08/25/37		230,396		218,282
Deutsche ALT-A Securities Mortgage Loan Trust
0.337%, 12/25/36 (d)		598,590		509,668
DSLA Mortgage Loan Trust
1.066%, 03/19/46 (d)		172,423		129,647
Fannie Mae Connecticut Avenue Securities
2.787%, 05/25/24 (d)		100,000		91,238
3.087%, 07/25/24 (d)		415,000		384,039
Collateralized Mortgage Obligations—(Continued)
Fannie Mae Connecticut Avenue Securities
3.187%, 07/25/24 (d)		580,000		538,452
5.087%, 11/25/24 (d)		250,000		257,918
GSR Mortgage Loan Trust
0.687%, 11/25/35 (d)		833,508		597,426
2.701%, 01/25/36 (d)		1,278,052		1,153,181
6.000%, 07/25/37		602,643		542,120
HarborView Mortgage Loan Trust
0.888%, 01/19/35 (d)		125,988		86,842
IndyMac INDX Mortgage Loan Trust
0.387%, 10/25/36 (d)		206,545		176,189
0.427%, 07/25/35 (d)		92,597		80,420
2.699%, 10/25/35 (d)		127,419		109,579
JPMorgan Mortgage Trust
2.771%, 05/25/36 (d)		70,742		62,729
Lehman XS Trust
0.377%, 11/25/46 (d)		1,156,520		927,974
0.427%, 06/25/47 (d)		1,115,173		748,068
1.037%, 09/25/47 (d)		137,258		112,373
Luminent Mortgage Trust
0.387%, 10/25/46 (d)		183,272		156,542
0.447%, 11/25/35 (d)		99,387		89,499
MASTR Adjustable Rate Mortgages Trust
0.427%, 05/25/37 (d)		268,741		178,179
2.109%, 09/25/33 (d)		187,161		187,696
Morgan Stanley Mortgage Loan Trust
2.653%, 05/25/36 (d)		590,334		429,424
Nomura Asset Acceptance Corp. Alternative Loan Trust
3.593%, 06/25/36 (d)		95,083		72,810
Residential Accredit Loans, Inc. Trust
0.407%, 02/25/46 (d)		513,712		239,565
0.487%, 04/25/36 (d)		809,903		580,292
0.958%, 09/25/46 (d)		741,388		499,312
1.390%, 11/25/37 (d)		254,198		162,465
6.000%, 12/25/35		544,168		485,891
RFMSI Trust
2.784%, 08/25/35 (d)		157,286		123,775
Structured Adjustable Rate Mortgage Loan Trust
0.487%, 09/25/34 (d)		116,971		103,848
WaMu Mortgage Pass-Through Certificates Trust
0.607%, 06/25/44 (d)		109,334		101,221
0.966%, 12/25/46 (d)		154,137		123,013
1.138%, 07/25/46 (d)		131,128		111,935
2.187%, 11/25/46 (d)		122,565		110,340
Wells Fargo Alternative Loan Trust
2.572%, 12/28/37 (d)		42,419		36,453
Wells Fargo Mortgage-Backed Securities Trust
2.525%, 10/25/36 (d)		836,166		778,980
2.686%, 10/25/35 (d)		1,541,000		1,481,174
				23,028,686
Commercial Mortgage-Backed Securities—4.8%
Banc of America Commercial Mortgage Trust
5.492%, 02/10/51		627,172		662,162

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
BB-UBS Trust
3.430%, 11/05/36 (144A)		2,520,000	$	2,506,999
Bear Stearns Commercial Mortgage Securities Trust
4.871%, 09/11/42		26,303		26,282
5.256%, 10/12/42 (d)		512,439		513,098
5.331%, 02/11/44		165,033		173,600
5.405%, 12/11/40 (d)		826,635		831,385
5.449%, 12/11/40 (d)		170,000		172,558
5.694%, 06/11/50 (d)		930,170		991,562
5.766%, 04/12/38 (d)		110,000		113,125
5.896%, 06/11/40 (d)		75,000		79,574
CD Commercial Mortgage Trust
5.322%, 12/11/49		1,645,000		1,713,995
CD Mortgage Trust
5.480%, 01/15/46 (d)		717,919		723,170
6.327%, 11/15/44 (d)		80,000		86,889
Citigroup Commercial Mortgage Trust
1.294%, 07/10/47 (d) (e)		4,647,916		345,456
1.316%, 04/10/48 (d) (e)		5,071,952		408,794
4.023%, 03/10/47		655,000		694,231
4.563%, 03/10/47 (144A) (d)		130,000		102,122
6.349%, 12/10/49 (d)		440,000		475,949
COBALT CMBS Commercial Mortgage Trust
5.254%, 08/15/48		140,000		143,586
Commercial Mortgage Pass-Through Certificates
1.030%, 02/10/47 (d) (e)		3,913,140		176,764
3.424%, 03/10/31 (144A)		1,065,000		1,077,309
3.961%, 03/10/47		30,000		31,680
4.376%, 07/10/45 (d)		680,134		739,350
4.727%, 10/15/45 (144A) (d)		165,000		144,404
4.750%, 10/15/45 (144A) (d)		220,000		194,907
6.239%, 12/10/49 (d)		1,800,627		1,907,361
Commercial Mortgage Pass-Through Trust
2.103%, 10/15/45 (d) (e)		461,166		44,221
Credit Suisse Commercial Mortgage Trust
5.890%, 06/15/39 (d)		235,503		248,233
6.168%, 02/15/41 (d)		305,000		330,003
Credit Suisse First Boston Mortgage Securities Corp.
4.771%, 07/15/37		47,101		47,084
CSAIL Commercial Mortgage Trust
1.055%, 06/15/57 (d) (e)		13,508,373		838,897
FREMF Mortgage Trust
5.405%, 09/25/43 (144A) (d)		855,000		950,410
GE Commercial Mortgage Trust
5.606%, 12/10/49 (d)		185,000		193,016
GMAC Commercial Mortgage Securities, Inc.
5.238%, 11/10/45 (d)		320,823		322,502
Greenwich Capital Commercial Mortgage Trust
5.736%, 12/10/49		1,655,000		1,756,409
GS Mortgage Securities Corp. II
2.954%, 11/05/34 (144A)		1,200,000		1,183,530
GS Mortgage Securities Corp. Trust
3.633%, 06/05/31 (144A)		130,000		133,661
Collateralized Mortgage Obligations—(Continued)
GS Mortgage Securities Trust
0.344%, 07/10/46 (d) (e)		12,941,049		131,248
1.821%, 08/10/44 (144A) (d) (e)		1,638,314		84,365
3.582%, 06/10/47 (144A)		195,000		140,055
3.674%, 04/10/47 (144A)		235,000		165,214
3.680%, 04/10/47		635,000		665,228
3.862%, 06/10/47		1,015,000		1,061,034
3.998%, 04/10/47		520,000		550,104
5.029%, 04/10/47 (144A) (d)		585,000		540,593
Hilton USA Trust
2.662%, 11/05/30 (144A)		1,055,000		1,048,323
2.934%, 11/05/30 (144A) (d)		251,294		251,294
JPMBB Commercial Mortgage Securities Trust
1.031%, 09/15/47 (d) (e)		4,819,356		231,315
3.775%, 08/15/47		520,000		539,219
3.997%, 04/15/47		570,000		602,148
4.199%, 01/15/47		1,280,000		1,380,443
JPMorgan Chase Commercial Mortgage Securities Corp.
2.840%, 12/15/47		890,059		887,230
4.569%, 12/15/47 (144A) (d)		245,000		217,086
JPMorgan Chase Commercial Mortgage Securities Trust
1.689%, 02/12/51 (d)		1,689,523		1,664,403
2.733%, 10/15/45 (144A) (d)		400,000		263,892
3.905%, 05/05/30 (144A)		903,654		937,591
4.821%, 10/15/45 (144A) (d)		180,000		173,671
5.336%, 05/15/47		1,437,830		1,501,194
5.399%, 05/15/45		610,809		629,802
5.421%, 01/12/43 (d)		619,749		620,655
5.659%, 12/12/44 (d)		650,000		658,876
5.716%, 02/15/51		272,288		290,539
5.885%, 02/12/49 (d)		1,321,521		1,402,263
6.068%, 02/12/51		724,753		783,387
6.100%, 04/15/45 (d)		677,867		693,305
LB-UBS Commercial Mortgage Trust
5.858%, 07/15/40 (d)		1,837,461		1,935,342
5.866%, 09/15/45 (d)		426,276		461,201
6.321%, 04/15/41 (d)		452,466		491,482
Merrill Lynch Mortgage Trust
5.137%, 07/12/38 (d)		260,058		260,070
ML-CFC Commercial Mortgage Trust
5.378%, 08/12/48		1,583,565		1,650,550
5.419%, 08/12/48		340,000		356,254
5.700%, 09/12/49		1,630,000		1,736,493
Morgan Stanley Bank of America Merrill Lynch Trust
1.315%, 12/15/47 (d) (e)		2,971,054		210,651
3.134%, 12/15/48		155,000		155,827
4.064%, 02/15/47		1,295,000		1,373,902
4.500%, 08/15/45 (144A)		250,000		190,723
Morgan Stanley Capital I Trust
3.469%, 08/11/29 (144A)		795,000		819,713
5.355%, 07/15/49 (144A) (d)		265,000		235,983
5.362%, 11/14/42 (d)		189,298		189,367
5.553%, 10/12/52 (144A) (d)		135,000		135,641

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Morgan Stanley Capital I Trust
5.569%, 12/15/44		1,080,000	$	1,146,033
5.692%, 04/15/49 (d)		2,185,000		2,310,734
5.809%, 12/12/49		625,651		671,448
5.845%, 10/15/42 (d)		106,026		106,784
6.460%, 01/11/43 (144A) (d)		175,000		181,412
Morgan Stanley Re-REMIC Trust
5.989%, 08/12/45 (144A) (d)		205,753		217,868
5.989%, 08/15/45 (144A) (d)		1,066,965		1,129,787
UBS-Barclays Commercial Mortgage Trust
3.185%, 03/10/46		735,000		741,891
4.227%, 03/10/46 (144A) (d)		155,000		126,553
VNDO Mortgage Trust
2.996%, 11/15/30 (144A)		1,105,000		1,094,480
Wachovia Bank Commercial Mortgage Trust
5.418%, 01/15/45 (d)		45,336		45,579
5.703%, 03/15/42 (144A) (d)		325,000		324,261
Wells Fargo Commercial Mortgage Trust
1.351%, 05/15/48 (d) (e)		3,970,056		318,375
2.918%, 10/15/45		255,000		256,535
3.817%, 08/15/50		520,000		542,323
4.243%, 05/15/48 (d)		125,000		108,167
WF-RBS Commercial Mortgage Trust
1.614%, 03/15/47 (d) (e)		2,464,345		195,558
2.870%, 11/15/45		400,000		399,789
2.917%, 08/15/47		375,233		387,389
3.016%, 11/15/47 (144A)		550,000		373,630
3.678%, 08/15/47		780,000		805,821
3.995%, 05/15/47		565,000		599,692
4.045%, 03/15/47		1,000,000		1,068,621
4.101%, 03/15/47		510,000		547,093
4.495%, 03/15/48 (144A) (d)		55,000		51,867
4.902%, 06/15/44 (144A) (d)		650,000		727,506
5.000%, 06/15/44 (144A) (d)		105,000		98,152
5.000%, 04/15/45 (144A) (d)		130,000		103,221
5.747%, 04/15/45 (144A) (d)		255,000		262,473
				64,344,996
Total Mortgage-Backed Securities (Cost $87,404,431)				87,373,682
Floating Rate Loans (i)—2.4%
Aerospace/Defense—0.0%
Transdigm, Inc.
Term Loan E, 3.500%, 05/14/22		399,048		394,880
Agriculture—0.0%
American Rock Salt Holdings LLC
1st Lien Term Loan, 4.750%, 05/20/21		287,100		287,638
Incremental Term Loan, 4.750%, 05/20/21		124,685		124,296
				411,934
Auto Components—0.1%
Roundy’s Supermarkets, Inc.
Term Loan B, 5.750%, 03/03/21		149,845		145,505
Auto Components—(Continued)
Sedgwick Claims Management Services, Inc.
1st Lien Term Loan, 3.750%, 03/01/21		801,339		790,521
2nd Lien Term Loan, 6.750%, 02/28/22		205,000		201,583
				1,137,609
Auto Manufacturers—0.1%
Chrysler Group LLC
Term Loan B, 3.250%, 12/31/18		878,875		878,106
Chemicals—0.2%
Chemours Co. (The)
Term Loan B, 3.750%, 05/22/22		210,000		209,563
Ineos U.S. Finance LLC
Term Loan, 3.750%, 05/04/18		1,291,417		1,288,673
Nexeo Solutions LLC
Term Loan B3, 5.000%, 09/08/17		763,375		754,151
Univar, Inc.
Term Loan, 0.000%, 06/30/22 (j)		155,000		154,855
				2,407,242
Coal—0.0%
Arch Coal, Inc.
Term Loan B, 6.250%, 05/16/18		320,062		221,643
Commercial Services—0.0%
Acosta Holdco, Inc.
Term Loan, 4.250%, 09/26/21		184,075		183,883
Moneygram International, Inc.
Term Loan B, 4.250%, 03/27/20		103,901		98,836
ON Assignment, Inc.
Term Loan, 3.750%, 05/19/22		135,758		136,125
				418,844
Diversified Financial Services—0.0%
Delos Finance S.a.r.l.
Term Loan B, 3.500%, 03/06/21		335,000		335,239
Diversified Telecommunication Services—0.0%
Level 3 Financing, Inc.
Term Loan B2, 3.500%, 05/31/22		565,000		561,645
Electric—0.1%
Calpine Construction Finance Co. L.P.
Term Loan B2, 3.250%, 01/31/22		1,600,574		1,581,068
Energy Future Intermediate Holding Co. LLC
Term Loan, 4.250%, 06/19/16		100,000		100,250
Texas Competitive Electric Holdings Co. LLC
Term Loan, 3.750%, 05/05/16		141,089		141,707
				1,823,025
Energy Equipment & Services—0.0%
Chief Exploration & Development LLC
2nd Lien Term Loan, 7.500%, 05/12/21		105,000		99,635

See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Energy Equipment & Services—(Continued)
Seadrill Partners Finco LLC
Term Loan B, 4.000%, 02/21/21		679,650	$	516,291
				615,926
Food—0.1%
Albertson’s LLC
Term Loan B4, 5.500%, 08/25/21		224,438		225,853
Aramark Services, Inc.
Term Loan F, 3.250%, 02/24/21		489,800		488,390
JBS USA Holdings, Inc.
Incremental Term Loan, 3.750%, 09/18/20		573,030		573,918
				1,288,161
Healthcare-Products—0.1%
Mallinckrodt International Finance S.A.
Term Loan B, 3.250%, 03/19/21		770,250		768,023
Healthcare-Services—0.2%
Community Health Systems, Inc.
Term Loan H, 4.000%, 01/27/21		140,000		140,359
IMS Health, Inc.
Term Loan, 3.500%, 03/17/21		948,000		943,112
Medpace Holdings, Inc.
1st Lien Term Loan, 4.750%, 04/01/21		240,755		241,808
MPH Acquisition Holdings LLC
Term Loan, 3.750%, 03/31/21		210,227		209,472
Ortho-Clinical Diagnostics, Inc.
Term Loan B, 4.750%, 06/30/21		237,600		233,277
U.S. Renal Care, Inc.
Term Loan, 4.250%, 07/03/19		374,286		374,403
				2,142,431
Hotels, Restaurants & Leisure—0.0%
Aristocrat Leisure Ltd.
Term Loan B, 4.750%, 10/20/21		219,808		221,075
Household Products—0.1%
Revlon Consumer Products Corp.
Term Loan B, 3.250%, 11/20/17		932,917		933,306
Insurance—0.1%
Asurion LLC
2nd Lien Term Loan, 8.500%, 03/03/21		285,000		290,059
Term Loan B1, 5.000%, 05/24/19		224,781		225,453
Term Loan B2, 4.250%, 07/08/20		295,477		294,870
Hub International, Ltd.
Term Loan B, 4.000%, 10/02/20		344,384		342,411
				1,152,793
Internet & Catalog Retail—0.0%
Lands’ End, Inc.
Term Loan B, 4.250%, 04/04/21		212,113		203,275
Internet Software & Services—0.0%
Dealertrack Technologies, Inc.
Term Loan B, 3.500%, 02/28/21		539,022		538,766
Leisure Time—0.1%
Delta 2 (LUX) S.a.r.l.
2nd Lien Term Loan, 7.750%, 07/31/22		165,000		165,258
Term Loan B3, 4.750%, 07/30/21		500,000		497,578
				662,836
Lodging—0.1%
La Quinta Intermediate Holdings LLC
Term Loan B, 4.000%, 04/14/21		525,427		525,837
Station Casinos LLC
Term Loan B, 4.250%, 03/02/20		297,580		297,792
				823,629
Machinery-Diversified—0.1%
Alliance Laundry Systems LLC
Term Loan, 4.250%, 12/10/18		147,846		148,401
Gardner Denver, Inc.
Term Loan, 4.250%, 07/30/20		566,353		554,177
Interline Brands, Inc.
Term Loan, 4.000%, 03/17/21		765,312		764,834
PRA Holdings, Inc.
1st Lien Term Loan, 4.500%, 09/23/20		255,893		256,692
				1,724,104
Media—0.0%
Advantage Sales & Marketing, Inc.
1st Lien Term Loan, 4.250%, 07/23/21		203,787		203,113
Numericable U.S. LLC
Term Loan B1, 4.500%, 05/21/20		93,358		93,719
Term Loan B2, 4.500%, 05/21/20		80,767		81,079
				377,911
Oil & Gas—0.1%
Fieldwood Energy LLC
1st Lien Term Loan, 3.875%, 09/28/18		502,335		479,353
Paragon Offshore Finance Co.
Term Loan B, 3.750%, 07/18/21		99,250		76,588
Templar Energy LLC
2nd Lien Term Loan, 8.500%, 11/25/20		100,000		75,100
				631,041
Packaging & Containers—0.1%
Berry Plastics Holding Corp.
Term Loan D, 3.500%, 02/08/20		295,466		294,432
BWAY Holding Co., Inc.
Term Loan B, 5.500%, 08/14/20		168,300		169,378
Caesars Growth Properties Holdings LLC
Term Loan, 6.250%, 05/08/21		212,850		182,519
Signode Industrial Group U.S., Inc.
Term Loan B, 3.750%, 05/01/21		291,889		291,478
				937,807

See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—0.1%
Endo Luxembourg Finance Co. I S.a.r.l.
Term Loan B, 0.000%, 06/11/22 (j)		325,000	$	326,219
Grifols Worldwide Operations USA, Inc.
Term Loan B, 3.187%, 02/27/21		641,875		642,710
Valeant Pharmaceuticals International, Inc.
Term Loan B F1, 4.000%, 04/01/22		408,975		409,254
				1,378,183
Pipelines—0.0%
Energy Transfer Equity L.P.
Term Loan, 3.250%, 12/02/19		325,000		323,274
Professional Services—0.0%
TransUnion LLC
Term Loan B2, 3.750%, 04/09/21		433,864		430,881
Retail—0.2%
Bass Pro Group LLC
Term Loan, 4.000%, 06/05/20		104,738		104,956
Dollar Tree, Inc.
Term Loan B1, 3.500%, 03/09/22		116,962		117,157
J Crew Group, Inc.
Term Loan B, 4.000%, 03/05/21		318,889		276,437
Michaels Stores, Inc.
Incremental Term Loan B2, 4.000%, 01/28/20		124,063		124,502
Neiman Marcus Group, Inc. (The)
Term Loan, 4.250%, 10/25/20		636,938		634,151
Party City Holdings, Inc.
Term Loan, 4.000%, 07/27/19		620,550		620,598
PetSmart, Inc.
Term Loan B, 4.250%, 03/11/22		475,000		475,081
				2,352,882
Semiconductors—0.1%
Avago Technologies Cayman, Ltd.
Term Loan B, 3.750%, 05/06/21		189,424		189,962
Entegris, Inc.
Term Loan B, 3.500%, 04/30/21		355,623		354,956
Freescale Semiconductor, Inc.
Term Loan B4, 4.250%, 02/28/20		344,750		345,531
				890,449
Software—0.2%
First Data Corp.
Term Loan, 0.000%, 06/23/22 (j)		820,000		817,565
Infor (U.S.), Inc.
Term Loan B5, 3.750%, 06/03/20		338,048		334,034
Kronos, Inc.
2nd Lien Term Loan, 9.750%, 04/30/20		154,879		159,622
Incremental Term Loan, 4.500%, 10/30/19		405,378		406,138
SS&C Technologies, Inc.
Term Loan B1, 0.000%, 06/23/22 (j)		230,000		230,431
Term Loan B2, 0.000%, 06/23/22 (j)		50,000		50,094
				1,997,884
Specialty Retail—0.0%
Staples, Inc.
Term Loan B, 0.000%, 04/07/21 (j)		210,000		210,014
Telecommunications—0.2%
Altice Financing S.A.
Term Loan, 5.250%, 02/04/22		175,000		176,750
West Corp.
Term Loan B10, 3.250%, 06/30/18		263,650		263,265
XO Communications LLC
Term Loan, 4.250%, 03/17/21		370,313		370,405
Ziggo Financing Partnership
Term Loan B1, 3.500%, 01/15/22		536,191		530,864
Term Loan B2A, 3.500%, 01/15/22		345,532		342,098
Term Loan B3, 3.500%, 01/15/22		568,277		562,630
				2,246,012
Trading Companies & Distributors—0.0%
Neff Rental LLC
2nd Lien Term Loan, 7.250%, 06/09/21		104,130		103,545
Total Floating Rate Loans (Cost $31,946,702)				31,544,375
Foreign Government—1.7%
Sovereign—1.7%
Bonos de Desarrollo del Gobierno Federal
3.000%, 05/28/20 (MXN) (d)		32,441,900		2,042,116
3.040%, 12/29/16 (MXN) (d)		18,940,000		1,203,284
Bonos de la Tesoreria de la Republica
3.000%, 01/01/40 (CLP) (g)		324,778,480		611,380
Brazil Letras do Tesouro Nacional
13.220%, 01/01/16 (BRL)		1,714,000		514,887
Brazil Notas do Tesouro Nacional
6.000%, 08/15/16 (BRL) (g)		3,275,000		2,771,007
Brazilian Government International Bonds
4.875%, 01/22/21		725,000		757,625
5.000%, 01/27/45 (b)		300,000		259,500
5.625%, 01/07/41		725,000		692,375
Colombian TES
3.000%, 03/25/33 (COP) (g)		1,241,685,998		409,244
3.500%, 03/10/21 (COP) (g)		931,653,707		354,311
Costa Rica Government International Bond
9.200%, 03/27/19 (144A) (CRC)		143,450,000		274,424
Dominican Republic International Bond
5.500%, 01/27/25 (144A)		545,000		546,363
Indonesia Treasury Bonds
7.875%, 04/15/19 (IDR)		7,477,000,000		555,909
8.375%, 03/15/24 (IDR)		12,760,000,000		957,452
Mexican Udibonos
4.000%, 11/15/40 (MXN) (g)		11,713,906		801,026
Mexico Government International Bonds
3.000%, 03/06/45 (EUR)		330,000		319,742
4.750%, 03/08/44		824,000		782,800
5.625%, 03/19/14 (GBP)		300,000		452,049

See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Montenegro Government International Bond
3.875%, 03/18/20 (144A) (EUR)		665,000	$	683,973
Nigeria Government Bond
12.149%, 07/18/34 (NGN)		85,195,000		353,577
Poland Government Bond
Zero Coupon, 07/25/17 (PLN)		3,245,000		829,024
Provinca De Buenos Aire
9.950%, 06/09/21		255,000		249,263
Romania Government Bond
5.850%, 04/26/23 (RON)		1,370,000		381,757
Russian Federal Bond - OFZ
7.500%, 02/27/19 (RUB)		26,840,000		437,485
South Africa Government Bonds
7.750%, 02/28/23 (ZAR)		12,285,000		987,162
8.000%, 01/31/30 (ZAR)		7,270,000		563,836
8.500%, 01/31/37 (ZAR)		16,565,000		1,306,540
Turkey Government International Bond
4.875%, 04/16/43		595,000		541,426
Uruguay Government International Bonds
3.700%, 06/26/37 (UYU) (g)		17,095,274		533,635
4.250%, 04/05/27 (UYU) (g)		24,558,198		866,386
4.375%, 12/15/28 (UYU) (g)		5,567,855		197,868
Total Foreign Government (Cost $23,623,424)				22,237,426
Municipals—0.5%
Chicago Transit Authority Transfer Tax Receipts Revenue
6.899%, 12/01/40		805,000		927,266
Puerto Rico Commonwealth Government Employees Retirement System
6.150%, 07/01/38		1,860,000		730,180
6.200%, 07/01/39		825,000		323,862
6.550%, 07/01/58		315,000		123,641
State of California General Obligation Unlimited, Build America Bonds
7.350%, 11/01/39		1,525,000		2,140,841
7.600%, 11/01/40		350,000		511,413
State of Illinois
5.665%, 03/01/18		300,000		320,982
State of Illinois, Build America Bonds
5.100%, 06/01/33		330,000		307,543
University of California CA, Revenue
4.601%, 05/15/31		1,775,000		1,878,873
Total Municipals (Cost $7,641,888)				7,264,601
Purchased Options—0.0%
Security Description	Shares/ Principal/ Notional Amount*		Value
Currency Options—0.0%
BRL Call/USD Put, Strike Price BRL 2.415, Expires 09/28/15 (Counterparty - JPMorgan Chase Bank N.A.) (BRL) (k)		3,490,000	$	22
EUR Call/USD Put, Strike Price EUR 1.124, Expires 07/08/15 (Counterparty - Bank of America N.A.) (EUR) (k)		505,000		3,434
EUR Call/USD Put, Strike Price EUR 1.1276, Expires 07/15/15 (Counterparty - Goldman Sachs International) (EUR) (k)		100,000		721
HKD Call/USD Put, Strike Price HKD 7.754, Expires 03/01/16 (Counterparty - Goldman Sachs International) (HKD) (k)		11,595,000		4,310
RUB Call/USD Put, Strike Price RUB 36.97, Expires 09/02/15 (Counterparty - JPMorgan Chase Bank N.A.) (RUB) (k)		50,000,000		7
Total Purchased Options (Cost $41,970)				8,494
Short-Term Investments—6.8%
Commercial Paper—1.0%
Canadian Imperial Bank of Commerce
0.120%, 07/02/15		4,200,000		4,200,000
Credit Agricole S.A.
0.070%, 07/02/15		4,200,000		4,200,000
Sumitomo Mitsui Banking Corp.
0.150%, 07/02/15		4,700,000		4,700,000
				13,100,000
Mutual Fund—3.6%
State Street Navigator Securities Lending MET Portfolio (l)		47,595,934		47,595,934
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $12,177,177 on 07/01/15, collateralized by $12,240,000 U.S. Treasury Note at 1.750% due 09/30/19 with a value of $12,423,600.		12,177,177		12,177,177
U.S. Treasury—1.3%
U.S. Treasury Bills
0.005%, 07/23/15 (m)		6,976,700		6,976,679
0.010%, 08/13/15 (b) (m)		7,513,800		7,513,710
0.010%, 08/20/15 (m)		2,486,200		2,486,166
				16,976,555
Total Short-Term Investments (Cost $89,849,666)				89,849,666
Total Investments—115.9% (Cost $1,469,464,961) (n)				1,542,820,337
Other assets and liabilities (net)—(15.9)%				(212,116,780	)
Net Assets—100.0%			$	1,330,703,557

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $55,785,699 and the collateral received consisted of cash in the amount of $47,595,934 and non-cash collateral with a value of $9,067,852. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(d) Variable or floating rate security. The stated rate represents the rate at June 30, 2015. Maturity date shown for callable securities reflects the earliest possible call date.

(e) Interest only security.

(f) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2015, the market value of securities pledged was $1,529,458.

(g) Principal amount of security is adjusted for inflation.

(h) Non-income producing; security is in default and/or issuer is in bankruptcy.

(i) Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(j) This loan will settle after June 30, 2015, at which time the interest rate will be determined.

(k) Illiquid security. As of June 30, 2015, these securities represent 0.0% of net assets.

(l) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(m) The rate shown represents current yield to maturity.

(n) As of June 30, 2015, the aggregate cost of investments was $1,469,464,961. The aggregate unrealized appreciation and depreciation of investments were $106,648,056 and $(33,292,680), respectively, resulting in net unrealized appreciation of $73,355,376.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2015, the market value of 144A securities was $144,586,879, which is 10.9% of net assets.

(ACES)— Alternative Credit Enhancement Securities.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(ARM)— Adjustable-Rate Mortgage

(BRL)— Brazilian Real

(CDO)— Collateralized Debt Obligation

(CLO)— Collateralized Loan Obligation

(CLP)— Chilean Peso

(CMO)— Collateralized Mortgage Obligation

(COP)— Colombian Peso

(CRC)— Costa Rican Colon

(EUR)— Euro

(GBP)— British Pound

(HKD)— Hong Kong Dollar

(IDR)— Indonesian Rupiah

(MXN)— Mexican Peso

(NGN)— Nigerian Naira

(PLN)— Polish Zloty

(REMIC)— Real Estate Mortgage Investment Conduit

(RON)— New Romanian Leu

(RUB)— Russian Ruble

(UYU)— Uruguayan Peso

(ZAR)— South African Rand

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		3.000	%		TBA	$	(3,500,000	)	$	(3,610,469	)	$	(3,626,027	)
Fannie Mae 15 Yr. Pool		3.500	%		TBA		(3,600,000	)		(3,787,969	)		(3,796,706	)
Fannie Mae 15 Yr. Pool		4.500	%		TBA		(3,500,000	)		(3,643,281	)		(3,646,419	)
Fannie Mae 30 Yr. Pool		5.500	%		TBA		(100,000	)		(112,906	)		(112,313	)
Freddie Mac 30 Yr. Gold Pool		5.000	%		TBA		(700,000	)		(774,266	)		(770,766	)
Freddie Mac 30 Yr. Gold Pool		5.500	%		TBA		(200,000	)		(225,375	)		(224,141	)
Ginnie Mae II 30 Yr. Pool		3.000	%		TBA		(8,300,000	)		(8,332,063	)		(8,378,461	)
Ginnie Mae II 30 Yr. Pool		4.500	%		TBA		(1,700,000	)		(1,825,375	)		(1,833,078	)
Totals									$	(22,311,704	)	$	(22,387,911	)

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	1,775,000	UBS AG		07/02/15	$	567,455	$	3,450
EUR	80,000	State Street Bank and Trust		07/31/15		89,562		(341	)
EUR	4,000	JPMorgan Chase Bank N.A.		09/16/15		4,502		(38	)
EUR	200,000	Commonwealth Bank of Australia		09/18/15		224,744		(1,531	)
INR	17,860,000	Citibank N.A.		09/16/15		274,647		1,691
KES	21,915,000	JPMorgan Chase Bank N.A.		07/13/15		223,508		(3,307	)
KES	55,165,000	Standard Chartered Bank		07/13/15		562,908		(8,612	)
MXN	15,927,000	Deutsche Bank AG		09/17/15		1,032,344		(24,464	)
MYR	1,050,000	Deutsche Bank AG		09/17/15		277,081		(403	)
MYR	1,060,000	HSBC Bank USA		09/17/15		281,003		(1,690	)
MYR	1,590,000	JPMorgan Chase Bank N.A.		09/17/15		421,304		(2,334	)
NGN	153,497,000	BNP Paribas S.A.		10/08/15		845,714		(97,821	)
RSD	49,000,000	Citibank N.A.		09/18/15		493,802		(44,184	)
RUB	12,630,000	JPMorgan Chase Bank N.A.		07/17/15		230,685		(3,098	)
TRY	750,000	Goldman Sachs International		07/20/15		270,900		7,407
TRY	2,205,000	Barclays Bank plc		09/16/15		793,788		11,221
UYU	4,461,000	HSBC Bank USA		09/16/15		163,707		(2,076	)
UYU	4,694,000	HSBC Bank USA		09/16/15		171,941		(1,869	)
UYU	4,695,000	HSBC Bank USA		09/16/15		170,603		(494	)
ZAR	15,070,000	HSBC Bank USA		09/16/15		1,200,156		22,280
Contracts to Deliver
BRL	1,775,000	State Street Bank and Trust		07/02/15	$	555,356	$	(15,549	)
BRL	1,775,000	UBS AG		07/02/15		572,101		1,196
CLP	162,900,000	Standard Chartered Bank		09/16/15		258,235		5,208
CLP	162,900,000	State Street Bank and Trust		09/16/15		255,919		2,892
COP	403,353,000	Standard Chartered Bank		09/16/15		158,271		4,718
COP	201,647,000	Standard Chartered Bank		09/16/15		77,639		873
CZK	13,160,000	Citibank N.A.		09/16/15		544,319		5,745
EUR	5,868,000	Citibank N.A.		07/31/15		6,581,185		36,795
EUR	415,000	Citibank N.A.		09/18/15		536,782		73,614
EUR	1,005,000	Bank Of America N.A.		03/15/17		1,080,446		(60,794	)
GBP	1,017,000	HSBC Bank USA		07/31/15		1,598,400		752
GBP	580,000	Bank Of America N.A.		09/16/15		895,965		(14,862	)
GHS	919,000	Deutsche Bank AG		09/18/15		200,655		266
GHS	752,000	JPMorgan Chase Bank N.A.		09/18/15		163,834		(140	)
HKD	5,800,000	Goldman Sachs International		03/03/16		747,982		(231	)
IDR	9,303,365,000	Goldman Sachs International		09/16/15		681,316		(5,077	)
IDR	3,791,388,000	JPMorgan Chase Bank N.A.		09/16/15		277,412		(2,313	)
IDR	3,812,000,000	Barclays Bank plc		05/18/16		264,080		(2,852	)
IDR	3,727,000,000	JPMorgan Chase Bank N.A.		05/18/16		257,478		(3,502	)
INR	17,860,000	Barclays Bank plc		09/16/15		274,094		(2,243	)
MXN	8,140,000	HSBC Bank USA		09/17/15		527,294		12,185
MXN	36,679,000	Royal Bank of Canada		09/17/15		2,340,580		19,488
MXN	15,895,000	Royal Bank of Canada		09/17/15		1,025,021		19,166
NGN	77,000,000	Citibank N.A.		10/08/15		364,066		(11,105	)
RUB	12,630,000	JPMorgan Chase Bank N.A.		07/17/15		226,060		(1,527	)
TRY	750,000	Goldman Sachs International		07/20/15		267,563		(10,745	)
UYU	13,850,000	HSBC Bank USA		09/16/15		501,721		(91	)
ZAR	38,546,000	Citibank N.A.		09/16/15		3,067,118		(59,626	)
Net Unrealized Depreciation							$	(153,972	)

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index Futures		09/18/15		51			USD	5,298,337		$	(59,618	)
U.S. Treasury Long Bond Futures		09/21/15		42			USD	6,431,165			(95,727	)
U.S. Treasury Note 2 Year Futures		09/30/15		146			USD	31,870,164			94,711
U.S. Treasury Note 5 Year Futures		09/30/15		565			USD	67,355,189			25,475
U.S. Treasury Ultra Long Bond Futures		09/21/15		185			USD	29,428,008			(926,445	)
United Kingdom Long Gilt Bond Futures		09/28/15		18			GBP	2,107,459			(38,211	)
Futures Contracts—Short
U.S. Treasury Note 10 Year Futures		09/21/15		(1,060	)		USD	(133,772,055	)		29,867
Net Unrealized Depreciation										$	(969,948	)

Swap Agreements

OTC Spreadlock Swap

Counterparty	Strike Rate (a)			Determination Date		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation
JPMorgan Chase Bank, N.A.		0.58	%		11/02/15	USD	65,400,000	$	28,650	$	—	$	28,650

(a) This is a spreadlock swap between the 10-Year interest rate swap curve and the yield to maturity on a 30-Year FNMA. If the rate on the 30-Year FNMA minus the 10-Year CMS (constant maturity swap) rate is greater than 0.58%, the Portfolio will receive money from the counterparty based on the differential. If the rate on the 30-Year FNMA minus the 10-Year CMS rate is less than 0.58%, the Portfolio will pay the counterparty.

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay	3M LIBOR	3.360%	06/30/25		USD	1,530,000	$	9,593
Receive	3M LIBOR	2.350%	09/16/25		USD	4,975,000		69,121
Receive	3M LIBOR	3.465%	06/30/35		USD	975,000		(7,459	)
Net Unrealized Appreciation							$	71,255

Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Unrealized Appreciation
CDX.NA.HY.24.V2		(5.000%)		06/20/20		3.557%		USD	26,098,380	$	211,105
CDX.NA.IG.24.V1		(1.000%)		06/20/20		0.704%		USD	9,830,000		28,230
Net Unrealized Appreciation										$	239,335

Centrally Cleared Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Unrealized Depreciation
ITRAXX.EUROPE.23.V1		1.000%		06/20/20		0.752%		EUR	5,524,000	$	(49,526)
ITRAXX.XOVER.23.V1		5.000%		06/20/20		3.279%		EUR	775,000		(13,771)
Net Unrealized Depreciation										$	(63,297)

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

OTC Credit Default Swaps on Sovereign Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation/ (Depreciation)
Federative Republic of Brazil 12.250%, due 03/06/30		(1.000%)		12/20/19	Goldman Sachs International		2.391%		USD	345,000	$	19,964	$	14,990	$	4,974
Federative Republic of Brazil 12.250%, due 03/06/30		(1.000%)		12/20/19	JPMorgan Chase Bank N.A.		2.391%		USD	171,000		9,895		8,711		1,184
Russian Federation 7.500%, due 03/31/30		(1.000%)		12/20/19	Goldman Sachs International		3.284%		USD	365,000		33,609		79,328		(45,719)
Totals											$	63,468	$	103,029	$	(39,561)

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Depreciation
Penerbangan Malaysia Berhad 5.625%, due 03/15/16		1.000%		06/20/20	JPMorgan Chase Bank N.A.		1.287%		USD	290,000	$	(3,910)	$	(3,361)	$	(549)
Republic of Turkey 11.875%, due 01/15/30		1.000%		06/20/20	BNP Paribas S.A.		2.168%		USD	1,500,000		(80,733)		(78,976)		(1,757)
Totals											$	(84,643)	$	(82,337)	$	(2,306)

OTC Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
ABX.HE.AAA.6-1		(0.180%)		07/25/45	JPMorgan Chase Bank N.A.		0.000%		USD	74,100	$	1,473	$	1,864	$	(391)
ABX.HE.AAA.6-1		(0.180%)		07/25/45	JPMorgan Chase Bank N.A.		0.000%		USD	22,997		457		—		457
ABX.HE.AAA.6-2		(0.110%)		05/25/46	Barclays Bank plc		0.000%		USD	480,338		89,763		96,252		(6,489)
ABX.HE.AAA.6-2		(0.110%)		05/25/46	Credit Suisse International		0.000%		USD	867,277		162,072		177,794		(15,722)
ABX.HE.AAA.6-2		(0.110%)		05/25/46	JPMorgan Chase Bank N.A.		0.000%		USD	2,294,947		428,868		471,547		(42,679)
ABX.HE.AAA.7-1		(0.090%)		08/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	383,576		86,305		97,813		(11,508)
ABX.HE.AAA.7-1		(0.090%)		08/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	165,544		37,247		42,214		(4,967)
ABX.HE.AAA.7-1		(0.090%)		08/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	113,054		25,437		29,394		(3,957)
ABX.HE.PEN.AAA.6-2		(0.110%)		05/25/46	JPMorgan Chase Bank N.A.		0.000%		USD	448,478		52,388		62,858		(10,470)
CDX.EM.22.V1		(1.000%)		12/20/19	BNP Paribas S.A.		3.785%		USD	1,930,000		212,054		235,460		(23,406)
CDX.EM.22.V1		(1.000%)		12/20/19	Deutsche Bank AG		3.785%		USD	2,295,000		252,157		275,400		(23,243)
CDX.EM.22.V1		(1.000%)		12/20/19	Goldman Sachs International		3.785%		USD	7,972,500		875,959		968,659		(92,700)
CMBX.NA.A.7		(2.000%)		01/17/47	Barclays Bank plc		0.000%		USD	130,000		2,034		(757)		2,791
CMBX.NA.A.7		(2.000%)		01/17/47	JPMorgan Chase Bank N.A.		0.000%		USD	480,000		7,511		(10,238)		17,749
CMBX.NA.AA.2		(0.150%)		03/15/49	Credit Suisse International		0.000%		USD	1,598,122		527,380		477,737		49,643
CMBX.NA.AA.2		(0.150%)		03/15/49	Credit Suisse International		0.000%		USD	56,571		18,668		17,537		1,131
CMBX.NA.AA.2		(0.150%)		03/15/49	Goldman Sachs International		0.000%		USD	612,849		202,240		196,880		5,360
CMBX.NA.AA.7		(1.500%)		01/17/47	Bank of America N.A.		0.000%		USD	115,000		1,120		(1,302)		2,422
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	920,000		8,962		(4,790)		13,752
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	405,000		3,945		(3,797)		7,742
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	400,000		3,896		1,649		2,247
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	385,000		3,750		2,154		1,596
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	385,000		3,750		1,853		1,897
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	370,000		3,604		(3,280)		6,884
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	320,000		3,117		(3,623)		6,740
CMBX.NA.AJ.1		(0.840%)		10/12/52	Bank of America N.A.		0.000%		USD	280,000		3,631		4,557		(926)
CMBX.NA.AJ.1		(0.840%)		10/12/52	Credit Suisse International		0.000%		USD	710,000		9,208		22,422		(13,214)
CMBX.NA.AJ.2		(1.090%)		03/15/49	Credit Suisse International		0.000%		USD	1,328,841		117,104		101,344		15,760
CMBX.NA.AJ.2		(1.090%)		03/15/49	Credit Suisse International		0.000%		USD	555,336		48,939		41,643		7,296

See accompanying notes to financial statements.

MSF-27

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

OTC Credit Default Swaps on Credit Indices—Buy Protection (a)—(Continued)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.AJ.2		(1.090%)		03/15/49	Deutsche Bank AG		0.000%		USD	252,876	$	22,285	$	19,286	$	2,999
CMBX.NA.AJ.2		(1.090%)		03/15/49	Goldman Sachs International		0.000%		USD	262,793		23,159		22,633		526
CMBX.NA.AJ.3		(1.470%)		12/13/49	Goldman Sachs International		0.000%		USD	443,279		82,907		83,687		(780)
CMBX.NA.AJ.3		(1.470%)		12/13/49	Goldman Sachs International		0.000%		USD	275,818		51,587		53,796		(2,209)
CMBX.NA.AJ.4		(0.960%)		02/17/51	Bank of America N.A.		0.000%		USD	682,299		127,398		121,019		6,379
CMBX.NA.AJ.4		(0.960%)		02/17/51	Credit Suisse International		0.000%		USD	747,042		139,487		152,137		(12,650)
CMBX.NA.AJ.4		(0.960%)		02/17/51	Credit Suisse International		0.000%		USD	632,496		118,099		126,515		(8,416)
CMBX.NA.AJ.4		(0.960%)		02/17/51	Credit Suisse International		0.000%		USD	582,694		108,800		112,169		(3,369)
CMBX.NA.AJ.4		(0.960%)		02/17/51	Credit Suisse International		0.000%		USD	463,166		86,482		87,435		(953)
CMBX.NA.AJ.4		(0.960%)		02/17/51	Credit Suisse International		0.000%		USD	363,561		67,884		62,269		5,615
CMBX.NA.AJ.4		(0.960%)		02/17/51	Credit Suisse International		0.000%		USD	249,014		46,496		44,673		1,823
CMBX.NA.AJ.4		(0.960%)		02/17/51	Credit Suisse International		0.000%		USD	234,073		43,706		40,237		3,469
CMBX.NA.AJ.4		(0.960%)		02/17/51	Credit Suisse International		0.000%		USD	99,605		18,598		19,301		(703)
CMBX.NA.AJ.4		(0.960%)		02/17/51	Deutsche Bank AG		0.000%		USD	348,620		65,094		60,582		4,512
CMBX.NA.AJ.4		(0.960%)		02/17/51	Deutsche Bank AG		0.000%		USD	229,093		42,776		40,527		2,249
CMBX.NA.AJ.4		(0.960%)		02/17/51	Morgan Stanley & Co. International plc		0.000%		USD	1,274,954		238,058		235,502		2,556
CMBX.NA.AM.2		(0.500%)		03/15/49	Credit Suisse International		0.000%		USD	2,840,000		6,213		41,095		(34,882)
CMBX.NA.AM.2		(0.500%)		03/15/49	Morgan Stanley & Co. International plc		0.000%		USD	1,120,000		2,450		5,616		(3,166)
CMBX.NA.AM.4		(0.500%)		02/17/51	Credit Suisse International		0.000%		USD	435,000		8,635		23,564		(14,929)
CMBX.NA.AM.4		(0.500%)		02/17/51	Goldman Sachs International		0.000%		USD	160,000		3,176		3,677		(501)
CMBX.NA.AS.6		(1.000%)		05/11/63	Credit Suisse International		0.000%		USD	1,080,000		7,256		11,647		(4,391)
CMBX.NA.AS.6		(1.000%)		05/11/63	Credit Suisse International		0.000%		USD	415,000		2,788		(827)		3,615
CMBX.NA.AS.7		(1.000%)		01/17/47	Credit Suisse International		0.000%		USD	535,000		7,891		8,498		(607)
CMBX.NA.AS.7		(1.000%)		01/17/47	Credit Suisse International		0.000%		USD	485,000		7,238		11,679		(4,441)
CMBX.NA.AS.7		(1.000%)		01/17/47	Credit Suisse International		0.000%		USD	210,000		3,098		1,123		1,975
CMBX.NA.AS.7		(1.000%)		01/17/47	Credit Suisse International		0.000%		USD	140,000		2,065		2,463		(398)
CMBX.NA.AS.7		(1.000%)		01/17/47	Credit Suisse International		0.000%		USD	50,000		738		456		282
Totals											$	4,527,403	$	4,690,003	$	(162,600)

OTC Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.A.2		0.250%		03/15/49	Bank of America N.A.		0.000%		USD	15,799	$	(9,868)	$	(10,023)	$	155
CMBX.NA.A.2		0.250%		03/15/49	Bank of America N.A.		0.000%		USD	150,092		(93,745)		(94,747)		1,002
CMBX.NA.A.2		0.250%		03/15/49	Bank of America N.A.		0.000%		USD	268,586		(167,754)		(156,671)		(11,083)
CMBX.NA.A.2		0.250%		03/15/49	Goldman Sachs International		0.000%		USD	110,594		(69,075)		(69,675)		600
CMBX.NA.A.2		0.250%		03/15/49	Morgan Stanley & Co. International plc		0.000%		USD	102,695		(64,141)		(65,212)		1,071
CMBX.NA.A.2		0.250%		03/15/49	Morgan Stanley & Co. International plc		0.000%		USD	110,594		(69,075)		(69,813)		738
CMBX.NA.A.2		0.250%		03/15/49	Morgan Stanley & Co. International plc		0.000%		USD	221,188		(138,151)		(139,488)		1,337
CMBX.NA.A.6.		2.000%		05/11/63	Goldman Sachs International		0.000%		USD	365,000		(461)		4,765		(5,226)
CMBX.NA.A.8		2.000%		10/17/57	Bank of America N.A.		0.000%		USD	355,000		(11,529)		(4,035)		(7,494)
CMBX.NA.A.8		2.000%		10/17/57	Credit Suisse International		0.000%		USD	370,000		(12,016)		(3,704)		(8,312)
CMBX.NA.AAA.6		0.500%		05/11/63	Credit Suisse International		0.000%		USD	505,000		(9,755)		(10,041)		286
CMBX.NA.AAA.6		0.500%		05/11/63	Credit Suisse International		0.000%		USD	6,970,000		(134,644)		(146,772)		12,128
CMBX.NA.AAA.6		0.500%		05/11/63	Goldman Sachs International		0.000%		USD	3,620,000		(69,930)		(43,346)		(26,584)
CMBX.NA.AAA.7		0.500%		01/17/47	Bank of America N.A.		0.000%		USD	755,000		(22,726)		(18,821)		(3,905)
CMBX.NA.AAA.7		0.500%		01/17/47	Credit Suisse International		0.000%		USD	300,000		(9,030)		(7,836)		(1,194)

See accompanying notes to financial statements.

MSF-28

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

OTC Credit Default Swaps on Credit Indices—Sell Protection (d)—(Continued)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2015(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.AAA.7		0.500%		01/17/47	Credit Suisse International		0.000%		USD	450,000	$	(13,545)	$	(12,888)	$	(657)
CMBX.NA.AAA.8		0.500%		10/17/57	Barclays Bank plc		0.000%		USD	235,000		(10,062)		(11,003)		941
CMBX.NA.AAA.8		0.500%		10/17/57	Credit Suisse International		0.000%		USD	1,150,000		(49,241)		(52,897)		3,656
CMBX.NA.AAA.8		0.500%		10/17/57	Credit Suisse International		0.000%		USD	1,795,000		(76,859)		(64,188)		(12,671)
CMBX.NA.AAA.8		0.500%		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	105,000		(4,496)		(4,905)		409
CMBX.NA.AAA.8		0.500%		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	360,000		(15,415)		(16,765)		1,350
CMBX.NA.BB.6		5.000%		05/11/63	Barclays Bank plc		0.000%		USD	285,000		(1,846)		3,145		(4,991)
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	725,000		(4,696)		9,342		(14,038)
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	815,000		(5,279)		13,988		(19,267)
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	900,000		(5,830)		21,976		(27,806)
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	1,342,000		(8,693)		(13,934)		5,241
CMBX.NA.BB.7		5.000%		01/17/47	Bank of America N.A.		0.000%		USD	210,000		(5,276)		1,875		(7,151)
CMBX.NA.BB.7		5.000%		01/17/47	Bank of America N.A.		0.000%		USD	645,000		(16,204)		(3,040)		(13,164)
CMBX.NA.BB.7		5.000%		01/17/47	Credit Suisse International		0.000%		USD	1,465,000		(36,804)		(53,594)		16,790
CMBX.NA.BB.8		5.000%		10/17/57	Bank of America N.A.		0.000%		USD	335,000		(25,499)		(24,355)		(1,144)
CMBX.NA.BB.8		5.000%		10/17/57	Barclays Bank plc		0.000%		USD	345,000		(26,261)		(18,843)		(7,418)
CMBX.NA.BB.8		5.000%		10/17/57	Barclays Bank plc		0.000%		USD	380,000		(28,925)		(23,613)		(5,312)
CMBX.NA.BB.8		5.000%		10/17/57	Credit Suisse International		0.000%		USD	100,000		(7,612)		(7,694)		82
CMBX.NA.BB.8		5.000%		10/17/57	Credit Suisse International		0.000%		USD	115,000		(8,754)		(7,326)		(1,428)
CMBX.NA.BB.8		5.000%		10/17/57	Credit Suisse International		0.000%		USD	115,000		(8,754)		(8,428)		(326)
CMBX.NA.BB.8		5.000%		10/17/57	Credit Suisse International		0.000%		USD	140,000		(10,656)		(10,509)		(147)
CMBX.NA.BB.8		5.000%		10/17/57	Goldman Sachs International		0.000%		USD	115,000		(8,754)		(6,075)		(2,679)
CMBX.NA.BB.8		5.000%		10/17/57	Goldman Sachs International		0.000%		USD	225,000		(17,126)		(12,055)		(5,071)
CMBX.NA.BB.8		5.000%		10/17/57	JPMorgan Chase Bank N.A.		0.000%		USD	140,000		(10,656)		(10,509)		(147)
CMBX.NA.BBB-.8		3.000%		10/17/57	Credit Suisse International		0.000%		USD	390,000		(26,940)		(21,016)		(5,924)
PRIMEX.ARM.2		4.580%		12/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	742,907		27,859		22,309		5,550
Totals											$	(1,288,224)	$	(1,146,421)	$	(141,803)

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Securities in the amount of $1,099,982 have been received at the custodian bank as collateral for OTC swap contracts.

(ABX.HE)— Asset-Backed Home Equity Index

(BRL)— Brazilian Real

(CLP)— Chilean Peso

(COP)— Colombian Peso

(CZK)— Czech Koruna

See accompanying notes to financial statements.

MSF-29

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

(EUR)— Euro

(GBP)— British Pound

(GHS)— Ghana Cedi

(HKD)— Hong Kong Dollar

(IDR)— Indonesian Rupiah

(INR)— Indian Rupee

(KES)— Kenyan Shilling

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(NGN)— Nigerian Naira

(RSD)— Serbian Dinar

(RUB)— Russian Ruble

(TRY)— Turkish Lira

(USD)— United States Dollar

(UYU)— Uruguayan Peso

(ZAR)— South African Rand

(CMBX)— Commercial Mortgage-Backed Index

(CDX.EM)— Markit Emerging Markets Index

(CDX.NA.HY)— Markit North America High Yield CDS Index

(CDX.NA.IG)— Markit North America Investment Grade CDS Index

(CMBX.NA.A)— Markit North America A Rated CMBS Index

(CMBX.NA.AA)— Markit North America AA Rated CMBS Index

(CMBX.NA.AAA)— Markit North America AAA Rated CMBS Index

(CMBX.NA.AJ)— Markit North America Junior AAA Rated CMBS Index

(CMBX.NA.AM)— Markit North America Mezzanine AAA Rated CMBS Index

(CMBX.NA.AS)— Markit North America Junior AAA Rated CMBS Index

(CMBX.NA.BB)— Markit North America BB Rated CMBS Index

(CMBX.NA.BBB-)— Markit North America BBB- Rated CMBS Index

(ITRAXX.EUROPE)— Markit iTraxx Europe Index

(ITRAXX.XOVER)— Markit iTraxx Crossover Index

(LIBOR)— London Interbank Offered Rate

(PRIMEX.ARM)— Markit PRIMEX Adjustable Rate Mortgage Index

See accompanying notes to financial statements.

MSF-30

Metropolitan Series Fund

WMC Balanced Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	760,750,695		$	—		$	—	$	760,750,695
Total U.S. Treasury & Government Agencies*		—			274,052,715			—		274,052,715
Total Corporate Bonds & Notes*		—			176,801,415			—		176,801,415
Total Asset-Backed Securities*		—			92,937,268			—		92,937,268
Total Mortgage-Backed Securities*		—			87,373,682			—		87,373,682
Total Floating Rate Loans*		—			31,544,375			—		31,544,375
Total Foreign Government*		—			22,237,426			—		22,237,426
Total Municipals		—			7,264,601			—		7,264,601
Total Purchased Options*		—			8,494			—		8,494
Short-Term Investments
Commercial Paper		—			13,100,000			—		13,100,000
Mutual Fund		47,595,934			—			—		47,595,934
Repurchase Agreement		—			12,177,177			—		12,177,177
U.S. Treasury		—			16,976,555			—		16,976,555
Total Short-Term Investments		47,595,934			42,253,732			—		89,849,666
Total Investments	$	808,346,629		$	734,473,708		$	—	$	1,542,820,337
Collateral for Securities Loaned (Liability)	$	—		$	(47,595,934	)	$	—	$	(47,595,934	)
TBA Forward Sales Commitments	$	—		$	(22,387,911	)	$	—	$	(22,387,911	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	228,947		$	—	$	228,947
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(382,919	)		—		(382,919	)
Total Forward Contracts	$	—		$	(153,972	)	$	—	$	(153,972	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	150,053		$	—		$	—	$	150,053
Futures Contracts (Unrealized Depreciation)		(1,120,001	)		—			—		(1,120,001	)
Total Futures Contracts	$	(969,948	)	$	—		$	—	$	(969,948	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	318,049		$	—	$	318,049
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(70,756	)		—		(70,756	)
Total Centrally Cleared Swap Contracts	$	—		$	247,293		$	—	$	247,293
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	4,647,380		$	—	$	4,647,380
OTC Swap Contracts at Value (Liabilities)		—			(1,400,726	)		—		(1,400,726	)
Total OTC Swap Contracts	$	—		$	3,246,654		$	—	$	3,246,654

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MSF-31

Metropolitan Series Fund

WMC Balanced Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	1,542,820,337
Cash		40,065
Cash denominated in foreign currencies (c)		991
Cash collateral (d)		858,753
OTC swap contracts at market value (e)		4,647,380
Unrealized appreciation on forward foreign currency exchange contracts		228,947
Receivable for:
Investments sold		7,542,198
TBA securities sold (f)		75,697,980
Fund shares sold		100,751
Principal paydowns		1,881
Dividends and interest		4,235,436
Interest on OTC swap contracts		25,291
Total Assets		1,636,200,010
Liabilities
Forward sales commitments, at value		22,387,911
OTC swap contracts at market value (g)		1,400,726
Cash collateral for OTC swap contracts		2,513,000
Unrealized depreciation on forward foreign currency exchange contracts		382,919
Collateral for securities loaned		47,595,934
Payables for:
Investments purchased		9,380,899
TBA securities purchased (f)		220,109,704
Fund shares redeemed		279,923
Variation margin on futures contracts		118,580
Variation margin on centrally cleared swap contracts		277,253
Interest on OTC swap contracts		47,225
Accrued expenses:
Management fees		468,480
Distribution and service fees		18,739
Deferred trustees’ fees		70,966
Other expenses		444,194
Total Liabilities		305,496,453
Net Assets	$	1,330,703,557
Net assets consist of:
Paid in surplus	$	1,202,165,065
Undistributed net investment income		11,725,302
Accumulated net realized gain		44,732,796
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		72,080,394
Net Assets	$	1,330,703,557
Net Assets
Class A	$	1,225,825,281
Class B		70,151,603
Class E		34,726,673
Capital Shares Outstanding*
Class A		65,849,402
Class B		3,787,105
Class E		1,868,883
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.62
Class B		18.52
Class E		18.58

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,469,464,961.

(b) Includes securities loaned at value of $55,785,699.

(c) Identified cost of cash denominated in foreign currencies was $778.

(d) Includes collateral of $837,692 for futures contracts and $21,061 for centrally cleared swap contracts.

(e) Net premium paid on OTC swap contracts was $4,815,341.

(f) Included within TBA securities sold is $26,898,484 related to TBA forward sale commitments and included within TBA securities purchased is $4,586,781 related to TBA forward sale commitments.

(g) Net premium received on OTC swap contracts was $1,251,067.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	6,732,471
Interest (b)		8,543,589
Securities lending income		93,490
Total investment income		15,369,550
Expenses
Management fees		3,073,502
Administration fees		15,938
Custodian and accounting fees		302,681
Distribution and service fees—Class B		89,186
Distribution and service fees—Class E		26,695
Audit and tax services		41,979
Legal		14,246
Trustees’ fees and expenses		19,507
Shareholder reporting		121,049
Insurance		4,202
Miscellaneous		7,831
Total expenses		3,716,816
Less management fee waiver		(211,859	)
Less broker commission recapture		(5,106	)
Net expenses		3,499,851
Net Investment Income		11,869,699
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		47,161,271
Futures contracts		1,667,304
Written options		144,546
Swap contracts		(1,617,813	)
Foreign currency transactions		988,898
Net realized gain		48,344,206
Net change in unrealized appreciation (depreciation) on:
Investments (c)		(26,893,396	)
Futures contracts		(1,179,581	)
Swap contracts		252,207
Foreign currency transactions		(356,470	)
Net change in unrealized depreciation		(28,177,240	)
Net realized and unrealized gain		20,166,966
Net Increase in Net Assets From Operations	$	32,036,665

(a) Net of foreign withholding taxes of $36,383.

(b) Net of foreign withholding taxes of $8,211.

(c) Includes change in foreign capital gains tax of $803.

See accompanying notes to financial statements.

MSF-32

Metropolitan Series Fund

WMC Balanced Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,869,699		$	24,326,436
Net realized gain		48,344,206			241,991,797
Net change in unrealized depreciation		(28,177,240	)		(131,163,752	)
Increase in net assets from operations		32,036,665			135,154,481
From Distributions to Shareholders
Net investment income
Class A		(23,978,812	)		(24,938,092	)
Class B		(1,187,739	)		(1,292,484	)
Class E		(625,351	)		(686,167	)
Net realized capital gains
Class A		(204,816,772	)		0
Class B		(11,695,847	)		0
Class E		(5,811,632	)		0
Total distributions		(248,116,153	)		(26,916,743	)
Increase (decrease) in net assets from capital share transactions		188,416,293			(110,824,768	)
Total decrease in net assets		(27,663,195	)		(2,587,030	)
Net Assets
Beginning of period		1,358,366,752			1,360,953,782
End of period	$	1,330,703,557		$	1,358,366,752
Undistributed net investment income
End of period	$	11,725,302		$	25,647,505

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		336,105		$	7,516,916			734,471		$	15,564,925
Reinvestments		12,169,978			228,795,584			1,224,256			24,938,092
Redemptions		(2,752,444	)		(61,899,441	)		(6,526,709	)		(138,492,749	)
Net increase (decrease)		9,753,639		$	174,413,059			(4,567,982	)	$	(97,989,732	)
Class B
Sales		129,234		$	2,767,009			187,005		$	3,940,494
Reinvestments		688,593			12,883,586			63,669			1,292,484
Redemptions		(260,617	)		(5,861,064	)		(681,968	)		(14,406,599	)
Net increase (decrease)		557,210		$	9,789,531			(431,294	)	$	(9,173,621	)
Class E
Sales		12,785		$	287,398			46,123		$	974,280
Reinvestments		343,123			6,436,983			33,718			686,167
Redemptions		(110,718	)		(2,510,678	)		(251,411	)		(5,321,862	)
Net increase (decrease)		245,190		$	4,213,703			(171,570	)	$	(3,661,415	)
Increase (decrease) derived from capital shares transactions				$	188,416,293					$	(110,824,768	)

See accompanying notes to financial statements.

MSF-33

Metropolitan Series Fund

WMC Balanced Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	22.29		$	20.59		$	17.52		$	15.95		$	15.72		$	14.61
Income (Loss) from Investment Operations
Net investment income (a)		0.20			0.39			0.36			0.38			0.36			0.33
Net realized and unrealized gain on investments		0.38			1.73			3.18			1.58			0.26			1.06
Total from investment operations		0.58			2.12			3.54			1.96			0.62			1.39
Less Distributions
Distributions from net investment income		(0.45	)		(0.42	)		(0.47	)		(0.39	)		(0.39	)		(0.28	)
Distributions from net realized capital gains		(3.80	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(4.25	)		(0.42	)		(0.47	)		(0.39	)		(0.39	)		(0.28	)
Net Asset Value, End of Period	$	18.62		$	22.29		$	20.59		$	17.52		$	15.95		$	15.72
Total Return (%) (b)		2.36	(c)		10.55			20.59	(d)		12.38			3.80			9.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(e)		0.53			0.51			0.52			0.51			0.50
Gross ratio of expenses to average net assets excluding interest expense (%)		0.53	(e)		0.53			0.51			0.52			0.51			0.50
Net ratio of expenses to average net assets (%) (f)		0.50	(e)		0.50			0.51			0.52			0.51			0.50
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.50	(e)		0.50			0.51			0.52			0.51			0.50
Ratio of net investment income to average net assets (%)		1.77	(e)		1.81			1.89			2.23			2.23			2.21
Portfolio turnover rate (%)		163	(c)(g)		413	(g)		340	(g)		494	(g)		942			1,014
Net assets, end of period (in millions)	$	1,225.8		$	1,250.6		$	1,249.1		$	1,137.3		$	1,126.6		$	1,216.2
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	22.17		$	20.48		$	17.43		$	15.88		$	15.65		$	14.55
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.33			0.31			0.33			0.32			0.29
Net realized and unrealized gain on investments		0.37			1.73			3.16			1.57			0.26			1.06
Total from investment operations		0.54			2.06			3.47			1.90			0.58			1.35
Less Distributions
Distributions from net investment income		(0.39	)		(0.37	)		(0.42	)		(0.35	)		(0.35	)		(0.25	)
Distributions from net realized capital gains		(3.80	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(4.19	)		(0.37	)		(0.42	)		(0.35	)		(0.35	)		(0.25	)
Net Asset Value, End of Period	$	18.52		$	22.17		$	20.48		$	17.43		$	15.88		$	15.65
Total Return (%) (b)		2.18	(c)		10.28			20.28	(d)		12.11			3.59			9.31
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(e)		0.78			0.76			0.77			0.76			0.75
Gross ratio of expenses to average net assets excluding interest expense (%)		0.78	(e)		0.78			0.76			0.77			0.76			0.75
Net ratio of expenses to average net assets (%) (f)		0.75	(e)		0.75			0.76			0.77			0.76			0.75
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.75	(e)		0.75			0.76			0.77			0.76			0.75
Ratio of net investment income to average net assets (%)		1.52	(e)		1.56			1.64			1.98			1.98			1.97
Portfolio turnover rate (%)		163	(c)(g)		413	(g)		340	(g)		494	(g)		942			1,014
Net assets, end of period (in millions)	$	70.2		$	71.6		$	75.0		$	68.7		$	67.8		$	72.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-34

Metropolitan Series Fund

WMC Balanced Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	22.24		$	20.54		$	17.48		$	15.92		$	15.70		$	14.59
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.35			0.33			0.35			0.33			0.31
Net realized and unrealized gain on investments		0.37			1.74			3.17			1.57			0.26			1.06
Total from investment operations		0.55			2.09			3.50			1.92			0.59			1.37
Less Distributions
Distributions from net investment income		(0.41	)		(0.39	)		(0.44	)		(0.36	)		(0.37	)		(0.26	)
Distributions from net realized capital gains		(3.80	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(4.21	)		(0.39	)		(0.44	)		(0.36	)		(0.37	)		(0.26	)
Net Asset Value, End of Period	$	18.58		$	22.24		$	20.54		$	17.48		$	15.92		$	15.70
Total Return (%) (b)		2.25	(c)		10.41			20.39	(d)		12.18			3.67			9.45
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68	(e)		0.68			0.66			0.67			0.66			0.65
Gross ratio of expenses to average net assets excluding interest expense (%)		0.68	(e)		0.68			0.66			0.67			0.66			0.65
Net ratio of expenses to average net assets (%) (f)		0.65	(e)		0.65			0.66			0.67			0.66			0.65
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.65	(e)		0.65			0.66			0.67			0.66			0.65
Ratio of net investment income to average net assets (%)		1.62	(e)		1.66			1.74			2.08			2.07			2.06
Portfolio turnover rate (%)		163	(c)(g)		413	(g)		340	(g)		494	(g)		942			1,014
Net assets, end of period (in millions)	$	34.7		$	36.1		$	36.9		$	35.0		$	35.4		$	40.9

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) In 2013, 0.04%, 0.04% and 0.04% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor for a realized loss. Excluding this item, total return would have been 20.55%, 20.24% and 20.35% for Class A, Class B and Class E, respectively.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(g) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 40%, 163%, 139% and 243% for the six months ended June 30, 2015 and for the years ended December 31, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MSF-35

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is WMC Balanced Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MSF-36

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MSF-37

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, paydown gain/loss reclasses, broker commission recapture, amortization and accretion of debt securities, convertible preferred stock adjustments, real estate investment trust (REIT) adjustments, return of capital adjustments and swap contract transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $12,177,177, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as Reverse repurchase agreements on the Statement of Assets and Liabilities.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the six months ended June 30, 2015, the Portfolio held a U.S. Treasury security purchased through secured borrowing transactions. During the term of the

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borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop”, is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Treasury and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High Yield Debt Securities - The Portfolio may invest in high yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to

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value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations or an assignment, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked to market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters

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into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to

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another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2015, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust the interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and

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purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Spreadlock Swap Contracts - The Portfolio may invest in spreadlock swap contracts. These contracts involve commitments to pay or receive a settlement amount calculated as the spread difference between two interest rate curves and a fixed spread at a specific forward date determined at the beginning of the contract. Settlement amounts paid or received are recorded as a realized gain or loss on the Statements of Operations at the determination date.

At June 30, 2015, the Portfolio had the following open derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	OTC swap contracts at market value (a)	$	28,650
	Unrealized appreciation on centrally cleared swap contracts (b)		78,714	Unrealized depreciation on centrally cleared swap contracts (b)	$	7,459
	Unrealized appreciation on futures contracts* (b)		150,053	Unrealized depreciation on futures contracts* (b)		1,060,383
Credit	OTC swap contracts at market value (a)		4,618,730	OTC swap contracts at market value (a)		1,400,726
	Unrealized appreciation on centrally cleared swap contracts** (b)		239,335	Unrealized depreciation on centrally cleared swap contracts** (b)		63,297
Equity				Unrealized depreciation on futures contracts* (b)		59,618
Foreign Exchange	Investments at market value (c)		8,494
	Unrealized appreciation on forward foreign currency exchange contracts		228,947	Unrealized depreciation on forward foreign currency exchange contracts		382,919
Total		$	5,352,923		$	2,974,402

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

** Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

(a) Excludes OTC swap interest receivable of $25,291 and OTC swap interest payable of $47,225.

(b) Financial instrument not subject to a master netting agreement.

(c) Represents purchased options which are part of investments as shown in the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”)(see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2015.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	135,583	$	(135,583	)	$	—		$	—
Barclays Bank plc		103,018		(72,189	)		—			30,829
BNP Paribas S.A.		212,054		(178,554	)		—			33,500
Citibank N.A.		117,845		(114,915	)		—			2,930
Credit Suisse International		1,589,869		(429,108	)		(1,160,761	)		—
Deutsche Bank AG		382,578		(24,867	)		(357,711	)		—
Goldman Sachs International		1,305,039		(181,399	)		(1,099,982	)		23,658
HSBC Bank USA		35,217		(6,220	)		—			28,997
JPMorgan Chase Bank N.A.		706,119		(30,825	)		(675,294	)		—
Morgan Stanley & Co. International plc		240,508		(240,508	)		—			—
Royal Bank of Canada		38,654		—			—			38,654
Standard Chartered Bank		10,799		(8,612	)		—			2,187
State Street Bank and Trust		2,892		(2,892	)		—			—
UBS AG		4,646		—			—			4,646
	$	4,884,821	$	(1,425,672	)	$	(3,293,748	)	$	165,401

MSF-44

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2015.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	428,257	$	(135,583	)	$	—	$	292,674
Barclays Bank plc		72,189		(72,189	)		—		—
BNP Paribas S.A.		178,554		(178,554	)		—		—
Citibank N.A.		114,915		(114,915	)		—		—
Commonwealth Bank of Australia		1,531		—			—		1,531
Credit Suisse International		429,108		(429,108	)		—		—
Deutsche Bank AG		24,867		(24,867	)		—		—
Goldman Sachs International		181,399		(181,399	)		—		—
HSBC Bank USA		6,220		(6,220	)		—		—
JPMorgan Chase Bank N.A.		30,825		(30,825	)		—		—
Morgan Stanley & Co. International plc		291,278		(240,508	)		—		50,770
Standard Chartered Bank		8,612		(8,612	)		—		—
State Street Bank and Trust		15,890		(2,892	)		—		12,998
	$	1,783,645	$	(1,425,672	)	$	—	$	357,973

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the six months ended June 30, 2015 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Investments (a)	$	(153,069	)	$	—		$	—		$	(118,160	)	$	(271,229	)
Forward foreign currency transactions		—			—			—			970,468			970,468
Futures contracts		1,798,537			—			(131,233	)		—			1,667,304
Swap contracts		(428,263	)		(1,189,550	)		—			—			(1,617,813	)
Written options		144,546			—			—			—			144,546
	$	1,361,751		$	(1,189,550	)	$	(131,233	)	$	852,308		$	893,276
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Investments (a)	$	132,324		$	—		$	—		$	18,265		$	150,589
Forward foreign currency transactions		—			—			—			(365,379	)		(365,379	)
Futures contracts		(1,205,428	)		—			25,847			—			(1,179,581	)
Swap contracts		99,905			152,302			—			—			252,207
	$	(973,199	)	$	152,302		$	25,847		$	(347,114	)	$	(1,142,164	)

For the six months ended June 30, 2015, the average Notional Par or Face Amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	14,630,076
Forward foreign currency transactions		33,924,898
Futures contracts long		106,989,280
Futures contracts short		(90,298,671	)
Swap contracts		143,158,330
Written options		(21,353,500	)

‡ Averages are based on activity levels during the period.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

MSF-45

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2015:

Call Options	Notional Amount			Premium Received
Options outstanding December 31, 2014		—			—
Options written		44,307,000			339,141
Options bought back		(3,975,000	)		(243,352	)
Options exercised		(40,332,000	)		(95,789	)
Options expired		—			—
Options outstanding June 30, 2015		—			—
Put Options	Notional Amount			Premium Received
Options outstanding December 31, 2014		—			—
Options written		43,307,000			333,204
Options bought back		(2,975,000	)		(237,415	)
Options expired		(40,332,000	)		(95,789	)
Options outstanding June 30, 2015		—			—

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability

MSF-46

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$2,010,563,665	$	427,735,744	$	1,893,933,853	$	451,742,077

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2015 were as follows:

Purchases	Sales
$1,910,820,086	$	1,800,970,252

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$3,073,502		0.500	%	Of the first $500 million
		0.450	%	Of the next $500 million
		0.400	%	On amounts in excess of $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

MSF-47

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2015 to April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.020%	On the first $500 million

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. MetLife Advisers will receive advisory fees equal to 0.480% of the Portfolio’s average daily net assets for amounts over $500 million but less than $750 million (0.030% over the contractual advisory fee rate) and 0.460% for amounts over $750 million but less than $1 billion (0.010% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $500 million up to $1 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee agreement, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $211,859 was waived in the aggregate for the six months ended June 30, 2015 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an active employee of MetLife or its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$26,916,743	$	31,923,395	$	—	$	—	$	26,916,743	$	31,923,395

MSF-48

Metropolitan Series Fund

WMC Balanced Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$68,063,616	$	179,918,915	$	96,700,819	$	—	$	344,683,350

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $16,387,061.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-49

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2015, the Class A, B, and E shares of the WMC Core Equity Opportunities Portfolio returned -0.89%, -1.03%, and -0.97%, respectively. The Portfolio’s benchmark, the Russell 1000 Index¹, returned 1.71%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose during the six-month period as the S&P 500 Index posted a 1.2% return. Stocks fell in January, which was the worst monthly return for U.S. equities in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to currency headwinds and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potential currency- and oil-related earnings headwinds, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (the “Fed”) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks had an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for deals involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio trailed its benchmark, the Russell 1000 Index, for the period ended June 30, 2015. Strong stock selection in the Energy sector was offset by weaker security selection in Health Care, Consumer Staples, and Industrials. Sector positioning, a result of the bottom-up stock selection process, aided relative results, driven largely by the Portfolio’s underweight allocation to Utilities and overweight to Health Care.

United Parcel Services, Canadian National Railway (Canada), ACE, and Wal-Mart Stores were among the top relative detractors during the period. The Portfolio’s underweight exposure to Gilead Sciences also weighed on relative performance. Additionally, not owning strong performing benchmark constituent Apple hurt relative results. Top contributors during the period included UnitedHealth, BG Group (United Kingdom), and Nike. The Portfolio’s position in BG Group was eliminated during the period.

As of the end of the period, the Portfolio was most overweight the Consumer Staples, Industrials, and Health Care sectors, and most underweight the Information Technology, Financials, and Utilities sectors.

Donald J. Kilbride

Portfolio Manager

Wellington Management Company LLP

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MSF-1

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 INDEX & THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2015

	6 Month		1 Year		5 Year		10 Year
WMC Core Equity Opportunities Portfolio
Class A		-0.89		6.02		13.90		6.33
Class B		-1.03		5.74		13.61		6.06
Class E		-0.97		5.85		13.73		6.17
Russell 1000 Index		1.71		7.37		17.58		8.13
S&P 500 Index		1.23		7.42		17.34		7.89

¹ The Russell 1000 Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investable U.S. equity market.

² The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2015

Top Holdings

	% of Net Assets
United Parcel Service, Inc. - Class B		3.2
UnitedHealth Group, Inc.		3.0
Microsoft Corp.		2.9
TJX Cos., Inc. (The)		2.8
Honeywell International, Inc.		2.8
ACE, Ltd.		2.7
NIKE, Inc. - Class B		2.7
Accenture plc - Class A		2.6
Coca-Cola Co. (The)		2.6
Praxair, Inc.		2.5

Top Sectors

	% of Net Assets
Health Care		17.6
Industrials		17.5
Consumer Staples		17.1
Financials		13.8
Consumer Discretionary		11.4
Information Technology		10.0
Energy		6.6
Materials		4.3

MSF-2

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2015 through June 30, 2015.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

WMC Core Equity Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During Period** January 1, 2015 to June 30, 2015
Class A(a)	Actual		0.58	%	$	1,000.00	$	991.10	$	2.86
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91
Class B(a)	Actual		0.83	%	$	1,000.00	$	989.70	$	4.09
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16
Class E(a)	Actual		0.73	%	$	1,000.00	$	990.30	$	3.60
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MSF-3

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Common Stocks—98.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—10.8%
General Dynamics Corp.		359,290	$	50,907,800
Honeywell International, Inc.		1,012,752		103,270,322
Lockheed Martin Corp.		500,629		93,066,931
Northrop Grumman Corp.		425,888		67,558,613
United Technologies Corp.		815,591		90,473,510
				405,277,176
Air Freight & Logistics—3.2%
United Parcel Service, Inc. - Class B		1,249,021		121,042,625
Banks—4.1%
PNC Financial Services Group, Inc. (The)		805,272		77,024,267
Wells Fargo & Co.		1,358,689		76,412,669
				153,436,936
Beverages—5.9%
Anheuser-Busch InBev NV		471,296		56,723,092
Coca-Cola Co. (The)		2,459,545		96,487,950
Diageo plc		2,403,843		69,678,719
				222,889,761
Biotechnology—1.8%
Amgen, Inc.		430,581		66,102,795
Capital Markets—1.7%
BlackRock, Inc.		183,167		63,372,119
Chemicals—4.3%
Ecolab, Inc.		584,164		66,051,423
Praxair, Inc.		786,961		94,081,188
				160,132,611
Energy Equipment & Services—1.9%
Schlumberger, Ltd.		838,606		72,279,451
Food & Staples Retailing—7.3%
Costco Wholesale Corp.		476,037		64,293,557
CVS Health Corp.		661,875		69,417,450
Wal-Mart Stores, Inc.		1,032,475		73,233,452
Walgreens Boots Alliance, Inc.		788,355		66,568,696
				273,513,155
Health Care Equipment & Supplies—2.3%
Medtronic plc		1,140,113		84,482,373
Health Care Providers & Services—5.4%
Cardinal Health, Inc.		1,088,003		91,011,451
UnitedHealth Group, Inc.		909,332		110,938,504
				201,949,955
Hotels, Restaurants & Leisure—2.3%
McDonald’s Corp.		910,832		86,592,798
Household Products—3.8%
Colgate-Palmolive Co.		1,169,153		76,474,298
Procter & Gamble Co. (The)		857,163		67,064,433
				143,538,731
Insurance—6.7%
ACE, Ltd.		994,768		101,148,010
Chubb Corp. (The)		678,651		64,566,856
Marsh & McLennan Cos., Inc.		1,484,491		84,170,640
				249,885,506
IT Services—5.0%
Accenture plc - Class A		1,021,380		98,849,157
Automatic Data Processing, Inc.		1,085,713		87,106,754
				185,955,911
Media—1.6%
Walt Disney Co. (The) (a)		521,663		59,542,615
Oil, Gas & Consumable Fuels—4.7%
Chevron Corp.		908,193		87,613,379
Exxon Mobil Corp.		1,048,248		87,214,233
				174,827,612
Pharmaceuticals—8.1%
Johnson & Johnson		954,567		93,032,100
Merck & Co., Inc.		1,600,543		91,118,913
Pfizer, Inc.		1,415,006		47,445,151
Roche Holding AG		261,026		73,283,957
				304,880,121
Real Estate Investment Trusts—1.4%
Public Storage		277,861		51,229,233
Road & Rail—3.5%
Canadian National Railway Co.		1,469,960		84,808,101
Union Pacific Corp.		473,860		45,192,028
				130,000,129
Software—5.0%
Microsoft Corp.		2,475,709		109,302,552
Oracle Corp.		1,978,373		79,728,432
				189,030,984
Specialty Retail—4.8%
Lowe’s Cos., Inc.		1,080,255		72,344,677
TJX Cos., Inc. (The)		1,610,423		106,561,690
				178,906,367
Textiles, Apparel & Luxury Goods—2.7%
NIKE, Inc. - Class B		924,034		99,814,153
Total Common Stocks (Cost $3,307,631,166)				3,678,683,117

See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Escrow Shares—0.0%

Security Description	Shares/ Principal Amount*		Value
Forest Products & Paper—0.0%
Sino-Forest Corp. (b) (Cost $0)		5,844,000	$	0
Short-Term Investments—2.4%
Mutual Fund—0.8%
State Street Navigator Securities Lending MET Portfolio (c)		30,457,928		30,457,928
Repurchase Agreement—1.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/15 at 0.000% to be repurchased at $60,913,766 on 07/01/15, collateralized by $61,510,000 U.S. Treasury Note at 1.375% due 06/30/18 with a value of $62,134,696.		60,913,766		60,913,766
Total Short-Term Investments (Cost $91,371,694)				91,371,694
Total Investments—100.7% (Cost $3,399,002,860) (d)				3,770,054,811
Other assets and liabilities (net)—(0.7)%				(25,746,885	)
Net Assets—100.0%			$	3,744,307,926

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2015, the market value of securities loaned was $30,099,289 and the collateral received consisted of cash in the amount of $30,457,928. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(b) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2015, these securities represent less than 0.05% of net assets.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2015.

(d) As of June 30, 2015, the aggregate cost of investments was $3,399,002,860. The aggregate unrealized appreciation and depreciation of investments were $441,009,739 and $(69,957,788), respectively, resulting in net unrealized appreciation of $371,051,951.

See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2015 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2015:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	405,277,176	$	—		$	—	$	405,277,176
Air Freight & Logistics		121,042,625		—			—		121,042,625
Banks		153,436,936		—			—		153,436,936
Beverages		96,487,950		126,401,811			—		222,889,761
Biotechnology		66,102,795		—			—		66,102,795
Capital Markets		63,372,119		—			—		63,372,119
Chemicals		160,132,611		—			—		160,132,611
Energy Equipment & Services		72,279,451		—			—		72,279,451
Food & Staples Retailing		273,513,155		—			—		273,513,155
Health Care Equipment & Supplies		84,482,373		—			—		84,482,373
Health Care Providers & Services		201,949,955		—			—		201,949,955
Hotels, Restaurants & Leisure		86,592,798		—			—		86,592,798
Household Products		143,538,731		—			—		143,538,731
Insurance		249,885,506		—			—		249,885,506
IT Services		185,955,911		—			—		185,955,911
Media		59,542,615		—			—		59,542,615
Oil, Gas & Consumable Fuels		174,827,612		—			—		174,827,612
Pharmaceuticals		231,596,164		73,283,957			—		304,880,121
Real Estate Investment Trusts		51,229,233		—			—		51,229,233
Road & Rail		130,000,129		—			—		130,000,129
Software		189,030,984		—			—		189,030,984
Specialty Retail		178,906,367		—			—		178,906,367
Textiles, Apparel & Luxury Goods		99,814,153		—			—		99,814,153
Total Common Stocks		3,478,997,349		199,685,768			—		3,678,683,117
Total Escrow Shares*		—		—			0		0
Short-Term Investments
Mutual Fund		30,457,928		—			—		30,457,928
Repurchase Agreement		—		60,913,766			—		60,913,766
Total Short-Term Investments		30,457,928		60,913,766			—		91,371,694
Total Investments	$	3,509,455,277	$	260,599,534		$	0	$	3,770,054,811
Collateral for securities loaned (Liability)	$	—	$	(30,457,928	)	$	—	$	(30,457,928	)

* See Schedule of Investments for additional detailed categorizations.

As of June 30, 2015, the security designated as Level 3 was fair valued using significant unobservable inputs under procedures adopted by the Board. Such valuations were based on a review of inputs such as, but not limited to, similar securities, company specific financial information, and company specific news. For this security there was no change in the valuation techniques used since the December 31, 2014 annual report. The Level 3 security comprised 0.0% of net assets of the Portfolio. As such, the Level 3 roll forward and change in unrealized appreciation (depreciation) of the Level 3 security held at June 30, 2015 have not been presented.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)

Assets
Investments at value (a) (b)	$	3,770,054,811
Cash denominated in foreign currencies (c)		259,672
Receivable for:
Fund shares sold		644,149
Dividends		6,960,758
Total Assets		3,777,919,390
Liabilities
Collateral for securities loaned		30,457,928
Payables for:
Fund shares redeemed		720,568
Accrued expenses:
Management fees		1,736,599
Distribution and service fees		242,993
Deferred trustees’ fees		69,125
Other expenses		384,251
Total Liabilities		33,611,464
Net Assets	$	3,744,307,926
Net assets consist of:
Paid in surplus	$	3,275,838,645
Undistributed net investment income		32,331,579
Accumulated net realized gain		65,111,004
Unrealized appreciation on investments and foreign currency transactions		371,026,698
Net Assets	$	3,744,307,926
Net Assets
Class A	$	2,228,681,538
Class B		643,826,857
Class E		871,799,531
Capital Shares Outstanding*
Class A		81,162,724
Class B		23,683,928
Class E		32,001,334
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	27.46
Class B		27.18
Class E		27.24

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Includes securities loaned at value of $30,099,289.

(b) Identified cost of investments was $3,399,002,860.

(c) Identified cost of cash denominated in foreign currencies was $259,672.

Statement of Operations

Six Months Ended June 30, 2015 (Unaudited)

Investment Income
Dividends (a)	$	45,060,780
Securities lending income		128,162
Total investment income		45,188,942
Expenses
Management fees		13,590,068
Administration fees		45,047
Custodian and accounting fees		206,043
Distribution and service fees—Class B		835,916
Distribution and service fees—Class E		684,609
Audit and tax services		20,059
Legal		14,193
Trustees’ fees and expenses		19,507
Shareholder reporting		118,628
Insurance		12,574
Miscellaneous		14,081
Total expenses		15,560,725
Less management fee waiver		(2,813,097	)
Less broker commission recapture		(3,554	)
Net expenses		12,744,074
Net Investment Income		32,444,868
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		66,687,686
Foreign currency transactions		(131,294	)
Net realized gain		66,556,392
Net change in unrealized appreciation (depreciation) on:
Investments		(132,434,913	)
Foreign currency transactions		166,223
Net change in unrealized depreciation		(132,268,690	)
Net realized and unrealized loss		(65,712,298	)
Net Decrease in Net Assets From Operations	$	(33,267,430	)

(a) Net of foreign withholding taxes of $730,543.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	32,444,868		$	66,859,842
Net realized gain		66,556,392			1,290,481,946
Net change in unrealized depreciation		(132,268,690	)		(955,175,528	)
Increase (decrease) in net assets from operations		(33,267,430	)		402,166,260
From Distributions to Shareholders
Net investment income
Class A		(40,437,981	)		(16,548,559	)
Class B		(10,031,844	)		(3,364,228	)
Class E		(14,494,701	)		(5,632,049	)
Net realized capital gains
Class A		(777,894,919	)		(197,771,508	)
Class B		(226,707,477	)		(60,905,856	)
Class E		(307,031,634	)		(84,758,861	)
Total distributions		(1,376,598,556	)		(368,981,061	)
Increase (decrease) in net assets from capital share transactions		1,155,964,725			(196,634,254	)
Total decrease in net assets		(253,901,261	)		(163,449,055	)
Net Assets
Beginning of period		3,998,209,187			4,161,658,242
End of period	$	3,744,307,926		$	3,998,209,187
Undistributed net investment income
End of period	$	32,331,579		$	64,851,237

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2015 (Unaudited)						Year Ended December 31, 2014
	Shares			Value			Shares			Value
Class A
Sales		202,010		$	8,188,380			5,235,838		$	206,387,319
Reinvestments		29,122,167			818,332,900			5,529,414			214,320,067
Redemptions		(2,696,476	)		(112,451,858	)		(11,868,178	)		(483,397,690	)
Net increase (decrease)		26,627,701		$	714,069,422			(1,102,926	)	$	(62,690,304	)
Class B
Sales		172,985		$	7,074,244			271,312		$	11,082,666
Reinvestments		8,509,681			236,739,321			1,668,486			64,270,084
Redemptions		(1,210,364	)		(50,741,691	)		(3,026,976	)		(123,933,245	)
Net increase (decrease)		7,472,302		$	193,071,874			(1,087,178	)	$	(48,580,495	)
Class E
Sales		132,448		$	5,383,105			593,695		$	24,057,156
Reinvestments		11,532,508			321,526,335			2,343,555			90,390,910
Redemptions		(1,877,829	)		(78,086,011	)		(4,887,386	)		(199,811,521	)
Net increase (decrease)		9,787,127		$	248,823,429			(1,950,136	)	$	(85,363,455	)
Increase (decrease) derived from capital shares transactions				$	1,155,964,725					$	(196,634,254	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	43.13		$	42.97		$	33.21		$	29.67		$	31.25		$	28.17
Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.72			0.28			0.48			0.33			0.28
Net realized and unrealized gain (loss) on investments		(0.39	)		3.41			10.64			3.33			(1.56	)		3.09
Total from investment operations		(0.03	)		4.13			10.92			3.81			(1.23	)		3.37
Less Distributions
Distributions from net investment income		(0.77	)		(0.31	)		(0.53	)		(0.27	)		(0.35	)		(0.29	)
Distributions from net realized capital gains		(14.87	)		(3.66	)		(0.63	)		0.00			0.00			0.00
Total distributions		(15.64	)		(3.97	)		(1.16	)		(0.27	)		(0.35	)		(0.29	)
Net Asset Value, End of Period	$	27.46		$	43.13		$	42.97		$	33.21		$	29.67		$	31.25
Total Return (%) (b)		(0.89	)(c)		10.63			33.70			12.86			(4.03	)		12.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(d)		0.73			0.72			0.73			0.73			0.73
Net ratio of expenses to average net assets (%) (e) (f)		0.58	(d)		0.59			0.67			0.68			0.68			0.68
Ratio of net investment income to average net assets (%)		1.75	(d)		1.74			0.74			1.50			1.06			0.99
Portfolio turnover rate (%)		13	(c)		105			11			16			19			19
Net assets, end of period (in millions)	$	2,228.7		$	2,352.1		$	2,391.0		$	2,098.2		$	2,040.4		$	2,412.4
	Class B
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.79		$	42.66		$	32.98		$	29.46		$	31.04		$	28.00
Income (Loss) from Investment Operations
Net investment income (a)		0.31			0.61			0.18			0.40			0.24			0.21
Net realized and unrealized gain (loss) on investments		(0.39	)		3.38			10.57			3.31			(1.54	)		3.06
Total from investment operations		(0.08	)		3.99			10.75			3.71			(1.30	)		3.27
Less Distributions
Distributions from net investment income		(0.66	)		(0.20	)		(0.44	)		(0.19	)		(0.28	)		(0.23	)
Distributions from net realized capital gains		(14.87	)		(3.66	)		(0.63	)		0.00			0.00			0.00
Total distributions		(15.53	)		(3.86	)		(1.07	)		(0.19	)		(0.28	)		(0.23	)
Net Asset Value, End of Period	$	27.18		$	42.79		$	42.66		$	32.98		$	29.46		$	31.04
Total Return (%) (b)		(1.03	)(c)		10.35			33.36			12.62			(4.27	)		11.71
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(d)		0.98			0.97			0.98			0.98			0.98
Net ratio of expenses to average net assets (%) (e) (f)		0.83	(d)		0.84			0.92			0.93			0.93			0.93
Ratio of net investment income to average net assets (%)		1.50	(d)		1.49			0.49			1.25			0.80			0.75
Portfolio turnover rate (%)		13	(c)		105			11			16			19			19
Net assets, end of period (in millions)	$	643.8		$	693.7		$	738.0		$	638.2		$	631.4		$	593.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.87		$	42.74		$	33.03		$	29.51		$	31.09		$	28.04
Income (Loss) from Investment Operations
Net investment income (a)		0.33			0.65			0.22			0.43			0.28			0.24
Net realized and unrealized gain (loss) on investments		(0.39	)		3.38			10.60			3.31			(1.55	)		3.06
Total from investment operations		(0.06	)		4.03			10.82			3.74			(1.27	)		3.30
Less Distributions
Distributions from net investment income		(0.70	)		(0.24	)		(0.48	)		(0.22	)		(0.31	)		(0.25	)
Distributions from net realized capital gains		(14.87	)		(3.66	)		(0.63	)		0.00			0.00			0.00
Total distributions		(15.57	)		(3.90	)		(1.11	)		(0.22	)		(0.31	)		(0.25	)
Net Asset Value, End of Period	$	27.24		$	42.87		$	42.74		$	33.03		$	29.51		$	31.09
Total Return (%) (b)		(0.97	)(c)		10.45			33.53			12.70			(4.18	)		11.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.88			0.87			0.88			0.88			0.88
Net ratio of expenses to average net assets (%) (e) (f)		0.73	(d)		0.74			0.82			0.83			0.83			0.83
Ratio of net investment income to average net assets (%)		1.60	(d)		1.59			0.59			1.34			0.90			0.85
Portfolio turnover rate (%)		13	(c)		105			11			16			19			19
Net assets, end of period (in millions)	$	871.8		$	952.4		$	1,032.7		$	900.7		$	935.4		$	1,016.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% and 0.03% for the years ended December 31, 2014 and 2015, respectively (see Note 5 of the Notes to Financial Statements).

(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2015 (Unaudited)

1. Organization

Metropolitan Series Fund (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., is currently comprised of thirty series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is WMC Core Equity Opportunities Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered and offers three classes of shares: Class A, B, and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2015 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Floating rate loans are valued at the average of aggregate bid and ask quotations supplied by brokers or dealers in the loans, as obtained from an independent pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short-term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the last reported bid price. These types of

MSF-11

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available. Fair-valued securities are categorized as Level 3 within the fair value hierarchy.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trust (REIT) adjustments, return of capital adjustment and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject

MSF-12

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

to examination by the Internal Revenue Service. As of June 30, 2015, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2015, the Portfolio had investments in repurchase agreements with a gross value of $60,913,766, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”) a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2015 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2015 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2015.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

MSF-13

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2015 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	512,727,381	$	0	$	736,056,573

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2015	% per annum			Average Daily Net Assets
$13,590,068		0.750	%	Of the first $1 billion
		0.700	%	On the next $2 billion
		0.650	%	On amounts in excess of $3 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2015 through April 30, 2016, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.120%	First $500 million
0.145%	$500 million to $1 billion
0.120%	$1 billion to $3 billion
0.070%	$3 billion to $4.5 billion
0.095%	Over $4.5 billion

An identical agreement was in place for the period April 28, 2014 to April 30, 2015. Amounts waived for the six months ended June 30, 2015 amounted to $2,161,912 and are included in the total amount shown as management fee waivers in the Statement of Operations.

MSF-14

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $651,185 was waived in the aggregate for the six months ended June 30, 2015 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of MetLife Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, B and E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2015 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Met Investors Series Trust, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$39,349,902	$	52,030,881	$	329,631,159	$	65,759,579	$	368,981,061	$	117,790,460

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$141,177,520	$	1,235,271,618	$	501,949,556	$	—	$	1,878,398,694

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

MSF-15

Metropolitan Series Fund

WMC Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2015—(Continued)

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MSF-16

Item 2. Code of Ethics.

Item applicable only to annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Item applicable only to annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Item applicable only to annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1) Not applicable.

(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable.

(b) The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

METROPOLITAN SERIES FUND
By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget
	President and Chief Executive Officer

Date: September 3, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget
	President and Chief Executive Officer

Date: September 3, 2015

By:	/s/ Peter H. Duffy
	Peter H. Duffy
	Chief Financial Officer and Treasurer

Date: September 3, 2015