Brighthouse Funds Trust I N-CSRS/A Certified semi-annual shareholder report (management investment company) (amended)

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: 811-10183

MET INVESTORS SERIES TRUST

(Exact name of registrant as specified in charter)

5 Park Plaza, Suite 1900

Irvine, CA 92614

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Elizabeth M. Forget President Met Investors Series Trust 5 Park Plaza, Suite 1900 Irvine, CA 92614	Stacy H. Louizos, Esq. David C. Mahaffey, Esq. Sullivan & Worcester LLP 1666 K Street, N.W. Washington, D.C. 20006

Registrant’s telephone number, including area code: (800) 848-3854

Date of fiscal year end: December 31

Date of reporting period: June 30, 2011

Explanatory Note:

Met Investors Series Trust (the “Registrant”) is filing this amendment to its Form N-CSR for the period ended June 30, 2011, originally filed with the Securities and Exchange Commission on September 6, 2011, to add to or revise certain information in the semiannual reports for each of AllianceBernstein Global Dynamic Allocation Portfolio, American Funds^® Balanced Allocation Portfolio, AQR Global Risk Balanced Portfolio, BlackRock Global Tactical Strategies Portfolio, Legg Mason ClearBridge Aggressive Growth Portfolio, Met/Franklin Low Duration Total Return Portfolio, Met/Franklin Mutual Shares Portfolio, MetLife Balanced Plus Portfolio, PIMCO Inflation Protected Bond Portfolio, PIMCO Total Return Portfolio, T. Rowe Price Mid Cap Growth Portfolio and Third Avenue Small Cap Value Portfolio of the Registrant. This amendment does not modify in any way the semiannual reports for any other Portfolio of the Registrant.

Item 1: Report to Shareholders.

Simplify your life…

with MetLife eDelivery^® while helping MetLife preserve the planet’s natural resources.

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  Met Investors Series Trust AllianceBernstein Global Dynamic Allocation Portfolio   Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Managed By AllianceBernstein L.P.

Portfolio Manager Commentary*

Performance

Since its May 2, 2011 inception, the Class B shares of the AllianceBernstein Global Dynamic Allocation Portfolio returned -1.70%, compared to the -1.53% return of its benchmark, the Dow Jones Moderate Index¹.

Market Environment/Conditions

Since the inception of the Portfolio in May there have been renewed fears about the sustainability of economic growth. This follows two major shocks from early 2011. First, unrest in the Middle East and North Africa triggered a sharp rise in oil prices. Second, the effects of the earthquake in Japan caused significant disruptions in the global supply chain. These shocks were compounded by other ongoing uncertainties, which include rising default risk on Greek sovereign debt and the end of the US Federal Reserve’s second round of quantitative easing. Equities rallied toward the latter part of June on optimism around the European debt crisis as the Greek Prime Minister survived a confidence vote and the Greek Parliament passed a package of austerity measures.

Global equity markets (US equities, Developed Foreign, and Emerging Markets) were all negative for most of the period under review. In fixed income, both US Treasuries and global sovereigns (ex US) had positive returns and returns for the three month Treasury bill was flat for the period.

Portfolio Review/Current Positioning

The Portfolio underperformed the Dow Jones Global Moderate Index benchmark slightly since inception on May 2. Exposure to developed US and international equities detracted from performance due to renewed fears about the sustainability of economic growth. Global equity markets underperformed for most of the period under review. The allocation to bonds, both domestic and international, contributed positively to performance, while the interest rate swap also added to performance. Interest rates fell over the period, so both bond exposure and the interest rate swap exposure had positive impacts on performance. Contributions were 29 and 40 basis points (bps), respectively. Additionally, performance was also helped by the opportunistic allocation to REITs and currency exposures, which added approximately 20 bps.

The Portfolio’s equity holdings were at a near-neutral position. Volatility rose over the last couple of months of the period, but the rise was still fairly modest. While risks were elevated, strong corporate fundamentals continued to make equity valuations attractive, particularly compared to the low level of bond yields. In addition, we took steps to further diversify equity holdings by reducing positions in US equities and increasing positions in Developed International equities, Emerging Market equities, and Real Estate equities.

Daniel Loewy, CFA

Co-Chief Investment Officer and Research Director—Dynamic Asset Allocation

Seth Masters

Co-Chief Investment Officer—Dynamic Asset Allocation, Chief Investment Officer—Asset Allocation and Bernstein Global Wealth Management

AllianceBernstein 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.

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AllianceBernstein Global Dynamic Allocation Portfolio

Portfolio Composition as of June 30, 2011

Top Issuers

	% of Net Assets
U.S. Treasury Notes		11.1
U.S. Treasury Bonds		3.9
Vanguard MSCI Emerging Markets ETF		3.7
Midcap SPDR Trust Series I		2.0
iShares Russell 2000 Index Fund		2.0
Federal Home Loan Mortgage Corp.		1.5
Federal Home Loan Banks		0.9
Federal National Mortgage Association		0.9
Exxon Mobil Corp.		0.3
Nestle S.A.		0.2

Top Equity Sectors

	% of Market Value of Total Investments
Cash & Equivalents		52.5
Investment Company Securities		7.8
Non-Cyclical		4.3
Financials		4.1
Industrials		2.5

Fixed Income Sectors

	% of Market Value of Total Investments
U.S. Treasury & Government Agencies		18.6

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AllianceBernstein Global Dynamic Allocation Portfolio

AllianceBernstein Global Dynamic Allocation Portfolio managed by
AllianceBernstein L.P. vs. Dow Jones Moderate Index¹

	Cumulative Return2 (for the period ended June 30, 2011)
	Since Inception3
AllianceBernstein Global Dynamic Allocation Portfolio—Class B		-1.70%
Dow Jones Moderate Index1		-1.53%

¹The 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 weightings of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk of that combination will have 60% of the risk of an all equity portfolio.

²“Cumulative Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³ Inception of the Class B shares is 5/02/11. Index returns are based on an inception date of 5/02/11.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

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AllianceBernstein Global Dynamic Allocation 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, May 2, 2011 through June 30, 2011.

Actual Expenses

The first line 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 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 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 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.

	Annualized Expense Ratio		Beginning Account Value May 2, 2011**		Ending Account Value June 30, 2011		Expenses Paid During Period*** May 2, 2011 to June 30, 2011
Class B(a)(b)
Actual		1.06%	$	1,000.00	$	998.30	$	1.77
Hypothetical*		1.06%		1,000.00		1,006.58		1.78

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

**  Commencement of operations—May 2, 2011.

*** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent two month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (60 days) in the most recent fiscal period, divided by 365 (to reflect the two month period).

(a) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 3 of the Notes to Financial Statements.

(b) The annualized expense ratio reflects the impact of the management fee waiver as described in Note 3 to the Financial Statements.

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AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—20.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.3%
BAE Systems plc		13,628	$	69,743
Boeing Co. (The)		1,995		147,490
Cobham plc		4,615		15,691
Elbit Systems, Ltd.		94		4,455
European Aeronautic Defence and Space Co. N.V.		1,632		54,705
Finmeccanica S.p.A.		1,618		19,610
General Dynamics Corp.		1,000		74,520
Goodrich Corp.		370		35,335
Honeywell International, Inc.		2,120		126,331
ITT Corp.		500		29,465
L-3 Communications Holdings, Inc.		305		26,672
Lockheed Martin Corp.		805		65,181
Northrop Grumman Corp.		805		55,827
Precision Castparts Corp.		425		69,976
Raytheon Co.		995		49,601
Rockwell Collins, Inc.		435		26,835
Rolls-Royce Holdings plc*		7,483		77,553
Safran S.A.		667		28,529
Singapore Technologies Engineering, Ltd.		6,000		14,713
Textron, Inc.		750		17,708
Thales S.A.		398		17,188
United Technologies Corp.		2,545		225,258
				1,252,386
Air Freight & Logistics—0.1%
C.H. Robinson Worldwide, Inc.		440		34,690
Deutsche Post AG		3,383		65,101
Expeditors International of Washington, Inc.		565		28,922
FedEx Corp.		870		82,520
PostNL N.V.		1,354		11,508
TNT Express N.V.*		1,408		14,625
Toll Holdings, Ltd.		2,683		13,965
United Parcel Service, Inc.—Class B		2,680		195,452
Yamato Holdings Co., Ltd.		1,600		25,018
				471,801
Airlines—0.0%
Air France-KLM*		540		8,301
All Nippon Airways Co., Ltd.		3,000		9,746
Cathay Pacific Airways, Ltd.		5,000		11,553
Deutsche Lufthansa AG		915		19,967
International Consolidated Airlines Group S.A.*		3,708		15,074
Qantas Airways, Ltd.*		4,436		8,759
Airlines—(Continued)
Ryanair Holdings plc, ADR		300	$	8,802
Singapore Airlines, Ltd.		2,000		23,170
Southwest Airlines Co.		2,125		24,268
				129,640
Auto Components—0.1%
Aisin Seiki Co., Ltd.		800		30,752
Bridgestone Corp.		2,600		59,515
Cie Generale des Etablissements Michelin—Class B		706		69,150
Continental AG*		320		33,671
Denso Corp.		1,900		70,256
Goodyear Tire & Rubber Co. (The)*		630		10,565
Johnson Controls, Inc.		1,815		75,613
Koito Manufacturing Co., Ltd.		1,000		17,373
NGK Spark Plug Co., Ltd.		1,000		13,727
NHK Spring Co., Ltd.		1,000		10,156
NOK Corp.		400		6,810
Nokian Renkaat OYJ		438		22,010
Pirelli & C S.p.A.		951		10,290
Stanley Electric Co., Ltd.		600		10,453
Sumitomo Rubber Industries, Ltd.		700		8,420
Toyoda Gosei Co., Ltd.		200		4,516
Toyota Boshoku Corp.		300		4,951
Toyota Industries Corp.		700		22,959
				481,187
Automobiles—0.4%
Bayerische Motoren Werke (BMW) AG		1,323		132,216
Daihatsu Motor Co., Ltd.		1,000		16,914
Daimler AG		3,620		272,865
Fiat S.p.A.		3,056		33,599
Ford Motor Co.*		10,335		142,520
Fuji Heavy Industries, Ltd.		2,000		15,426
Harley-Davidson, Inc.		625		25,606
Honda Motor Co., Ltd.		6,500		248,651
Isuzu Motors, Ltd.		5,000		23,498
Mazda Motor Corp.*		6,000		15,698
Mitsubishi Motors Corp.*		15,000		18,228
Nissan Motor Co., Ltd.		9,900		103,364
Peugeot S.A.		608		27,259
Renault S.A.		768		45,603
Suzuki Motor Corp.		1,300		29,097
Toyota Motor Corp.		11,000		450,121
Volkswagen AG		118		21,713
Yamaha Motor Co., Ltd.*		1,100		20,078
				1,642,456

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Beverages—0.5%
Anheuser-Busch InBev N.V.		3,208	$	186,366
Asahi Group Holdings, Ltd.		1,500		30,039
Brown-Forman Corp.—Class B		305		22,780
Carlsberg A.S.—Class B		428		46,629
Coca Cola Hellenic Bottling Co. S.A.*		732		19,689
Coca-Cola Amatil, Ltd.		2,266		27,771
Coca-Cola Co. (The)		6,285		422,918
Coca-Cola Enterprises, Inc.		880		25,678
Coca-Cola West Co., Ltd.		200		3,819
Constellation Brands, Inc.—Class A*		445		9,265
Diageo plc		10,009		204,730
Dr Pepper Snapple Group, Inc.		620		25,996
Foster’s Group, Ltd.		7,736		42,755
Heineken Holding N.V.		461		23,621
Heineken N.V.		1,036		62,397
Kirin Holdings Co., Ltd.		3,000		41,627
Molson Coors Brewing Co.—Class B		435		19,462
PepsiCo, Inc.		4,355		306,723
Pernod Ricard S.A.		792		78,183
SABMiller plc		3,805		138,877
				1,739,325
Biotechnology—0.1%
Actelion, Ltd.*		440		21,656
Amgen, Inc.*		2,550		148,792
Biogen Idec, Inc.*		680		72,706
Celgene Corp.*		1,250		75,400
Cephalon, Inc.*		190		15,181
CSL, Ltd.		2,164		76,775
Gilead Sciences, Inc.*		2,175		90,067
Grifols S.A.*		553		11,116
				511,693
Building Products—0.1%
Asahi Glass Co., Ltd.		4,000		46,426
Assa Abloy AB—Class B		1,250		33,717
Cie de St-Gobain		1,591		103,184
Daikin Industries, Ltd.		900		31,672
Geberit AG*		156		36,935
JS Group Corp.		1,100		28,208
Masco Corp.		945		11,368
Nippon Sheet Glass Co., Ltd.		3,000		9,263
TOTO, Ltd.		1,000		7,725
				308,498
Capital Markets—0.5%
3i Group plc		3,880		17,525
Capital Markets—(Continued)
Ameriprise Financial, Inc.		685	$	39,511
Bank of New York Mellon Corp.		3,365		86,211
BlackRock, Inc.		300		57,543
Charles Schwab Corp. (The)		2,685		44,168
Credit Suisse Group AG*		4,504		175,053
Daiwa Securities Group, Inc.		7,000		30,640
Deutsche Bank AG		3,715		219,866
E*Trade Financial Corp.*		685		9,453
Federated Investors, Inc.—Class B		250		5,960
Franklin Resources, Inc.		427		56,061
GAM Holding AG*		955		15,664
Goldman Sachs Group, Inc. (The)		1,430		190,319
ICAP plc		2,243		17,047
Invesco, Ltd.		1,250		29,250
Investec plc		1,932		15,661
Janus Capital Group, Inc.		500		4,720
Julius Baer Group, Ltd.*		826		34,096
Legg Mason, Inc.		380		12,449
Macquarie Group, Ltd.		1,386		46,481
Man Group plc		7,511		28,603
Mizuho Securities Co., Ltd.*		2,000		4,786
Morgan Stanley		4,180		96,182
Nomura Holdings, Inc.		14,100		69,237
Northern Trust Corp.		680		31,253
Ratos AB—B Shares		766		14,767
SBI Holdings, Inc.		80		7,371
Schroders plc		452		11,235
State Street Corp.		1,370		61,773
T Rowe Price Group, Inc.		690		41,635
UBS AG*		14,546		265,039
				1,739,559
Chemicals—0.6%
Air Liquide S.A.		1,136		163,073
Air Products & Chemicals, Inc.		615		58,782
Air Water, Inc.		1,000		11,991
Airgas, Inc.		190		13,308
Akzo Nobel N.V.		926		58,502
Arkema S.A.		221		22,786
Asahi Kasei Corp.		5,000		33,480
BASF SE		3,671		360,255
CF Industries Holdings, Inc.		190		26,917
Daicel Chemical Industries, Ltd.		1,000		6,572
Denki Kagaku Kogyo KK		2,000		9,573
Dow Chemical Co. (The)		3,180		114,480
E.I. du Pont de Nemours & Co.		2,495		134,855

See accompanying notes to financial statements.

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AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
Eastman Chemical Co.		190	$	19,393
Ecolab, Inc.		625		35,237
FMC Corp.		190		16,344
Givaudan S.A.*		33		34,888
Hitachi Chemical Co., Ltd.		400		7,891
Incitec Pivot, Ltd.		6,510		26,967
International Flavors & Fragrances, Inc.		245		15,739
Israel Chemicals, Ltd.		1,776		28,199
Israel Corp., Ltd. (The)		9		9,791
Johnson Matthey plc		858		27,104
JSR Corp.		700		13,471
K+S AG		688		52,958
Kaneka Corp.		1,000		6,535
Kansai Paint Co., Ltd.		1,000		9,064
Koninklijke DSM N.V.		616		40,040
Kuraray Co., Ltd.		1,500		21,855
Lanxess AG		333		27,374
Linde AG		676		118,698
Makhteshim-Agan Industries, Ltd.*		918		5,128
Mitsubishi Chemical Holdings Corp.		5,500		38,738
Mitsubishi Gas Chemical Co., Inc.		1,000		7,279
Mitsui Chemicals, Inc.		3,000		10,862
Monsanto Co.		1,490		108,085
Nitto Denko Corp.		600		30,244
Novozymes A.S.—B Shares		185		30,152
Orica, Ltd.		1,452		41,978
PPG Industries, Inc.		435		39,494
Praxair, Inc.		815		88,338
Sherwin-Williams Co. (The)		250		20,967
Shin-Etsu Chemical Co., Ltd.		1,600		85,213
Showa Denko KK		6,000		12,350
Sigma-Aldrich Corp.		315		23,115
Sika AG		8		19,274
Solvay S.A.		237		36,675
Sumitomo Chemical Co., Ltd.		6,000		29,760
Syngenta AG*		378		127,505
Taiyo Nippon Sanso Corp.		1,000		7,924
Teijin, Ltd.		4,000		17,509
Toray Industries, Inc.		6,000		44,045
Tosoh Corp.		2,000		7,986
Ube Industries, Ltd.		4,000		11,954
Umicore S.A.		456		24,908
Wacker Chemie AG		63		13,642
Yara International ASA		758		42,827
				2,452,074
Commercial Banks—1.7%
Alpha Bank AE*		2,029	$	10,225
Aozora Bank, Ltd.		2,000		4,613
Australia & New Zealand Banking Group, Ltd.		10,377		244,994
Banca Carige S.p.A.		2,584		5,866
Banca Monte dei Paschi di Siena S.p.A.		9,975		7,569
Banco Bilbao Vizcaya Argentaria S.A.		17,053		200,364
Banco Comercial Portugues S.A.*		12,964		7,720
Banco de Sabadell S.A.		4,445		18,399
Banco Espirito Santo S.A.		2,098		7,831
Banco Popolare SC		7,049		16,267
Banco Popular Espanol S.A.		3,848		21,689
Banco Santander S.A.		33,736		390,159
Bank Hapoalim BM		4,239		21,089
Bank Leumi Le-Israel BM		4,712		22,168
Bank of Cyprus plc		3,398		10,018
Bank of East Asia, Ltd.		6,200		25,536
Bank of Kyoto, Ltd. (The)		1,000		9,164
Bank of Yokohama, Ltd. (The)		5,000		24,862
Bankinter S.A.		851		5,788
Barclays plc		46,262		190,629
BB&T Corp.		1,875		50,325
Bendigo and Adelaide Bank, Ltd.		1,458		13,863
BNP Paribas S.A.		3,833		296,324
BOC Hong Kong Holdings, Ltd.		15,000		43,468
Chiba Bank, Ltd. (The)		3,000		18,674
Chugoku Bank, Ltd. (The)		1,000		12,313
Comerica, Inc.		445		15,384
Commerzbank AG*		14,303		61,675
Commonwealth Bank of Australia		6,191		347,474
Credit Agricole S.A.		3,840		57,834
Danske Bank A.S.*		2,607		48,353
DBS Group Holdings, Ltd.		7,000		83,604
Dexia S.A.*		2,337		7,287
DnB NOR ASA		3,906		54,646
EFG Eurobank Ergasias S.A.*		1,292		6,061
Erste Group Bank AG		756		39,692
Fifth Third Bancorp.		2,495		31,811
First Horizon National Corp.		690		6,583
Fukuoka Financial Group, Inc.		3,000		12,462
Gunma Bank, Ltd. (The)		1,000		5,258
Hachijuni Bank, Ltd. (The)		2,000		11,185
Hang Seng Bank, Ltd.		3,100		49,518
Hiroshima Bank, Ltd. (The)		2,000		8,680
Hokuhoku Financial Group, Inc.		5,000		9,858

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Banks—(Continued)
HSBC Holdings plc		70,774	$	703,242
Huntington Bancshares, Inc.		2,315		15,186
Intesa Sanpaolo S.p.A.		40,273		107,388
Intesa Sanpaolo S.p.A.—RSP		3,727		8,060
Israel Discount Bank, Ltd.—Class A*		3,160		6,207
Iyo Bank, Ltd. (The)		1,000		9,164
Joyo Bank, Ltd. (The)		2,000		8,358
KBC Grope N.V.		644		25,347
KeyCorp.		2,560		21,325
Lloyds TSB Group plc*		163,256		128,537
M&T Bank Corp.		365		32,102
Marshall & Ilsley Corp.		1,435		11,437
Mitsubishi UFJ Financial Group, Inc.		50,900		246,153
Mizrahi Tefahot Bank, Ltd.		492		5,209
Mizuho Financial Group, Inc.		82,000		134,218
Mizuho Trust & Banking Co., Ltd.		6,000		5,282
National Australia Bank, Ltd.		8,672		238,429
National Bank of Greece S.A.*		3,821		27,359
Natixis		3,487		17,523
Nishi-Nippon City Bank, Ltd. (The)		3,000		8,816
Nordea Bank AB		10,503		113,322
Oversea-Chinese Banking Corp., Ltd.		10,000		76,256
PNC Financial Services Group, Inc.		1,435		85,540
Raiffeisen Bank International AG		195		10,064
Regions Financial Corp.		3,425		21,235
Resona Holdings, Inc.		7,500		35,154
Royal Bank of Scotland Group plc*		70,159		43,356
Seven Bank, Ltd.		2		3,985
Shinsei Bank, Ltd.		5,000		4,960
Shizuoka Bank, Ltd. (The)		2,000		18,302
Skandinaviska Enskilda Banken AB—Class A		5,638		46,249
Societe Generale S.A.		2,536		150,715
Standard Chartered plc		9,386		247,034
Sumitomo Mitsui Financial Group, Inc.		5,400		165,258
Sumitomo Mitsui Trust Holdings, Inc.		12,000		41,515
SunTrust Banks, Inc.		1,440		37,152
Suruga Bank, Ltd.		1,000		8,668
Svenska Handelsbanken AB—A Shares		1,956		60,550
Swedbank AB—A Shares		3,235		54,563
U.S. Bancorp.		5,235		133,545
UniCredit S.p.A.		53,925		114,344
Unione di Banche Italiane SCPA		3,175		17,901
United Overseas Bank, Ltd.		5,000		80,166
Commercial Banks—(Continued)
Wells Fargo & Co.		14,380	$	403,503
Westpac Banking Corp.		12,026		287,281
Wing Hang Bank, Ltd.		500		5,478
Yamaguchi Financial Group, Inc.		1,000		9,288
Zions Bancorporation		500		12,005
				6,584,013
Commercial Services & Supplies—0.1%
Aggreko plc*		1,097		34,002
Avery Dennison Corp.		260		10,044
Babcock International Group plc		1,434		16,406
Brambles, Ltd.		5,798		44,924
Cintas Corp.		320		10,570
Dai Nippon Printing Co., Ltd.		2,000		22,394
Edenred		632		19,312
G4S plc		5,638		25,347
Iron Mountain, Inc.		510		17,386
Pitney Bowes, Inc.		510		11,725
Republic Services, Inc.		815		25,143
RR Donnelley & Sons Co.		510		10,001
Secom Co., Ltd.		800		38,142
Securitas AB—B Shares		1,252		13,300
Serco Group plc		1,972		17,507
Societe BIC S.A.		115		11,130
Stericycle, Inc.*		245		21,834
Suez Environnement Co.		1,077		21,515
Toppan Printing Co., Ltd.		2,000		15,426
Waste Management, Inc.		1,305		48,637
				434,745
Communications Equipment—0.3%
Alcatel-Lucent*		9,266		53,669
Cisco Systems, Inc.		15,070		235,243
F5 Networks, Inc.*		245		27,011
Harris Corp.		320		14,419
JDS Uniphase Corp.*		570		9,496
Juniper Networks, Inc.*		1,440		45,360
Motorola Mobility Holdings, Inc.*		760		16,750
Motorola Solutions, Inc.*		930		42,817
Nokia OYJ		14,969		97,179
QUALCOMM, Inc.		4,485		254,703
Telefonaktiebolaget LM Ericsson—B Shares		12,037		174,182
Tellabs, Inc.		945		4,357
				975,186

See accompanying notes to financial statements.

8

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Computers & Peripherals—0.4%
Apple, Inc.*		2,545	$	854,280
Dell, Inc.*		4,555		75,932
EMC Corp.*		5,610		154,555
Fujitsu, Ltd.		7,000		39,754
Hewlett-Packard Co.		5,920		215,488
Lexmark International, Inc.—Class A*		190		5,559
NEC Corp.*		10,000		22,692
NetApp, Inc.*		1,000		52,780
SanDisk Corp.*		625		25,938
Seiko Epson Corp.		500		8,606
Toshiba Corp.		16,000		83,725
Western Digital Corp.*		625		22,738
				1,562,047
Construction & Engineering—0.1%
ACS Actividades de Construccion y Servicios S.A.		566		26,732
Balfour Beatty plc		2,744		13,602
Bouygues S.A.		950		41,826
Chiyoda Corp.		1,000		11,445
Eiffage S.A.		162		10,736
Ferrovial S.A.		1,466		18,558
Fluor Corp.		495		32,007
Fomento de Construcciones y Contratas S.A.		203		6,199
Hochtief AG		169		14,138
Jacobs Engineering Group, Inc.*		320		13,840
JGC Corp.		1,000		27,218
Kajima Corp.		3,000		8,556
Kinden Corp.		1,000		8,519
Koninklijke Boskalis Westminster N.V.		283		13,401
Leighton Holdings, Ltd.		604		13,515
Obayashi Corp.		2,000		8,680
Quanta Services, Inc.*		565		11,413
Shimizu Corp.		2,000		8,283
Skanska AB—B Shares		1,598		28,702
Taisei Corp.		4,000		9,126
Vinci S.A.		1,777		113,995
				440,491
Construction Materials—0.1%
Boral, Ltd.		2,896		13,674
Cimpor Cimentos de Portugal SGPS S.A.		806		6,168
CRH plc		2,835		63,141
Fletcher Building, Ltd.		2,712		19,365
Construction Materials—(Continued)
HeidelbergCement AG		562	$	35,934
Holcim, Ltd.*		981		73,982
Imerys S.A.		136		9,598
James Hardie Industries SE*		1,744		10,967
Lafarge S.A.		801		51,123
Vulcan Materials Co.		320		12,330
				296,282
Consumer Finance—0.1%
Aeon Credit Service Co., Ltd.		300		4,085
American Express Co.		2,860		147,862
Capital One Financial Corp.		1,245		64,329
Credit Saison Co., Ltd.		600		10,022
Discover Financial Services		1,445		38,654
SLM Corp.		1,435		24,122
				289,074
Containers & Packaging—0.0%
Amcor, Ltd.		4,898		37,845
Ball Corp.		440		16,922
Bemis Co., Inc.		260		8,783
Owens-Illinois, Inc.*		440		11,356
Rexam plc		3,505		21,559
Sealed Air Corp.		435		10,349
Toyo Seikan Kaisha, Ltd.		600		10,022
				116,836
Distributors—0.0%
Genuine Parts Co.		415		22,576
Jardine Cycle & Carriage, Ltd.		1,000		35,032
Li & Fung, Ltd.		22,000		43,821
				101,429
Diversified Consumer Services—0.0%
Apollo Group, Inc.—Class A*		315		13,759
Benesse Holdings, Inc.		300		12,853
DeVry, Inc.		185		10,939
H&R Block, Inc.		815		13,072
				50,623
Diversified Financial Services—0.5%
ASX, Ltd.		700		22,874
Bank of America Corp.		27,640		302,934
CaixaBank		3,360		23,487
Citigroup, Inc.		7,910		329,372
CME Group, Inc.		185		53,944
Deutsche Boerse AG		779		59,284

See accompanying notes to financial statements.

9

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Financial Services—(Continued)
Eurazeo		122	$	8,927
Exor S.p.A.		256		8,012
Groupe Bruxelles Lambert S.A.		322		28,681
Hong Kong Exchanges and Clearing, Ltd.		4,100		85,988
Industrivarden AB—C Shares		471		7,825
ING Groep N.V.*		15,309		188,745
IntercontinentalExchange, Inc.*		190		23,695
Investor AB—B Shares		1,821		41,896
JPMorgan Chase & Co.		10,890		445,837
Kinnevik Investment AB—Class B		822		18,325
Leucadia National Corp.		505		17,221
London Stock Exchange Group plc		596		10,161
Mitsubishi UFJ Lease & Finance Co., Ltd.		230		8,841
Moody’s Corp.		555		21,284
NASDAQ OMX Group, Inc. (The)*		380		9,614
NYSE Euronext		690		23,646
ORIX Corp.		420		40,570
Pargesa Holding S.A.		210		19,444
Pohjola Bank plc—A Shares		552		7,151
Singapore Exchange, Ltd.		3,000		18,404
				1,826,162
Diversified Telecommunication Services—0.7%
AT&T, Inc.		16,125		506,486
Belgacom S.A.		608		21,718
Bezeq The Israeli Telecommunication Corp., Ltd.		6,971		17,574
BT Group plc		31,027		100,456
CenturyLink, Inc.		1,620		65,497
Deutsche Telekom AG		11,227		176,344
Elisa OYJ		565		12,186
France Telecom S.A.		7,411		157,845
Frontier Communications Corp.		2,685		21,668
Hellenic Telecommunications Organization S.A.		979		9,142
Iliad S.A.		76		10,213
Inmarsat plc		1,841		16,447
Koninklijke KPN N.V.		6,286		91,569
Nippon Telegraph & Telephone Corp.		1,900		91,060
PCCW, Ltd.		16,000		6,909
Portugal Telecom SGPS S.A.		2,687		26,681
Singapore Telecommunications, Ltd.		32,000		82,121
Swisscom AG		93		42,612
TDC A.S.*		1,484		13,564
Tele2 AB—B Shares		1,267		25,129
Diversified Telecommunication Services—(Continued)
Telecom Corp. of New Zealand, Ltd.		7,693	$	15,644
Telecom Italia S.p.A.		37,514		52,277
Telecom Italia S.p.A.—RSP		24,086		28,073
Telefonica S.A.		16,418		402,021
Telekom Austria AG		1,328		16,973
Telenor ASA		2,982		49,014
TeliaSonera AB		8,654		63,713
Telstra Corp., Ltd.		17,407		53,986
Verizon Communications, Inc.		7,720		287,416
Windstream Corp.		1,370		17,755
				2,482,093
Electric Utilities—0.5%
Acciona S.A.		102		10,842
American Electric Power Co., Inc.		1,310		49,361
Cheung Kong Infrastructure Holdings, Ltd.		2,000		10,358
Chubu Electric Power Co., Inc.		2,700		52,564
Chugoku Electric Power Co., Inc. (The)		1,200		20,713
CLP Holdings, Ltd.		7,500		66,503
Contact Energy, Ltd.*		1,395		6,194
Duke Energy Corp.		3,615		68,070
E.On AG		7,198		204,742
EDF S.A.		961		37,831
Edison International		875		33,906
EDP—Energias de Portugal S.A.		7,628		27,131
Enel S.p.A.		26,310		172,104
Entergy Corp.		495		33,799
Exelon Corp.		1,805		77,326
FirstEnergy Corp.		1,125		49,669
Fortum OYJ		1,775		51,481
Hokkaido Electric Power Co., Inc.		700		11,605
Hokuriku Electric Power Co.		700		13,315
Iberdrola S.A.		15,126		134,819
Kansai Electric Power Co., Inc. (The)		3,000		59,520
Kyushu Electric Power Co., Inc.		1,600		28,709
NextEra Energy, Inc.		1,175		67,515
Northeast Utilities		445		15,651
Pepco Holdings, Inc.		570		11,189
Pinnacle West Capital Corp.		310		13,820
Power Assets Holdings, Ltd.		5,500		41,454
PPL Corp.		1,505		41,884
Progress Energy, Inc.		810		38,888
Public Power Corp. S.A.		464		6,658
Red Electrica Corp. S.A.		432		26,116
Scottish & Southern Energy plc		3,724		83,353

See accompanying notes to financial statements.

10

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
Shikoku Electric Power Co., Inc		700	$	15,841
Southern Co.		2,305		93,076
SP AusNet		5,586		5,665
Terna Rete Elettrica Nazionale S.p.A.		4,807		22,382
Tohoku Electric Power Co., Inc		1,800		25,914
Tokyo Electric Power Co., Inc (The)		5,800		23,446
Verbund AG		272		11,851
				1,765,265
Electrical Equipment—0.2%
ABB, Ltd.*		8,762		227,030
Alstom S.A.		823		50,824
Bekaert S.A.		155		11,819
Emerson Electric Co.		2,055		115,594
Fuji Electric Co., Ltd.		2,000		6,200
Furukawa Electric Co., Ltd.		2,000		8,283
GS Yuasa Corp.		1,000		6,634
Legrand S.A.		789		33,283
Mabuchi Motor Co., Ltd.		100		5,022
Mitsubishi Electric Corp.		8,000		92,256
Nidec Corp.		400		36,902
Prysmian S.p.A.		815		16,417
Rockwell Automation, Inc.		375		32,535
Roper Industries, Inc.		250		20,825
Schneider Electric S.A.		978		163,630
Sumitomo Electric Industries, Ltd.		3,000		43,412
Ushio, Inc.		400		7,852
Vestas Wind Systems A.S.*		814		18,941
				897,459
Electronic Equipment, Instruments & Components—0.2%
Amphenol Corp.—Class A		495		26,725
Citizen Holdings Co., Ltd.		1,000		5,939
Corning, Inc.		4,240		76,956
FLIR Systems, Inc.		435		14,664
Foxconn International Holdings, Ltd.*		9,000		3,967
FUJIFILM Holdings Corp.		1,800		55,778
Hamamatsu Photonics KK		300		12,890
Hirose Electric Co., Ltd.		100		10,193
Hitachi High-Technologies Corp.		200		4,355
Hitachi, Ltd.		18,000		105,574
Hoya Corp.		1,700		37,396
Ibiden Co., Ltd.		500		15,531
Jabil Circuit, Inc.		505		10,201
Keyence Corp.		200		56,395
Kyocera Corp.		600		60,636
Molex, Inc.		375		9,664
Electronic Equipment, Instruments & Components—(Continued)
Murata Manufacturing Co., Ltd.		800	$	53,072
Nippon Electric Glass Co., Ltd.		1,000		12,722
Omron Corp.		800		22,102
Shimadzu Corp.		1,000		9,102
TDK Corp.		500		27,342
Yaskawa Electric Corp.		1,000		11,135
Yokogawa Electric Corp.*		800		6,775
				649,114
Energy Equipment & Services—0.3%
Aker Solutions ASA		657		13,201
AMEC plc		1,329		23,233
Baker Hughes, Inc.		1,185		85,984
Cameron International Corp.*		680		34,197
Cie Generale de Geophysique—Veritas*		575		21,212
Diamond Offshore Drilling, Inc.		185		13,026
FMC Technologies, Inc.*		630		28,218
Fugro N.V.		273		19,713
Halliburton Co.		2,490		126,990
Helmerich & Payne, Inc.		305		20,167
Nabors Industries, Ltd.*		755		18,603
National Oilwell Varco, Inc.		1,175		91,897
Noble Corp.		685		26,996
Petrofac, Ltd.		1,036		25,203
Rowan Cos., Inc.*		320		12,419
Saipem S.p.A.		1,058		54,702
SBM Offshore N.V.		674		17,855
Schlumberger, Ltd.		3,730		322,272
Seadrill, Ltd.		1,240		43,808
Subsea 7 SA*		1,125		28,883
Technip S.A.		393		42,197
Tenaris S.A.		1,887		43,164
Transocean, Ltd.		1,275		82,893
WorleyParsons, Ltd.		769		23,305
				1,220,138
Food & Staples Retailing—0.5%
Aeon Co., Ltd.		2,400		28,808
Carrefour S.A.		2,308		94,929
Casino Guichard Perrachon S.A.		221		20,863
Colruyt S.A.		303		15,182
Costco Wholesale Corp.		1,185		96,269
CVS Caremark Corp.		3,735		140,361
Delhaize Group S.A.		406		30,485
FamilyMart Co., Ltd.		200		7,316
J Sainsbury plc		4,848		25,659

See accompanying notes to financial statements.

11

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Food & Staples Retailing—(Continued)
Jeronimo Martins SGPS S.A.		880	$	16,922
Kesko OYJ		267		12,440
Koninklijke Ahold N.V.		4,764		64,111
Kroger Co. (The)		1,690		41,912
Lawson Inc		200		10,453
Metcash, Ltd.		3,073		13,686
Metro AG		518		31,439
Olam International, Ltd.		5,000		11,080
Safeway, Inc.		1,000		23,370
Seven & I Holdings Co., Ltd.		3,000		80,241
SUPERVALU, Inc.		565		5,317
Sysco Corp.		1,565		48,797
Tesco plc		32,162		207,745
Wal-Mart Stores, Inc.		5,355		284,565
Walgreen Co.	��	2,495		105,938
Wesfarmers, Ltd.		4,018		137,335
Wesfarmers, Ltd.—PPS		607		21,008
Whole Foods Market, Inc.		380		24,111
WM Morrison Supermarkets plc		9,030		43,194
Woolworths, Ltd.		4,848		144,373
				1,787,909
Food Products—0.6%
Ajinomoto Co., Inc.		3,000		35,452
Archer-Daniels-Midland Co.		1,845		55,627
Aryzta AG		178		9,531
Associated British Foods plc		1,424		24,780
Campbell Soup Co.		500		17,275
ConAgra Foods Inc		1,070		27,617
Danone		2,331		174,180
Dean Foods Co.*		500		6,135
General Mills, Inc.		1,740		64,763
Golden Agri-Resources, Ltd.		27,000		14,958
H.J. Heinz Co.		875		46,620
Hershey Co. (The)		435		24,730
Hormel Foods Corp.		375		11,179
J.M. Smucker Co. (The)		315		24,079
Kellogg Co.		685		37,894
Kerry Group plc—Class A		561		23,343
Kikkoman Corp.		1,000		10,478
Kraft Foods, Inc.—Class A		4,740		166,990
Lindt & Spruengli AG		5		15,570
Lindt & Spruengli AG—PC		1		36,424
McCormick & Co., Inc.		370		18,341
Mead Johnson Nutrition Co.		560		37,828
MEIJI Holdings Co., Ltd.		300		12,592
Nestle S.A.		13,850		860,121
Food Products—(Continued)
Nippon Meat Packers Inc		1,000	$	14,260
Nisshin Seifun Group, Inc.		500		6,212
Nissin Foods Holdings Co., Ltd.		200		7,259
Parmalat S.p.A.*		4,855		18,291
Sara Lee Corp.		1,565		29,719
Suedzucker AG		265		9,431
Toyo Suisan Kaisha, Ltd.		1,000		23,560
Tyson Foods, Inc.—Class A		810		15,730
Unilever N.V.		6,511		213,759
Unilever plc		5,130		165,352
Wilmar International, Ltd.		7,439		32,848
Yakult Honsha Co., Ltd.		400		11,517
Yamazaki Baking Co., Ltd.		1,000		13,342
				2,317,787
Gas Utilities—0.1%
Enagas S.A.		716		17,376
Gas Natural SDG S.A.		1,289		27,042
Hong Kong & China Gas Co., Ltd.		19,000		43,169
Nicor Inc.		125		6,843
ONEOK, Inc.		310		22,943
Osaka Gas Co., Ltd.		8,000		30,256
Snam Rete Gas S.p.A.		6,423		38,097
Toho Gas Co., Ltd.		2,000		10,788
Tokyo Gas Co., Ltd.		10,000		45,012
				241,526
Health Care Equipment & Supplies—0.3%
Baxter International, Inc.		1,560		93,116
Becton, Dickinson & Co.		620		53,425
Boston Scientific Corp.*		4,120		28,469
C.R. Bard, Inc.		245		26,916
CareFusion Corp.*		570		15,487
Cie Generale d’Optique Essilor International S.A.		804		65,309
Cochlear, Ltd.		227		17,540
Coloplast A.S.—Class B		91		13,839
Covidien plc		1,365		72,659
DENTSPLY International, Inc.		375		14,280
Edwards Lifesciences Corp.*		310		27,026
Getinge AB—B Shares		800		21,554
Intuitive Surgical, Inc.*		120		44,653
Medtronic, Inc.		2,925		112,700
Olympus Corp.		900		30,143
Smith & Nephew plc		3,566		38,104
Sonova Holding AG*		196		18,287
St. Jude Medical, Inc.		875		41,720

See accompanying notes to financial statements.

12

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Straumann Holding AG		37	$	8,905
Stryker Corp.		930		54,582
Synthes, Inc.		261		45,881
Sysmex Corp.		300		11,234
Terumo Corp.		700		37,628
Varian Medical Systems, Inc.*		315		22,056
William Demant Holding A.S.*		94		8,497
Zimmer Holdings, Inc.*		505		31,916
				955,926
Health Care Providers & Services—0.2%
Aetna, Inc.		1,055		46,515
Alfresa Holdings Corp.		100		3,869
AmerisourceBergen Corp.		745		30,843
Cardinal Health, Inc.		940		42,695
Celesio AG		340		6,790
CIGNA Corp.		745		38,315
Coventry Health Care, Inc.*		380		13,859
DaVita, Inc.*		250		21,653
Express Scripts, Inc.*		1,435		77,461
Fresenius Medical Care AG & Co. KGaA		785		58,772
Fresenius SE & Co. KGaA		454		47,461
Humana, Inc.		490		39,465
Laboratory Corp. of America Holdings*		305		29,521
McKesson Corp.		685		57,300
Medco Health Solutions, Inc.*		1,115		63,020
Medipal Holdings Corp.		600		5,297
Miraca Holdings, Inc.		200		8,072
Patterson Cos., Inc.		250		8,223
Quest Diagnostics, Inc.		435		25,708
Ramsay Health Care, Ltd.		525		10,243
Sonic Healthcare, Ltd.		1,475		20,372
Suzuken Co., Ltd.		300		6,893
Tenet Healthcare Corp.*		1,310		8,174
UnitedHealth Group, Inc.		2,990		154,224
WellPoint, Inc.		1,050		82,708
				907,453
Health Care Technology—0.0%
Cerner Corp.*		380		23,222
Hotels, Restaurants & Leisure—0.3%
Accor S.A.		589		26,377
Autogrill S.p.A.		458		6,020
Carnival Corp.		1,180		44,403
Hotels, Restaurants & Leisure—(Continued)
Carnival plc		731	$	28,342
Chipotle Mexican Grill, Inc.*		115		35,442
Compass Group plc		7,560		73,006
Crown, Ltd.		1,808		17,326
Darden Restaurants, Inc.		375		18,660
Echo Entertainment Group, Ltd.*		2,738		12,076
Galaxy Entertainment Group, Ltd.*		4,900		10,428
Genting Singapore plc*		24,000		37,737
Intercontinental Hotels Group plc		1,159		23,744
International Game Technology		810		14,240
Marriott International, Inc.—Class A		755		26,795
McDonald’s Corp.		2,860		241,155
McDonald’s Holdings Co. Japan, Ltd.		300		7,618
OPAP S.A.		892		13,927
Oriental Land Co., Ltd.		200		16,914
Sands China, Ltd.*		9,600		25,784
Shangri-La Asia, Ltd.		6,000		14,712
SJM Holdings, Ltd.		6,600		15,674
Sky City Entertainment Group, Ltd.		2,299		6,894
Sodexo		377		29,600
Starbucks Corp.		2,000		78,980
Starwood Hotels & Resorts Worldwide, Inc.		505		28,300
TABCORP. Holdings, Ltd.		2,738		9,667
Tatts Group, Ltd.		5,200		13,393
TUI AG*		604		6,562
TUI Travel plc		2,011		7,251
Whitbread plc		708		18,372
Wyndham Worldwide Corp.		445		14,974
Wynn Macau, Ltd.		6,200		20,237
Wynn Resorts, Ltd.		240		34,450
Yum! Brands, Inc.		1,300		71,812
				1,050,872
Household Durables—0.1%
Casio Computer Co., Ltd.		900		6,305
D.R. Horton, Inc.		750		8,640
Electrolux AB—Series B		959		22,961
Fortune Brands, Inc.		435		27,740
Harman International Industries, Inc.		190		8,658
Husqvarna AB—B Shares		1,768		11,751
Leggett & Platt, Inc.		380		9,264
Lennar Corp.—Class A		435		7,895
Newell Rubbermaid, Inc.		755		11,914
Panasonic Corp.		8,800		106,938
PulteGroup, Inc.*		880		6,741
Rinnai Corp.		100		7,192

See accompanying notes to financial statements.

13

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
Sekisui Chemical Co., Ltd.		2,000	$	16,988
Sekisui House, Ltd.		2,000		18,501
Sharp Corp.		4,000		36,258
Sony Corp.		4,000		105,004
Stanley Black & Decker, Inc.		440		31,702
Whirlpool Corp.		190		15,451
				459,903
Household Products—0.2%
Clorox Co. (The)		375		25,290
Colgate-Palmolive Co.		1,365		119,315
Henkel AG & Co. KGaA		519		29,793
Kimberly-Clark Corp.		1,115		74,214
Procter & Gamble Co. (The)		7,655		486,628
Reckitt Benckiser Group plc		2,467		136,361
Unicharm Corp.		400		17,410
				889,011
Independent Power Producers & Energy Traders—0.0%
AES Corp. (The)*		1,805		22,996
Constellation Energy Group, Inc.		510		19,360
EDP Renovaveis S.A.*		872		5,761
Electric Power Development Co., Ltd.		500		13,485
Enel Green Power S.p.A.		6,995		19,323
Iberdrola Renovables S.A.		3,377		14,939
International Power plc		6,106		31,562
NRG Energy, Inc.*		635		15,608
				143,034
Industrial Conglomerates—0.4%
3M Co.		1,935		183,535
Delek Group, Ltd.		18		4,030
Fraser and Neave, Ltd.		3,000		14,151
General Electric Co.		29,005		547,034
Hutchison Whampoa, Ltd.		8,000		86,358
Keppel Corp., Ltd.		5,000		45,134
Koninklijke Philips Electronics N.V.		3,941		101,367
NWS Holdings, Ltd.		5,000		6,695
Orkla A.S.A.		3,084		29,433
SembCorp. Industries, Ltd.		4,000		16,261
Siemens AG		3,289		452,361
Smiths Group plc		1,567		30,240
Tyco International, Ltd.		1,305		64,506
Wendel S.A.		131		16,132
				1,597,237
Insurance—0.8%
ACE, Ltd.		930	$	61,213
Admiral Group plc		805		21,485
Aegon N.V.*		6,870		46,935
Aflac, Inc.		1,255		58,583
Ageas		8,843		24,029
AIA Group, Ltd.*		31,300		108,602
Allianz SE		1,814		253,788
Allstate Corp. (The)		1,435		43,811
American International Group, Inc.*		1,185		34,744
AMP, Ltd.		11,258		59,079
Aon Corp.		930		47,709
Assicurazioni Generali S.p.A.		4,667		98,622
Assurant, Inc.		255		9,249
Aviva plc		11,272		79,511
AXA S.A.		7,120		162,039
Baloise Holding AG		190		19,591
Berkshire Hathaway, Inc.—Class B*		4,730		366,055
Chubb Corp. (The)		810		50,714
Cincinnati Financial Corp.		440		12,839
CNP Assurances		594		12,971
Dai-ichi Life Insurance Co., Ltd. (The)		36		50,131
Delta Lloyd N.V.		402		9,569
Genworth Financial, Inc.—Class A*		1,315		13,518
Gjensidige Forsikring ASA		799		9,885
Hannover Rueckversicherung AG		241		12,588
Hartford Financial Services Group, Inc. (The)		1,190		31,380
Insurance Australia Group, Ltd.		8,310		30,321
Legal & General Group plc		23,450		44,537
Lincoln National Corp.		820		23,362
Loews Corp.		870		36,618
Mapfre S.A.		3,010		11,191
Marsh & McLennan Cos., Inc.		1,440		44,914
MetLife, Inc.		565		24,787
MS&AD Insurance Group Holdings		2,300		53,504
Muenchener Rueckversicherungs AG		753		115,322
NKSJ Holdings, Inc.		6,000		39,358
Old Mutual plc		21,806		46,740
Principal Financial Group, Inc.		875		26,617
Progressive Corp. (The)		1,755		37,522
Prudential Financial, Inc.		1,310		83,303
Prudential plc		10,175		117,714
QBE Insurance Group, Ltd.		4,204		77,824
Resolution, Ltd.		5,806		27,427
RSA Insurance Group plc		13,981		30,305
Sampo OYJ—A Shares		1,679		54,305

See accompanying notes to financial statements.

14

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
SCOR SE		675	$	19,215	��
Sony Financial Holdings, Inc.		695		12,487
Standard Life plc		9,126		30,867
Suncorp. Group, Ltd.		5,122		44,743
Swiss Life Holding AG*		122		19,996
Swiss Re, Ltd.*		1,408		79,006
T&D Holdings, Inc.		1,150		27,165
Tokio Marine Holdings, Inc.		2,900		80,730
Torchmark Corp.		240		15,394
Travelers Cos., Inc. (The)		1,180		68,888
Tryg A.S.		102		5,893
Unum Group		815		20,766
Vienna Insurance Group AG Wiener Versicherung Gruppe		154		8,477
XL Group plc		815		17,914
Zurich Financial Services AG*		582		147,065
				3,222,917
Internet & Catalog Retail—0.1%
Amazon.com, Inc.*		970		198,355
Dena Co., Ltd.		392		16,794
Expedia, Inc.		530		15,365
Home Retail Group plc		3,251		8,551
Netflix, Inc.*		143		37,565
Priceline.com, Inc.*		145		74,230
Rakuten Inc		29		29,883
				380,743
Internet Software & Services—0.1%
Akamai Technologies, Inc.*		500		15,735
eBay, Inc.*		3,115		100,521
Google, Inc.—Class A*		685		346,870
Gree, Inc.		366		7,947
Monster Worldwide, Inc.*		320		4,691
United Internet AG		450		9,473
VeriSign, Inc.		445		14,890
Yahoo Japan Corp.		58		19,850
Yahoo!, Inc.*		3,555		53,467
				573,444
IT Services—0.3%
Amadeus IT Holding S.A.—A Shares*		984		20,451
Atos		196		11,090
Automatic Data Processing, Inc.		1,365		71,908
Cap Gemini S.A.		591		34,677
Cognizant Technology Solutions Corp.—Class A*		815		59,772
IT Services—(Continued)
Computer Sciences Corp.		435	$	16,513
Computershare, Ltd.		1,777		16,915
Fidelity National Information Services, Inc.		695		21,399
Fiserv, Inc.*		380		23,799
Indra Sistemas S.A.		394		8,143
International Business Machines Corp.		3,355		575,550
Itochu Techno-Solutions Corp.		100		3,530
Mastercard, Inc.—Class A		300		90,402
Nomura Research Institute, Ltd.		400		8,705
NTT Data Corp.		5		16,498
Otsuka Corp.		100		6,194
Paychex, Inc.		875		26,880
SAIC, Inc.*		760		12,783
Teradata Corp.*		440		26,488
Total System Services, Inc.		435		8,082
Visa, Inc.—Class A		1,310		110,381
Western Union Co.		1,750		35,053
				1,205,213
Leisure Equipment & Products—0.0%
Hasbro, Inc.		375		16,474
Mattel, Inc.		935		25,703
Namco Bandai Holdings, Inc.		800		9,583
Nikon Corp.		1,400		32,793
Sankyo Co., Ltd.		200		10,279
Sega Sammy Holdings, Inc.		800		15,366
Shimano, Inc.		300		16,424
Yamaha Corp.		600		6,793
				133,415
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.*		935		47,788
Life Technologies Corp.*		495		25,775
Lonza Group AG*		234		18,301
PerkinElmer, Inc.		260		6,997
QIAGEN N.V.*		932		17,894
Thermo Fisher Scientific, Inc.*		1,060		68,253
Waters Corp.*		250		23,935
				208,943
Machinery—0.6%
Alfa Laval AB		1,349		29,174
Amada Co., Ltd.		1,000		7,638
Atlas Copco A.B.—A Shares		2,684		70,907
Atlas Copco A.B.—B Shares		1,560		36,856

See accompanying notes to financial statements.

15

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
Caterpillar, Inc.		1,745	$	185,773
Cosco Corp. Singapore, Ltd.		4,000		6,355
Cummins, Inc.		555		57,437
Danaher Corp.		1,490		78,955
Deere & Co.		1,175		96,879
Dover Corp.		500		33,900
Eaton Corp.		935		48,106
FANUC Corp.		800		132,730
Fiat Industrial S.p.A.*		3,056		39,502
Flowserve Corp.		180		19,780
GEA Group AG		698		25,024
Hexagon AB—B Shares		1,013		25,042
Hino Motors, Ltd.		1,000		5,791
Hitachi Construction Machinery Co., Ltd.		400		8,898
IHI Corp.		5,000		12,834
Illinois Tool Works, Inc.		1,370		77,391
Ingersoll-Rand plc		875		39,734
Invensys plc		3,236		16,737
Japan Steel Works, Ltd. (The)		1,000		6,808
Joy Global, Inc.		305		29,048
JTEKT Corp.		900		13,158
Kawasaki Heavy Industries, Ltd.		6,000		23,734
Komatsu, Ltd.		3,800		117,659
Kone OYJ—Class B		622		39,143
Kubota Corp.		5,000		43,958
Kurita Water Industries, Ltd.		400		11,864
Makita Corp.		400		18,501
MAN SE		423		56,495
Metso OYJ		511		29,070
Minebea Co., Ltd.		1,000		5,295
Mitsubishi Heavy Industries, Ltd.		12,000		56,098
Mitsui Engineering & Shipbuilding Co., Ltd.		3,000		6,510
Nabtesco Corp.		1,000		24,031
NGK Insulators, Ltd.		1,000		18,501
NSK, Ltd.		2,000		19,815
NTN Corp.		2,000		11,309
PACCAR, Inc.		995		50,835
Pall Corp.		310		17,431
Parker Hannifin Corp.		435		39,037
Sandvik AB		4,030		70,913
Scania AB—B Shares		1,279		29,771
Schindler Holding AG		159		19,295
Schindler Holding AG—PC		194		23,565
SembCorp. Marine, Ltd.		3,000		12,954
Machinery—(Continued)
SKF AB—B Shares		1,558	$	45,239
SMC Corp.		200		35,811
Snap-On, Inc.		180		11,246
Sulzer AG		58		9,431
Sumitomo Heavy Industries, Ltd.		2,000		13,838
THK Co., Ltd.		500		12,648
Vallourec S.A.		448		54,648
Volvo AB		5,509		96,588
Wartsila OYJ		670		22,663
Weir Group plc (The)		842		28,777
Yangzijiang Shipbuilding Holdings, Ltd.		7,700		9,159
Zardoya Otis S.A.		559		8,248
				2,198,537
Marine—0.0%
A.P. Moller-Maersk A.S.—Class A		2		16,575
A.P. Moller-Maersk A.S.—Class B		5		43,190
Kawasaki Kisen Kaisha, Ltd.		3,000		10,416
Kuehne & Nagel International AG		216		32,759
Mitsui OSK Lines, Ltd.		4,000		21,378
Neptune Orient Lines, Ltd.		3,000		3,739
Nippon Yusen KK		6,000		22,171
Orient Overseas International, Ltd.		1,000		6,457
				156,685
Media—0.5%
Axel Springer AG		158		7,816
British Sky Broadcasting Group plc		4,554		61,942
Cablevision Systems Corp.—Class A		625		22,631
CBS Corp.—Class B		1,810		51,567
Comcast Corp.—Class A		7,540		191,064
Dentsu, Inc.		700		20,572
DIRECTV—Class A*		2,175		110,533
Discovery Communications, Inc.—Class A*		750		30,720
Eutelsat Communications S.A.		396		17,829
Gannett Co., Inc.		630		9,022
Hakuhodo DY Holdings, Inc.		90		4,776
Interpublic Group of Cos., Inc. (The)		1,315		16,438
ITV plc*		14,768		16,966
JCDecaux S.A.*		266		8,540
Jupiter Telecommunications Co., Ltd.		7		7,812
Kabel Deutschland Holding AG*		288		17,735
Lagardere SCA		472		19,972
McGraw-Hill Cos., Inc. (The)		815		34,157
Mediaset Espana Comunicacion S.A.		650		5,656

See accompanying notes to financial statements.

16

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Mediaset S.p.A.		2,833	$	13,339
Metropole Television S.A.		232		5,376
Modern Times Group AB—B Shares		191		12,659
News Corp.—Class A		6,225		110,182
Omnicom Group, Inc.		755		36,361
Pearson plc		3,250		61,412
Publicis Groupe S.A.		498		27,810
Reed Elsevier N.V.		2,749		36,951
Reed Elsevier plc		4,859		44,190
Sanoma OYJ		325		6,032
Scripps Networks Interactive— Class A		250		12,220
SES S.A.		1,198		33,676
Singapore Press Holdings, Ltd.		6,000		19,064
Societe Television Francaise S.A.		469		8,542
Time Warner Cable, Inc.		935		72,967
Time Warner, Inc.		2,985		108,564
Toho Co., Ltd.		400		6,612
Viacom, Inc.—Class B		1,620		82,620
Vivendi S.A.		4,946		137,740
Walt Disney Co. (The)		5,170		201,837
Washington Post Co. (The)—Class B		53		22,204
Wolters Kluwer N.V.		1,194		26,497
WPP plc		5,049		63,279
				1,805,882
Metals & Mining—0.9%
Acerinox S.A.		399		7,290
AK Steel Holding Corp.		260		4,098
Alcoa, Inc.		2,870		45,518
Allegheny Technologies, Inc.		305		19,358
Alumina, Ltd.		9,753		22,084
Anglo American plc		5,277		261,792
Antofagasta plc		1,576		35,301
ArcelorMittal		3,431		119,568
BHP Billiton plc		8,722		343,636
BHP Billiton, Ltd.		12,836		603,343
BlueScope Steel, Ltd.		7,363		9,522
Boliden AB		1,093		20,256
Cliffs Natural Resources, Inc.		425		39,291
Daido Steel Co., Ltd.		1,000		6,646
Eramet		21		6,966
Eurasian Natural Resources Corp. plc		1,029		12,921
Fortescue Metals Group, Ltd.		4,977		33,916
Freeport-McMoRan Copper & Gold, Inc.		2,560		135,424
Fresnillo plc		717		16,152
Metals & Mining—(Continued)
Glencore International plc		3,320	$	26,193
Hitachi Metals, Ltd.		1,000		14,049
Iluka Resources, Ltd.		1,673		30,127
JFE Holdings, Inc.		1,800		49,193
Kazakhmys plc		856		18,981
Kobe Steel, Ltd.		10,000		22,568
Lonmin plc		647		15,105
Lynas Corp., Ltd.* (a)		6,756		13,380
MacArthur Coal, Ltd.		658		7,732
Maruichi Steel Tube, Ltd.		200		4,935
Mitsubishi Materials Corp.		4,000		12,499
Newcrest Mining, Ltd.		3,058		123,753
Newmont Mining Corp.		1,365		73,669
Nippon Steel Corp.		20,000		64,480
Nisshin Steel Co., Ltd.		3,000		5,692
Norsk Hydro ASA		3,721		28,597
Nucor Corp.		870		35,861
OneSteel, Ltd.		5,335		10,592
Outokumpu OYJ		512		6,793
OZ Minerals, Ltd.		1,294		18,330
Randgold Resources, Ltd.		364		30,735
Rautaruukki OYJ		337		7,626
Rio Tinto plc		5,782		417,191
Rio Tinto, Ltd.		1,742		155,144
Salzgitter AG		156		11,915
Sims Metal Management, Ltd.		655		12,406
SSAB AB—A Shares		626		9,391
Sumitomo Metal Industries, Ltd.		13,000		29,016
Sumitomo Metal Mining Co., Ltd.		2,000		32,612
ThyssenKrupp AG		1,337		69,584
Titanium Metals Corp.		200		3,664
United States Steel Corp.		375		17,265
Vedanta Resources plc		478		16,083
Voestalpine AG		439		24,270
Xstrata plc		8,295		182,799
Yamato Kogyo Co., Ltd.		200		6,185
				3,351,497
Multi-Utilities—0.3%
A2A S.p.A.		4,383		6,837
AGL Energy, Ltd.		1,831		28,786
Ameren Corp.		630		18,169
CenterPoint Energy, Inc.		1,130		21,865
Centrica plc		20,601		107,018
CMS Energy Corp.		685		13,488
Consolidated Edison, Inc.		805		42,858

See accompanying notes to financial statements.

17

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Multi-Utilities—(Continued)
Dominion Resources, Inc.		1,560	$	75,301
DTE Energy Co.		440		22,009
GDF Suez		4,947		181,308
Integrys Energy Group, Inc.		190		9,850
National Grid plc		14,022		138,000
NiSource, Inc.		750		15,187
PG&E Corp.		1,065		44,762
Public Service Enterprise Group, Inc.		1,370		44,717
RWE AG		1,674		92,958
SCANA Corp.		310		12,205
Sempra Energy		680		35,958
TECO Energy, Inc.		565		10,673
United Utilities Group plc		2,724		26,218
Veolia Environnement S.A.		1,396		39,434
Wisconsin Energy Corp.		625		19,594
Xcel Energy, Inc.		1,310		31,833
				1,039,028
Multiline Retail—0.1%
Big Lots, Inc.*		190		6,299
Family Dollar Stores, Inc.		340		17,870
Harvey Norman Holdings, Ltd.		2,123		5,673
Isetan Mitsukoshi Holdings, Ltd.		1,500		14,601
J Front Retailing Co., Ltd.		2,000		8,779
JC Penney Co., Inc.		575		19,861
Kohl’s Corp.		785		39,258
Lifestyle International Holdings, Ltd.		2,500		7,357
Macy’s, Inc.		1,130		33,041
Marks & Spencer Group plc		6,334		36,781
Marui Group Co., Ltd.		900		6,785
Next plc		720		26,898
Nordstrom, Inc.		450		21,123
PPR		304		54,218
Sears Holdings Corp.*		115		8,216
Takashimaya Co., Ltd.		1,000		6,857
Target Corp.		1,940		91,005
				404,622
Office Electronics—0.1%
Brother Industries, Ltd.		900		13,225
Canon, Inc.		4,500		212,598
Konica Minolta Holdings, Inc.		2,000		16,591
Neopost S.A.		129		11,099
Ricoh Co., Ltd.		3,000		33,071
Xerox Corp.		3,800		39,558
				326,142
Oil, Gas & Consumable Fuels—1.8%
Alpha Natural Resources, Inc.*		622	$	28,235
Anadarko Petroleum Corp.		1,365		104,777
Apache Corp.		1,055		130,176
BG Group plc		13,542		307,676
BP plc		75,139		553,744
Cabot Oil & Gas Corp.		305		20,225
Cairn Energy plc*		5,597		37,304
Caltex Australia, Ltd.		540		6,815
Chesapeake Energy Corp.		1,755		52,106
Chevron Corp.		5,480		563,563
ConocoPhillips Co.		3,920		294,745
CONSOL Energy, Inc.		620		30,058
Cosmo Oil Co., Ltd.		2,000		5,654
Denbury Resources, Inc.*		1,065		21,300
Devon Energy Corp.		1,180		92,996
El Paso Corp.		2,060		41,612
ENI S.p.A.		9,606		227,545
EOG Resources, Inc.		745		77,890
EQT Corp.		380		19,958
Essar Energy plc*		1,303		8,565
Exxon Mobil Corp.		13,565		1,103,920
Galp Energia SGPS S.A.—B Shares		925		22,099
Hess Corp.		810		60,556
Idemitsu Kosan Co., Ltd.		100		10,614
Inpex Corp.		9		66,067
Japan Petroleum Exploration Co.		100		4,669
JX Holdings, Inc.		9,000		60,153
Marathon Oil Corp.		1,930		101,672
Murphy Oil Corp.		555		36,441
Neste Oil OYJ		513		8,054
Newfield Exploration Co.*		370		25,167
Noble Energy, Inc.		495		44,367
Occidental Petroleum Corp.		2,235		232,529
OMV AG		654		28,614
Origin Energy, Ltd.		4,246		71,949
Paladin Energy, Ltd.*		2,642		7,145
Peabody Energy Corp.		745		43,888
Pioneer Natural Resources Co.		315		28,215
QEP Resources, Inc.		495		20,706
Range Resources Corp.		435		24,143
Repsol YPF S.A.		3,172		110,288
Royal Dutch Shell plc—A Shares		14,245		507,675
Royal Dutch Shell plc—B Shares		10,775		385,047
Santos, Ltd.		3,499		50,842
Showa Shell Sekiyu KK		700		6,458
Southwestern Energy Co.*		935		40,093

See accompanying notes to financial statements.

18

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Spectra Energy Corp.		1,750	$	47,968
Statoil ASA		4,461		113,367
Sunoco, Inc.		315		13,139
Tesoro Corp.*		375		8,591
TonenGeneral Sekiyu KK		1,000		12,251
Total S.A.		8,452		489,538
Tullow Oil plc		3,551		70,751
Valero Energy Corp.		1,555		39,761
Williams Cos., Inc. (The)		1,565		47,341
Woodside Petroleum, Ltd.		2,495		109,778
				6,678,800
Paper & Forest Products—0.0%
Holmen AB—B Shares		211		6,602
International Paper Co.		1,185		35,337
MeadWestvaco Corp.		440		14,656
Nippon Paper Group, Inc.		400		8,839
OJI Paper Co., Ltd.		3,000		14,322
Stora Enso OYJ—R Shares		2,325		24,430
Svenska Cellulosa AB—B Shares		2,292		32,385
UPM-Kymmene OYJ		2,078		38,057
				174,628
Personal Products—0.1%
Avon Products, Inc.		1,130		31,640
Beiersdorf AG		403		26,192
Estee Lauder Cos., Inc. (The)— Class A		310		32,609
Kao Corp.		2,100		54,945
L’Oreal S.A.		958		124,609
Shiseido Co., Ltd.		1,400		26,023
				296,018
Pharmaceuticals—1.4%
Abbott Laboratories		4,230		222,583
Allergan, Inc.		865		72,011
Astellas Pharma, Inc.		1,800		69,527
AstraZeneca plc		5,561		277,713
Bayer AG		3,305		266,113
Bristol-Myers Squibb Co.		4,615		133,650
Chugai Pharmaceutical Co., Ltd.		900		14,687
Daiichi Sankyo Co., Ltd.		2,700		52,530
Dainippon Sumitomo Pharma Co., Ltd.		600		5,677
Eisai Co., Ltd.		1,000		38,874
Elan Corp. plc*		1,993		23,151
Eli Lilly & Co.		2,750		103,208
Pharmaceuticals—(Continued)
Forest Laboratories, Inc.*		755	$	29,702
GlaxoSmithKline plc		20,732		444,384
Hisamitsu Pharmaceutical Co., Inc.		200		8,494
Hospira, Inc.*		440		24,930
Johnson & Johnson		7,470		496,904
Kyowa Hakko Kirin Co., Ltd.		1,000		9,486
Merck & Co., Inc.		8,405		296,612
Merck KGaA		258		28,081
Mitsubishi Tanabe Pharma Corp.		1,000		16,678
Mylan, Inc.*		1,185		29,234
Novartis AG		9,328		570,978
Novo Nordisk A.S.—Class B		1,674		210,411
Ono Pharmaceutical Co., Ltd.		300		15,996
Orion OYJ—Class B		375		9,678
Otsuka Holdings Co., Ltd.		1,003		26,491
Pfizer, Inc.		21,845		450,007
Roche Holding AG		2,808		469,585
Sanofi		4,454		358,629
Santen Pharmaceutical Co., Ltd.		300		12,127
Shionogi & Co., Ltd.		1,200		19,567
Shire plc		2,247		70,224
Taisho Pharmaceutical Co., Ltd.		1,000		22,444
Takeda Pharmaceutical Co., Ltd.		3,100		142,805
Teva Pharmaceutical Industries, Ltd.		3,756		180,677
Tsumura & Co.		200		6,374
UCB S.A.		403		18,135
Watson Pharmaceuticals, Inc.*		370		25,430
				5,273,787
Professional Services—0.1%
Adecco S.A.*		530		33,954
Bureau Veritas S.A.		218		18,440
Capita Group plc (The)		2,449		28,155
Dun & Bradstreet Corp.		125		9,442
Equifax, Inc.		315		10,937
Experian plc		3,995		50,936
Intertek Group plc		638		20,226
Randstad Holding N.V.		476		22,036
Robert Half International, Inc.		380		10,271
SGS S.A.		22		41,733
				246,130
Real Estate Investment Trusts—0.3%
Apartment Investment & Management Co.—Class A		315		8,042
Ascendas Real Estate Investment Trust		7,000		11,634
AvalonBay Communities, Inc.		245		31,458

See accompanying notes to financial statements.

19

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Boston Properties, Inc.		425	$	45,118
British Land Co. plc		3,363		32,908
Capital Shopping Centres Group plc		2,232		14,328
CapitaMall Trust		7,000		10,664
CFS Retail Property Trust		7,377		14,369
Corio N.V.		236		15,664
Dexus Property Group		19,342		18,266
Equity Residential		810		48,600
Fonciere Des Regions		110		11,670
Gecina S.A.		88		12,317
Goodman Group		27,551		20,844
GPT Group		7,046		23,894
Hammerson plc		2,825		21,852
HCP, Inc.		1,065		39,075
Health Care REIT, Inc.		495		25,953
Host Hotels & Resorts, Inc.		1,815		30,764
ICADE		93		11,485
Japan Prime Realty Investment Corp.		3		7,924
Japan Real Estate Investment Corp.		2		19,617
Japan Retail Fund Investment Corp.		6		9,211
Kimco Realty Corp.		1,070		19,945
Klepierre		417		17,239
Land Securities Group plc		3,078		42,162
Link REIT (The)		9,000		30,765
Mirvac Group		13,653		18,315
Nippon Building Fund, Inc.		2		19,493
Nomura Real Estate Office Fund, Inc.		1		6,597
Plum Creek Timber Co., Inc.		435		17,635
ProLogis, Inc.		1,130		40,505
Public Storage		375		42,754
Segro plc		2,964		14,873
Simon Property Group, Inc.		810		94,146
Stockland		9,525		34,856
Unibail-Rodamco SE		367		84,989
Ventas, Inc.		440		23,192
Vornado Realty Trust		440		40,999
Westfield Group		8,768		81,485
Westfield Retail Trust		11,597		33,727
Weyerhaeuser Co.		1,440		31,478
				1,180,812
Real Estate Management & Development—0.2%
Aeon Mall Co., Ltd.		300		7,224
CapitaLand, Ltd.		10,000		23,708
CapitaMalls Asia, Ltd.		5,400		6,467
CB Richard Ellis Group, Inc.—Class A*		755		18,958
Cheung Kong Holdings, Ltd.		6,000		87,745
City Developments, Ltd.		2,000		16,946
Daito Trust Construction Co., Ltd.		300		25,333
Real Estate Management & Development—(Continued)
Daiwa House Industry Co., Ltd.		2,000	$	25,073
Global Logistic Properties, Ltd.*		7,300		12,251
Hang Lung Group, Ltd.		3,000		19,006
Hang Lung Properties, Ltd.		10,000		41,123
Henderson Land Development Co., Ltd.		4,000		25,856
Hopewell Holdings, Ltd.		2,500		7,919
Hysan Development Co., Ltd.		2,000		9,921
IMMOFINANZ AG*		3,756		16,038
Keppel Land, Ltd.		3,000		8,848
Kerry Properties, Ltd.		3,000		14,476
Lend Lease Group		2,147		20,667
Mitsubishi Estate Co., Ltd.		5,000		87,172
Mitsui Fudosan Co., Ltd.		3,000		51,262
New World Development, Ltd.		9,000		13,601
Nomura Real Estate Holdings, Inc.		400		6,622
NTT Urban Development Corp.		4		3,412
Sino Land Co., Ltd.		10,000		16,064
Sumitomo Realty & Development Co., Ltd.		1,000		22,184
Sun Hung Kai Properties, Ltd.		6,000		87,129
Swire Pacific, Ltd.—Class A		3,000		44,143
Tokyu Land Corp.		2,000		8,432
UOL Group, Ltd.		2,000		8,114
Wharf Holdings, Ltd.		6,000		41,675
Wheelock & Co., Ltd.		4,000		16,089
				793,458
Road & Rail—0.2%
Asciano, Ltd.		11,696		20,585
Central Japan Railway Co.		6		47,021
ComfortDelGro Corp., Ltd.		7,000		8,326
CSX Corp.		3,000		78,660
DSV A.S.		836		20,072
East Japan Railway Co.		1,300		74,152
Keikyu Corp.		2,000		14,384
Keio Corp.		2,000		10,986
Keisei Electric Railway Co., Ltd.		1,000		5,890
Kintetsu Corp.		6,000		19,195
MTR Corp.		5,500		19,508
Nippon Express Co., Ltd.		3,000		12,090
Norfolk Southern Corp.		990		74,181
Odakyu Electric Railway Co., Ltd.		2,000		15,822
QR National, Ltd.*		6,827		24,763
Ryder System, Inc.		130		7,391
Tobu Railway Co., Ltd.		4,000		16,765
Tokyu Corp.		4,000		16,566
Union Pacific Corp.		1,365		142,506

See accompanying notes to financial statements.

20

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Road & Rail—(Continued)
West Japan Railway Co.		700	$	27,255
				656,118
Semiconductors & Semiconductor Equipment—0.3%
Advanced Micro Devices, Inc.*		1,560		10,904
Advantest Corp.		600		10,952
Altera Corp.		870		40,325
Analog Devices, Inc.		810		31,703
Applied Materials, Inc.		3,560		46,316
ARM Holdings plc		5,376		50,792
ASM Pacific Technology, Ltd.		800		10,959
ASML Holding N.V.		1,724		63,598
Broadcom Corp.—Class A*		1,305		43,900
Elpida Memory, Inc.*		800		9,325
First Solar, Inc.*		180		23,809
Infineon Technologies AG		4,344		48,908
Intel Corp.		15,000		332,400
KLA-Tencor Corp.		440		17,811
Linear Technology Corp.		620		20,472
LSI Corp.*		1,680		11,962
MEMC Electronic Materials, Inc.*		625		5,331
Microchip Technology, Inc.		500		18,955
Micron Technology, Inc.*		2,310		17,279
National Semiconductor Corp.		630		15,504
Novellus Systems, Inc.*		250		9,035
NVIDIA Corp.*		1,560		24,859
Renewable Energy Corp. ASA*		1,993		3,439
Rohm Co., Ltd.		400		22,791
STMicroelectronics N.V.		2,547		25,417
Sumco Corp.*		500		8,382
Teradyne, Inc.*		500		7,400
Texas Instruments, Inc.		3,180		104,399
Tokyo Electron, Ltd.		700		37,932
Xilinx, Inc.		690		25,164
				1,100,023
Software—0.4%
Adobe Systems, Inc.*		1,370		43,086
Autodesk, Inc.*		625		24,125
Autonomy Corp. plc*		922		25,289
BMC Software, Inc.*		495		27,077
CA, Inc.		1,005		22,954
Citrix Systems, Inc.*		500		40,000
Compuware Corp.*		570		5,563
Dassault Systemes S.A.		237		20,208
Electronic Arts, Inc.*		880		20,768
Intuit, Inc.*		745		38,636
Software—(Continued)
Konami Corp.		400	$	9,404
Microsoft Corp.		20,175		524,550
NICE Systems, Ltd.*		242		8,717
Nintendo Co., Ltd.		400		74,747
Oracle Corp.		10,590		348,517
Oracle Corp. Japan		100		4,340
Red Hat, Inc.*		505		23,180
Sage Group plc (The)		5,280		24,510
Salesforce.com, Inc.*		315		46,929
SAP AG		3,678		223,018
Square Enix Holdings Co., Ltd.		200		3,581
Symantec Corp.*		2,060		40,623
Trend Micro, Inc.		400		12,345
				1,612,167
Specialty Retail—0.3%
ABC-Mart, Inc.		100		4,042
Abercrombie & Fitch Co.—Class A		255		17,065
AutoNation, Inc.*		155		5,674
AutoZone, Inc.*		75		22,114
Bed Bath & Beyond, Inc.*		705		41,151
Best Buy Co., Inc.		865		27,170
CarMax, Inc.*		600		19,842
Esprit Holdings, Ltd.		4,900		15,238
Fast Retailing Co., Ltd.		200		32,166
GameStop Corp.—Class A*		375		10,001
Gap, Inc. (The)		1,120		20,272
Hennes & Mauritz AB—B Shares		4,087		141,433
Home Depot, Inc. (The)		4,480		162,266
Inditex S.A.		872		79,584
Kingfisher plc		9,448		40,564
Limited Brands, Inc.		710		27,299
Lowe’s Cos., Inc.		3,770		87,879
Nitori Holdings Co., Ltd.		150		14,192
O’Reilly Automotive, Inc.*		375		24,566
Ross Stores, Inc.		335		26,840
Shimamura Co., Ltd.		100		9,498
Staples, Inc.		1,945		30,731
Tiffany & Co.		340		26,697
TJX Cos., Inc. (The)		1,085		56,995
Urban Outfitters, Inc.*		340		9,571
USS Co., Ltd.		90		6,953
Yamada Denki Co., Ltd.		330		26,721
				986,524
Textiles, Apparel & Luxury Goods—0.2%
Adidas AG		836		66,415

See accompanying notes to financial statements.

21

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Textiles, Apparel & Luxury Goods—(Continued)
Asics Corp.		1,000	$	14,843
Burberry Group plc		1,742		40,586
Christian Dior S.A.		218		34,352
Coach, Inc.		810		51,783
Compagnie Financiere Richemont S.A.—Class A		2,086		136,488
Luxottica Group S.p.A.		466		14,971
LVMH Moet Hennessy Louis Vuitton S.A.		981		176,812
NIKE, Inc.—Class B		1,055		94,929
Pandora A.S.		234		7,363
Polo Ralph Lauren Corp.		185		24,533
Swatch Group AG (The)		307		78,469
VF Corp.		245		26,597
Yue Yuen Industrial Holdings, Ltd.		3,000		9,523
				777,664
Thrifts & Mortgage Finance—0.0%
Hudson City Bancorp., Inc.		1,435		11,752
People’s United Financial, Inc.		945		12,701
				24,453
Tobacco—0.3%
Altria Group, Inc.		5,675		149,877
British American Tobacco plc		7,981		350,220
Imperial Tobacco Group plc		4,070		135,437
Japan Tobacco, Inc.		18		69,080
Lorillard, Inc.		430		46,814
Philip Morris International, Inc.		4,915		328,175
Reynolds American, Inc.		930		34,456
Swedish Match AB		877		29,514
				1,143,573
Trading Companies & Distributors—0.2%
Brenntag AG		134		15,601
Bunzl plc		1,320		16,544
Fastenal Co.		810		29,152
ITOCHU Corp.		6,000		61,976
Marubeni Corp.		6,000		39,581
Mitsubishi Corp.		5,400		133,920
Mitsui & Co., Ltd.		6,900		118,415
Noble Group, Ltd.		15,000		24,074
Sojitz Corp.		5,000		9,300
Sumitomo Corp.		4,500		60,766
Toyota Tsusho Corp.		800		13,620
W.W. Grainger, Inc.		180		27,657
Trading Companies & Distributors—(Continued)
Wolseley plc		1,137	$	37,123
				587,729
Transportation Infrastructure—0.1%
Abertis Infraestructuras S.A.		1,477		33,046
Aeroports de Paris		138		13,002
Atlantia S.p.A.		1,260		26,864
Auckland International Airport, Ltd.		3,688		6,797
Fraport AG Frankfurt Airport Services Worldwide		147		11,838
Groupe Eurotunnel S.A.		2,101		23,526
Hutchison Port Holdings Trust*		20,900		17,661
Kamigumi Co., Ltd.		1,000		9,312
Koninklijke Vopak N.V.		281		13,790
MAp Group		1,488		5,334
Mitsubishi Logistics Corp.		1,000		11,172
Transurban Group		5,193		29,146
				201,488
Water Utilities—0.0%
Severn Trent plc		948		22,422
Wireless Telecommunication Services—0.3%
American Tower Corp.—Class A*		1,065		55,731
Cellcom Israel, Ltd.		219		6,085
KDDI Corp.		12		85,858
MetroPCS Communications, Inc.*		690		11,875
Millicom International Cellular S.A.		304		31,835
Mobistar S.A.		120		9,129
NTT DoCoMo, Inc.		61		108,165
Partner Communications Co., Ltd.		342		5,159
SOFTBANK Corp.		3,500		131,502
Sprint Nextel Corp.*		8,155		43,955
StarHub, Ltd.		2,000		4,546
Vodafone Group plc		206,959		549,692
				1,043,532
Total Common Stocks (Cost $77,021,195)				78,599,850
Investment Company Securities—7.7%
iShares Russell 2000 Index Fund		92,300		7,642,440
Midcap SPDR Trust Series I		43,100		7,645,940
Vanguard MSCI Emerging Markets ETF		287,300		13,968,526
Total Investment Company Securities (Cost $28,723,036)				29,256,906

See accompanying notes to financial statements.

22

MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

U.S. Treasury & Government Agencies—18.3%

Security Description	Par Amount		Value
Federal Agencies—3.3%
Federal Home Loan Banks 1.750%, 12/14/12	$	10,000	$	10,191
4.750%, 12/16/16		245,000		278,338
2.500%, 06/13/14		3,160,000		3,306,400
0.875%, 08/22/12		10,000		10,062
Freddie Mac 5.000%, 07/15/14		4,970,000		5,559,586
4.375%, 07/17/15		35,000		38,853
Fannie Mae 4.750%, 02/21/13		10,000		10,702
1.750%, 05/07/13		50,000		51,147
4.625%, 10/15/13		10,000		10,911
2.375%, 04/11/16		966,000		987,218
2.750%, 03/13/14		10,000		10,526
7.250%, 05/15/30		541,000		731,126
5.375%, 06/12/17		756,000		881,029
3.875%, 07/12/13		799,000		854,239
5.250%, 09/15/16		10,000		11,546
				12,751,874
U.S. Treasury—15.0%
U.S. Treasury Bonds 6.250%, 08/15/23		2,005,000		2,543,844
8.875%, 02/15/19		683,000		984,480
7.250%, 05/15/16		3,825,000		4,829,659
6.000%, 02/15/26		517,000		643,584
5.375%, 02/15/31		935,000		1,095,049
3.500%, 02/15/39		3,899,000		3,348,875
4.375%, 05/15/40		1,255,000		1,254,418
U.S. Treasury Notes 4.625%, 07/31/12		1,190,000		1,246,386
4.000%, 11/15/12		3,449,000		3,622,799
3.625%, 05/15/13		2,011,000		2,130,560
0.750%, 08/15/13		8,315,000		8,329,759
2.000%, 11/30/13		3,259,000		3,367,974
2.625%, 07/31/14		1,650,000		1,739,590
2.000%, 04/30/16		4,002,000		4,063,299
3.125%, 10/31/16		10,195,000		10,838,559
2.750%, 02/15/19		2,763,000		2,789,983
2.625%, 11/15/20		2,009,000		1,935,232
3.625%, 02/15/21		2,060,000		2,148,355
				56,912,405
Total U.S. Treasury & Government Agencies (Cost $70,014,346)				69,664,279
Preferred Stocks—0.1%
Security Description	Shares/Par Amount		Value
Automobiles—0.1%
Bayerische Motoren Werke (BMW) AG		209	$	13,306
Porsche Automobil Holding SE		612		48,619
Volkswagen AG		578		119,497
				181,422
Household Products—0.0%
Henkel AG & Co. KGaA		712		49,501
Media—0.0%
ProSiebenSat.1 Media AG*		306		8,689
Multi-Utilities—0.0%
RWE AG		156		7,974
Total Preferred Stocks (Cost $223,441)				247,586
Rights—0.0%
Commercial Banks—0.0%
Banco Popular Espanol S.A.*		3,848		279
CaixaBank*		3,360		254
				533
Total Rights (Cost $521)				533
Short-Term Investments—51.7%
Repurchase Agreement—51.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $196,342,055 on 07/01/11 collateralized by $198,535,000 Fannie Mae at 1.080% due 03/30/12 with a value of $200,272,181. (Cost—$196,342,000)	$	196,342,000		196,342,000
Total Short-Term Investments (Cost $196,342,000)				196,342,000
Total Investments—98.5% (Cost $372,324,539#)				374,111,154
Other Assets and Liabilities (net)—1.5%				5,605,754
Net Assets—100.0%			$	379,716,908

See accompanying notes to financial statements.

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AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

* Non-income producing security.

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $372,324,539. The aggregate unrealized appreciation and depreciation of investments were $2,636,055 and $(849,440), respectively, resulting in net unrealized appreciation of $1,786,615 for federal income tax purposes.

(a) Security was valued in good faith under procedures approved by the Board of Trustees.

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.

PC— Participation Certificate

PPS— Price Protected Shares

RSP— Risparmio (Convertible Savings Shares)

See accompanying notes to financial statements.

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AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the period from May 2, 2011 (commencement of operations) through June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	950,199	$	302,187	$	—	$	1,252,386
Air Freight & Logistics		341,584		130,217		—		471,801
Airlines		33,070		96,570		—		129,640
Auto Components		86,178		395,009		—		481,187
Automobiles		168,126		1,474,330		—		1,642,456
Beverages		832,822		906,503		—		1,739,325
Biotechnology		402,146		109,547		—		511,693
Building Products		11,368		297,130		—		308,498
Capital Markets		766,488		973,071		—		1,739,559
Chemicals		715,054		1,737,020		—		2,452,074
Commercial Banks		877,133		5,706,880		—		6,584,013
Commercial Services & Supplies		155,340		279,405		—		434,745
Communications Equipment		650,156		325,030		—		975,186
Computers & Peripherals		1,407,270		154,777		—		1,562,047
Construction & Engineering		57,260		383,231		—		440,491
Construction Materials		31,695		264,587		—		296,282
Consumer Finance		274,967		14,107		—		289,074
Containers & Packaging		47,410		69,426		—		116,836
Distributors		22,576		78,853		—		101,429
Diversified Consumer Services		37,770		12,853		—		50,623
Diversified Financial Services		1,227,547		598,615		—		1,826,162
Diversified Telecommunication Services		914,466		1,567,627		—		2,482,093
Electric Utilities		600,348		1,164,917		—		1,765,265
Electrical Equipment		168,954		728,505		—		897,459
Electronic Equipment, Instruments & Components		138,210		510,904		—		649,114
Energy Equipment & Services		780,769		439,369		—		1,220,138
Food & Staples Retailing		770,640		1,017,269		—		1,787,909
Food Products		584,527		1,733,260		—		2,317,787
Gas Utilities		29,786		211,740		—		241,526
Health Care Equipment & Supplies		639,005		316,921		—		955,926

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY—(Continued)

Description	Level 1		Level 2			Level 3		Total
Health Care Providers & Services	$	739,684	$	167,769		$	—	$	907,453
Health Care Technology		23,222		—			—		23,222
Hotels, Restaurants & Leisure		616,105		434,767			—		1,050,872
Household Durables		128,005		331,898			—		459,903
Household Products		705,447		183,564			—		889,011
Independent Power Producers & Energy Traders		57,964		85,070			—		143,034
Industrial Conglomerates		795,075		802,162			—		1,597,237
Insurance		1,129,900		2,093,017			—		3,222,917
Internet & Catalog Retail		325,515		55,228			—		380,743
Internet Software & Services		536,174		37,270			—		573,444
IT Services		1,079,010		126,203			—		1,205,213
Leisure Equipment & Products		42,177		91,238			—		133,415
Life Sciences Tools & Services		172,748		36,195			—		208,943
Machinery		785,552		1,412,985			—		2,198,537
Marine		—		156,685			—		156,685
Media		1,113,087		692,795			—		1,805,882
Metals & Mining		374,148		2,963,969			13,380		3,351,497
Multi-Utilities		418,469		620,559			—		1,039,028
Multiline Retail		236,673		167,949			—		404,622
Office Electronics		39,558		286,584			—		326,142
Oil, Gas & Consumable Fuels		3,396,138		3,282,662			—		6,678,800
Paper & Forest Products		49,993		124,635			—		174,628
Personal Products		64,249		231,769			—		296,018
Pharmaceuticals		1,884,271		3,389,516			—		5,273,787
Professional Services		30,650		215,480			—		246,130
Real Estate Investment Trusts		539,664		641,148			—		1,180,812
Real Estate Management & Development		18,958		774,500			—		793,458
Road & Rail		302,738		353,380			—		656,118
Semiconductors & Semiconductor Equipment		807,528		292,495			—		1,100,023
Software		1,206,008		406,159			—		1,612,167
Specialty Retail		616,133		370,391			—		986,524
Textiles, Apparel & Luxury Goods		197,842		579,822			—		777,664
Thrifts & Mortgage Finance		24,453		—			—		24,453
Tobacco		559,322		584,251			—		1,143,573
Trading Companies & Distributors		56,809		530,920			—		587,729
Transportation Infrastructure		24,458		177,030			—		201,488
Water Utilities		—		22,422			—		22,422
Wireless Telecommunication Services		111,561		931,971			—		1,043,532
Total Common Stocks		32,932,152		45,654,318			13,380		78,599,850
Investment Company Securities		29,256,906		—			—		29,256,906
Total U.S. Treasury & Government Agencies*		—		69,664,279			—		69,664,279
Total Preferred Stocks*		—		247,586			—		247,586
Total Rights*		—		533			—		533
Total Short-Term Investments*		—		196,342,000			—		196,342,000
Total Investments	$	62,189,058	$	311,908,716		$	13,380	$	374,111,154
Forwards**
Forward Contracts to Buy Appreciation	$	—	$	477,177		$	—	$	477,177
Forward Contracts to Buy (Depreciation)		—		(45,437	)		—		(45,437	)
Forward Contracts to Sell (Depreciation)		—		(17,992	)		—		(17,992	)
Total Forwards	$	—	$	413,748		$	—	$	413,748

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY—(Continued)

Description	Level 1			Level 2		Level 3		Total
Futures Contracts**
Futures Contracts Long Appreciation	$	2,502,165		$	—	$	—	$	2,502,165
Futures Contracts Long (Depreciation)		(302,779	)		—		—		(302,779	)
Total Futures Contracts	$	2,199,386		$	—	$	—	$	2,199,386
SWAP Contracts**
Total Return Swap Buy Protection Appreciation	$	—		$	480,549	$	—	$	480,549
Total SWAP Contracts	$	—		$	480,549	$	—	$	480,549

* See Schedule of Investments for additional detailed categorizations.

** Derivative instruments such as forwards, futures contracts and swap contracts are valued on the unrealized appreciation/depreciation on the instrument.

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 May 2, 2011*		Change in Unrealized Depreciation			Purchases		Balance as of June 30, 2011		Change in Unrealized Depreciation for Investments still held at June  30, 2011
Common Stocks
Metals & Mining	$	—	$	(1,331	)	$	14,711	$	13,380	$	(1,331	)
Total	$	—	$	(1,331	)	$	14,711	$	13,380	$	(1,331	)

* Commencement of operations.

See accompanying notes to financial statements.

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AllianceBernstein Global Dynamic Allocation Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	177,769,154
Repurchase Agreement		196,342,000
Cash		1,204
Cash denominated in foreign currencies (b)		63,967
Cash collateral for futures contracts		6,618,549
Receivable for investments sold		176,834,535
Receivable for shares sold		10,044,813
Dividends receivable		59,003
Interest Receivable		568,726
Variation margin on futures contracts		753,103
Swap interest receivable		20,455
Unrealized appreciation on swap contracts		480,549
Unrealized appreciation on forward currency exchange contracts		477,177
Total assets		570,033,235
Liabilities
Payables for:
Investments purchased		189,970,754
Shares redeemed		444
Unrealized depreciation on forward currency exchange contracts		63,429
Swap interest		15,624
Accrued Expenses:
Management fees		107,057
Distribution and service fees - Class B		47,767
Administration fees		1,468
Custodian and accounting fees		63,694
Other expenses		46,090
Total liabilities		190,316,327
Net Assets	$	379,716,908
Net Assets Represented by
Paid in surplus	$	377,826,768
Accumulated net realized loss		(2,893,232	)
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		4,878,901
Undistributed net investment loss		(95,529	)
Net Assets	$	379,716,908
Net Assets
Class B	$	379,716,908
Capital Shares Outstanding*
Class B		38,637,457
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.83

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

(a) Identified cost of investments, excluding repurchase agreement, was $175,982,539.

(b) Identified cost of cash denominated in foreign currencies was $63,095.

Statement of Operations

Period Ended June 30, 2011* (Unaudited)

Investment Income
Dividends (a)	$	69,040
Total investment income		69,040
Expenses
Management fees		159,041
Administration fees		1,726
Custodian and accounting fees		63,694
Distribution and service fees - Class B		57,107
Audit and tax services		16,360
Legal		19,585
Trustees’ fees and expenses		4,770
Shareholder reporting		7,249
Insurance		396
Organizational expense		744
Miscellaneous		2,478
Total expenses		333,150
Less management fee waiver		(90,512	)
Net expenses		242,638
Net investment loss		(173,598	)
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swaps Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		(1,363,912	)
Futures contracts		(792,433	)
Swap contracts		(919,606	)
Foreign currency transactions		182,719
Net realized loss on investments, futures contracts, swap contracts and foreign currency transactions		(2,893,232	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,864,684
Futures contracts		2,197,011
Swap contracts		480,549
Foreign currency transactions		414,726
Net change in unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		4,956,970
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions		1,985,669
Net Increase in Net Assets from Operations	$	1,890,140

* Commencement of operations—5/2/2011.

(a) Net of foreign withholding taxes of $3,895.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

AllianceBernstein Global Dynamic Allocation Portfolio

Statement of Changes in Net Assets

June 30, 2011

	Period Ended June 30, 2011* (Unaudited)
Increase (Decrease) in Net Assets:
Operations
Net investment loss	$	(173,598	)
Net realized loss on investments, futures contracts, swap contracts and foreign currency transactions		(2,893,232	)
Net change in unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		4,956,970
Net increase in net assets resulting from operations		1,890,140
Net increase in net assets from capital share transactions		377,826,768
Net Increase in Net Assets		379,716,908
Net assets at end of period	$	379,716,908
Undistributed net investment loss at end of period	$	(95,529	)

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Period Ended June 30, 2011* (Unaudited)
	Shares			Value
Class B
Sales		39,155,601		$	382,854,767
Redemptions		(518,144	)		(5,027,999	)
Net increase		38,637,457		$	377,826,768
Increase derived from capital shares transactions				$	377,826,768

* Commencement of operations—5/2/2011.

See accompanying notes to financial statements.

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AllianceBernstein Global Dynamic Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Period Ended June  30, 2011(b) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Loss(a)		(0.01	)
Net Realized and Unrealized Loss on Investments		(0.16	)
Total From Investment Operations		(0.17	)
Net Asset Value, End of Period	$	9.83
Total Return (%)		(1.70	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		1.46	*
Ratio of Net Expenses to Average Net Assets (%)(c)		1.06	*
Ratio of Net Investment Loss to Average Net Assets (%)	��	(0.74	)*
Portfolio Turnover Rate (%)		42.8
Net Assets, End of Period (in millions)	$	379.7

* Annualized

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

(b) Commencement of operations—5/2/2011.

(c) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

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AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is AllianceBernstein Global Dynamic Allocation Portfolio (the “Portfolio”) (commenced operations on May 2, 2011), 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 four classes of shares: Class A, B, C and E Shares. Class B Shares are currently offered by the Portfolio.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are 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 and are categorized as Level 1 within the fair value hierarchy.

Investments in exchange traded funds are valued at the closing market quotation for their shares.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns will remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 futures transactions, foreign currency transactions, swap transactions, options transactions, premium amortization adjustments, paydown transactions, contingent payment debt instrument adjustments, forward transactions, deferred trustees’ compensation, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

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 U.S. dollars 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. Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities. 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. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded as Net realized gains and losses on investments. 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.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with AllianceBernstein L.P. (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the period ended June 30, 2011	% per annum			Average Daily Net Assets
$159,041		0.700	%	First $250 Million
		0.650	%	$250 Million to $500 Million
		0.625	%	$500 Million to $1 Billion
		0.600	%	Over $1 Billion

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.

Management Fee Waiver - The Subadviser voluntarily agreed to waive its entire subadvisory fee through July 31, 2011. Also through July 31, 2011, the Adviser voluntarily agreed to waive a portion of the management fee in an amount equal to the subadvisory fees waived. Amounts waived for the period ended June 30, 2011 are shown as a management fee waiver in the Statement of Operations.

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.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2012. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current
Expense Limitation Agreement

Class B

1.20%

If in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

Distribution Agreement and Plan - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the period ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended June 30, 2011 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$70,091,170	$	161,847,461	$	—	$	54,514,807

5. Investments in Derivative Instruments

Investments in Derivative Instruments - Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a Portfolio uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Portfolio’s results of operations and financial position. Summarized below are the specific types of derivative instruments utilized by the Portfolio.

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 value 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, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - 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 to sell 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 risks if the counterparties to the contracts are unable to meet the terms of the contracts.

Futures Contracts - The Portfolio may buy and sell futures contracts (on recognized exchanges) 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, 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, for a set price in the future. 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. 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 securities. Futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Swap Agreements - The Portfolio may enter into swap contracts. Swap contracts are derivatives agreements to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. The term “specified index” includes, but is not limited to, currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices, stock indices and commodity indices (as well as amounts derived from arithmetic operations on these indices). A Portfolio will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. The Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid assets, to avoid any potential leveraging of the Portfolio. The Portfolio may enter into swap transactions with counterparties that are approved by the investment adviser 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.

The swaps in which the Portfolio may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. Swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments the Portfolio is contractually obligated to receive. If the other party to a swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio contractually is entitled to receive.

An index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices.

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.

Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If an investment adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Portfolio would be less favorable than it would have been if this investment technique were not used.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

Interest Rate Swaps - The Portfolio may enter into interest rate swaps and the purchase or sale of related caps and floors. The Portfolio may enter into these transactions primarily to manage its exposure to interest rates, to protect against currency fluctuations, or to preserve a return or spread on a particular investment. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio has exposure to fixed income securities, the value of these securities 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 contracts. Interest rate swaps are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the Portfolio’s exposure to interest rates. Interest rate swap contracts are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. The Portfolio could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. The purchase of a cap entitles the purchaser, to the extent that a specific index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such cap. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that amount is positive. As of June 30, 2011, the net unrealized appreciation on such transactions agreements was $480,549. This risk is mitigated by maintaining a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty.

Swap agreements are marked to market daily. The change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of realized gain (loss) on the Statement of Operations.

Total Return Swaps - Total return swap contracts involve commitments to pay interest in exchange for a market-linked return both based on notional amounts. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

At June 30, 2011, the Portfolio had the following derivatives, grouped into appropriate risk categories:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Equity Index	Unrealized appreciation on futures contracts*	$	2,479,676	Unrealized depreciation on futures contracts*	$	3,275
	Unrealized appreciation on swap contracts		480,549	Unrealized depreciation on swap contracts		—
Interest Rate	Unrealized appreciation on futures contracts*		22,489	Unrealized depreciation on futures contracts*		299,504
Foreign Currency Exchange	Unrealized appreciation on forward foreign currency exchange contracts		477,177	Unrealized depreciation on forward foreign currency exchange contracts		63,429
Total		$	3,459,891		$	366,208

* Includes cumulative appreciation/depreciation of futures contracts as reported in the notes to financial statements. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

Transactions in derivative instruments during the period ended June 30, 2011, were as follows:

Statement of Operations Location - Net Realized Gain (Loss)	Equity Index			Interest Rate			Foreign Currency Exchange		Total
Futures contracts	$	(878,765	)	$	86,332		$	—	$	(792,433	)
Swap contracts		(312,281	)		(607,325	)		—		(919,606	)
	$	(1,191,046	)	$	(520,993	)	$	—	$	(1,712,039	)

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

Statement of Operations Location - Net Change in Unrealized Gain (Loss)	Equity Index		Interest Rate			Foreign Currency Exchange		Total
Foreign currency transactions	$	—	$	—		$	413,748	$	413,748
Futures contracts		2,476,401		(277,015	)		—		2,199,386
Swap contracts		480,549		—			—		480,549
	$	2,956,950	$	(277,015	)	$	413,748	$	3,093,683

For the period ended June 30, 2011, the average amount or number per contract outstanding for each derivative type was as follows:

Average Notional or Face Amount(a)	Equity Index Risk		Foreign Currency Risk(b)		Interest Rate Risk
Foreign currency transactions	$	—	$	47,186,397	$	—
Futures contracts		523,814,424		—		957,435,479
Swap contracts		467,732		—		3,286,875

(a) Averages are based on daily activity levels during 2011.

(b) One month average

6. Forward Foreign Currency Exchange Contracts

Forward Foreign Currency Exchange Contracts to Buy:

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
9/15/2011	State Street Corp.		220,000	AUD	$	233,962	$	232,003	$	1,959
9/15/2011	State Street Corp.		4,136,000	AUD		4,398,493		4,274,349		124,144
9/15/2011	State Street Corp.		580,000	AUD		616,810		605,120		11,690
9/15/2011	State Street Corp.		1,164,000	CHF		1,384,099		1,382,932		1,167
9/15/2011	State Street Corp.		418,000	CHF		497,039		492,077		4,962
9/15/2011	State Street Corp.		272,000	CHF		323,432		318,770		4,662
9/15/2011	State Street Corp.		1,735,000	CHF		2,063,068		2,077,048		(13,980	)
9/15/2011	State Street Corp.		330,000	CHF		392,399		396,921		(4,522	)
9/15/2011	State Street Corp.		423,000	CHF		502,984		503,805		(821	)
9/15/2011	State Street Corp.		3,449,000	EUR		4,998,859		4,947,728		51,131
9/15/2011	State Street Corp.		436,000	EUR		631,923		628,298		3,625
9/15/2011	State Street Corp.		959,000	EUR		1,389,941		1,355,633		34,308
9/15/2011	State Street Corp.		6,143,000	EUR		8,903,448		8,749,475		153,973
9/15/2011	State Street Corp.		996,000	EUR		1,443,567		1,427,288		16,279
9/15/2011	State Street Corp.		871,000	EUR		1,262,397		1,261,983		414
9/15/2011	State Street Corp.		432,000	GBP		693,520		701,818		(8,298	)
9/15/2011	State Street Corp.		2,776,000	GBP		4,456,509		4,431,801		24,708
9/15/2011	State Street Corp.		427,000	GBP		685,493		682,286		3,207
9/15/2011	State Street Corp.		51,195,000	JPY		635,067		635,316		(249	)
9/15/2011	State Street Corp.		35,370,000	JPY		438,760		436,694		2,066
9/15/2011	State Street Corp.		35,746,000	JPY		443,424		446,106		(2,682	)
9/15/2011	State Street Corp.		42,944,000	JPY		532,714		536,867		(4,153	)

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
9/15/2011	State Street Corp.		41,337,000	JPY	$	512,779	$	516,132	$	(3,353	)
9/15/2011	State Street Corp.		57,487,000	JPY		713,118		717,422		(4,304	)
9/15/2011	State Street Corp.		36,184,000	JPY		448,857		450,531		(1,674	)
9/15/2011	State Street Corp.		24,305,000	JPY		301,500		301,828		(328	)
9/15/2011	State Street Corp.		33,671,000	JPY		417,684		418,757		(1,073	)
9/15/2011	State Street Corp.		31,413,000	JPY		389,674		388,606		1,068
9/15/2011	State Street Corp.		77,428,000	JPY		960,483		954,852		5,631
9/15/2011	State Street Corp.		1,089,000	NOK		201,655		197,403		4,252
9/15/2011	State Street Corp.		1,906,000	NOK		352,943		352,608		335
9/15/2011	State Street Corp.		3,211,000	SEK		507,361		505,093		2,268
9/15/2011	State Street Corp.		1,534,000	SEK		242,383		235,566		6,817
9/15/2011	State Street Corp.		5,445,000	SEK		860,349		841,838		18,511
Net Unrealized Appreciation										$431,740

Forward Foreign Currency Exchange Contracts to Sell:

Settlement Date	Counterparty	Contracts to Deliver			Value at June 30, 2011		In Exchange		Net Unrealized (Depreciation)
9/15/2011	State Street Corp.		561,000	CAD	$	580,755	$	572,712	$	(8,043	)
9/15/2011	State Street Corp.		139,000	CAD		143,895		141,260		(2,635	)
9/15/2011	State Street Corp.		326,000	CAD		337,480		331,099		(6,381	)
9/15/2011	State Street Corp.		2,328,000	GBP		3,737,303		3,736,370		(933	)
Net Unrealized Depreciation										$(17,992)

AUD—Australian Dollar

CHF—Swiss Franc

CAD—Canadian Dollar

EUR—Euro

GBP—British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

SEK—Swedish Krona

7. Futures Contracts

The futures contracts outstanding as of June 30, 2011 and the description and unrealized appreciation (depreciation) were as follows:

Futures Contracts - Long	Expiration Date		Number of Contracts		Contract Amount		Valuation as of June 30, 2011		Unrealized Appreciation/ Depreciation
ASX SPI 200 Index Futures		09/15/2011		46	$	5,585,724	$	5,678,199	$	92,475
Australian Treasury Bond 10 Year Futures		09/15/2011		3		342,321		341,445		(876	)
CAC 40 Index Futures		07/15/2011		252		14,051,043		14,564,665		513,622
Canada Government Bond 10 Year Futures		09/21/2011		5		646,951		642,935		(4,016	)
DAX Index Futures		09/16/2011		51		13,345,230		13,687,188		341,958

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

7. Futures Contracts - continued

Futures Contracts - Long	Expiration Date		Number of Contracts		Contract Amount		Valuation as of June 30, 2011		Unrealized Appreciation/ Depreciation
FTSE 100 Index Futures		09/16/2011		139	$	12,821,896	$	13,182,950	$	361,054
German Euro Bobl Futures		09/08/2011		24		4,072,825		4,063,561		(9,264	)
German Euro Bund Futures		09/08/2011		29		5,295,858		5,284,987		(10,871	)
German Euro Buxl Futures		09/08/2011		14		2,139,453		2,093,883		(45,570	)
German Euro Schatz Futures		09/08/2011		29		4,531,871		4,530,019		(1,852	)
Hang Seng Index Futures		07/28/2011		11		1,558,599		1,585,201		26,602
Hang Seng Index Futures		09/29/2011		4		576,216		572,941		(3,275	)
Japan Government Bond 10 Year Mini Futures		09/07/2011		107		18,702,819		18,723,839		21,020
MSCI EAFE E-Mini Index Futures		09/16/2011		11		896,846		943,745		46,899
S&P 500 E-Mini Index Futures		09/16/2011		370		23,586,257		24,336,750		750,493
Topix Index Futures		09/09/2011		112		11,451,307		11,797,880		346,573
U.S. Treasury Note 2 Year Futures		09/30/2011		69		15,133,250		15,134,719		1,469
U.S. Treasury Note 5 Year Futures		09/30/2011		19		2,265,803		2,264,711		(1,092	)
U.S. Treasury Note 10 Year Futures		09/21/2011		128		15,768,657		15,658,000		(110,657	)
Ultra Long-Term U.S. Treasury Bond Futures		09/21/2011		34		4,381,648		4,292,500		(89,148	)
United Kingdom Long Gilt Futures		09/28/2011		21		4,080,355		4,054,197		(26,158	)
Net Unrealized Appreciation									$	2,199,386

8. Swap Agreements

Open interest rate swap agreements at June 30, 2011 were as follows:

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Counterparty	Notional Amount		Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay		IRS USD 3ML		3.2600	%		7/5/2021	JPMorgan Chase Bank N.A.		USD 88,310,000	$	—	$	—	$	—
Pay		IRS USD 3ML		3.2525	%		7/5/2021	Bank of America N.A.		USD 3,620,000		—		—		—
													��
Total											$	—	$	—	$	—

Open equity total return swap agreements at June 30, 2011 were as follows:

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Counterparty	Underlying Reference Instrument	Notional Amount		Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay		TRS USD 3ML		0.4050	%		5/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 367,349	$	8,569	$	—	$	8,569
Pay		TRS USD 3ML		0.4050	%		5/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 243,896		5,689		—		5,689
Pay		TRS USD 3ML		0.4050	%		5/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 222,818		5,198		—		5,198
Pay		TRS USD 3ML		0.4050	%		5/15/2012	JPMorgan Chase Bank N.A.	FTSE EPRA/NAREIT Developed Real Estate Index		USD 144,531		3,371		—		3,371
Pay		TRS USD 3ML		0.4050	%		5/15/2012	JPMorgan Chase Bank N.A.	FTSE EPRA/NAREIT Developed Real Estate Index		USD 57,210		1,334		—		1,334

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Swap Agreements - continued

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Counterparty	Underlying Reference Instrument	Notional Amount		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay		TRS USD 3ML		0.3850	%		5/15/2012	JPMorgan Chase Bank N.A.	FTSE EPRA/NAREIT Developed Real Estate Index		USD 162,597	$	3,793		$	—	$	3,793
Pay		TRS USD 3ML		0.4350	%		5/15/2012	UBS AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 313,150		7,305			—		7,305
Pay		TRS USD 3ML		0.4050	%		5/15/2012	UBS AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 96,354		2,248			—		2,248
Pay		TRS USD 3ML		0.4050	%		6/12/2012	JPMorgan Chase Bank N.A.	FTSE EPRA/NAREIT Developed Real Estate Index		USD 280,029		6,532			—		6,532
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 773,842		18,051			—		18,051
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 677,489		15,804			—		15,804
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 629,312		14,680			—		14,680
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 611,245		14,258			—		14,258
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 608,234		14,188			—		14,188
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 551,024		12,854			—		12,854
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 535,969		12,502			—		12,502
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 466,714		10,887			—		10,887
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 445,637		10,395			—		10,395
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 418,537		9,763			—		9,763
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 264,973		6,181			—		6,181
Pay		TRS USD 3ML		0.4150	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 1,238,869		15,220	��		—		15,220
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 1,053,871		24,583			—		24,583
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 566,079		13,205			—		13,205
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 942,462		21,984			—		21,984
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 701,577		16,365			—		16,365
Pay		TRS USD 3ML		0.4050	%		6/15/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 686,522		16,014			—		16,014
Pay		TRS USD 3ML		0.4150	%		6/15/2012	UBS AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 945,473		22,055			—		22,055
Pay		TRS USD 3ML		0.4150	%		6/15/2012	UBS AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 605,223		14,118			—		14,118
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 753,640		19,766			—		19,766
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 598,525		14,654			—		14,654
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 1,079,960		20,064			—		20,064

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Swap Agreements - continued

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Counterparty	Underlying Reference Instrument	Notional Amount		Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 969,711	$	25,549	$	—	$	25,549
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 690,819		17,880		—		17,880
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 645,554		20,006		—		20,006
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 625,449		9,298		—		9,298
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 610,727		8,614		—		8,614
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 445,647		13,467		—		13,467
Pay		TRS USD 3ML		0.4050	%		7/16/2012	Deutsche Bank AG	FTSE EPRA/NAREIT Developed Real Estate Index		USD 541,285		4,105		—		4,105
Total												$	480,549	$	—	$	480,549

9. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

10. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

11. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting of the Board of Trustees (the “Board”) of the Met Investors Series Trust (the “Trust”) held on February 14-15, 2011, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), initially approved the Trust’s advisory agreement (the “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable investment sub-advisory agreements (each a “Sub-Advisory Agreement”, and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Subadviser”, and collectively, the “Subadvisers”) for certain new series of the Trust, including the AllianceBernstein Global Dynamic Allocation Portfolio (each a “Portfolio,” and collectively, the “Portfolios”).¹

In considering the Agreements, the Board reviewed a variety of materials provided by the Adviser and the Subadvisers relating to each Portfolio, the Adviser and each Subadviser, including comparative fee and expense information for an appropriate peer group of similar mutual funds if available, performance information for relevant benchmark indices, as applicable, and other information regarding the nature, extent and quality of services to be provided by the Adviser and the Subadvisers under their respective Agreements. The Independent Trustees also assessed a report provided by the Board’s independent consultant, who reviewed and provided analyses regarding fees and expenses, and other information provided by, or at the direction of, the Adviser and Subadvisers, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process. Prior to voting to approve the Agreements at the February meeting, the Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed initial approval of the Agreements. The Board also had previously received presentations from the Adviser with respect to the Managed Risk Portfolios at the August 3-4, 2010 and the November 9-10, 2010 Board meetings. The Board also further discussed the Managed Risk Portfolios with the Adviser on January 19, 2011, and received presentations regarding the Managed Risk Portfolios from the Subadvisers on January 26, 2011 and January 28, 2011 during which representatives of the Adviser and the Subadvisers responded to questions from the Independent Trustees. The Independent Trustees also discussed the proposed initial approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolios by the Adviser and the Subadvisers; (2) the performance of comparable funds or accounts managed by the Subadvisers as compared to appropriate indices, to the extent available; (3) the Adviser’s and each of the Subadviser’s personnel and operations; (4) the financial condition of the Adviser and of the Subadvisers; (5) the level and method of computing each Portfolio’s proposed advisory and subadvisory fees; (6) the anticipated profitability of the Adviser under the Advisory Agreement and of the Subadvisers under the Sub-Advisory Agreements; (7) any “fall-out” benefits to the Adviser, the Subadvisers and their affiliates (i.e., ancillary benefits realized by the Adviser, the Subadvisers or their affiliates from the Adviser’s or Subadvisers’ relationship with the Trust); (8) the anticipated effect of growth in size on each Portfolio’s performance and expenses; (9) fees paid by comparable institutional and retail accounts; and (10) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolios by the Adviser’s affiliates, including distribution services.

Nature, extent and quality of services. In considering the nature, extent and quality of the services to be provided by the Adviser to the Portfolios, the Board took into account the extensive responsibilities that the Adviser would have as investment adviser to the Portfolios, including the provision of investment advisory services to the MetLife Balanced Plus Portfolio, the selection of the Subadvisers for the other Portfolios and oversight of the Subadvisers’ compliance with fund policies and objectives, review of brokerage matters including with respect to trade allocation and best execution, oversight of general fund compliance with federal and state laws, its risk management processes, and the implementation of Board directives as they relate to the Portfolios. The Adviser’s role in coordinating the activities of the Portfolios’ other service providers was also considered. The Board also evaluated the expertise and performance of the investment personnel with respect to the MetLife Balanced Plus Portfolio and of the personnel who would be overseeing the Subadvisers of the other Portfolios and compliance with each Portfolio’s investment restrictions, tax and other requirements. The Board also considered that an Investment Committee, consisting of investment professionals from across MetLife, will meet at least quarterly to review the asset allocations of the MetLife Balanced Plus Portfolio. The Board considered information received from the Trust’s Chief Compliance Officer (the “CCO”) regarding the Portfolios’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including the policies and procedures in place relating to proxy voting. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to each Portfolio. The Board also took into account its familiarity with management through Board meetings, discussions and reports during the preceding year. The Board also took into consideration the quality of services the Adviser provided to other Portfolios of the Trust.

The Board also recognized the Adviser’s reputation and long-standing experience in serving as an investment adviser to the Trust. In addition, the Board reviewed the financial condition of the Adviser and whether it had the financial wherewithal to provide a high level and quality of services to

¹ At the February 14-15, 2011 meeting, the Board also approved Agreements with respect to the AQR Global Risk Balanced Portfolio, BlackRock Global Tactical Strategies Portfolio, MetLife Balanced Plus Portfolio, Pyramis^® Government Income Portfolio (together with the AllianceBernstein Global Dynamic Allocation Portfolio, the “Managed Risk Portfolios”), Met/Franklin Low Duration Total Return Portfolio and T. Rowe Price Large Cap Value Portfolio.

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

the Portfolios. In its review, the Board also received and took into account information regarding any services and/or payments to be provided to the Adviser by the Subadvisers in connection with marketing activities.

With respect to the services to be provided by the Subadvisers, the Board considered information provided to the Board by each Subadviser, including each Subadviser’s Form ADV, as well as information presented throughout the past year for those Subadvisers currently sub-advising existing Portfolios of the Trust. The Board considered each Subadviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed each Subadviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of each Subadviser’s investment and compliance personnel who would be providing services to the Portfolios. The Board also considered, among other things, each Subadviser’s compliance program and its disciplinary history, and its risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and ameliatory actions undertaken, as appropriate. The Board also noted that the CCO and his staff would be conducting regular, periodic compliance reviews with each of the Subadvisers and present reports to the Independent Trustees regarding the same, which would include evaluating the regulatory compliance system of the Subadvisers and procedures reasonably designed by them to assure compliance with the federal securities laws, including issues related to late trading and market timing, best execution, fair value pricing, and proxy voting procedures, among others. The Board also took into account the financial condition of each Subadviser. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to the Portfolios.

The Board considered each Subadviser’s investment process and philosophy. The Board took into account that each Subadviser’s responsibilities would include the development and maintenance of an investment program for the applicable Portfolio which would be consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also reviewed each Subadviser’s brokerage policies and practices, including with respect to best execution and soft dollars.

Based on its consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and by each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Portfolios.

Performance. The Board took into account that the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio and MetLife Balanced Plus Portfolio utilize relatively unique investment strategies designed to manage volatility and noted the unavailability of comparable performance information for these types of strategies. With respect to the Pyramis^® Government Income Portfolio, however, the Board considered the performance of a comparable fund managed by that Subadviser. The Board also considered the performance of other funds or accounts managed by the Subadvisers to the extent such information was relevant.

As discussed above with respect to the AllianceBernstein Global Dynamic Allocation Portfolio, the Board noted that while no comparable performance data was available, the Board considered information that described how the Portfolio is designed to perform under a variety of market conditions.

Fees and expenses. The Board gave substantial consideration to the proposed management fees payable under the Advisory Agreement and the proposed subadvisory fees payable under each of the Sub-Advisory Agreements. In addition, the Independent Trustees reviewed a report prepared by Bobroff Consulting, Inc., an independent consultant (“Bobroff”), which analyzed the proposed fees to be paid by each Portfolio in light of fees paid to other investment managers by other somewhat comparable funds, as applicable, and the method of computing each Portfolio’s proposed fee. In addition, the Board considered each Portfolio’s proposed management fee and total expenses as compared to similarly situated investment companies underlying variable insurance products and retail funds deemed to be comparable to the Portfolio as determined by Bobroff. With respect to the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio, and MetLife Balanced Plus Portfolio, the Board took into account the limited usefulness of the peer groups in which the Portfolios were included for comparative purposes. In comparing each Portfolio’s proposed management fee to that of comparable funds, the Board noted that such fee includes both advisory and administrative fees.

The Board noted that the subadvisory fees for the Portfolios would be paid by the Adviser, not the Portfolios, out of the management fee. It was further noted that the Adviser negotiated such fee at arm’s length. The Board also considered that the Adviser had agreed to enter into an expense limitation agreement with each Portfolio, pursuant to which the Adviser would agree to waive a portion of its management fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

The Board also compared the proposed subadvisory fee to be paid by the Adviser to the fees charged by each Subadviser to manage other funds and funds not subject to regulation under the 1940 Act, such as separate accounts, as applicable. The Board considered the fee comparisons in light of the differences required to manage different types of accounts.

With respect to the AllianceBernstein Global Dynamic Allocation Portfolio, the Board considered that, according to a report prepared by Bobroff, the Portfolio’s proposed management fee was below the median of the peer group. The Board further considered that the Portfolio’s estimated

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

total expenses (exclusive of 12b-1 fees) were above the median of the peer group. The Board took into account’s management discussion of the Portfolio’s estimated expenses. The Board also noted that the Subadviser had agreed to a reduced fee schedule for the Portfolio’s first year of operations and to waive its subadvisory fee for the Portfolio’s first three months of operations, and that the Adviser had also agreed to waive a portion of its advisory fee equal to the difference between the standard sub-advisory fee schedule and the reduced sub-advisory fee schedule for the Portfolio’s first year of operations and to waive an amount equal to the subadvisory fee waiver for the Portfolio’s first three months of operations. After consideration of all relevant factors, the Board concluded that the proposed management and subadvisory fees were consistent with industry norms and were fair and reasonable in light of the services to be provided.

Profitability. The Board examined the anticipated profitability of the Adviser with respect to each Portfolio. With respect to the MetLife Balanced Plus Portfolio, the Board noted that the advisory fee is in addition to the fees received by the Adviser and its affiliates with regard to the other Portfolios of the Trust or of Metropolitan Series Fund, Inc. (the “Underlying Portfolios”) in which the Portfolio may invest. With respect to the other Portfolios, the Board noted that a major component of profitability of the Adviser would be the margin between the management fee that the Adviser would receive from the Portfolio and the portion of that fee the Adviser would pay to the Subadviser. The Board also took into account the costs borne by the Adviser’s affiliates that support the operations of the Adviser, as well as considered the profitability of the insurance product, the function of which is supported in part by the Adviser’s revenues under the Advisory Agreement. The Board also considered that the Trust’s distributor, MetLife Investors Distribution Company, would receive Rule 12b-1 payments to support the distribution of the product. The Board concluded after extensive discussions with management that the anticipated profitability of the Adviser and its affiliates from their relationship with each Portfolio was reasonable in light of all relevant factors.

In considering the anticipated profitability to the Subadvisers and their affiliates of their relationships with the Portfolios, the Board noted that the proposed subadvisory fees under the Sub-Advisory Agreements would be paid by the Adviser out of the management fee that it would receive under the Advisory Agreement. The Board also relied on the ability of the Adviser to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length. However, the Board placed more reliance on the fact that the Sub-Advisory Agreements were negotiated at arm’s length and that the proposed subadvisory fees would be paid by the Adviser than on the Subadvisers’ anticipated profitability.

Economies of scale. The Board also considered the probable effect of the Portfolios’ growth in size on their performance and fees. The Board noted that the proposed management and subadvisory fees each contained breakpoints that would reduce the fee rate above specified asset levels. The Board also took into account that the proposed subadvisory fees would be paid by the Adviser out of the management fees. The Board considered the fact that the Portfolios’ fee levels decline as portfolio assets increase. The Board also noted that if the Portfolios’ assets increase over time, the Portfolios may realize other economies of scale if assets increase proportionally more than certain other fixed expenses. The Board concluded that the proposed advisory fee structure for the Portfolios, including breakpoints, was reasonable and appropriately reflects potential economies of scale.

Other factors. As part of its evaluation of the Adviser’s compensation, the Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trust. Among them, the Board recognized that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as the distributor for the Trust, and, as such, would receive payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board also considered that affiliates of the Adviser may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board concluded that anticipated ancillary benefits that may accrue to the Adviser and its affiliates by virtue of the Adviser’s relationship with the Portfolios are fair and reasonable in light of the anticipated costs of providing investment management and other services to the Portfolios and the ongoing commitment of the Adviser to the Portfolios.

The Board considered other benefits that may be realized by each Subadviser and its affiliates from their relationship with the Trust, including the opportunity to provide advisory services to additional portfolios of the Trust and reputational benefits. The Board concluded that the benefits that may accrue to the Subadvisers and their affiliates by virtue of the Subadvisers’ relationships to the Portfolios were fair and reasonable in light of the anticipated costs of providing investment advisory services to the Portfolios and the ongoing commitment of the Subadvisers to the Portfolios.

The Board considered any possible conflicts of interest in the form of material benefits or detriments to the Trust resulting from the nature of the Trust’s and the Adviser’s or the Subadvisers’ affiliations. Here, the Board considered possible conflicts of interest that may arise between the Trust and the Adviser or a Subadviser in connection with the services to be provided to the Trust and the various relationships that they and their affiliates may have with the Trust. The Board considered the procedures for monitoring and managing such potential conflicts.

Conclusion. In considering the initial approval of each of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. The Board evaluated all information available to them on a Portfolio-by-Portfolio basis, and their determinations were made separately with respect to each Portfolio. Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Advisory Agreement and the Sub-Advisory Agreements was in the best interests of each Portfolio. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent legal counsel, approved the Advisory Agreement and the Sub-Advisory Agreement with respect to each Portfolio.

45

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  Met Investors Series Trust American Funds^® Balanced Allocation Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

Performance

For the six-month period ended June 30, 2011, the Class B and C shares of the American Funds^® Balanced Allocation Portfolio returned 4.29% and 4.09%, respectively, compared to the 4.40% return of its primary index, the Dow Jones Moderate Index¹.

Economic and Market Review

The fixed income markets had mixed returns during the first six months of 2011 in response to investors’ shifting outlook for the economy, inflation, and interest rates. During the first four months of the year, yields rose and credit spreads narrowed as the outlook for the economy was generally positive. However, increasing concerns of the strength and longevity of the economic recovery—due in part to the budget impasse in the U.S., the credit crisis in Europe, and persistently sluggish employment growth—led to a decline in interest rates and a widening in the spread between the yields of Treasury securities and credit based bonds in May and June. Overall, the Barclays Capital U.S. Aggregate Bond Index returned 2.72%. Investment grade credit sector bonds such as corporate bonds and mortgage bonds outperformed treasury securities of similar maturity during the period. Below investment grade high-yield bonds, due primarily to their higher coupon return, outperformed the broad bond market with a return of 4.97%. The returns of foreign bonds were boosted by a declining dollar relative to other currencies; a decline in the dollar made non-dollar securities more valuable to U.S. dollar-based investors.

The returns of equities during the first half of 2011 were also mixed. A strong first quarter and a flat second quarter produced a very respectable 6.0% return for the period as measured by the Standard & Poor’s 500 Index. The main driver for the varying performance was again a change in the outlook for the economy in general and corporate earnings in particular. There was little difference between the returns of large cap and small cap stocks, although mid cap stocks continue to outperform both large and small company stocks. Growth style stocks performed slightly better than value style stocks over the period. Among sectors, Energy (+11.4%) and Health Care (+13.9%) were the best performers, while Financial Services (-3.1%) and Information Technology (+2.1%) lagged the broad market.

The total return of foreign stocks to the U.S. dollar based investor was 5.0% from January to June 2011 as measured by the MSCI EAFE Index. Nearly all the positive return of foreign stocks came from the impact of currency, especially the U.S. dollar relative to the Euro, as the MSCI EAFE Index was nearly flat on a local currency basis. By region, Europe was strongly positive, while Japanese stocks struggled as the entire country and its companies tried to recover from the devastation of the March 2011 earthquake and subsequent tsunami. Emerging market stocks trailed developed country stocks as seen by the MSCI Emerging Market Index return of close to 0%.

Portfolio Review/Current Positioning

The American Funds^® Balanced Allocation Portfolio invests all of its assets in funds of the American Funds Insurance Series (AFIS). The Portfolio’s broad asset allocation goal of 35% to fixed income and 65% to equities did not change during the period. Although the Portfolio does not have an explicit goal for cash, its underlying portfolios typically hold cash positions of 5% to 10% to give the portfolio counselors the liquidity and flexibility to exploit investment opportunities when they become available. This cash position detracted from performance for most of the period since both stocks and bonds were generally positive.

On an absolute basis, the two domestic equity underlying portfolios contributed positively to the Portfolio’s overall performance, but they had mixed relative performance. The AFIS Growth Fund was generally in line with the broad equity markets, doing slightly better in the first quarter and lagging modestly in the second quarter. Overall, it was helped by good stock selection in the Consumer Discretionary sector. Luluemon Athletica, a Canadian based retailer of yoga inspired athletic clothing was up over 60% over the period. Casino operator Wynn Macau and restaurant chain Chipotle Mexican Grill also contributed to relative performance. Several Energy sector stocks hurt performance, most notably energy producer Pacific Rubiales Energy Corporation, which has operations in Canada and South America. At the same time, the AFIS Growth-Income Fund’s slightly better than market return in the second quarter was not sufficient to overcome its weak, albeit still positive, relative return during the first quarter. Cruise ship operator Royal Caribbean, retailers Best Buy and Kohl’s, search engine rivals Google and Yahoo!, and electronic component developer Flextronics International were the biggest individual detractors from relative performance. Most of these stocks are in some way dependent on a continuing strong economy.

Even with the currency benefit from a weak dollar, foreign securities still lagged the return of domestic stocks over the six-month period. Thus, the Portfolio’s modest overweight to foreign equities—due to the foreign stocks held by the two domestic equity funds—was a slight detractor to relative performance. In contrast to 2010 and 2009 when the Portfolio’s dedicated exposure to foreign small company stocks (AFIS Global Small Capitalization Fund) and stocks from emerging market countries (AFIS New World Fund) boosted performance, this exposure hurt performance during the first half of 2011 relative to the mostly large cap, developed country stocks that make up the MSCI EAFE Index.

Investment Committee

MetLife Advisers, LLC

1

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary* (continued)

*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 and 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 as June 30, 2011 and are subject to change at any time based upon economic, market, or other conditions. MetLife Advisers 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 statements) 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 (or that of the underlying portfolios used in the Portfolio) 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 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.

Portfolio Composition as of June 30, 2011

Top Holdings

	% of Net Assets
American Funds Growth-Income Fund (Class 1)		35.1
American Funds Growth Fund (Class 1)		20.8
American Funds U.S. Government/AAA—Rated Securities Fund (Class 1)		13.2
American Funds Bond Fund (Class 1)		10.1
American Funds International Fund (Class 1)		7.9
American Funds High-Income Bond Fund (Class 1)		5.0
American Funds New World Fund (Class 1)		3.0
American Funds Global Small Capitalization Fund (Class 1)		2.9
American Funds Global Bond Fund (Class 1)		2.1

2

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

American Funds^® Balanced Allocation Portfolio managed by

MetLife Advisers, LLC vs. Dow Jones Moderate Index¹

	Average Annual Return2 (for the six months ended June 30, 2011)
	6 Month		1 Year		Since Inception3
American Funds® Balanced Allocation Portfolio—Class B		4.29%		22.46%		2.44%
Class C		4.09%		22.06%		2.12%
Dow Jones Moderate Index1		4.40%		20.74%		3.74%

The performance of Class B shares, as set forth in the line graph above, will differ from that of the other class because of the difference in expenses paid by policyholders investing in the different share classes.

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.

²“Average Annual Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³Inception of the Class B and Class C shares is 4/28/08. Index returns are based on an inception date of 4/28/08.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

3

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation 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, 2011 through June 30, 2011.

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.

	Annualized Expense Ratio		Beginning Account Value January 1, 2011		Ending Account Value June 30, 2011		Expenses Paid During Period** January 1, 2011 to June 30, 2011
Class B(a)(b)
Actual		0.44%	$	1,000.00	$	1,042.90	$	2.22
Hypothetical*		0.44%		1,000.00		1,022.62		2.20
Class C(a)(b)
Actual		0.74%	$	1,000.00	$	1,040.90	$	3.74
Hypothetical*		0.74%		1,000.00		1,021.13		3.70

* 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 3 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.

4

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds Bond Fund (Class 1) (a)		39,871,295	$	434,597,115
American Funds Global Bond Fund (Class 1) (a)		7,128,456		87,109,739
American Funds Global Small Capitalization Fund (Class 1) (a)		5,828,940		125,497,089
American Funds Growth Fund (Class 1) (a)		15,386,336		891,330,418
American Funds Growth-Income Fund (Class 1) (a)		41,949,923		1,507,680,219
American Funds High-Income Bond Fund (Class 1) (a)		18,563,870		214,969,617
American Funds International Fund (Class 1) (a)		18,016,919		338,898,239
American Funds New World Fund (Class 1) (a)		5,391,578		126,270,759
American Funds U.S. Government /AAA—Rated Securities Fund (Class 1) (a)		45,274,343		567,287,523
Total Mutual Funds (Cost $3,666,281,900)				4,293,640,718
Total Investments—100.1% (Cost $3,666,281,900#)				4,293,640,718
Other Assets And Liabilities (net)—(0.1)%				(2,185,108	)
Net Assets—100.0%			$	4,291,455,610

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $3,666,281,900. The aggregate unrealized appreciation of investments was $627,358,818, resulting in net unrealized appreciation of $627,358,818 for federal income tax purposes.

(a) A Fund of the American Funds Insurance Series.

See accompanying notes to financial statements.

5

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the six months ended June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	4,293,640,718	$	—	$	—	$	4,293,640,718
Total Investments	$	4,293,640,718	$	—	$	—	$	4,293,640,718

See accompanying notes to financial statements.

6

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	4,293,640,718
Receivable for investments sold		479,229
Receivable for shares sold		1,141,093
Total assets		4,295,261,040
Liabilities
Payables for:
Shares redeemed		1,620,322
Accrued Expenses:
Management fees		203,264
Distribution and service fees - Class B		373
Distribution and service fees - Class C		1,896,039
Administration fees		1,901
Custodian and accounting fees		4,031
Deferred trustees’ fees		20,516
Other expenses		58,984
Total liabilities		3,805,430
Net Assets	$	4,291,455,610
Net Assets Represented by
Paid in surplus	$	3,656,565,335
Accumulated net realized gain		1,999,851
Unrealized appreciation on investments		627,358,818
Undistributed net investment income		5,531,606
Net Assets	$	4,291,455,610
Net Assets
Class B	$	1,852,839
Class C		4,289,602,771
Capital Shares Outstanding*
Class B		183,353
Class C		426,902,917
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.11
Class C		10.05

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

(a) Identified cost of investments was $3,666,281,900.

Statement of Operations

Six Months Ended June 30, 2011 (Unaudited)

Investment Income
Dividends from Underlying Portfolios	$	17,771,711
Total investment income		17,771,711
Expenses
Management fees		1,177,357
Administration fees		11,901
Custodian and accounting fees		12,298
Distribution and service fees - Class B		2,124
Distribution and service fees - Class C		10,900,703
Audit and tax services		9,750
Legal		20,801
Trustees’ fees and expenses		15,868
Shareholder reporting		30,393
Insurance		31,016
Miscellaneous		11,453
Total expenses		12,223,664
Net investment income		5,548,047
Net Realized and Unrealized Gain on Investments
Net realized gain on:
Investments		25,124,301
Capital gain distributions from Underlying Portfolios		13,677,417
Net realized gain on investments and capital gain distributions from Underlying Portfolios		38,801,718
Net change in unrealized appreciation on investments		108,874,209
Net realized and unrealized gain on investments		147,675,927
Net Increase in Net Assets from Operations	$	153,223,974

See accompanying notes to financial statements.

7

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Statements of Changes in Net Assets

June 30, 2011

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	5,548,047		$	49,262,614
Net realized gain (loss) on investments and capital gain distributions from Underlying Portfolios		38,801,718			(9,395,369	)
Net change in unrealized appreciation on investments		108,874,209			304,908,419
Net increase in net assets resulting from operations		153,223,974			344,775,664
Distributions to Shareholders
From net investment income
Class B		(25,798	)		(10,261	)
Class C		(50,842,682	)		(27,437,163	)
From net realized gains
Class B		(962	)		(381	)
Class C		(2,238,552	)		(1,177,268	)
Net decrease in net assets resulting from distributions		(53,107,994	)		(28,625,073	)
Net increase in net assets from capital share transactions		621,176,788			1,255,094,945
Net Increase in Net Assets		721,292,768			1,571,245,536
Net assets at beginning of period		3,570,162,842			1,998,917,306
Net assets at end of period	$	4,291,455,610		$	3,570,162,842
Undistributed net investment income at end of period	$	5,531,606		$	50,852,039

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Value			Shares			Value
Class B
Sales		33,508		$	337,336			97,927		$	899,947
Reinvestments		2,642			26,760			1,148			10,642
Redemptions		(4,648	)		(46,860	)		(16,028	)		(143,717	)
Net increase		31,502		$	317,236			83,047		$	766,872
Class C
Sales		66,651,243		$	667,795,133			152,242,289		$	1,375,333,474
Reinvestments		5,265,995			53,081,234			3,100,155			28,614,431
Redemptions		(10,004,212	)		(100,016,815	)		(16,791,775	)		(149,619,832	)
Net increase		61,913,026		$	620,859,552			138,550,669		$	1,254,328,073
Increase derived from capital shares transactions				$	621,176,788					$	1,255,094,945

See accompanying notes to financial statements.

8

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009		2008(b)
Net Asset Value, Beginning of Period	$	9.84		$	8.87		$	6.82	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income(a)		0.03			0.22			0.24		0.08
Net Realized and Unrealized Gain (Loss) on Investments		0.40			0.87			1.81		(3.00	)
Total From Investment Operations		0.43			1.09			2.05		(2.92	)
Less Distributions
Distributions from Net Investment Income		(0.15	)		(0.12	)		—		(0.26	)
Distributions from Net Realized Capital Gains		(0.01	)		(0.00	)+		—		(0.00	)+
Total Distributions		(0.16	)		(0.12	)		—		(0.26	)
Net Asset Value, End of Period	$	10.11		$	9.84		$	8.87	$	6.82
Total Return (%)		4.29			12.40			30.06		(29.20	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)(c)		0.32	*		0.33			0.36		0.78	*
Ratio of Net Expenses to Average Net Assets (%)(d)(e)		0.32	*		0.33			0.35		0.35	*
Ratio of Net Investment Income to Average Net Assets (%)(f)		0.60	*		2.38			2.99		1.32	*
Portfolio Turnover Rate (%)		3.9			6.4			5.9		12.1
Net Assets, End of Period (in millions)	$	1.9		$	1.5		$	0.6	$	0.1

	Class C
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009		2008(b)
Net Asset Value, Beginning of Period	$	9.78		$	8.82		$	6.82	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income(a)		0.01			0.17			0.17		0.36
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.89			1.83		(3.28	)
Total From Investment Operations		0.40			1.06			2.00		(2.92	)
Less Distributions
Distributions from Net Investment Income		(0.12	)		(0.10	)		—		(0.26	)
Distributions from Net Realized Capital Gains		(0.01	)		(0.00	)+		—		(0.00	)+
Total Distributions		(0.13	)		(0.10	)		—		(0.26	)
Net Asset Value, End of Period	$	10.05		$	9.78		$	8.82	$	6.82
Total Return (%)		4.09			12.16			29.33		(29.20	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)(c)		0.62	*		0.63			0.66		0.70	*
Ratio of Net Expenses to Average Net Assets (%)(d)(e)		0.62	*		0.63			0.65		0.65	*
Ratio of Net Investment Income to Average Net Assets (%)(f)		0.28	*		1.85			2.19		6.70	*
Portfolio Turnover Rate (%)		3.9			6.4			5.9		12.1
Net Assets, End of Period (in millions)	$	4,289.6		$	3,568.7		$	1,998.3	$	545.4

* Annualized

+ Distributions from net realized gains were less than $0.01.

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

(b) Commencement of operations—04/28/2008.

(c) See Note 3 of the Notes to Financial Statements.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(e) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

(f) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

9

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is American Funds^® Balanced Allocation 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 four classes of shares: Class A, B, C and E Shares. Class B and C Shares are currently offered by the Portfolio. 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 expenses.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in certain funds of the American Funds Insurance Series (“AFIS”) (“Underlying Portfolios”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Valuation - Investments in the Underlying Portfolios are valued at their closing daily net asset value. The net asset value of the Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios that are funds of AFIS, please refer to the prospectus of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state 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.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 short-term capital gain distributions received from underlying portfolios, deferred trustees’ compensation, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by MetLife Advisers, LLC (the “Adviser”), an affiliate of MetLife, Inc. The Trust has entered into a management agreement (the “Management Agreement”) with the Adviser for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board of Trustees (the “Board”) and has overall responsibility for the general management and administration of the Trust.

10

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the six months  ended June 30, 2011	% per annum			Average Daily Net Assets
$1,177,357		0.100	%	First $500 Million
		0.075	%	$500 Million to $1 Billion
		0.050	%	Over $1 Billion

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.

Expense Limitation Agreement - The Adviser had entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement continued in effect with respect to the Portfolio until April 30, 2011. Pursuant to that Expense Limitation Agreement, the Adviser had agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which were capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and Underlying Portfolios’ fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, were limited to the following expense ratios as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current        Expense  Limitation Agreement
Class B	Class C
0.35%		0.65	%

If in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratios for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratios as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

Effective May 1, 2011, there was no longer an expense cap for the Portfolio.

Distribution Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class B and Class C Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class C distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 1.00%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class C Shares with respect to activities primarily intended to result in the sale of Class B and Class C Shares. However, under the Class B and Class C distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class C distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.55% of average daily net assets of the Portfolio attributable to its Class B and Class C Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class C distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class C Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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

11

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

or Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

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, 2011 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$—	$	743,940,055	$	—	$	156,307,594

5. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

6. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit risk consist principally of cash due from counterparties and investments.

7. Transactions in Securities of Underlying Portfolios

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolio’s net assets. Transactions in the Underlying Portfolios during the six months ended June 30, 2011 were as follows:

Underlying Portfolio (Class 1)	Number of shares held at December 31, 2010		Shares purchased		Shares sold			Number of shares held at June 30, 2011
American Funds Bond Fund*		25,335,425		14,567,628		(31,758	)		39,871,295
American Funds Global Bond Fund*		5,827,554		1,306,554		(5,652	)		7,128,456
American Funds Global Small Capitalization Fund*		5,224,176		832,287		(227,523	)		5,828,940
American Funds Growth Fund*		14,901,512		2,142,899		(1,658,075	)		15,386,336
American Funds Growth-Income Fund*		37,360,737		5,665,820		(1,076,634	)		41,949,923
American Funds High-Income Bond Fund*		15,965,927		2,619,584		(21,641	)		18,563,870
American Funds International Fund*		16,098,692		2,430,002		(511,775	)		18,016,919
American Funds New World Fund*		4,731,497		746,614		(86,533	)		5,391,578
American Funds U.S. Government/AAA—Rated Securities Fund*		34,623,726		10,685,985		(35,368	)		45,274,343

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of June 30, 2011. Once filed, the most recent Annual Report of the Underlying Portfolio will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http:// www.sec.gov.

12

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

7. Transactions in Securities of Underlying Portfolios - continued

Underlying Portfolio (Class 1)	Net Realized Gain on sales of Underlying Portfolios		Capital Gain Distributions from Underlying Portfolios		Dividend income from Underlying Portfolios		Ending Value as of June 30, 2011
American Funds Bond Fund	$	4,389	$	—	$	2,134,107	$	434,597,115
American Funds Global Bond Fund		7,573		456,776		435,693		87,109,739
American Funds Global Small Capitalization Fund		2,345,965		—		1,558,351		125,497,089
American Funds Growth Fund		18,180,074		—		2,840,330		891,330,418
American Funds Growth-Income Fund		3,248,720		—		4,788,766		1,507,680,219
American Funds High-Income Bond Fund		69,606		—		2,719,758		214,969,617
American Funds International Fund		862,826		—		1,019,492		338,898,239
American Funds New World Fund		374,123		—		694,008		126,270,759
American Funds U.S. Government/AAA—Rated Securities Fund		31,025		13,220,641		1,581,206		567,287,523
	$	25,124,301	$	13,677,417	$	17,771,711	$	4,293,640,718

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2010 and 2009 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2010	2009		2010		2009		2010		2009
$27,956,598	$	—	$	668,475	$	—	$	28,625,073	$	—

As of December 31, 2010, 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
$50,868,341	$	2,239,284	$	481,682,971	$	—	$	534,790,596

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law by President Obama on December 22, 2010.

The Act makes a number of changes to the provisions in the Code relating to regulated investment companies (“RICs”) that will generally become effective for taxable years of RICs beginning after December 22, 2010. The Act allows RICs to generally carryover net capital losses indefinitely, effective for losses arising in taxable years beginning after December 22, 2010. Such losses will retain their character as either long-term capital losses or short-term capital losses. Under pre-enactment law, capital losses could be carried forward for eight years and carried forward as short-term capital losses irrespective of the character of the original loss. Loss carryovers from years beginning prior to December 22, 2010 will still expire subject to the eight-year limitation. The Act further provides that losses arising in taxable years after December 22, 2010 (which are carried forward indefinitely) would be utilized prior to loss carryovers arising in taxable years beginning prior to December 22, 2010.

9. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

13

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Recent Accounting Pronouncements - continued

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

14

MET INVESTORS SERIES TRUST

American Funds^® Balanced Allocation Portfolio

Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

15

Simplify your life…

with MetLife eDelivery^® while helping MetLife preserve the planet’s natural resources.

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  Met Investors Series Trust AQR Global Risk Balanced Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Managed By AQR Capital Management, LLC

Portfolio Manager Commentary*

Performance

Since its May 2, 2011 effective date with the SEC, the Class B shares of the AQR Global Risk Balanced Portfolio returned -1.54% compared to the -1.53% return of its benchmark, the Dow Jones Moderate Index¹.

Market Environment/Conditions

Developed country equity markets experienced a difficult second quarter with limited risk appetite as renewed concerns of sovereign risk in Europe reemerged and disappointing macro data uncovered a weaker than expected outlook for the US economy. Emerging stock markets also experienced headwinds as many developing nations faced accelerating inflation, dealt with appreciating currencies, and were negatively affected by slowing commodity price appreciation.

In fixed income markets, sovereign debt fears continued as concern mounted over Greece’s fiscal solvency, providing a very favorable environment for nominal bonds (the US and Germany in particular benefited from the flight-to-quality demand). The re-pricing of monetary policy expectations in the face of global risks—both sovereign risks and a perceived softening of the global economic recovery—also supported bonds.

In commodity markets, prices rose in April as equity markets and risk trades in general made money. In the first week of May, however, a US Dollar rally prompted a sharp and broad-based commodities sell-off which continued through June. Energies and Metals were particularly hurt.

Portfolio Review/Current Positioning

Since its effective date with the SEC on May 2, 2011 to the end of the quarter on June 30, 2011, the Portfolio lost -1.5%. Returns for two of the three risk categories in the Portfolio were negative, with Inflation Risk assets and Equity Risk assets detracting 1.7% and 1.4% respectively. Nominal Interest Rate Risk assets contributed +1.5% to the Portfolio return.

The Portfolio’s total exposures to all three risk categories decreased slightly to maintain the desired level of risk across the Portfolio. The Portfolio uses a moderate level of leverage to maintain an equal contribution of risk from the three risk categories. As volatility has increased, leverage in the Portfolio has been reduced. The largest exposure decreases were in the Commodities category. Commodity volatility increased in the first weeks of May and remained high resulting in a reduction of Commodity exposures from 22% to 19%, a -14% decrease by the end of the second quarter. The Nominal Interest Rate bucket had the second largest reduction in exposures moving from 140% to 124%, a -11% decrease. The Equity Risk bucket also experienced increased volatility but to a lesser degree. As a result, Equity exposures were reduced from 40% to 38%, a -5% decrease.

The Portfolio’s management process adjusts exposures to each of the three risk categories using a proprietary risk forecasting model. The process seeks to realize a steady risk level in each of the Portfolio’s three categories and for the Portfolio as a whole. The objective is to keep the Portfolio diversified not only across asset classes, but also through time—meaning that no single time period (such as the credit crisis of 2008) should have a disproportionate impact on the Portfolio’s long-term results. Our research suggests that this approach, in addition to broad diversification, has been effective in helping to protect a portfolio in periods of market stress, and improves long term risk adjusted returns. Consistent with this process, the Portfolio’s aggregate exposures decreased slightly since inception, from 260% at the launch of the Portfolio to 241%, as market volatility levels modestly increased.

The Portfolio realized volatility slightly lower than its long-term target in the second quarter. AQR uses conservative correlation assumptions to prevent the portfolio volatility from spiking in difficult markets. As stock and bond correlations have remained negative over the period, the Portfolio underrealized volatility but was well within a normal range.

Brian Hurst, Principal; Michael Mendelson, Principal; Yao Hua Ooi, Vice President

AQR Capital 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.

1

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Portfolio Composition as of June 30, 2011

Top Issuers

	% of Net Assets
U.S. Treasury Inflation Indexed Bonds		27.0
France Government Bond OAT		26.8
United Kingdom Gilt Inflation Linked		13.5

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		123.7
Global Inflation-Linked Bonds		60.7
Global Developed Equities		30.1
Commodities—Production Weighted		18.7
Global Emerging Equities		4.5
U.S. Mid Cap Equities		1.8
U.S. Small Cap Equities		1.5

* The percentages noted above are based on the notional amounts by asset class as a percentage of net assets.

2

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

AQR Global Risk Balanced Portfolio managed by
AQR Capital Management, LLC vs. Dow Jones Moderate Index¹

	Cumulative Return2 (for the period ended June 30, 2011)
	Since Effective Date3
AQR Global Risk Balanced Portfolio—Class B		-1.54%
Dow Jones Moderate Index1		-1.53%

¹The 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 weightings of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk of that combination will have 60% of the risk of an all equity portfolio.

²“Cumulative Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³ SEC effective date of the Class B shares is 5/2/11. Index returns are based on an effective date of 5/2/11.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

3

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced 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, April 19, 2011 through June 30, 2011.

Actual Expenses

The first line 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 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 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 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.

	Annualized Expense Ratio		Beginning Account Value April 19, 2011		Ending Account Value June 30, 2011		Expenses Paid During Period*** April 19, 2011 to June 30, 2011
Class B(a)(b)
Actual		0.96%	$	1,000.00	$	984.60	$	1.91
Hypothetical*		0.96%		1,000.00		1,008.08		1.93

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

**  Commencement of Operations—April 19, 2011. Shares first became available to investors through certain separate accounts on the SEC effective date which was 5/2/2011.

*** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent eleven week period, as shown above, multiplied by the average account value over the     period, multiplied by the number of days (72 days) in the most recent fiscal period, divided by 365 (to reflect the eleven week period).

(a) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 4 of the Notes to Financial Statements.

(b) The annualized expense ratio reflects the impact of the management fee waiver as described in Note 4 to the Financial Statements.

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AQR Global Risk Balanced Portfolio

Consolidated^ Schedule of Investments as of June 30, 2011 (Unaudited)

Foreign Bonds & Debt Securities—40.3% of Net Assets

Security Description	Par/Shares Amount		Value
France—26.8%
France Government Bond OAT 1.600%, 07/25/15 (EUR)	$	46,560,918	$	70,320,924
2.250%, 07/25/20 (EUR)		21,352,842		33,914,517
				104,235,441
United Kingdom—13.5%
United Kingdom Gilt Inflation Linked 1.875%, 11/22/22 (GBP)		28,372,305		52,339,838
Total Foreign Bonds & Debt Securities (Cost $157,083,282)				156,575,279
U.S. Treasury & Government Agencies—27.0%
U.S. Treasury Inflation Indexed Bonds 0.500%, 04/15/15		69,726,048		72,765,685
1.250%, 07/15/20		30,106,952		31,875,736
Total U.S. Treasury & Government Agencies (Cost $104,997,141)				104,641,421
Short-Term Investments—92.6%
Mutual Funds—92.6%
BlackRock Liquidity Funds TempFund Portfolio, Class I 0.080% (a)		35,901,076		35,901,076
Dreyfus Institutional Cash Advantage Fund, Class I 0.150% (a)		53,851,659		53,851,659
Dreyfus Treasury Cash Management Fund, Class I 0.010% (a)		89,752,479		89,752,479
UBS Money Series—UBS Select Prime Preferred Fund, Class I 0.140% (a)		89,818,600		89,818,600
UBS Money Series—UBS Select Treasury Preferred Fund, Class I 0.010% (a)		89,817,979		89,817,979
Total Short-Term Investments (Cost $359,141,793)				359,141,793
Total Investments—159.9% (Cost $621,222,216#)				620,358,493
Other Assets and Liabilities (net)—(59.9)%				(232,468,120	)
Net Assets—100.0%			$	387,890,373

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $621,222,216. The aggregate unrealized appreciation and depreciation of investments were $821,474 and $(1,685,197), respectively, resulting in net unrealized depreciation of $(863,723) for federal income tax purposes.

EUR Euro

GBP British Pound

(a) Represents annualized seven-day yield as of June 30, 2011.

^See Note 2 of the notes to financial statements.

See accompanying notes to financial statements.

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AQR Global Risk Balanced Portfolio

Consolidated^ Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the period from April 19, 2011 (commencement of operations) through June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1			Level 2			Level 3		Total
Total Foreign Bonds & Debt Securities*	$	—		$	156,575,279		$	—	$	156,575,279
U.S. Treasury & Government Agencies		—			104,641,421			—		104,641,421
Total Short-Term Investments*		359,141,793			—			—		359,141,793
Total Investments	$	359,141,793		$	261,216,700		$	—	$	620,358,493
Reverse Repurchase Agreements	$	—		$	261,785,334		$	—	$	261,785,334
Forward Contracts**
Forward Contracts to Buy Appreciation	$	—		$	6,118		$	—	$	6,118
Forward Contracts to Sell Appreciation		—			15,682			—		15,682
Forward Contracts to Sell (Depreciation)		—			(54,521	)		—		(54,521	)
Total Forward Contracts	$	—		$	(32,721	)	$	—	$	(32,721	)
Futures Contracts**
Futures Contracts Long Appreciation	$	4,524,127		$	—		$	—	$	4,524,127
Futures Contracts Long (Depreciation)		(3,147,252	)		—			—		(3,147,252	)
Futures Contracts Short Appreciation		6,561			—			—		6,561
Futures Contracts Short (Depreciation)		(28,123	)		—			—		(28,123	)
Total Futures Contracts	$	1,355,313		$	—		$	—	$	1,355,313
SWAP Contracts**
Swap on Futures Appreciation	$	—		$	175,909		$	—	$	175,909
Swap on Futures (Depreciation)		—			(32,230	)		—		(32,230	)
Total SWAP Contracts	$	—		$	143,679		$	—	$	143,679

* See Schedule of Investments for additional detailed categorizations.

** Derivative instruments such as forwards, futures contracts and swap contracts are valued on the unrealized appreciation/depreciation on the instrument.

^See Note 2 of the notes to financial statements.

See accompanying notes to financial statements.

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AQR Global Risk Balanced Portfolio

Consolidated^ Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	620,358,493
Cash (b)		16,637,898
Receivable for investments sold		11,365,068
Receivable for shares sold		9,859,382
Net variation margin on financial futures contracts		1,387,315
Interest receivable		2,023,154
Swap premium paid		3,967,712
Unrealized appreciation on swap contracts		175,909
Unrealized appreciation on forward currency contracts		21,800
Total assets		665,796,731
Liabilities
Due to Adviser		76,918
Due to bank cash denominated in foreign currencies (c)		162,440
Payables for:
Investments purchased		11,506,596
Reverse repurchase agreements		261,785,334
Shares redeemed		118
Unrealized depreciation on forward currency contracts		54,521
Unrealized depreciation on swap contracts		32,230
Swap premium received		4,062,295
Interest on reverse repurchase agreements		24,781
Accrued Expenses:
Management fees		59,910
Distribution and service fees - Class B		49,925
Administration fees		931
Custodian and accounting fees		29,928
Other expenses		60,431
Total liabilities		277,906,358
Net Assets	$	387,890,373
Net Assets Represented by
Paid in surplus	$	388,008,831
Accumulated net realized loss		(1,492,797	)
Unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transactions		(238,042	)
Undistributed net investment income		1,612,381
Net Assets	$	387,890,373
Net Assets
Class B	$	387,890,373
Capital Shares Outstanding*
Class B		38,018,030
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.20

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

(a) Identified cost of investments was $621,222,216.

(b) Includes $15,475,898 of restricted cash pledged as collateral for open futures contracts.

(c) Identified cost of cash denominated in foreign currencies was $(161,135).

Consolidated^ Statement of Operations

Period Ended June 30, 2011* (Unaudited)

Investment Income
Interest	$	1,849,094
Total investment income		1,849,094
Expenses
Management fees		166,364
Administration fees		1,939
Custodian and accounting fees		29,928
Distribution and service fees - Class B		61,812
Audit and tax services		20,772
Legal		25,218
Trustees’ fees and expenses		5,708
Shareholder reporting		8,675
Insurance		474
Organizational expense		5,045
Miscellaneous		2,967
Total expenses		328,902
Less management fee waiver		(92,189	)
Net expenses		236,713
Net investment income		1,612,381
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swaps Contracts and Foreign Currency transactions
Net realized gain (loss) on:
Investments		436,441
Futures contracts		(1,863,131	)
Swap contracts		454,318
Foreign currency transactions		(520,425	)
Net realized loss on investments, futures contracts, swap contracts and foreign currency transactions		(1,492,797	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,722,704	)
Futures contracts		1,355,313
Swap contracts		143,679
Foreign currency transactions		(14,330	)
Net change in unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transactions		(238,042	)
Net realized and unrealized loss on investments, futures contracts, swap contracts and foreign currency transactions		(1,730,839	)
Net Decrease in Net Assets from Operations	$	(118,458	)

* Commencement of operations - 04/19/11. Shares first became available to investors through certain separate accounts on the SEC effective date which was 5/2/2011.

^See Note 2 of the notes to financial statements.

See accompanying notes to financial statements.

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AQR Global Risk Balanced Portfolio

Consolidated^ Statement of Changes in Net Assets

June 30, 2011

	Period Ended June 30, 2011* (Unaudited)
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	1,612,381
Net realized loss on investments, futures contracts, swap contracts and foreign currency transactions		(1,492,797	)
Net change in unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transactions		(238,042	)
Net decrease in net assets resulting from operations		(118,458	)
Net increase in net assets from capital share transactions		388,008,831
Net Increase in Net Assets		387,890,373
Net assets at beginning of period		—
Net assets at end of period	$	387,890,373
Undistributed net investment income at end of period	$	1,612,381

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Period Ended June 30, 2011* (Unaudited)
	Shares			Value
Class B
Sales		39,028,969		$	398,370,463
Redemptions		(1,010,939	)		(10,361,632	)
Net increase		38,018,030		$	388,008,831
Increase derived from capital shares transactions				$	388,008,831

* Commencement of operations - 04/19/11. Shares first became available to investors through certain separate accounts on the SEC effective date which was 5/2/2011.

^See Note 2 of the notes to financial statements.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Consolidated^ Statement of Cash Flows

June 30, 2011 (Unaudited)

Cash flows from operating activities
Net decrease in net assets from operations	$	(78,924	)
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investment securities		(262,152,302	)
Proceeds from disposition of investment securities		1,730,029
Sales of short-term investments securities, net		(359,141,793	)
Treasury inflation index adjustments		(1,658,150	)
Increase in interest receivable		(2,023,154	)
Increase in receivables for securities sold		(11,365,068	)
Increase in receivable for fund share sold		(9,859,382	)
Increase in unrealized appreciation on swap contracts		(176,708	)
Increase in swap premium paid		(3,967,712	)
Increase in variation margin on financial futures contracts		(1,387,315	)
Increase in unrealized appreciation on forward currency exchange contracts		(21,800	)
Increase in payable for securities purchased		11,506,596
Increase in payable for fund shares redeemed		118
Increase in due to broker		162,440
Increase in swap premium received		4,062,295
Increase in unrealized depreciation on forward currency exchange contracts		54,521
Increase in unrealized depreciation on swap contracts		33,029
Increase in accrued expenses		238,509
Increase in interest on reverse repurchase agreements		24,781
Net change in unrealized depreciation on investments		863,723
Net cash used in operating activities		(633,156,267	)
Cash flows from financing activities
Proceeds from shares sold		398,370,463
Payment for shares redeemed		(10,361,632	)
Increase in reverse repurchase agreements		261,785,334
Net cash provided by financing activities		649,794,165
Net increase in cash		16,637,898
Cash
Beginning balance	$	—
Ending Balance	$	16,637,898

^See Note 2 of the notes to financial statements.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Financial Highlights

Selected Per Share Data for the Period Ended:
	Class B
	Period Ended June 30, 2011(a) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income(b)		0.50
Net Realized / Unrealized Loss on Investments		(0.20	)
Total From Investment Operations		0.30
Net Asset Value on SEC Effective Date, May 2, 2011	$	10.30
Income from Investment Operations:
Net Investment Income(b)		0.08
Net Realized / Unrealized Loss on Investments		(0.18	)
Total From Investment Operations		(0.10	)
Net Asset Value, End of Period	$	10.20
Total Return (%)		3.60	(c)
Total Return (%)		(1.54	)(d)
Ratio of Expenses to Average Net Assets (%)		1.33	*
Ratio of Net Expenses to Average Net Assets (%)(e)		0.96	*
Ratio of Net investment Income to Average Net Assets (%)		6.52	*
Portfolio Turnover Rate (%)		1.5
Net Assets, End of Period (in millions)	$	387.9

* Annualized

(a) Commencement of operations—04/19/11. Shares first became available to investors through certain separate accounts on the SEC effective date which was 5/2/2011.

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

(c) Total return for the period 04/19/11 to 05/02/11.

(d) Total return for the period 05/02/11 to 06/30/11.

(e) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is AQR Global Risk Balanced Portfolio (the “Portfolio”) (commenced operations on April 19, 2011), which is non-diversified. The Portfolio’s shares first became available to investors through certain separate accounts on the SEC effective date which was May 2, 2011. 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 four classes of shares: Class A, B, C and E Shares. Class B Shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—AQR Global Risk Balanced Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the AQR Global Risk Balanced Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies. The Portfolio has obtained a private letter ruling from the Internal Revenue Service confirming that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio will constitute “qualifying income” for the purposes of the Portfolio remaining qualified as a regulated investment company for U.S. federal income tax purposes.

Generally, the Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity-related instruments and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by AQR Capital Management, LLC (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Island taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets, Statement of Cash Flows and the Financial Highlights of the Portfolio includes the account of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary		Subsidiary Net Assets at June 30, 2011		% of Net Assets at June 30, 2011
AQR Global Risk Balanced Portfolio, Ltd.		4/19/2011	$	38,311,891		9.88	%

3. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign

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AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Significant Accounting Policies - continued

issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are 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 and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to

12

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Significant Accounting Policies - continued

extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns will remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 futures transactions, foreign currency transactions, swap transactions, options transactions, premium amortization adjustments, paydown transactions, contingent payment debt instrument adjustments, forward transactions, deferred trustees’ compensation, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

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 U.S. dollars 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. Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities. 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. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded as Net realized gains and losses on investments. 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.

Forward Commitments and When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed delivery basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale 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, delayed delivery or forward commitment basis, the Portfolio will hold liquid assets in a segregated account at the Portfolio’s custodian bank 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.

4. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with AQR Capital Management, LLC (“the Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

4. Investment Management Agreement and Other Transactions with Affiliates - continued

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the period ended June 30, 2011	% per annum			Average Daily Net Assets
$166,364		0.675	%	First $250 Million
		0.650	%	$250 Million to $750 Million
		0.625	%	$750 Million to $1 Billion
		0.600	%	Over $1 Billion

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.

Management Fee Waiver - The Subadviser voluntarily agreed to waive its entire subadvisory fee through July 31, 2011. Also through July 31, 2011, the Adviser voluntarily agreed to waive a portion of the management fee in an amount equal to the subadvisory fees waived. Amounts waived for the period ended June 30, 2011 are shown as a management fee waiver in the Statement of Operations.

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.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2012. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current
       Expense  Limitation Agreement       

Class B

1.10%

If in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

Distribution Agreement and Plan - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the period ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

4. Investment Management Agreement and Other Transactions with Affiliates - continued

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended June 30, 2011 were as follows:

Purchases					Sales
Foreign					Foreign
U.S. Government	Government		Non Government		U.S. Government		Government		Non Government
$102,691,264	$	159,461,037	$	—	$	1,730,029	$	—	$	—

6. Investments in Derivative Instruments

Investments in Derivative Instruments - Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a Portfolio uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Portfolio’s results of operations and financial position. Summarized below are the specific types of derivative instruments utilized by the Portfolio.

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 value 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 to sell 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 risks if the counterparties to the contracts are unable to meet the terms of the contracts.

Futures Contracts - The Portfolio may buy and sell futures contracts (on recognized exchanges) 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, 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, for a set price in the future. 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. 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 securities. Futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

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AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Investments in Derivative Instruments - continued

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Swap Agreements - The Portfolio may enter into swap contracts. Swap contracts are derivatives agreements to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. The term “specified index” includes, but is not limited to, currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices, stock indices and commodity indices (as well as amounts derived from arithmetic operations on these indices). A Portfolio will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. The Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid assets, to avoid any potential leveraging of the Portfolio. The Portfolio may enter into swap transactions with counterparties that are approved by the investment adviser 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.

The swaps in which the Portfolio may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. Swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments the Portfolio is contractually obligated to receive. If the other party to a swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio contractually is entitled to receive.

An index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices.

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.

Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If an investment adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Portfolio would be less favorable than it would have been if this investment technique were not used.

Total Return Swaps - Total return swap contracts involve commitments to pay interest in exchange for a market-linked return both based on notional amounts. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation the Portfolio will receive a payment from or make a payment to the counterparty.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions to seek to enhance returns. Reverse repurchase agreements involve sales by the Portfolio of securities concurrently with an agreement by the Portfolio to repurchase the same assets at a later date at a fixed price. 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 retained by the Portfolio may decline below the price of the securities the Portfolio has sold but is obligated to repurchase under the agreement. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Portfolio’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio’s obligation to repurchase the securities. For the period ended June 30, 2011, the Portfolio had an outstanding reverse repurchase agreement balance for 44 days. The average amount of borrowings was $11,630,167 and the weighted average interest rate was 0.61%.

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AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Investments in Derivative Instruments - continued

At June 30, 2011, the Portfolio had the following derivatives, grouped into appropriate risk categories:

	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 swap contracts	$	152,187	Unrealized depreciation on swap contracts	$	—
	Unrealized appreciation on futures contracts*		—	Unrealized depreciation on futures contracts*		1,466,547
Equity	Unrealized appreciation on swap contracts		23,722	Unrealized depreciation on swap contracts		12,847
	Unrealized appreciation on futures contracts*		4,166,882	Unrealized depreciation on futures contracts*		—
Commodity	Unrealized appreciation on swap contracts		—	Unrealized depreciation on swap contracts		19,383
	Unrealized appreciation on futures contracts*		363,806	Unrealized depreciation on futures contracts*		1,708,828
Foreign Currency Exchange	Unrealized appreciation on forward foreign currency exchange contracts		21,800	Unrealized depreciation on forward foreign currency exchange contracts		54,521
Total		$	4,728,397		$	3,262,126

* Includes cumulative appreciation/depreciation of futures contracts as reported in the notes to financial statements. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

Transactions in derivative instruments during the period ended June 30, 2011, were as follows:

Statement of Operations Location - Net Realized Gain (Loss)	Interest Rate			Equity			Commodity			Foreign Currency Exchange			Total
Foreign currency transactions	$	—		$	—		$	—		$	(1,755	)	$	(1,755	)
Future contracts		109,934			(2,064,876	)		91,811			—			(1,863,131	)
Swap contracts		—			461,033			(6,715	)		—			454,318
	$	109,934		$	(1,603,843	)	$	85,096		$	(1,755	)	$	(1,410,568	)
Statement of Operations Location - Net Change in Unrealized Gain (Loss)
Foreign currency transactions	$	—		$	—		$	—		$	(32,721	)	$	(32,721	)
Future contracts		(1,466,547	)		4,166,882			(1,345,022	)		—			1,355,313
Swap contracts		152,187			10,875			(19,383	)		—			143,679
	$	(1,314,360	)	$	4,177,757		$	(1,364,405	)	$	(32,721	)	$	1,466,271

For the period ended June 30, 2011, the average amount or number per contract outstanding for each derivative type was as follows:

Average Notional or Face Amount(a)	Interest Rate Risk		Equity Risk		Commodity Risk		Foreign Currency Risk
Foreign currency transactions	$	—	$	—	$	—	$	2,136,809
Future contracts		144,667,554		90,926,690		46,145,858		—
Swap contracts		177,134,623		8,560,879		65,625		—

(a) Averages are based on activity levels during 2011.

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MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

7. Forward Foreign Currency Exchange Contracts

Forward Foreign Currency Exchange Contracts to Buy:

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation
9/21/2011	Royal Bank of Scotland plc		360,000	EUR	$	521,681	$	515,563	$	6,118

Forward Foreign Currency Exchange Contracts to Sell:

Settlement Date	Counterparty	Contracts to Deliver			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
9/21/2011	Royal Bank of Scotland plc		440,000	EUR	$	637,610	$	626,817	$	(10,793	)
9/21/2011	Royal Bank of Scotland plc		100,000	EUR		144,911		143,864		(1,047	)
9/21/2011	Royal Bank of Scotland plc		190,000	EUR		275,332		276,600		1,268
9/21/2011	Royal Bank of Scotland plc		340,000	EUR		492,699		485,187		(7,512	)
9/21/2011	Royal Bank of Scotland plc		640,000	EUR		927,433		904,302		(23,131	)
9/21/2011	Royal Bank of Scotland plc		180,000	GBP		288,944		296,027		7,083
9/21/2011	Royal Bank of Scotland plc		20,000	GBP		32,105		32,964		859
9/21/2011	Royal Bank of Scotland plc		200,000	GBP		321,049		327,521		6,472
9/21/2011	Royal Bank of Scotland plc		7,860,000	RUB		279,814		277,314		(2,500	)
9/21/2011	Royal Bank of Scotland plc		3,000,000	RUB		106,800		106,130		(670	)
9/21/2011	Royal Bank of Scotland plc		9,830,000	RUB		349,946		347,534		(2,412	)
9/21/2011	Royal Bank of Scotland plc		12,070,000	RUB		429,689		423,233		(6,456	)
Net Unrealized Depreciation									$	(38,839	)

EUR—Euro

GBP—British Pound

RUB—Russian Ruble

8. Futures Contracts

The futures contracts outstanding as of June 30, 2011, the description and unrealized appreciation/(depreciation) were as follows:

Futures Contracts - Long	Expiration Date		Number of Contracts		Contract Amount		Valuation as of June 30, 2011		Unrealized Appreciation/ (Depreciation)
10 Year Japanese Government Bond Futures		09/08/2011		36	$	62,985,285	$	62,951,212	$	(34,073	)
AEX Index Futures		07/15/2011		14		1,363,790		1,381,599		17,809
Aluminum Futures 3 Months		08/26/2011		1		64,066		63,068		(998	)
Aluminum Futures 3 Months		09/09/2011		2		133,259		126,337		(6,922	)
Aluminum HG Futures		09/21/2011		26		1,687,715		1,645,060		(42,655	)
ASX SPI 200 Index Futures		09/15/2011		38		4,616,665		4,690,615		73,950
Australian 10 Year Treasury Bond Futures		09/15/2011		18		2,054,929		2,048,643		(6,286	)
Brent Crude Oil Pent Fin Futures		07/13/2011		102		11,541,215		11,472,855		(68,360	)
CAC 40 Index Futures		07/15/2011		99		5,504,496		5,721,756		217,260
Cattle Feeder Futures		08/25/2011		4		257,137		276,138		19,001
Cocoa Futures		09/15/2011		6		176,022		189,034		13,012
Coffee Futures		09/20/2011		7		687,464		697,200		9,736

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MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Futures Contracts - continued

Futures Contracts - Long	Expiration Date		Number of Contracts		Contract Amount		Valuation as of June 30, 2011		Unrealized Appreciation/ (Depreciation)
Copper Futures 3 Months		08/09/2011		1	$	223,036	$	235,679	$	12,643
Copper Futures 3 Months		09/09/2011		1		226,320		235,754		9,434
Copper Lme Futures		09/21/2011		11		2,501,147		2,593,759		92,612
Corn Futures		09/14/2011		93		3,370,732		3,013,014		(357,718	)
Cotton No. 2 Futuers		12/07/2011		17		1,097,773		1,007,982		(89,791	)
DAX Index Futures		09/16/2011		18		4,679,506		4,830,754		151,248
European Gas Oil (Ice) Futures		07/11/2011		51		4,795,383		4,725,117		(70,266	)
FTSE 100 Index Futures		09/16/2011		123		11,327,412		11,665,400		337,988
FTSE JSE TOP 40 Index Futures		09/15/2011		38		1,567,039		1,604,306		37,267
FTSE MIB Index Futures		09/16/2011		10		1,455,186		1,467,805		12,619
German Euro Bond Futures		09/08/2011		379		69,350,552		69,069,188		(281,364	)
Gold 100 oz Futures		08/29/2011		13		1,981,252		1,953,617		(27,635	)
Hang Seng China ENT Index Futures		07/28/2011		47		3,732,200		3,805,487		73,287
Hang Seng Index Futures		07/28/2011		10		1,414,261		1,440,907		26,646
Henry Hub Nat Gas Swap Futures		07/27/2011		182		2,071,687		1,990,080		(81,607	)
IBEX 35 Index Futures		07/15/2011		13		1,882,663		1,939,576		56,913
Lead Futures		09/21/2011		5		315,472		336,009		20,537
Lead Futures 3 Months		09/09/2011		1		64,561		67,145		2,584
Lean HOGS Futures		08/12/2011		29		1,073,124		1,063,343		(9,781	)
Live Cattle Futures		08/31/2011		37		1,599,849		1,640,837		40,988
MSCI Taiwan Index Futures		07/28/2011		79		2,304,985		2,339,832		34,847
Nickel Futures		09/21/2011		3		406,412		421,678		15,266
Nymex Heating Oil Pent Futures		07/28/2011		28		3,605,944		3,464,820		(141,124	)
RBOB Gasoline Fin Futures		07/28/2011		28		3,468,595		3,491,750		23,155
Russell 2000 Mini Index Futures		09/16/2011		70		5,492,533		5,777,684		285,151
S&P 500 E Mini Index Futures		09/16/2011		918		58,411,893		60,379,736		1,967,843
S&P Midcap 400 E Mini Index Futures		09/16/2011		69		6,463,204		6,737,721		274,517
S&P TSE 60 Index Futures		09/15/2011		41		6,313,732		6,481,676		167,944
SGX CNX NIFTY Index Futures		07/28/2011		141		1,571,132		1,593,795		22,663
Silver Futures		09/28/2011		2		355,923		348,317		(7,606	)
Soybean Futures		11/14/2011		25		1,699,954		1,617,450		(82,504	)
Sugar Futures		09/30/2011		50		1,395,132		1,474,943		79,811
TOPIX Indes Futures		09/09/2011		105		10,640,762		11,049,692		408,930
U.S. Treasury Note 10 Year Futures		09/21/2011		697		86,191,547		85,262,147		(929,400	)
UK Long Gilt Bond Futures		09/28/2011		122		23,768,338		23,552,914		(215,424	)
Wheat Futures		09/14/2011		57		2,089,807		1,750,499		(339,308	)
WTI Bullet Swap Financial Futures		07/19/2011		229		22,205,345		21,850,915		(354,430	)
Zinc Futures		09/21/2011		7		395,345		413,811		18,466
Net Unrealized Appreciation									$	1,376,875

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AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Futures Contracts - continued

Futures Contracts - Short	Expiration Date		Number of Contracts			Contract Amount			Valuation as of June 30, 2011			Unrealized Appreciation/ (Depreciation)
Aluminum Futures 3 Months		08/26/2011		(1	)	$	(63,499	)	$	(63,071	)	$	428
Aluminum Futures 3 Months		09/09/2011		(2	)		(132,490	)		(126,357	)		6,133
Copper Futures 3 Months		08/09/2011		(1	)		(222,995	)		(235,689	)		(12,694	)
Copper Futures 3 Months		09/09/2011		(1	)		(223,495	)		(235,764	)		(12,269	)
Lead Futures 3 Months		09/09/2011		(1	)		(63,995	)		(67,155	)		(3,160	)
Net Unrealized Depreciation												$	(21,562	)

9. Swap Agreements

Open Swap on Futures agreements at June 30, 2011 were as follows:

Counterparty	Underlying Reference Instrument	Maturity Date		Notional Amount			Market Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Merrill Lynch & Co., Inc.	10 Year Japanese Government Bond Futures		9/8/2011		JPY	43,000,000	$	68,009		$	—	$	68,009
Merrill Lynch & Co., Inc.	10 Year U.S. Treasury Note Futures		9/21/2011		USD	582,000		9,420			—		9,420
Merrill Lynch & Co., Inc.	Euro Bund Futures		9/8/2011		EUR	318,000		64,687			—		64,687
Merrill Lynch & Co., Inc.	KOSPI 200 Index Futures		9/8/2011		KRW	12,500,000		8,903			—		8,903
Merrill Lynch & Co., Inc.	Long Gilt Futures		9/28/2011		GBP	100,000		10,071			—		10,071
Merrill Lynch & Co., Inc.	Russian Depositary Index—RDXUSD01 1ML		9/21/2011		USD	701		9,668			—		9,668
Merrill Lynch & Co., Inc.	San Paulo Stock Exchange Index Futures		8/17/2011		BRL	87		(12,847	)		—		(12,847	)
Merrill Lynch & Co., Inc.	Swiss Market Index Futures		9/16/2011		CHF	630		5,151			—		5,151
Barclays Bank plc	Wheat Futures		9/14/2011		USD	15,000		(19,383	)				(19,383	)
Total							$	143,679		$	—	$	143,679

BRL—Brazilian Real

CHF—Swiss Franc

EUR—Euro

GBP—British Pound

JPY—Japanese Yen

KRW—South Korean Won

USD—United States Dollar

10. Reverse Repurchase Agreements

Counterparty	Interest Rate			Settlement Date		Maturity Date		Net Closing Amount		Par Value
Barclays Bank plc		0.16	%		6/15/2011		7/20/2011	$	18,244,750		USD	18,244,750
Barclays Bank plc		0.16	%		6/16/2011		7/20/2011		9,925,125		USD	9,925,125
Barclays Bank plc		0.14	%		6/30/2011		7/20/2011		11,956,250		USD	11,956,250
Barclays Bank plc		1.00	%		6/13/2011		7/20/2011		2,324,615		GBP	1,446,736
Barclays Bank plc		1.00	%		6/15/2011		7/20/2011		29,182,465		GBP	18,161,853

20

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

10. Reverse Repurchase Agreements - continued

Counterparty	Interest Rate			Settlement Date		Maturity Date		Net Closing Amount		Par Value
Barclays Bank plc		1.00	%		6/16/2011		7/20/2011	$	4,675,258		GBP		2,909,670
Barclays Bank plc		1.00	%		6/22/2011		7/20/2011		5,075,581		GBP		3,158,813
Barclays Bank plc		1.00	%		6/30/2011		7/20/2011		6,068,606		GBP		3,776,827
Barclays Bank plc		1.00	%		6/15/2011		7/20/2011		62,794,760		EUR		43,236,641
Barclays Bank plc		1.00	%		6/24/2011		7/20/2011		20,797,712		EUR		14,320,036
Barclays Bank plc		1.00	%		7/4/2011		7/20/2011		11,250,193		EUR		7,746,197
Greenwich Capital Markets, Inc.		0.15	%		6/13/2011		7/20/2011		1,191,094		USD		1,191,094
Greenwich Capital Markets, Inc.		0.15	%		6/15/2011		7/20/2011		36,747,838		USD		36,747,838
Greenwich Capital Markets, Inc.		0.15	%		6/22/2011		7/20/2011		10,486,136		USD		10,486,136
Greenwich Capital Markets, Inc.		0.09	%		6/27/2011		7/20/2011		9,329,159		USD		9,329,159
HSBC Holdings plc		0.15	%		6/13/2011		7/20/2011		6,701,076		USD		6,701,076
Royal Bank of Scotland Group plc		0.59	%		6/27/2011		7/20/2011		5,245,729		GBP		3,264,706
Royal Bank of Scotland Group plc		1.25	%		6/29/2011		7/20/2011		9,788,987		EUR		6,740,099
Total												$	209,343,006

EUR—Euro

GBP—British Pound

USD—United States Dollar

11. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

12. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

13. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

21

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

13. Recent Accounting Pronouncements - continued

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

22

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

23

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Board of Trustees’ Consideration of Advisory and Sub-advisory Agreements

At an in-person meeting of the Board of Trustees (the “Board”) of the Met Investors Series Trust (the “Trust”) held on February 14-15, 2011, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), initially approved the Trust’s advisory agreement (the “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable investment sub-advisory agreements (each a “Sub-Advisory Agreement”, and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Subadviser”, and collectively, the “Subadvisers”) for certain new series of the Trust, including the AQR Global Risk Balanced Portfolio (each a “Portfolio,” and collectively, the “Portfolios”).¹

In considering the Agreements, the Board reviewed a variety of materials provided by the Adviser and the Subadvisers relating to each Portfolio, the Adviser and each Subadviser, including comparative fee and expense information for an appropriate peer group of similar mutual funds if available, performance information for relevant benchmark indices, as applicable, and other information regarding the nature, extent and quality of services to be provided by the Adviser and the Subadvisers under their respective Agreements. The Independent Trustees also assessed a report provided by the Board’s independent consultant, who reviewed and provided analyses regarding fees and expenses, and other information provided by, or at the direction of, the Adviser and Subadvisers, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process. Prior to voting to approve the Agreements at the February meeting, the Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed initial approval of the Agreements. The Board also had previously received presentations from the Adviser with respect to the Managed Risk Portfolios at the August 3-4, 2010 and the November 9-10, 2010 Board meetings. The Board also further discussed the Managed Risk Portfolios with the Adviser on January 19, 2011, and received presentations regarding the Managed Risk Portfolios from the Subadvisers on January 26, 2011 and January 28, 2011 during which representatives of the Adviser and the Subadvisers responded to questions from the Independent Trustees. The Independent Trustees also discussed the proposed initial approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolios by the Adviser and the Subadvisers; (2) the performance of comparable funds or accounts managed by the Subadvisers as compared to appropriate indices, to the extent available; (3) the Adviser’s and each of the Subadviser’s personnel and operations; (4) the financial condition of the Adviser and of the Subadvisers; (5) the level and method of computing each Portfolio’s proposed advisory and subadvisory fees; (6) the anticipated profitability of the Adviser under the Advisory Agreement and of the Subadvisers under the Sub-Advisory Agreements; (7) any “fall-out” benefits to the Adviser, the Subadvisers and their affiliates (i.e., ancillary benefits realized by the Adviser, the Subadvisers or their affiliates from the Adviser’s or Subadvisers’ relationship with the Trust); (8) the anticipated effect of growth in size on each Portfolio’s performance and expenses; (9) fees paid by comparable institutional and retail accounts; and (10) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolios by the Adviser’s affiliates, including distribution services.

Nature, extent and quality of services. In considering the nature, extent and quality of the services to be provided by the Adviser to the Portfolios, the Board took into account the extensive responsibilities that the Adviser would have as investment adviser to the Portfolios, including the provision of investment advisory services to the MetLife Balanced Plus Portfolio, the selection of the Subadvisers for the other Portfolios and oversight of the Subadvisers’ compliance with fund policies and objectives, review of brokerage matters including with respect to trade allocation and best execution, oversight of general fund compliance with federal and state laws, its risk management processes, and the implementation of Board directives as they relate to the Portfolios. The Adviser’s role in coordinating the activities of the Portfolios’ other service providers was also considered. The Board also evaluated the expertise and performance of the investment personnel with respect to the MetLife Balanced Plus Portfolio and of the personnel who would be overseeing the Subadvisers of the other Portfolios and compliance with each Portfolio’s investment restrictions, tax and other requirements. The Board also considered that an Investment Committee, consisting of investment professionals from across MetLife, will meet at least quarterly to review the asset allocations of the MetLife Balanced Plus Portfolio. The Board considered information received from the Trust’s Chief Compliance Officer (the “CCO”) regarding the Portfolios’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including the policies and procedures in place relating to proxy voting. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to each Portfolio. The Board also took into account its familiarity with management through Board meetings, discussions and reports during the preceding year. The Board also took into consideration the quality of services the Adviser provided to other Portfolios of the Trust.

The Board also recognized the Adviser’s reputation and long-standing experience in serving as an investment adviser to the Trust. In addition, the Board reviewed the financial condition of the Adviser and whether it had the financial wherewithal to provide a high level and quality of services to

¹ At the February 14-15, 2011 meeting, the Board also approved Agreements with respect to the AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio, MetLife Balanced Plus Portfolio, Pyramis^® Government Income Portfolio (together with the AQR Global Risk Balanced Portfolio, the “Managed Risk Portfolios”), Met/Franklin Low Duration Total Return Portfolio and T. Rowe Price Large Cap Value Portfolio.

24

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Board of Trustees’ Consideration of Advisory and Sub-advisory Agreements—(Continued)

the Portfolios. In its review, the Board also received and took into account information regarding any services and/or payments to be provided to the Adviser by the Subadvisers in connection with marketing activities.

With respect to the services to be provided by the Subadvisers, the Board considered information provided to the Board by each Subadviser, including each Subadviser’s Form ADV, as well as information presented throughout the past year for those Subadvisers currently sub-advising existing Portfolios of the Trust. The Board considered each Subadviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed each Subadviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of each Subadviser’s investment and compliance personnel who would be providing services to the Portfolios. The Board also considered, among other things, each Subadviser’s compliance program and its disciplinary history, and its risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and ameliatory actions undertaken, as appropriate. The Board also noted that the CCO and his staff would be conducting regular, periodic compliance reviews with each of the Subadvisers and present reports to the Independent Trustees regarding the same, which would include evaluating the regulatory compliance system of the Subadvisers and procedures reasonably designed by them to assure compliance with the federal securities laws, including issues related to late trading and market timing, best execution, fair value pricing, and proxy voting procedures, among others. The Board also took into account the financial condition of each Subadviser. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to the Portfolios.

The Board considered each Subadviser’s investment process and philosophy. The Board took into account that each Subadviser’s responsibilities would include the development and maintenance of an investment program for the applicable Portfolio which would be consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also reviewed each Subadviser’s brokerage policies and practices, including with respect to best execution and soft dollars.

Based on its consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and by each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Portfolios.

Performance. The Board took into account that the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio and MetLife Balanced Plus Portfolio utilize relatively unique investment strategies designed to manage volatility and noted the unavailability of comparable performance information for these types of strategies. With respect to the Pyramis^® Government Income Portfolio, however, the Board considered the performance of a comparable fund managed by that Subadviser. The Board also considered the performance of other funds or accounts managed by the Subadvisers to the extent such information was relevant.

As discussed above with respect to the AQR Global Risk Balanced Portfolio, the Board noted that while no comparable performance data was available, the Board considered information that described how the Portfolio is designed to perform under a variety of market conditions.

Fees and expenses. The Board gave substantial consideration to the proposed management fees payable under the Advisory Agreement and the proposed subadvisory fees payable under each of the Sub-Advisory Agreements. In addition, the Independent Trustees reviewed a report prepared by Bobroff Consulting, Inc., an independent consultant (“Bobroff”), which analyzed the proposed fees to be paid by each Portfolio in light of fees paid to other investment managers by other somewhat comparable funds, as applicable, and the method of computing each Portfolio’s proposed fee. In addition, the Board considered each Portfolio’s proposed management fee and total expenses as compared to similarly situated investment companies underlying variable insurance products and retail funds deemed to be comparable to the Portfolio as determined by Bobroff. With respect to the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio, and MetLife Balanced Plus Portfolio, the Board took into account the limited usefulness of the peer groups in which the Portfolios were included for comparative purposes. In comparing each Portfolio’s proposed management fee to that of comparable funds, the Board noted that such fee includes both advisory and administrative fees.

The Board noted that the subadvisory fees for the Portfolios would be paid by the Adviser, not the Portfolios, out of the management fee. It was further noted that the Adviser negotiated such fee at arm’s length. The Board also considered that the Adviser had agreed to enter into an expense limitation agreement with each Portfolio, pursuant to which the Adviser would agree to waive a portion of its management fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

The Board also compared the proposed subadvisory fee to be paid by the Adviser to the fees charged by each Subadviser to manage other funds and funds not subject to regulation under the 1940 Act, such as separate accounts, as applicable. The Board considered the fee comparisons in light of the differences required to manage different types of accounts.

With respect to the AQR Global Risk Balanced Portfolio, the Board considered that, according to a report prepared by Bobroff, the Portfolio’s proposed management fee was below the median of the peer group. The Board further considered that the Portfolio’s estimated total expenses (exclusive of 12b-1 fees) were below the median of the peer group. The Board also noted that the Subadviser had agreed to waive its subadvisory

25

MET INVESTORS SERIES TRUST

AQR Global Risk Balanced Portfolio

Board of Trustees’ Consideration of Advisory and Sub-advisory Agreements—(Continued)

fee for the Portfolio’s first three months of operations, and that the Adviser had also agreed to waive a portion of its advisory fee equal to the amount of the subadvisory fee waiver for the Portfolio’s first three months of operations. After consideration of all relevant factors, the Board concluded that the proposed management and subadvisory fees were consistent with industry norms and were fair and reasonable in light of the services to be provided.

Profitability. The Board examined the anticipated profitability of the Adviser with respect to each Portfolio. With respect to the MetLife Balanced Plus Portfolio, the Board noted that the advisory fee is in addition to the fees received by the Adviser and its affiliates with regard to the other Portfolios of the Trust or of Metropolitan Series Fund, Inc. (the “Underlying Portfolios”) in which the Portfolio may invest. With respect to the other Portfolios, the Board noted that a major component of profitability of the Adviser would be the margin between the management fee that the Adviser would receive from the Portfolio and the portion of that fee the Adviser would pay to the Subadviser. The Board also took into account the costs borne by the Adviser’s affiliates that support the operations of the Adviser, as well as considered the profitability of the insurance product, the function of which is supported in part by the Adviser’s revenues under the Advisory Agreement. The Board also considered that the Trust’s distributor, MetLife Investors Distribution Company, would receive Rule 12b-1 payments to support the distribution of the product. The Board concluded after extensive discussions with management that the anticipated profitability of the Adviser and its affiliates from their relationship with each Portfolio was reasonable in light of all relevant factors.

In considering the anticipated profitability to the Subadvisers and their affiliates of their relationships with the Portfolios, the Board noted that the proposed subadvisory fees under the Sub-Advisory Agreements would be paid by the Adviser out of the management fee that it would receive under the Advisory Agreement. The Board also relied on the ability of the Adviser to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length. However, the Board placed more reliance on the fact that the Sub-Advisory Agreements were negotiated at arm’s length and that the proposed subadvisory fees would be paid by the Adviser than on the Subadvisers’ anticipated profitability.

Economies of scale. The Board also considered the probable effect of the Portfolios’ growth in size on their performance and fees. The Board noted that the proposed management and subadvisory fees each contained breakpoints that would reduce the fee rate above specified asset levels. The Board also took into account that the proposed subadvisory fees would be paid by the Adviser out of the management fees. The Board considered the fact that the Portfolios’ fee levels decline as portfolio assets increase. The Board also noted that if the Portfolios’ assets increase over time, the Portfolios may realize other economies of scale if assets increase proportionally more than certain other fixed expenses. The Board concluded that the proposed advisory fee structure for the Portfolios, including breakpoints, was reasonable and appropriately reflects potential economies of scale.

Other factors. As part of its evaluation of the Adviser’s compensation, the Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trust. Among them, the Board recognized that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as the distributor for the Trust, and, as such, would receive payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board also considered that affiliates of the Adviser may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board concluded that anticipated ancillary benefits that may accrue to the Adviser and its affiliates by virtue of the Adviser’s relationship with the Portfolios are fair and reasonable in light of the anticipated costs of providing investment management and other services to the Portfolios and the ongoing commitment of the Adviser to the Portfolios.

The Board considered other benefits that may be realized by each Subadviser and its affiliates from their relationship with the Trust, including the opportunity to provide advisory services to additional portfolios of the Trust and reputational benefits. The Board concluded that the benefits that may accrue to the Subadvisers and their affiliates by virtue of the Subadvisers’ relationships to the Portfolios were fair and reasonable in light of the anticipated costs of providing investment advisory services to the Portfolios and the ongoing commitment of the Subadvisers to the Portfolios.

The Board considered any possible conflicts of interest in the form of material benefits or detriments to the Trust resulting from the nature of the Trust’s and the Adviser’s or the Subadvisers’ affiliations. Here, the Board considered possible conflicts of interest that may arise between the Trust and the Adviser or a Subadviser in connection with the services to be provided to the Trust and the various relationships that they and their affiliates may have with the Trust. The Board considered the procedures for monitoring and managing such potential conflicts.

Conclusion. In considering the initial approval of each of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. The Board evaluated all information available to them on a Portfolio-by-Portfolio basis, and their determinations were made separately with respect to each Portfolio. Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Advisory Agreement and the Sub-Advisory Agreements was in the best interests of each Portfolio. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent legal counsel, approved the Advisory Agreement and the Sub-Advisory Agreement with respect to each Portfolio.

26

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  Met Investors Series Trust BlackRock Global Tactical Strategies Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

BlackRock Global Tactical Strategies Portfolio

Managed By BlackRock Financial Management, Inc.

Portfolio Manager Commentary*

Performance

Since its May 2, 2011 inception, the Class B shares of the BlackRock Global Tactical Strategies Portfolio returned -1.00% compared to the -1.53% return of its primary index, the Dow Jones Moderate Index¹.

Market Environment/Conditions

Recoveries following financial crises tend to be bumpy and slow, characterized by a “two-steps-forward, one-step-back” process. This recovery has been no exception. Global growth has clearly slowed, especially in the US, where preliminary estimates suggest that Gross Domestic Product (GDP) expanded at a less-than-2% pace in the first half of the year. In normal circumstances, 2% growth would not be so bad, but when employment still remains seven million below its pre-recession peak and the output gap is close to 6% of GDP, it is a difficult outcome. Given the depth of the recession, if this had been a “normal recovery,” growth should have averaged 6% over the past two years. In actuality, it has averaged less than half of that. The US economy now finds itself at a critical juncture. Since 1960, every time year-over-year GDP growth fell below 2%, a recession ensued. Despite the flurry of weak economic data, we do not think a recession is in the cards and believe the foundation for recovery remains in place.

The sovereign debt crisis in peripheral Europe clearly requires careful attention. As was the case last year, it will be critical to watch whether sovereign stress leads to banking stress. Any material increase in bank funding costs, especially in core Europe, would be a serious source of concern since it would suggest that the firewall policymakers have put up around the weaker European members is not holding.

Portfolio Review/Current Positioning

A large sell-off in risk assets began in May, which happened to be the inception of the Portfolio, and continued into June. Bond yields moved lower and bond prices correspondingly rose, as risk aversion returned to markets. In this environment, fixed income exchange traded funds (ETFs) tended to outperform equity ETFs. The Portfolio took a tactical bet on the 7- to-10-year portion of the US Treasury yield curve in the month of May by investing in the iShares Barclays 7-10 Year Treasury Bond Fund, which returned 2.24% in May before the position was liquidated. The Portfolio had broader exposure to US fixed income through its position in the iShares Barclays Aggregate Bond Fund (AGG), which returned 2.19% for the two month period. The strategy also added exposure to investment grade credit in June, buying the iShares iBoxx $ Investment Grade Corporate Bond Fund (LQD) on softness following positive performance in May.

The Portfolio’s international dividend strategy underperformed relative to the MSCI EAFE Index over the May to June period due to its exposure to European and Australian equities. Specifically, the iShares Dow Jones International Select Dividend Index Fund (IDV) lost 3.55% in June and was down 6.66% for the May to June period. Notably, the Portfolio’s US-focused dividend strategy, through its investment in the Vanguard Dividend Appreciation ETF (VIG), although still negative, held up better relative to both IDV and the S&P 500 Index over the same period. The Portfolio’s emerging Europe strategy’s exposure to SPDR S&P Emerging Europe ETF (GUR) returned -10.71% for the May to June period. However, this strategy accounted for less than 1% of total Portfolio assets as of June 30, 2011.

As of June 30, 2011, the Portfolio positioning is balanced, with broadly neutral weightings to both equity (60%) and fixed income (40%). Within equities, the Portfolio has a bias toward US large-cap stocks, with underweight positions in international developed large-caps and US small-caps. The Portfolio was roughly 10% overweight (36.7% vs. a normal weighting of 26.1%) in US large-cap stocks and 5% underweight in international developed large-caps relative to its long-term strategic asset allocation mix. At period end, we favored equities paying high dividends in this slow growth environment. We also saw opportunity in German and Swedish equity markets and have added Portfolio exposures to these markets. With regard to fixed income, the Portfolio remained neutral, with valuations at fair levels and overall steady performance across the risk spectrum. That said, the Portfolio had an overweight position in high yield bonds, with a slight underweight in core bonds.

The interest rate swap component of the Portfolio returned 0.50% to the Portfolio over the performance period. The swap benefited from a decline in the 10 year interest rate from 3.28% at the end of April to 3.16% at the end of June. This movement was largely driven by market concerns over a soft patch in US economic data.

From a regional perspective, the Portfolio was overweight in the US relative to international markets, and also had an allocation outside of the blended benchmark in emerging market equities. The Portfolio remained slightly underweight in both developed Europe and the Asia-Pacific Basin.

The volatility in the Portfolio stayed within the tolerance bands as dictated by our internal proprietary risk model. The volatility trigger was not activated over the May to June period.

Philip Green

Portfolio Manager

BlackRock Financial Management, 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

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Managed By BlackRock Financial Management, Inc.

Portfolio Manager Commentary* (continued)

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.

Portfolio Composition as of June 30, 2011

Top Holdings

	% of Net Assets
iShares Barclays Aggregate Bond Fund		27.3
iShares MSCI EAFE Index Fund		17.0
iShares Russell 3000 Index Fund		14.8
SPDR S&P 500 ETF Trust		14.6
Fixed Income Clearing Corp.		14.5
iShares iBoxx Investment Grade Corporate Bond Fund		4.4
iShares iBoxx $ High Yield Corporate Bond Fund		3.9
Technology Select Sector SPDR Fund		2.0
Vanguard Dividend Appreciation Index Fund		2.0
Vanguard REIT ETF		1.9

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BlackRock Global Tactical Strategies Portfolio

BlackRock Global Tactical Strategies Portfolio managed by
BlackRock Financial Management, Inc. vs. Dow Jones Moderate Index¹

	Cumulative Return2 (for the period ended June 30, 2011)
	Since Inception3
BlackRock Global Tactical Strategies Portfolio—Class B		-1.00%
Dow Jones Moderate Index1		-1.53%

¹The 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 weightings of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk of that combination will have 60% of the risk of an all equity portfolio.

²“Cumulative Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³ Inception of the Class B shares is 5/2/11. Index returns are based on an inception date of 5/2/11.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

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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, May 2, 2011 through June 30, 2011.

Actual Expenses

The first line 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 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 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 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.

	Annualized Expense Ratio		Beginning Account Value May 2, 2011**		Ending Account Value June 30, 2011		Expenses Paid During Period*** May 2, 2011 to June 30, 2011
Class B(a)(b)
Actual		0.69%	$	1,000.00	$	990.00	$	1.15
Hypothetical*		0.69%		1,000.00		1,007.20		1.16

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

**  Commencement of operations—May 2, 2011.

*** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent two month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (60 days) in the most recent fiscal period, divided by 365 (to reflect the two month period).

(a) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 3 of the Notes to Financial Statements.

(b) The annualized expense ratio reflects the impact of the management fee waiver as described in Note 3 to the Financial Statements.

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Schedule of Investments as of June 30, 2011 (Unaudited)

Investment Company Securities—93.0% of Net Assets

Security Description	Par Amount		Value
Energy Select Sector SPDR Fund	$	178,122	$	13,421,493
iShares Barclays Aggregate Bond Fund (a)		1,748,594		186,522,522
iShares Dow Jones EPAC Select Dividend Index Fund (a)		331,358		11,799,658
iShares iBoxx $ High Yield Corporate Bond Fund (a)		291,735		26,638,323
iShares iBoxx $ Investment Grade Corporate Bond Fund (a)		270,713		29,813,623
iShares MSCI EAFE Index Fund (a)		1,930,550		116,103,277
iShares MSCI Sweden Index Fund (a)		212,261		6,745,655
iShares Russell 3000 Index Fund (a)		934,598		74,104,275
iShares S&P 100 Index Fund (a)		204,661		12,021,787
Market Vectors Agribusiness ETF		246,857		13,278,438
SPDR S&P 500 ETF Trust		753,865		99,487,564
SPDR S&P Emerging Europe ETF		103,140		5,319,961
Technology Select Sector SPDR Fund		521,156		13,393,709
Vanguard Dividend Appreciation Index Fund		238,828		13,371,980
Vanguard REIT ETF		220,737		13,266,294
Total Investment Company Securities (Cost $632,316,221)				635,288,559
Short-Term Investment—14.5%
Security Description	Par Amount		Value
Repurchase Agreement—14.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $99,396,028 on 07/01/11 collateralized by $99,175,000 Federal Farm Credit Bank at 1.875% due 12/07/12 with a value of $101,386,493. (Cost—$99,396,000)	$	99,396,000	$	99,396,000
Total Short-Term Investments (Cost $99,396,000)				99,396,000
Total Investments—107.5% (Cost $731,712,221#)				734,684,559
Other Assets and Liabilities (net)—(7.5)%				(51,526,941	)
Net Assets—100.0%			$	683,157,618

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $731,712,221. The aggregate unrealized appreciation and depreciation of investments were $4,383,977 and $(1,411,639), respectively, resulting in net unrealized appreciation of $2,972,338 for federal income tax purposes.

(a) Affiliated issuer

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the period from May 2, 2011 (commencement of operations) through June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1		Level 2			Level 3		Total
Investment Company Securities	$	635,288,559	$	—		$	—	$	635,288,559
Total Short-Term Investments*		—		99,396,000			—		99,396,000
Total Investments	$	635,288,559	$	99,396,000		$	—	$	734,684,559
SWAP Contracts**
Interest Rate Swap Appreciation	$	—	$	74,925		$	—	$	74,925
Interest Rate Swap (Depreciation)		—		(1,262,786	)		—		(1,262,786	)
Total SWAP Contracts	$	—	$	(1,187,861	)	$	—	$	(1,187,861	)

* See Schedule of Investments for additional detailed categorizations.

** Derivative instruments such as forwards, futures contracts and swap contracts are valued on the unrealized appreciation/depreciation on the instrument.

See accompanying notes to financial statements.

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BlackRock Global Tactical Strategies Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	635,288,559
Repurchase Agreement		99,396,000
Cash		330
Receivable for shares sold		18,281,865
Dividends receivable		265,573
Interest receivable		28
Swap interest receivable		342,807
Unrealized appreciation on swap contracts		74,925
Total assets		753,650,087
Liabilities
Due to Adviser		21,636
Payables for:
Investments purchased		68,937,636
Shares redeemed		269
Unrealized depreciation on swap contracts		1,262,786
Swap interest		27,812
Accrued Expenses:
Management fees		102,989
Distribution and service fees - Class B		85,824
Administration fees		2,211
Custodian and accounting fees		5,856
Other expenses		45,450
Total liabilities		70,492,469
Net Assets	$	683,157,618
Net Assets Represented by
Paid in surplus	$	678,210,548
Accumulated net realized gain		686,822
Unrealized appreciation on investments and swap contracts		1,784,477
Undistributed net investment income		2,475,771
Net Assets	$	683,157,618
Net Assets
Class B	$	683,157,618
Capital Shares Outstanding*
Class B		68,992,263
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.90

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

(a) Identified cost of investments, excluding repurchase agreement, was $632,316,221.

Statement of Operations

Period Ended June 30, 2011* (Unaudited)

Investment Income
Dividends from Underlying ETFs	$	2,261,205
Dividends		502,048
Interest		932
Total investment income		2,764,185
Expenses
Management fees		312,837
Administration fees		2,636
Custodian and accounting fees		5,856
Distribution and service fees - Class B		103,790
Audit and tax services		16,360
Legal		19,585
Trustees’ fees and expenses		4,770
Shareholder reporting		7,249
Insurance		396
Organizational expense		1,122
Miscellaneous		2,102
Total expenses		476,703
Less management fee waiver		(188,289	)
Net expenses		288,414
Net investment income		2,475,771
Net Realized and Unrealized Gain (Loss) on Investments and Swap Contracts
Net realized gain on:
Investments		371,827
Swap contracts		314,995
Net realized gain on investments and swap contracts		686,822
Net change in unrealized appreciation (depreciation) on:
Investments		2,972,338
Swap contracts		(1,187,861	)
Net change in unrealized appreciation on investments and swap contracts		1,784,477
Net realized and unrealized gain on investments and swap contracts		2,471,299
Net Increase in Net Assets from Operations	$	4,947,070

* Commencement of operations—5/2/2011.

See accompanying notes to financial statements.

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BlackRock Global Tactical Strategies Portfolio

Statement of Changes in Net Assets

June 30, 2011

	Period Ended June 30, 2011* (Unaudited)
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	2,475,771
Net realized gain on investments and swap contracts		686,822
Net change in unrealized appreciation on investments and swap contracts		1,784,477
Net increase in net assets resulting from operations		4,947,070
Net increase in net assets from capital share transactions		678,210,548
Net Increase in Net Assets		683,157,618
Net assets at end of period	$	683,157,618
Undistributed net investment income at end of period	$	2,475,771

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Period Ended June 30, 2011* (Unaudited)
	Shares			Value
Class B
Sales		70,002,275		$	688,058,111
Redemptions		(1,010,012	)		(9,847,563	)
Net increase		68,992,263		$	678,210,548
Increase derived from capital shares transactions				$	678,210,548

* Commencement of operations—5/2/2011.

See accompanying notes to financial statements.

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Financial Highlights

Selected per share data
	Class B
	Period Ended June 30, 2011(b) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income(a)		0.10
Net Realized and Unrealized gain on Investments		(0.20	)
Total From Investment Operations		(0.10	)
Net Asset Value, End of Period	$	9.90
Total Return (%)		(1.00	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		1.15	*
Ratio of Net Expenses to Average Net Assets (%)(c)(d)		0.69	*
Ratio of Net Investment Income to Average Net Assets (%)(e)		5.96	*
Portfolio Turnover Rate (%)		9.0
Net Assets, End of Period (in millions)	$	683.2

* Annualized.

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

(b) Commencement of operations—5/2/2011.

(c) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(e) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

See accompanying notes to financial statements.

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Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Global Tactical Strategies Portfolio (the “Portfolio”) (commenced operations on May 2, 2011), 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 four classes of shares: Class A, B, C and E Shares. Class B Shares are currently offered by the Portfolio.

The Portfolio allocates its assets in a broad range of asset classes, primarily through other investment companies known as exchanged traded funds (“Underlying ETFs”), involving primarily series of the iShares^® Trust and iShares^®, Inc., but the Portfolio also has the ability to invest in series sponsored by other companies.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 - Investments in the Underlying ETFs are valued at the closing market quotation for their shares. The net asset value of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For more information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for the Underlying ETFs.

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are categorized as Level 2 within the fair value hierarchy.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

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

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns will remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 futures transactions, foreign currency transactions, swap transactions, options transactions, premium amortization adjustments, paydown transactions, contingent payment debt instrument adjustments, forward transactions, deferred trustees’ compensation, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement BlackRock Financial Management, Inc. (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the period ended June 30, 2011	% per annum	Average Daily Net Assets
$312,837	0.800%	First $100 Million
	0.750%	$100 Million to $300 Million
	0.700%	$300 Million to $600 Million
	0.675%	$600 Million to $1 Billion
	0.650%	Over $1 Billion

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.

Management Fee Waiver - The Subadviser voluntarily agreed to waive its entire subadvisory fee through July 31, 2011. Also through July 31, 2011, the Adviser voluntarily agreed to waive a portion of the management fee in an amount equal to the subadvisory fees waived. Amounts waived for the period ended June 30, 2011 are shown as a management fee waiver in the Statement of Operations.

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.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2012. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business, and Underlying ETFs fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current
       Expense  Limitation Agreement       

Class B

1.15%

If in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

Distribution Agreement and Plan - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the period ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended June 30, 2011 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	—	$	669,996,697	$	—	$	38,052,303

5. Investments in Derivative Instruments

Investments in Derivative Instruments - Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a Portfolio uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Portfolio’s results of operations and financial position. Summarized below are the specific types of derivative instruments utilized by the Portfolio.

Swap Agreements - The Portfolio may enter into swap contracts. Swap contracts are derivatives agreements to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. The term “specified index” includes, but is not limited to, currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices, stock indices and commodity indices (as well as amounts derived from arithmetic operations on these indices). A Portfolio will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. The Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid assets, to avoid any potential leveraging of the Portfolio. The Portfolio may enter into swap transactions with counterparties that are approved by the investment adviser 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.

The swaps in which the Portfolio may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. Swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments the Portfolio is contractually obligated to receive. If the other party to a swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio contractually is entitled to receive.

An index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

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.

Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If an investment adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Portfolio would be less favorable than it would have been if this investment technique were not used.

Interest Rate Swaps - The Portfolio may enter into interest rate swaps and the purchase or sale of related caps and floors. The Portfolio may enter into these transactions primarily to manage its exposure to interest rates, to protect against currency fluctuations, or to preserve a return or spread on a particular investment. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio has exposure to fixed income securities, the value of these securities 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 contracts. Interest rate swaps are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the Portfolio’s exposure to interest rates. Interest rate swap contracts are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. The Portfolio could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. The purchase of a cap entitles the purchaser, to the extent that a specific index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such cap. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that amount is positive. This risk is mitigated by maintaining a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty.

Swap agreements are marked to market daily. The change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of realized gain (loss) on the Statement of Operations.

At June 30, 2011, the Portfolio had the following derivatives, grouped into appropriate risk categories:

	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 swap contracts	$	74,925	Unrealized depreciation on swap contracts	$	1,262,786

Transactions in derivative instruments during the period ended June 30, 2011, were as follows:

Statement of Operations Location - Net Realized Gain (Loss)	Interest Rate
Swap contracts	$	314,995
Statement of Operations Location - Net Change in Unrealized Gain (Loss)
Swap contracts	$	(1,187,861	)

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

For the period ended June 30, 2011, the average amount or number per contract outstanding for each derivative type was as follows:

Average Notional Amounts or Face Amount(a)	Interest Rate Risk
Swap contracts		12,126,667

(a) Averages are based on daily activity levels during 2011.

6. Swap Agreements

Open interest rate swap agreements at June 30, 2011 were as follows:

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Counterparty		Notional Amount		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay		IRS USD 3ML		3.190	%		5/19/2021		Deutsche Bank AG	USD	6,000,000	$	(25,172	)	$	—	$	(25,172	)
Pay		IRS USD 3ML		3.263	%		5/23/2021		Deutsche Bank AG	USD	8,000,000		15,569			—		15,569
Pay		IRS USD 3ML		3.223	%		5/25/2021		Deutsche Bank AG	USD	7,500,000		(12,202	)		—		(12,202	)
Pay		IRS USD 3ML		3.218	%		5/27/2021		Deutsche Bank AG	USD	10,400,000		(21,941	)		—		(21,941	)
Pay		IRS USD 3ML		3.158	%		6/1/2021		Deutsche Bank AG	USD	10,000,000		(75,450	)		—		(75,450	)
Pay		IRS USD 3ML		3.073	%		6/3/2021		Deutsche Bank AG	USD	15,000,000		(226,499	)		—		(226,499	)
Pay		IRS USD 3ML		3.134	%		6/9/2021		Deutsche Bank AG	USD	19,000,000		(188,639	)		—		(188,639	)
Pay		IRS USD 3ML		3.361	%		5/4/2021		Deutsche Bank AG	USD	3,000,000		33,521			—		33,521
Pay		IRS USD 3ML		3.264	%		5/9/2021		Deutsche Bank AG	USD	2,000,000		5,048			—		5,048
Pay		IRS USD 3ML		3.230	%		5/11/2021		Deutsche Bank AG	USD	3,000,000		(1,281	)		—		(1,281	)
Pay		IRS USD 3ML		3.249	%		5/13/2021		Deutsche Bank AG	USD	5,000,000		5,833			—		5,833
Pay		IRS USD 3ML		3.266	%		5/17/2021		Deutsche Bank AG	USD	6,000,000		14,954			—		14,954
Pay		IRS USD 3ML		3.198	%		6/16/2021		Deutsche Bank AG	USD	25,000,000		(112,039	)		—		(112,039	)
Pay		IRS USD 3ML		3.122	%		6/23/2021		Deutsche Bank AG	USD	30,000,000		(342,907	)		—		(342,907	)
Pay		IRS USD 3ML		3.161	%		6/30/2021		Deutsche Bank AG	USD	32,000,000		(256,656	)		—		(256,656	)
Total												$	(1,187,861	)	$	—	$	(1,187,861	)

7. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

8. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolio’s net assets. Transactions in the Underlying Portfolios for the period from May 2, 2011 (commencement of operations) through June 30, 2011 were as follows:

Underlying ETF	Number of shares held at May 2, 2011*		Shares purchased		Shares sold			Number of shares held at June 30, 2011
iShares Barclays 7-10 Year Treasury Bond Fund		—		315,459		(315,459	)		—
iShares Barclays Aggregate Bond Fund		—		1,748,594		—			1,748,594
iShares Barclays TIPS Bond Fund		—		67,762		(67,762	)		—

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Transactions in Securities of Affiliated Issuers - continued

Underlying ETF	Number of shares held at May 2, 2011*		Shares purchased		Shares sold		Number of shares held at June 30, 2011
iShares Dow Jones EPAC Select Dividend Index Fund		—		331,358		—		331,358
iShares iBoxx $ High Yield Corporate Bond Fund		—		291,735		—		291,735
iShares iBoxx $ Investment Grade Corporate Bond Fund		—		270,713		—		270,713
iShares MSCI EAFE Index Fund		—		1,930,550		—		1,930,550
iShares MSCI Sweden Index Fund		—		212,261		—		212,261
iShares Russell 3000 Index Fund		—		934,598		—		934,598
iShares S&P 100 Index Fund		—		204,661		—		204,661

Underlying ETF	Net Realized Gain/(Loss) on sales of Underlying ETFs			Capital Gain Distributions from Underlying ETFs		Dividend income from Underlying ETFs		Ending Value as of June 30, 2011
iShares Barclays 7-10 Year Treasury Bond Fund	$	379,857		$	—	$	51,071	$	—
iShares Barclays Aggregate Bond Fund		—			—		149,886		186,522,522
iShares Barclays TIPS Bond Fund		(8,030	)		—		42,271		—
iShares Dow Jones EPAC Select Dividend Index Fund		—			—		194,841		11,799,658
iShares iBoxx $ High Yield Corporate Bond Fund		—			—		6,872		26,638,323
iShares iBoxx $ Investment Grade Corporate Bond Fund		—			—		25,627		29,813,623
iShares MSCI EAFE Index Fund		—			—		1,763,768		116,103,277
iShares MSCI Sweden Index Fund		—			—		—		6,745,655
iShares Russell 3000 Index Fund		—			—		—		74,104,275
iShares S&P 100 Index Fund		—			—		26,869		12,021,787
	$	371,827		$	—	$	2,261,205	$	463,749,120

* Commencement of operations.

9. Market, Credit and Counterparty Risk

In the normal course of business, the Portfolio and the Underlying ETFs 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 Portfolio and the Underlying ETFs may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio or the Underlying ETFs; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. The Portfolio and the Underlying ETFs may be exposed to counterparty risk, or the risk that an entity with which the Portfolio or the Underlying ETFs have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets that potentially expose the Portfolio and the Underlying ETFs to credit risk consist principally of cash due from counterparties and investments.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

10. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting of the Board of Trustees (the “Board”) of the Met Investors Series Trust (the “Trust”) held on February 14-15, 2011, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), initially approved the Trust’s advisory agreement (the “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable investment sub-advisory agreements (each a “Sub-Advisory Agreement”, and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Subadviser”, and collectively, the “Subadvisers”) for certain new series of the Trust, including the BlackRock Global Tactical Strategies Portfolio (each a “Portfolio,” and collectively, the “Portfolios”).¹

In considering the Agreements, the Board reviewed a variety of materials provided by the Adviser and the Subadvisers relating to each Portfolio, the Adviser and each Subadviser, including comparative fee and expense information for an appropriate peer group of similar mutual funds if available, performance information for relevant benchmark indices, as applicable, and other information regarding the nature, extent and quality of services to be provided by the Adviser and the Subadvisers under their respective Agreements. The Independent Trustees also assessed a report provided by the Board’s independent consultant, who reviewed and provided analyses regarding fees and expenses, and other information provided by, or at the direction of, the Adviser and Subadvisers, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process. Prior to voting to approve the Agreements at the February meeting, the Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed initial approval of the Agreements. The Board also had previously received presentations from the Adviser with respect to the Managed Risk Portfolios at the August 3-4, 2010 and the November 9-10, 2010 Board meetings. The Board also further discussed the Managed Risk Portfolios with the Adviser on January 19, 2011, and received presentations regarding the Managed Risk Portfolios from the Subadvisers on January 26, 2011 and January 28, 2011 during which representatives of the Adviser and the Subadvisers responded to questions from the Independent Trustees. The Independent Trustees also discussed the proposed initial approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolios by the Adviser and the Subadvisers; (2) the performance of comparable funds or accounts managed by the Subadvisers as compared to appropriate indices, to the extent available; (3) the Adviser’s and each of the Subadviser’s personnel and operations; (4) the financial condition of the Adviser and of the Subadvisers; (5) the level and method of computing each Portfolio’s proposed advisory and subadvisory fees; (6) the anticipated profitability of the Adviser under the Advisory Agreement and of the Subadvisers under the Sub-Advisory Agreements; (7) any “fall-out” benefits to the Adviser, the Subadvisers and their affiliates (i.e., ancillary benefits realized by the Adviser, the Subadvisers or their affiliates from the Adviser’s or Subadvisers’ relationship with the Trust); (8) the anticipated effect of growth in size on each Portfolio’s performance and expenses; (9) fees paid by comparable institutional and retail accounts; and (10) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolios by the Adviser’s affiliates, including distribution services.

Nature, extent and quality of services. In considering the nature, extent and quality of the services to be provided by the Adviser to the Portfolios, the Board took into account the extensive responsibilities that the Adviser would have as investment adviser to the Portfolios, including the provision of investment advisory services to the MetLife Balanced Plus Portfolio, the selection of the Subadvisers for the other Portfolios and oversight of the Subadvisers’ compliance with fund policies and objectives, review of brokerage matters including with respect to trade allocation and best execution, oversight of general fund compliance with federal and state laws, its risk management processes, and the implementation of Board directives as they relate to the Portfolios. The Adviser’s role in coordinating the activities of the Portfolios’ other service providers was also considered. The Board also evaluated the expertise and performance of the investment personnel with respect to the MetLife Balanced Plus Portfolio and of the personnel who would be overseeing the Subadvisers of the other Portfolios and compliance with each Portfolio’s investment restrictions, tax and other requirements. The Board also considered that an Investment Committee, consisting of investment professionals from across MetLife, will meet at least quarterly to review the asset allocations of the MetLife Balanced Plus Portfolio.

The Board considered information received from the Trust’s Chief Compliance Officer (the “CCO”) regarding the Portfolios’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including the policies and procedures in place relating to proxy voting. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to each Portfolio. The Board also took into account its familiarity with management through Board meetings, discussions and reports during the preceding year. The Board also took into consideration the quality of services the Adviser provided to other Portfolios of the Trust.

¹ At the February 14-15, 2011 meeting, the Board also approved Agreements with respect to the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, MetLife Balanced Plus Portfolio, Pyramis^® Government Income Portfolio (together with the BlackRock Global Tactical Strategies Portfolio, the “Managed Risk Portfolios”), Met/Franklin Low Duration Total Return Portfolio and the T. Rowe Price Large Cap Value Portfolio.

19

MET INVESTORS SERIES TRUST

BlackRock Global Tactical Strategies Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also recognized the Adviser’s reputation and long-standing experience in serving as an investment adviser to the Trust. In addition, the Board reviewed the financial condition of the Adviser and whether it had the financial wherewithal to provide a high level and quality of services to the Portfolios. In its review, the Board also received and took into account information regarding any services and/or payments to be provided to the Adviser by the Subadvisers in connection with marketing activities.

With respect to the services to be provided by the Subadvisers, the Board considered information provided to the Board by each Subadviser, including each Subadviser’s Form ADV, as well as information presented throughout the past year for those Subadvisers currently sub-advising existing Portfolios of the Trust. The Board considered each Subadviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed each Subadviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of each Subadviser’s investment and compliance personnel who would be providing services to the Portfolios. The Board also considered, among other things, each Subadviser’s compliance program and its disciplinary history, and its risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and ameliatory actions undertaken, as appropriate. The Board also noted that the CCO and his staff would be conducting regular, periodic compliance reviews with each of the Subadvisers and present reports to the Independent Trustees regarding the same, which would include evaluating the regulatory compliance system of the Subadvisers and procedures reasonably designed by them to assure compliance with the federal securities laws, including issues related to late trading and market timing, best execution, fair value pricing, and proxy voting procedures, among others. The Board also took into account the financial condition of each Subadviser. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to the Portfolios.

The Board considered each Subadviser’s investment process and philosophy. The Board took into account that each Subadviser’s responsibilities would include the development and maintenance of an investment program for the applicable Portfolio which would be consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also reviewed each Subadviser’s brokerage policies and practices, including with respect to best execution and soft dollars.

Based on its consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and by each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Portfolios.

Performance. The Board took into account that the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio and MetLife Balanced Plus Portfolio utilize relatively unique investment strategies designed to manage volatility and noted the unavailability of comparable performance information for these types of strategies. With respect to the Pyramis^® Government Income Portfolio, however, the Board considered the performance of a comparable fund managed by that Subadviser. The Board also considered the performance of other funds or accounts managed by the Subadvisers to the extent such information was relevant.

As discussed above with respect to the BlackRock Global Tactical Strategies Portfolio, the Board noted that while no comparable performance data was available, the Board considered information that described how the Portfolio is designed to perform under a variety of market conditions.

Fees and expenses. The Board gave substantial consideration to the proposed management fees payable under the Advisory Agreement and the proposed subadvisory fees payable under each of the Sub-Advisory Agreements. In addition, the Independent Trustees reviewed a report prepared by Bobroff Consulting, Inc., an independent consultant (“Bobroff”), which analyzed the proposed fees to be paid by each Portfolio in light of fees paid to other investment managers by other somewhat comparable funds, as applicable, and the method of computing each Portfolio’s proposed fee. In addition, the Board considered each Portfolio’s proposed management fee and total expenses as compared to similarly situated investment companies underlying variable insurance products and retail funds deemed to be comparable to the Portfolio as determined by Bobroff. With respect to the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio, and MetLife Balanced Plus Portfolio, the Board took into account the limited usefulness of the peer groups in which the Portfolios were included for comparative purposes. In comparing each Portfolio’s proposed management fee to that of comparable funds, the Board noted that such fee includes both advisory and administrative fees.

The Board noted that the subadvisory fees for the Portfolios would be paid by the Adviser, not the Portfolios, out of the management fee. It was further noted that the Adviser negotiated such fee at arm’s length. The Board also considered that the Adviser had agreed to enter into an expense limitation agreement with each Portfolio, pursuant to which the Adviser would agree to waive a portion of its management fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

The Board also compared the proposed subadvisory fee to be paid by the Adviser to the fees charged by each Subadviser to manage other funds and funds not subject to regulation under the 1940 Act, such as separate accounts, as applicable. The Board considered the fee comparisons in light of the differences required to manage different types of accounts.

20

MET INVESTORS SERIES TRUST

BlackRock Global Tactical Strategies Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

With respect to the BlackRock Global Tactical Strategies Portfolio, the Board considered that, according to a report prepared by Bobroff, the Portfolio’s proposed management fee was below the median of the peer group. The Board further considered that the Portfolio’s estimated total expenses (exclusive of 12b-1 fees) were above the median of the peer group. The Board took into account’s management discussion of the Portfolio’s estimated expenses. The Board also noted that the Subadviser had agreed to waive its subadvisory fee for the Portfolio’s first three months of operations, and that the Adviser had also agreed to waive a portion of its advisory fee equal to the amount of the subadvisory fee waiver for the Portfolio’s first three months of operations. After consideration of all relevant factors, the Board concluded that the proposed management and subadvisory fees were consistent with industry norms and were fair and reasonable in light of the services to be provided.

Profitability. The Board examined the anticipated profitability of the Adviser with respect to each Portfolio. With respect to the MetLife Balanced Plus Portfolio, the Board noted that the advisory fee is in addition to the fees received by the Adviser and its affiliates with regard to the other Portfolios of the Trust or of Metropolitan Series Fund, Inc. (the “Underlying Portfolios”) in which the Portfolio may invest. With respect to the other Portfolios, the Board noted that a major component of profitability of the Adviser would be the margin between the management fee that the Adviser would receive from the Portfolio and the portion of that fee the Adviser would pay to the Subadviser. The Board also took into account the costs borne by the Adviser’s affiliates that support the operations of the Adviser, as well as considered the profitability of the insurance product, the function of which is supported in part by the Adviser’s revenues under the Advisory Agreement. The Board also considered that the Trust’s distributor, MetLife Investors Distribution Company, would receive Rule 12b-1 payments to support the distribution of the product. The Board concluded after extensive discussions with management that the anticipated profitability of the Adviser and its affiliates from their relationship with each Portfolio was reasonable in light of all relevant factors.

In considering the anticipated profitability to the Subadvisers and their affiliates of their relationships with the Portfolios, the Board noted that the proposed subadvisory fees under the Sub-Advisory Agreements would be paid by the Adviser out of the management fee that it would receive under the Advisory Agreement. The Board also relied on the ability of the Adviser to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length. However, the Board placed more reliance on the fact that the Sub-Advisory Agreements were negotiated at arm’s length and that the proposed subadvisory fees would be paid by the Adviser than on the Subadvisers’ anticipated profitability.

Economies of scale. The Board also considered the probable effect of the Portfolios’ growth in size on their performance and fees. The Board noted that the proposed management and subadvisory fees each contained breakpoints that would reduce the fee rate above specified asset levels. The Board also took into account that the proposed subadvisory fees would be paid by the Adviser out of the management fees. The Board considered the fact that the Portfolios’ fee levels decline as portfolio assets increase. The Board also noted that if the Portfolios’ assets increase over time, the Portfolios may realize other economies of scale if assets increase proportionally more than certain other fixed expenses. The Board concluded that the proposed advisory fee structure for the Portfolios, including breakpoints, was reasonable and appropriately reflects potential economies of scale.

Other factors. As part of its evaluation of the Adviser’s compensation, the Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trust. Among them, the Board recognized that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as the distributor for the Trust, and, as such, would receive payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board also considered that affiliates of the Adviser may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board concluded that anticipated ancillary benefits that may accrue to the Adviser and its affiliates by virtue of the Adviser’s relationship with the Portfolios are fair and reasonable in light of the anticipated costs of providing investment management and other services to the Portfolios and the ongoing commitment of the Adviser to the Portfolios.

The Board considered other benefits that may be realized by each Subadviser and its affiliates from their relationship with the Trust, including the opportunity to provide advisory services to additional portfolios of the Trust and reputational benefits. The Board concluded that the benefits that may accrue to the Subadvisers and their affiliates by virtue of the Subadvisers’ relationships to the Portfolios were fair and reasonable in light of the anticipated costs of providing investment advisory services to the Portfolios and the ongoing commitment of the Subadvisers to the Portfolios.

The Board considered any possible conflicts of interest in the form of material benefits or detriments to the Trust resulting from the nature of the Trust’s and the Adviser’s or the Subadvisers’ affiliations. Here, the Board considered possible conflicts of interest that may arise between the Trust and the Adviser or a Subadviser in connection with the services to be provided to the Trust and the various relationships that they and their affiliates may have with the Trust. The Board considered the procedures for monitoring and managing such potential conflicts.

In addition, the Board reviewed the advisory fee to be paid to the Adviser for the BlackRock Global Tactical Strategies Portfolio and concluded that the advisory fee to be paid to the Adviser with respect to the Portfolio is based on services to be provided that are in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of the Portfolio and those of the underlying funds.

Conclusion. In considering the initial approval of each of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. The Board evaluated all information

21

MET INVESTORS SERIES TRUST

BlackRock Global Tactical Strategies Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

available to them on a Portfolio-by-Portfolio basis, and their determinations were made separately with respect to each Portfolio. Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Advisory Agreement and the Sub-Advisory Agreements was in the best interests of each Portfolio. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent legal counsel, approved the Advisory Agreement and the Sub-Advisory Agreement with respect to each Portfolio.

22

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  Met Investors Series Trust Legg Mason ClearBridge Aggressive Growth Portfolio   Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Managed by ClearBridge Advisors, LLC

Portfolio Manager Commentary*

Performance

For the six-month period ended June 30, 2011, the Class A, B, and E shares of the Legg Mason ClearBridge Aggressive Growth Portfolio returned 12.83%, 12.72% and 12.90%, respectively, compared to its benchmark, the Russell 3000 Growth Index¹, which returned 6.98%.

Market Environment/Conditions

At the start of the six-month period, the market experienced a relatively minor correction following the turmoil in the Middle East and North Africa and the terrible events in Japan, but we viewed such market pullbacks constructively. We tried to use the volatility to our advantage, building positions where we saw price weakness unrelated to company fundamentals and seizing the opportunity to put cash to work. As in the past, we sought to use the market’s day-to-day activity to build our portfolios for the long term.

At the start of the second quarter, we had a relatively mixed view of the market given generally strong corporate fundamentals and reasonable stock market valuations, which were offset by increasingly bullish sentiment that had grown beyond our comfort levels. While believing that the preconditions for a bear market were not present (i.e., overvalued stocks, sharply contracting monetary policy, market euphoria), we did believe that a health-restoring correction could help to reinvigorate the bull market that had been in place for over two years. Following a rally in April, the market grew more volatile and indeed experienced a short term correction across most segments that we believe helped restore a healthy level of skepticism. Bearish sentiment in general rose as the market was troubled by questions about the durability of the economic recovery, concerns over the events in Greece and the Euro zone, as well as a myriad of other issues including rising oil prices and disruptions caused by the earthquake and tsunami in Japan.

From the start of May until the last two weeks of June, as the market remained focused on the macroeconomic concerns, the S&P 500 Index retreated over 8% before rapidly recovering and producing only a minor net gain for the quarter. For the six months ended June 30, 2011, the broad S&P 500 Index returned 6.02%, while the blue-chip Dow Jones Industrial Average returned 8.59% and the technology-focused Nasdaq Composite Index returned 5.00%.

Portfolio Review/Current Positioning

For the six months ended June 30, 2011, both overall stock selection and overall sector allocation helped the Portfolio’s performance relative to the benchmark. Stock selection in the Health Care, Consumer Discretionary and Industrials sectors helped Portfolio

performance during the six-month period, as did the Portfolio’s overweight positions in the Health Care and Energy sectors and its underweight position in the Information Technology (IT) sector. Stock selection in the Energy, IT and Materials sectors detracted from the Portfolio’s relative performance, as did the Portfolio’s underweight position (no holdings) in the Consumer Staples sector.

In terms of individual holdings, the leading relative contributors to Portfolio performance included Biogen Idec, Inc., UnitedHealth Group, Inc., Valeant Pharmaceuticals International, Inc. (Canada) and Forest Laboratories, Inc. in the Health Care sector and Comcast Corp. in the Consumer Discretionary sector. Leading individual detractors from relative performance included Weatherford International, Ltd. in the Energy sector, and Broadcom Corp., Cree, Inc., SanDisk Corp. and Dolby Laboratories, Inc., all in the IT sector.

During the six month period ended June 30, 2011, the Portfolio added new positions in Human Genome Sciences, Inc. and Immunogen, Inc. in the Health Care sector, and Citrix Systems, Inc., Standard Microsystems Corp. and Advent Software, Inc. in the IT sector. The Portfolio closed out its positions in DSP Group Inc. in the IT sector and Genzyme Corp. in the Health Care sector.

During this period of volatility and below-average economic growth, we find it especially important to identify those businesses that can show solid organic growth in both revenues and earnings. We continue to favor self-financing business models with lots of cash and repetitive and consistent cash flows. We believe that those types of secular growth business models deserve a premium valuation multiple in the market or ultimately will attract interest from third party acquirers. To this end, over the course of the first half of this year our portfolio has seen an acceleration of both corporate merger and acquisition transactions and interest from value-oriented activist shareholders.

While we have repeatedly stated our belief that there is little to no correlation between portfolio turnover rates and investment performance, we find it interesting that much of our recent performance has been driven by stocks that we have held for 5, 10, 15, and in some cases as much as 20 years. We view this as validation of our time-tested investment discipline of a fundamentals-based approach to long-term equity investing.

There were no structural changes to the Portfolio’s discipline or strategy during the reporting period. The Portfolio’s time-tested approach has navigated many volatile markets. We continue to be especially diligent at this time in focusing on the fundamentals of the companies that we hold and reiterating our conviction in continuing to maintain each investment. Our goal continues to be focusing on what we feel are dominant franchises with primarily self-financing business models that are best able to grow earnings/cash flows on a sustainable basis.

Richard Freeman, Senior Portfolio Manager

Evan Bauman, Portfolio Manager

ClearBridge 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

1

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Managed by ClearBridge Advisors, LLC

Portfolio Manager Commentary* (continued)

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.

Portfolio Composition as of June 30, 2011

Top Holdings

	% of Net Assets
Biogen Idec, Inc.		9.1
UnitedHealth Group, Inc.		8.5
Anadarko Petroleum Corp.		7.6
Weatherford International, Ltd.		5.2
Comcast Corp. - Special Class A		4.8
Amgen, Inc.		4.7
Cablevision Systems Corp. - Class A		4.7
Forest Laboratories, Inc.		4.1
Core Laboratories N.V.		3.3
Valeant Pharmaceuticals International, Inc.		2.6

Top Sectors

	% of Market Value of Total Investments
Non-Cyclical		35.0
Energy		18.5
Communications		17.4
Industrials		10.1
Technology		10.0
Cash & Equivalent		6.4
Basic Materials		1.6
Cyclical		1.0

2

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Legg Mason ClearBridge Aggressive Growth Portfolio managed by

ClearBridge Advisors, LLC vs. Russell 3000 Growth Index¹

	Average Annual Return2 (for the six months ended June 30, 2011)
	6 Month		1 Year		5 Year		10 Year		Since Inception3
Legg Mason ClearBridge Aggressive Growth Portfolio—Class A		12.83%		51.04%		3.27%		—		3.20%
Class B		12.72%		50.63%		3.03%		1.66%		—
Class E		12.90%		50.81%		3.15%		—		7.03%
Russell 3000 Growth Index1		6.98%		35.68%		5.36%		2.43%		—

The performance of Class B shares, as set forth in the line graph above, will differ from that of the other classes because of the difference in expenses paid by policyholders investing in the different share classes.

¹ The Russell 3000 Growth Index is an unmanaged measure of performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.

² “Average Annual Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³ Inception of Class A shares is 1/2/02. Inception of Class B shares is 2/12/01. Inception of Class E shares is 4/17/03. Index returns are based on an inception date of 2/12/01.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

3

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth 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, 2011 through June 30, 2011.

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.

	Annualized Expense Ratio		Beginning Account Value January 1, 2011		Ending Account Value June 30, 2011		Expenses Paid During Period** January 1, 2011 to June 30, 2011
Class A
Actual		0.65%	$	1,000.00	$	1,128.30	$	3.43
Hypothetical*		0.65%		1,000.00		1,021.57		3.26
Class B
Actual		0.90%	$	1,000.00	$	1,127.20	$	4.25
Hypothetical*		0.90%		1,000.00		1,020.33		4.51
Class E
Actual		0.80%	$	1,000.00	$	1,129.00	$	4.22
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).

4

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—93.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
L-3 Communications Holdings, Inc. (a)		329,800	$	28,841,010
Biotechnology—16.6%
Amgen, Inc.*		950,700		55,473,345
Biogen Idec, Inc.*		992,700		106,139,484
BioMimetic Therapeutics, Inc.* (a)		229,340		1,174,221
Human Genome Sciences, Inc.* (a)		390,770		9,589,496
ImmunoGen, Inc.* (a)		192,900		2,351,451
Isis Pharmaceuticals, Inc.* (a)		188,435		1,726,064
Vertex Pharmaceuticals, Inc.*		350,172		18,205,442
				194,659,503
Communications Equipment—0.5%
Arris Group, Inc.* (a)		122,915		1,427,043
Nokia Oyj (ADR) (a)		744,900		4,782,258
				6,209,301
Computers & Peripherals—3.5%
SanDisk Corp.*		645,090		26,771,235
Seagate Technology plc		863,300		13,950,928
				40,722,163
Construction & Engineering—0.7%
Fluor Corp.		134,910		8,723,281
Electronic Equipment, Instruments & Components—2.3%
Dolby Laboratories, Inc.— Class A* (a)		130,000		5,519,800
TE Connectivity, Ltd.		589,325		21,663,587
				27,183,387
Energy Equipment & Services—10.9%
Core Laboratories N.V.		350,000		39,039,000
National Oilwell Varco, Inc.		367,778		28,763,917
Weatherford International, Ltd.*		3,222,500		60,421,875
				128,224,792
Health Care Equipment & Supplies—2.5%
Covidien plc		549,825		29,267,185
Health Care Providers & Services—8.5%
UnitedHealth Group, Inc.		1,939,700		100,049,726
Industrial Conglomerates—2.5%
Tyco International, Ltd.		589,325		29,130,335
Internet & Catalog Retail—1.2%
Liberty Media Corp.—Interactive—lass A*		854,200	$	14,324,934
Machinery—2.1%
Pall Corp.		430,000		24,178,900
Media—16.7%
Cablevision Systems Corp.—Class A		1,512,500		54,767,625
CBS Corp.		162,600		4,632,474
Comcast Corp.—Class A		392,000		9,933,280
Comcast Corp.—Special Class A		2,315,600		56,106,988
DIRECTV—Class A*		485,575		24,676,921
Liberty Global, Inc.—Class A*		139,200		6,269,568
Liberty Media Corp.—Capital, Series A*		161,600		13,857,200
Liberty Media-Starz, Series A*		70,690		5,318,716
Madison Square Garden, Inc. (The)—Class A* (a)		412,850		11,365,761
Viacom, Inc.—Class B		159,900		8,154,900
				195,083,433
Metals & Mining—1.6%
Freeport-McMoRan Copper & Gold, Inc.		248,700		13,156,230
Nucor Corp.		126,500		5,214,330
				18,370,560
Oil, Gas & Consumable Fuels—7.6%
Anadarko Petroleum Corp.		1,159,960		89,038,530
Pharmaceuticals—7.3%
Forest Laboratories, Inc.* (a)		1,226,200		48,238,708
Teva Pharmaceutical Industries, Ltd. (ADR)		144,600		6,972,612
Valeant Pharmaceuticals International, Inc. (a)		586,870		30,493,765
				85,705,085
Semiconductors & Semiconductor Equipment—4.7%
Broadcom Corp.—Class A		772,445		25,985,050
Cirrus Logic, Inc.* (a)		171,400		2,725,260
Cree, Inc.* (a)		295,400		9,922,486
Intel Corp.		579,648		12,844,999
Standard Microsystems Corp.* (a)		137,800		3,719,222
				55,197,017

See accompanying notes to financial statements.

5

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stock—(Continued)

Security Description	Shares/Par Amount		Value
Software—1.8%
Advent Software, Inc.* (a)		8,700	$	245,079
Autodesk, Inc.*		307,500		11,869,500
Citrix Systems, Inc.*		114,300		9,144,000
				21,258,579
Specialty Retail—0.1%
Charming Shoppes, Inc.* (a)		177,100		736,736
Total Common Stocks (Cost $874,094,434)				1,096,904,457
Short-Term Investments—13.9%
Mutual Funds—7.5%
State Street Navigator Securities Lending Prime Portfolio (b)		87,191,639		87,191,639
Repurchase Agreement—6.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $74,978,021 on 07/01/11 collateralized by $77,455,000 Federal Home Loan Bank at 4.250% due 02/26/29 with a value of $76,477,784.	$	74,978,000		74,978,000
Total Short-Term Investments (Cost $162,169,639)				162,169,639
Total Investments—107.5% (Cost $1,036,264,073#)				1,259,074,096
Other Assets and Liabilities (net)—(7.5)%				(87,364,429	)
Net Assets—100.0%			$	1,171,709,667

* Non-income producing security.

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $1,036,264,073. The aggregate unrealized appreciation and depreciation of investments were $249,589,486 and $(26,779,463), respectively, resulting in net unrealized appreciation of $222,810,023 for federal income tax purposes.

(a) All or a portion of the security was on loan. As of June 30, 2011, the market value of securities loaned was $85,321,503 and the collateral received consisted of cash in the amount of $87,191,639 and non-cash collateral with a value of $167,102. 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 are 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) Represents investment of cash collateral received from securities lending transactions.

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.

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MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the six months ended June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	1,096,904,457	$	—	$	—	$	1,096,904,457
Short-Term Investments
Mutual Funds		87,191,639		—		—		87,191,639
Repurchase Agreement		—		74,978,000		—		74,978,000
Total Short-Term Investments		87,191,639		74,978,000		—		162,169,639
Total Investments	$	1,184,096,096	$	74,978,000	$	—	$	1,259,074,096

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)(b)	$	1,184,096,096
Repurchase Agreement		74,978,000
Cash		506
Receivable for shares sold		1,375,170
Dividends receivable		150,692
Total assets		1,260,600,464
Liabilities
Payables for:
Investments purchased		335,362
Shares redeemed		487,959
Collateral for securities loaned		87,191,639
Accrued Expenses:
Management fees		571,630
Distribution and service fees - Class B		86,026
Distribution and service fees - Class E		2,351
Administration fees		5,228
Custodian and accounting fees		2,294
Deferred trustees’ fees		43,094
Other expenses		165,214
Total liabilities		88,890,797
Net Assets	$	1,171,709,667
Net Assets Represented by
Paid in surplus	$	1,142,027,199
Accumulated net realized loss		(193,685,886	)
Unrealized appreciation on investments		222,810,023
Undistributed net investment income		558,331
Net Assets	$	1,171,709,667
Net Assets
Class A	$	717,900,435
Class B		434,241,772
Class E		19,567,460
Capital Shares Outstanding*
Class A		84,331,272
Class B		52,128,306
Class E		2,329,660
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.51
Class B		8.33
Class E		8.40

(a) Identified cost of investments, excluding repurchase agreement, was $961,286,073.

(b) Includes securities loaned at value of $85,321,503.

Statement of Operations

Six Months Ended June 30, 2011 (Unaudited)

Investment Income
Dividends (a)	$	3,742,721
Interest (b)		71,291
Total investment income		3,814,012
Expenses
Management fees		2,927,191
Administration fees		24,807
Custodian and accounting fees		26,932
Distribution and service fees - Class B		365,379
Distribution and service fees - Class E		6,688
Audit and tax services		15,710
Legal		21,644
Trustees’ fees and expenses		15,868
Shareholder reporting		30,902
Insurance		2,210
Miscellaneous		4,904
Total expenses		3,442,235
Less broker commission recapture		(16,906	)
Net expenses		3,425,329
Net investment income		388,683
Net Realized and Unrealized Gain (Loss) on Investments Transactions
Net realized gain on investments		6,868,853
Net change in unrealized appreciation on investments		95,942,110
Net realized and unrealized gain on investments		102,810,963
Net Increase in Net Assets from Operations	$	103,199,646

(a) Net of foreign withholding taxes of $62,194.

(b) Includes net income on securities loaned of $68,564.

See accompanying notes to financial statements.

8

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Statements of Changes in Net Assets

June 30, 2011

	Six Months Ended June  30, 2011 (Unaudited)			Year Ended December 31, 2010
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	388,683		$	862,170
Net realized gain (loss) on investments		6,868,853			(13,920,384	)
Net change in unrealized appreciation on investments		95,942,110			160,944,316
Net increase in net assets resulting from operations		103,199,646			147,886,102
Distributions to Shareholders
From net investment income
Class A		(664,432	)		(319,182	)
Net decrease in net assets resulting from distributions		(664,432	)		(319,182	)
Net increase (Decrease) in net assets from capital share transactions		283,249,879			(11,558,923	)
Net Increase in Net Assets		385,785,093			136,007,997
Net assets at beginning of period		785,924,574			649,916,577
Net assets at end of period	$	1,171,709,667		$	785,924,574
Undistributed net investment income at end of period	$	558,331		$	834,080

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Six Months Ended June  30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Value			Shares			Value
Class A
Sales		21,995,906		$	185,279,028			5,496,033		$	36,330,148
Shares issued through acquisition		2,902,620			24,730,316			—			—
Reinvestments		80,245			664,432			48,288			319,182
Redemptions		(18,153,218	)		(152,277,990	)		(9,138,460	)		(55,944,200	)
Net increase (decrease)		6,825,553		$	58,395,786			(3,594,139	)	$	(19,294,870	)
Class B
Sales		9,238,394		$	72,563,490			6,405,914		$	41,621,647
Shares issued through acquisition		20,821,320			173,649,815			—			—
Redemptions		(4,647,748	)		(37,236,106	)		(5,296,420	)		(33,509,757	)
Net increase		25,411,966		$	208,977,199			1,109,494		$	8,111,890
Class E
Sales		783,487		$	6,520,754			128,535		$	832,931
Shares issued through acquisition		1,320,788			11,107,831			—			—
Redemptions		(217,104	)		(1,751,691	)		(190,994	)		(1,208,874	)
Net increase (decrease)		1,887,171		$	15,876,894			(62,459	)	$	(375,943	)
Increase (decrease) derived from capital shares transactions				$	283,249,879					$	(11,558,923	)

See accompanying notes to financial statements.

9

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.55		$	6.09		$	4.57		$	7.54		$	8.09		$	8.70
Income (Loss) from Investment Operations:
Net Investment Income(a)		0.01			0.01			0.00	+		0.01			0.01			0.03
Net Realized and Unrealized Gain (loss) on Investments		0.96			1.45			1.53			(2.93	)		0.22			(0.14	)
Total From Investment Operations		0.97			1.46			1.53			(2.92	)		0.23			(0.11	)
Less Distributions
Distributions from Net Investment Income		(0.01	)		(0.00	)++		(0.01	)		(0.00	)++		(0.02	)		—
Distributions from Net Realized Capital Gains		—			—			—			(0.05	)		(0.76	)		(0.50	)
Total Distributions		(0.01	)		(0.00	)++		(0.01	)		(0.05	)		(0.78	)		(0.50	)
Net Asset Value, End of Period	$	8.51		$	7.55		$	6.09		$	4.57		$	7.54		$	8.09
Total Return (%)		12.83			24.05			33.45			(38.95	)		2.60			(1.60	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.65	*		0.68			0.67			0.65			0.67			0.75
Ratio of Net Expenses to Average Net Assets (%)(b)		0.65	*		0.68			0.67			0.65			0.67			0.73
Ratio of Net Investment Income to Average Net Assets (%)		0.15	*		0.19			0.11			0.13			0.07			0.33
Portfolio Turnover Rate (%)		5.9			1.1			2.5			6.2			0.7			190.3
Net Assets, End of Period (in millions)	$	717.9		$	585.2		$	493.9		$	580.9		$	874.6		$	607.7
	Class B
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.39		$	5.97		$	4.49		$	7.42		$	7.98		$	8.60
Income (Loss) from Investment Operations:
Net Investment Income (Loss)(a)		(0.00	) +		0.00	+		(0.01	)		(0.01	)		(0.01	)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		0.94			1.42			1.49			(2.87	)		0.21			(0.13	)
Total From Investment Operations		0.94			1.42			1.48			(2.88	)		0.20			(0.12	)
Less Distributions
Distributions from Net Realized Capital Gains		—			—			—			(0.05	)		(0.76	)		(0.50	)
Total Distributions		—			—			—			(0.05	)		(0.76	)		(0.50	)
Net Asset Value, End of Period	$	8.33		$	7.39		$	5.97		$	4.49		$	7.42		$	7.98
Total Return (%)		12.72			23.79			32.96			(39.05	)		2.27			(1.74	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.90	*		0.93			0.92			0.90			0.92			1.00
Ratio of Net Expenses to Average Net Assets (%)(b)		0.90	*		0.93			0.92			0.90			0.92			0.98
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.07	)*		(0.06	)		(0.16	)		(0.13	)		(0.18	)		0.10
Portfolio Turnover Rate (%)		5.9			1.1			2.5			6.2			0.7			190.3
Net Assets, End of Period (in millions)	$	434.20		$	197.5		$	152.9		$	120.4		$	222.3		$	254.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

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Legg Mason ClearBridge Aggressive Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months  Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	7.44		$	6.01		$	4.51		$	7.45		$	8.01		$	8.62
Income (Loss) from Investment Operations
Net Investment Income (Loss)(a)		0.00	+		0.00	+		(0.00	)+		(0.00	)+		(0.01	)		0.02
Net Realized and Unrealized Gain (Loss) on Investments		0.96			1.43			1.50			(2.89	)		0.21			(0.13	)
Total From Investment Operations		0.96			1.43			1.50			(2.89	)		0.20			(0.11	)
Less Distributions
Distributions from Net Investment Income		—			—			—			—			(0.00	)++		—
Distributions from Net Realized Capital Gains		—			—			—			(0.05	)		(0.76	)		(0.50	)
Total Distributions		—			—			—			(0.05	)		(0.76	)		(0.50	)
Net Asset Value, End of Period	$	8.40		$	7.44		$	6.01		$	4.51		$	7.45		$	8.01
Total Return (%)		12.90			23.79			33.26			(39.03	)		2.32			(1.61	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.80	*		0.83			0.82			0.80			0.82			0.90
Ratio of Net Expenses to Average Net Assets (%)(b)		0.80	*		0.83			0.82			0.80			0.82			0.88
Ratio of Net Investment Income (loss) to Average Net Assets (%)		0.09	*		0.00	+		(0.06	)		(0.03	)		(0.08	)		0.20
Portfolio Turnover Rate (%)		5.9			1.1			2.5			6.2			0.7			190.3
Net Assets, End of Period (in millions)	$	19.6		$	3.3		$	3.0		$	2.5		$	4.6		$	5.9

* Annualized

+ Net investment income was less than $0.01.

++ Distributions from net investment income were less than $0.01.

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

(b) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

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Legg Mason ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Legg Mason ClearBridge Aggressive Growth 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 four classes of shares: Class A, B, C and E Shares. Class A, B and E Shares are currently offered by the Portfolio. 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 expenses.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are categorized as Level 2 within the fair value hierarchy.

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Legg Mason ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

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

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state 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.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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, deferred trustees’ compensation, capital loss carryforwards and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

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 the loaned securities. 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.

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MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

The Trust has entered into a securities lending arrangement with the custodian, State Street Bank and Trust Company (the “custodian”). Under this arrangement, 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 at least equal to 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 Prime Portfolio (the “Navigator Portfolio”), managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund which 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 equals 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. 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. Net interest income received by the Portfolio in securities lending transactions during the six months ended June 30, 2011 is disclosed in the footnotes to the Statement of Operations. Any outstanding loans by the Portfolio at June 30, 2011 are disclosed in the footnotes to the Schedule of Investments.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

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.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with ClearBridge Advisors, LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the six months  ended June 30, 2011	% per annum			Average Daily Net Assets
$2,927,191		0.65	%		First $500 Million
		0.60	%		$500 Million to $1 Billion
		0.55	%		$1 Billion to $2 Billion
		0.50	%		Over $2 Billion

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.

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MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

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, 2011 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$—	$	83,938,332	$	—	$	53,909,037

The purchase and sales amounts exclude transition trades related to the merger of $187,457,974 and $0, respectively.

5. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

6. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

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MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

7. Acquisition

At the close of business on April 29, 2011, the Portfolio, with aggregate Class A, Class B and Class E net assets of $690,422,921, $266,377,246 and $3,993,204 respectively, acquired all of the assets and liabilities of Legg Mason Value Equity Portfolio of the Met Investors Series Trust (“Legg Mason Value Equity”). The acquisition was accomplished by a tax-free exchange of 2,902,619 Class A shares of the Portfolio (valued at $24,730,316) for 3,555,394 Class A shares of Legg Mason Value Equity; 20,821,321 Class B shares of the Portfolio (valued at $173,649,815) for 24,981,757 of Class B shares of Legg Mason Value Equity; and 1,320,788 Class E shares of the Portfolio (value at $11,107,831) for 1,596,251 of Class E shares of Legg Mason Value Equity. Legg Mason Value Equity then distributed the Class A, B and E shares of the Portfolio that it received from the Portfolio to its shareholders by class. 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. The reorganization was proposed because Legg Mason Value Equity had experienced a significant decline in assets, which, if it continued, would affect the Portfolio’s ability to maintain certain operational efficiencies. Legg Mason Value Equity’s net assets on April 29, 2011, were $24,730,316, $173,649,815 and $11,107,831 for Class A, Class B and Class E shares, respectively, including investments valued at $203,440,228 with a cost basis of $195,398,974. For financial reporting purposes, assets received and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from Legg Mason Value Equity 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 $(968,634,364) in capital loss carry forwards from Legg Mason Value Equity.

The net assets of the Portfolio immediately after the acquisition were $1,170,281,333, which included $8,041,253 of acquired unrealized appreciation and $22,597 of acquired distributions in excess of net investment income.

Assuming the acquisition had been completed on January 1, 2011, the Portfolio’s pro-forma results of operations for the period ended June 30, 2011 are as follows:

(Unaudited)
Net investment income	$	563,374	(a)
Net realized and unrealized gain (loss) on
Investments		146,660,170	(b)
Net increase in assets from operations	$	147,223,544

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 Legg Mason Value Equity that have been included in the Portfolio’s Statement of Operations since April 29, 2011.

(a) $388,683 as reported plus $(22,597) Legg Mason Value Equity pre-merger, plus $79,285 in lower Advisory fees, plus $118,003 of pro-forma eliminated other expenses.

(b) $102,810,963 as reported plus $43,849,207 Legg Mason Value Equity pre-merger.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2010 and 2009 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2010	2009		2010		2009		2010		2009
$319,182	$	778,848	$	—	$	—	$	319,182	$	778,848

As of December 31, 2010, 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
$850,382	$	—	$	118,547,080	$	(200,275,159	)	$	(80,877,697	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for eight years, offsetting such losses against any future net realized capital gains. At December 31, 2010, the accumulated capital loss carryforwards and expiration dates by the Portfolio were as follows:

Expiring 12/31/2016	Expiring 12/31/2017		Expiring 12/31/2018		Total
$55,844,851	$	130,530,096	$	13,900,212	$	200,275,159

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law by President Obama on December 22, 2010.

16

MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Income Tax Information - continued

The Act makes a number of changes to the provisions in the Code relating to regulated investment companies (“RICs”) that will generally become effective for taxable years of RICs beginning after December 22, 2010. The Act allows RICs to generally carryover net capital losses indefinitely, effective for losses arising in taxable years beginning after December 22, 2010. Such losses will retain their character as either long-term capital losses or short-term capital losses. Under pre-enactment law, capital losses could be carried forward for eight years and carried forward as short-term capital losses irrespective of the character of the original loss. Loss carryovers from years beginning prior to December 22, 2010 will still expire subject to the eight-year limitation. The Act further provides that losses arising in taxable years after December 22, 2010 (which are carried forward indefinitely) would be utilized prior to loss carryovers arising in taxable years beginning prior to December 22, 2010.

9. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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MET INVESTORS SERIES TRUST

Legg Mason ClearBridge Aggressive Growth Portfolio

Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

18

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  Met Investors Series Trust Met/Franklin Low Duration Total Return Portfolio   Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Managed By Franklin Advisors, Inc.

Portfolio Manager Commentary*

Performance

Since its April 29, 2011 inception, the Class A and B shares of the Met/Franklin Low Duration Total Return Portfolio returned -0.10% and -0.10%, respectively, compared to the 0.40% return of its benchmark, the Barclays Capital US Government/Credit 1-3 Year Index¹.

Market Environment/Conditions

During the period, some key economic indicators declined more than expected, and European sovereign credit risks lingered. These conditions led to a flight to quality and uncertainty about growth forecasts for the second half of 2011. As market volatility increased, analysts seemed unsure if the slowdown would be a temporary or persistent issue, which prompted them to downgrade their U.S. gross domestic product forecasts. Despite weak economic data and potential risks to global economic expansion, expectations were modestly positive for U.S. economic growth and a continued global recovery in the second half of 2011.

Corporate earnings continued to hold steady as news regarding profits and balance sheets was generally positive. Bank loan surveys showed improved consumer and business credit conditions. Core retail sales remained at moderate levels. Manufacturing sector activity began to slow, due to severe weather, global supply-chain disruptions and excessive inventory building. The labor market, which had shown signs of healing, delivered weak reports, and the unemployment rate remained at an elevated level. Year-over-year core consumer prices modestly increased, but slack in employment kept labor inflation contained. Headwinds including U.S. federal debt levels, eurozone credit concerns and a depressed U.S. housing market continued to challenge economic expansion.

Volatility and uncertainty increased during the period, leading most domestic fixed income sectors to trail the strong performance of U.S. Treasuries. Using the Barclays Capital U.S. Aggregate Index’s components as measures of fixed income performance, emerging market (U.S. dollar) securities were strongest during the period. High-quality fixed income sectors delivered positive returns as well, including U.S. Treasuries, U.S. residential mortgage-backed securities (MBS), asset-backed securities, U.S. agency securities and U.S. corporate investment grade bonds. More credit-sensitive sectors lagged and had slightly negative returns, including U.S. high yield bonds and commercial MBS (CMBS).

Portfolio Review/Current Positioning

Since the Portfolio’s inception on April 29, 2011, through the reporting period, we implemented our investment strategy and emphasized shorter term and adjustable-rate securities to maintain a lower interest rate risk profile. We held an overweighted allocation in many credit sectors based on our belief that valuations were attractive on a longer term basis. This included investment grade securities in the financials sector, where increased regulation may decrease earnings volatility. However, our expectations were tempered by remaining concerns over European sovereign and bank credit risks and potential oil supply shocks. We favored some higher quality CMBS that had become more seasoned and were appropriate for the Portfolio’s low duration mandate. We also invested in municipal bonds to take advantage of what we considered opportunities in that sector. Our research indicated that many of the best opportunities in global bond markets were outside the U.S., and, accordingly, we allocated exposure to diversified positions in international bonds and currencies.

During the period, sub-investment-grade credit sectors posted negative returns, and caused our allocation to these markets to detract from performance. The Portfolio’s positioning in CMBS detracted as spreads widened in the sector. Our exposure to non-U.S. government debt contributed to local currency market returns, though currency exposure had a negative impact on Portfolio results. Our weighting in agency MBS contributed to performance as the sector produced positive total returns during the period.

At period-end, we positioned the Portfolio with a duration shorter than that of the benchmark, seeking to reduce sensitivity to interest rate changes. We held an overweighted allocation to credit sectors, both investment grade and below investment grade. The Portfolio held a diversified allocation to international bonds and currencies. We favored some higher quality CMBS and had a weighting in municipal bonds and agency mortgages.

Roger A. Bayston, CFA

Kent Burns, CFA

Christopher J. Molumphy, CFA

Franklin Advisers, 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.

1

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Portfolio Composition as of June 30, 2011

Top Issuers

	% of Net Assets
U.S. Treasury Notes		25.0
Fannie Mae 30 Yr. Pool		8.0
Fannie Mae 15 Yr. Pool		4.7
Korea Treasury Bond		2.4
Sweden Government Bond		1.6
Malaysia Government Bond		1.5
Freddie Mac Multifamily Structured Pass Through Certificates		1.4
Freddie Mac Non Gold Pool		1.4
Norway Treasury Bill		1.2
Poland Government Bond		1.2

Top Sectors

	% of Market Value of Total Investments
U.S. Treasury & Government Agencies		39.1
Domestic Bonds & Debt Securities		23.2
Foreign Bonds & Debt Securities		13.6
Cash & Equivalents		6.6
Collateralized Mortgage Obligations		5.9
Municipals		4.7
Asset-Backed Securities		4.6
Loan Participations		2.2
Convertible Bonds		0.1

2

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Met/Franklin Low Duration Total Return Portfolio managed by
Franklin Advisers, Inc. vs. Barclays Capital US Govt/Credit 1-3 Year Index¹

	Cumulative Return2 (for the period ended June 30, 2011)
	Since Inception3
Met/Franklin Low Duration Total Return Portfolio—Class A		-0.10%
Class B		-0.10%
Barclays Capital US Govt/Credit 1-3 Year Index1		0.40%

The performance of Class A shares, as set forth in the line graph above, will differ from that of the other class because of the difference in expenses paid by policyholders investing in the different share classes.

¹ The Barclays Capital US Government/Credit 1-3 Year Index is an unmanaged index which tracks public obligations of the U.S. Treasury with one to three years to final maturity and publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government.

² “Cumulative Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³ Inception of the Class A and B shares is 4/29/11. Index returns are based on an inception date of 4/29/11.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

3

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return 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, April 29, 2011 through June 30, 2011.

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.

	Annualized Expense Ratio		Beginning Account Value April 29, 2011**		Ending Account Value June 30, 2011		Expenses Paid During Period*** April 29, 2011 to June 30, 2011
Class A(a)(b)
Actual		0.55%	$	1,000.00	$	999.00	$	0.95
Hypothetical*		0.55%		1,000.00		1,007.68		0.95
Class B(a)(b)
Actual		0.80%	$	1,000.00	$	999.00	$	1.38
Hypothetical*		0.80%		1,000.00		1,007.25		1.39

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

**  Commencement of operations—April 29, 2011.

*** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent two month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (62 days) in the most recent fiscal half-year, divided by 365 (to reflect the two month period).

(a) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 3 of the Notes to Financial Statements.

(b) The annualized expense ratio reflects the impact of the management fee waiver as described in Note 3 to the Financial Statements.

4

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

U.S. Treasury & Government Agencies—40.5% of Net Assets

Security Description	Par Amount		Value
Agency Sponsored Mortgage-Backed—14.1%
Fannie Mae 15 Yr. Pool 4.500%, 09/01/24	$	6,494,545	$	6,902,853
4.500%, 03/01/25		9,892,742		10,503,871
4.000%, 04/01/26		8,175,721		8,526,209
4.000%, 05/01/26		8,645,908		9,021,956
Fannie Mae ARM Pool 2.125%, 05/01/19 (a)		138,145		138,865
2.305%, 01/01/20 (a)		207,740		216,462
2.323%, 02/01/32 (a)		157,526		165,022
2.413%, 06/01/32 (a)		86,667		88,037
2.490%, 01/01/33 (a)		211,633		211,960
2.447%, 06/01/33 (a)		124,335		124,445
2.623%, 08/01/33 (a)		139,821		146,505
2.611%, 10/01/33 (a)		126,715		132,966
2.750%, 05/01/34 (a)		227,379		227,532
3.754%, 05/01/34 (a)		140,466		141,133
2.575%, 11/01/34 (a)		104,061		109,518
2.680%, 11/01/34 (a)		12,625,511		13,312,802
2.535%, 02/01/35 (a)		239,069		250,868
4.764%, 03/01/35 (a)		141,640		148,520
2.685%, 04/01/35 (a)		2,389,100		2,520,185
4.140%, 04/01/35 (a)		447,950		466,778
2.398%, 06/01/35 (a)		133,281		139,615
2.506%, 07/01/35 (a)		471,339		497,266
2.915%, 08/01/35 (a)		3,429,980		3,558,306
2.651%, 09/01/35 (a)		15,786,918		16,612,133
2.070%, 11/01/35 (a)		416,582		436,954
2.837%, 11/01/35 (a)		9,147,602		9,658,449
5.141%, 11/01/35 (a)		134,480		143,406
2.528%, 12/01/35 (a)		244,754		257,506
1.930%, 02/01/36 (a)		254,872		264,196
2.085%, 03/01/36 (a)		641,609		672,051
2.550%, 07/01/36 (a)		118,799		123,197
2.926%, 11/01/36 (a)		8,798,523		9,258,540
Freddie Mac ARM Non Gold Pool 2.850%, 04/01/34 (a)		1,689,946		1,787,194
2.625%, 05/01/34 (a)		534,964		559,395
2.616%, 01/01/35 (a)		218,763		230,109
2.676%, 01/01/35 (a)		1,991,492		2,100,812
2.598%, 03/01/35 (a)		1,773,194		1,867,095
3.343%, 04/01/35 (a)		129,261		130,922
4.637%, 07/01/35 (a)		684,990		718,854
2.674%, 07/01/36 (a)		168,227		176,220
4.126%, 06/01/37 (a)		885,516		932,839
2.706%, 07/01/37 (a)		965,096		1,013,186
Agency Sponsored Mortgage-Backed—(Continued)
4.621%, 09/01/37 (a)	$	886,320	$	935,173
				105,429,905
Federal Agencies—1.4%
Freddie Mac Multifamily Structured Pass Through Certificates 2.902%, 08/25/20		10,470,145		10,629,262
U.S. Treasuries—25.0%
U.S. Treasury Notes 4.625%, 07/31/12		29,000,000		30,374,107
1.750%, 08/15/12		25,000,000		25,421,875
0.375%, 09/30/12		12,000,000		12,015,468
1.375%, 01/15/13		10,000,000		10,156,250
3.500%, 05/31/13		4,500,000		4,761,387
4.250%, 08/15/13		23,300,000		25,153,072
3.125%, 08/31/13		28,000,000		29,581,580
0.750%, 09/15/13		4,000,000		4,019,688
3.125%, 09/30/13		10,000,000		10,579,690
2.750%, 10/31/13		15,000,000		15,752,340
2.000%, 11/30/13		15,000,000		15,501,570
1.875%, 04/30/14		2,900,000		2,991,078
				186,308,105
Total U.S. Treasury & Government Agencies (Cost $301,661,106)				302,367,272
Domestic Bonds & Debt Securities—23.2%
Airlines—0.1%
American Airlines, Inc. 7.500%, 03/15/16 (144A)		700,000		689,500
Beverages — 0.6%
Anheuser-Busch InBev Worldwide, Inc. 2.500%, 03/26/13		4,200,000		4,305,764
Capital Markets—1.1%
Goldman Sachs Group, Inc.(The) 5.500%, 11/15/14		4,200,000		4,544,778
Morgan Stanley, Series GMTN 0.590%, 01/09/14 (a)		4,200,000		4,097,276
				8,642,054
Commercial & Professional Services—0.6%
Block Financial LLC 5.125%, 10/30/14		4,200,000		4,363,943

See accompanying notes to financial statements.

5

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Commercial Banks—6.1%
Banco Bradesco S.A. of the Cayman Islands 2.361%, 05/16/14 (144A) (a)	$	4,200,000	$	4,219,416
BB&T Corp. 2.050%, 04/28/14		4,200,000		4,249,669
BBVA U.S. Senior SAU, Series FRN 2.386%, 05/16/14 (a)		4,200,000		4,178,939
CIT Group, Inc. 7.000%, 05/02/16 (144A)		1,000,000		998,750
Commonwealth Bank of Australia 3.750%, 10/15/14 (144A)		4,200,000		4,416,099
Credit Suisse of New York 2.200%, 01/14/14		4,200,000		4,257,351
HSBC Bank Brasil S.A.—Banco Multiplo 4.000%, 05/11/16 (144A)		4,200,000		4,251,068
Nordea Bank AB 2.125%, 01/14/14 (144A)		4,200,000		4,231,949
Regions Financial Corp. 4.875%, 04/26/13		2,000,000		2,018,052
Royal Bank of Scotland plc(The) 4.875%, 08/25/14 (144A)		4,200,000		4,374,384
Santander US Debt S.A. Unipersonal 2.991%, 10/07/13 (144A)		4,200,000		4,192,709
U.S. Bancorp, Series MTN 1.375%, 09/13/13		4,200,000		4,221,281
				45,609,667
Computers & Peripherals—0.6%
Hewlett-Packard Co. 0.654%, 05/30/14 (a)		4,200,000		4,223,054
Construction Materials—0.1%
Euramax International, Inc. 9.500%, 04/01/16 (144A)		500,000		487,500
Consumer Finance—3.1%
Ally Financial, Inc. 1.750%, 10/30/12		7,000,000		7,121,170
4.500%, 02/11/14		1,750,000		1,754,375
Banque PSA Finance 3.375%, 04/04/14 (144A)		4,100,000		4,187,359
Caterpillar Financial Services Corp., Series MTN 1.375%, 05/20/14		4,200,000		4,220,080
Consumer Finance—(Continued)
Daimler Finance North America LLC 1.950%, 03/28/14 (144A)	$	4,200,000	$	4,237,443
Ford Motor Credit Co. LLC 7.000%, 04/15/15		1,500,000		1,623,989
				23,144,416
Diversified Financial Services—4.5%
Bank of America Corp., Series MTN 1.693%, 01/30/14 (a)		4,200,000		4,212,852
Citigroup Funding, Inc. 1.875%, 10/22/12		7,000,000		7,138,425
Citigroup, Inc. 0.377%, 03/07/14 (a)		4,200,000		4,048,334
General Electric Capital Corp. 2.100%, 01/07/14		4,200,000		4,262,194
International Lease Finance Corp. 8.625%, 09/15/15		1,000,000		1,087,500
JPMorgan Chase & Co., Series MTN 1.074%, 01/24/14 (a)		4,200,000		4,213,885
UBS AG of Stamford, Connecticut 2.250%, 01/28/14		4,200,000		4,246,549
Woodside Finance, Ltd. 4.500%, 11/10/14 (144A)		4,200,000		4,503,420
				33,713,159
Diversified Telecommunication Services—1.6%
Frontier Communications Corp. 7.875%, 04/15/15		1,000,000		1,090,000
Qwest Corp. 7.500%, 10/01/14		4,200,000		4,730,250
Telefonica Emisiones SAU 2.582%, 04/26/13		2,100,000		2,122,657
Verizon Communications, Inc. 1.950%, 03/28/14		4,200,000		4,271,198
				12,214,105
Energy Equipment & Services—0.1%
Compagnie Generale de Geophysique-Veritas 9.500%, 05/15/16		1,000,000		1,097,500
Health Care Providers & Services—0.1%
Community Health Systems, Inc. 8.875%, 07/15/15		800,000		826,000

See accompanying notes to financial statements.

6

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Hotels, Restaurants & Leisure—0.1%
MGM Resorts International 6.625%, 07/15/15	$	1,000,000	$	942,500
Lodging—0.9%
Hilton Worldwide, Inc. 4.761%, 11/15/13 (144A) (a)		7,000,000		6,912,500
Media—0.9%
CCH II LLC/CCH II Capital Corp. 13.500%, 11/30/16		1,000,000		1,182,500
Dish DBS Corp. 7.125%, 02/01/16		1,000,000		1,060,000
NBCUniversal Media LLC 2.100%, 04/01/14 (144A)		4,200,000		4,258,535
				6,501,035
Multi-Utilities—0.6%
Sempra Energy 2.000%, 03/15/14		4,200,000		4,242,391
Office Electronics—0.6%
Xerox Corp. 1.081%, 05/16/14 (a)		4,200,000		4,223,810
Oil, Gas & Consumable Fuels—1.3%
Anadarko Petroleum Corp. 5.750%, 06/15/14		2,000,000		2,209,450
Chesapeake Energy Corp. 9.500%, 02/15/15		1,000,000		1,165,000
OPTI Canada, Inc. 9.000%, 12/15/12 (144A)		700,000		707,000
Petrohawk Energy Corp. 7.875%, 06/01/15		1,000,000		1,052,500
Valero Energy Corp. 4.750%, 06/15/13		4,200,000		4,467,947
				9,601,897
Paper & Forest Products—0.1%
NewPage Corp. 11.375%, 12/31/14		700,000		656,250
Thrifts & Mortgage Finance—0.1%
Ineos Group Holdings Ltd. 8.500%, 02/15/16 (144A)		700,000		694,750
Total Domestic Bonds & Debt Securities (Cost $173,651,485)				173,091,795
Foreign Bonds & Debt Securities—13.6%
Security Description	Par Amount		Value
Australia—1.8%
New South Wales Treasury Corp.,
Series 813 5.500%, 08/01/13 (AUD)	$	3,900,000	$	4,228,545
Queensland Treasury Corp. 6.000%, 08/21/13 (AUD)		4,410,000		4,821,527
Western Australia Treasury Corp.,
Series 13 8.000%, 06/15/13 (AUD)		3,600,000		4,081,755
				13,131,827
Greece—0.5%
Hellenic Republic Government Bond 4.500%, 05/20/14 (EUR)		4,000,000		3,430,452
Indonesia—0.6%
Indonesia Retail Bond, Series ORI7 7.950%, 08/15/13 (IDR)		17,000,000,000		2,054,081
Indonesia Treasury Bond, Series FR33 12.500%, 03/15/13 (IDR)		15,700,000,000		2,022,445
				4,076,526
Ireland—0.4%
Ireland Government Bond 4.600%, 04/18/16 (EUR)		3,000,000		3,124,244
Israel—0.7%
Israel Government Bond, Series 0312 4.000%, 03/30/12 (ILS)		8,550,000		2,550,027
Israel Treasury Bill—Makam,
Series 0412 2.455%, 04/04/12 (b) (ILS)		8,550,000		2,451,255
				5,001,282
Malaysia—1.6%
Bank Negara Monetary Notes,
Series 3911 2.635%, 10/18/11 (b) (MYR)		3,800,000		1,247,122
Malaysia Government Bond
Series 0109 2.509%, 08/27/12 (MYR)		7,120,000		2,347,499
Series 0309 2.711%, 02/14/12 (MYR)		9,470,000		3,138,959
Series 5/06 3.718%, 06/15/12 (MYR)		16,610,000		5,546,783
				12,280,363

See accompanying notes to financial statements.

7

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Foreign Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Mexico—0.6%
Mexican Bonos, Series MI10 8.000%, 12/19/13 (MXN)	$	50,200,000	$	4,541,019
Netherlands—0.1%
Refresco Group B.V. 5.420%, 05/15/18 (144A) (a) (EUR)		300,000		435,622
Norway—1.2%
Norway Treasury Bill 0.000%, 03/21/12 (b) (NOK)		50,700,000		9,266,236
Poland—1.2%
Poland Government Bond
Series 0113 3.390%, 01/25/13 (b) (PLN)		14,620,000		4,959,452
Series 0412 4.750%, 04/25/12 (PLN)		9,250,000		3,375,165
Series 1013 5.000%, 10/24/13 (PLN)		1,925,000		704,464
				9,039,081
South Africa—0.1%
Edcon Proprietary, Ltd. 4.721%, 06/15/14 (144A) (a) (EUR)		500,000		639,034
South Korea—2.4%
Korea Treasury Bond,
Series 1312 3.000%, 12/10/13 (KRW)		19,200,000,000		17,694,662
Sweden—1.6%
Sweden Government,
Series 1046 5.500%, 10/08/12 (SEK)		72,600,000		11,997,935
Sweden Treasury Bill 0.000%, 12/21/11 (b) (SEK)		1,700,000		267,344
				12,265,279
United Kingdom—0.8%
United Kingdom Gilt 5.000%, 03/07/12 (GBP)		3,770,000		6,238,771
Total Foreign Bonds & Debt Securities (Cost $102,838,245)				101,164,378
Municipals—4.7%
Arizona School Facilities Board, Certificates of Participation,
Series A-2 (NATL-RE) 5.000%, 09/01/16		2,000,000		2,172,940
Municipals—(Continued)
Security Description	Par Amount		Value
Municipals—(Continued)
Citizens Property Insurance Corp. Revenue, Series A3 1.840%, 07/07/11 (a)	$	2,500,000	$	2,500,275
City of Burleson, Texas, Refunding, General Oblgation, Ltd. 3.000%, 03/01/13		690,000		714,060
3.000%, 03/01/14		1,010,000		1,064,378
City of Cleveland, Ohio, Public Improvements, General Obligation, Ltd. 2.250%, 12/01/15		1,295,000		1,314,050
City of New York, New York, Refunding, General Obligation Unlimited,
Series D (NATL-RE-FGIC/TCRs) 5.000%, 08/01/15		2,000,000		2,276,160
Columbia County School District, School Improvements 4.000%, 10/01/15		2,000,000		2,229,720
Cook County High School District No. 205 Thornton Township, School Improvements (Assured Guaranty Insured) 5.500%, 12/01/16		2,540,000		2,967,558
County of Pima Arizona, Public Improvements, General Obligation Unlimited 3.000%, 07/01/16		2,400,000		2,527,368
New York City Transitional Finance Authority, Revenue, Refunding, General Obligation, Ltd.,
Sub-Series E 5.000%, 11/01/14		2,000,000		2,257,720
New York State Dormitory Authority, Revenue, Refunding, Series B (Assured Guaranty Insured) 4.000%, 10/01/14		2,085,000		2,236,017
New York State Thruway Authority, Revenue, Refunding,
Series B (AGM) 5.000%, 04/01/15		2,000,000		2,269,760
New York State Urban Development Corp., Revenue, Refunding,
Series A-2 5.000%, 01/01/15		2,000,000		2,247,040

See accompanying notes to financial statements.

8

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Municipals—(Continued)

Security Description	Par Amount		Value
Municipals—(Continued)
Reading School District, Refunding, General Obligation Unlimited,
Series A 5.000%, 04/01/15	$	2,500,000	$	2,768,625
State of Illinois, Refunding, General Obligation Unlimited (AGM) 5.000%, 01/01/16		2,500,000		2,736,700
Tulsa County Industrial Authority, School Improvements, Revenue 4.000%, 09/01/16		2,315,000		2,513,372
Total Municipals (Cost $34,771,484)				34,795,743
Asset-Backed Securities—4.6%
Asset Backed - Credit Card—4.4%
American Express Credit Account Master Trust 0.487%, 05/15/15 (a)		3,200,000		3,208,742
Capital One Multi-Asset Execution Trust 0.547%, 10/15/15 (a)		3,935,000		3,944,851
0.247%, 01/15/16 (a)		3,200,000		3,191,778
Chase Issuance Trust 0.217%, 06/16/14 (a)		3,000,000		2,998,278
Citibank Credit Card Issuance Trust 1.937%, 03/17/14 (a)		3,200,000		3,238,201
Citibank Omni Master Trust 2.287%, 05/16/16 (144A) (a)		3,200,000		3,239,226
Discover Card Master Trust 1.487%, 12/15/14 (a)		3,200,000		3,238,137
0.587%, 06/15/15 (a)		3,200,000		3,210,823
GE Capital Credit Card Master Note Trust 0.237%, 06/15/15 (a)		3,500,000		3,494,053
MBNA Credit Card Master Note Trust 0.247%, 10/15/15 (a)		3,200,000		3,196,168
				32,960,257
Asset Backed - Home Equity—0.2%
Morgan Stanley ABS Capital I 1.386%, 05/25/33 (a)		692,219		587,448
0.921%, 01/25/35 (a)		1,200,000		990,421
				1,577,869
Total Asset-Backed Securities (Cost $34,535,400)				34,538,126
Mortgage-Backed Securities—4.6%
Security Description	Par Amount		Value
Commercial Mortgage-Backed Securities—4.6%
Banc of America Commercial Mortgage, Inc. 5.421%, 09/10/45	$	3,200,000	$	3,304,754
5.460%, 09/10/45		3,200,000		2,979,229
5.695%, 07/10/46 (a)		1,500,000		1,351,544
Banc of America Large Loan, Inc. 1.937%, 11/15/15 (144A) (a)		3,121,024		2,898,850
Bear Stearns Commercial Mortgage Securities 5.611%, 09/11/41		3,000,000		2,728,428
Citigroup/Deutsche Bank Commercial Mortgage Trust 5.220%, 07/15/44 (a)		1,700,000		1,606,517
5.617%, 10/15/48		3,200,000		3,477,587
Greenwich Capital Commercial Funding Corp. 5.224%, 04/10/37		3,200,000		3,439,386
5.881%, 07/10/38		3,200,000		3,556,792
GS Mortgage Securities Corp. II 5.553%, 04/10/38		3,200,000		3,481,305
Wachovia Bank Commercial Mortgage Trust 0.267%, 06/15/20 (144A) (a)		2,883,220		2,616,410
5.740%, 05/15/43 (a)		2,700,000		2,470,166
				33,910,968
Total Mortgage-Backed Securities (Cost $34,637,526)				33,910,968
Loan Participation (c)—2.2%
Aerospace & Defense—0.1%
TransDigm Group, Inc., New Term Loan B 4.000%, 02/14/17		598,496		600,854
Automobiles—0.2%
Hertz Corp., (The), Term Loan B 3.750%, 03/09/18		329,175		327,923
KAR Auction Services, Inc., Term Loan B 5.000%, 05/19/17		589,054		593,716
Tomkins LLC, New Term Loan B 4.250%, 09/29/16		219,449		219,835
				1,141,474

See accompanying notes to financial statements.

9

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Loan Participation (c)—(Continued)

Security Description	Par Amount		Value
Chemicals—0.1%
Nalco Co., Term Loan B1 4.500%, 10/05/17	$	199,497	$	200,980
Rockwood Specialties Group, Inc., New Term Loan B 3.750%, 02/09/18		700,000		704,483
				905,463
Containers & Packaging—0.0%
Reynolds Group Holdings, Inc., Tranche E Term Loan 4.250%, 02/09/18		222,789		221,868
Diversified Financial Services—0.1%
Fidelity National Information Solutions, Inc., Term Loan B 5.250%, 07/18/16		219,447		220,709
Interactive Data Corp., New Term Loan B 4.750%, 02/12/18		219,450		219,977
Moneygram International, Inc., Term Loan B 4.529%, 11/17/17		109,800		110,088
MSCI, Inc., Term Loan B1 3.750%, 03/14/17		219,450		220,752
				771,526
Diversified Telecommunication Services—0.2%
CSC Holdings, Inc., Incremental B-2 Term Loan 1.936%, 03/29/16		199,474		198,310
Intelsat Jackson Holdings S.A., Tranche B Term Loan 5.250%, 04/02/18		875,000		879,008
Weather Channel (The), New Term Loan B 0.000%, 02/13/17 (d)		225,198		226,356
				1,303,674
Food & Staples Retailing—0.3%
Aramark corp. Extended Letter of Credit 3.436%, 07/26/16		25,984		25,924
Extended Term Loan B
3.496%, 07/26/16		394,579		393,659
Del Monte Foods Co., Term Loan 4.500%, 03/08/18		1,032,910		1,031,619
Food & Staples Retailing—(Continued)
SUPERVALU, Inc., Extended Term Loan B2 0.000%, 10/05/15 (d)	$	718,200	$	708,271
				2,159,473
Health Care Providers & Services—0.4%
Community Health Systems, Inc., Extended Term Loan B 3.754%, 01/25/17		797,990		780,342
DaVita, Inc., New Term Loan B 4.500%, 10/20/16		299,248		300,583
HCA, Inc., Extended Term Loan B2 3.496%, 03/31/17		825,072		815,274
Universal Health Services, Inc., New Term Loan B 4.000%, 11/15/16		762,252		765,690
Warner Chilcott Co. LLC, New Term Loan B2 4.250%, 03/15/18		125,780		125,977
Warner Chilcott corp., New Term Loan B1 4.250%, 03/15/18		251,560		251,954
WC Luxco S.A.R.L., New Term Loan B3 4.250%, 03/15/18		172,948		173,218
				3,213,038
Hotels, Restaurants & Leisure—0.2%
Ameristar Casinos, Inc., Term Loan B 4.000%, 04/13/18		282,598		283,864
Burger King corp., New Term Loan B 4.500%, 10/19/16		873,339		871,789
Penn National Gaming, Inc., New Term Loan B 0.000%, 06/20/18 (d)		79,106		79,393
				1,235,046
Household Durables—0.0%
Goodman Global Holdings, Inc., 1st Lien Term Loan 0.000%, 10/28/16 (d)		317,736		319,126
Industrial Conglomerates—0.0%
Trans Union LLC, New Term Loan B 4.750%, 02/12/18		179,550		179,679
IT Services—0.0%
Sungard Data Systems, Inc., Tranche B 3.870%, 02/26/16		220,000		219,724

See accompanying notes to financial statements.

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Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Loan Participation (c)—(Continued)

Security Description	Par Amount		Value
Machinery—0.1%
Rexnord corp., Term Loan B 2.770%, 07/19/13	$	450,000	$	447,001
Manufacturing—0.1%
Diversey Holdings, Inc., Term Loan B 0.000%, 11/24/15 (d)		301,927		302,399
Walter Energy, Inc., Term Loan B 4.000%, 04/02/18		224,000		224,344
				526,743
Media—0.1%
Cinemark USA, Inc., Extended Term Loan 3.470%, 04/29/16		219,443		220,540
Regal Cinemas, Inc., Term Loan B 3.496%, 08/23/17		219,449		219,494
UPC Financing Partnership, Term Loan T 3.691%, 12/30/16		220,000		219,542
				659,576
Metals & Mining—0.1%
American Rock Salt Holdings LLC, Term Loan 5.500%, 04/19/17		612,500		614,034
Multiline Retail—0.0%
Dollar General corp., Tranche B-1 Term Loan 2.970%, 07/07/14		220,000		220,244
Personal Products—0.1%
Bausch and Lomb, Inc. Delayed Draw Term Loan 0.000%, 04/24/15 (d)		117,183		116,646
Term Loan
0.000%, 04/24/15 (d)		481,713		479,206
DineEquity, Inc., New Term Loan B 4.250%, 10/19/17		180,000		180,337
				776,189
Publishing—0.1%
Visant Holding Corp., Term Loan B 5.250%, 12/22/16		872,807		869,844
Wireless Telecommunication Services—0.0%
SBA Finance, Term Loan 0.000%, 06/29/18 (d)	$	144,367	$	144,843
Total Loan Participation (Cost $16,611,864)				16,529,419
Convertible Bonds—0.1%
Construction Materials—0.1%
Cemex S.A.B. de C.V. 3.250%, 03/15/16		1,000,000		995,000
Total Convertible Bonds (Cost $968,254)				995,000
Short-Term Investments—6.8%
Discount Notes—4.1%
Federal Home Loan Bank 0.010%, 07/01/11 (b)		30,800,000		30,800,000
Repurchase Agreements—2.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $18.,585,005 on 07/01/11 collateralized by $18,865,000 Fannie Mae at 5.000% due 04/08/30 with a value of $18,959,325.	$	18,585,000		18,585,000
U.S. Treasury—0.2%
U.S. Treasury Bills 0.039%, 08/25/11 (b) (e)		1,000,000		999,992
Total Short-Term Investments (Cost $50,384,941)				50,384,992
Total Investments—100.3% (Cost $750,060,305#)				747,777,693
Other Assets and Liabilities (net)—(0.3)%				(1,915,620	)
Net Assets—100.0%			$	745,862,073

See accompanying notes to financial statements.

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Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $750,061,553. The aggregate unrealized appreciation and depreciation of investments were $1,278,573 and $(3,561,191), respectively, resulting in a net unrealized depreciation of $(2,282,618) for federal income tax purposes.

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2011. Maturity date shown for callable securities reflects the earliest possible call date.

(b) Zero coupon bond—Interest rate represents current yield to maturity.

(c) Senior floating-rate interests (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 redetermined 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.

(d) This Senior Loan will settle after June 30, 2011, at which time the interest rate will be determined.

(e) All or a portion of the security was pledged as collateral against open futures contracts.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transaction exempt from registration , normally to qualified institutional buyers, As of June 30, 2011, the market value of 144A securities was $63,191,524, which was 8.5% of net assets.

AGM— Assured Guaranty Municipal Corporation

AUD— Australian Dollar

EUR— Euro

GBP— British Pound

IDR— Indonesian Rupiah

ILS— Israeli Shekel

KRW— South Korean Won

MYR— Malaysian Ringgit

MXN— Mexican Peso

NOK— Norwegian Krone

PLN— Polish Zloty

SEK— Swedish Krona

See accompanying notes to financial statements.

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Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the period from April 29, 2011 (commencement of operations) through June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	302,367,272		$	—	$	302,367,272
Total Domestic Bonds & Debt Securities*		—			173,091,795			—		173,091,795
Total Foreign Bonds & Debt Securities*		—			101,164,378			—		101,164,378
Municipals		—			34,795,743			—		34,795,743
Total Asset-Backed Securities*		—			34,538,126			—		34,538,126
Total Mortgage-Backed Securities*		—			33,910,968			—		33,910,968
Total Loan Participation*		—			16,529,419			—		16,529,419
Total Convertible Bonds*		—			995,000			—		995,000
Total Short-Term Investments*		—			50,384,992			—		50,384,992
Total Investments	$	—		$	747,777,693		$	—	$	747,777,693
Forward Contracts**
Forward Contracts to Buy Appreciation	$	—		$	73,116		$	—	$	73,116
Forward Contracts to Buy (Depreciation)		—			(219,227	)		—		(219,227	)
Forward Contracts to Sell Appreciation		—			476,744			—		476,744
Forward Contracts to Sell (Depreciation)		—			(371,116	)		—		(371,116	)
Total Forward Contracts	$	—		$	(40,483	)	$	—	$	(40,483	)
Futures Contracts**
Futures Contracts Short (Depreciation)	$	(38,200	)	$	—		$	—	$	(38,200	)
SWAP Contracts**
Credit Default Swap Buy Protection Appreciation	$	—		$	492,606		$	—	$	492,606
Credit Default Swap Buy Protection (Depreciation)		—			(78,403	)		—		(78,403	)
Credit Default Swap Sell Protection Appreciation		—			22,456			—		22,456
Credit Default Swap Sell Protection (Depreciation)		—			(482,855	)		—		(482,855	)
Total SWAP Contracts	$	—		$	(46,196	)	$	—	$	(46,196	)

* See Schedule of Investments for additional detailed categorizations.

** Derivative instruments such as forwards, futures and swap contracts are valued based on the unrealized appreciation/depreciation on the instrument.

See accompanying notes to financial statements.

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Met/Franklin Low Duration Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	729,192,693
Repurchase Agreement		18,585,000
Cash		43,493
Cash denominated in foreign currencies (b)		480,181
Receivable for investments sold		4,284,725
Receivable for shares sold		833,103
Net variation margin on financial futures contracts		79,921
Interest receivable		4,890,077
Swap interest receivable		275,981
Swap premium paid		3,167,518
Unrealized appreciation on swap contracts		515,062
Unrealized appreciation on forward currency exchange contracts		549,861
Total assets		762,897,615
Liabilities
Payables for:
Investments purchased		10,637,767
Shares redeemed		225,302
Unrealized depreciation on forward currency exchange contracts		590,344
Unrealized depreciation on swap contracts		561,258
Swap interest		102,273
Swap premium received		603,997
Premium for written swaps		3,948,056
Accrued Expenses:
Management fees		280,679
Distribution and service fees - Class B		1,843
Administration fees		3,510
Custodian and accounting fees		25,656
Other expenses		54,857
Total liabilities		17,035,542
Net Assets	$	745,862,073
Net Assets Represented by
Paid in surplus	$	746,135,293
Accumulated net realized gain		383,645
Unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transacations		(2,404,108	)
Undistributed net investment income		1,747,243
Net Assets	$	745,862,073
Net Assets
Class A	$	731,694,940
Class B		14,167,133
Capital Shares Outstanding*
Class A		73,202,574
Class B		1,417,943
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.00
Class B		9.99

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

(a) Identified cost of investments, excluding repurchase agreement, was $731,475,305.

(b) Identified cost of cash denominated in foreign currencies was $475,662.

Statement of Operations

Period Ended June 30, 2011* (Unaudited)

Investment Income
Interest	$	2,413,017
Total investment income		2,413,017
Expenses
Management fees		602,859
Administration fees		6,494
Custodian and accounting fees		30,693
Distribution and service fees - Class B		2,169
Audit and tax services		16,896
Legal		20,227
Trustees’ fees and expenses		4,926
Shareholder reporting		18,818
Insurance		483
Organizational expense		769
Miscellaneous		2,330
Total expenses		706,664
Less management fee waiver		(40,890	)
Net expenses		665,774
Net investment income		1,747,243
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swaps Contracts and Foreign Currency transactions
Net realized gain (loss) on:
Investments		355,590
Futures contracts		(44,045	)
Swap contracts		(2,783	)
Foreign currency transactions		74,883
Net realized gain on investments, futures contracts, swap contracts and foreign currency transactions		383,645
Net change in unrealized appreciation (depreciation) on:
Investments		(2,282,612	)
Futures contracts		(38,200	)
Swap contracts		(46,196	)
Foreign currency transactions		(37,100	)
Net change in unrealized depreciation on investments, futures contracts, options contracts, swap contracts, and foreign currency transactions		(2,404,108	)
Net realized and unrealized loss on investments, futures contracts, swap contracts and foreign currency transactions		(2,020,463	)
Net Decrease in Net Assets from Operations	$	(273,220	)

* Commencement of operations—4/29/2011.

See accompanying notes to financial statements.

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Met/Franklin Low Duration Total Return Portfolio

Statement of Changes in Net Assets

June 30, 2011

	Period Ended June 30, 2011* (Unaudited)
Decrease in Net Assets:
Operations
Net investment income	$	1,747,243
Net realized gain on investments, futures contracts, swap contracts, and foreign currency transactions		383,645
Net change in unrealized appreciation on investments, futures contracts, swap contracts, and foreign currency transactions		(2,404,108	)
Net decrease in net assets resulting from operations		(273,220	)
Net increase in net assets from capital share transactions		746,135,293
Net Increase in Net Assets		745,862,073
Net assets at end of period	$	745,862,073
Undistributed net investment income at end of period	$	1,747,243

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Period Ended June 30, 2011* (Unaudited)
	Shares			Value
Class A
Sales		73,481,791		$	734,770,063
Redemptions		(279,217	)		(2,789,393	)
Net increase		73,202,574		$	731,980,670
Class B
Sales		1,451,726		$	14,491,989
Redemptions		(33,783	)		(337,366	)
Net increase		1,417,943		$	14,154,623
Increase derived from capital shares transactions				$	746,135,293

* Commencement of operations—4/29/2011.

See accompanying notes to financial statements.

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Met/Franklin Low Duration Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Period Ended June 30, 2011(b) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income (a)		0.03
Net Realized and Unrealized gain on Investments		(0.03	)
Total From Investment Operations		0.00
Net Asset Value, End of Period	$	10.00
Total Return (%)		(0.10	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.59	*
Ratio of Net Expenses to Average Net Assets (%)(c)		0.55	*
Ratio of Net Investment Income to Average Net Assets (%)		1.45	*
Portfolio Turnover Rate (%)		52.8
Net Assets, End of Period (in millions)	$	729.2

	Class B
	Period Ended June 30, 2011(b) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income(a)		0.03
Net Realized and Unrealized gain on Investments		(0.04	)
Total From Investment Operations		(0.01	)
Net Asset Value, End of Period	$	9.99
Total Return (%)		(0.10	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.84	*
Ratio of Net Expenses to Average Net Assets (%)(c)		0.80	*
Ratio of Net Investment Income to Average Net Assets (%)		1.89	*
Portfolio Turnover Rate (%)		52.8
Net Assets, End of Period (in millions)	$	14.1

* Annualized

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

(b) Commencement of operations—4/29/2011.

(c) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

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Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Franklin Low Duration Total Return Portfolio (the “Portfolio”) (commenced operations on April 29, 2011), 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 four classes of shares: Class A, B, C and E Shares. Class A and B Shares are currently offered by the Portfolio. 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 expenses.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are categorized as Level 2 within the fair value hierarchy.

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Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

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

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns will remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 futures transactions, foreign currency transactions, swap transactions, options transactions, premium amortization adjustments, paydown transactions, contingent payment debt instrument adjustments, forward transactions, deferred trustees’ compensation, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

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 U.S. dollars 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. Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities. 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. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded as Net realized gains and losses on investments. 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.

Forward Commitments and When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed delivery basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale 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, delayed delivery or forward commitment basis, the Portfolio will hold liquid assets in a segregated account at the Portfolio’s custodian bank 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.

Loan Participations - 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, 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 and the Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

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 mortgaged obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, 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). Payments received for the IOs are included in interest income on the Statement of Operations of the Portfolio. 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 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.

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MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(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 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.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Franklin Advisers, Inc. (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the period ended June 30, 2011	% per annum			Average Daily Net Assets
$602,859		0.520	%	First $100 Million
		0.510	%	$100 Million to $250 Million
		0.500	%	$250 Million to $500 Million
		0.490	%	$500 Million to $1 Billion
		0.470	%	$1 Billion to $1.5 Billion
		0.450	%	Over $1.5 Billion

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.

Management Fee Waiver - The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Trust that are managed by the Subadviser and/or its affiliates.

From May 1, 2011 through May 23, 2011, the Adviser contractually agreed to waive a portion of the management fee reflecting the difference, if any, between the subadvisory fee payable by the Adviser to the Subadviser that was calculated based solely on the assets of the Portfolio and the fee that was calculated when the Portfolio’s assets were aggregated with those of the Met/Franklin Income Portfolio, Met/Franklin Mutual Shares Portfolio and Met/Templeton Growth Portfolio, each a series of the Trust. Over the same period of time, the assets of Met/Templeton International Bond Portfolio were included on a voluntary basis for purposing of determining the amount of the management fee waiver. Effective May 24, 2011, the assets of Met/Templeton International Bond Portfolio were contractually added to the calculation of the management fee waiver.

Amounts waived for the period ended June 30, 2011 are shown as a management fee waiver in the Statement of Operations.

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.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2012. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business

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MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratios as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current        Expense  Limitation Agreement
Class A	Class B
0.75%		1.00	%

If in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratios for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratios as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

Distribution Agreement and Plan - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class A and Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average net daily assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the period ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended June 30, 2011 were as follows:

Purchases					Sales
U.S. Government	Non U.S. Government		Foreign Government		U.S. Government		Non U.S. Government		Foreign Government
$630,598,573	$	319,782,677	$	76,498,354	$	316,518,234	$	8,101,164	$	—

5. Investments in Derivative Instruments

Investments in Derivative Instruments - Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a Portfolio uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Portfolio’s results of operations and financial position. Summarized below are the specific types of derivative instruments utilized by the Portfolio.

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 value 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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MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - 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 to sell 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 risks if the counterparties to the contracts are unable to meet the terms of the contracts.

Futures Contracts - The Portfolio may buy and sell futures contracts (on recognized exchanges) 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, 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, for a set price in the future. 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. 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 securities. Futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Swap Agreements - The Portfolio may enter into swap contracts. Swap contracts are derivatives agreements to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. The term “specified index” includes, but is not limited to, currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices, stock indices and commodity indices (as well as amounts derived from arithmetic operations on these indices). A Portfolio will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. The Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid assets, to avoid any potential leveraging of the Portfolio. The Portfolio may enter into swap transactions with counterparties that are approved by the investment adviser 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.

The swaps in which the Portfolio may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. Swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments the Portfolio is contractually obligated to receive. If the other party to a swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio contractually is entitled to receive.

An index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices.

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.

Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If an investment adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Portfolio would be less favorable than it would have been if this investment technique were not used.

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MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

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 sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. As the seller in a credit default swap contract, the Portfolio would be required to pay the par (or other agreed upon) value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Portfolio would keep the stream of payments and would have no payment obligations. An upfront payment received by the Portfolio is recorded as a liability on the books. An upfront payment made by the Portfolio is recorded as an asset on the books. As the seller, the Portfolio would be subject to investment exposure on the notional amount of the 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 expire worthless 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—the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. The Portfolio’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the unrealized appreciation of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in Note 8 to the Notes to Financials Statements and serve as an indicator of the 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. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. 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.

The maximum potential amount of future payments (undiscounted) that a 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, 2011 for which a Portfolio is the seller of protection are disclosed in Note 8 to the Notes to Financials Statements. 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 a Portfolio for the same referenced entity or entities.

Swap agreements are marked to market daily. The change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of realized gain (loss) on the Statement of Operations.

At June 30, 2011, the Portfolio had the following derivatives, grouped into appropriate risk categories:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Credit Risk	Unrealized appreciation on swap contracts	$	515,062	Unrealized depreciation on swap contracts	$	561,258
	Unrealized appreciation on futures contracts*		—	Unrealized depreciation on futures contracts*		38,200
Foreign Currency Exchange	Unrealized appreciation on forward foreign currency exchange contracts		549,861	Unrealized depreciation on forward foreign currency exchange contracts		590,344
Total		$	1,064,923		$	1,189,802

* Includes cumulative appreciation/depreciation of futures contracts as reported in the notes to financial statements. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

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MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

Transactions in derivative instruments during the period ended June 30, 2011, were as follows:

Statement of Operations Location - Net Realized Gain (Loss)	Credit			Interest Rate			Foreign Currency Exchange			Total
Futures contracts	$	—		$	(44,045	)	$	—		$	(44,045	)
Swap contracts		(2,783	)		—			—			(2,783	)
	$	(2,783	)	$	(44,045	)	$	—		$	(46,828	)
Statement of Operations Location - Net Change in Unrealized Gain (Loss)
Foreign currency transactions	$	—		$	—		$	(40,483	)	$	(40,483	)
Futures contracts		—			(38,200	)		—			(38,200	)
Swap contracts		(46,196	)		—			—			(46,196	)
	$	(46,196	)	$	(38,200	)	$	(40,483	)	$	(124,879	)

For the period ended June 30, 2011, the average amount or number per contract outstanding for each derivative type was as follows:

Average Notional or Face Amount(a)	Credit Risk		Interest Rate Risk			Foreign Currency Risk		Total
Foreign currency transactions	$	—	$	—		$	71,546,270	$	71,546,270
Futures contracts short		—		(15,500,000	)		—		(15,500,000	)
Swap contracts		75,476,319		—			—		75,476,319

(a) Averages are based on daily activity levels during 2011.

6. Forward Foreign Currency Exchange Contracts

Forward Foreign Currency Exchange Contracts to Buy:

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
5/4/2012	Deutsche Bank AG		1,129,880,000	CLP	$	2,332,951	$	2,350,000	$	(17,049	)
5/9/2012	JPMorgan Chase Bank N.A.		1,133,875,000	CLP		2,339,938		2,350,000		(10,062	)
5/7/2012	JPMorgan Chase Bank N.A.		118,818,000	INR		2,532,433		2,520,000		12,433
5/7/2012	Deutsche Bank AG		119,574,000	INR		2,548,546		2,520,000		28,546
5/4/2012	JPMorgan Chase Bank N.A.		128,788,870	PHP		2,907,595		3,010,000		(102,405	)
5/7/2012	Deutsche Bank AG		129,673,810	PHP		2,926,963		3,010,000		(83,037	)
5/4/2012	Deutsche Bank AG		1,623,132	SGD		1,324,006		1,330,000		(5,994	)
5/7/2012	Morgan Stanley		1,629,622	SGD		1,329,320		1,330,000		(680	)
5/18/2012	Morgan Stanley		3,496,264	SGD		2,852,137		2,820,000		32,137
Net Unrealized Depreciation									$	(146,111	)

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MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Forward Foreign Currency Exchange Contracts to Sell:

Settlement Date	Counterparty	Contracts to Deliver			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
5/4/2012	Deutsche Bank AG		8550000	EUR	$	12,299,793	$	12,549,690	$	249,897
5/7/2012	Citibank N.A.		456,944	EUR		657,281		672,028		14,747
5/7/2012	Deutsche Bank Securities, Inc.		2,350,000	EUR		3,380,303		3,441,105		60,802
5/7/2012	Morgan Stanley		6,170,000	EUR		8,875,093		9,022,083		146,990
5/10/2012	Citibank N.A.		2,909,965	EUR		4,185,348		4,121,093		(64,255	)
5/10/2012	Deutsche Bank AG		300,000	EUR		431,484		422,238		(9,246	)
5/16/2012	Deutsche Bank AG		2,134,000	EUR		3,068,671		2,993,575		(75,096	)
5/25/2012	Deutsche Bank AG		3,772,396	EUR		5,423,023		5,240,612		(182,411	)
6/6/2012	Deutsche Bank AG		500,796	EUR		719,631		715,358		(4,273	)
6/11/2012	Deutsche Bank AG		187,000	EUR		268,669		270,901		2,232
7/5/2012	Deutsche Bank AG		1,455,100	EUR		2,088,899		2,080,211		(8,688	)
5/9/2012	Deutsche Bank AG		283,178,000	JPY		3,523,044		3,500,000		(23,044	)
5/9/2012	Morgan Stanley		281,655,500	JPY		3,504,103		3,500,000		(4,103	)
5/17/2012	Morgan Stanley		265,900,000	JPY		3,308,535		3,310,611		2,076
Net Unrealized Appreciation										105,628

CLP—Chilean Peso

EUR—Euro

INR—Indian Rupee

JPY—Japanese Yen

PHP—Philippine Peso

SGD—Singapore Dollar

7. Futures Contracts

The futures contracts outstanding as of June 30, 2011 and the description and unrealized appreciation (depreciation) were as follows:

Futures Contracts - Short	Expiration Date		Number of Contracts			Contract Amount			Valuation as of June 30, 2011			Unrealized Depreciation
U.S. Treasury Note 10 Year Futures		09/21/2011		(155	)	$	(18,922,659	)	$	(18,960,859	)	$	(38,200	)
Net Unrealized Depreciation												$	(38,200	)

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Swap Agreements

Credit Default Swaps on Corporate and Sovereign Issuers - Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Hellenic Republic		(1.000	%)		06/20/14	Citibank N.A.		24.46	%		EUR	4,000,000	$	2,301,717		$	1,908,358		$	393,359
5.900%, due 10/22/2022
Hilton Worldwide, Inc.		(5.000	%)		12/20/13	Credit Suisse Group AG		3.06	%		USD	7,000,000		(323,922	)		(263,676	)		(60,246	)
4.761%, due 11/15/2013
Republic of Ireland		(1.000	%)		06/20/16	Credit Suisse Group AG		7.49	%		EUR	3,000,000		966,203			866,956			99,247
4.500%, due 04/18/2020
Total													$	2,943,998		$	2,511,638		$	432,360

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

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Implied Credit Spread at June 30, 2011 (b)			Notional Amount (c)				Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Celanese US Holdings LLC		1.800	%		06/20/16		Credit Suisse Group AG		1.93	%		USD	500,000		$	(2,821	)	$	—		$	(2,821	)
3.303%, due 10/31/2016
Republic of Hungary		1.000	%		06/20/16		Credit Suisse Group AG		2.64	%		USD	700,000			(52,167	)		(50,370	)		(1,797	)
4.750%, due 02/03/2015
Republic of Lithuania		1.000	%		06/20/16		Credit Suisse Group AG		1.99	%		USD	400,000			(18,287	)		(18,566	)		279
4.500%, due 03/05/2013
Total															$	(73,275	)	$	(68,936	)	$	(4,339	)
														��

Credit Default Swaps on Credit Indices - Sell Protection (d)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011 (b)		Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.IG.16		1.000	%		06/20/16	Credit Suisse Group AG		—		USD	15,000,000	$	55,986		$	86,723		$	(30,737	)
LCDX.NA.15		2.500	%		12/20/15	Credit Suisse Group AG		—		USD	20,000,000		(197,500	)		250,000			(447,500	)
MCDX.NA.16		1.000	%		06/20/16	Citibank N.A.		—		USD	15,000,000		(194,208	)		(216,385	)		22,177
Total												$	(335,722	)	$	120,338		$	(456,060	)

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Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Swap Agreements - continued

Credit Default Swaps on Credit Indices - Buy Protection (d)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.IG.16		1.000	%		06/20/16	Goldman Sachs & Co.		0.92	%		USD	10,000,000	$	37,324		$	55,481		$	(18,157	)
LCDX.NA.16		2.500	%		06/20/16	Credit Suisse Group AG		—			USD	4,000,000		(55,000	)		(55,000	)		—
Total													$	(17,676	)	$	481		$	(18,157	)

EUR—Euro

USD— United States Dollar

(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 sovereign issues of an emerging country 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 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.

9. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

10. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

27

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

28

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreement

At an in-person meeting of the Board of Trustees (the “Board”) of the Met Investors Series Trust (the “Trust”) held on February 14-15, 2011, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), initially approved the Trust’s advisory agreement (the “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the investment sub-advisory agreement (the “Sub-Advisory Agreement”, and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and Franklin Advisers, Inc. (the “Subadviser”) for the Met/Franklin Low Duration Total Return Portfolio (the “Portfolio”).¹

In considering the Agreements, the Board reviewed a variety of materials provided by the Adviser and the Subadviser relating to the Portfolio, the Adviser and the Subadviser, including comparative fee and expense information for an appropriate peer group of similar mutual funds, performance information for relevant benchmark indices, and other information regarding the nature, extent and quality of services to be provided by the Adviser and the Subadviser under their respective Agreements. The Independent Trustees also assessed a report provided by the Board’s independent consultant, who reviewed and provided analyses regarding fees and expenses, and other information provided by, or at the direction of, the Adviser and Subadviser, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process. Prior to voting to approve the Agreements at the February meeting, the Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed initial approval of the Agreements. The Board also discussed the Portfolio with the Adviser on January 19, 2011. The Independent Trustees also discussed the proposed initial approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolio by the Adviser and the Subadviser; (2) the performance of a comparable fund managed by the Subadviser as compared to an appropriate index; (3) the Adviser’s and the Subadviser’s personnel and operations; (4) the financial condition of the Adviser and of the Subadviser; (5) the level and method of computing the Portfolio’s proposed advisory and subadvisory fees; (6) the anticipated profitability of the Adviser under the Advisory Agreement and of the Subadviser under the Sub-Advisory Agreement; (7) any “fall-out” benefits to the Adviser, the Subadviser and their affiliates (i.e., ancillary benefits realized by the Adviser, the Subadviser or their affiliates from the Adviser’s or Subadviser’s relationship with the Trust); (8) the anticipated effect of growth in size on the Portfolio’s performance and expenses; (9) fees paid by comparable institutional and retail accounts; and (10) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolio by the Adviser’s affiliates, including distribution services.

Nature, extent and quality of services. In considering the nature, extent and quality of the services to be provided by the Adviser to the Portfolio, the Board took into account the extensive responsibilities that the Adviser would have as investment adviser to the Portfolio, including the selection of the Subadviser for the Portfolio and oversight of the Subadviser’s compliance with fund policies and objectives, review of brokerage matters including with respect to trade allocation and best execution, oversight of general fund compliance with federal and state laws, its risk management processes, and the implementation of Board directives as they relate to the Portfolio. The Adviser’s role in coordinating the activities of the Portfolio’s other service providers was also considered. The Board also evaluated the expertise and performance of the personnel who would be overseeing the Subadviser and compliance with the Portfolio’s investment restrictions, tax and other requirements. The Board considered information received from the Trust’s Chief Compliance Officer (the “CCO”) regarding the Portfolio’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including the policies and procedures in place relating to proxy voting. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to the Portfolio. The Board also took into account its familiarity with management through Board meetings, discussions and reports during the preceding year. The Board also took into consideration the quality of services the Adviser provided to other Portfolios of the Trust.

The Board also recognized the Adviser’s reputation and long-standing experience in serving as an investment adviser to the Trust, and considered the anticipated benefit to shareholders of investing in a fund that is part of a family of variable annuity portfolios offering a variety of investments. In addition, the Board reviewed the financial condition of the Adviser and whether it had the financial wherewithal to provide a high level and quality of services to the Portfolio. In its review, the Board also received and took into account information regarding any services and/or payments to be provided to the Adviser by the Subadviser in connection with marketing activities.

With respect to the services to be provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, including the Subadviser’s Form ADV, as well as information presented throughout the past year regarding the Subadviser. The Board considered the Subadviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed the Subadviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Subadviser’s

¹ At the February 14-15, 2011 meeting, the Board also approved Agreements with respect to the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio, MetLife Balanced Plus Portfolio, Pyramis^® Government Income Portfolio, and T. Rowe Price Large Cap Value Portfolio.

29

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreement—(Continued)

investment and compliance personnel who would be providing services to the Portfolio. The Board also considered, among other things, the Subadviser’s compliance program and its disciplinary history, and its risk assessment and monitoring process. The Board noted the Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and ameliatory actions undertaken, as appropriate. The Board also noted that the CCO and his staff would be conducting regular, periodic compliance reviews with the Subadviser and present reports to the Independent Trustees regarding the same, which would include evaluating the regulatory compliance system of the Subadviser and procedures reasonably designed by the Subadviser assure compliance with the federal securities laws, including issues related to late trading and market timing, best execution, fair value pricing, and proxy voting procedures, among others. The Board also took into account the financial condition of the Subadviser. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to the Portfolio.

The Board considered the Subadviser’s investment process and philosophy. The Board took into account that the Subadviser’s responsibilities would include the development and maintenance of an investment program for the Portfolio which would be consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also reviewed the Subadviser’s brokerage policies and practices, including with respect to best execution and soft dollars.

Based on its consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and by the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Portfolio.

Performance. The Board considered the performance of a comparable fund managed by the Subadviser (the “Comparable Fund”). Among other data relating specifically to the Comparable Fund, the Board considered that the Comparable Fund outperformed its benchmark, the Barclays Capital U.S. Government and Credit (1-3 Year) Index for the one-, three- and five- year periods ended December 31, 2010. Based on its review, the Board concluded that the performance of the Comparable Fund, the Adviser and the Subadviser supported the approval of the Agreements.

Fees and expenses. The Board gave substantial consideration to the proposed management fees payable under the Advisory Agreement and the proposed subadvisory fee payable under the Sub-Advisory Agreement. In addition, the Independent Trustees reviewed a report prepared by Bobroff Consulting, Inc., an independent consultant (“Bobroff”), which analyzed certain of the other factors to be considered by the Board. The Independent Trustees, with the assistance of Bobroff, also examined the proposed fees to be paid by the Portfolio in light of fees paid to other investment managers by comparable funds and the method of computing the Portfolio’s proposed fee. In addition, the Board considered the Portfolio’s proposed management fee and total expenses as compared to similarly situated investment companies underlying variable insurance products and retail funds deemed to be comparable to the Portfolio as determined by Bobroff. In comparing the Portfolio’s proposed management fee to that of comparable funds, the Board noted that such fee includes both advisory and administrative fees.

The Board noted that the subadvisory fee for the Portfolio would be paid by the Adviser, not the Portfolio, out of the management fee. It was further noted that the Adviser negotiated such fee at arm’s length. The Board also considered that the Adviser had agreed to enter into an expense limitation agreement with the Portfolio, pursuant to which the Adviser would agree to waive a portion of its management fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

The Board also compared the proposed subadvisory fee to be paid by the Adviser to the fees charged by the Subadviser to manage other funds and funds not subject to regulation under the 1940 Act, such as separate accounts, as applicable. The Board considered the fee comparisons in light of the differences required to manage different types of accounts.

The Board considered that, according to a report prepared by Bobroff, the Portfolio’s proposed management fee was below the median of the peer group. The Board further considered that the Portfolio’s estimated total expenses (exclusive of 12b-1 fees) were above the median of the peer group. The Board took into account management’s discussion of the Portfolio’s estimated expenses.

After consideration of all relevant factors, the Board concluded that the proposed management and subadvisory fees were consistent with industry norms and were fair and reasonable in light of the services to be provided.

Profitability. The Board examined the anticipated profitability of the Adviser with respect to the Portfolio. The Board noted that a major component of profitability of the Adviser would be the margin between the management fee that the Adviser would receive from the Portfolio and the portion of that fee the Adviser would pay to the Subadviser. The Board also took into account the costs borne by the Adviser’s affiliates that support the operations of the Adviser, as well as considered the profitability of the insurance products, the function of which is supported in part by the Adviser’s revenues under the Advisory Agreement. The Board also considered that the Trust’s distributor, MetLife Investors Distribution Company, would receive Rule 12b-1 payments to support the distribution of the products. The Board concluded after extensive discussions with management that the anticipated profitability of the Adviser and its affiliates from their relationship with the Portfolio was reasonable in light of all relevant factors.

In considering the anticipated profitability to the Subadviser and its affiliates of their relationships with the Portfolio, the Board noted that the proposed subadvisory fee under the Sub-Advisory Agreement would be paid by the Adviser out of the management fee that it would receive under

30

MET INVESTORS SERIES TRUST

Met/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreement—(Continued)

the Advisory Agreement. The Board also relied on the ability of the Adviser to negotiate the Sub-Advisory Agreement and the fees thereunder at arm’s length. However, the Board placed more reliance on the fact that the Sub-Advisory Agreement was negotiated at arm’s length and that the proposed subadvisory fees would be paid by the Adviser than on the Subadviser’s anticipated profitability.

Economies of scale. The Board also considered the probable effect of the Portfolio’s growth in size on its performance and fees. The Board noted that the proposed management and subadvisory fees each contained breakpoints that would reduce the fee rate above specified asset levels. The Board also took into account that the proposed subadvisory fees would be paid by the Adviser out of the management fees. The Board considered the fact that the Portfolio’s fee levels decline as portfolio assets increase. The Board also noted that if the Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses. The Board concluded that the proposed advisory fee structure for the Portfolio, including breakpoints, was reasonable and appropriately reflects potential economies of scale.

Other factors. As part of its evaluation of the Adviser’s compensation, the Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trust. Among them, the Board recognized that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as the distributor for the Trust, and, as such, would receive payments pursuant to Rule 12b-1 from the Portfolio to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board also considered that affiliates of the Adviser may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board concluded that anticipated ancillary benefits that may accrue to the Adviser and its affiliates by virtue of the Adviser’s relationship with the Portfolio are fair and reasonable in light of the anticipated costs of providing investment management and other services to the Portfolio and the ongoing commitment of the Adviser to the Portfolio.

The Board considered other benefits that may be realized by the Subadviser and its affiliates from their relationship with the Trust, including the opportunity to provide advisory services to additional portfolios of the Trust and reputational benefits. The Board concluded that the benefits that may accrue to the Subadviser and their affiliates by virtue of the Subadviser’s relationship to the Portfolio were fair and reasonable in light of the anticipated costs of providing investment advisory services to the Portfolio and the ongoing commitment of the Subadviser to the Portfolio.

The Board considered any possible conflicts of interest in the form of material benefits or detriments to the Trust resulting from the nature of the Trust’s and the Adviser’s or the Subadviser’s affiliations. Here, the Board considered possible conflicts of interest that may arise between the Trust and the Adviser or the Subadviser in connection with the services to be provided to the Trust and the various relationships that they and their affiliates may have with the Trust. The Board considered the procedures for monitoring and managing such potential conflicts.

Conclusion. In considering the initial approval of each of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Advisory Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent legal counsel, approved the Advisory Agreement and the Sub-Advisory Agreement with respect to the Portfolio.

31

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Met Investors Series Trust Met/Franklin Mutual Shares Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares Portfolio

Managed by Franklin Mutual Advisers, LLC

Portfolio Manager Commentary*

Performance

For the six-month period ended June 30, 2011, the Class A and B shares of the Met/Franklin Mutual Shares Portfolio returned 5.97% and 5.84%, respectively, compared to its benchmark, the Standard & Poor’s (S&P) 500 Index¹, which returned 6.02%.

Market Environment/Conditions

The global economy expanded despite geopolitical and inflationary pressures during the six-month period ended June 30, 2011. In the U.S., business activity increased and consumer spending stayed above pre-recession levels. The U.S. has been a key engine in a sustained global manufacturing expansion as international trade volume continued to increase, albeit at a moderate pace. The U.S. financial system appeared closer to a full recovery, although the country still faced challenges dealing with persistent unemployment, housing market weakness and massive debt.

Inflation at the consumer, producer and trade levels rose across much of the world, but in the U.S. it remained relatively contained. As a result, the Federal Reserve Board (Fed) maintained its accommodative monetary policy while ending its second round of quantitative easing on June 30. The Fed said, however, it would continue to purchase Treasuries with proceeds from maturing debt in an effort to support economic growth. This move deviated from many other central banks around the world that raised interest rates to dampen inflation pressures.

Continued corporate profit strength and still favorable economic growth prospects in some regions of the world supported equities. Global stock markets gained in the first half of 2011, though the positive momentum from the previous year waned as investors weathered international events that included revolutions and civil unrest across the Middle East and North Africa, the multiple crises triggered by Japan’s earthquake and tsunami, and sovereign debt worries and credit downgrades in Europe. The dollar declined during the period against most currencies, however, broadly reflecting divergent interest rate and/or economic growth expectations.

Portfolio Review/Current Positioning

During the period under review, some of the Portfolio’s investments lost value and negatively impacted the Portfolio’s results. These included U.S.-based Bank of America Corp., Japanese video game software and console maker Nintendo Co., Ltd., and U.S. network equipment provider Cisco Systems, Inc.

Bank of America detracted from performance during the six-month period largely due to concerns about potential mortgage losses, particularly from Countrywide Financial Corp., a mortgage-finance company it acquired in 2008. In addition, uncertainty regarding the systemically important financial institutions (SIFI) capital surcharge, a potential additional capital requirement for large banks, weighed on Bank of America’s share price. While potential regulatory and other risks to the company’s business prospects remained, we think these risks were priced into the stock at period-end. In our analysis, Bank of America has leading positions in all of its businesses, its capital position is adequate and the need to raise further capital is unlikely. Furthermore, its credit costs continued to fall, and the mortgage loss issue appeared manageable, according to our analysis.

Nintendo’s share price deteriorated after the company reported sales of its new handheld console, the Nintendo 3DS, were slower than anticipated. In particular, sales of this new gaming device were weak in its home market of Japan, where the natural disaster hurt consumer sentiment, and in other parts of the world due to a lack of compelling software titles at launch date and the console’s relatively high initial sales price. At period-end, net cash accounted for more than 50% of Nintendo’s market capitalization, and we believe the company can successfully leverage their software intellectual property in the next gaming console cycle. With this in mind, we continued to hold Nintendo in the Portfolio at period-end.

Cisco Systems, Inc. is a relatively new addition to the Portfolio, initiated in early 2011. Early in the first quarter, Cisco issued lower-than-expected earnings guidance citing economic pressures such as subdued spending by government agencies, a key revenue stream, and missteps in its consumer-focused businesses. In mid-May, Cisco shares declined further when the company confirmed it had completed another disappointing quarter. However, management announced significant cost realignment and an exit from certain consumer markets, both of which we believe should improve financial results. Cisco’s competitive position remained strong, its balance sheet appeared overcapitalized at period-end, and the company announced it would begin paying a dividend as well as continuing to buy back stock. For these reasons, along with management’s commitment to repair the company’s current cost structure, we found Cisco’s valuation appealing.

The Portfolio held currency forwards that detracted from performance for the period, primarily based on the euro’s and the U.K. pound’s appreciation versus the U.S. dollar.

In contrast, in an environment of generally rising equity prices, many Portfolio investments increased in value during the six-month period. Three particularly strong Portfolio performers were UnitedHealth Group, Inc. a U.S. managed health care provider; Marathon Oil Corp., a U.S.-based oil and gas exploration and production company with interests worldwide; and U.K.-based British American Tobacco plc (BAT).

Shares of UnitedHealth Group, Inc. rose sharply in value during the first half of 2011. In January, its share price was fueled by a combination of the company’s announcement of better-than-expected fourth quarter 2010 earnings and, more importantly, its higher revenue guidance for 2011. Other positive catalysts included the company’s ongoing efforts to increase shareholder value through share buybacks and dividends. In our view, UnitedHealth’s long-term earnings growth is supported by a diversified business mix and a

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MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares Portfolio

Managed by Franklin Mutual Advisers, LLC

Portfolio Manager Commentary* (continued)

growing percentage of earnings generated by its increasingly successful health care services business. Although there was no specific catalyst for the continued increase in the company’s stock price in the second quarter, we believe many investors may have recognized the low earnings multiple at which the company’s shares had been trading. In addition, investors seemed to become more comfortable with the implications of pending U.S. health care reforms on the company’s business model.

The value of our investment in Marathon Oil Corp. rose sharply in early 2011, initially driven by management’s announced plans to spin off its downstream operations to shareholders to become a pure-play exploration and production company. Investors pushed Marathon shares higher as they began to recognize the value of the underlying businesses. The share price showed continuing strength in the spring as the spin-off date approached, oil prices rose, and refining margins improved considerably, driven primarily by the company’s strong Midwestern refining system, which benefited from recent investments and widening crude oil price differentials in a land-locked market.

BAT is the world’s second-largest publicly traded tobacco company, with a presence in more than 180 countries. During the period under review, the stock performed well. In February, the company reported full-year 2010 operating results that exceeded market expectations. In addition, BAT management reported it had delivered on its five-year goal to realize £800 million in cost savings two years ahead of schedule. In May, the company held an investor relations day during which its top executives discussed further cost-cutting opportunities. Management believes it can continue to grow operating margins for the next six to seven years aided by price increases and cost-cutting programs. Management explained that cost savings will come from myriad opportunities including simplifying its business structure, improvements in procurement, a reduction in logistics costs, further rationalization of manufacturing facilities, and the standardization and consolidation of back-office centers and processes. The company also reaffirmed its goal to grow medium-term earnings per share in the high single-digit range, although management also mentioned it would likely exceed that goal in 2011. BAT is a long-term Portfolio holding, and the shares have generated nearly 700% in total shareholder returns over the past 10 years. At period-end, we continued to believe BAT was an attractive investment due to the industry’s pricing power, the company’s additional cost savings opportunities and a shareholder friendly management team that often has returned excess cash to shareholders through dividends and share buybacks.

For the period under review, equities we believe are undervalued remained the core of the Portfolio, with sector weightings remaining fairly consistent. The largest weighting changes were increases in our exposure to the Consumer Discretionary and Health Care sectors. The Portfolio’s exposure to Financials and Information Technology decreased, as did its cash position. Although merger and acquisition (M&A) opportunities accelerated during the first quarter of 2011, many of the available deals did not meet our investment criteria. Therefore, our weight in M&A investments remained moderate at approximately 2.5% of net assets on average during the six-month review period. Investment opportunities in the distressed space also remained moderate, and although credit spreads remained historically low through June, there appeared to be a lack of compelling distressed opportunities available at decent prices, according to our analysis.

We continue to employ a fundamental, bottom-up approach and favor opportunities with identifiable events or catalysts that we believe can unlock value for our shareholders. We also continue to prefer companies that tend to pay higher dividends and can generate solid and consistent free cash flow.

Peter A. Langerman, Co-Portfolio Manager

F. David Segal, CFA, Co-Portfolio Manager

Debbie A. Turner, CFA, Assistant Portfolio Manager

Franklin Mutual 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 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.

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MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares Portfolio

Portfolio Composition as of June 30, 2011

Top Issuers

	% of Net Assets
CVS Caremark Corp.		2.6
British American Tobacco plc		2.5
Kraft Foods, Inc. Class A		2.3
Marathon Oil Corp.		2.0
UnitedHealth Group, Inc.		2.0
Pfizer, Inc.		1.9
Microsoft Corp.		1.9
Merck & Co., Inc.		1.8
Nestle S.A.		1.7
Imperial Tobacco Group plc		1.7

Top Sectors

	% of Market Value of Total Investments
Non-Cyclical		30.6
Financials		13.5
Communications		10.7
Cash & Equivalents		7.6
Energy		6.7
Industrials		6.0
Technology		5.7
Cyclical		5.7
Utilities		4.1
Basic Materials		4.1

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MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares Portfolio

Met/Franklin Mutual Shares Portfolio managed by

Franklin Mutual Advisers, LLC vs. S&P 500 Index¹

	Average Annual Return2 (for the six months ended June 30, 2011
	6 Month		1 year		Since Inception3
Met/Franklin Mutual Shares Portfolio—Class A		5.97%		24.40%		-0.46%
Class B		5.84%		24.20%		-0.70%
S&P 500 Index1		6.02%		30.69%		0.46%

The performance of Class B shares, as set forth in the line graph above, will differ from that of the other class of shares because of the difference in expenses paid by policyholders investing in the different share classes.

¹The 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“Average Annual Return” is calculated including reinvestment of all income dividends and capital gains distributions.

³Inception of Class A and Class B shares is 4/28/08. Index returns are based on an inception date of 4/28/08.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

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MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares 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, 2011 through June 30, 2011.

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.

	Annualized Expense Ratio		Beginning Account Value January 1, 2011		Ending Account Value June 30, 2011		Expenses Paid During Period** January 1, 2011 to June 30, 2011
Class A(a)(b)
Actual		0.86%	$	1,000.00	$	1,059.70	$	4.39
Hypothetical*		0.86%		1,000.00		1,020.53	$	4.31
Class B(a)(b)
Actual		1.11%	$	1,000.00	$	1,058.40	$	5.67
Hypothetical*		1.11%		1,000.00		1,019.29	$	5.56

* 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).

(a) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 3 of the Notes to Financial Statements.

(b) The annualized expense ratio reflects the impact of the management fee waiver as described in Note 3 to the Financial Statements.

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MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—88.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.4%
GenCorp, Inc.* (a)		84,611	$	543,203
Huntington Ingalls Industries, Inc.* (a)		65,328		2,253,816
				2,797,019
Air Freight & Logistics—0.4%
TNT N.V.		143,235		1,217,198
TNT Express N.V.*		143,235		1,487,812
				2,705,010
Automobiles—1.4%
Daimler AG		58,997		4,446,905
General Motors Co.* (a)		144,192		4,377,669
				8,824,574
Beverages—4.0%
Coca-Cola Enterprises, Inc.		125,062		3,649,309
Dr Pepper Snapple Group, Inc. (a)		156,583		6,565,525
Foster's Group, Ltd.		405,612		2,246,691
PepsiCo, Inc.		67,640		4,763,885
Pernod Ricard S.A. (a)		90,594		8,943,612
				26,169,022
Biotechnology—1.4%
Amgen, Inc.*		119,794		6,989,980
Cephalon, Inc.*		30,496		2,436,630
				9,426,610
Building Products—0.9%
Owens Corning, Inc.*		150,829		5,633,463
Capital Markets—1.7%
Morgan Stanley		297,572		6,847,132
UBS AG*		243,231		4,432,180
				11,279,312
Chemicals—1.4%
Linde AG		51,509		9,044,595
Commercial Banks—3.5%
Barclays plc		1,256,980		5,179,952
CIT Group, Inc.*		56,290		2,491,396
PNC Financial Services Group, Inc.		120,394		7,176,686
Wells Fargo & Co.		297,072		8,335,840
				23,183,874
Communications Equipment—1.1%
Cisco Systems, Inc.		325,049		5,074,015
Motorola Solutions, Inc.*		48,949		2,253,612
				7,327,627
Computers & Peripherals—1.1%
Hewlett-Packard Co.		201,529	$	7,335,656
Diversified Financial Services—2.2%
Bank of America Corp.		506,044		5,546,242
Bond Street Holdings LLC—Class A*		78,194		1,602,977
Deutsche Boerse AG		51,060		3,880,998
NYSE Euronext		100,060		3,429,056
				14,459,273
Diversified Telecommunication Services—1.2%
Cable & Wireless Communications plc		1,964,904		1,279,771
Telefonica S.A.		271,795		6,656,548
				7,936,319
Electric Utilities—2.6%
Brookfield Infrastructure Partners LP		104,787		2,624,914
E.On AG		221,135		6,287,102
Entergy Corp.		39,060		2,667,017
Exelon Corp.		134,398		5,757,610
				17,336,643
Electrical Equipment—0.1%
Alstom S.A. (a)		12,186		751,636
Electronic Equipment, Instruments & Components—0.7%
TE Connectivity, Ltd.		130,917		4,812,509
Energy Equipment & Services—1.6%
Ensco plc (ADR)		44,143		2,352,822
Exterran Holdings, Inc.* (a)		10,927		216,683
Transocean, Ltd.		118,870		7,674,247
				10,243,752
Food & Staples Retailing—4.8%
Carrefour S.A.		46,669		1,919,637
CVS Caremark Corp.		458,177		17,218,292
Kroger Co. (The)		338,909		8,404,943
Wal-Mart Stores, Inc.		69,255		3,680,211
				31,223,083
Food Products—4.8%
General Mills, Inc.		145,101		5,400,659
Kraft Foods, Inc.—Class A		420,794		14,824,573
Nestle S.A.		183,350		11,386,939
				31,612,171
Health Care Equipment & Supplies—2.2%
Boston Scientific Corp.*		538,422		3,720,496

See accompanying notes to financial statements.

6

MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies (Continued)
Medtronic, Inc.		192,674	$	7,423,729
Zimmer Holdings, Inc.*		46,641		2,947,711
				14,091,936
Health Care Providers & Services—3.3%
Coventry Health Care, Inc.*		71,208		2,596,956
Tenet Healthcare Corp.*		915,943		5,715,484
UnitedHealth Group, Inc.		252,127		13,004,711
				21,317,151
Hotels, Restaurants & Leisure—0.0%
Thomas Cook Group plc (a)		126,403		270,145
Household Durables—0.6%
Stanley Black & Decker, Inc.		52,688		3,796,170
Independent Power Producers & Energy Traders—0.8%
NRG Energy, Inc.* (a)		220,457		5,418,833
Industrial Conglomerates—0.9%
Koninklijke Philips Electronics N.V.		105,724		2,717,448
Orkla A.S.A.		327,309		3,121,826
				5,839,274
Insurance—4.6%
ACE, Ltd.		109,876		7,232,038
Alleghany Corp.*		8,909		2,967,677
American International Group, Inc.*		192,570		5,646,152
CNO Financial Group, Inc.* (a)		121,940		964,545
Old Republic International Corp. (a)		226,404		2,660,247
White Mountains Insurance Group, Ltd.		16,348		6,868,776
Zurich Financial Services AG		14,150		3,573,814
				29,913,249
Leisure Equipment & Products—0.7%
Mattel, Inc.		175,916		4,835,931
Marine—1.1%
A.P. Moller - Maersk A.S.—Class B		854		7,379,898
Media—6.0%
British Sky Broadcasting Group plc		434,740		5,911,285
News Corp.—Class A		506,436		8,963,917
Time Warner Cable, Inc.		105,716		8,250,077
Time Warner, Inc.		215,332		7,831,625
Viacom, Inc.—Class B		101,249		5,163,699
Virgin Media, Inc. (a)		116,371		3,482,984
				39,603,587
Metals & Mining—1.3%
ThyssenKrupp AG		166,690	$	8,660,213
Multi-Utilities—0.6%
GDF Suez		112,921		4,138,827
Office Electronics—1.7%
Xerox Corp.		1,049,414		10,924,400
Oil, Gas & Consumable Fuels—4.8%
BP plc		302,119		2,228,576
Marathon Oil Corp.		247,110		13,017,755
Murphy Oil Corp.		57,968		3,806,179
Prime AET&D Holdings No. 1 (144A) (b)		762,551		1
Royal Dutch Shell plc—Class A		260,764		9,271,083
Williams Cos., Inc. (The)		103,311		3,125,158
				31,448,752
Paper & Forest Products—1.7%
Domtar Corp.		33,084		3,133,717
International Paper Co.		269,715		8,042,901
				11,176,618
Pharmaceuticals—6.4%
Eli Lilly & Co.		276,898		10,391,982
Merck & Co., Inc.		327,965		11,573,885
Novartis AG		81,659		4,998,656
Pfizer, Inc.		599,308		12,345,745
Teva Pharmaceutical Industries, Ltd. (ADR)		50,121		2,416,834
				41,727,102
Real Estate—0.6%
Canary Wharf Group plc (144A)* (b)		767,618		3,715,987
Real Estate Investment Trusts—1.7%
Alexander’s, Inc. (a)		11,059		4,390,423
Weyerhaeuser Co. (a)		313,729		6,858,116
				11,248,539
Real Estate Management & Development—0.1%
Forestar Real Estate Group, Inc.* (a)		51,756		850,351
Semiconductors & Semiconductor Equipment—1.1%
LSI Corp.*		960,137		6,836,175
Software—2.9%
Microsoft Corp.		471,555		12,260,430
Nintendo Co., Ltd.		13,417		2,522,314
Symantec Corp.*		213,746		4,215,071
				18,997,815

See accompanying notes to financial statements.

7

MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/Par Amount		Value
Tobacco—8.3%
Altria Group, Inc.		417,057	$	11,014,475
British American Tobacco plc		378,015		16,588,756
Imperial Tobacco Group plc		335,830		11,178,654
Japan Tobacco, Inc.		256		986,248
Lorillard, Inc.		45,758		4,981,674
Philip Morris International, Inc.		73,378		4,899,449
Reynolds American, Inc.		136,765		5,067,143
				54,716,399
Wireless Telecommunication Services—1.5%
Vodafone Group plc		3,764,126		10,015,186
Total Common Stocks (Cost $499,521,033)				579,024,686
Loan Participation—3.4%
Commercial Banks—0.3%
CIT Group, Inc.
6.250%, 08/11/15 (c)	$	1,963,709		1,978,152
Electronic Equipment—0.9%
Texas Competitive Electric Holdings Co. LLC
4.730%, 10/10/17 (c)		7,576,241		5,940,531
Media—0.8%
Clear Channel Communications, Inc.
3.836%, 01/28/16 (c)		4,097,000		3,482,450
3.836%, 01/29/16 (c)		2,059,976		1,741,911
				5,224,361
Real Estate—1.4%
Realogy Corp.
4.643%, 10/10/13 (c)		785,003		736,926
4.518%, 10/10/16 (c)		9,016,300		8,114,670
13.500%, 10/15/17		273,000		291,359
				9,142,955
Utilities—0.0%
Boston Generating LLC
4.503%, 12/21/13 (c)		1,109		391
6.500%, 12/21/13 (c)		35,464		12,501
				12,892
Total Loan Participation (Cost $22,948,670)				22,298,891
Domestic Bonds & Debt Securities—0.6%
Security Description	Shares/Par Amount		Value
Media—0.2%
Clear Channel Communications, Inc.
11.000%, 08/01/16 (a) (d)	$	1,460,000	$	1,299,400
Oil, Gas & Consumable Fuels—0.3%
OPTI Canada, Inc.
9.000%, 12/15/12		541,000		546,410
9.750%, 08/15/13 (a)		1,449,000		1,445,378
				1,991,788
Real Estate—0.1%
Realogy Corp. 7.875%, 02/15/19 (a)		560,000		560,000
Total Domestic Bonds & Debt Securities (Cost $3,911,335)				3,851,188
Rights—0.0%
Pharmaceuticals—0.0%
Sanofi expires 12/31/20 (Cost—$201,290)		90,671		218,517
Short-Term Investments—13.6%
Discount Notes—0.3%
Federal Home Loan Bank 0.010%, 07/01/11 (e)	$	2,000,000		2,000,000
Mutual Funds—6.0%
State Street Navigator Securities Lending Prime Portfolio (f)		39,430,200		39,430,200
Repurchase Agreement—2.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $14,791,004 on 07/01/11 collateralized by $15,090,000 Federal Home Loan Bank at 0.330% due 07/16/12 with a value of $15,090,000.	$	14,791,000		14,791,000
U.S. Government & Agency Discount Notes—5.0%
U.S. Treasury Bills 0.175%, 07/07/11 (a) (e)		5,000,000		4,999,995
0.148%, 08/04/11 (a) (e)		5,000,000		4,999,990
0.125%, 08/25/11 (a) (e)		10,000,000		9,999,920
0.100%, 09/22/11 (e)		5,000,000		4,999,825

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

Met/Franklin Mutual Shares Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Par Amount		Value
U.S. Government & Agency Discount Notes—(Continued)
0.100%, 10/13/11 (e)	$	5,000,000	$	4,999,680
0.075%, 11/25/11 (e)		3,000,000		2,999,241
				32,998,651
Total Short-Term Investments (Cost $89,214,932)				89,219,851
Total Investments—105.8% (Cost $615,797,260#)				694,613,133
Other Assets and Liabilities (net)—(5.8)%				(38,029,026	)
Net Assets—100.0%			$	656,593,557

* Non-income producing security.

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $615,797,260. The aggregate unrealized appreciation and depreciation of investments were $95,150,834 and $(16,334,961), respectively, resulting in a net unrealized appreciation of $78,815,873 for federal income tax purposes.

(a) All or a portion of the security was on loan. As of June 30, 2011, the market value of securities loaned was $44,092,356 and the collateral received consisted of cash in the amount of $39,430,200 and non-cash collateral with a value of $5,429,800. 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 are held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, these are excluded from the Statement of Assets and Liabilities.

(b) Security was valued in good faith under procedures approved by the Board of Trustees.

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2011. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Zero coupon bond—Interest rate represents current yield to maturity.

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

(f) Represents investment of cash collateral received from securities lending transactions.

(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, 2011, the market value of 144A securities was $3,715,988, which was 0.6% 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.

Countries  Diversification as of June 30, 2011 (Unaudited)
Top Ten Countries	% of Net Assets
United States		61.8
United Kingdom		10.4
Switzerland		6.7
Germany		4.9
France		2.4
Bermuda		1.4
Denmark		1.1
Spain		1.0
Japan		0.5
Norway		0.5

See accompanying notes to financial statements.

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Met/Franklin Mutual Shares Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the six months ended June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	2,797,019	$	—	$	—	$	2,797,019
Air Freight & Logistics		1,487,812		1,217,198		—		2,705,010
Automobiles		4,377,669		4,446,905		—		8,824,574
Beverages		14,978,719		11,190,303		—		26,169,022
Biotechnology		9,426,610		—		—		9,426,610
Building Products		5,633,463		—		—		5,633,463
Capital Markets		6,847,132		4,432,180		—		11,279,312
Chemicals		—		9,044,595		—		9,044,595
Commercial Banks		18,003,922		5,179,952		—		23,183,874
Communications Equipment		7,327,627		—		—		7,327,627
Computers & Peripherals		7,335,656		—		—		7,335,656
Diversified Financial Services		10,578,275		3,880,998		—		14,459,273
Diversified Telecommunication Services		—		7,936,319		—		7,936,319
Electric Utilities		11,049,541		6,287,102		—		17,336,643
Electrical Equipment		—		751,636		—		751,636
Electronic Equipment, Instruments & Components		4,812,509		—		—		4,812,509
Energy Equipment & Services		10,243,752		—		—		10,243,752
Food & Staples Retailing		29,303,446		1,919,637		—		31,223,083
Food Products		20,225,232		11,386,939		—		31,612,171
Health Care Equipment & Supplies		14,091,936		—		—		14,091,936
Health Care Providers & Services		21,317,151		—		—		21,317,151
Hotels, Restaurants & Leisure		—		270,145		—		270,145
Household Durables		3,796,170		—		—		3,796,170
Independent Power Producers & Energy Traders		5,418,833		—		—		5,418,833
Industrial Conglomerates		—		5,839,274		—		5,839,274
Insurance		26,339,435		3,573,814		—		29,913,249
Leisure Equipment & Products		4,835,931		—		—		4,835,931
Marine		—		7,379,898		—		7,379,898
Media		33,692,302		5,911,285		—		39,603,587
Metals & Mining		—		8,660,213		—		8,660,213
Multi-Utilities		—		4,138,827		—		4,138,827
Office Electronics		10,924,400		—		—		10,924,400

See accompanying notes to financial statements.

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Met/Franklin Mutual Shares Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY—(Continued)

Description	Level 1		Level 2			Level 3		Total
Oil, Gas & Consumable Fuels	$	29,220,175	$	2,228,576		$	1	$	31,448,752
Paper & Forest Products		11,176,618		—			—		11,176,618
Pharmaceuticals		36,728,446		4,998,656			—		41,727,102
Real Estate		—		—			3,715,987		3,715,987
Real Estate Investment Trusts		11,248,539		—			—		11,248,539
Real Estate Management & Development		850,351		—			—		850,351
Semiconductors & Semiconductor Equipment		6,836,175		—			—		6,836,175
Software		16,475,501		2,522,314			—		18,997,815
Tobacco		25,962,741		28,753,658			—		54,716,399
Wireless Telecommunication Services		—		10,015,186			—		10,015,186
Total Common Stocks		423,343,088		151,965,610			3,715,988		579,024,686
Total Loan Participation*		—		22,298,891			—		22,298,891
Total Domestic Bonds & Debt Securities*		—		3,851,188			—		3,851,188
Total Rights*		218,517		—			—		218,517
Short-Term Investments
Discount Notes		—		2,000,000			—		2,000,000
Mutual Funds		39,430,200		—			—		39,430,200
Repurchase Agreements		—		14,791,000			—		14,791,000
U.S. Government & Agency Discount Notes		—		32,998,651			—		32,998,651
Total Short-Term Investments		39,430,200		49,789,651			—		89,219,851
Total Investments	$	462,991,805	$	227,905,340		$	3,715,988	$	694,613,133
Forward Contracts**
Forward Contracts to Buy (Appreciation)	$	—	$	161,934		$	—	$	161,934
Forward Contracts to Buy (Depreciation)		—		(17,649	)		—		(17,649	)
Forward Contracts to Sell (Appreciation)		—		844,179			—		844,179
Forward Contracts to Buy (Depreciation)		—		(1,379,546	)		—		(1,379,546	)
Total Forward Contracts	$	—	$	(391,082	)	$	—	$	(391,082	)

* See Schedule of Investments for additional detailed categorizations.

** Derivative instruments such as forwards, futures contracts and swap contracts are valued on the unrealized appreciation/depreciation on the instrument.

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, 2010		Change in Unrealized Appreciation		Balance as of June 30, 2011		Change in Unrealized Appreciation for Investments still held at June 30, 2011
Common Stocks
Oil, Gas & Consumable Fuels	$	1	$	—	$	1	$	—
Real Estate		3,327,204		388,783		3,715,987		388,783
Total	$	3,327,205	$	388,783	$	3,715,988	$	388,783

See accompanying notes to financial statements.

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Met/Franklin Mutual Shares Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)(b)	$	679,822,133
Repurchase Agreement		14,791,000
Cash		93
Cash denominated in foreign currencies (c)		4,646,404
Receivable for investments sold		1,933,921
Receivable for shares sold		405,630
Dividends receivable		1,403,255
Interest receivable		286,505
Unrealized appreciation on forward currency contracts		1,006,113
Total assets		704,295,054
Liabilities
Payables for:
Investments purchased		5,725,687
Shares redeemed		522,004
Unrealized depreciation on forward currency contracts		1,397,195
Collateral for securities loaned		39,430,200
Accrued Expenses:
Management fees		423,269
Distribution and service fees - Class B		67,349
Administration fees		3,086
Custodian and accounting fees		44,068
Deferred trustees' fees		20,516
Other expenses		68,123
Total liabilities		47,701,497
Net Assets	$	656,593,557
Net Assets Represented by
Paid in surplus	$	467,837,268
Accumulated net realized gain		99,784,145
Unrealized appreciation on investments and foreign currency transacations		78,491,407
Undistributed net investment income		10,480,737
Net Assets	$	656,593,557
Net Assets
Class A	$	320,835,278
Class B		335,758,279
Capital Shares Outstanding*
Class A		36,997,927
Class B		38,967,902
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.67
Class B		8.62

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

(a) Identified cost of investments, excluding repurchase agreement, was $601,006,260.

(b) Includes securities loaned at value of $44,092,356.

(c) Identified cost of cash denominated in foreign currencies was $4,582,376.

Statement of Operations

Six Months June 30, 2011 (Unaudited)

Investment Income
Dividends (a)	$	11,392,837
Interest (b)		1,696,688
Total investment income		13,089,525
Expenses
Management fees		3,586,103
Administration fees		23,762
Custodian and accounting fees		150,164
Distribution and service fees - Class B		384,519
Audit and tax services		16,834
Legal		20,801
Trustees' fees and expenses		15,868
Shareholder reporting		29,938
Insurance		10,085
Miscellaneous		6,604
Total expenses		4,244,678
Less management fee waiver		(2,260	)
Net expenses		4,242,418
Net investment income		8,847,107
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		117,909,984
Futures contracts		3,002,180
Foreign currency transactions		(16,832,762	)
Net realized gain on investments, futures contracts and foreign currency transactions		104,079,402
Net change in unrealized appreciation (depreciation) on:
Investments		(50,110,032	)
Foreign currency transactions		2,538,367
Net change in unrealized depreciation on investments, futures contracts and foreign currency transactions		(47,571,665	)
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions		56,507,737
Net Increase in Net Assets from Operations	$	65,354,844

(a) Net of foreign withholding taxes of $500,137.

(b) Includes net income on securities loaned of $153,466.

See accompanying notes to financial statements.

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Statements of Changes in Net Assets

June 30, 2011

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Increase in Net Assets:
Operations
Net investment income	$	8,847,107		$	24,797,864
Net realized gain on investments, futures contracts and foreign currency transactions		104,079,402			69,451,007
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(47,571,665	)		5,127,512
Net increase in net assets resulting from operations		65,354,844			99,376,383
Distributions to Shareholders
From net investment income
Class A		(21,606,233	)		—
Class B		(8,703,947	)		—
From net realized gains
Class A		(40,500,424	)		(9,081,969	)
Class B		(17,263,421	)		(2,364,247	)
Net decrease in net assets resulting from distributions		(88,074,025	)		(11,446,216	)
Net increase (decrease) in net assets from capital share transactions		(285,816,863	)		68,118,608
Net Increase (Decrease) in Net Assets		(308,536,044	)		156,048,775
Net assets at beginning of period		965,129,601			809,080,826
Net assets at end of period	$	656,593,557		$	965,129,601
Undistributed net investment income at end of period	$	10,480,737		$	31,944,360

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Value			Shares			Value
Class A
Sales		5,528,342		$	50,229,247			12,853,216		$	107,215,609
Reinvestments		7,163,398			62,106,657			1,047,517			9,081,969
Redemptions		(53,271,912	)		(469,825,713	)		(17,388,182	)		(148,343,041	)
Net decrease		(40,580,172	)	$	(357,489,809	)		(3,487,449	)	$	(32,045,463	)
Class B
Sales		6,906,560		$	62,024,927			14,155,845		$	116,595,743
Reinvestments		3,012,456			25,967,368			273,957			2,364,247
Redemptions		(1,835,643	)		(16,319,349	)		(2,295,834	)		(18,795,919	)
Net increase		8,083,373		$	71,672,946			12,133,968		$	100,164,071
Increase (decrease) derived from capital shares transactions				$	(285,816,863	)				$	68,118,608

See accompanying notes to financial statements.

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Met/Franklin Mutual Shares Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009		2008(b)
Net Asset Value, Beginning of Period	$	8.91		$	8.11		$	6.48	$	10.00
Income (Loss) from Investment Operations
Net Investment Income(a)		0.09			0.25			0.11		0.07
Net Realized and Unrealized Gain (Loss) on Investments		0.44			0.66			1.52		(3.40	)
Total From Investment Operations		0.53			0.91			1.63		(3.33	)
Less Distributions
Distributions from Net Investment Income		(0.27	)		—			—		(0.19	)
Distributions from Net Realized Capital Gains		(0.50	)		(0.11	)		—		—
Distributions from Return of Capital		—			—			—		(0.00	)+
Total Distributions		(0.77	)		(0.11	)		—		(0.19	)
Net Asset Value, End of Period	$	8.67		$	8.91		$	8.11	$	6.48
Total Return (%)		5.97			11.23			25.15		(33.20	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.86	*		0.88			0.90		1.32	*
Ratio of Net Expenses to Average Net Assets (%)(c)		0.86	*		0.88			0.90		0.90	*
Ratio of Net Investment Income to Average Net Assets (%)		1.96	*		3.00			1.47		1.29	*
Portfolio Turnover Rate (%)		31.6			42.3			60.8		23.6
Net Assets, End of Period (in millions)	$	320.8		$	691.6		$	657.6	$	90.9
	Class B
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009		2008(b)
Net Asset Value, Beginning of Period	$	8.86		$	8.08		$	6.47	$	10.00
Income (Loss) from Investment Operations
Net Investment Income(a)		0.09			0.23			0.09		0.05
Net Realized and Unrealized Gain (loss) on Investments		0.42			0.66			1.52		(3.39	)
Total From Investment Operations		0.51			0.89			1.61		(3.34	)
Less Distributions
Distributions from Net Investment Income		(0.25	)		—			—		(0.19	)
Distributions from Net Realized Capital Gains		(0.50	)		(0.11	)		—		—
Distributions from Return of Capital		—			—			—		(0.00	)+
Total Distributions		(0.75	)		(0.11	)		—		(0.19	)
Net Asset Value, End of Period	$	8.62		$	8.86		$	8.08	$	6.47
Total Return (%)		5.84			11.02			24.88		(33.36	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		1.11	*		1.13			1.15		1.60	*
Ratio of Net Expenses to Average Net Assets (%)(c)		1.11	*		1.13			1.15		1.15	*
Ratio of Net Investment Income to Average Net Assets (%)		2.00	*		2.84			1.27		1.05	*
Portfolio Turnover Rate (%)		31.6			42.3			60.8		23.6
Net Assets, End of Period (in millions)	$	335.8		$	273.6		$	151.5	$	31.9

* Annualized

+ Distributions from return of capital were less than $0.01.

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

(b) Commencement of operations—4/28/2008.

(c) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

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Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Franklin Mutual Shares 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 Companies (“Metlife”) and other affiliated life insurance companies.

The Portfolio has registered four classes of shares: Class A, B, C and E Shares. Class A and B Shares are currently offered by the Portfolio. 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 expenses.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are categorized as Level 2 within the fair value hierarchy.

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Met/Franklin Mutual Shares Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

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

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state 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.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 Trusts (REIT), forwards transactions, Ingersoll Rand security sold adjustment, passive foreign investment companies (PFIC), deferred trustees’ compensation, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

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 the loaned securities. 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.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

The Trust has entered into a securities lending arrangement with the custodian, State Street Bank and Trust Company (the “custodian”). Under this arrangement, 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 at least equal to 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 Prime Portfolio (the “Navigator Portfolio”), managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund which 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 equals 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. 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. Net interest income received by the Portfolio in securities lending transactions during the six months ended June 30, 2011 is disclosed in the footnotes to the Statement of Operations. Any outstanding loans by the Portfolio at June 30, 2011 are disclosed in the footnotes to the Schedule of Investments.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

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 U.S. dollars 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. Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities. 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. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded as Net realized gains and losses on investments. 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.

Futures Contracts - The Portfolio may buy and sell futures contracts (on recognized exchanges) 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, 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, for a set price in the future. 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. 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 securities. Futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Franklin Mutual Advisers, LLC (the “Subadviser”) for investment advisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the six months  ended June 30, 2011	% per annum			Average Daily Net Assets
$3,586,103		0.800	%		ALL

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.

Management Fee Waiver - Effective May 1, 2011, the Adviser contractually agreed to waive a portion of the management fee through April 30, 2012. This waiver reduced the management fee to the annual rate of 0.780% of the Portfolio’s average daily net assets in excess of $1 billion. This arrangement was voluntary for the period January 1, 2011 through April 30, 2011. Amounts waived for the period ended June 30, 2011 are shown as a management fee waiver in the Statement of Operations.

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.

Expense Limitation Agreement - The Adviser had entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement continued in effect with respect to the Portfolio until April 30, 2011. Pursuant to that Expense Limitation Agreement, the Adviser had agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which were capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, were limited to the following expense ratios as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current        Expense  Limitation Agreement
Class A	Class B
0.90%		1.15	%

If in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratios for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratios as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

Effective May 1, 2011, there was no longer an expense cap for the Portfolio.

Distribution Agreement and Plan - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class A and Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

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, 2011 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$64,778,833	$	199,523,522	$	97,799,730	$	352,899,872

5. Investments in Derivative Instruments

Investments in Derivative Instruments - Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a Portfolio uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Portfolio’s results of operations and financial position. Summarized below are the specific types of derivative instruments utilized by the Portfolio.

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to hedge 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 value 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 to sell 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 risks if the counterparties to the contracts are unable to meet the terms of the contracts.

At June 30, 2011, the Portfolio had the following derivatives, grouped into appropriate risk categories:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Foreign Currency Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	1,006,113	Unrealized depreciation on forward foreign currency exchange contracts	$	1,397,195

Transactions in derivative instruments during the six months ended June 30, 2011, were as follows:

Statement of Operations Location - Net Realized Gain (Loss)	Equity		Foreign Currency Exchange			Total
Foreign currency transactions	$	—	$	(16,197,818	)	$	(16,197,818	)
Futures contracts		3,002,180		—			3,002,180
	$	3,002,180	$	(16,197,818	)	$	(13,195,638	)
Statement of Operations Location - Net Change in Unrealized Gain (Loss)
Foreign currency transactions			$	2,520,806

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

For the six months ended June 30, 2011, the average amount or number per contract outstanding for each derivative type was as follows:

Average Notional or Face Amount(a)	Foreign Currency Risk
Foreign currency transactions	$	212,172,012

(a) Averages are based on daily activity levels during 2011.

6. Forward Foreign Currency Exchange Contracts

Forward Foreign Currency Exchange Contracts to Buy:

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
8/10/2011	Deutsche Bank AG		379,100	CHF	$	450,680	$	449,944	$	736
8/10/2011	State Street Corp.		163,000	CHF		193,777		195,880		(2,103	)
9/15/2011	Deutsche Bank AG		1,344,329	EUR		1,948,424		1,897,279		51,145
9/15/2011	Deutsche Bank AG		74,486	EUR		107,958		106,392		1,566
9/15/2011	Deutsche Bank AG		860,000	EUR		1,246,454		1,216,539		29,915
9/15/2011	State Street Corp.		148,124	EUR		214,685		210,916		3,769
9/15/2011	State Street Corp.		79,504	EUR		115,230		114,404		826
8/12/2011	Bank of America N.A.		450,000	GBP		722,720		728,370		(5,650	)
9/16/2011	Barclays Bank plc		450,000	GBP		722,407		729,450		(7,043	)
10/20/2011	Bank of America N.A.		11,438,424	JPY		141,933		139,269		2,664
10/20/2011	Bank of America N.A.		11,629,629	JPY		144,305		141,946		2,359
10/20/2011	Bank of America N.A.		10,448,581	JPY		129,650		130,439		(789	)
10/20/2011	Barclays Bank plc		8,497,858	JPY		105,445		105,965		(520	)
10/20/2011	Deutsche Bank AG		176,994,300	JPY		2,196,221		2,145,958		50,263
10/20/2011	Deutsche Bank AG		9,092,881	JPY		112,828		112,252		576
10/20/2011	Deutsche Bank AG		3,300,000	JPY		40,948		40,467		481
10/20/2011	Deutsche Bank AG		6,932,810	JPY		86,025		85,694		331
10/20/2011	Deutsche Bank AG		6,872,299	JPY		85,274		85,612		(338	)
10/20/2011	Deutsche Bank AG		15,340,000	JPY		190,345		190,965		(620	)
10/20/2011	Deutsche Bank AG		9,878,500	JPY		122,576		122,216		360
8/19/2011	Deutsche Bank AG		1,135,170	NOK		210,584		205,149		5,435
8/19/2011	Deutsche Bank AG		325,000	NOK		60,290		59,996		294
8/19/2011	Deutsche Bank AG		1,040,305	NOK		192,985		192,314		671
8/19/2011	Deutsche Bank AG		1,958,600	NOK		363,337		360,408		2,929
8/19/2011	Deutsche Bank AG		807,146	NOK		149,733		146,701		3,032
8/19/2011	Deutsche Bank AG		333,800	NOK		61,923		60,055		1,868
8/19/2011	Deutsche Bank AG		729,842	NOK		135,392		133,049		2,343
8/19/2011	State Street Corp.		447,071	NOK		82,935		82,564		371
8/19/2011	State Street Corp.		789,632	NOK		146,483		147,068		(585	)
Net Unrealized Appreciation									$	144,286

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Forward Foreign Currency Exchange Contracts to Sell:

Settlement Date	Counterparty	Contracts to Deliver			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
8/23/2011	Barclays Bank plc		899,941	AUD	$	959,816	$	941,383	$	(18,433	)
8/23/2011	Deutsche Bank AG		666,084	AUD		710,401		693,580		(16,821	)
8/23/2011	Deutsche Bank AG		240,478	AUD		256,478		253,921		(2,557	)
8/23/2011	Deutsche Bank AG		240,478	AUD		256,478		253,921		(2,557	)
8/23/2011	State Street Corp.		133,500	AUD		142,382		142,144		(238	)
8/10/2011	Bank of America N.A.		250,000	CHF		297,204		286,994		(10,210	)
8/10/2011	State Street Corp.		11,029,399	CHF		13,111,920		12,619,450		(492,470	)
9/15/2011	Barclays Bank plc		1,000,000	EUR		1,449,365		1,448,750		(615	)
9/15/2011	Deutsche Bank AG		18,451,284	EUR		26,742,641		26,460,986		(281,655	)
9/15/2011	HSBC Bank USA N.A		19,511,471	EUR		28,279,240		27,975,547		(303,693	)
8/12/2011	Bank of America N.A.		28,754,160	GBP		46,180,455		47,013,051		832,596
8/12/2011	Deutsche Bank AG		600,000	GBP		963,627		975,210		11,583
10/20/2011	Bank of America N.A.		215,284,324	JPY		2,671,339		2,612,674		(58,665	)
10/20/2011	Bank of America N.A.		45,000,000	JPY		558,379		546,886		(11,493	)
10/20/2011	Barclays Bank plc		16,607,200	JPY		206,069		200,000		(6,069	)
10/20/2011	Deutsche Bank AG		33,210,820	JPY		412,094		400,000		(12,094	)
10/20/2011	Deutsche Bank AG		24,685,800	JPY		306,312		300,000		(6,312	)
10/20/2011	HSBC Bank USA N.A		16,601,400	JPY		205,997		200,000		(5,997	)
10/20/2011	HSBC Bank USA N.A		12,328,500	JPY		152,977		150,000		(2,977	)
10/20/2011	HSBC Bank USA N.A		5,000,000	JPY		62,042		60,736		(1,306	)
10/20/2011	HSBC Bank USA N.A		61,300,000	JPY		760,636		750,223		(10,413	)
8/19/2011	Barclays Bank plc		22,644,610	NOK		4,200,767		4,065,795		(134,972	)
Net Unrealized Depreciation									$	(535,368	)

AUD—Australian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

7. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

8. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Market, Credit and Counterparty Risk - continued

Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2010 and 2009 were as follows:

Ordinary Income			Long-Term Capital Gains				Return of Capital				Total
2010	2009		2010		2009		2010		2009		2010		2009
$11,446,216	$	—	$	—	$	—	$	—	$	—	$	11,446,216	$	—

As of December 31, 2010, 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 and Post October Loss Deferrals		Total
$55,359,626	$	32,691,006	$	123,441,140	$	—	$	211,491,772

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law by President Obama on December 22, 2010.

The Act makes a number of changes to the provisions in the Code relating to regulated investment companies (“RICs”) that will generally become effective for taxable years of RICs beginning after December 22, 2010. The Act allows RICs to generally carryover net capital losses indefinitely, effective for losses arising in taxable years beginning after December 22, 2010. Such losses will retain their character as either long-term capital losses or short-term capital losses. Under pre-enactment law, capital losses could be carried forward for eight years and carried forward as short-term capital losses irrespective of the character of the original loss. Loss carryovers from years beginning prior to December 22, 2010 will still expire subject to the eight-year limitation. The Act further provides that losses arising in taxable years after December 22, 2010 (which are carried forward indefinitely) would be utilized prior to loss carryovers arising in taxable years beginning prior to December 22, 2010.

10. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

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  Met Investors Series Trust MetLife Balanced Plus Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Managed by MetLife Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*

Performance

Since its May 2, 2011 inception, the Class B shares of the MetLife Balanced Plus Portfolio returned -2.20% compared to the -1.53% return of its benchmark, the Dow Jones Moderate Index¹.

Market Environment/Conditions

Amid increasing concerns about the strength and longevity of the economic recovery—due in part to the budget impasse in the U.S., the credit crisis in Europe, and persistently sluggish employment growth—interest rates declined and the spread between the yields of Treasury securities and credit based bonds widened during the two months following the Portfolio’s inception in May. Overall, the Barclays Capital U.S. Aggregate Bond Index returned 1.0% over the period. Corporate bonds, especially those with credit ratings below investment grade, lagged treasury securities of similar maturity during the two-month period. Longer maturity bonds outperformed short maturity bonds in this period of declining interest rates.

Following a strong first four months of 2011, U.S. equities, as measured by the Standard & Poor’s 500, fell 2.8% during May and June. The main driver for this decline was a shift in the outlook for the economy in general and corporate earnings in particular. While a late June rally limited the drop, it was not enough to recover entirely. Foreign stocks, as measured by the MSCI EAFE Index, also produced a negative return of -4.2%. The U.S. equity market volatility index, also known as the VIX index, ended the period at 16.52 from the 15.99 level on the inception day of May 2, 2011 and a high of 22.73 reached in the middle of June. Interest rate volatility also moved higher over the period.

Portfolio Review/Current Positioning: Total Portfolio

The Portfolio began operations on May 2, 2011. It was composed of two distinct portions. Seventy percent (70%) of the Portfolio’s assets were invested in a variety of underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund, Inc. to achieve and maintain a broad asset allocation of approximately 40% to fixed income and 30% to equities. These assets, the “Base Portion”, were managed by the Investment Committee of MetLife Advisers in the same manner it manages the standard asset allocation portfolios. Thirty percent (30%) of the assets, the “Overlay Portion”, were invested in various fixed income instruments that served as the collateral for the equity derivative instruments purchased by the Portion’s subadviser, Pacific Investment Management Company LLC (PIMCO), to keep the Portfolio’s overall volatility level within the desired range. During the initial two month period ending in June, the allocation of the Portfolio’s assets remained close to the desired split between the Base (70%) and Overlay (30%) portions. It is important to remember that the Overlay Portion is managed to keep the Portfolio’s volatility within its target range; any resulting equity exposure is a result of that process. Combining the equity exposures of the two portions, the realized equity exposure of the Portfolio ranged from approximately 50% to 68% over the course of the two month period.

In contrast to the first four months of 2011 and during most of 2010, riskier assets such as high-yield bonds and small cap stocks underperformed safer asset classes such as treasury securities and large cap stocks during May and June. Exposures to these asset classes hurt the Base Portion’s absolute performance. On a relative basis, the Base Portion had a modestly above goal exposure to foreign equities due to the holding of such stocks by its primarily domestic equity underlying portfolios. This hurt relative performance over the period. A residual cash position from the underlying equity portfolios had a modestly positive impact in a period when stocks were mostly down.

Within the fixed income segment of the Base Portion, the underlying portfolio with the greatest exposure to below investment grade bonds hurt absolute performance in May and June. The BlackRock High Yield Portfolio trailed the broad market indices for fixed income. Lower credit bonds were hurt by heightened concern about the economy. On a relative basis, all of the Base Portion’s actively managed bond portfolios trailed the broad Barclays Capital U.S. Aggregate Bond Index over the two month period because these active managers—as is usually the case—held lower exposure to treasury securities than was held by the Index. Treasury securities outperformed all other sectors during the two month period.

While all of the Base Portion’s equity underlying portfolios were negative for the two month period, their relative performance varied. The domestic portfolios that held up better than the market over the period were the Legg Mason ClearBridge Aggressive Growth Portfolio and the Loomis Sayles Small Cap Growth Portfolio. The Harris Oakmark International Portfolio and the MFS^® Research International Portfolio outperformed the foreign equity benchmark and contributed to relative performance. The two small cap value portfolios, Third Avenue Small Cap Value Portfolio and Dreman Small Cap Value Portfolio were among the biggest detractors, which should not be surprising since the Russell 2000 Value Index had the worst returns among the market segments.

Tactical equity positioning in the Overlay Portion detracted from performance as equity markets remained volatile on mixed economic and political data released. In regards to the fixed income collateral performance, an overall underweight to duration detracted from returns as rates fell on worries of a global economic slowdown. Modest exposure to financials detracted from performance as the sector underperformed like-duration Treasuries.

In regards to portfolio positioning, equity exposure in the Overlay Portion managed by PIMCO ranged between 20 and 38 percent during the period. Even with the rising level of volatility in equity market and interest rates, the VIX ended the period at relatively low levels. The fixed income collateral of the portfolio had a duration of 9.07 years, which is a modest underweight relative to the 9.91 years of duration of the benchmark. This is consistent with PIMCO’s views that yields were at historically low levels. Additionally, the duration exposure is predominantly obtained through Treasury securities and modest exposure is obtained through corporate bonds and money market futures, as PIMCO remained focused on the front-end of the yield curve.

1

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Managed by MetLife Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary* (continued)

Investment Committee

MetLife Advisers, LLC

The overlay portion of the Portfolio is subadvised by:

Pacific Investment Management Company LLC

Vineer Bhansali, Ph.D., Managing Director

Steve A. Rodosky, Managing Director

*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 and 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 as June 30, 2011 and are subject to change at any time based upon an economic, market, or other conditions. Neither MetLife Advisers nor the subadvisory firm undertakes any 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 statements) 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 (or that of the underlying portfolios used in the Portfolio) 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 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.

Portfolio Composition as of June 30, 2011

Top Holdings

	% of Net Assets
U.S. Treasury Bonds		12.6
PIMCO Total Return Portfolio (Class A)		10.5
BlackRock Bond Income Portfolio (Class A)		10.4
U.S. Treasury Bonds		7.6
MFS® Research International Portfolio (Class A)		5.0
Harris Oakmark International Portfolio (Class A)		5.0
Met/Franklin Low Duration Total Return Portfolio (Class A)		3.5
Western Asset Management U.S. Government Portfolio (Class A)		3.5
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		3.5
Artio International Stock Portfolio (Class A)		2.1

Top Sectors

	% of Market Value of Total Investments
Affiliated Investment Companies		70.7
U.S. Treasury & Government Agencies		22.6
Cash & Equivalents		6.3
Domestic Bonds & Debt Securities		0.4

2

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

MetLife Balanced Plus Portfolio managed by
MetLife Advisers, LLC and Pacific Investment Management Company LLC vs. Dow Jones Moderate Index¹

	Cumulative Return2 (for the period ended June 30, 2011)
	Since Inception3
MetLife Balanced Plus Portfolio—Class B		-2.20%
Dow Jones Moderate Index1		-1.53%

¹The 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 weightings of stocks, bonds, and cash indices (both domestic and foreign) from Barclays and Dow Jones such that the risk of that combination will have 60% of the risk of an all equity portfolio.

²“Cumulative Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³ Inception of the Class B shares is 5/2/11. Index returns are based on an inception date of 5/2/11.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus 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, May 2, 2011 through June 30, 2011.

Actual Expenses

The first line 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 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 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 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.

	Annualized Expense Ratio		Beginning Account Value May 2, 2011**		Ending Account Value June 30, 2011		Expenses Paid During Period*** May 2, 2011 to June 30, 2011
Class B(a)(b)(c)
Actual		1.03%	$	1,000.00	$	978.00	$	1.70
Hypothetical*		1.03%		1,000.00		1,006.64		1.73

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

**  Commencement of operations—May 2, 2011.

*** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent two month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (60 days) in the most recent fiscal period, divided by 365 (to reflect the two month period).

(a) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 3 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.

(c) The annualized expense ratio reflects the impact of the management fee waiver as described in Note 3 to the Financial Statements.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Affiliated Investment Companies—70.3% of Net Assets

Security Description	Shares		Value
Artio International Stock Portfolio (Class A) (a)		1,268,193	$	12,707,299
BlackRock Bond Income Portfolio (Class A) (a)		580,469		61,819,999
BlackRock High Yield Portfolio (Class A) (b)		971,838		8,241,184
BlackRock Legacy Large Cap Growth Portfolio (Class A) (a)		149,648		4,193,142
Clarion Global Real Estate Portfolio (Class A) (b)		797,534		8,382,080
Dreman Small Cap Value Portfolio (Class A) (b)		700,190		10,488,849
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		931,986		12,609,769
Harris Oakmark International Portfolio (Class A) (b)		2,040,322		29,401,037
Invesco Small Cap Growth Portfolio (Class A) (b)*		667,018		10,625,601
Legg Mason ClearBridge Aggressive Growth Portfolio (Class A) (b)		500,359		4,258,055
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		966,019		10,693,826
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		22,523		4,181,445
Met/Dimensional International Small Company Portfolio (Class A) (a)		513,198		8,359,988
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		803,740		8,278,525
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)*		2,073,859		20,717,852
Met/Templeton International Bond Portfolio (Class A) (b)		1,021,701		12,505,616
MFS® Emerging Markets Equity Portfolio (Class A) (b)		729,296		8,394,193
MFS® Research International Portfolio (Class A) (b)		2,739,514		29,477,170
MFS® Value Portfolio (Class A) (a)		324,871		4,168,099
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		327,513		4,241,289
Neuberger Berman Genesis Portfolio (Class A) (a)		336,440		4,245,874
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		1,108,028		12,465,311
PIMCO Total Return Portfolio (Class A) (b)		5,140,747		62,151,635
Third Avenue Small Cap Value Portfolio (Class A) (b)		689,022		10,535,144
Van Eck Global Natural Resources Portfolio (Class A) (a)		514,429	$	8,488,087
Van Kampen Comstock Portfolio (Class A) (b)		419,953		4,195,330
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		1,627,236		20,633,350
Western Asset Management U.S. Government Portfolio (Class A) (a)		1,749,908		20,666,408
Total Affiliated Investment Companies (Cost $414,109,727)				417,126,157
U.S. Treasury & Government Agencies—22.5%
U.S. Treasury
U.S. Treasury Bonds
6.250%, 08/15/23	$	58,700,000		74,475,625
5.500%, 08/15/28		4,200,000		4,986,190
5.375%, 02/15/31		38,600,000		45,246,457
U.S. Treasury Strip Principal (c) (d)
2.963%, 11/15/27		17,500,000		8,675,712
Total U.S. Treasury & Government Agencies (Cost $135,733,483)				133,383,984
Domestic Bonds & Debt Securities — 0.4%
Diversified Financial Services — 0.4%
Bank of America Corp. 1.693%, 01/30/14 (e)		1,000,000		1,003,060
Citigroup, Inc. 1.733%, 01/13/14 (e)		1,000,000		1,007,186
Morgan Stanley 1.874%, 01/24/14 (e)		500,000		503,889
Total Domestic Bonds & Debt Securities (Cost $2,525,255)				2,514,135
Collateralized Mortgage Obligations—0.0%
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2011-C4 Class A3 4.106%, 07/15/46(144A)
Total Collateralized Mortgage Obligations (Cost $101,000)		100,000		99,860
Purchased Options—0.0%
S&P 500 Index 500 Put (Counterparty—Credit Suisse Group AG)
Total Purchased Options (Cost $2,417)		22,000		2,417

See accompanying notes to financial statements.

5

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Short-Term Investments—6.2% of Net Assets

Security Description	Par Amount		Value
Repurchase Agreements—6.2%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $2,500,001 on 07/01/11 collateralized by $1,980,000 U.S. Treasury Inflation Index Note at 0.875% due 07/15/15 with a value of $2,545,092.	$	2,500,000	$	2,500,000
Credit Suisse Securities (USA) LLC, Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $15,800,004 on 07/01/11 collateralized by $16,118,000 U.S. Treasury Note at 3.125% due 05/15/21 with a value of $16,133,111.		15,800,000		15,800,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $11,107,003 on 07/01/11 collateralized by $10,705,000 Federal Home Loan Bank at 3.500% due 03/08/13 with a value of $11,333,919.		11,107,000		11,107,000
JPMorgan Securities LLC, Repurchase Agreement dated 06/30/11 at 0.040% to be repurchased at $7,500,008 on 07/01/11 collateralized by $6,811,000 Freddie Mac at 4.375% due 07/17/15 with a value of $7,700,121.		7,500,000		7,500,000
Total Short-Term Investments (Cost $36,907,000)				36,907,000
Total Investments—99.4% (Cost $589,378,882#)				590,033,553
Other Assets and Liabilities (net)—0.6%				3,383,925
Net Assets — 100.0%			$	593,417,478

* Non-income producing security.

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $589,378,882. The aggregate unrealized appreciation and depreciation of investments were $3,488,153 and $(2,833,482), respectively, resulting in a net unrealized appreciation of $654,671 for federal income tax purposes.

(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, 2011, the market value of 144A securities was $99,860, which was 0.0% of net assets

(a) A Portfolio of Metropolitan Series Fund, Inc.

(b) A Portfolio of Met Investors Series Trust.

(c) Zero coupon bond—Interest rate represents current yield to maturity.

(d) Principal only security.

(e) Variable or floating rate security. The stated rate represents the rate at June 30, 2011. Maturity date shown for callable securities reflects the earliest possible call date.

See accompanying notes to financial statements.

6

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the period from May 2, 2011 (commencement of operations) through June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	417,126,157	$	—	$	—	$	417,126,157
U.S. Treasury & Government Agencies*		—		133,383,984		—		133,383,984
Total Domestic Bonds & Debt Securities*		—		2,514,135		—		2,514,135
Collateralized Mortgage Obligations		—		99,860		—		99,860
Purchased Options		—		2,417		—		2,417
Total Short-Term Investments*		—		36,907,000		—		36,907,000
Total Investments	$	417,126,157	$	172,907,396	$	—	$	590,033,553
Futures Contracts**
Futures Contracts Long (Appreciation)	$	4,871,091	$	—	$	—	$	4,871,091
Total Futures Contracts	$	4,871,091	$	—	$	—	$	4,871,091

* See Schedule of Investments for additional detailed categorizations.

** Derivative instruments such as forwards, futures contracts and swap contracts are valued on the unrealized appreciation/depreciation on the instrument.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	553,126,553
Repurchase Agreement		36,927,000
Receivable for shares sold		15,103,449
Net variation margin on financial futures contracts		1,576,800
Interest receivable		2,253,478
Total assets		608,987,280
Liabilities
Due to Adviser		22,481
Due to custodian		16,802
Payables for:
Investments purchased		15,324,187
Shares redeemed		344
Accrued Expenses:
Management fees		67,536
Distribution and service fees - Class B		75,460
Administration fees		3,710
Custodian and accounting fees		18,510
Other expenses		40,772
Total liabilities		15,569,802
Net Assets	$	593,417,478
Net Assets Represented by
Paid in surplus	$	591,691,344
Accumulated net realized loss		(3,851,105	)
Unrealized appreciation on investments and futures contracts		5,525,762
Undistributed net investment income		51,477
Net Assets	$	593,417,478
Net Assets
Class B	$	593,417,478
Capital Shares Outstanding*
Class B		60,662,027
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.78

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

(a) Identified cost of investments was $552,471,882.

Statement of Operations

Period Ended June 30, 2011* (Unaudited)

Investment Income
Interest	$	291,109
Total investment income		291,109
Expenses
Management fees		105,990
Administration fees		5,187
Custodian and accounting fees		18,510
Distribution and service fees - Class B		92,166
Audit and tax services		16,359
Legal		19,585
Trustees’ fees and expenses		4,770
Shareholder reporting		2,175
Insurance		119
Organizational expense		744
Miscellaneous		2,481
Total expenses		268,086
Less management fee waiver		(23,502	)
Less expenses reimbursed by the Adviser		(4,952	)
Net expenses		239,632
Net investment income		51,477
Net Realized and Unrealized (Loss) on Investments and Futures Contracts
Net realized loss on:
Investments		(1,109	)
Futures contracts		(3,849,996	)
Net realized loss on investments and futures contracts		(3,851,105	)
Net change in unrealized appreciation on:
Investments		654,671
Futures contracts		4,871,091
Net change in unrealized appreciation on investments and futures contracts		5,525,762
Net realized and unrealized gain on investments and futures contracts		1,674,657
Net Increase in Net Assets from Operations	$	1,726,134

* Commencement of operations—5/2/2011.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Statement of Changes in Net Assets

June 30, 2011 (Unaudited)

	Period Ended June 30, 2011* (Unaudited)
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	51,477
Net realized loss on investments and futures contracts		(3,851,105	)
Net change in unrealized appreciation on investments and futures contracts		5,525,762
Net increase in net assets resulting from operations		1,726,134
Net increase in net assets from capital share transactions		591,691,344
Net Increase in Net Assets		593,417,478
Net assets at end of period	$	593,417,478
Undistributed net investment income at end of period	$	51,477

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Period Ended June 30, 2011* (Unaudited)
	Shares			Value
Class B
Sales		61,685,822		$	601,571,890
Redemptions		(1,023,795	)		(9,880,546	)
Net increase		60,622,027		$	591,691,344
Increase derived from capital shares transactions				$	591,691,344

* Commencement of operations—5/2/2011.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Financial Highlights

Selected per share data
	Class B
	Period Ended June 30, 2011(b) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income(a)		0.00	+
Net Realized and Unrealized loss on Investments		(0.22	)
Total From Investment Operations		(0.22	)
Net Asset Value, End of Period	$	9.78
Total Return (%)		(2.20	)
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)(c)		0.73	*
Ratio of Net Expenses to Average Net Assets (%)(d)(e)		0.65	*
Ratio of Net Investment Income to Average Net Assets (%)		0.14	*
Portfolio Turnover Rate (%)		0.0
Net Assets, End of Period (in millions)	$	593.4

* Annualized.

+ Net investment income rounds to less than $0.01.

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

(b) Commencement of operations—5/2/2011.

(c) See Note 3 of the Notes to Financial Statements.

(d) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Balanced Plus Portfolio (the “Portfolio”) (commenced operations on May 2, 2011), 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 four classes of shares: Class A, B, C and E Shares. Class B Shares are currently offered by the Portfolio.

The Portfolio invests approximately 70% of its assets (the “Base Portion”) in other Portfolios of the Trust or of Metropolitan Series Fund, Inc. (“Underlying Portfolios”) and approximately 30% of its assets (the “Overlay Portion”) in a portfolio of fixed income instruments that serve as collateral for equity derivative instruments, primarily stock index futures.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are categorized as Level 2 within the fair value hierarchy.

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

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MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns will remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 futures transactions, foreign currency transactions, swap transactions, options transactions, premium amortization adjustments, paydown transactions, contingent payment debt instrument adjustments, forward transactions, deferred trustees’ compensation, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

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 mortgaged obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, 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). Payments received for the IOs are included in interest income on the Statement of Operations of the Portfolio. 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 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.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Pacific Investment Management Company LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser (Overlay Portion managed by  PIMCO) for the period ended June 30, 2011	% per annum	Average Daily Net Assets of the Overlay Portion
$80,184	0.725%	First $250 Million
	0.700%	$250 Million to $750 Million
	0.675%	$750 Million to $1 Billion
	0.650%	Over $1 Billion

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

Management Fees earned by the Adviser (Base Portion managed by  MLA) for the period ended June 30, 2011	% per annum	Average Daily Net Assets of the Base Portion
$25,806	0.100%	First $500 Million
	0.075%	$500 Million to $1 Billion
	0.050%	Over $1 Billion

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays MLA a management fee through its investment in the Underlying Portfolios.

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.

Management Fee Waiver - The Subadviser voluntarily agreed to waive 50% of its subadvisory fee through July 31, 2011. Also through July 31, 2011, the Adviser voluntarily agreed to waive a portion of the management fee in an amount equal to the subadvisory fees waived. Amounts waived for the period ended June 30, 2011 are shown as a management fee waiver in the Statement of Operations.

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.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2012. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business, and Underlying Portfolios’ fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current         Expense Limitation Agreement	Expenses Deferred in
	2011
	Subject to repayment until December 31,
Class B	2016
0.65%	$4,952

As of June 30, 2011, there were no expenses repaid to the Adviser in accordance with the Expense Limitation Agreement. Amounts waived for the period ended June 30, 2011 are shown as expenses reimbursed by the Adviser in the Statement of Operations.

If in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred. As of June 30, 2011, there was $4,952 in expense deferrals eligible for recoupment by the Adviser.

Distribution Agreement and Plan - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the period ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended June 30, 2011 were as follows:

Purchases		Sales
U.S. Government	Non U.S. Government	U.S. Government	Non U.S. Government
$135,700,359	$416,806,292	$—	$—

5. Investments in Derivative Instruments

Investments in Derivative Instruments - Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a Portfolio uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Portfolio’s results of operations and financial position. Summarized below are the specific types of derivative instruments utilized by the Portfolio.

Futures Contracts - The Portfolio may buy and sell futures contracts (on recognized exchanges) 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, 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, for a set price in the future. 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. 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 securities. Futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Options Contracts - An option contract purchased by a 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 a Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by a 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 exposure to the broad equity markets 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 purchased 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. In addition, losses may arise from changes in the value of the underlying instrument, if there is an illiquid secondary market for the option contract, or if the counterparty to the option contract is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the 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 a 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.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When a purchased option expires without being exercised, the Portfolio will realize a loss equal to the premium paid. 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 marked-to-market daily based on the option’s quoted market price. When an 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 from the sale of the underlying instrument.

At June 30, 2011, the Portfolio had the following derivatives, grouped into appropriate risk categories:

	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*	$	58,515	Unrealized depreciation on futures contracts*	$	—
Equity	Investment at value(a)		2,417	Investment at value(a)	$	—
	Unrealized appreciation on futures contracts*		4,812,576	Unrealized depreciation on futures contracts*	$	—
Total		$	4,873,508		$	—

* Includes cumulative appreciation/depreciation of futures contracts as reported in the notes to financial statements. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

Transactions in derivative instruments during the period ended June 30, 2011, were as follows:

Statement of Operations Location - Net Realized Gain (Loss)	Equity			Interest Rate		Total
Futures contracts	$	(3,849,996	)	$	—	$	(3,849,996	)
Investment at value(a)		(1,109	)		—		(1,109	)
	$	(3,851,105	)	$	—	$	(3,851,105	)
Statement of Operations Location - Net Change in Unrealized Gain (Loss)
Futures contracts	$	58,515		$	4,812,576

(a) Includes options purchased which are part of investments as shown in the Statement of Assets of Liabilities and change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

For the period ended June 30, 2011, the average amount or number per contract outstanding for each derivative type was as follows:

Average Notional or Face Amount(b)	Equity Risk		Interest Rate Risk
Futures contracts		124,685,225		42,730,175
Options purchased		18,375		—

(b) Averages are based on daily activity levels during 2011.

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Futures Contracts

The futures contracts outstanding as of June 30, 2011 and the description and unrealized appreciation (depreciation) were as follows:

Futures Contracts - Long	Expiration Date		Number of Contracts		Contract Amount		Valuation as of June 30, 2011		Unrealized Appreciation/ Depreciation
S&P 500 E Mini Index Futures		09/16/2011		2,785	$	178,370,799	$	183,183,375	$	4,812,576
90 Day Euro Dollar Futures		06/18/2012		172		42,677,035		42,735,550		58,515
Net Unrealized Appreciation									$	4,871,091

7. Transactions in Securities of Affiliated Issuer

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolio’s net assets. Transactions in the Underlying Portfolios for the period from May 2, 2011 (commencement of operations) through June 30, 2011 were as follows:

Underlying Portfolio (Class A)	Number of shares held at May 2, 2011*		Shares purchased		Shares sold		Number of shares held at June 30, 2011
Artio International Stock		—		1,268,193		—		1,268,193
BlackRock Bond Income		—		580,469		—		580,469
BlackRock High Yield		—		971,838		—		971,838
BlackRock Legacy Large Cap Growth		—		149,648		—		149,648
Clarion Global Real Estate		—		797,534		—		797,534
Dreman Small Cap Value		—		700,190		—		700,190
Goldman Sachs Mid Cap Value		—		931,986		—		931,986
Harris Oakmark International		—		2,040,322		—		2,040,322
Invesco AIM Small Cap Growth		—		667,018		—		667,018
Legg Mason ClearBridge Aggressive Growth		—		500,359		—		500,359
Loomis Sayles Small Cap Growth		—		966,019		—		966,019
Met/Artisan Mid Cap Value		—		22,523		—		22,523
Met/Dimensional International Small Company		—		513,198		—		513,198
Met/Eaton Vance Floating Rate		—		803,740		—		803,740
Met/Franklin Low Duration Total Return		—		2,073,859		—		2,073,859
Met/Templeton International Bond		—		1,021,701		—		1,021,701
MFS® Emerging Markets Equity		—		729,296		—		729,296
MFS® Research International		—		2,739,514		—		2,739,514
MFS® Value		—		324,871		—		324,871
Morgan Stanley Mid Cap Growth		—		327,513		—		327,513
Neuberger Berman Genesis		—		336,440		—		336,440
PIMCO Inflation Protected Bond		—		1,108,028		—		1,108,028
PIMCO Total Return		—		5,140,747		—		5,140,747
Third Avenue Small Cap Value		—		689,022		—		689,022
Van Eck Global Natural Resources		—		514,429		—		514,429
Van Kampen Comstock		—		419,953		—		419,953

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MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

7. Transactions in Securities of Affiliated Issuer - continued

Underlying Portfolio (Class A)	Number of shares held at May 2, 2011*		Shares purchased		Shares sold		Number of shares held at June 30, 2011
Western Asset Management Strategic Bond Opportunities		—		1,627,236		—		1,627,236
Western Asset Management U.S. Government		—		1,749,908		—		1,749,908

* Commencement of Operations

Underlying Portfolio (Class A)	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, 2011
Artio International Stock	$	—	$	—	$	—	$	12,707,299
BlackRock Bond Income		—		—		—		61,819,999
BlackRock High Yield		—		—		—		8,241,184
BlackRock Legacy Large Cap Growth		—		—		—		4,193,142
Clarion Global Real Estate		—		—		—		8,382,080
Dreman Small Cap Value		—		—		—		10,488,849
Goldman Sachs Mid Cap Value		—		—		—		12,609,769
Harris Oakmark International		—		—		—		29,401,037
Invesco AIM Small Cap Growth		—		—		—		10,625,601
Legg Mason ClearBridge Aggressive Growth		—		—		—		4,258,055
Loomis Sayles Small Cap Growth		—		—		—		10,693,826
Met/Artisan Mid Cap Value		—		—		—		4,181,445
Met/Dimensional International Small Company		—		—		—		8,359,988
Met/Eaton Vance Floating Rate		—		—		—		8,278,525
Met/Franklin Low Duration Total Return		—		—		—		20,717,852
Met/Templeton International Bond		—		—		—		12,505,616
MFS® Emerging Markets Equity		—		—		—		8,394,193
MFS® Research International		—		—		—		29,477,170
MFS® Value		—		—		—		4,168,099
Morgan Stanley Mid Cap Growth		—		—		—		4,241,289
Neuberger Berman Genesis		—		—		—		4,245,874
PIMCO Inflation Protected Bond		—		—		—		12,465,311
PIMCO Total Return		—		—		—		62,151,635
Third Avenue Small Cap Value		—		—		—		10,535,144
Van Eck Global Natural Resources		—		—		—		8,488,087
Van Kampen Comstock		—		—		—		4,195,330
Western Asset Management Strategic Bond Opportunities		—		—		—		20,633,350
Western Asset Management U.S. Government		—		—		—		20,666,408
	$	—	$	—	$	—	$	417,126,157

18

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

9. Market, Credit and Counterparty Risk

In the normal course of business, the Portfolio and 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 Portfolio and the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio or the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. The Portfolio and the Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Portfolio or the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets that potentially expose the Portfolio and the Underlying Portfolios to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio and the Underlying Portfolios restrict their exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom they undertake a significant volume of transactions. The Portfolio and the Underlying Portfolios reduce the credit risk associated with favorable contracts by entering into master netting arrangements to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s and the Underlying Portfolios’ overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

10. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

19

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

20

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting of the Board of Trustees (the “Board”) of the Met Investors Series Trust (the “Trust”) held on February 14-15, 2011, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), initially approved the Trust’s advisory agreement (the “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable investment sub-advisory agreements (each a “Sub-Advisory Agreement”, and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Subadviser”, and collectively, the “Subadvisers”) for certain new series of the Trust, including the MetLife Balanced Plus Portfolio (each a “Portfolio,” and collectively, the “Portfolios”).¹

In considering the Agreements, the Board reviewed a variety of materials provided by the Adviser and the Subadvisers relating to each Portfolio, the Adviser and each Subadviser, including comparative fee and expense information for an appropriate peer group of similar mutual funds if available, performance information for relevant benchmark indices, as applicable, and other information regarding the nature, extent and quality of services to be provided by the Adviser and the Subadvisers under their respective Agreements. The Independent Trustees also assessed a report provided by the Board’s independent consultant, who reviewed and provided analyses regarding fees and expenses, and other information provided by, or at the direction of, the Adviser and Subadvisers, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process. Prior to voting to approve the Agreements at the February meeting, the Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed initial approval of the Agreements. The Board also had previously received presentations from the Adviser with respect to the Managed Risk Portfolios at the August 3-4, 2010 and the November 9-10, 2010 Board meetings. The Board also further discussed the Managed Risk Portfolios with the Adviser on January 19, 2011, and received presentations regarding the Managed Risk Portfolios from the Subadvisers on January 26, 2011 and January 28, 2011 during which representatives of the Adviser and the Subadvisers responded to questions from the Independent Trustees. The Independent Trustees also discussed the proposed initial approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolios by the Adviser and the Subadvisers; (2) the performance of comparable funds or accounts managed by the Subadvisers as compared to appropriate indices, to the extent available; (3) the Adviser’s and each of the Subadviser’s personnel and operations; (4) the financial condition of the Adviser and of the Subadvisers; (5) the level and method of computing each Portfolio’s proposed advisory and subadvisory fees; (6) the anticipated profitability of the Adviser under the Advisory Agreement and of the Subadvisers under the Sub-Advisory Agreements; (7) any “fall-out” benefits to the Adviser, the Subadvisers and their affiliates (i.e., ancillary benefits realized by the Adviser, the Subadvisers or their affiliates from the Adviser’s or Subadvisers’ relationship with the Trust); (8) the anticipated effect of growth in size on each Portfolio’s performance and expenses; (9) fees paid by comparable institutional and retail accounts; and (10) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolios by the Adviser’s affiliates, including distribution services.

Nature, extent and quality of services. In considering the nature, extent and quality of the services to be provided by the Adviser to the Portfolios, the Board took into account the extensive responsibilities that the Adviser would have as investment adviser to the Portfolios, including the provision of investment advisory services to the MetLife Balanced Plus Portfolio, the selection of the Subadvisers for the other Portfolios and oversight of the Subadvisers’ compliance with fund policies and objectives, review of brokerage matters including with respect to trade allocation and best execution, oversight of general fund compliance with federal and state laws, its risk management processes, and the implementation of Board directives as they relate to the Portfolios. The Adviser’s role in coordinating the activities of the Portfolios’ other service providers was also considered. The Board also evaluated the expertise and performance of the investment personnel with respect to the MetLife Balanced Plus Portfolio and of the personnel who would be overseeing the Subadvisers of the other Portfolios and compliance with each Portfolio’s investment restrictions, tax and other requirements. The Board also considered that an Investment Committee, consisting of investment professionals from across MetLife, will meet at least quarterly to review the asset allocations of the MetLife Balanced Plus Portfolio. The Board considered information received from the Trust’s Chief Compliance Officer (the “CCO”) regarding the Portfolios’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including the policies and procedures in place relating to proxy voting. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to each Portfolio. The Board also took into account its familiarity with management through Board meetings, discussions and reports during the preceding year. The Board also took into consideration the quality of services the Adviser provided to other Portfolios of the Trust.

¹ At the February 14-15, 2011 meeting, the Board also approved Agreements with respect to the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio, Pyramis^® Government Income Portfolio (together with the MetLife Balanced Plus Portfolio, the “Managed Risk Portfolios”), Met/Franklin Low Duration Total Return Portfolio and T. Rowe Price Large Cap Value Portfolio.

21

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also recognized the Adviser’s reputation and long-standing experience in serving as an investment adviser to the Trust. In addition, the Board reviewed the financial condition of the Adviser and whether it had the financial wherewithal to provide a high level and quality of services to the Portfolios. In its review, the Board also received and took into account information regarding any services and/or payments to be provided to the Adviser by the Subadvisers in connection with marketing activities.

With respect to the services to be provided by the Subadvisers, the Board considered information provided to the Board by each Subadviser, including each Subadviser’s Form ADV, as well as information presented throughout the past year for those Subadvisers currently sub-advising existing Portfolios of the Trust. The Board considered each Subadviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed each Subadviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of each Subadviser’s investment and compliance personnel who would be providing services to the Portfolios. The Board also considered, among other things, each Subadviser’s compliance program and its disciplinary history, and its risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and ameliatory actions undertaken, as appropriate. The Board also noted that the CCO and his staff would be conducting regular, periodic compliance reviews with each of the Subadvisers and present reports to the Independent Trustees regarding the same, which would include evaluating the regulatory compliance system of the Subadvisers and procedures reasonably designed by them to assure compliance with the federal securities laws, including issues related to late trading and market timing, best execution, fair value pricing, and proxy voting procedures, among others. The Board also took into account the financial condition of each Subadviser. Based on the information provided to the Board and its discussions with the CCO, the Board approved the Rule 38a-1 compliance policies and procedures as they relate to the Portfolios.

The Board considered each Subadviser’s investment process and philosophy. The Board took into account that each Subadviser’s responsibilities would include the development and maintenance of an investment program for the applicable Portfolio which would be consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also reviewed each Subadviser’s brokerage policies and practices, including with respect to best execution and soft dollars.

Based on its consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and by each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Portfolios.

Performance. The Board took into account that the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio and MetLife Balanced Plus Portfolio utilize relatively unique investment strategies designed to manage volatility and noted the unavailability of comparable performance information for these types of strategies. With respect to the Pyramis^® Government Income Portfolio, however, the Board considered the performance of a comparable fund managed by that Subadviser. The Board also considered the performance of other funds or accounts managed by the Subadvisers to the extent such information was relevant.

As discussed above with respect to the MetLife Balanced Plus Portfolio, the Board noted that no comparable performance data was available due to the fact that the Portfolio’s proposed strategy is highly customized, and because there is no equivalent fund or composite for which it will be patterned after. The Board took into account, however, the Adviser’s past performance in managing other asset allocation portfolios, as well as the Subadviser’s performance in managing a strategy similar to the sleeve it would be managing for the Portfolio.

Fees and expenses. The Board gave substantial consideration to the proposed management fees payable under the Advisory Agreement and the proposed subadvisory fees payable under each of the Sub-Advisory Agreements. In addition, the Independent Trustees reviewed a report prepared by Bobroff Consulting, Inc., an independent consultant (“Bobroff”), which analyzed the proposed fees to be paid by each Portfolio in light of fees paid to other investment managers by other somewhat comparable funds, as applicable, and the method of computing each Portfolio’s proposed fee. In addition, the Board considered each Portfolio’s proposed management fee and total expenses as compared to similarly situated investment companies underlying variable insurance products and retail funds deemed to be comparable to the Portfolio as determined by Bobroff. With respect to the AQR Global Risk Balanced Portfolio, AllianceBernstein Global Dynamic Allocation Portfolio, BlackRock Global Tactical Strategies Portfolio, and MetLife Balanced Plus Portfolio, the Board took into account the limited usefulness of the peer groups in which the Portfolios were included for comparative purposes. In comparing each Portfolio’s proposed management fee to that of comparable funds, the Board noted that such fee includes both advisory and administrative fees.

The Board noted that the subadvisory fees for the Portfolios would be paid by the Adviser, not the Portfolios, out of the management fee. It was further noted that the Adviser negotiated such fee at arm’s length. The Board also considered that the Adviser had agreed to enter into an expense limitation agreement with each Portfolio, pursuant to which the Adviser would agree to waive a portion of its management fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

The Board also compared the proposed subadvisory fee to be paid by the Adviser to the fees charged by each Subadviser to manage other funds and funds not subject to regulation under the 1940 Act, such as separate accounts, as applicable. The Board considered the fee comparisons in light of the differences required to manage different types of accounts.

22

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

With respect to the MetLife Balanced Plus Portfolio, the Board considered that, according to a report prepared by Bobroff, the Portfolio’s proposed management fee was above the median of the peer group. The Board further considered that the Portfolio’s estimated total expenses (exclusive of 12b-1 fees) were above the median of the peer group. The Board took into account management’s discussion of the Portfolio’s estimated expenses and noted the small size of the peer group. The Board also noted that the Subadviser had agreed to waive a portion of its subadvisory fee for the Portfolio’s first three months of operations, and that the Adviser had also agreed to waive a portion of its advisory fee equal to the amount of the subadvisory fee waiver for the Portfolio’s first three months of operations. After consideration of all relevant factors, the Board concluded that the proposed management and subadvisory fees were consistent with industry norms and were fair and reasonable in light of the services to be provided.

Profitability. The Board examined the anticipated profitability of the Adviser with respect to each Portfolio. With respect to the MetLife Balanced Plus Portfolio, the Board noted that the advisory fee is in addition to the fees received by the Adviser and its affiliates with regard to the other Portfolios of the Trust or of Metropolitan Series Fund, Inc. (the “Underlying Portfolios”) in which the Portfolio may invest. With respect to the other Portfolios, the Board noted that a major component of profitability of the Adviser would be the margin between the management fee that the Adviser would receive from the Portfolio and the portion of that fee the Adviser would pay to the Subadviser. The Board also took into account the costs borne by the Adviser’s affiliates that support the operations of the Adviser, as well as considered the profitability of the insurance product, the function of which is supported in part by the Adviser’s revenues under the Advisory Agreement. The Board also considered that the Trust’s distributor, MetLife Investors Distribution Company, would receive Rule 12b-1 payments to support the distribution of the product. The Board concluded after extensive discussions with management that the anticipated profitability of the Adviser and its affiliates from their relationship with each Portfolio was reasonable in light of all relevant factors.

In considering the anticipated profitability to the Subadvisers and their affiliates of their relationships with the Portfolios, the Board noted that the proposed subadvisory fees under the Sub-Advisory Agreements would be paid by the Adviser out of the management fee that it would receive under the Advisory Agreement. The Board also relied on the ability of the Adviser to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length. However, the Board placed more reliance on the fact that the Sub-Advisory Agreements were negotiated at arm’s length and that the proposed subadvisory fees would be paid by the Adviser than on the Subadvisers’ anticipated profitability.

Economies of scale. The Board also considered the probable effect of the Portfolios’ growth in size on their performance and fees. The Board noted that the proposed management and subadvisory fees each contained breakpoints that would reduce the fee rate above specified asset levels. The Board also took into account that the proposed subadvisory fees would be paid by the Adviser out of the management fees. The Board considered the fact that the Portfolios’ fee levels decline as portfolio assets increase. The Board also noted that if the Portfolios’ assets increase over time, the Portfolios may realize other economies of scale if assets increase proportionally more than certain other fixed expenses. The Board concluded that the proposed advisory fee structure for the Portfolios, including breakpoints, was reasonable and appropriately reflects potential economies of scale.

Other factors. As part of its evaluation of the Adviser’s compensation, the Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trust. Among them, the Board recognized that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as the distributor for the Trust, and, as such, would receive payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board also considered that affiliates of the Adviser may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board concluded that anticipated ancillary benefits that may accrue to the Adviser and its affiliates by virtue of the Adviser’s relationship with the Portfolios are fair and reasonable in light of the anticipated costs of providing investment management and other services to the Portfolios and the ongoing commitment of the Adviser to the Portfolios.

The Board considered other benefits that may be realized by each Subadviser and its affiliates from their relationship with the Trust, including the opportunity to provide advisory services to additional portfolios of the Trust and reputational benefits. The Board concluded that the benefits that may accrue to the Subadvisers and their affiliates by virtue of the Subadvisers’ relationships to the Portfolios were fair and reasonable in light of the anticipated costs of providing investment advisory services to the Portfolios and the ongoing commitment of the Subadvisers to the Portfolios.

The Board considered any possible conflicts of interest in the form of material benefits or detriments to the Trust resulting from the nature of the Trust’s and the Adviser’s or the Subadvisers’ affiliations. Here, the Board considered possible conflicts of interest that may arise between the Trust and the Adviser or a Subadviser in connection with the services to be provided to the Trust and the various relationships that they and their affiliates may have with the Trust. The Board considered the procedures for monitoring and managing such potential conflicts.

In addition, the Board reviewed the advisory fee to be paid to the Adviser for the MetLife Balanced Plus Portfolio and concluded that the advisory fee to be paid to the Adviser with respect to the Portfolio is based on services to be provided that are in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of the Portfolio and those of the Underlying Portfolios.

Conclusion. In considering the initial approval of each of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. The Board evaluated all information

23

MET INVESTORS SERIES TRUST

MetLife Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

available to them on a Portfolio-by-Portfolio basis, and their determinations were made separately with respect to each Portfolio. Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Advisory Agreement and the Sub-Advisory Agreements was in the best interests of each Portfolio. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent legal counsel, approved the Advisory Agreement and the Sub-Advisory Agreement with respect to each Portfolio.

24

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  Met Investors Series Trust PIMCO Inflation Protected Bond Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*

Performance

For the six-month period ended June 30, 2011, the Class A, B, and E shares of the PIMCO Inflation Protected Bond Portfolio returned 5.31%, 5.13% and 5.17%, respectively, compared to its benchmark, the Barclay’s Capital U.S. TIPS Index¹, which returned 5.81%.

Market Environment/Conditions

Concern about political unrest across the Middle East/North Africa, the strongest earthquake on record in Japan, and the sovereign debt crisis in the Eurozone sparked a flight to safety and boosted demand for Treasuries and Treasury Inflation-Protected Securities (TIPS) during the first half of the year. During the first half of 2011, TIPS gained 5.81 percent year-to-date, as represented by the Barclays Capital U.S. TIPS Index. TIPS also outperformed their nominal Treasury bond counterparts as 10-year breakeven inflation levels widened (i.e. the difference between nominal and real yields), or nominal yields declined less than real yields. The real yield curve ended the first half of the year steeper as 2-year TIPS yields fell 18 basis points while 30-year TIPS yields fell 9 basis points.

The TIPS rally stalled late during the final days of the first half of the year as Greece’s parliament approved austerity measures, easing concerns (at least temporarily) about the potential for the Euro area’s first sovereign default. In addition, U.S. manufacturing businesses unexpectedly expanded at a faster pace in June, suggesting that the supply chain disruption from the Japanese earthquake was easing.

Another indicator that raised hopes for stronger growth in the second half of 2011 was falling commodity prices. Lower retail fuel prices relieved some stress on consumers coping with an official unemployment rate over 9 percent and continued weakness in residential property markets. On June 30 the Federal Reserve (Fed) ended its $600 billion program of buying Treasuries, including TIPS, known as QE2, and indicated its intent to continue buying Treasuries with proceeds from maturing debt on its $2.9 trillion balance sheet. The Fed also reiterated its “extended period” language for a near-zero federal funds rate.

Portfolio Review/Current Positioning

The Portfolio’s underweight to Treasury Inflation-Protected Securities (TIPS) detracted from performance as the sector outperformed Treasuries. A steepening bias added to performance as the nominal yield curve steepened; the 2-year yield fell 14 basis points while the 30-year rose 4 basis points. Additionally, exposure to Australian inflation-linked bonds (ILBs) added to performance during the period as real yields declined on slower growth prospects due to economic linkages with China. A modest exposure to commercial mortgage-backed securities added to returns as spreads on these securities tightened. Additionally, an overweight to bonds of banks, finance companies, and life insurers, which gained amid improving balance sheets and higher profits, added to performance. An emerging markets (EM) emphasis, especially to EM corporates in Russia, also added to performance. Finally, exposure to a basket of emerging market currencies added to returns as these currencies appreciated versus the U.S. dollar.

At period end, the Portfolio was underweight U.S. duration via TIPS given low real yields, however, overweight long-dated issues to capture relatively higher real yields in addition to attractiveness from “rolling down” a steep yield curve. The Portfolio also maintained positions in nominal money market futures where markets are pricing in more Fed tightening than we foresee. This offers potential to gain by “rolling down” the steep short maturity nominal curve. The Portfolio has also been diversifying its core exposure with allocations to ILBs in Australia, which offer relatively high real yields. Australia exhibits high quality real yields given favorable fiscal dynamics. The Portfolio also maintained exposure to German Bunds against core European linkers, especially France where inflation is expected to slow. In the spread sector space, the Portfolio continued to hold non-Agency mortgages and commercial mortgage-backed securities (CMBS) that have senior positions in the capital structure as another source of attractive yield. The Portfolio also included exposure to high grade corporates, especially U.S. banking and financial credits, where valuations and fundamentals remain compelling versus their counterparts in Europe and the broader corporate market. The Portfolio also included holdings of corporate and quasi-sovereign bonds in high quality EM countries and maintained exposure to relatively high nominal and real local interest rates in Brazil. Finally, the Portfolio invests in relatively high yielding, high quality EM currencies.

Mihir P. Worah

Managing Director

Pacific Investment 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

1

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary* (continued)

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.

Portfolio Composition as of June 30, 2011

Top Issuers
	% of Net Assets
U.S. Treasury Inflation Indexed Bond		43.3
U.S. Treasury Inflation Index Note		38.5
Japan Treasury Bills		4.0
Italy Buoni Poliennali Del Tesoro		3.0
Royal Bank of Scotland plc		2.5
SLM Student Loan Trust		1.9
Westpac Banking Corp.		1.7
Citigroup, Inc.		1.5
Freddie Mac		1.5
Commonwealth Bank of Australia		1.3

Top Sectors
	% of Market Value of Total Investments
U.S. Treasury & Government Agencies		59.7
Domestic Bonds & Debt Securities		20.7
Foreign Bonds & Debt Securities		6.9
Mortgage Backed Securities		6.0
Asset Backed Securities		4.4
Cash & Equivalents		1.5
Loan Participation		0.7
Municipals		0.1

2

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

PIMCO Inflation Protected Bond Portfolio managed by

Pacific Investment Management Company LLC vs. Barclays Capital U.S. TIPS Index¹

	Average Annual Return2 (for the six months ended June 30, 2011)
	6 Month		1 Year		5 Year		Since Inception3
PIMCO Inflation Protected Bond Portfolio—Class A		5.31%		7.85%		7.22%		6.29%
Class B		5.13%		7.59%		6.95%		6.02%
Class E		5.17%		7.73%		7.06%		6.89%
Barclays Capital U.S. TIPS Index1		5.81%		7.74%		6.91%		6.06%

The performance of Class A shares, as set forth in the line graph above, will differ from that of the other classes of shares because of the difference in expenses paid by policyholders investing in the different share classes.

¹The Barclays Capital U.S. TIPS Index represents an unmanaged market index made up of U.S. Treasury Inflation Linked Index Securities.

²“Average Annual Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³Inception of Class A and Class B shares is 5/1/03. Inception of Class E shares is 5/1/06. Index returns are based on an inception date of 5/1/03.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

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MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond 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, 2011 through June 30, 2011.

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.

	Annualized Expense Ratio		Beginning Account Value January 1, 2011		Ending Account Value June 30, 2011		Expenses Paid During Period** January 1, 2011 to June 30, 2011
Class A
Actual		0.50%	$	1,000.00	$	1,053.10	$	2.55
Hypothetical*		0.50%		1,000.00		1,022.32		2.51
Class B
Actual		0.75%	$	1,000.00	$	1,051.30	$	3.81
Hypothetical*		0.75%		1,000.00		1,021.08		3.76
Class E
Actual		0.65%	$	1,000.00	$	1,051.70	$	3.31
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).

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MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

U.S. Treasury & Government Agencies—86.8% of Net Assets

Security Description	Par Amount		Value
Agency Sponsored Mortgage-Backed—2.1%
Fannie Mae 15 Yr. Pool
4.500%, 04/01/23	$	2,408,306	$	2,561,220
4.500%, 04/01/24		10,836,356		11,524,403
Fannie Mae 30 Yr. Pool
5.500%, 12/01/36		2,910,811		3,156,968
Fannie Mae ARM Pool
2.680%, 11/01/34 (a)		2,104,252		2,218,801
1.495%, 07/01/44 (a)		44,173		44,206
1.495%, 09/01/44 (a)		72,996		73,082
Fannie Mae REMICS
0.336%, 08/25/34 (a)		229,604		221,022
0.986%, 02/25/36 (a)		804,041		804,188
0.246%, 12/25/36 (a)		172,440		170,223
0.246%, 07/25/37 (a)		1,934,090		1,908,148
0.566%, 07/25/37 (a)		230,306		231,198
0.866%, 02/25/41 (a)		12,404,648		12,432,793
Fannie Mae Whole Loan
0.536%, 05/25/42 (a)		173,186		173,522
5.950%, 02/25/44		199,865		201,890
Freddie Mac ARM Non-Gold Pool
2.489%, 01/01/34 (a)		195,150		204,248
Freddie Mac REMICS
0.587%, 03/15/17 (a)		54,331		54,345
0.417%, 02/15/19 (a)		4,979,041		4,982,045
0.337%, 10/15/20 (a)		1,788,745		1,786,131
0.537%, 12/15/30 (a)		96,577		96,655
0.637%, 08/15/33 (a)		13,096,406		13,147,489
Ginnie Mae
0.486%, 03/20/37 (a)		14,216,978		14,168,155
				70,160,732
Federal Agencies—2.9%
Fannie Mae REMICS
2.524%, 05/25/35 (a)		1,069,905		1,114,758
Federal Home Loan Mortgage Corp.
0.146%, 03/21/13 (a)		50,300,000		50,322,668
Federal National Mortgage Association
1.250%, 03/14/14		10,700,000		10,823,424
6.000%, 03/09/20		10,100,000		10,204,848
5.375%, 04/11/22		1,700,000		1,759,322
6.280%, 06/15/27		1,000,000		1,024,257
Freddie Mac Structured Pass Through Securities
0.446%, 08/25/31 (a)		91,955		89,410
Federal Agencies—(Continued)
1.484%, 10/25/44 (a)	$	5,577,914	$	5,605,420
1.495%, 02/25/45 (a)		1,658,506		1,638,564
NCUA Guaranteed Notes
Series 2010-R1 Class 1A 0.635%, 10/07/20 (a)		5,979,608		5,990,850
Series 2010-R3 Class 2A 0.745%, 12/08/20 (a)		6,959,703		6,999,373
				95,572,894
U.S. Treasury—81.8%
U.S. Treasury Inflation Indexed Bonds 2.375%, 01/15/25		142,919,653		164,491,660
2.000%, 01/15/26 (b)		88,289,080		96,607,589
2.375%, 01/15/27		120,101,058		137,177,987
1.750%, 01/15/28 (b)		133,132,559		139,560,332
3.625%, 04/15/28		122,222,706		161,171,660
2.500%, 01/15/29 (b)		90,995,278		105,881,560
3.875%, 04/15/29 (b)		144,176,304		197,825,605
3.375%, 04/15/32		2,153,577		2,853,657
2.125%, 02/15/40		19,558,392		21,326,295
2.125%, 02/15/41		85,917,380		93,535,846
U.S. Treasury Inflation Indexed Notes 3.375%, 01/15/12		139,681,536		142,747,965
3.000%, 07/15/12		217,597,804		227,117,707
2.000%, 01/15/16		14,614,539		16,251,820
2.000%, 04/15/12		101,095,214		103,330,328
0.625%, 04/15/13		26,276,601		27,066,949
1.875%, 07/15/13		32,810,972		34,882,165
2.000%, 01/15/14		243,691,719		262,692,118
1.250%, 04/15/14		71,310,003		75,694,427
2.000%, 07/15/14		72,884,278		79,529,283
1.625%, 01/15/15		50,283,947		54,573,821
0.125%, 04/15/16		34,533,930		35,335,221
2.375%, 01/15/17		99,301,222		113,374,092
2.625%, 07/15/17		126,412,468		147,171,797
1.625%, 01/15/18		48,192,517		53,041,889
1.375%, 07/15/18		5,839,400		6,345,787
1.375%, 01/15/20 (b)		80,027,657		85,892,164
1.250%, 07/15/20 (b)		94,604,660		100,162,684
1.125%, 01/15/21		30,940,091		32,158,357
				2,717,800,765
Total U.S. Treasury & Government Agencies (Cost $2,856,719,624)				2,883,534,391

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—30.1%

Security Description	Par Amount		Value
Beverages—0.3%
DanFin Funding, Ltd. 0.976%, 07/16/13 (144A) (a)	$	11,600,000	$	11,638,253
Capital Markets—4.7%
ABN Amro Bank N.V. 2.043%, 01/30/14 (144A) (a)		13,800,000		13,789,465
Banco Mercantil del Norte S.A. 4.375%, 07/19/15 (144A)		5,600,000		5,685,409
Goldman Sachs Group, Inc. (The) 1.720%, 11/15/14 (EUR) (a)		15,400,000		21,719,614
Lehman Brothers Holdings, Inc. 0.012%, 11/24/08 (c)		300,000		78,750
0.000%, 12/23/08 (c)		6,300,000		1,653,750
0.024%, 09/26/14 (c)		700,000		189,875
0.011%, 09/27/27 (c)		400,000		106,500
Merrill Lynch & Co., Inc.
Series C 0.482%, 06/05/12 (a)		5,300,000		5,291,414
6.050%, 08/15/12		22,200,000		23,376,511
Series EMTN 2.276%, 09/27/12 (EUR) (a)		3,000,000		4,273,444
1.621%, 01/31/14 (EUR) (a)		3,400,000		4,828,769
1.730%, 05/30/14 (EUR) (a)		2,000,000		2,819,683
1.734%, 08/25/14 (EUR) (a)		3,000,000		4,219,752
Morgan Stanley
Series 1 1.104%, 12/01/11(a)		3,815,000		3,830,684
Series EMTN 1.760%, 03/01/13 (EUR) (a)		2,600,000		3,734,620
Series GMTN 2.761%, 05/14/13 (a)		14,800,000		15,203,729
1.730%, 11/29/13 (EUR) (a)		7,300,000		10,338,123
0.590%, 01/09/14 (a)		8,925,000		8,706,712
Nordea Bank AB 1.181%, 01/14/14 (144A) (a)		26,000,000		26,247,208
				156,094,012
Chemicals—0.3%
Dow Chemical Co. (The) 2.518%, 08/08/11 (a)	$	8,940,000	$	8,959,677
4.850%, 08/15/12		2,000,000		2,089,480
				11,049,157
Commercial Banks—15.2%
ANZ National International, Ltd. 6.200%, 07/19/13 (144A)		3,600,000		3,925,102
0.700%, 08/19/14 (144A)		5,000,000		5,034,980
Banco Bradesco S.A. of the Cayman Islands 2.361%, 05/16/14 (144A)		16,200,000		16,274,889
Banco Santander Brazil S.A. 2.504%, 12/28/11 (144A) (d)		900,000		892,620
2.347%, 03/18/14 (144A) (a)		1,200,000		1,205,044
4.250%, 01/14/16 (144A)		5,500,000		5,518,269
Barclays Bank plc 7.434%, 09/29/49 (144A) (a)		700,000		719,250
BBVA Bancomer S.A. 6.500%, 03/10/21 (144A)		6,700,000		6,867,500
BPCE S.A. 2.375%, 10/04/13 (144A)		10,740,000		10,760,812
Citigroup, Inc. 5.250%, 02/27/12		4,000,000		4,116,612
5.300%, 10/17/12		11,000,000		11,548,097
1.111%, 02/15/13 (a)		19,500,000		19,433,173
6.000%, 12/13/13		2,300,000		2,502,170
0.552%, 11/05/14 (a)		1,400,000		1,337,346
Series EMTN 1.575%, 03/05/14 (EUR) (a)		1,400,000		1,976,495
7.375%, 06/16/14 (EUR) (a)		3,400,000		5,436,936
Commonwealth Bank of Australia 0.705%, 07/12/13 (144A) (a)		29,700,000		29,701,515
0.747%, 06/25/14 (144A) (a)		7,900,000		7,963,579
0.525%, 09/17/14 (144A) (a)		7,500,000		7,512,728
Dexia Credit Local 0.896%, 09/23/11 (144A) (a)		2,700,000		2,703,573

See accompanying notes to financial statements.

6

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Commercial Banks—(Continued)
0.652%, 03/05/13 (144A) (a)	$	4,800,000	$	4,788,763
0.753%, 04/29/14 (144A) (a)		32,400,000		32,301,472
Export-Import Bank of Korea, Series 97 0.466%, 10/04/11 (144A) (a)		1,600,000		1,600,454
ICICI Bank, Ltd. 2.063%, 02/24/14 (144A)		4,500,000		4,475,223
ING Bank N.V. 1.046%, 03/30/12 (144A) (a)		26,100,000		26,207,010
1.596%, 10/18/13 (144A) (a)		7,300,000		7,365,904
1.652%, 06/09/14 (144A) (a)		23,200,000		23,293,032
Intesa Sanpaolo 2.658%, 02/24/14 (144A) (a)		27,700,000		27,653,215
LeasePlan Corp. N.V. 3.000%, 05/07/12 (144A)		5,200,000		5,316,657
National Australia Bank, Ltd. 5.350%, 06/12/13 (144A)		3,000,000		3,219,249
0.793%, 07/08/14 (144A) (a)		15,500,000		15,657,542
NIBC Bank N.V. 2.800%, 12/02/14 (144A)		24,000,000		25,004,952
Royal Bank of Scotland plc (The) 1.450%, 10/20/11 (144A)		25,000,000		25,083,650
3.000%, 12/09/11 (144A)		2,500,000		2,528,865
2.679%, 08/23/13 (a)		17,500,000		17,960,425
Series EMTN 1.174%, 04/23/12 (a)		800,000		804,931
Series MTN 0.514%, 03/30/12 (144A) (a)		36,500,000		36,550,698
Societe Financement de l’Economie Francaise 2.125%, 01/30/12 (144A)		800,000		807,701
0.476%, 07/16/12 (144A) (a)		21,500,000		21,570,950
Svenska Handelsbanken AB 1.249%, 09/14/12 (144A) (a)		8,700,000		8,781,493
Commercial Banks—(Continued)
Turkiye Garanti Bankasi A.S. 2.774%, 04/20/16 (144A) (a)	$	1,800,000	$	1,795,500
UBS AG, Series BKNT 2.250%, 08/12/13		2,600,000		2,646,103
Wachovia Bank N.A. 0.653%, 11/03/14 (a)		1,700,000		1,672,858
Wachovia Corp., Series EMTN 1.570%, 02/13/14 (EUR) (a)		500,000		712,364
Westpac Banking Corp. 0.439%, 12/14/12 (144A) (a)		43,500,000		43,531,929
3.585%, 08/14/14 (144A)		6,700,000		7,140,157
0.530%, 09/10/14 (144A) (a)		1,300,000		1,302,590
2.700%, 12/09/14 (144A)		4,900,000		5,108,103
Westpac Securities NZ, Ltd. 2.500%, 05/25/12 (144A)		4,000,000		4,065,504
				504,377,984
Computers & Peripherals—0.2%
Lexmark International, Inc. 5.900%, 06/01/13		5,000,000		5,333,325
Consumer Finance—1.9%
Ally Financial, Inc. 6.875%, 09/15/11		3,700,000		3,732,375
3.466%, 02/11/14 (a)		17,600,000		17,307,347
3.647%, 06/20/14 (a)		1,300,000		1,272,034
8.300%, 02/12/15		500,000		560,000
Series UNRE 7.000%, 02/01/12		4,300,000		4,392,450
American Express Bank FSB, Series BKNT 0.316%, 05/29/12 (a)		1,400,000		1,397,111
American Express Co. 7.250%, 05/20/14		2,000,000		2,288,884
American Express Credit Corp., Series C 0.306%, 02/24/12 (a)		3,000,000		2,997,534
5.875%, 05/02/13		400,000		430,804
Ford Motor Credit Co. LLC 7.250%, 10/25/11		5,800,000		5,887,487
7.800%, 06/01/12		400,000		418,404
7.000%, 04/15/15		16,200,000		17,539,076

See accompanying notes to financial statements.

7

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Consumer Finance—(Continued)
Hyundai Capital Services, Inc. 4.375%, 07/27/16 (144A)	$	3,100,000	$	3,182,401
RCI Banque S.A. 2.155%, 04/11/14 (144A) (a)		1,600,000		1,604,309
				63,010,216
Diversified Financial Services—3.3%
Bank of America Corp., Series 170 0.924%, 06/11/12 (GBP)		2,300,000		3,676,700
Citigroup, Inc. 2.262%, 08/13/13 (a)		4,000,000		4,077,400
Credit Agricole S.A. 1.024%, 07/21/14 (144A) (a)		2,000,000		2,002,424
FIH Erhvervsbank AS 2.000%, 06/12/13 (144A)		1,200,000		1,227,265
General Electric Capital Corp., Series G 0.247%, 09/21/12 (a)		42,900,000		42,961,089
HSBC Finance Corp. 0.625%, 07/19/12 (a)		3,932,000		3,930,970
0.528%, 01/15/14 (a)		3,800,000		3,740,234
Series EMTN 1.797%, 04/05/13 (EUR) (a)		1,100,000		1,581,881
International Lease Finance Corp. 6.625%, 11/15/13		1,100,000		1,144,000
6.500%, 09/01/14 (144A)		1,500,000		1,597,500
5.750%, 05/15/16		7,100,000		6,998,797
6.750%, 09/01/16 (144A)		1,300,000		1,391,000
7.125%, 09/01/18 (144A)		2,700,000		2,902,500
Macquarie Bank, Ltd., Series B 2.600%, 01/20/12 (144A)		1,400,000		1,417,545
Racers, Series A 0.476%, 07/25/17 (144A) (a) (e)		1,585,818		1,553,949
TransCapitalInvest, Ltd. 7.700%, 08/07/13 (144A)		2,700,000		2,998,674
Vita Capital III, Ltd., Series B-II 1.366%, 01/01/12 (144A) (a)		800,000		794,320
Diversified Financial Services—(Continued)
Volkswagen International Finance N.V. 0.696%, 10/01/12 (144A) (a)	$	25,100,000	$	25,175,124
				109,171,372
Diversified Telecommunication Services—0.2%
Telefonica Emisiones SAU 0.603%, 02/04/13 (a)		6,000,000		5,911,308
Health Care Providers & Services—0.3%
HCA, Inc. 9.250%, 11/15/16		9,775,000		10,422,594
Household Durables—0.3%
Black & Decker Corp. (The) 8.950%, 04/15/14		2,000,000		2,368,086
D.R. Horton, Inc. 5.250%, 02/15/15		7,500,000		7,631,250
				9,999,336
Insurance—0.6%
American International Group, Inc. 8.250%, 08/15/18		1,700,000		1,953,516
6.400%, 12/15/20		12,700,000		13,694,499
8.175%, 05/15/38 (144A) (a)		2,700,000		2,960,145
				18,608,160
Media—0.4%
CCO Operating LLC/CCO Operating Capital Corp. 8.000%, 04/30/12 (144A)		5,000,000		5,225,000
EchoStar DBS Corp. 7.000%, 10/01/13		6,200,000		6,688,250
Videotron Ltee 6.875%, 01/15/14		2,000,000		2,032,500
				13,945,750
Oil, Gas & Consumable Fuels—1.5%
EOG Resources, Inc. 1.023%, 02/03/14 (a)		14,600,000		14,749,957
Petrobras International Finance Co. 3.875%, 01/27/16		13,800,000		14,048,511
Petroleos Mexicanos 5.500%, 01/21/21		1,900,000		1,998,230
6.500%, 06/02/41 (144A)		2,500,000		2,549,117

See accompanying notes to financial statements.

8

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Oil, Gas & Consumable Fuels—(Continued)
Pricoa Global Funding 1 0.377%, 06/26/12 (144A) (a)	$	17,300,000	$	17,219,226
				50,565,041
Thrifts & Mortgage Finance—0.9%
Achmea Hypotheekbank N.V. 3.200%, 11/03/14 (144A)		6,000,000		6,302,592
Countrywide Financial Corp., Series MTN 5.800%, 06/07/12		1,400,000		1,460,697
Santander US Debt S.A. Unipersonal 1.046%, 03/30/12 (144A) (a)		22,000,000		22,006,644
				29,769,933
Total Domestic Bonds & Debt Securities (Cost $994,572,285)				999,896,441
Foreign Bonds & Debt Securities—10.0%
Australia—1.1%
Australia Government Bond
Series 20CI 4.000%, 08/20/20 (AUD)		5,100,000		9,166,953
Series 25CI 3.000%, 09/20/25 (AUD)		12,600,000		15,074,524
Series CAIN408 2.500%, 09/20/30 (AUD)		2,500,000		2,720,989
ING Bank Australia, Ltd., Series RTD 5.668%, 06/24/14 (a) (g) (AUD)		800,000		864,411
New South Wales Treasury Corp.,
Series CIB1 2.750%, 11/20/25 (AUD)		8,300,000		9,599,214
				37,426,091
Denmark—0.4%
TDC A.S., Series EMTN 3.500%, 02/23/15 (c) (EUR)		9,400,000		13,793,149
Italy—3.4%
Italy Buoni Poliennali Del Tesoro 2.350%, 09/15/19 (EUR)		11,707,410		16,629,209
2.600%, 09/15/23 (EUR)		4,061,379		5,726,362
Italy—(Continued)
Series CPI 2.100%, 09/15/16 (EUR)	$	22,438,086	$	32,306,700
2.100%, 09/15/21 (EUR)		32,499,480		44,172,622
Italy Certificati di Credito del Tesoro/CCTS-eu 2.426%, 10/15/17 (a) (EUR)		10,100,000		14,116,976
				112,951,869
Japan—4.1%
Japan Treasury Bills, Series 188 0.102%, 07/25/11 (e) (JPY)		10,810,000,000		134,035,287
Spain—0.9%
Instituto de Credito Oficial 3.276%, 03/25/14 (144A) (a) (EUR)		20,800,000		30,036,912
United Kingdom—0.1%
FCE Bank plc, Series EMTN 7.125%, 01/16/12 (c) (EUR)		2,500,000		3,708,940
Total Foreign Bonds & Debt Securities (Cost $321,548,709)				331,952,248
Mortgage-Backed Securities—8.8%
Collateralized-Mortgage Obligation—6.0%
American General Mortgage Loan Trust, Series 2010 Class A1 5.150%, 03/25/58 (144A) (a)		6,418,444		6,620,208
Arran Residential Mortgages Funding plc 2.624%, 11/19/47 (144A) (EUR) (a)		14,900,000		21,631,032
2.874%, 11/19/47 (144A) (EUR) (a)		7,200,000		10,472,934
Arran Residential Mortgages Funding plc, Series 2010-1A Class A1B 2.620%, 05/16/47 (144A) (EUR) (a)		1,140,045		1,655,715
Banc of America Funding Corp. 2.785%, 02/20/36 (a)		2,778,861		2,564,889

See accompanying notes to financial statements.

9

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Par Amount		Value
Collateralized-Mortgage Obligation—(Continued)
Banc of America Mortgage Securities, Inc. 6.500%, 09/25/33	$	138,305	$	145,123
5.060%, 11/25/34 (a)		259,062		235,132
2.867%, 06/25/35 (a)		712,345		608,245
3.199%, 09/25/35 (a)		404,504		333,148
BCAP LLC Trust 0.000%, 05/25/37 (e)		2,700,000		2,115,425
0.000%, 08/26/37 (144A) (e)		10,300,000		10,213,385
Bear Stearns ALT-A Trust 0.346%, 02/25/34 (a)		392,050		309,017
2.916%, 09/25/35 (a)		2,606,434		1,899,089
Bear Stearns ARM Trust 3.113%, 01/25/35 (a)		4,422,051		3,961,862
2.710%, 03/25/35 (a)		2,338,127		2,199,726
2.731%, 03/25/35 (a)		16,061		15,093
2.340%, 08/25/35 (a)		347,698		328,453
Series 2005-1 Class 2A1 2.769%, 03/25/35 (a)		1,044,209		816,258
Bear Stearns Structured Products, Inc. 3.191%, 01/26/36 (a)		989,529		635,047
Chase Mortgage Finance Corp., Series 2007-A1 Class 5A1 2.787%, 02/25/37 (a)		412,431		372,174
Citigroup Mortgage Loan Trust, Inc. 2.370%, 08/25/35 (a)		501,431		478,374
2.450%, 08/25/35 (a)		468,978		408,641
2.660%, 12/25/35 (a)		105,940		94,744
2.670%, 12/25/35 (a)		7,526,507		6,992,340
Countrywide Alternative Loan Trust 0.466%, 12/25/35 (a)		59,372		39,679
0.366%, 02/20/47 (a)		1,847,891		968,169
0.356%, 05/25/47 (a)		12,812,992		8,478,843
0.366%, 05/25/47 (a)		641,914		351,064
Series 2005-11CB Class 2A6 5.500%, 06/25/35		1,200,000		1,002,251
Countrywide Home Loan Mortgage Pass Through Trust 2.789%, 11/19/33 (a)		83,403		82,230
2.923%, 08/25/34 (a)		460,279		344,060
4.922%, 11/20/34 (a)		1,028,467		958,623
0.476%, 04/25/35 (a)		1,528,378		972,711
Collateralized-Mortgage Obligation—(Continued)
0.526%, 06/25/35 (144A) (a)	$	320,062	$	290,166
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust 0.286%, 10/25/36 (a)		71,444		30,825
5.869%, 10/25/36		1,223,678		730,326
5.886%, 10/25/36		1,223,678		731,309
Deutsche Mortgage Securities, Inc., Series 2010-RS2 Class A1 1.436%, 06/28/47 (144A) (a)		1,027,368		1,025,668
First Franklin Mortgage Loan Asset Backed Certificates 0.236%, 11/25/36 (a)		53,584		53,335
First Horizon Alternative Mortgage Securities 2.343%, 06/25/34 (a)		522,478		469,343
Fosse Master Issuer plc 1.650%, 10/18/54 (144A) (a)		13,300,000		13,281,820
Granite Master Issuer plc Series 2006-3 Class A3     0.226%, 12/20/54 (a)		1,799,336		1,703,971
Series 2006-3 Class A7 0.286%, 12/20/54 (a)		490,416		465,076
Series 2006-4 Class A6 0.276%, 12/20/54 (a)		392,333		372,062
Granite Mortgages plc 1.015%, 09/20/44 (GBP) (a)		1,725,313		2,668,274
Greenpoint Mortgage Funding Trust 0.406%, 06/25/45 (a)		636,699		423,506
0.456%, 11/25/45 (a)		281,084		173,434
0.266%, 10/25/46 (a)		141,480		131,101
GSR Mortgage Loan Trust 2.790%, 09/25/35 (a)		1,070,022		1,024,207
5.206%, 11/25/35 (a)		2,295,485		2,041,938
Series 2005-AR1 Class 1A1 3.042%, 01/25/35 (a)		790,486		705,344
Series 2005-AR3 Class 6A1 2.769%, 05/25/35 (a)		1,326,158		1,071,578
Series 2005-AR14 Class 2A1 5.184%, 12/25/35 (a)		488,599		455,590
Series 2007-OA4 Class 1A 1.048%, 05/25/47 (a)		740,767		497,500

See accompanying notes to financial statements.

10

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Par Amount		Value
Collateralized-Mortgage Obligation—(Continued)
Harborview Mortgage Loan Trust 0.407%, 05/19/35 (a)	$	163,876	$	109,164
0.466%, 02/19/36 (a)		326,705		193,107
Holmes Master Issuer plc 2.677%, 10/15/54 (144A) (EUR)		15,300,000		22,309,447
Indymac Index Mortgage Loan Trust, Series 2005-AR1 Class 2A1 5.067%, 11/25/35 (a)		2,315,916		1,949,683
JPMorgan Mortgage Trust 5.015%, 02/25/35 (a)		2,415,602		2,403,843
5.180%, 06/25/35 (a)		4,986,570		4,947,588
2.842%, 07/25/35 (a)		719,386		694,800
3.079%, 08/25/35 (a)		1,193,971		972,218
5.423%, 07/27/37 (144A) (a)		1,934,743		1,625,328
Series 2005-A6 Class 2A1 3.141%, 08/25/35 (a)		898,688		755,758
Series 2005-A6 Class 4A1 5.433%, 09/25/35 (a)		420,724		394,008
Series 2007-A1 Class 1A1 2.968%, 07/25/35 (a)		759,767		723,401
Master Adjustable Rate Mortgages Trust 2.447%, 12/25/33 (a)		456,073		423,847
2.836%, 11/21/34 (a)		600,000		575,691
Mellon Residential Funding Corp. 0.627%, 12/15/30 (a)		107,046		98,982
0.887%, 11/15/31 (a)		908,103		838,235
Merrill Lynch Floating Trust 0.257%, 06/15/22 (144A) (a)		50,159		49,420
Merrill Lynch/Countrywide Mortgage Investors Trust 1.191%, 10/25/35 (a)		491,867		405,012
1.653%, 10/25/35 (a)		2,508,216		2,245,853
0.436%, 11/25/35 (a)		356,425		306,722
5.426%, 12/25/35 (a)		851,217		740,120
Permanent Master Issuer plc 2.905%, 07/15/42 (144A) (EUR) (a)		1,500,000		2,176,369
RBSSP Resecuritization Trust 2.214%, 07/26/45 (144A) (a)		14,184,756		13,823,073
Collateralized-Mortgage Obligation—(Continued)
Residential Accredit Loans, Inc. 0.486%, 08/25/35 (a)	$	255,804	$	155,445
1.638%, 09/25/45 (a)		276,650		166,554
Securitized Asset Sales, Inc. 2.565%, 11/26/23 (a)		4,973		4,799
Sequoia Mortgage Trust 0.537%, 10/19/26 (a)		231,262		206,620
0.386%, 07/20/36 (a)		2,923,286		2,307,655
Structured Adjustable Rate Mortgage Loan Trust 2.580%, 02/25/34 (a)		359,016		334,594
5.500%, 12/25/34 (a)		1,882,841		1,744,418
1.678%, 01/25/35 (a)		209,051		133,175
Structured Asset Mortgage Investments, Inc. 0.516%, 10/19/34 (a)		177,564		158,542
0.437%, 07/19/35 (a)		350,834		246,019
0.376%, 06/25/36 (a)		172,748		109,363
0.396%, 05/25/46 (a)		74,089		41,118
Structured Asset Securities Corp. 2.750%, 10/25/35 (144A) (a)		350,215		282,745
0.236%, 05/25/36 (a)		1,850		1,827
SWAN Environment Pvt., Ltd. 6.190%, 04/25/41 (AUD) (a)		708,887		748,987
TBW Mortgage Backed Pass Through Certificates 6.015%, 07/25/37		534,179		292,196
Thornburg Mortgage Securities Trust 0.316%, 06/25/37 (a)		1,650,203		1,607,057
6.043%, 09/25/37 (a)		5,118,154		5,104,355
0.306%, 10/25/46 (a)		1,589,566		1,580,093
WaMu Mortgage Pass Through Certificates 1.478%, 11/25/42 (a)		41,154		35,458
0.476%, 10/25/45 (a)		1,887,367		1,555,389
0.446%, 11/25/45 (a)		298,959		249,232
1.278%, 02/25/46 (a)		300,144		226,567
2.859%, 07/25/46 (a)		1,233,572		901,582
1.778%, 11/25/46 (a)		440,865		327,504
1.088%, 12/25/46 (a)		174,641		121,545
Series 2005-AR10 Class 3A1 5.523%, 08/25/35 (a)		825,831		724,804

See accompanying notes to financial statements.

11

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Par Amount		Value
Collateralized-Mortgage Obligation—(Continued)
Wells Fargo Mortgage Backed Securities Trust 2.832%, 09/25/34 (a)	$	1,150,334	$	1,146,557
2.760%, 11/25/34 (a)		499,423		485,143
2.814%, 10/25/35 (a)		44,661		40,423
2.819%, 03/25/36 (a)		309,845		262,343
2.872%, 04/25/36 (a)		1,976,221		1,686,010
Series 2006-AR4 Class 2A4 5.620%, 04/25/36 (a)		1,000,000		938,097
				199,337,942
Commercial Mortgage-Backed Securities—2.8%
Banc of America Commercial Mortgage, Inc. 0.356%, 06/10/49 (144A) (a)		548,928		530,549
5.802%, 06/10/49 (a)		1,648,928		1,750,866
5.930%, 02/10/51 (a)		1,100,000		1,196,964
Banc of America Large Loan, Inc. 1.937%, 11/15/15 (144A) (a)		22,704,858		21,088,579
0.697%, 08/15/29 (144A) (a)		3,801,425		3,508,719
5.672%, 02/17/51 (144A) (a)		1,000,000		1,094,898
Series 2009-UB1 Class A4A 5.692%, 06/24/50 (a)		1,700,000		1,867,685
BCRR Trust 4.230%, 12/22/28 (144A)		359,454		359,240
4.230%, 04/22/34 (144A)		11,420,202		11,623,929
Commercial Mortgage Pass Through Certificates, Series 2010-C1 Class A1 3.156%, 07/10/46 (144A)		2,468,864		2,488,917
Credit Suisse First Boston Mortgage Securities Corp., Series 2010-RR4 5.467%, 09/18/39 (144A) (a)		2,000,000		2,177,847
Credit Suisse Mortgage Capital Certificates, Series 2009-RR1 Class A3A 5.383%, 02/15/40 (144A)		1,600,000		1,724,649
GS Mortgage Securities Corp. II 1.317%, 03/06/20 (144A) (a)		3,600,000		3,534,283
Commercial Mortgage-Backed Securities—(Continued)
Series 2010-C1 Class A2 4.592%, 08/10/43	$	6,500,000	$	6,547,824
Indus (Eclipse 2007-1X) plc, Series 2007-1X Class A 0.989%, 01/25/20 (GBP) (a)		2,547,000		3,505,693
JPMorgan Chase Commercial Mortgage Securities Corp. 5.794%, 02/12/51 (a)		1,500,000		1,630,602
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.700%, 09/12/49		5,400,000		5,823,463
RBSCF Trust, Series 2010-RR4 Class CMLA 6.213%, 12/16/49 (144A) (a)		2,600,000		2,845,759
Vornado DP LLC, Series 2010-VNO Class A2FX-4 4.004%, 09/13/28 (144A)		7,000,000		6,794,329
Wachovia Bank Commercial Mortgage Trust 0.267%, 06/15/20 (144A) (a)		3,867,734		3,509,819
0.277%, 09/15/21 (144A) (a)		6,881,773		6,639,640
Series 2004-C14 Class A4 5.088%, 08/15/41 (a)		1,500,000		1,605,627
				91,849,881
Total Mortgage-Backed Securities (Cost $292,080,710)				291,187,823
Asset-Backed Securities—6.4%
Asset Backed - Automobile—0.2%
Capital Auto Receivables Asset Trust 1.637%, 10/15/12 (a)		1,419,330		1,422,106
Daimler Chrysler Auto Trust 1.670%, 09/10/12 (a)		8,403		8,405
Ford Credit Auto Owner Trust 2.687%, 05/15/13 (a)		4,300,391		4,329,286
Magnolia Funding, Ltd. 3.000%, 04/20/17 (144A) (EUR)		1,291,341		1,871,897
				7,631,694

See accompanying notes to financial statements.

12

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Par Amount		Value
Asset Backed - Credit Card—0.7%
Bank of America Credit Card Trust 0.207%, 03/15/14 (a)	$	875,000	$	874,577
Citibank Omni Master Trust 2.287%, 05/16/16 (144A) (a)		16,600,000		16,803,486
2.937%, 08/15/18 (144A) (a)		7,100,000		7,470,165
				25,148,228
Asset Backed - Home Equity—0.2%
ACE Securities Corp. 0.236%, 12/25/36 (a)		34,597		33,893
Asset Backed Funding Certificates 0.536%, 06/25/34 (a)		852,021		678,955
Bear Stearns Asset Backed Securities Trust 0.846%, 10/25/32 (a)		25,475		22,557
0.516%, 01/25/36 (a)		2,047		2,042
0.236%, 11/25/36 (a)		13,395		12,883
1.186%, 10/25/37 (a)		3,706,444		2,294,515
Countrywide Asset-Backed Certificates 0.436%, 04/25/36 (a)		430,075		379,443
First NLC Trust 0.256%, 08/25/37 (144A) (a)		1,937,153		1,056,075
Household Home Equity Loan Trust 0.336%, 03/20/36 (a)		2,587,134		2,378,819
5.910%, 03/20/36		1,280		1,278
HSI Asset Securitization Corp. Trust 0.236%, 10/25/36 (a)		19,120		14,428
Merrill Lynch/Countrywide Mortgage Investors Trust 0.256%, 07/25/37 (a)		15,531		15,217
Soundview Home Equity Loan Trust 0.246%, 11/25/36 (144A) (a)		69,116		21,749
				6,911,854
Asset Backed - Other—3.1%
Alzette European CLO S.A. 0.567%, 12/15/20 (144A) (a)		1,047,791		1,016,500
Asset Backed - Other—(Continued)
American Money Management Corp. 0.482%, 05/03/18 (144A) (a)	$	500,000	$	489,201
Aquilae Clo plc, Series 2006-1 X Class A 2.057%, 01/17/23 (EUR) (a)		3,596,685		4,894,926
Ares Management LLC, Series CLO Funds 2006-6RA Class A1B 0.477%, 03/12/18 (144A) (a)		2,299,530		2,271,430
Babson CLO, Ltd. 0.581%, 11/15/16 (144A) (a)		2,168,109		2,118,716
Carrington Mortgage Loan Trust 0.506%, 10/25/35 (a)		361,439		338,112
Conseco Finance Securitizations Corp. 6.681%, 12/01/33 (a)		6,958,482		7,418,691
Countrywide Asset-Backed Certificates 0.366%, 07/25/36 (a)		6,393,411		5,496,300
Credit-Based Asset Servicing and Securitization LLC 0.306%, 07/25/37 (144A) (a)		285,131		264,370
CSAB Mortgage Backed Trust 5.720%, 09/25/36		1,306,910		918,753
Cumberland CLO, Ltd. 0.517%, 11/10/19 (144A) (a)		4,903,822		4,712,841
Duane Street CLO 0.518%, 11/08/17 (144A) (a)		1,649,638		1,594,587
Equity One ABS, Inc. 0.486%, 04/25/34 (a)		118,587		89,740
First CLO, Ltd. 0.559%, 12/14/16 (a)		1,667,490		1,625,733
Gallatin Funding, Ltd. 0.511%, 08/15/17 (144A) (a)		1,000,000		959,427
GSAMP Trust 0.256%, 10/25/36 (a)		414		406

See accompanying notes to financial statements.

13

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Par Amount		Value
Asset Backed - Other—(Continued)
Harbourmaster CLO 1.731%, 06/15/20 (144A) (EUR) (a)	$	714,425	$	983,641
Harvest CLO 2.003%, 03/29/17 (EUR) (a)		543,737		754,216
Hillmark Funding 0.509%, 05/21/21 (144A) (a)		15,600,000		14,657,869
HSI Asset Securitization Corp. Trust 0.246%, 05/25/37 (a)		140,566		138,573
JPMorgan Mortgage Acquisition Corp. 0.246%, 03/25/47 (a)		741,754		622,176
Katonah, Ltd. 0.567%, 09/20/16 (144A) (a)		4,387,997		4,280,445
Landmark CDO, Series 2005-1A Class A1L 0.554%, 06/01/17 (144A) (a)		6,900,297		6,717,342
Magi Funding plc 1.835%, 04/11/21 (144A) (EUR) (a) (e)		2,509,607		3,407,838
Morgan Stanley Capital, Inc. 0.236%, 11/25/36 (a)		958		330
Nautique Funding, Ltd., Series 2006-1A Class A1A 0.499%, 04/15/20 (144A) (a) (b)		962,297		899,502
Navigare Funding CLO, Ltd., Series 2006-1A Class A 0.520%, 05/20/19 (144A) (a)		700,000		687,186
Navigator CDO, Ltd. 1.111%, 11/15/15 (144A) (a)		376,899		376,610
NYLIM Flatiron CLO, Ltd., Series 2006-1A Class A2A 0.488%, 08/08/20 (144A) (a)		600,000		567,391
Pacifica CDO Ltd. 0.611%, 02/15/17 (a)		9,908,516		9,695,356
Asset Backed - Other—(Continued)
Park Place Securities, Inc. 0.866%, 12/25/34 (a)	$	4,184,849	$	3,946,210
0.446%, 09/25/35 (a)		30,826		27,645
Penta CLO S.A. 1.934%, 06/04/24 (EUR) (a)		4,357,383		5,785,468
Small Business Administration Participation Certificates 5.510%, 11/01/27		5,334,344		5,853,822
Structured Asset Securities Corp. 1.686%, 04/25/35 (a)		738,285		594,061
0.236%, 10/25/36 (a)		16,714		16,672
0.326%, 05/25/47 (a)		3,200,000		2,270,085
Symphony CLO, Ltd. 0.501%, 05/15/19 (144A) (a)		3,500,000		3,268,983
Wind River CLO, Ltd. 0.577%, 12/19/16 (144A) (a)		769,233		745,190
Wood Street CLO B.V., Series II-A Class A1 1.763%, 03/29/21 (144A) (EUR) (a)		886,946		1,227,257
				101,733,601
Asset Backed - Student Loan—2.2%
College Loan Corp. Trust 0.524%, 01/25/24 (a)		900,000		904,249
Illinois Student Assistance Commission, Series 2010-1 Class A1 0.754%, 04/25/17 (a)		1,743,362		1,743,327
Nelnet Student Loan Trust, Series 2008-4 Class A2 0.974%, 07/25/18 (a)		1,450,160		1,457,923
North Carolina State Education Assistance Authority 0.785%, 10/26/20 (a)		4,900,000		4,890,935
SLM Student Loan Trust 0.284%, 10/25/17 (a)		1,215,849		1,208,828
0.774%, 10/25/17 (a)		860,000		861,558
1.837%, 12/15/17 (144A) (a)		3,113,603		3,135,839
0.364%, 07/25/22 (a)		943,891		942,255
1.774%, 04/25/23 (a)		25,600,239		26,456,444
2.350%, 04/15/39 (144A) (a)		6,722,431		6,739,963

See accompanying notes to financial statements.

14

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Par Amount		Value
Asset Backed-Student Loan—(Continued)
6.187%, 07/15/42 (144A) (a)	$	14,523,153	$	13,827,910
4.500%, 11/16/43 (144A) (a)		4,841,628		4,670,487
Series 2004-5X Class A5 1.429%, 10/25/23 (EUR) (a)		4,100,000		5,150,648
				71,990,366
Total Asset-Backed Securities (Cost $212,275,924)				213,415,743
Loan Participation—1.0%
Security Description	Principal Amount		Value
Automobiles—0.0%
Ford Motor Corp. 2.940%, 12/15/13 (144A)		291,994		292,228
2.940%, 12/16/13 (144A)		33,872		33,900
				326,128
Consumer Finance—0.5%
Springleaf Finance Corp. 0.000%, 05/28/17		16,200,000		15,902,325
				15,902,325
Health Care Providers & Services—0.2%
IASIS Healthcare LLC 5.000%, 04/18/18		7,300,000		7,282,407
Utilities—0.3%
NRG Energy, Inc. 0.000%, 11/04/12		8,000,000		8,015,000
Wireless Telecommunication Services—0.0%
Intelsat Jackson Holdings, Ltd. 5.250%, 02/01/14		500,000		481,040
Total Loan Participation (Cost $32,187,443)				32,006,900
Security Description	Par Amount		Value
Municipals—0.1%
Buckeye Tobacco Settlement Financing Authority 5.875%, 06/01/47		1,000,000		730,450
Municipals—(Continued)
Tobacco Settlement Financing Corp. 6.000%, 06/01/23	$	530,000	$	536,789
7.467%, 06/01/47		1,125,000		834,323
Total Municipals (Cost $2,546,429)				2,101,562
Convertible Preferred Stocks—0.0%
Commercial Banks—0.0%
Wells Fargo & Co., Series L 7.500% (Cost $900,000)		900		954,000
Security Description	Shares		Value
Purchased Options—0.0%
IRO USD 1 Year Swaption 1.25, (Counterparty - Goldman Sachs & Co.) 0.000%, 04/30/12		105,700,000		554,196
IRO USD 1 Year Swaption 2.0, (Counterparty - Goldman Sachs & Co.) 0.000%, 11/19/12		3,950,000		95,736
				649,932
Total Purchased Options (Cost $454,850)				649,932
Short-Term Investments—2.2%
Security Description	Par Amount		Value
Commercial Paper—2.0%
Banco Do Brasil S.A. 0.000%, 11/15/11 (d)	$	7,100,000		7,065,218
Barclays Bank plc, Series YCD 0.000%, 12/16/11 (d)		27,400,000		27,400,000
Itau Unibanco S.A. New York 0.000%, 03/02/12 (d)		28,900,000		28,571,232
Nordea Bank Finland plc, Series YCD 0.000%, 10/14/11 (d)		2,940,000		2,942,820
				65,979,270

See accompanying notes to financial statements.

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PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Par Amount		Value
Repurchase Agreements—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $3,496,001 on 07/01/11 collateralized by $3,490,000 Federal Home Loan Bank at 1.750% due 8/22/12 with a value of $3,568,525.	$	3,496,000	$	3,496,000
				3,496,000
U.S. Government & Agency Discount Notes—0.1%
U.S. Treasury Bills 0.000%, 08/18/11 (d)		2,480,000		2,479,858
0.000%, 09/22/11 (d)		826,000		825,924
				3,305,782
Total Short-Term Investments (Cost $72,781,052)				72,781,052
Total Investments—145.4% (Cost $4,786,067,026#)				4,828,480,092
Other Assets and Liabilities (net)—(45.4)%				(1,506,747,466	)
Net Assets—100.0%			$	3,321,732,626

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $4,786,067,026. The aggregate unrealized appreciation and depreciation of investments were $62,991,835 and $(21,298,769), respectively, resulting in net unrealized appreciation of $41,693,066 for federal income tax purposes.

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2011. Maturity date shown for callable securities reflects the earliest possible call date.

(b) All or a portion of the security was pledged as collateral against open futures contracts.

(c) Security is in default and/or issuer is in bankruptcy.

(d) Zero coupon bond—Interest rate represents current yield to maturity.

(e) Security was valued in good faith under procedures approved by the Board of Trustees.

(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, 2011, the market value of 144A securities was $902,488,071, which was 27.2% of net assets.

AUD— Australian Dollar

EUR— Euro

GBP— British Pound

JPY— Japanese Yen

Forward Sales Commitments

Security Sold Short	Counterparty		Interest Rate	Maturity	Proceeds	Value
Fannie Mae Pool		Goldman Sachs & Co.	5.500%	TBA	$(5,412,500)	$(5,396,875)

See accompanying notes to financial statements.

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PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the six months ended June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2011:

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	2,883,534,391	$	—	$	2,883,534,391
Domestic Bonds & Debt Securities
Beverages		—		11,638,253		—		11,638,253
Capital Markets		—		156,094,012		—		156,094,012
Chemicals		—		11,049,157		—		11,049,157
Commercial Banks		—		504,377,984		—		504,377,984
Computers & Peripherals		—		5,333,325		—		5,333,325
Consumer Finance		—		63,010,216		—		63,010,216
Diversified Financial Services		—		107,617,423		1,553,949		109,171,372
Diversified Telecommunication Services		—		5,911,308		—		5,911,308
Health Care Providers & Services		—		10,422,594		—		10,422,594
Household Durables		—		9,999,336		—		9,999,336
Insurance		—		18,608,160		—		18,608,160
Media		—		13,945,750		—		13,945,750
Oil, Gas & Consumable Fuels		—		50,565,041		—		50,565,041
Thrifts & Mortgage Finance		—		29,769,933		—		29,769,933
Total Domestic Bonds & Debt Securities		—		998,342,492		1,553,949		999,896,441
Total Foreign Bonds & Debt Securities*		—		331,952,248		—		331,952,248
Mortgage-Backed Securities
Collateralized-Mortgage Obligation		—		187,009,132		12,328,810		199,337,942
Commercial Mortgage-Backed Securities		—		91,849,881		—		91,849,881
Total Mortgage-Backed Securities		—		278,859,013		12,328,810		291,187,823
Asset-Backed Securities
Asset Backed—Automobile		—		7,631,694		—		7,631,694
Asset Backed—Credit Card		—		25,148,228		—		25,148,228
Asset Backed—Home Equity		—		6,911,854		—		6,911,854
Asset Backed—Other		—		97,426,261		4,307,340		101,733,601
Asset Backed—Student Loan		—		71,990,366		—		71,990,366
Total Asset-Backed Securities		—		209,108,403		4,307,340		213,415,743
Total Loan Participation*		—		32,006,900		—		32,006,900

See accompanying notes to financial statements.

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PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY—(Continued)

Description	Level 1			Level 2			Level 3		Total
Municipals	$	—		$	2,101,562		$	—	$	2,101,562
Total Convertible Preferred Stock*		954,000			—			—		954,000
Purchased Options		—			649,932			—		649,932
Total Short-Term Investments*		—			72,781,052			—		72,781,052
Total Investments	$	954,000		$	4,809,335,993		$	18,190,099	$	4,828,480,092
Forward Contracts**
Forward Contracts to Buy Appreciation	$	—		$	4,520,331		$	—	$	4,520,331
Forward Contracts to Buy (Depreciation)		—			(218,092	)		—		(218,092	)
Forward Contracts to Sell Appreciation		—			285,081			—		285,081
Forward Contracts to Sell (Depreciation)		—			(7,269,966	)		—		(7,269,966	)
Total Forward Contracts	$	—		$	(2,682,646	)	$	—	$	(2,682,646	)
Futures Contracts**
Futures Contracts Long (Appreciation)	$	1,591,044		$	—		$	—	$	1,591,044
Futures Contracts Long (Depreciation)		(226,727	)		—			—		(226,727	)
Total Futures Contracts	$	1,364,317		$	—		$	—	$	1,364,317
Forward Sales Commitments	$	—		$	(5,396,875	)	$	—	$	(5,396,875	)
Written Options**
Call Written Options	$	—		$	(2,455,595	)	$	—	$	(2,455,595	)
Put Written Options		—			(1,410,807	)		—		(1,410,807	)
Total Written Options	$	—		$	(3,866,402	)	$	—	$	(3,866,402	)
SWAP Contracts**
Credit Default Swap Buy Protection Appreciation	$	—		$	38,455		$	—	$	38,455
Credit Default Swap Buy Protection (Depreciation)		—			(563,288	)		—		(563,288	)
Credit Default Swap Sell Protection Appreciation		—			462,025			—		462,025
Credit Default Swap Sell Protection (Depreciation)		—			(959,717	)		—		(959,717	)
Interest Rate Swap Appreciation		—			7,184,663			—		7,184,663
Interest Rate Swap (Depreciation)		—			(1,495,341	)		—		(1,495,341	)
Total SWAP Contracts	$	—		$	4,666,797		$	—	$	4,666,797

* See Schedule of Investments for additional detailed categorizations.

** Derivative instruments such as forwards, futures contracts and swap contracts are valued on the unrealized appreciation/depreciation on the instrument. Written options are presented at value.

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, 2010		Realized Gain		Change in Unrealized Appreciation/ (Depreciation)			Net Purchases			Net Sales			Net Transfers out of Level 3			Balance as of June 30, 2011		Change in Unrealized Appreciation/ (Depreciation) for Investments still held at June 30, 2011
U.S. Government & Agency Obligations	$	13,393,721	$	—	$	2,091		$	(13,395,812	)	$	—		$	—		$	—	$	—
Domestic Bonds and Debt Securities
Commercial Banks		877,231		—		—			—						(877,231	)		—		—
Diversified Financial Services		1,564,016		441		(1,472	)		—			(9,036	)		—			1,553,949		(1,471	)
Asset Backed Securities
Asset Backed-Other		21,949,465		—		76,945			3,365,946			—			(21,085,016	)		4,307,340		76,945
Mortgage-Backed Securities
Collateralized-Mortgage Obligation		13,066,747		50,875		56,891			12,246,703			(3,700,000	)		(9,392,406	)		12,328,810		82,107
Total	$	50,851,180	$	51,316	$	134,455		$	2,216,837		$	(3,709,036	)	$	(31,354,653	)	$	18,190,099	$	157,581

Domestic Bonds and Debt Securities in the amount of $877,231, Asset Backed Securities in the amount of $21,085,016 and Mortgage-Backed Securities in the amount of $9,392,406 were transferred out of Level 3 due to the initiation of a vendor or broker providing prices.

See accompanying notes to financial statements.

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PIMCO Inflation Protected Bond Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	4,824,984,092
Repurchase Agreement		3,496,000
Cash		166,965
Cash denominated in foreign currencies (b)		8,117,681
Collateral for cash collateral		316,166
Receivable for investments sold		72,767,560
Receivable for shares sold		1,117,662
Net variation margin on financial futures contracts		90,143
Interest receivable		22,248,379
Swap interest receivable		98,389
Swap premium paid		8,776,429
Unrealized appreciation on swap contracts		7,685,143
Unrealized appreciation on forward currency contracts		4,805,412
Total assets		4,954,670,021
Liabilities
Payables for:
Investments purchased		1,595,951,451
Payable for cash collateral		11,720,000
Shares redeemed		1,579,354
Forward sales commitments, at value		5,396,875
Unrealized depreciation on forward currency contracts		7,488,058
Unrealized depreciation on swaps		3,018,346
Outstanding written options (c)		3,866,402
Swap interest		12,853
Swap premium received		2,026,884
Accrued Expenses:
Management fees		1,271,718
Distribution and service fees - Class B		349,560
Distribution and service fees - Class E		6,891
Administration fees		14,011
Custodian and accounting fees		59,310
Deferred trustees’ fees		20,516
Other expenses		155,166
Total liabilities		1,632,937,395
Net Assets	$	3,321,732,626
Net Assets Represented by
Paid in surplus	$	3,219,356,118
Accumulated net realized gain		10,092,255
Unrealized appreciation on investments, futures contracts, written options contracts, short sales, swap contracts and foreign currency transactions		46,523,395
Undistributed net investment income		45,760,858
Net Assets	$	3,321,732,626
Net Assets
Class A	$	1,556,676,870
Class B		1,709,472,055
Class E		55,583,701
Capital Shares Outstanding*
Class A		138,376,724
Class B		152,633,216
Class E		4,958,816
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.25
Class B		11.20
Class E		11.21

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

(a) Identified cost of investments, excluding repurchase agreement, was $4,782,571,026.

(b) Identified cost of cash denominated in foreign currencies was $8,106,533.

(c) Premiums received on written options were $5,333,330.

Statement of Operations

Six Months Ended June 30, 2011 (Unaudited)

Investment Income
Dividends (a)	$	24,918
Interest		53,975,633
Total investment income		54,000,551
Expenses
Management fees		7,007,610
Administration fees		74,375
Custodian and accounting fees		212,680
Distribution and service fees - Class B		1,941,683
Distribution and service fees - Class E		39,747
Audit and tax services		34,161
Legal		20,801
Trustees’ fees and expenses		15,868
Shareholder reporting		65,821
Insurance		8,571
Miscellaneous		11,384
Total expenses		9,432,701
Net investment income		44,567,850
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options Contracts, Forward Sales Commitments, Swaps Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		52,895,727
Futures contracts		331,652
Written options contracts		(1,169,379	)
Swap contracts		528,793
Foreign currency transactions		(3,786,648	)
Net realized gain on investments, futures contracts, written options contracts, swap contracts and foreign currency transactions		48,800,145
Net change in unrealized appreciation (depreciation) on:
Investments		56,538,666
Futures contracts		1,348,530
Written options contracts		4,986,959
Forward sales commitments		15,625
Swap contracts		(419,589	)
Foreign currency transactions		(2,958,564	)
Net change in unrealized appreciation on investments, futures contracts, written options contracts, forward sales commitments, swap contracts and foreign currency transactions		59,511,627
Net realized and unrealized gain on investments, futures contracts, written options contracts, forward sales commitments, swap contracts and foreign currency transactions		108,311,772
Net Increase in Net Assets from Operations	$	152,879,622

(a) Net of foreign withholding taxes of $8,832.

See accompanying notes to financial statements.

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PIMCO Inflation Protected Bond Portfolio

Statements of Changes in Net Assets

June 30, 2011

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	44,567,850		$	30,916,090
Net realized gain on investments, futures contracts, written options contracts, swap contracts and foreign currency transactions		48,800,145			171,981,436
Net change in unrealized appreciation (depreciation) on investments, futures contracts, written options contracts, forward sales commitments, swap contracts and foreign currency transactions		59,511,627			(24,023,226	)
Net increase in net assets resulting from operations		152,879,622			178,874,300
Distributions to Shareholders
From net investment income
Class A		(24,956,696	)		(31,738,835	)
Class B		(26,951,824	)		(26,604,062	)
Class E		(908,972	)		(1,258,253	)
From net realized gains
Class A		(64,106,474	)		(33,191,843	)
Class B		(76,807,887	)		(29,719,980	)
Class E		(2,535,191	)		(1,383,067	)
Net decrease in net assets resulting from distributions		(196,267,044	)		(123,896,040	)
Net increase in net assets from capital share transactions		647,256,268			482,747,548
Net Increase in Net Assets		603,868,846			537,725,808
Net assets at beginning of period		2,717,863,780			2,180,137,972
Net assets at end of period	$	3,321,732,626		$	2,717,863,780
Undistributed net investment income at end of period	$	45,760,858		$	54,010,500

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Value			Shares			Value
Class A
Sales		35,374,916		$	396,827,442			21,989,311		$	248,415,204
Reinvestments		8,045,454			89,063,170			5,956,943			64,930,678
Redemptions		(16,414,759	)		(184,154,283	)		(20,445,750	)		(227,961,144	)
Net increase		27,005,611		$	301,736,329			7,500,504		$	85,384,738
Class B
Sales		27,567,727		$	313,448,034			42,388,465		$	479,649,156
Reinvestments		9,407,045			103,759,711			5,186,376			56,324,042
Redemptions		(6,633,023	)		(75,224,425	)		(12,571,794	)		(141,714,866	)
Net increase		30,341,749		$	341,983,320			35,003,047		$	394,258,332
Class E
Sales		483,946		$	5,479,536			1,048,545		$	11,873,924
Reinvestments		312,254			3,444,164			243,216			2,641,320
Redemptions		(474,627	)		(5,387,081	)		(1,010,335	)		(11,410,766	)
Net increase		321,573		$	3,536,619			281,426		$	3,104,478
Increase derived from capital shares transactions				$	647,256,268					$	482,747,548

See accompanying notes to financial statements.

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PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.43		$	11.17		$	9.84		$	10.98		$	10.08		$	10.78
Income (Loss) from Investment Operations
Net Investment Income(a)		0.21			0.16			0.29			0.40			0.49			0.43
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.71			1.46			(1.09	)		0.65			(0.40	)
Total From Investment Operations		0.60			0.87			1.75			(0.69	)		1.14			0.03
Less Distributions
Distributions from Net Investment Income		(0.22	)		(0.30	)		(0.42	)		(0.43	)		(0.24	)		(0.43	)
Distributions from Net Realized Capital Gains		(0.56	)		(0.31	)		—			(0.02	)		—			(0.30	)
Total Distributions		(0.78	)		(0.61	)		(0.42	)		(0.45	)		(0.24	)		(0.73	)
Net Asset Value, End of Period	$	11.25		$	11.43		$	11.17		$	9.84		$	10.98		$	10.08
Total Return (%)		5.31			8.00			18.37			(6.88	)		11.08			0.65
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.50	*		0.51			0.53			0.53			0.55			0.58
Ratio of Net Expenses to Average Net Assets (%)(c)		0.50	*		0.51			0.53			0.53			0.55			0.58
Ratio of Net Investment Income to Average Net Assets (%)		3.66	*		1.38			2.78			3.74			4.78			4.21
Portfolio Turnover Rate (%)		207.3			526.8			667.7			1,143.3			945.3			851.3
Net Assets, End of Period (in millions)	$	1,556.7		$	1,273.4		$	1,160.3		$	824.7		$	857.5		$	885.5

	Class B
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.38		$	11.13		$	9.80		$	10.96		$	10.06		$	10.76
Income (Loss) from Investment Operations
Net Investment Income(a)		0.19			0.13			0.27			0.37			0.46			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.71			1.45			(1.10	)		0.66			(0.41	)
Total From Investment Operations		0.58			0.84			1.72			(0.73	)		1.12			(0.01	)
Less Distributions
Distributions from Net Investment Income		(0.20	)		(0.28	)		(0.39	)		(0.41	)		(0.22	)		(0.39	)
Distributions from Net Realized Capital Gains		(0.56	)		(0.31	)		—			(0.02	)		—			(0.30	)
Total Distributions		(0.76	)		(0.59	)		(0.39	)		(0.43	)		(0.22	)		(0.69	)
Net Asset Value, End of Period	$	11.20		$	11.38		$	11.13		$	9.80		$	10.96		$	10.06
Total Return (%)		5.13			7.76			18.05			(7.06	)		10.80			0.39
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.75	*		0.76			0.78			0.78			0.80			0.82
Ratio of Net Expenses to Average Net Assets (%)(c)		0.75	*		0.76			0.78			0.78			0.80			0.82
Ratio of Net Investment Income to Average Net Assets (%)		3.40	*		1.13			2.55			3.44			4.52			3.93
Portfolio Turnover Rate (%)		207.3			526.8			667.7			1,143.3			945.3			851.3
Net Assets, End of Period (in millions)	$	1,709.5		$	1,391.6		$	971.4		$	542.9		$	401.6		$	367.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

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Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006(b)
Net Asset Value, Beginning of Period	$	11.39		$	11.13		$	9.80		$	10.96		$	10.06		$	9.92
Income (Loss) from Investment Operations
Net Investment Income(a)		0.19			0.14			0.28			0.37			0.48			0.29
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.71			1.45			(1.09	)		0.65			(0.15	)
Total From Investment Operations		0.58			0.85			1.73			(0.72	)		1.13			0.14
Less Distributions
Distributions from Net Investment Income		(0.20	)		(0.28	)		(0.40	)		(0.42	)		(0.23	)		—
Distributions from Net Realized Capital Gains		(0.56	)		(0.31	)		—			(0.02	)		—			—
Total Distributions		(0.76	)		(0.59	)		(0.40	)		(0.44	)		(0.23	)		—
Net Asset Value, End of Period	$	11.21		$	11.39		$	11.13		$	9.80		$	10.96		$	10.06
Total Return (%)		5.17			7.90			18.15			(6.92	)		10.93			1.41
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.65	*		0.66			0.68			0.68			0.71			0.75	*
Ratio of Net Expenses to Average Net Assets (%)(c)		0.65	*		0.66			0.68			0.68			0.71			0.75	*
Ratio of Net Investment Income to Average Net Assets (%)		3.44	*		1.24			2.63			3.47			4.63			4.23	*
Portfolio Turnover Rate (%)		207.3			526.8			667.7			1,143.3			945.3			851.3
Net Assets, End of Period (in millions)	$	55.6		$	52.8		$	48.5		$	38.8		$	7.3		$	3.3

* Annualized

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

(b) Commencement of operations—05/01/2006.

(c) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is PIMCO Inflation Protected Bond 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 Companies (“MetLife”) and other affiliated life insurance companies.

The Portfolio has registered four classes of shares: Class A, B, C and E Shares. Class A, B and E Shares are currently offered by the Portfolio. 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 expenses.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are 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 and are categorized as Level 1 within the fair value hierarchy.

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MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state 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.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 futures, options, swap, and forward transactions, foreign currency transactions, deferred trustees’ compensation, paydown, premium amortization, deferred deflation adjustments and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

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 U.S. dollars 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. Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

24

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

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. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded as Net realized gains and losses on investments. 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.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Until the Portfolio replaces a borrowed security, the Portfolio will segregate with its custodian, or earmark, cash or other liquid assets at such a level that (i) the amount segregated, or earmarked, plus the amount deposited with the broker as collateral will equal the current value of the security sold short and (ii) the amount segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. The Portfolio will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. The Portfolio will realize a gain if the security declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be, when added together: (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales; and (ii) segregated in connection with short sales.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions to seek to enhance returns. Reverse repurchase agreements involve sales by the Portfolio of securities concurrently with an agreement by the Portfolio to repurchase the same assets at a later date at a fixed price. 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 retained by the Portfolio may decline below the price of the securities the Portfolio has sold but is obligated to repurchase under the agreement. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Portfolio’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio’s obligation to repurchase the securities. For the six months ended June 30, 2011, the Portfolio had an outstanding reverse repurchase agreement balance for 77 days. The average amount of borrowings was $18,331,684 and the weighted average interest rate was 0.23%.

Forward Commitments and When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed delivery basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale 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, delayed delivery or forward commitment basis, the Portfolio will hold liquid assets in a segregated account at the Portfolio’s

25

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

custodian bank 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. As of June 30, 2011, the Portfolio had no forward commitments and when-issued and delayed-delivery securities.

Loan Participations - 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, 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 and the Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

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 mortgaged obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, 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). Payments received for the IOs are included in interest income on the Statement of Operations of the Portfolio. 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 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.

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 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.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Pacific Investment Management Company LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by  the Adviser for the six months ended June 30, 2011	% per annum			Average Daily Net Assets
$7,007,610		0.50	%	First $	1.2 Billion
		0.45	%	Over $	1.2 Billion

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MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class A, Class B and Class E Shares.

MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

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, 2011 were as follows:

Purchases					Sales
U.S. Government	Non U.S. Government		Foreign Government		U.S. Government		Non U.S. Government		Foreign Government
$8,532,177,584	$	820,363,049	$	262,607,301	$	8,259,613,256	$	223,434,375	$	263,043,514

5. Investments in Derivative Instruments

Investments in Derivative Instruments - Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a Portfolio uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Portfolio’s results of operations and financial position. Summarized below are the specific types of derivative instruments utilized by the Portfolio.

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to hedge 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 value 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 to sell limit the

27

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

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 risks if the counterparties to the contracts are unable to meet the terms of the contracts.

Futures Contracts - The Portfolio may buy and sell futures contracts (on recognized exchanges) 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, 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, for a set price in the future. 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. 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 securities. Futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Options Contracts - An option contract purchased by a 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 a Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by a 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 exposure to the broad equity markets 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 purchased 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. In addition, losses may arise from changes in the value of the underlying instrument, if there is an illiquid secondary market for the option contract, or if the counterparty to the option contract is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the 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 a 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 a purchased option expires without being exercised, the Portfolio will realize a loss equal to the premium paid. 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 marked-to-market daily based on the option’s quoted market price. When an 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 from the sale of the underlying instrument.

Swap Agreements - The Portfolio may enter into swap contracts. Swap contracts are derivatives agreements to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. The term “specified index” includes, but is not limited to, currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices, stock indices and commodity indices (as well as amounts derived from arithmetic operations on these indices). A Portfolio will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. The Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid assets, to avoid any potential leveraging of the Portfolio. The Portfolio may enter into swap transactions with counterparties that are approved by the investment adviser 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.

The swaps in which the Portfolio may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. Swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments the Portfolio is contractually obligated to receive. If the other party to a swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio contractually is entitled to receive.

An index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices.

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.

Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If an investment adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Portfolio would be less favorable than it would have been if this investment technique were not used.

Interest Rate Swaps - The Portfolio may enter into interest rate swaps and the purchase or sale of related caps and floors. The Portfolio may enter into these transactions primarily to manage its exposure to interest rates, to protect against currency fluctuations, or to preserve a return or spread on a particular investment. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds has exposure to fixed income securities, the value of these securities 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 contracts. Interest rate swaps are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the Portfolio’s exposure to interest rates. Interest rate swap contracts are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. The Portfolio could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. The purchase of a cap entitles the purchaser, to the extent that a specific index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such cap. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that amount is positive. As of June 30, 2011, the net unrealized appreciation on such transactions was $5,689,322. This risk is mitigated by maintaining a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty.

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 sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. As the seller in a credit default swap contract, the Portfolio would be required to pay the par (or other agreed upon) value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Portfolio would keep the stream of payments and would have no payment obligations. An upfront payment

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

received by the Portfolio is recorded as a liability on the books. An upfront payment made by the Portfolio is recorded as an asset on the books. As the seller, the Portfolio would be subject to investment exposure on the notional amount of the 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 expire worthless 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—the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. The Portfolio’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the unrealized appreciation of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in Note 9 to the Notes to Financial Statements and serve as an indicator of the 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. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. 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.

The maximum potential amount of future payments (undiscounted) that a 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, 2011 for which a Portfolio is the seller of protection are disclosed in Note 9 to the Notes to Financials Statements. 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 a Portfolio for the same referenced entity or entities.

Swap agreements are marked to market daily. The change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of realized gain (loss) on the Statement of Operations.

At June 30, 2011, the Portfolio had the following derivatives, grouped into appropriate risk categories:

	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 swap contracts	$	7,184,663	Unrealized depreciation on swap contracts	$	1,495,341
	Unrealized appreciation on futures contracts*		1,591,045	Unrealized depreciation on futures contracts*		226,727
	Investments at value(a)		649,932	Investments at value(a)		—
	Outstanding written options		—	Outstanding written option		3,847,863
Foreign Currency Exchange	Unrealized appreciation on forward foreign currency exchange contracts		4,805,412	Unrealized depreciation on forward foreign currency exchange contracts		7,488,058
Credit	Unrealized appreciation on swap contracts		500,480	Unrealized depreciation on swap contracts		1,523,005
	Outstanding written options		—	Outstanding written options		18,539
Total		$	14,731,532		$	14,599,533

* Includes cumulative appreciation/depreciation of futures contracts as reported in the notes to financial statements. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

Transactions in derivative instruments during the six months ended June 30, 2011, were as follows:

Statement of Operations Location - Net Realized Gain (Loss)	Interest Rate			Foreign Currency Exchange			Credit			Total
Foreign currency transactions	$	—		$	(4,865,807	)	$	—		$	(4,865,807	)
Futures contracts		331,652			—			—			331,652
Swap contracts		456,962			—			71,831			528,793
Written options contracts		(1,278,304	)		—			108,925			(1,169,379	)
	$	(489,690	)	$	(4,865,807	)	$	180,756		$	(5,174,741	)
Statement of Operations Location - Net Change in Unrealized Gain (Loss)
Investments(a)	$	34,136		$	—		$	—		$	34,136
Foreign currency transactions		—			(2,962,174	)		—			(2,962,174	)
Futures contracts		1,348,530			—			—			1,348,530
Swap contracts		(359,756	)		—			(59,833	)		(419,589	)
Written options contracts		5,053,085			—			(66,126	)		4,986,959
	$	6,075,995		$	(2,962,174	)	$	(125,959	)	$	2,987,862

(a) Includes options purchased which are part of Investments as shown in the Statement of Assets of Liabilities and change in unrealized appreciation (depreciation) on Investments as shown in the Statement of Operations.

For the six months ended June 30, 2011, the average amount or number per contract outstanding for each derivative type was as follows:

Average Notional or Face Amount(b)	Foreign Currency Risk		Interest Rate Risk		Credit Risk
Investments(a)	$	—	$	92,350,000	$	—
Foreign currency transactions		619,710,928		—		—
Futures contracts long		—		369,515,052		—
Swap contracts		—		10,720,000		4,945,000
Written options contracts		600		29,402,956		8,877,273

(b) Averages are based on daily activity levels during 2011.

6. Forward Foreign Currency Exchange Contracts

Forward Foreign Currency Exchange Contracts to Buy:

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
8/2/2011	UBS AG		24,037,729	BRL	$	15,305,891	$	14,869,312	$	436,579
9/2/2011	Barclays Bank plc		24,037,729	BRL		15,204,009		14,937,689		266,320
9/19/2011	Deutsche Bank AG		24,497,000	CAD		25,357,041		24,866,895		490,146
11/15/2011	JPMorgan Chase Bank N.A.		43,219,513	CNY		6,709,799		6,728,867		(19,068	)
2/13/2012	Deutsche Bank AG		37,170,584	CNY		5,795,743		5,738,415		57,328
9/19/2011	JPMorgan Chase Bank N.A.		531,000	EUR		769,524		762,890		6,634
10/31/2011	Citibank N.A.		28,025,600,000	IDR		3,206,427		3,020,000		186,427

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
10/31/2011	Citibank N.A.		17,461,600,000	IDR	$	1,997,793	$	1,898,000	$	99,793
10/31/2011	Goldman Sachs & Co.		20,257,500,000	IDR		2,317,674		2,190,000		127,674
1/31/2012	Citibank N.A.		17,814,000,000	IDR		2,010,550		1,963,408		47,142
8/12/2011	Barclays Bank plc		99,914,100	INR		2,220,783		2,210,000		10,783
8/12/2011	Deutsche Bank AG		145,400,000	INR		3,231,795		3,110,160		121,635
8/12/2011	JPMorgan Chase Bank N.A.		104,512,000	INR		2,322,981		2,300,000		22,981
8/12/2011	Morgan Stanley		1,073,391,000	INR		23,858,184		22,867,299		990,885
8/12/2011	JPMorgan Chase Bank N.A.		37,231,492,000	KRW		34,790,960		33,903,831		887,129
8/12/2011	Morgan Stanley		218,660,000	KRW		204,327		200,000		4,327
7/7/2011	Barclays Bank plc		49,952,350	MXN		4,261,452		4,130,000		131,452
7/7/2011	Morgan Stanley		35,784,920	MXN		3,052,823		2,960,000		92,823
7/7/2011	Morgan Stanley		13,292,950	MXN		1,134,026		1,100,000		34,026
11/18/2011	Morgan Stanley		99,030,220	MXN		8,345,217		8,294,336		50,881
8/11/2011	Barclays Bank plc		2,000,000	MYR		660,526		644,434		16,092
8/11/2011	Barclays Bank plc		2,000,000	MYR		660,526		647,606		12,920
8/11/2011	Barclays Bank plc		1,900,000	MYR		627,499		617,384		10,115
8/11/2011	Barclays Bank plc		6,527,918	MYR		2,155,929		2,110,000		45,929
8/11/2011	Citibank N.A.		3,600,000	MYR		1,188,947		1,163,505		25,442
8/11/2011	Citibank N.A.		2,000,000	MYR		660,526		648,508		12,018
8/11/2011	Citibank N.A.		3,000,000	MYR		990,789		972,857		17,932
8/11/2011	Citibank N.A.		3,000,000	MYR		990,789		975,071		15,718
8/11/2011	JPMorgan Chase Bank N.A.		2,000,000	MYR		660,526		649,035		11,491
8/11/2011	Morgan Stanley		3,306,560	MYR		1,092,034		1,075,269		16,765
11/10/2011	Citibank N.A.		3,095,462	MYR		1,015,685		1,038,049		(22,364	)
11/15/2011	Barclays Bank plc		102,300,000	PHP		2,334,710		2,306,132		28,578
11/15/2011	Barclays Bank plc		43,100,000	PHP		983,636		977,324		6,312
11/15/2011	Barclays Bank plc		43,300,000	PHP		988,201		977,647		10,554
11/15/2011	Barclays Bank plc		43,400,000	PHP		990,483		976,378		14,105
11/15/2011	Barclays Bank plc		33,597,090	PHP		766,759		750,270		16,489
11/15/2011	Citibank N.A.		84,800,000	PHP		1,935,321		1,912,926		22,395
3/15/2012	Citibank N.A.		428,905,200	PHP		9,713,925		9,890,585		(176,660	)
9/9/2011	Barclays Bank plc		700,000	SGD		570,327		547,485		22,842
9/9/2011	Citibank N.A.		900,000	SGD		733,277		703,180		30,097
9/9/2011	Deutsche Bank AG		1,200,000	SGD		977,703		940,918		36,785
9/9/2011	Deutsche Bank AG		3,000,000	SGD		2,444,258		2,434,867		9,391
9/9/2011	Deutsche Bank AG		2,400,000	SGD		1,955,406		1,949,064		6,342
9/9/2011	Goldman Sachs & Co.		3,000,000	SGD		2,444,258		2,436,667		7,591
9/9/2011	JPMorgan Chase Bank N.A.		300,000	SGD		244,426		234,212		10,214

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
9/9/2011	JPMorgan Chase Bank N.A.		1,395,927	SGD	$	1,137,335	$	1,096,238	$	41,097
9/9/2011	JPMorgan Chase Bank N.A.		2,995,628	SGD		2,440,695		2,433,748		6,947
9/9/2011	UBS AG		2,000,000	SGD		1,629,505		1,628,300		1,205
Net Unrealized Appreciation										$4,302,239

Forward Foreign Currency Exchange Contracts to Sell:
Settlement Date	Counterparty	Contracts to Deliver			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
7/29/2011	Deutsche Bank AG		6,609,000	AUD	$	7,070,941	$	6,887,239	$	(183,702	)
8/2/2011	Barclays Bank plc		24,037,729	BRL		15,305,891		15,032,976		(272,915	)
7/6/2011	JPMorgan Chase Bank N.A.		4,370,000	EUR		6,346,597		6,320,523		(26,074	)
7/6/2011	UBS AG		50,000	EUR		72,615		72,313		(302	)
7/18/2011	Barclays Bank plc		9,806,000	EUR		14,236,648		14,033,475		(203,173	)
7/18/2011	Barclays Bank plc		220,000	EUR		319,403		313,319		(6,084	)
7/18/2011	BNP Paribas Bank		4,511,000	EUR		6,549,206		6,458,534		(90,672	)
7/18/2011	Citibank N.A.		1,496,000	EUR		2,171,938		2,121,958		(49,980	)
7/18/2011	Citibank N.A.		7,143,000	EUR		10,370,424		10,424,923		54,499
7/18/2011	Citibank N.A.		2,227,000	EUR		3,233,226		3,138,950		(94,276	)
7/18/2011	Citibank N.A.		13,063,000	EUR		18,965,259		18,554,842		(410,417	)
7/18/2011	Citibank N.A.		17,478,000	EUR		25,375,090		25,103,858		(271,232	)
7/18/2011	JPMorgan Chase Bank N.A.		173,140,000	EUR		251,369,898		249,825,437		(1,544,461	)
7/18/2011	JPMorgan Chase Bank N.A.		3,874,000	EUR		5,624,391		5,428,136		(196,255	)
7/18/2011	UBS AG		8,829,000	EUR		12,818,210		12,516,252		(301,958	)
9/13/2011	UBS AG		6,300,000	GBP		10,114,100		10,344,682		230,582
7/14/2011	JPMorgan Chase Bank N.A.		303,653,000	JPY		3,765,468		3,625,037		(140,431	)
7/25/2011	Citibank N.A.		10,810,000,000	JPY		134,057,191		130,622,602		(3,434,589	)
7/7/2011	Morgan Stanley		99,030,220	MXN		8,448,301		8,404,856		(43,445	)
Net Unrealized Depreciation										$(6,984,885)

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CNY—China Yuan Renminbi

EUR—Euro

GBP—British Pound

IDR—Indonesia Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PHP—Philippine Peso

SGD—Singapore Dollar

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

7. Futures Contracts

The futures contracts outstanding as of June 30, 2011 and the description and unrealized appreciation (depreciation) were as follows:

Futures Contracts - Long	Expiration Date		Number of Contracts		Contract Amount		Valuation as of June 30, 2011		Unrealized Appreciation/ Depreciation
3MO Euribor		06/18/2012		65	$	23,042,789	$	23,116,882	$	74,093
3MO Euribor		09/17/2012		65		23,007,860		23,098,002		90,142
3MO Euribor		12/17/2012		65		22,973,348		23,072,041		98,693
3MO Euribor		03/18/2013		65		22,949,493		23,050,800		101,307
90 Day EuroDollar Futures		09/19/2011		639		159,058,672		159,198,863		140,191
90 Day EuroDollar Futures		12/19/2011		61		15,170,413		15,185,950		15,537
90 Day EuroDollar Futures		03/19/2012		880		218,331,450		218,933,000		601,550
90 Day EuroDollar Futures		06/18/2012		456		113,008,765		113,298,900		290,135
90 Day EuroDollar Futures		12/17/2012		494		122,287,555		122,178,550		(109,005	)
90 Day EuroDollar Futures		03/18/2013		207		51,184,622		51,066,900		(117,722	)
90 Day EuroDollar Futures		09/17/2012		328		81,148,204		81,327,600		179,396
Net Unrealized Appreciation									$	1,364,317

8. Options Written

The options contracts outstanding as of June 30, 2011 and the description and unrealized appreciation (depreciation) were as follows:

Over the Counter Options Written - Calls	Counterparty	Expiration Date		Number of Contracts			Premiums Received			Valuation as of June  30, 2011			Unrealized Appreciation/ Depreciation
317513GS2	JPMorgan Chase Bank N.A.		10/11/2011		(17,200,000	)	$	(87,376	)	$	(111,321	)	$	(23,945	)
CDX.O 5 Year Swaption 0.8	BNP Paribas Bank		09/21/2011		(3,200,000	)		(6,880	)		(7,139	)		(259	)
CDX.O 5 Year Swaption 0.8	Credit Suisse Group AG		09/21/2011		(1,000,000	)		(3,900	)		(2,231	)		1,669
EuroDollar Futures	Citibank N.A.		09/19/2011		(119	)		(55,702	)		(92,225	)		(36,523	)
IRO USD 3 Year Swaption 3.0	Morgan Stanley		10/11/2011		(126,400,000	)		(639,900	)		(760,789	)		(120,889	)
IRO USD 5 Year Swaption 1.8	Credit Suisse Group AG		08/24/2011		(13,600,000	)		(27,200	)		(21,129	)		6,071
OCD001044 FVA USD	Morgan Stanley		10/11/2011		(37,100,000	)		(411,799	)		(601,308	)		(189,509	)
OCD001077 FVA USD	Morgan Stanley		11/14/2011		(42,500,000	)		(462,139	)		(696,661	)		(234,522	)
OCD001119 FVA USD	Goldman Sachs & Co.		10/11/2011		(17,700,000	)		(93,460	)		(114,557	)		(21,097	)
							$	(1,788,356	)	$	(2,407,360	)	$	(619,004	)
Exchange Traded Options Written - Calls
U.S. Treasury Note 5 Year Futures			07/01/2011		(186	)		(80,595	)		(42,141	)		38,454
U.S. Treasury Note 10 Year Futures			07/01/2011		(65	)		(30,006	)		(6,094	)		23,912
							$	(110,601	)	$	(48,235	)	$	62,366

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Options Written - continued

Over the Counter Options Written - Puts	Counterparty	Expiration Date		Number of Contracts			Premiums Received			Valuation as of June  30, 2011			Unrealized Appreciation/ Depreciation
CDX.O 5 Year Swaption 0.8	BNP Paribas Bank		09/21/2011		(3,200,000	)	$	(13,120	)	$	(1,647	)	$	11,473
CDX.O 5 Year Swaption 0.8	Credit Suisse Group AG		09/21/2011		(1,000,000	)		(4,600	)		(515	)		4,085
CDX.O 5 Year Swaption 0.8	Morgan Stanley		09/21/2011		(5,000,000	)		(22,500	)		(6,132	)		16,368
CDX.O 5 Year Swaption 0.8	UBS AG		09/21/2011		(1,700,000	)		(9,180	)		(875	)		8,305
EuroDollar Futures	Citibank N.A.		09/19/2011		(119	)		(76,150	)		(8,925	)		67,225
INF Floor USD CPURNS 215.95	Deutsche Bank AG		03/10/2020		(5,100,000	)		(38,250	)		(18,107	)		20,143
INF Floor USD CPURNS 215.95	Citibank N.A.		03/12/2020		(13,900,000	)		(119,540	)		(37,238	)		82,302
INF Floor USD CPURNS 216.69	Citibank N.A.		04/07/2020		(49,000,000	)		(436,720	)		(136,683	)		300,037
INF Floor USD CPURNS 217.97	Citibank N.A.		09/29/2020		(4,700,000	)		(60,630	)		(14,452	)		46,178
IRO USD 1 Year Swaption 1.0	Goldman Sachs & Co.		11/19/2012		(39,500,000	)		(225,359	)		(233,429	)		(8,070	)
IRO USD 1 Year Swaption 2.0	Goldman Sachs & Co.		04/30/2012		(211,400,000	)		(375,235	)		(123,331	)		251,904
IRO USD 10 Year Swaption 4.25	Morgan Stanley		10/11/2011		(126,400,000	)		(639,900	)		(270,268	)		369,632
IRO USD 3 Year Swaption 3.0	Barclays Bank plc		06/18/2012		(3,600,000	)		(31,637	)		(13,775	)		17,862
IRO USD 3 Year Swaption 3.0	Citibank N.A.		06/18/2012		(59,100,000	)		(657,643	)		(226,140	)		431,503
IRO USD 3 Year Swaption 3.0	Deutsche Bank AG		06/18/2012		(16,000,000	)		(178,832	)		(61,222	)		117,610
IRO USD 3 Year Swaption 3.0	JPMorgan Chase Bank N.A.		06/18/2012		(40,700,000	)		(431,713	)		(155,734	)		275,979
IRO USD 5 Year Swaption 2.5	Credit Suisse Group AG		08/24/2011		(13,600,000	)		(54,060	)		(31,616	)		22,444
							$	(3,375,069	)	$	(1,340,089	)	$	2,034,980
Exchange Traded Options Written - Puts
U.S. Treasury Note 5 Year Futures			07/01/2011		(186	)		(37,789	)		(39,234	)		(1,445	)
U.S. Treasury Note 10 Year Futures			07/01/2011		(65	)		(21,515	)		(31,484	)		(9,969	)
							$	(59,304	)	$	(70,718	)	$	(11,414	)
Total							$	5,333,330		$	(3,866,402	)	$	1,466,928

The Portfolio transactions in options written during the period ended June 30, 2011 were as follows:

Call Options	Number of Contracts			Premium received
Options outstanding December 31, 2010		286,400,719		$	1,749,288
Options written		249,000,251			1,137,846
Options bought back		(600	)		(280,848	)
Options expired		(276,700,000	)		(707,329	)
Options outstanding June 30, 2011		258,700,370		$	1,898,957

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Options Written - continued

Put Options	Number of Contracts			Premium received
Options outstanding December 31, 2010		417,200,719		$	3,534,538
Options written		467,800,251			1,648,852
Options bought back		(157,100,600	)		(1,139,047	)
Options expired		(134,000,000	)		(609,969	)
Options outstanding June 30, 2011		593,900,370		$	3,434,374

9. Swap Agreements

Open interest rate swap agreements at June 30, 2011 were as follows:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Counter party	Notional Amount		Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	INF EUR FRCPXTOB		2.261	%		7/14/2011	JPMorgan Chase Bank N.A.	EUR	66,200,000	$	(2,528,400	)	$	(1,087,869	)	$	(1,440,531	)
Receive	ZCS BRL CDI		10.115	%		1/2/2012	Morgan Stanley	BRL	2,500,000		132,236			(7,260	)		139,496
Receive	ZCS BRL CDI		12.540	%		1/2/2012	Morgan Stanley	BRL	124,800,000		3,136,080			1,107,194			2,028,886
Receive	ZCS BRL CDI		11.670	%		1/2/2012	Goldman Sachs & Co.	BRL	61,300,000		308,923			29,301			279,622
Receive	ZCS BRL CDI		10.835	%		1/2/2012	JPMorgan Chase Bank N.A.	BRL	7,000,000		76,962			29,726			47,236
Receive	ZCS BRL CDI		11.290	%		1/2/2012	Morgan Stanley	BRL	11,300,000		73,275			—			73,275
Receive	ZCS BRL CDI		11.250	%		1/2/2012	JPMorgan Chase Bank N.A.	BRL	10,200,000		84,725			20,793			63,932
Receive	ZCS BRL CDI		11.630	%		1/2/2012	Morgan Stanley	BRL	5,900,000		(18,205	)		(5,309	)		(12,896	)
Receive	ZCS BRL CDI		11.890	%		1/2/2013	Goldman Sachs & Co.	BRL	12,000,000		(42,220	)		(306	)		(41,914	)
Receive	ZCS BRL CDI		12.170	%		1/2/2013	JPMorgan Chase Bank N.A.	BRL	20,000,000		95,511			(235	)		95,746
Receive	ZCS BRL CDI		11.980	%		1/2/2013	Morgan Stanley	BRL	82,600,000		4,305,741			—			4,305,741
Receive	IRS USD 3MIL		4.000	%		12/21/2041	Morgan Stanley	USD	6,100,000		185,804			35,075			150,729
Total										$	5,810,432		$	121,110		$	5,689,322

Credit Default Swaps on Corporate and Sovereign Issuers - Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011 (b)			Notional Amount (c)		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Black and Decker Corp. (The)
8.950%, due 04/15/2014		(2.200	%)		6/20/2014	Citibank N.A.		0.29	%	$	2,000,000	$	(113,562	)	$	—	$	(113,562	)
D.R. Horton, Inc.
5.375%, due 06/15/2012		(1.000	%)		3/20/2015	JPMorgan Chase Bank N.A.		1.93	%		7,500,000		248,314			403,143		(154,829	)
Echostar DBS Corp.
6.625%, due 10/01/2014		(3.650	%)		12/20/2013	Citibank N.A.		1.80	%		6,200,000		(278,286	)		—		(278,286	)
International Lease Finance Corp.
6.625%, due 11/15/2013		(1.530	%)		12/20/2013	JPMorgan Chase Bank N.A.		3.02	%		1,100,000		38,455			—		38,455
Lexmark International, Inc.
5.900%, due 06/01/2013		(1.170	%)		6/20/2013	JPMorgan Chase Bank N.A.		1.00	%		5,000,000		(16,611	)		—		(16,611	)
Total												$	(121,690	)	$	403,143	$	(524,833	)

36

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PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Swap Agreements - continued

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

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011 (b)			Notional Amount (c)		Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Brazilian Government International Bond
12.250%, due 03/06/2030		1.000	%		6/20/2020	Deutsche Bank AG		1.47	%	$	7,200,000	$	(259,655	)	$	(238,660	)	$	(20,995	)
Brazilian Government International Bond
12.250%, due 03/06/2030		1.000	%		6/20/2015	JPMorgan Chase Bank N.A.		0.94	%		2,500,000		5,965			(28,452	)		34,417
Government of France
4.250%, due 04/25/2019		0.250	%		6/20/2015	Citibank N.A.		0.62	%		3,300,000		(47,923	)		(78,850	)		30,927
Government of France
4.250%, due 04/25/2019		4.250	%		12/20/2015	Citibank N.A.		0.70	%		2,700,000		(52,666	)		(74,254	)		21,588
Government of France
4.250%, due 04/25/2019		0.250	%		6/20/2015	Deutsche Bank AG		0.62	%		3,000,000		(43,566	)		(98,285	)		54,719
Government of France
4.250%, due 04/25/2019		0.250	%		6/20/2015	JPMorgan Chase Bank N.A.		0.62	%		2,800,000		(40,662	)		(98,833	)		58,171
Government of France
4.250%, due 04/25/2019		0.250	%		12/20/2015	JPMorgan Chase Bank N.A.		0.70	%		11,000,000		(214,564	)		(221,148	)		6,584
Government of Japan
2.000% due 03/21/2022		1.000	%		12/20/2015	Deutsche Bank AG		0.79	%		1,100,000		9,896			22,879			(12,983	)
Government of Japan
2.000% due 03/21/2022		1.000	%		12/20/2015	Goldman Sachs & Co.		0.79	%		4,400,000		39,583			92,772			(53,189	)
Government of Japan
2.000% due 03/21/2022		1.000	%		12/20/2015	Goldman Sachs & Co.		0.79	%		5,500,000		49,479			113,527			(64,048	)
Government of Japan
2.000% due 03/21/2022		1.000	%		12/20/2015	Goldman Sachs & Co.		0.79	%		2,300,000		20,691			51,101			(30,410	)
Government of Japan
2.000% due 03/21/2022		1.000	%		12/20/2015	JPMorgan Chase Bank N.A.		0.79	%		4,500,000		40,483			92,584			(52,101	)
United Kingdom Gilt
4.250%, due 06/07/2032		1.000	%		6/20/2015	Citibank N.A.		0.48	%		4,300,000		87,506			34,941			52,565
United Kingdom Gilt
4.250%, due 06/07/2032		1.000	%		12/20/2015	Credit Suisse Group AG		0.53	%		2,100,000		42,586			49,257			(6,671	)
United Kingdom Gilt
4.250%, due 06/07/2032		1.000	%		6/20/2015	Deutsche Bank AG		0.48	%		5,100,000		103,787			43,721			60,066
United Kingdom Gilt
4.250%, due 06/07/2032		1.000	%		6/20/2015	Deutsche Bank AG		0.48	%		1,800,000		36,631			8,559			28,072
United Kingdom Gilt
4.250%, due 06/07/2032		1.000	%		12/20/2015	Deutsche Bank AG		0.53	%		2,700,000		54,753			62,664			(7,911	)
Petrobras International Bond
8.375%, due 12/10/2018		1.000	%		9/20/2012	Deutsche Bank AG		0.69	%		700,000		2,695			(8,684	)		11,379
Government of Spain
5.500%, due 7/30/2017		1.000	%		3/20/2016	Goldman Sachs & Co.		2.57	%		1,300,000		(86,698	)		(74,096	)		(12,602	)
Government of Japan
2.000% due 03/21/2022		1.000	%		6/20/2016	Citibank N.A.		0.87	%		9,500,000		60,248			(4,643	)		64,891
Total												$	(191,431	)	$	(353,900	)	$	162,469

37

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PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Swap Agreements - continued

Credit Default Swaps on Credit Indices - Sell Protection (d)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011 (b)			Notional Amount (c)		Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
CDX.EM.14		5.000	%		12/20/2015	Deutsche Bank AG		2.07	%	$	3,200,000	$	389,110	$	474,400	$	(85,290	)
CDX.EM.14		5.000	%		12/20/2015	Morgan Stanley		2.07	%		7,000,000		851,177		987,000		(135,823	)
CDX.EM.14		5.000	%		12/20/2015	UBS AG		2.07	%		4,200,000		510,706		592,200		(81,494	)
CDX.EM.14		5.000	%		12/20/2015	Citibank N.A.		2.07	%		30,900,000		3,757,339		4,143,505		(386,166	)
CDX.NA.IG.16		1.000	%		6/20/2016	Goldman Sachs & Co.		0.92	%		22,300,000		83,233		44,587		38,646
CDX.EM.15		5.000	%		6/20/2016	Barclays Bank plc		2.12	%		2,500,000		327,466		337,500		(10,034	)
Total												$	5,919,031	$	6,579,192	$	(660,161	)

BRL—Brazilian Real

EUR—Euro

MXN—Mexican Peso

USD—United States Dollar

IG—Investment Grade

NA—North America

(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 sovereign issues of an emerging country 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 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.

10. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

11. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

11. Market, Credit and Counterparty Risk - continued

reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

12. Income Tax Information

The tax character of distributions paid for the six months ended December 31, 2010 and 2009 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2010	2009		2010		2009		2010		2009
$123,896,040	$	59,876,258	$	—	$	—	$	123,896,040	$	59,876,258

As of December 31, 2010, 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		Total
$189,578,043	$	6,687,579	$	(50,485,392	)	$	—		145,780,230

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law by President Obama on December 22, 2010.

The Act makes a number of changes to the provisions in the Code relating to regulated investment companies (“RICs”) that will generally become effective for taxable years of RICs beginning after December 22, 2010. The Act allows RICs to generally carryover net capital losses indefinitely, effective for losses arising in taxable years beginning after December 22, 2010. Such losses will retain their character as either long-term capital losses or short-term capital losses. Under pre-enactment law, capital losses could be carried forward for eight years and carried forward as short-term capital losses irrespective of the character of the original loss. Loss carryovers from years beginning prior to December 22, 2010 will still expire subject to the eight-year limitation. The Act further provides that losses arising in taxable years after December 22, 2010 (which are carried forward indefinitely) would be utilized prior to loss carryovers arising in taxable years beginning prior to December 22, 2010.

13. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

39

MET INVESTORS SERIES TRUST

PIMCO Inflation Protected Bond Portfolio

Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

40

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  Met Investors Series Trust PIMCO Total Return Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*

Performance

For the six-month period ended June 30, 2011, the Class A, B, and E shares of the PIMCO Total Return Portfolio returned 3.00%, 2.82% and 2.94%, respectively, compared to its benchmark, the Barclays Capital U.S. Aggregate Bond Index¹, which returned 2.72%.

Market Environment/Conditions

Concern about political unrest across the Middle East/North Africa, the strongest earthquake on record in Japan, and the sovereign debt crisis in the Eurozone sparked a flight to safety and boosted demand for Treasuries during the first half of the year. The Barclays Capital U.S. Aggregate (BCAG) Bond Index, a widely used index of U.S. high-grade bonds, returned 2.72 percent during the first half of 2011.

The Treasury rally stalled late during the final days of the first half of the year as Greece’s parliament approved austerity measures, easing concerns (at least temporarily) about the potential for the Euro area’s first sovereign default. In addition, U.S. manufacturing businesses unexpectedly expanded at a faster pace in June, suggesting that the supply chain disruption from the Japanese earthquake was easing.

Another indicator that raised hopes for stronger growth in the second half of 2011 was falling commodity prices. Lower retail fuel prices relieved some stress on consumers coping with an official unemployment rate over 9 percent and continued weakness in residential property markets. On June 30 the Federal Reserve (Fed) ended its $600 billion program of buying Treasuries known as QE2, and indicated its intent to continue buying Treasuries with proceeds from maturing debt on its $2.9 trillion balance sheet. The Fed also reiterated its “extended period” language for a near-zero federal funds rate.

Portfolio Review/Current Positioning

Exposure to non-U.S. developed interest rates, particularly core Europe, added to returns as rates fell on fears of a global economic slowdown; however, an underweight to U.S. duration detracted from returns as rates fell. A focus on shorter maturities, implemented via money market futures, added to performance as these contracts increased in price during the first half of the year. An overweight to emerging markets, especially to dollar denominated debt in Brazil and emerging market corporates in Russia were positive for performance. An underweight to Agency mortgage-backed securities (MBS) detracted from performance as the sector outperformed like-duration Treasuries during the period; however, exposure to Non-Agency mortgages partially mitigated some of this negative impact. An overweight to bonds of banks, finance companies, and life insurers all added to performance as these sectors outpaced the broader corporate market amid improving balance sheets and higher profits. Additionally, exposure to Build America Bonds (BABs) added to performance, given the light supply and reduced negative headlines for municipals. Finally, exposure to emerging market currencies added to returns as these currencies appreciated versus the U.S. dollar.

In regards to Portfolio positioning as of June 30, 2011, PIMCO has been broadening sources of Portfolio returns and reducing overall risk exposures in light of market uncertainties. We have maintained an underweight to duration overall. The focus of the duration is on the short end of the yield curve, where markets are pricing in more and faster Fed tightening than we foresee. This offers potential to gain from “roll down”, or the maturing of bonds along the relatively steep short maturity curve. We have retained Agency mortgages as important source of high quality income. We continued to hold non-Agency mortgages and commercial mortgage-backed securities (CMBS) that have senior positions in the capital structure as another source of attractive yield. In the corporate sector, we have maintained an overweight to banking/financial credits, which are attractively valued vs. the broader market. We continued to favor Build America Bonds, seeking to capture their attractive valuations relative to corporates. Additionally, we continued to own corporate and quasi-sovereign bonds in high quality countries; taking exposure to relatively high nominal and real local interest rates in Brazil. The portfolio also held long positions in relatively high yielding, high quality emerging market currencies as well as commodity-based, fiscally sound currencies such as Norway and Canada.

William H. Gross, CFA

Managing Director, Co-Chief Investment Officer

Pacific Investment 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.

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MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Portfolio Composition as of June 30, 2011

Top Issuers

	% of Net Assets
Fannie Mae		27.0
Japan Treasury Bills		20.0
Freddie Mac		3.5
Citigroup, Inc.		1.8
Barclays Bank plc		1.8
Brazil Notas do Tesouro Nacional		1.8
U.S. Treasury Notes		1.6
Wells Fargo & Co.		1.5
JPMorgan Chase & Co.		1.5
U.S. Treasury Inflation Index Bonds		1.1

Top Sectors

	% of Market Value of Total Investments
U.S. Treasury & Government Agencies		30.1
Domestic Bonds & Debt Securities		24.6
Foreign Bonds & Debt Securities		24.2
Cash & Equivalents		10.0
Mortgage-Backed Securities		4.4
Municipals		2.9
Asset-Backed Securities		1.7
Preferred Stocks		0.9
Convertible Preferred Stocks		0.9
Loan Participation		0.3

2

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

PIMCO Total Return Portfolio managed by

Pacific Investment Management Company LLC vs. Barclays Capital U.S. Aggregate Bond Index¹

	Average Annual Return2 (for the six months ended June 30, 2011)
	6 Month		1 Year		5 Year		10 Year		Since Inception3
PIMCO Total Return Portfolio—Class A		3.00%		5.53%		8.58%		6.97%		—
Class B		2.82%		5.22%		8.31%		6.70%		—
Class E		2.94%		5.33%		8.42%		—		6.26%
Barclays Capital U.S. Aggregate Bond Index1		2.72%		3.90%		6.52%		5.74%		—

The performance of Class B shares, as set forth in the line graph above, will differ from that of the other classes because of the difference in expenses paid by policyholders investing in the different share classes.

¹ The Barclays Capital 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, MBS, ABS, and CMBS.

²“Average Annual Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³ Inception of the Class A shares is 5/1/01. Inception of the Class B shares is 2/12/01. Inception of the Class E shares is 11/1/01. Index returns are based on an inception date of 2/12/01.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

3

MET INVESTORS SERIES TRUST

PIMCO Total Return 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, 2011 through June 30, 2011 .

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.

	Annualized Expense Ratio		Beginning Account Value January 1, 2011		Ending Account Value June 30, 2011		Expenses Paid During Period** January 1, 2011 to June 30, 2011
Class A
Actual		0.51%	$	1,000.00	$	1,030.00	$	2.57
Hypothetical*		0.51%		1,000.00		1,022.27		2.56
Class B
Actual		0.76%	$	1,000.00	$	1,028.20	$	3.82
Hypothetical*		0.76%		1,000.00		1,021.03		3.81
Class E
Actual		0.66%	$	1,000.00	$	1,029.40	$	3.32
Hypothetical*		0.66%		1,000.00		1,021.52		3.31

* 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).

4

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

U.S. Treasury & Government Agencies—33.9% of Net Assets

Security Description	Par Amount		Value
Agency Sponsored Mortgage-Backed—30.4%
Fannie Mae 8.000%, 08/01/14	$	2,049	$	2,201
Fannie Mae 10 Yr. Pool 4.500%, 01/01/13		255,524		266,200
4.500%, 03/01/13		231,487		236,089
4.500%, 04/01/13		539,767		567,246
4.000%, 08/01/13		79,000		82,485
3.500%, 09/01/13		43,782		44,512
4.000%, 09/01/13		215,355		224,954
4.500%, 09/01/13		540,908		568,441
3.500%, 10/01/13		62,512		63,640
4.000%, 12/01/13		553,502		566,111
4.500%, 12/01/13		341,435		362,671
4.000%, 03/01/14		19,417		19,947
4.500%, 03/01/14		785,244		823,757
4.000%, 05/01/14		784,645		819,116
3.500%, 06/01/14		16,810		17,184
4.000%, 06/01/14		412,643		427,098
3.500%, 07/01/14		30,198		30,870
4.000%, 07/01/14		9,708		10,120
4.000%, 09/01/15		6,256		6,476
5.500%, 04/01/16		133,173		144,776
5.500%, 06/01/16		45,418		48,219
5.500%, 06/01/16		30,625		33,379
5.500%, 08/01/17		12,394		13,269
5.500%, 09/01/18		756,897		820,963
5.500%, 10/01/18		352,363		382,127
Fannie Mae 15 Yr. Pool 5.500%, 03/01/13		10,318		11,195
5.500%, 11/01/13		9,294		10,083
6.500%, 12/01/13		2,059		2,115
5.500%, 01/01/14		13,355		14,490
5.500%, 02/01/14		11,220		12,173
5.500%, 03/01/14		11,042		11,980
5.500%, 04/01/14		141,828		153,874
5.500%, 04/01/14		12,102		13,130
5.500%, 06/01/14		12,437		13,493
5.500%, 09/01/14		690,065		748,678
5.500%, 12/01/14		209,309		227,087
5.500%, 08/01/15		2,074,032		2,171,346
5.500%, 03/01/16		21,418		23,237
6.500%, 04/01/16		50,524		55,336
6.500%, 06/01/16		27,145		29,731
6.500%, 07/01/16		77,220		84,576
6.500%, 08/01/16		4,900		5,367
Agency Sponsored Mortgage-Backed—(Continued)
6.000%, 09/01/16	$	13,167	$	14,398
6.500%, 09/01/16		30,057		32,919
6.500%, 10/01/16		64,374		70,505
5.500%, 11/01/16		12,855		13,955
5.500%, 12/01/16		11,436		12,415
5.500%, 01/01/17		14,180		15,391
6.500%, 02/01/17		43,759		47,927
6.000%, 03/01/17		12,249		13,409
6.000%, 04/01/17		28,778		31,505
6.000%, 06/01/17		23,675		25,919
6.000%, 07/01/17		66,077		72,340
6.500%, 07/01/17		51,947		56,896
5.500%, 09/01/17		14,514		15,765
5.500%, 10/01/17		11,352		12,331
6.500%, 10/01/17		16,058		17,587
5.500%, 12/01/17		15,301		16,760
5.500%, 01/01/18		484,789		526,538
5.500%, 02/01/18		3,905,133		4,241,732
5.500%, 02/01/18		183,517		199,105
4.500%, 06/01/18		203,979		218,333
5.500%, 11/01/18		13,481		14,641
5.500%, 09/01/20		60,260		65,566
5.500%, 12/01/20		13,238		14,379
4.000%, 03/01/22		290,134		307,105
5.500%, 03/01/22		1,266,738		1,373,865
5.500%, 04/01/22		530,981		580,230
5.500%, 04/01/22		41,485		44,993
5.500%, 07/01/22		846,806		919,983
5.500%, 09/01/22		368,469		399,630
5.500%, 10/01/22		2,549,778		2,770,510
5.500%, 11/01/22		683,410		741,261
5.500%, 12/01/22		637,214		691,202
4.500%, 01/01/23		2,001,633		2,128,776
4.500%, 02/01/23		1,434,870		1,525,976
5.500%, 02/01/23		882,153		956,797
5.500%, 03/01/23		119,299		129,388
4.500%, 04/01/23		2,338,947		2,487,457
4.500%, 05/01/23		2,451,134		2,606,767
4.500%, 06/01/23		3,956,058		4,207,245
4.500%, 07/01/23		2,410,460		2,563,511
5.500%, 07/01/23		62,090		67,351
5.500%, 08/01/23		420,232		455,771
5.500%, 10/01/23		530,736		575,702
5.500%, 11/01/23		103,202		112,612
5.500%, 12/01/23		265,951		288,707

See accompanying notes to financial statements.

5

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

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

Security Description	Par Amount		Value
Agency Sponsored Mortgage-Backed—(Continued)
4.500%, 01/01/24	$	329,822	$	350,403
5.500%, 01/01/24		75,460		81,853
4.500%, 03/01/24		15,465,189		16,438,732
4.000%, 04/01/24		351,785		367,415
4.500%, 04/01/24		2,221,765		2,362,469
4.500%, 05/01/24		6,051,877		6,433,300
4.000%, 07/01/24		734,446		767,079
5.500%, 09/01/24		296,734		322,123
4.500%, 10/01/24		1,619,561		1,721,382
4.000%, 11/01/24		409,846		428,056
4.000%, 12/01/24		717,501		750,002
5.500%, 01/01/25		5,529,862		5,998,385
4.000%, 02/01/25		851,595		889,433
4.000%, 03/01/25		1,527,361		1,594,747
4.500%, 04/01/25		927,604		985,342
4.000%, 05/01/25		4,349,160		4,541,042
4.000%, 06/01/25		1,310,215		1,368,020
4.000%, 07/01/25		7,895,676		8,244,029
4.500%, 07/01/25		481,170		510,895
3.500%, 08/01/25		1,815,989		1,852,412
4.000%, 08/01/25		35,654,898		37,227,967
3.500%, 09/01/25		410,337		418,567
4.000%, 09/01/25		47,486		49,581
3.500%, 10/01/25		875,000		892,549
4.000%, 10/01/25		2,381,647		2,486,724
3.500%, 11/01/25		4,943,757		5,042,913
4.500%, 11/01/25		633,089		672,496
3.500%, 12/01/25		19,865,484		20,263,922
4.000%, 12/01/25		8,434,435		8,806,557
3.500%, 01/01/26		8,015,192		8,176,958
3.500%, 02/01/26		15,704,021		16,023,231
4.000%, 02/01/26		17,847,910		18,624,193
3.500%, 03/01/26		4,208,512		4,294,238
4.000%, 03/01/26		25,696,034		26,829,066
3.500%, 04/01/26		8,069,549		8,233,923
4.000%, 04/01/26		2,568,522		2,680,751
4.000%, 04/01/26		658,064		686,686
3.500%, 05/01/26		12,366,679		12,618,581
3.500%, 05/01/26		1,225,139		1,250,094
4.000%, 05/01/26		2,084,829		2,175,508
3.500%, 06/01/26		104,119,781		106,240,629
4.000%, 06/01/26		4,215,922		4,399,291
3.500%, 07/01/26		10,227,269		10,432,240
4.000%, 07/01/26		140,748		146,795
4.500%, TBA (a)		37,000,000		39,231,544
Agency Sponsored Mortgage-Backed—(Continued)
5.500%, TBA (a)	$	500,000	$	541,953
Fannie Mae 20 Yr. Pool
6.000%, 08/01/18		14,183		15,543
6.000%, 12/01/18		21,487		23,547
5.500%, 02/01/19		71,407		77,483
6.000%, 02/01/19		32,832		35,979
6.000%, 06/01/22		2,463,542		2,721,754
5.500%, 09/01/22		31,005		33,876
6.000%, 09/01/22		636,162		700,713
5.500%, 10/01/22		138,735		151,581
6.000%, 10/01/22		416,462		460,112
6.000%, 01/01/23		779,179		860,847
5.500%, 06/01/23		1,081,819		1,181,449
5.500%, 03/01/25		2,044,232		2,230,451
5.500%, 11/01/26		75,796		82,246
5.500%, 01/01/27		379,145		411,408
5.500%, 06/01/27		72,482		78,736
5.500%, 08/01/27		773,753		840,516
5.500%, 11/01/27		281,798		306,113
6.000%, 11/01/27		58,899		64,765
5.500%, 12/01/27		662,768		719,955
5.500%, 03/01/28		326,998		354,907
5.500%, 04/01/28		892,291		968,457
5.500%, 05/01/28		410,028		445,023
5.500%, 06/01/28		126,450		137,242
5.500%, 07/01/28		72,861		79,080
5.500%, 09/01/28		1,134,229		1,230,855
6.000%, 09/01/28		358,109		393,776
5.500%, 10/01/28		194,038		210,629
6.000%, 10/01/28		316,657		348,195
5.500%, 12/01/28		86,080		93,427
5.500%, 01/01/29		1,104,782		1,199,073
5.500%, 07/01/29		395,799		429,579
5.500%, 10/01/29		1,020,701		1,107,975
5.500%, 04/01/30		1,222,315		1,326,637
Fannie Mae 30 Yr. Pool 8.000%, 11/01/13		2,061		2,163
8.000%, 10/01/25		3,412		4,007
6.000%, 12/01/28		150,102		166,529
6.000%, 01/01/29		106,866		118,561
6.000%, 02/01/29		541,314		600,555
6.000%, 04/01/29		15,903		17,643
6.000%, 06/01/29		23,352		25,908
5.000%, 09/01/30		241,813		258,439
7.500%, 09/01/30		2,405		2,826

See accompanying notes to financial statements.

6

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

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

Security Description	Par Amount		Value
Agency Sponsored Mortgage-Backed—(Continued)
5.000%, 03/01/32	$	7,959	$	8,549
6.000%, 07/01/32		621,143		689,121
5.000%, 09/01/32		19,106		20,437
5.000%, 10/01/32		38,247		40,913
5.000%, 11/01/32		8,032		8,591
6.000%, 11/01/32		339,381		376,523
6.000%, 01/01/33		117,672		129,220
6.000%, 02/01/33		100,432		111,423
5.000%, 03/01/33		23,471		25,089
6.000%, 03/01/33		98,441		109,214
5.000%, 04/01/33		20,587,613		22,006,332
6.000%, 04/01/33		65,422		72,581
5.000%, 05/01/33		107,913,617		115,350,084
6.000%, 05/01/33		101,958		113,117
5.000%, 06/01/33		14,566,407		15,570,220
5.000%, 07/01/33		27,336,711		29,216,349
6.000%, 07/01/33		103,490		114,816
5.000%, 08/01/33		76,732,258		82,019,978
6.000%, 08/01/33		349,059		387,261
5.000%, 09/01/33		36,087		38,640
5.000%, 10/01/33		120,303		128,594
5.000%, 11/01/33		9,561,229		10,220,105
5.000%, 12/01/33		15,726		16,810
5.000%, 01/01/34		580,594		621,420
6.000%, 01/01/34		11,648		12,923
5.000%, 02/01/34		3,711,198		3,966,942
5.000%, 03/01/34		7,339,916		7,842,279
5.000%, 04/01/34		886,732		948,100
5.000%, 05/01/34		135,471		144,742
5.500%, 05/01/34		192,207		209,212
5.000%, 06/01/34		122,615		131,052
5.500%, 06/01/34		174,400		189,829
5.500%, 07/01/34		154,575		168,347
5.000%, 08/01/34		451,255		482,539
5.500%, 09/01/34		33,142		36,074
6.000%, 09/01/34		158,084		175,385
5.000%, 10/01/34		9,457		10,105
5.000%, 11/01/34		5,896		6,300
5.500%, 11/01/34		1,554,374		1,691,894
6.000%, 11/01/34		42,893		47,399
5.000%, 12/01/34		25,330		27,064
5.500%, 12/01/34		35,742		38,904
5.000%, 01/01/35		575,801		615,556
5.500%, 01/01/35		2,245,055		2,443,681
5.000%, 02/01/35		11,226		11,995
Agency Sponsored Mortgage-Backed—(Continued)
5.500%, 02/01/35	$	2,959,354	$	3,221,176
5.000%, 03/01/35		43,974,313		46,984,026
5.000%, 04/01/35		45,258,555		48,356,122
6.000%, 04/01/35		4,553,879		5,052,258
5.000%, 05/01/35		23,317		24,904
6.000%, 05/01/35		205,168		226,468
5.000%, 06/01/35		25,592,327		27,343,928
5.000%, 07/01/35		9,848,049		10,516,506
6.000%, 07/01/35		377,048		416,645
5.000%, 08/01/35		20,939		22,358
5.000%, 09/01/35		65,938		70,418
6.000%, 09/01/35		74,495		82,229
5.000%, 10/01/35		3,223,631		3,445,547
5.000%, 11/01/35		1,141,372		1,218,777
6.000%, 12/01/35		408,101		451,307
5.000%, 02/01/36		9,112,009		9,729,964
5.000%, 03/01/36		24,227		25,870
6.000%, 03/01/36		553,285		609,860
6.000%, 05/01/36		2,322,520		2,560,686
6.000%, 06/01/36		1,561,772		1,721,466
5.000%, 07/01/36		162,569		173,695
5.500%, 07/01/36		8,035,985		8,746,951
6.000%, 07/01/36		1,086,084		1,197,141
5.000%, 08/01/36		3,428,837		3,661,372
6.000%, 08/01/36		23,238,107		25,614,368
5.500%, 09/01/36		954,310		1,039,336
6.000%, 09/01/36		9,557,560		10,534,847
6.000%, 09/01/36		108,483		119,576
6.000%, 10/01/36		27,205,217		29,987,527
5.500%, 11/01/36		75,443		81,823
6.000%, 11/01/36		4,512,478		4,974,403
5.500%, 12/01/36		191,080		207,213
6.000%, 12/01/36		23,544,638		25,952,167
5.500%, 01/01/37		853,869		925,612
6.000%, 01/01/37		1,037,363		1,143,514
5.000%, 02/01/37		26,559,523		28,360,832
5.500%, 02/01/37		611,622		662,741
6.000%, 02/01/37		38,601,571		42,486,557
5.500%, 03/01/37		406,301		440,661
6.000%, 03/01/37		3,204,230		3,529,184
6.000%, 04/01/37		11,749,247		12,931,305
5.500%, 05/01/37		369,535		400,381
6.000%, 05/01/37		7,450,016		8,204,824
5.500%, 06/01/37		1,447,375		1,568,191
6.000%, 06/01/37		13,156,401		14,478,809

See accompanying notes to financial statements.

7

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

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

Security Description	Par Amount		Value
Agency Sponsored Mortgage-Backed—(Continued)
5.500%, 07/01/37	$	3,922,067	$	4,250,159
6.000%, 07/01/37		73,899,392		81,317,607
5.500%, 08/01/37		551,200		597,210
6.000%, 08/01/37 (b)		26,439,723		29,093,690
6.000%, 08/01/37		18,551,539		20,415,819
5.500%, 09/01/37		287,120		311,047
6.000%, 09/01/37		33,454,056		36,813,113
6.000%, 10/01/37		5,808,665		6,391,229
6.000%, 11/01/37		416,774		458,609
5.500%, 12/01/37		9,802,107		10,620,317
6.000%, 12/01/37		611,920		673,344
5.500%, 01/01/38		260,082		281,792
5.500%, 02/01/38		8,708,875		9,429,336
6.000%, 02/01/38		13,614,745		14,981,672
5.500%, 03/01/38		10,902,936		11,864,142
6.000%, 03/01/38		357,875		393,463
5.500%, 04/01/38		160,310		173,537
6.000%, 04/01/38		156,162		171,762
5.500%, 05/01/38		5,667,524		6,135,295
6.000%, 05/01/38		21,007,927		23,112,801
5.500%, 06/01/38		3,094,910		3,351,573
6.000%, 06/01/38		404,082		444,338
5.500%, 07/01/38		506,941		548,782
6.000%, 07/01/38		8,472,516		9,315,028
5.500%, 08/01/38		360,955		390,746
6.000%, 08/01/38		8,493,918		9,341,718
6.000%, 09/01/38		17,598,046		19,351,441
5.500%, 10/01/38		47,275		51,169
6.000%, 10/01/38		11,695,821		12,862,964
6.000%, 11/01/38		5,101,364		5,609,981
6.000%, 12/01/38		4,663,307		5,129,030
4.500%, 01/01/39		192,630		199,882
5.500%, 01/01/39		1,180,265		1,277,678
6.000%, 01/01/39		2,592,384		2,853,766
4.500%, 02/01/39		15,126,666		15,693,142
6.000%, 02/01/39		211,458		232,486
4.500%, 03/01/39		878,437		910,683
4.500%, 04/01/39		57,675,498		59,805,442
5.500%, 04/01/39		165,303		179,076
6.000%, 04/01/39		1,179,987		1,297,510
4.500%, 05/01/39		3,117,327		3,231,759
4.500%, 06/01/39		18,970,250		19,666,621
6.000%, 06/01/39		348,487		383,141
4.500%, 07/01/39		26,864		27,838
6.000%, 07/01/39		14,669		16,142
Agency Sponsored Mortgage-Backed—(Continued)
4.500%, 08/01/39	$	2,067,091	$	2,142,971
5.500%, 08/01/39		497,543		538,700
6.000%, 08/01/39		221,331		243,548
5.500%, 09/01/39		1,728,564		1,882,813
6.000%, 09/01/39		545,948		600,750
5.500%, 12/01/39		343,994		372,332
4.500%, 04/01/40		99		103
5.500%, 04/01/40		92,541		100,179
6.000%, 05/01/40		30,814		33,878
4.500%, 06/01/40		480,172		498,248
4.500%, 07/01/40		1,420,758		1,472,119
4.500%, 09/01/40		4,405,067		4,565,394
5.500%, 12/01/40		497,379		538,430
3.500%, 01/01/41		7,921,662		7,587,628
3.500%, 02/01/41		21,313,524		20,391,476
4.000%, 02/01/41		13,954,118		13,978,172
3.500%, 03/01/41		22,620,589		21,666,739
3.500%, 03/01/41		7,017,328		6,721,426
3.500%, 05/01/41		500,299		479,202
4.500%, 05/01/41		497,508		515,654
3.500%, 06/01/41		424,338		406,436
4.000%, 06/01/41		23,069,823		23,109,591
4.500%, TBA (a)		804,000,000		832,014,576
5.500%, TBA (a)		26,000,000		28,116,556
6.000%, TBA (a)		25,000,000		27,464,850
Fannie Mae ARM Pool 2.289%, 10/01/28 (c)		236,322		245,892
2.745%, 02/01/31 (c)		279,463		280,804
2.518%, 09/01/31 (c)		118,710		124,729
2.636%, 07/01/32 (c)		44,895		45,225
2.745%, 09/01/32 (c)		378,656		396,755
2.917%, 11/01/32 (c)		248,113		261,155
2.351%, 03/01/33 (c)		9,552		10,014
1.915%, 06/01/33 (c)		111,314		115,270
2.555%, 07/01/33 (c)		86,274		90,535
2.590%, 04/01/34 (c)		28,768		30,138
2.410%, 05/01/34 (c)		1,639,693		1,719,103
4.774%, 09/01/34 (c)		225,782		241,276
4.982%, 09/01/34 (c)		2,516,850		2,638,629
2.629%, 10/01/34 (c)		47,756		50,267
2.553%, 11/01/34 (c)		11,963		12,573
2.680%, 11/01/34 (c)		7,154,456		7,543,921
2.689%, 11/01/34 (c)		343,894		361,446
2.078%, 12/01/34 (c)		4,167,652		4,296,512
2.113%, 12/01/34 (c)		1,426,413		1,486,331

See accompanying notes to financial statements.

8

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

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

Security Description	Par Amount		Value
Agency Sponsored Mortgage-Backed—(Continued)
2.350%, 12/01/34 (c)	$	144,248	$	151,378
2.020%, 01/01/35 (c)		564,240		593,544
2.337%, 01/01/35 (c)		202,824		212,423
2.360%, 01/01/35 (c)		158,429		166,305
2.362%, 01/01/35 (c)		58,937		61,872
2.368%, 01/01/35 (c)		168,098		176,429
2.378%, 02/01/35 (c)		107,108		112,481
2.446%, 02/01/35 (c)		505,227		529,853
2.149%, 03/01/35 (c)		161,384		167,105
2.685%, 04/01/35 (c)		315,553		330,840
2.434%, 05/01/35 (c)		176,855		186,310
2.562%, 05/01/35 (c)		1,271,259		1,339,365
2.599%, 08/01/35 (c)		2,208,753		2,296,853
2.809%, 08/01/35 (c)		2,071,387		2,177,228
1.877%, 09/01/35 (c)		4,556,507		4,694,292
2.430%, 10/01/35 (c)		2,149,387		2,244,790
2.254%, 11/01/35 (c)		622,617		642,003
2.497%, 11/01/35 (c)		1,667,321		1,744,821
2.551%, 11/01/35 (c)		1,040,938		1,096,384
5.375%, 01/01/36 (c)		805,728		866,464
6.155%, 08/01/36 (c)		1,187,114		1,248,074
4.558%, 12/01/36 (c)		827,443		865,443
1.495%, 08/01/41 (c)		1,134,380		1,132,296
1.545%, 09/01/41 (c)		2,080,609		2,100,224
1.495%, 07/01/42 (c)		732,623		731,860
1.495%, 08/01/42 (c)		681,374		681,139
1.495%, 10/01/44 (c)		1,075,185		1,074,367
Freddie Mac 15 Yr. Gold Pool 5.500%, 05/01/14		12,318		12,986
6.000%, 06/01/14		13,506		14,735
6.000%, 10/01/14		7,007		7,645
6.000%, 03/01/15		1,058		1,154
5.500%, 04/01/16		9,102		9,851
5.500%, 09/01/19		1,230,551		1,335,620
Freddie Mac 20 Yr. Gold Pool 6.000%, 03/01/21		198,052		218,092
5.500%, 04/01/21		49,761		53,987
6.000%, 01/01/22		710,571		786,026
6.000%, 10/01/22		2,507,149		2,769,618
5.500%, 12/01/22		4,908		5,310
6.000%, 12/01/22		154,832		171,041
6.000%, 02/01/23		91,563		100,966
5.500%, 03/01/23		1,001,424		1,083,331
6.000%, 04/01/23		140,094		154,761
5.500%, 08/01/26		9,028		9,800
Agency Sponsored Mortgage-Backed—(Continued)
5.500%, 12/01/27	$	446,341	$	484,156
5.500%, 01/01/28		249,410		270,541
5.500%, 05/01/28		524,835		569,301
Freddie Mac 30 Yr. Gold Pool 5.500%, 03/01/32		109,982		119,730
5.500%, 10/01/35		165,985		180,489
5.500%, 11/01/35		520,913		566,430
5.500%, 01/01/36		514,755		558,656
5.500%, 02/01/36		283,315		308,337
5.500%, 04/01/36		238,949		258,409
5.500%, 06/01/36		13,708,324		14,914,711
5.500%, 08/01/36		662,708		718,647
5.500%, 12/01/36		3,440,025		3,730,398
5.500%, 02/01/37		139,317		150,871
5.500%, 03/01/37		122,609		133,284
5.500%, 04/01/37		196,799		213,340
5.500%, 06/01/37		94,362		102,179
5.500%, 07/01/37		927,260		1,005,482
5.500%, 08/01/37		797,488		866,207
5.500%, 09/01/37		196,493		212,772
5.500%, 10/01/37		132,309		143,226
5.500%, 11/01/37		348,801		377,881
5.500%, 12/01/37		286,128		309,834
5.500%, 01/01/38		689,982		747,145
5.500%, 02/01/38		1,667,289		1,805,420
5.500%, 03/01/38		180,537		195,729
5.500%, 04/01/38		888,218		962,806
5.500%, 07/01/38		4,940,496		5,349,805
4.500%, 09/01/38		879,664		912,231
5.500%, 09/01/38		1,667,361		1,803,935
5.500%, 10/01/38		583,708		633,348
5.500%, 11/01/38		629,046		680,571
5.500%, 12/01/38		37,846		41,000
5.500%, 01/01/39		5,681,660		6,151,480
4.500%, 02/01/39		364,360		377,635
5.500%, 02/01/39		128,303		138,752
5.500%, 09/01/39		354,630		383,512
5.500%, 12/01/39		170,813		184,724
5.500%, 02/01/40		236,814		256,100
4.500%, 10/01/40		494,826		512,063
4.500%, 12/01/40		62,167		64,294
4.500%, TBA (a)		58,000,000		59,749,048
5.500%, TBA (a)		170,000,000		183,653,210
Freddie Mac ARM Non-Gold Pool 2.784%, 01/01/29 (c)		1,063,735		1,122,270

See accompanying notes to financial statements.

9

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

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

Security Description	Par Amount		Value
Agency Sponsored Mortgage-Backed—(Continued)
2.505%, 11/01/31 (c)	$	56,761	$	59,386
3.181%, 08/01/32 (c)		234,811		244,508
2.368%, 10/01/34 (c)		146,051		151,611
2.500%, 11/01/34 (c)		284,941		298,595
2.718%, 11/01/34 (c)		103,072		108,773
2.897%, 11/01/34 (c)		139,073		146,719
2.966%, 11/01/34 (c)		75,918		80,027
2.427%, 01/01/35 (c)		145,456		152,601
2.501%, 01/01/35 (c)		641,659		673,472
2.358%, 02/01/35 (c)		146,473		153,077
2.375%, 02/01/35 (c)		172,046		180,714
2.382%, 02/01/35 (c)		121,606		127,739
2.428%, 02/01/35 (c)		151,981		159,777
2.472%, 02/01/35 (c)		87,933		92,442
2.494%, 02/01/35 (c)		282,001		298,819
2.653%, 02/01/35 (c)		148,640		157,218
5.177%, 03/01/35 (c)		1,202,204		1,287,765
2.561%, 06/01/35 (c)		3,646,858		3,837,021
2.567%, 08/01/35 (c)		1,867,391		1,965,380
2.520%, 09/01/35 (c)		563,194		585,596
2.546%, 09/01/35 (c)		1,786,389		1,868,620
Freddie Mac Gold Pool 5.500%, 04/01/37		273,764		296,802
5.500%, 07/01/37		3,216,893		3,483,405
5.500%, 11/01/37		2,512,824		2,721,006
5.500%, 03/01/38		996,497		1,079,054
4.500%, 02/01/39		3,277,213		3,395,735
Ginnie Mae I 15 Yr. Pool 6.000%, 04/15/14		31,787		34,865
Ginnie Mae I 30 Yr. Pool 7.000%, 10/15/23		25,225		29,280
7.500%, 01/15/26		18,414		21,583
3.500%, 12/15/40		1,929,982		1,876,908
3.500%, 01/15/41		565,489		549,938
3.500%, 02/15/41		1,498,402		1,457,196
Ginnie Mae I Pool 7.500%, 04/15/31		5,738,560		6,058,590
Ginnie Mae II 30 Yr. Pool 3.500%, 01/20/41		1,993,864		1,938,410
Ginnie Mae II ARM Pool 2.375%, 02/20/22 (c)		21,848		22,616
3.375%, 04/20/22 (c)		2,734		2,852
2.375%, 01/20/23 (c)		41,973		43,448
2.125%, 01/20/26 (c)		18,024		18,590
2.375%, 02/20/26 (c)		20,521		21,242
Agency Sponsored Mortgage-Backed—(Continued)
3.375%, 05/20/26 (c)	$	30,184	$	31,479
2.500%, 11/20/26 (c)		19,169		19,815
2.375%, 01/20/27 (c)		11,829		12,244
2.375%, 02/20/27 (c)		13,110		13,571
3.375%, 06/20/27 (c)		10,825		11,290
2.625%, 08/20/27 (c)		117,198		121,553
2.625%, 09/20/27 (c)		92,594		96,034
2.125%, 11/20/27 (c)		32,486		33,506
2.250%, 02/20/28 (c)		23,740		24,550
2.250%, 03/20/28 (c)		24,460		25,294
3.375%, 05/20/28 (c)		11,884		12,394
2.125%, 10/20/28 (c)		23,570		24,310
3.375%, 04/20/29 (c)		15,812		16,491
3.875%, 04/20/29 (c)		18,533		19,399
3.375%, 05/20/29 (c)		16,336		17,037
2.625%, 07/20/29 (c)		18,680		19,374
2.625%, 08/20/29 (c)		17,597		18,251
2.625%, 09/20/29 (c)		22,454		23,288
2.125%, 10/20/29 (c)		16,178		16,686
2.250%, 01/20/30 (c)		70,627		73,036
3.375%, 04/20/30 (c)		42,455		44,277
3.375%, 05/20/30 (c)		58,142		60,637
3.375%, 06/20/30 (c)		23,974		25,002
2.500%, 10/20/30 (c)		6,441		6,658
2.125%, 11/20/30 (c)		93,765		96,709
3.375%, 04/20/31 (c)		31,983		33,355
2.625%, 08/20/31 (c)		7,007		7,267
2.500%, 10/20/31 (c)		7,255		7,503
1.750%, 03/20/32 (c)		1,255		1,290
3.375%, 04/20/32 (c)		3,315		3,457
3.500%, 04/20/32 (c)		12,142		12,681
3.375%, 05/20/32 (c)		35,916		37,457
2.625%, 07/20/32 (c)		16,999		17,631
2.000%, 03/20/33 (c)		11,942		12,334
2.625%, 09/20/33 (c)		130,218		135,056
				2,951,068,334
Federal Agencies—0.2%
Fannie Mae REMICS 0.587%, 09/18/31 (c)		841,727		845,328
1.086%, 04/25/32 (c)		329,341		333,413
2.524%, 05/25/35 (c)		3,407,846		3,550,710
5.500%, 03/15/17		139,296		140,991
1.875%, 11/15/23 (c)		1,300,196		1,342,865
6.500%, 01/15/24		88,163		99,124

See accompanying notes to financial statements.

10

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

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

Security Description	Par Amount		Value
Federal Agencies—(Continued)
3.500%, 07/15/32	$	149,866	$	157,108
0.437%, 07/15/34 (c)		332,968		332,277
Freddie Mac Structured Pass Through Securities 1.695%, 07/25/44 (c)		11,345,065		11,089,379
1.484%, 10/25/44 (c)		2,191,323		2,202,129
1.495%, 02/25/45 (c)		193,852		191,520
Ginnie Mae 0.687%, 02/16/30 (c)		28,513		28,606
0.487%, 01/16/31 (c)		68,442		68,383
				20,381,833
U.S. Treasury—3.3%
U.S. Treasury Inflation Index Bonds 2.375%, 01/15/25		2,624,380		3,020,499
2.000%, 01/15/26 (b)		33,987,300		37,189,549
2.375%, 01/15/27 (b)		48,168,432		55,017,405
1.750%, 01/15/28		11,484,631		12,039,120
2.500%, 01/15/29 (b)		41,159,283		47,892,695
3.875%, 04/15/29		2,872,401		3,941,247
U.S. Treasury Notes 0.750%, 06/15/14		28,900,000		28,870,667
1.500%, 06/30/16		127,600,000		125,985,062
				313,956,244
Total U.S. Treasury & Government Agencies (Cost $3,222,842,692)				3,285,406,411
Domestic Bonds & Debt Securities—27.7%
Capital Markets—2.3%
Goldman Sachs Group, Inc. (The) 6.600%, 01/15/12		10,000,000		10,310,170
5.700%, 09/01/12		55,000		57,850
0.674%, 07/22/15 (c)		5,400,000		5,130,545
1.784%, 05/23/16 (EUR) (c)		4,300,000		5,919,612
6.250%, 09/01/17		14,200,000		15,688,529
6.150%, 04/01/18		1,800,000		1,961,735
7.500%, 02/15/19		10,000,000		11,652,690
6.750%, 10/01/37		13,500,000		13,541,121
Capital Markets—(Continued)
Lehman Brothers Holdings, Inc. 0.000%, 12/23/08 (d)	$	12,500,000	$	3,281,250
5.625%, 01/24/13 (d)		32,500,000		8,775,000
6.750%, 12/28/17 (d)		14,800,000		22,200
6.875%, 05/02/18 (d)		3,900,000		1,067,625
Merrill Lynch & Co., Inc.
Series C 0.482%, 06/05/12 (c)		1,800,000		1,797,084
6.050%, 08/15/12		26,500,000		27,904,394
6.400%, 08/28/17		3,100,000		3,388,223
Series MTN 6.875%, 04/25/18		23,400,000		25,925,703
Morgan Stanley Series EMTN 1.711%, 04/13/16 (EUR) (c)		300,000		403,829
Series F 0.450%, 04/19/12 (c)		800,000		800,031
0.726%, 10/18/16 (c)		3,400,000		3,134,032
5.950%, 12/28/17		48,200,000		51,887,107
Scotland International Finance No. 2 B.V. 4.250%, 05/23/13 (144A)		19,800,000		19,871,260
Small Business Administration Participation Certificates 5.500%, 10/01/18		47,519		51,584
SteelRiver Transmission Co. LLC 4.710%, 06/30/17 (144A)		8,820,497		8,949,921
				221,521,495
Chemicals—0.6%
Braskem Finance, Ltd. 5.750%, 04/15/21 (144A)		3,300,000		3,337,290
Dow Chemical Co. (The) 4.850%, 08/15/12		26,100,000		27,267,714
6.000%, 10/01/12		3,300,000		3,508,745
7.375%, 11/01/29		185,000		227,987
ICI Wilmington, Inc. 5.625%, 12/01/13		340,000		368,972
NGPL PipeCo LLC 7.119%, 12/15/17 (144A)		16,400,000		18,396,667
Rohm & Haas Co. 6.000%, 09/15/17		8,500,000		9,677,292
				62,784,667

See accompanying notes to financial statements.

11

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Commercial Banks—8.7%
ABN AMRO N.A. Holding Capital 6.523%, 12/29/49 (144A) (c)	$	345,000	$	322,575
ANZ National International, Ltd. 3.125%, 08/10/15 (144A)		8,700,000		8,771,775
Australia & New Zealand Banking Group, Ltd. 2.125%, 01/10/14 (144A)		17,100,000		17,250,548
Banco Santander Brazil S.A. 2.347%, 03/18/14 (144A) (c)		20,800,000		20,887,426
4.250%, 01/14/16 (144A)		14,800,000		14,849,160
Series 141 10.956%, 07/13/11 (144A) (e)		36,300,000		36,470,610
Banco Santander Chile 1.875%, 01/19/16 (144A) (c)		6,900,000		6,819,449
Bank of China (Hong Kong), Ltd.
5.550%, 02/11/20 (144A)		2,500,000		2,523,264
Bank of India, Series EMTN 4.750%, 09/30/15		5,100,000		5,287,593
Bank of Montreal, Series CB2 2.850%, 06/09/15 (144A)		5,600,000		5,807,458
Bank of Nova Scotia 1.650%, 10/29/15 (144A)		6,100,000		5,999,990
Barclays Bank plc 5.450%, 09/12/12		39,300,000		41,418,702
2.375%, 01/13/14		6,300,000		6,378,706
5.000%, 09/22/16		26,400,000		28,432,246
0.421%, 03/23/17 (c)		1,500,000		1,463,069
6.050%, 12/04/17 (144A)		44,400,000		47,072,791
10.179%, 06/12/21 (144A)		18,080,000		22,774,834
7.434%, 09/29/49 (144A) (c)		6,700,000		6,884,250
BBVA Bancomer S.A. 4.500%, 03/10/16 (144A)		3,900,000		3,987,750
6.500%, 03/10/21 (144A)		7,800,000		7,995,000
BNP Paribas S.A., Series BKNT 1.190%, 01/10/14 (c)		26,000,000		25,827,126
BPCE S.A. 2.375%, 10/04/13 (144A)		2,400,000		2,404,651
CIT Group, Inc. 7.000%, 05/01/14		1,197,315		1,213,778
7.000%, 05/01/15		889,144		892,478
7.000%, 05/01/16		1,481,907		1,478,202
7.000%, 05/01/17		2,074,669		2,072,076
Commercial Banks—(Continued)
Series C 5.250%, 04/01/14 (144A)	$	2,600,000	$	2,600,000
Credit Agricole S.A. 8.375%, 10/31/49 (144A) (c)		46,000,000		48,300,000
Credit Suisse of New York 2.200%, 01/14/14		5,700,000		5,777,833
Danske Bank A.S. 2.500%, 05/10/12 (144A)		4,500,000		4,566,700
Deutsche Bank AG London 6.000%, 09/01/17		25,700,000		28,711,886
Dexia Credit Local 0.753%, 04/29/14 (144A) (c)		1,200,000		1,175,736
DnB NOR Bank ASA 0.484%, 09/01/16 (c)		1,500,000		1,495,328
Export-Import Bank of Korea 5.125%, 06/29/20		4,300,000		4,372,988
4.000%, 01/29/21		2,700,000		2,495,525
HSBC Bank plc 2.000%, 01/19/14 (144A)		6,000,000		6,036,102
HSBC Capital Funding LP 4.610%, 12/31/49 (144A) (c)		585,000		573,328
ING Bank N.V. 1.046%, 03/30/12 (144A) (c)		66,800,000		67,073,880
2.650%, 01/14/13 (144A)		1,500,000		1,520,868
2.000%, 10/18/13 (144A)		3,300,000		3,291,176
Intesa Sanpaolo
2.658%, 02/24/14 (144A) (c)		14,100,000		14,076,185
Intesa Sanpaolo/New York, Series YCD
2.375%, 12/21/12		45,500,000		45,864,045
Key Bank N.A., Series EMTN
1.559%, 11/21/11 (EUR) (c)		500,000		723,233
Lloyds TSB Bank plc
4.875%, 01/21/16		7,400,000		7,576,172
12.000%, 12/31/49 (144A) (c)		5,800,000		6,315,999
Nordea Bank AB
2.125%, 01/14/14 (144A)		2,700,000		2,731,345

See accompanying notes to financial statements.

12

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Commercial Banks—(Continued)
Rabobank Nederland
11.000%, 06/29/49 (144A) (c)	$	277,000	$	355,683
RBS Capital Trust II
6.425%, 12/29/49		120,000		86,400
Resona Bank, Ltd.
5.850%, 09/29/49 (144A) (c)		4,400,000		4,394,711
Royal Bank of Scotland Group plc
7.640%, 03/31/49		14,500,000		11,346,250
6.990%, 10/29/49 (144A)		2,000,000		1,810,000
Royal Bank of Scotland plc (The)
3.950%, 09/21/15		12,300,000		12,369,643
Series EMTN 0.986%, 09/29/15 (c)		500,000		438,127
0.561%, 10/14/16 (c)		500,000		444,403
Santander US Debt S.A. Unipersonal
2.991%, 10/07/13 (144A)		24,300,000		24,257,815
Societe Financement de l’Economie Francaise
0.476%, 07/16/12 (144A) (c)		57,000,000		57,188,100
Societe Generale S.A.
5.922%, 04/29/49 (144A) (c)		13,200,000		11,431,358
State Bank of India
4.500%, 07/27/15 (144A)		12,200,000		12,570,094
Sumitomo Mitsui Banking Corp.
1.950%, 01/14/14 (144A)		7,400,000		7,461,013
Svenska Handelsbanken AB
1.249%, 09/14/12 (144A) (c)		34,000,000		34,318,478
Turkiye Garanti Bankasi A.S.
2.774%, 04/20/16 (144A) (c)		3,800,000		3,790,500
UBS AG
1.273%, 01/28/14 (c)		1,700,000		1,704,600
Series BKNT 2.250%, 08/12/13		14,900,000		15,164,207
5.875%, 12/20/17		21,700,000		23,836,430
Series MTN 1.359%, 02/2A3/12 (c)		7,900,000		7,951,366
USB Capital IX
3.500%, 10/29/49 (c)		8,125,000		6,725,794
Commercial Banks—(Continued)
Wachovia Bank N.A., Series MTN
0.577%, 03/15/16 (c)	$	6,000,000	$	5,707,320
Westpac Banking Corp. 0.756%, 07/16/14 (144A) (c)		29,000,000		29,141,578
Westpac Capital Trust III 5.819%, 09/30/13 (144A) (c)		80,000		79,257
Westpac Capital Trust IV 5.256%, 03/31/16 (144A) (c)		165,000		159,225
				853,296,188
Commercial Services & Supplies—0.1%
R.R. Donnelley & Sons Co. 4.950%, 04/01/14		6,200,000		6,308,190
Computers & Peripherals—0.6%
Hewlett-Packard Co. 0.534%, 05/24/13 (c)		38,300,000		38,408,427
International Business Machines Corp. 5.700%, 09/14/17		19,300,000		22,468,829
				60,877,256
Construction Materials—0.1%
C10 Capital, Ltd. 6.722%, 12/18/49 (c)		4,800,000		3,600,000
C8 Capital SPV, Ltd. 6.640%, 12/31/14 (144A) (c)		1,700,000		1,275,000
				4,875,000
Consumer Finance—2.3%
Ally Financial, Inc. 6.875%, 09/15/11		9,000,000		9,078,750
6.000%, 12/15/11		5,035,000		5,110,525
6.875%, 08/28/12		1,500,000		1,556,250
3.466%, 02/11/14 (c)		8,900,000		8,752,011
4.500%, 02/11/14		9,000,000		9,022,500
3.647%, 06/20/14 (c)		9,000,000		8,806,392
6.750%, 12/01/14		9,458,000		9,919,721
8.300%, 02/12/15		3,500,000		3,920,000
6.250%, 12/01/17 (144A)		23,000,000		22,932,886
7.500%, 09/15/20		7,800,000		8,190,000

See accompanying notes to financial statements.

13

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Consumer Finance—(Continued)
American Express Bank FSB S.A. 5.500%, 04/16/13	$	16,700,000	$	17,873,225
6.000%, 09/13/17		34,000,000		38,402,728
American Express Centurion Bank 6.000%, 09/13/17		34,000,000		38,402,728
Banque PSA Finance 2.146%, 04/04/14 (144A) (c)		14,900,000		14,884,146
Ford Motor Credit Co. LLC 7.250%, 10/25/11		1,300,000		1,319,609
3.033%, 01/13/12 (c)		9,000,000		9,022,770
7.800%, 06/01/12		800,000		836,808
7.000%, 10/01/13		500,000		535,589
8.000%, 06/01/14		2,500,000		2,744,392
7.000%, 04/15/15		500,000		541,329
12.000%, 05/15/15		4,000,000		4,964,440
8.000%, 12/15/16		500,000		563,493
Springleaf Finance Corp.,
Series MTN 6.900%, 12/15/17		3,200,000		2,952,000
Sydney Airport Finance Co. Pty, Ltd. 5.125%, 02/22/21 (144A)		1,300,000		1,315,191
				221,647,483
Diversified Financial Services—5.3%
ANZ Capital Trust II 5.360%, 11/29/49 (144A)		525,000		539,438
Bank of America Corp. 5.650%, 05/01/18		17,800,000		18,793,632
8.000%, 12/29/49 (c)		5,000,000		5,228,190
Bear Stearns & Co., Inc. 6.400%, 10/02/17		19,300,000		22,048,783
Bear Sterns Cos. LLC (The) 6.950%, 08/10/12		8,200,000		8,756,772
7.250%, 02/01/18		5,000,000		5,945,405
BM&F Bovespa S.A. 5.500%, 07/16/20 (144A)		1,000,000		1,040,500
Citigroup Capital XXI 8.300%, 12/21/57 (c)		35,900,000		36,797,500
Citigroup, Inc. 5.625%, 08/27/12		1,000,000		1,044,983
5.500%, 04/11/13		17,900,000		19,012,037
2.262%, 08/13/13 (c)		7,000,000		7,135,450
5.500%, 10/15/14		35,000,000		38,090,605
Diversified Financial Services—(Continued)
6.125%, 11/21/17	$	44,600,000	$	49,324,166
6.125%, 05/15/18		2,900,000		3,198,077
8.500%, 05/22/19		3,800,000		4,717,742
General Electric Capital Corp. 6.750%, 03/15/32		165,000		183,856
6.875%, 01/10/39		6,500,000		7,382,336
6.500%, 09/15/67 (144A) (GBP) (c)		11,900,000		18,929,711
6.375%, 11/15/67 (c)		5,400,000		5,555,250
International Lease Finance Corp. 1.795%, 08/15/11 (EUR) (c)		30,400,000		44,039,754
5.400%, 02/15/12		16,642,000		16,933,235
5.300%, 05/01/12		24,700,000		25,194,000
5.250%, 01/10/13		2,900,000		2,961,480
6.375%, 03/25/13		2,900,000		3,001,500
5.875%, 05/01/13		1,600,000		1,646,000
6.750%, 09/01/16 (144A)		5,300,000		5,671,000
JPMorgan Chase & Co. 0.580%, 06/13/16 (c)		5,300,000		4,967,817
6.000%, 10/01/17		23,600,000		26,260,452
6.000%, 01/15/18		25,600,000		28,509,952
JPMorgan Chase Capital XXI Series U 1.223%, 02/02/37 (c)		27,300,000		21,943,603
LBG Capital No.1 plc 7.875%, 11/01/20 (144A)		285,000		269,325
Macquarie Bank, Ltd., Series B 2.600%, 01/20/12 (144A)		2,200,000		2,227,570
Nationwide Building Society 6.250%, 02/25/20 (144A)		10,800,000		11,249,852
Pearson Dollar Finance plc 5.700%, 06/01/14 (144A)		13,500,000		14,875,420
SLM Corp. 4.182%, 03/15/12 (c)		1,500,000		1,503,825
5.125%, 08/27/12		400,000		410,546
5.375%, 01/15/13		700,000		719,662
5.000%, 10/01/13		4,739,000		4,931,166
0.574%, 01/27/14 (c)		11,600,000		11,007,275
5.375%, 05/15/14		8,235,000		8,579,363
Series MTN 6.250%, 01/25/16		3,200,000		3,323,270
8.450%, 06/15/18		7,400,000		8,133,103
8.000%, 03/25/20		400,000		430,201
Teco Finance, Inc. 6.750%, 05/01/15		4,400,000		5,026,547

See accompanying notes to financial statements.

14

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Diversified Financial Services—(Continued)
Temasek Financial I, Ltd. 4.300%, 10/25/19 (144A)	$	5,500,000	$	5,683,172
Trans Capital Investment, Ltd. 8.700%, 08/07/18 (144A)		2,800,000		3,451,000
				516,674,523
Diversified Telecommunication Services—0.3%
AT&T, Inc. 5.100%, 09/15/14		380,000		417,909
5.625%, 06/15/16		455,000		516,355
6.300%, 01/15/38		6,400,000		6,799,859
5.350%, 09/01/40		301,000		286,330
CenturyTel, Inc. 6.000%, 04/01/17		5,000,000		5,222,925
Deutsche Telekom International Finance B.V. 8.750%, 06/15/30		50,000		66,162
Embarq Corp. 7.995%, 06/01/36		6,600,000		6,780,886
France Telecom S.A. 8.500%, 03/01/31		165,000		222,679
Qtel International Finance, Ltd. 3.375%, 10/14/16 (144A)		400,000		401,000
4.750%, 02/16/21 (144A)		800,000		784,000
Qwest Corp. 8.875%, 03/15/12		1,720,000		1,814,600
Sprint Capital Corp. 8.750%, 03/15/32		6,900,000		7,503,750
Verizon Global Funding Corp. 7.375%, 09/01/12		185,000		199,016
Verizon New York, Inc. 6.875%, 04/01/12		325,000		339,531
7.375%, 04/01/32		155,000		178,779
				31,533,781
Electric Utilities—1.2%
Arizona Public Service Co. 4.650%, 05/15/15		165,000		178,649
Centrais Eletricas Brasileiras S.A. 6.875%, 07/30/19 (144A)		54,400,000		61,880,000
Consumers Energy Co. 5.000%, 02/15/12		2,500,000		2,564,023
Dominion Resources, Inc. 6.300%, 03/15/33		210,000		231,280
DTE Energy Co. 6.375%, 04/15/33		260,000		280,212
Electric Utilities—(Continued)
Electricite de France 5.500%, 01/26/14 (144A)	$	5,100,000	$	5,607,516
6.500%, 01/26/19 (144A)		5,100,000		5,970,223
6.950%, 01/26/39 (144A)		5,100,000		5,985,263
Enel Finance International S.A. 6.250%, 09/15/17 (144A)		9,350,000		10,335,471
Entergy Corp. 3.625%, 09/15/15		14,300,000		14,540,655
Majapahit Holding B.V. 7.250%, 06/28/17		2,040,000		2,315,669
7.750%, 01/20/20		5,000,000		5,857,686
Nisource Finance Corp. 6.150%, 03/01/13		475,000		511,156
Pepco Holdings, Inc. 7.450%, 08/15/32		180,000		208,756
Progress Energy, Inc. 6.850%, 04/15/12		650,000		680,729
				117,147,288
Energy Equipment & Services—0.1%
Cameron International Corp. 1.183%, 06/02/14 (c)		9,100,000		9,144,408
Transocean, Inc. 7.500%, 04/15/31		1,000,000		1,129,081
				10,273,489
Food & Drug Retail—0.0%
CVS Pass-Through Trust 6.943%, 01/10/30		1,018,480		1,148,651
Food & Staples Retailing—0.1%
Wal-Mart Stores, Inc. 5.800%, 02/15/18		6,600,000		7,617,555
Food Products—0.3%
Kraft Foods, Inc. 6.125%, 02/01/18		23,500,000		27,072,399
6.875%, 02/01/38		2,100,000		2,437,447
				29,509,846
Gas Utilities—0.0%
ENN Energy Holdings, Ltd. 6.000%, 05/13/21 (144A)		1,600,000		1,574,989
Health Care Providers & Services—0.2%
Prudential Holding LLC 8.695%, 12/18/23 (144A)		150,000		182,187

See accompanying notes to financial statements.

15

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Health Care Providers & Services—(Continued)
UnitedHealth Group, Inc. 6.000%, 02/15/18	$	11,100,000	$	12,603,484
6.875%, 02/15/38		2,200,000		2,523,774
				15,309,445
Independent Power Producers & Energy Traders—0.1%
Korea Hydro & Nuclear Power Co., Ltd. 3.125%, 09/16/15 (144A)		11,200,000		11,137,481
PSEG Power LLC 5.500%, 12/01/15		420,000		464,052
8.625%, 04/15/31		245,000		315,670
				11,917,203
Insurance—1.6%
American General Finance Corp. Series I 4.875%, 07/15/12		800,000		798,000
Series J 0.497%, 12/15/11 (c)		3,400,000		3,356,643
American General Institutional Capital, Series B 8.125%, 03/15/46 (144A)		24,700,000		26,737,750
American International Group, Inc. 4.250%, 05/15/13		8,545,000		8,792,574
5.050%, 10/01/15		6,300,000		6,582,051
5.450%, 05/18/17		700,000		732,922
5.850%, 01/16/18		23,700,000		24,866,301
8.250%, 08/15/18		300,000		344,738
6.400%, 12/15/20		2,800,000		3,019,260
5.250%/6.250%, 11/16/22 (f)		3,163,000		3,024,619
8.000%, 05/22/38 (EUR) (c)		2,750,000		4,003,949
8.625%, 05/22/38 (GBP) (c)		5,500,000		9,146,709
Series EMTN 5.000%, 06/26/17 (EUR)		24,000,000		33,583,631
CNA Financial Corp. 5.850%, 12/15/14		5,000,000		5,420,810
Dai-ichi Life Insurance Co., Ltd. 7.250%, 12/31/49 (144A) (c)		7,400,000		7,488,103
Insurance—(Continued)
ING Capital Funding Trust III 3.846%, 12/31/49 (c)	$	200,000	$	189,798
Liberty Mutual Group, Inc. 5.750%, 03/15/14 (144A)		5,750,000		6,103,361
Nationwide Financial Services, Inc. 6.250%, 11/15/11		55,000		55,728
5.900%, 07/01/12		60,000		61,668
Pacific LifeCorp. 6.000%, 02/10/20 (144A)		2,600,000		2,792,738
Principal Life Income Funding Trusts 5.300%, 04/24/13		3,400,000		3,657,978
				150,759,331
Machinery—0.3%
Caterpillar, Inc. 0.425%, 05/21/13 (c)		33,000,000		33,056,001
Media—0.3%
British Sky Broadcasting Group plc 6.100%, 02/15/18 (144A)		15,000,000		16,800,645
Comcast Corp. 7.050%, 03/15/33		75,000		87,051
COX Communications, Inc. 4.625%, 06/01/13		430,000		456,800
Historic TW, Inc. 9.150%, 02/01/23		155,000		208,968
News America Holdings, Inc. 8.250%, 08/10/18		110,000		137,219
7.750%, 01/20/24		25,000		30,651
Time Warner Cable, Inc. 5.400%, 07/02/12		5,000,000		5,228,145
Time Warner Cos., Inc. 5.875%, 11/15/16		6,500,000		7,438,450
7.625%, 04/15/31		310,000		372,955
Time Warner Entertainment Co. LP 8.375%, 03/15/23		260,000		330,740
				31,091,624
Metals & Mining—0.3%
AngloGold Ashanti Holdings plc
5.375%, 04/15/20		2,400,000		2,367,151

See accompanying notes to financial statements.

16

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Metals & Mining—(Continued)
Gerdau Trade, Inc.
5.750%, 01/30/21 (144A)	$	6,900,000	$	6,941,977
Vale Overseas, Ltd.
4.625%, 09/15/20		5,000,000		4,997,690
6.875%, 11/21/36		8,200,000		8,923,945
6.875%, 11/10/39		3,600,000		3,930,408
				27,161,171
Oil & Gas Exploration & Production—0.0%
Novatek Finance, Ltd.
5.326%, 02/03/16 (144A)		3,100,000		3,180,915
Oil, Gas & Consumable Fuels—1.0%
El Paso Corp.
7.750%, 01/15/32		2,715,000		3,171,858
Gazprom Via Gaz Capital S.A.
8.146%, 04/11/18 (144A)		12,400,000		14,647,500
8.625%, 04/28/34		23,300,000		29,183,250
Series REGS
8.125%, 07/31/14		3,600,000		4,090,500
Husky Energy, Inc.
6.150%, 06/15/19		215,000		241,007
Indian Oil Corp., Ltd.
4.750%, 01/22/15		2,200,000		2,298,032
Kinder Morgan Energy Partners LP
7.400%, 03/15/31		225,000		256,996
7.750%, 03/15/32		135,000		160,715
7.300%, 08/15/33		90,000		102,839
Magellan Midstream Partners
5.650%, 10/15/16		385,000		435,981
Noble Group, Ltd.
4.875%, 08/05/15 (144A)		2,500,000		2,598,438
Petrobras International Finance Co.
5.750%, 01/20/20		4,800,000		5,144,424
5.375%, 01/27/21		26,600,000		27,374,912
Ras Laffan Liquefied Natural Gas Co., Ltd. III, Series REGS
5.500%, 09/30/14		1,400,000		1,532,464
Spectra Energy Capital LLC
6.250%, 02/15/13		375,000		404,154
8.000%, 10/01/19		55,000		67,385
Total Capital S.A.
4.450%, 06/24/20		3,100,000		3,241,549
Oil, Gas & Consumable Fuels—(Continued)
TransCanada Pipelines, Ltd.
7.625%, 01/15/39	$	2,500,000	$	3,105,758
Transcontinental Gas Pipe Line Corp.
8.875%, 07/15/12		35,000		37,796
Valero Energy Corp.
7.500%, 04/15/32		225,000		251,965
Williams Cos., Inc.
7.500%, 01/15/31		592,000		678,872
				99,026,395
Paper & Forest Products—0.1%
International Paper Co.
5.250%, 04/01/16		6,500,000		7,029,555
Pharmaceuticals—0.7%
GlaxoSmithKline Capital, Inc.
4.850%, 05/15/13		49,400,000		53,141,507
Roche Holdings, Inc.
7.000%, 03/01/39(144A)		8,000,000		9,741,600
Wyeth
5.500%, 03/15/13		2,500,000		2,698,112
5.500%, 02/15/16		5,000,000		5,704,355
6.450%, 02/01/24		160,000		191,009
				71,476,583
Real Estate Investment Trusts—0.1%
HCP, Inc.
6.700%, 01/30/18		7,500,000		8,395,807
Health Care Property Investors, Inc.
5.950%, 09/15/11		3,500,000		3,534,199
				11,930,006
Real Estate Management & Development—0.0%
Qatari Diar Finance QSC
3.500%, 07/21/15		1,000,000		1,024,470
Road & Rail—0.3%
Con-way, Inc.
7.250%, 01/15/18		10,000,000		11,015,680
CSX Corp.
6.250%, 03/15/18		8,100,000		9,359,040
Norfolk Southern Corp.
5.590%, 05/17/25		60,000		64,983
7.800%, 05/15/27		7,000		9,097
5.640%, 05/17/29		168,000		178,724
7.250%, 02/15/31		65,000		80,299

See accompanying notes to financial statements.

17

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Domestic Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Road & Rail—(Continued)
RZD Capital Ltd., Series EMTN
5.739%, 04/03/17	$	3,200,000	$	3,412,000
Union Pacific Corp.
6.625%, 02/01/29		50,000		58,002
				24,177,825
Specialty Retail—0.2%
Home Depot, Inc.
5.400%, 03/01/16		5,000,000		5,592,870
Limited Brands, Inc.
6.900%, 07/15/17		15,000,000		16,143,750
				21,736,620
Tobacco—0.2%
Altria Group, Inc.
9.700%, 11/10/18		7,600,000		10,001,227
Philip Morris International, Inc.
6.375%, 05/16/38		4,100,000		4,660,454
Reynolds American, Inc.
7.625%, 06/01/16		2,400,000		2,881,625
				17,543,306
Transportation—0.1%
GATX Corp.
6.000%, 02/15/18		5,000,000		5,437,255
GATX Financial Corp.
5.800%, 03/01/16		5,000,000		5,473,390
				10,910,645
Wireless Telecommunication Services—0.1%
America Movil S.A.B de C.V. 5.000%, 03/30/20		5,000,000		5,240,995
AT&T Wireless Services, Inc. 8.125%, 05/01/12		200,000		212,091
Cingular Wireless LLC 6.500%, 12/15/11		700,000		717,938
				6,171,024
Total Domestic Bonds & Debt Securities (Cost $2,563,080,835)				2,690,292,520
Foreign Bonds & Debt Securities—27.3%
Aruba Guilder—0.0%
UFJ Finance Aruba AEC 6.750%, 07/15/13		220,000		241,852
Brazil—1.8%
Banco Nacional de Desenvolvimento Economico e Social
4.125%, 09/15/17 (144A) (EUR)	$	2,700,000	$	3,813,510
Brazil Notas do Tesouro Nacional,
Series F 10.000%, 01/01/12 (BRL)		21,916,200		138,848,503
10.000%, 01/01/17 (BRL)		5,730,000		33,307,772
				175,969,785
Canada—2.5%
Canada Housing Trust No.1
4.000%, 06/15/12 (144A) (CAD)		15,200,000		16,162,995
4.800%, 06/15/12 (144A) (CAD)		11,800,000		12,639,247
4.550%, 12/15/12 (144A) (CAD)		26,300,000		28,468,097
2.750%, 12/15/15 (144A) (CAD)		9,000,000		9,494,587
3.350%, 12/15/20 (144A) (CAD)		16,300,000		16,836,374
Series 15 3.950%, 12/15/11 (CAD)		3,000,000		3,150,739
Canadian Government Bond 1.500%, 12/01/12 (CAD)		9,600,000		9,966,776
1.750%, 03/01/13 (CAD)		19,900,000		20,722,416
2.000%, 08/01/13 (CAD)		19,700,000		20,622,049
2.500%, 09/01/13 (CAD)		21,600,000		22,836,343
2.250%, 08/01/14 (CAD)		7,900,000		8,290,570
2.000%, 12/01/14 (CAD)		18,900,000		19,624,247
4.500%, 06/01/15 (CAD)		2,700,000		3,057,639
3.000%, 12/01/15 (CAD)		2,800,000		3,003,398
Province of Ontario 1.375%, 01/27/14		13,800,000		13,890,224
1.875%, 09/15/15		3,900,000		3,900,589
4.300%, 03/08/17 (CAD)		4,200,000		4,640,494
4.200%, 03/08/18 (CAD)		1,300,000		1,430,007
5.500%, 06/02/18 (CAD)		2,600,000		3,046,550
4.400%, 06/02/19 (CAD)		9,100,000		10,013,067
4.200%, 06/02/20 (CAD)		6,900,000		7,423,305
Series MTN 4.600%, 06/02/39 (CAD)		4,600,000		4,926,295

See accompanying notes to financial statements.

18

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Foreign Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Canada—(Continued)
Province of Quebec
4.500%, 12/01/16 (CAD)	$	400,000	$	448,747
4.500%, 12/01/20 (CAD)		400,000		434,174
				245,028,929
Cayman Islands—0.0%
Hutchison Whampoa International, Ltd. 6.250%, 01/24/14 (144A)		245,000		271,371
Mizuho Financial Group Cayman, Ltd. 5.790%, 04/15/14 (144A)		315,000		341,549
				612,920
Denmark—0.3%
Nykredit Realkredit A.S. 2.359%, 04/01/38 (c) (DKK)		23,030,195		4,264,319
2.359%, 10/01/38 (c) (DKK)		25,195,342		4,631,371
Realkredit Danmark A.S.
Series 73D 2.480%, 01/01/38 (c) (DKK)		22,860,372		4,246,674
Series 83D 2.480%, 01/01/38 (DKK)		97,066,598		17,889,891
				31,032,255
France—0.1%
AXA S.A. 8.600%, 12/15/30		60,000		71,667
Societe Generale S.A. 8.875%, 06/29/49 (c) (GBP)		5,000,000		8,034,000
				8,105,667
Germany—0.2%
Bundesrepublik Deutschland 3.250%, 07/04/21 (EUR)		14,000,000		20,724,947
Italy—0.6%
Italy Buoni Poliennali Del Tesoro 2.350%, 09/15/19 (EUR)		7,343,739		10,431,049
Series CPI 2.100%, 09/15/16 (EUR)		823,416		1,185,567
2.100%, 09/15/21 (EUR)		31,145,335		42,332,097
				53,948,713
Japan—20.0%
Japan Treasury Bills
Series 130 1.087%, 08/22/11 (e) (JPY)	$	7,820,000,000	$	96,954,231
Series 183 170.594%, 07/11/11 (e) (JPY)		27,820,000,000		344,958,686
Series 188 14.977%, 07/25/11 (e) (JPY)		38,270,000,000		474,517,154
Series 189 16.634%, 08/01/11 (e) (JPY)		830,000,000		10,291,135
Series 190 0.395%, 08/08/11 (e) (JPY)		6,310,000,000		78,235,941
Series 192 1.719%, 08/15/11 (e) (JPY)		33,460,000,000		414,869,563
Series 194 0.010%, 08/22/11 (e) (JPY)		6,310,000,000		78,232,968
Series 197 1.384%, 09/05/11 (e) (JPY)		23,810,000,000		295,193,808
Series 202 0.485%, 09/20/11 (e) (JPY)		300,000,000		3,719,226
Series 204 0.844%, 10/03/11 (e) (JPY)		20,000,000		248,241
Series186 71.704%, 07/19/11 (e) (JPY)		11,710,000,000		145,197,321
				1,942,418,274
Mexico—0.2%
Mexican Bonos 6.000%, 06/18/15 (MXN)		70,900,000		6,060,253
United Mexican States 6.050%, 01/11/40 (MXN)		5,100,000		5,451,900
				11,512,153
Netherlands—0.2%
Deutsche Telekom Finance 5.250%, 07/22/13		425,000		458,578
Fortis Bank Nederland Holding NV 3.000%, 04/17/12 (EUR)		1,600,000		2,346,743
GMAC International Finance B.V. 7.500%, 04/21/15 (EUR)		2,800,000		4,236,504

See accompanying notes to financial statements.

19

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Foreign Bonds & Debt Securities—(Continued)

Security Description	Par Amount		Value
Netherlands—(Continued)
LeasePlan Corp. NV 3.125%, 02/10/12 (EUR)	$	7,700,000	$	11,283,669
				18,325,494
Panama—0.0%
Panama Government International Bond 9.375%, 04/01/29		1,161,000		1,729,890
6.700%, 01/26/36		1,150,000		1,362,750
				3,092,640
Russia—0.0%
Morgan Stanley (Gazprom) 9.625%, 03/01/13 (144A)		130,000		146,575
Russian Foreign Bond, Series REGS 3.625%, 04/29/15		1,500,000		1,548,750
				1,695,325
Singapore—0.0%
United Overseas Bank, Ltd. 5.375%, 09/03/19 (144A) (c)		470,000		504,337
South Africa—0.0%
South Africa Government International Bond 5.875%, 05/30/22		700,000		782,775
South Korea—0.2%
Export-Import Bank of Korea 1.050%, 03/03/12 (144A) (SGD)		18,300,000		14,900,895
Korea Housing Finance Corp. 4.125%, 12/15/15 (144A)		2,500,000		2,566,726
Standard Chartered First Bank Korea, Ltd. 7.267%, 03/03/34 (144A) (c)		240,000		256,200
Woori Bank 6.025%, 03/13/14 (144A) (c)		305,000		292,176
				18,015,997
Spain—0.8%
Instituto de Credito Oficial 3.276%, 03/25/14 (144A) (c) (EUR)		19,200,000		27,726,381
Spain—(Continued)
Santander Finance Preferred S.A. Unipersonal, Series 8
11.300%, 07/27/49 (c) (GBP)	$	7,900,000	$	13,487,077
Santander Issuances S.A. Unipersonal, Series 24
7.300%, 07/27/19 (c) (GBP)		5,000,000		8,367,973
Spain Government Bond 4.650%, 07/30/25 (EUR)		17,000,000		22,253,060
4.900%, 07/30/40 (EUR)		1,300,000		1,624,294
				73,458,785
Sweden—0.0%
Swedbank A.B. 3.625%, 12/02/11 (EUR)		1,400,000		2,047,554
United Kingdom—0.4%
Barclays Bank plc,
Series EMTN 6.000%, 01/23/18 (EUR)		15,000,000		21,725,894
FCE Bank plc,
Series EMTN 7.125%, 01/15/13 (EUR)		4,000,000		6,027,255
HBOS Capital Funding LP 6.071%, 06/30/49 (144A) (c)		45,000		39,150
Royal Bank of Scotland plc (The), Series MPLE
2.011%, 03/30/15 (c) (CAD)		7,763,000		7,082,223
				34,874,522
Total Foreign Bonds & Debt Securities (Cost $2,564,158,282)				2,642,392,924
Mortgage-Backed Securities—4.9%
Collateralized-Mortgage Obligations—3.3%
Adjustable Rate Mortgage Trust 2.791%, 05/25/35 (c)		569,828		556,909
4.207%, 11/25/35 (c)		1,085,636		811,357
2.820%, 05/16/47 (144A) (EUR) (c)		13,300,000		19,301,941

See accompanying notes to financial statements.

20

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Par Amount		Value
Collateralized-Mortgage Obligations—(Continued)
American Home Mortgage Assets 1.198%, 11/25/46 (c)	$	5,629,212	$	2,620,640
American Home Mortgage Investment Trust 2.403%, 02/25/45 (c)		2,876,593		2,560,617
Arran Residential Mortgages Funding plc 2.620%, 05/16/47 (144A) (EUR) (c)		4,209,397		6,113,409
Banc of America Funding Corp. 2.783%, 05/25/35 (c)		4,549,104		4,411,296
2.785%, 02/20/36 (c)		10,314,755		9,520,519
5.775%, 01/20/47 (c)		634,067		423,153
Banc of America Mortgage Securities, Inc. 5.000%, 05/25/34		360,746		361,598
BCAP LLC Trust 5.250%, 02/26/36 (144A)		13,735,485		13,519,545
0.356%, 01/25/37 (c)		3,986,687		2,101,875
5.250%, 08/26/37 (144A) (g)		23,354,000		23,157,612
Bear Stearns Adjustable Rate Mortgage Trust 2.768%, 02/25/33 (c)		37,437		33,431
2.340%, 08/25/35 (c)		64,869		61,279
2.400%, 08/25/35 (c)		1,820,517		1,691,349
Bear Stearns ALT-A Trust 1.026%, 11/25/34 (c)		1,372,209		1,091,232
2.652%, 05/25/35 (c)		2,917,944		2,306,127
2.916%, 09/25/35 (c)		2,299,794		1,675,667
4.627%, 11/25/36 (c)		6,959,315		4,432,704
4.838%, 11/25/36 (c)		3,943,475		2,334,356
Bear Stearns Structured Products, Inc. 3.190%, 01/26/36 (c)		2,350,132		1,508,236
5.027%, 12/26/46 (c)		1,638,483		1,092,105
Chase Mortgage Finance Corp. 5.392%, 12/25/35 (c)		19,686,373		18,711,307
6.019%, 09/25/36 (c)		11,473,248		10,914,225
Chevy Chase Mortgage Funding Corp.
0.436%, 08/25/35 (144A) (c)		109,108		76,063
0.316%, 05/25/48 (144A) (c)		4,480,282		1,903,604
Collateralized-Mortgage Obligations—(Continued)
Citigroup Mortgage Loan Trust, Inc. 2.370%, 08/25/35 (c)	$	6,614,117	$	6,309,983
2.450%, 08/25/35 (c)		2,183,175		1,902,293
2.670%, 12/25/35 (c)		10,679,472		9,921,534
Countrywide Alternative Loan Trust 4.814%, 05/25/35 (c)		8,062,335		912,390
0.396%, 03/20/46 (c)		336,694		192,212
Countrywide Home Loan Mortgage Pass Through Trust 0.476%, 04/25/35 (c)		179,809		114,437
0.526%, 06/25/35 (144A) (c)		6,145,185		5,571,182
Countrywide Home Loans 5.750%, 05/25/33		28,095		28,280
0.506%, 03/25/35 (c)		1,608,062		1,069,551
4.757%, 09/20/36 (c)		8,257,833		4,717,696
Credit Suisse First Boston Mortgage Securities Corp.
0.884%, 03/25/32 (144A) (c)		144,560		119,998
6.500%, 04/25/33		131,230		137,930
6.000%, 11/25/35		4,495,091		3,278,032
DSLA Mortgage Loan Trust 2.505%, 07/19/44 (c)		1,266,879		976,267
First Horizon Alternative Mortgage Securities 4.514%, 01/25/36 (c)		82,453,129		9,392,961
First Horizon Asset Securities, Inc. 2.848%, 08/25/35 (c)		453,619		380,892
GMAC Mortgage Corp. 5.940%, 07/01/13 (g)		3,068		3,062
Granite Mortgages plc
1.199%, 01/20/44 (GBP) (c)		1,221,292		1,892,707
1.718%, 01/20/44 (EUR) (c)		759,241		1,063,539
1.015%, 09/20/44 (GBP) (c)		6,240,025		9,650,479
1.634%, 09/20/44 (EUR) (c)		743,633		1,039,515
Greenpoint Mortgage Funding Trust 0.406%, 06/25/45 (c)		124,234		82,635
0.266%, 01/25/47 (c)		56,595		53,249

See accompanying notes to financial statements.

21

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Schedule of Investments as of June 30, 2011 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Par Amount		Value
Collateralized-Mortgage Obligations—(Continued)
GSR Mortgage Loan Trust 6.000%, 03/25/32	$	478	$	502
2.790%, 09/25/35 (c)		164,619		157,570
2.841%, 04/25/36 (c)		4,893,342		3,984,267
Harborview Mortgage Loan Trust 0.407%, 05/19/35 (c)		1,925,537		1,282,680
0.377%, 01/19/38 (c)		291,324		184,245
Holmes Master Issuer plc
2.677%, 10/15/54 (144A) (EUR)		7,600,000		11,081,817
Indymac ARM Trust
1.928%, 01/25/32 (c)		1,199		997
1.929%, 01/25/32 (c)		40,351		33,440
Indymac Index Mortgage Loan Trust
2.664%, 12/25/34 (c)		313,049		234,068
JPMorgan Mortgage Trust
5.015%, 02/25/35 (c)		1,175,373		1,169,651
2.967%, 07/25/35 (c)		7,646,597		7,522,347
5.359%, 07/25/35 (c)		14,886,565		14,632,377
5.750%, 01/25/36		1,466,834		1,363,114
Master Alternative Loans Trust
0.586%, 03/25/36 (c)		1,023,074		335,827
Merrill Lynch Mortgage Investments, Inc.
1.191%, 10/25/35 (c)		363,554		299,357
4.250%, 10/25/35 (c)		1,204,650		1,004,656
0.436%, 11/25/35 (c)		260,464		224,143
0.396%, 02/25/36 (c)		1,948,308		1,431,541
Morgan Stanley Mortgage Loan Trust
5.500%, 08/25/35		12,541,507		12,206,661
Nomura Asset Acceptance Corp.
4.976%, 05/25/35 (f)		7,419,190		6,723,099
RBSSP Resecuritization Trust
0.426%, 06/27/36 (144A) (c)		8,300,000		4,606,500
Residential Accredit Loans, Inc.
0.586%, 03/25/33 (c)		889,408		808,936
6.000%, 06/25/36		3,777,616		2,349,243
0.366%, 06/25/46 (c)		2,498,344		922,916
Residential Asset Securitization Trust
0.586%, 05/25/33 (c)		589,298		565,874
0.586%, 01/25/46 (c)		2,549,825		1,139,616
Collateralized-Mortgage Obligations—(Continued)
Residential Funding Mortgage Securities I
0.536%, 06/25/18 (c)	$	43,973	$	42,994
Sequoia Mortgage Trust
0.536%, 07/20/33 (c)		710,405		663,970
Structured Adjustable Rate Mortgage Loan Trust
2.609%, 01/25/35 (c)		4,178,350		3,391,128
2.532%, 04/25/35 (c)		13,607,469		10,554,518
2.638%, 08/25/35 (c)		320,500		250,872
Structured Asset Mortgage Investments, Inc.
0.436%, 07/19/35 (c)		2,199,308		1,934,938
0.416%, 05/25/45 (c)		1,974,824		1,241,195
Structured Asset Securities Corp.
2.750%, 10/25/35 (144A) (c)		109,442		88,358
Thornburg Mortgage Securities Trust
0.306%, 10/25/46 (c)		926,653		921,131
Washington Mutual Pass-Through Certificate
2.609%, 02/27/34 (c)		496,281		496,193
1.678%, 06/25/42 (c)		310,074		247,831
1.678%, 08/25/42 (c)		153,582		134,430
Wells Fargo Mortgage Backed Securities Trust
2.733%, 09/25/33 (c)		1,860,322		1,832,938
2.756%, 03/25/36 (c)		31,042,600		26,933,580
2.872%, 04/25/36 (c)		4,071,800		3,724,742
5.620%, 04/25/36 (c)		1,896,494		872,349
5.195%, 08/25/36 (c)		352,260		351,025
				320,050,616
Commercial Mortgage-Backed Securities—1.6%
Banc of America Commercial Mortgage, Inc.
5.451%, 01/15/49		8,400,000		9,096,118
Banc of America Large Loan, Inc.
1.938%, 11/15/15 (144A) (c)		7,022,305		6,522,412
Bear Stearns Commercial Mortgage Securities, Inc.
5.331%, 02/11/44		400,000		423,073
5.471%, 01/12/45 (c)		1,100,000		1,212,738
5.700%, 06/11/50		6,400,000		6,966,308

See accompanying notes to financial statements.

22

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Par Amount		Value
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass Through Certificates
5.306%, 12/10/46	$	1,900,000	$	2,037,187
Credit Suisse Mortgage Capital Certificates
5.661%, 03/15/39 (c)		400,000		436,303
5.467%, 09/15/39		22,300,000		24,078,258
Greenwich Capital Commercial Funding Corp.
5.444%, 03/10/39		9,800,000		10,526,150
4.799%, 08/10/42 (c)		100,000		106,924
GS Mortgage Securities Corp. II
1.142%, 03/06/20 (144A) (c)		5,259,966		5,203,222
JPMorgan Chase Commercial Mortgage Securities
4.070%, 11/15/43 (144A)		13,700,000		13,247,538
5.420%, 01/15/49		400,000		429,442
5.882%, 02/15/51 (c)		900,000		979,960
Lehman Brothers-UBS Commercial Mortgage Trust
5.866%, 09/15/45 (c)		15,200,000		16,551,788
Merrill Lynch Commercial Mortgage Pass-Through Certificates
0.728%, 07/09/21 (144A) (c)		13,297,259		12,780,757
Merrill Lynch/Countrywide Commercial Mortgage Trust
5.967%, 08/12/49 (c)		11,800,000		12,936,818
5.485%, 03/12/51 (c)		2,200,000		2,340,000
Morgan Stanley Capital, Inc.
0.247%, 10/15/20 (144A) (c)		703,754		686,937
5.879%, 06/11/49 (c)		3,600,000		3,941,467
5.809%, 12/12/49		200,000		219,768
Morgan Stanley Dean Witter Capital I
4.920%, 03/12/35		495,000		519,426
Morgan Stanley Reremic Trust
5.800%, 08/12/45 (144A) (c)		900,000		986,230
Silenus (European Loan Conduit)
1.570%, 05/15/19 (EUR) (c)		1,174,144		1,563,687
Sovereign Commercial Mortgage Securities Trust
5.938%, 07/22/30 (144A) (c)		1,248,079		1,297,529
Commercial Mortgage-Backed Securities—(Continued)
Wachovia Bank Commercial Mortgage Trust
0.277%, 09/15/21 (144A) (c)	$	3,160,518	$	3,049,316
5.342%, 12/15/43		16,700,000		17,608,613
				155,747,969
Total Mortgage-Backed Securities (Cost $481,655,741)				475,798,585
Municipals—3.2%
American Municipal Power-Ohio, Inc., Combined Hydroelectric Projects Revenue, Build America Bonds, Taxable
8.084%, 02/15/50		6,900,000		8,587,947
Badger Tobacco Asset Securitization Corp.
6.125%, 06/01/27		115,000		120,938
Bay Area Toll Bridge Authority, Build America Bonds, Series S1
7.043%, 04/01/50		10,400,000		11,397,568
Buckeye Tobacco Settlement Financing Authority
5.875%, 06/01/47		4,600,000		3,360,070
California Infrastructure & Economic Development Bank Revenue, Build America Bonds
6.486%, 05/15/49		2,500,000		2,567,450
California State General Obligation Unlimited, Build America Bonds
5.650%, 04/01/13 (c)		2,700,000		2,876,337
7.500%, 04/01/34		2,900,000		3,282,800
7.950%, 03/01/36		700,000		763,378
7.550%, 04/01/39		2,900,000		3,321,544
7.600%, 11/01/40		6,900,000		7,958,253
California State Public Works Board Lease Revenue, Build America Bonds, Taxable, University Projects,
Series B-2 7.804%, 03/01/35		3,100,000		3,145,043
California State University Revenue, Build America Bonds
6.484%, 11/01/41		4,400,000		4,456,936

See accompanying notes to financial statements.

23

MET INVESTORS SERIES TRUST

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Schedule of Investments as of June 30, 2011 (Unaudited)

Municipals—(Continued)

Security Description	Par Amount		Value
Calleguas-Las Virgenes California Public Financing Water Revenue Authority, Build America Bonds
5.944%, 07/01/40	$	7,800,000	$	7,843,602
Chicago Transit Authority Transfer Tax Receipts Revenue
Series A 6.300%, 12/01/21		400,000		427,912
6.899%, 12/01/40		7,300,000		7,783,333
Series B 6.300%, 12/01/21		700,000		748,846
6.899%, 12/01/40		7,200,000		7,676,712
Clark County NV, Airport Revenue, Series C
6.820%, 07/01/45		4,800,000		5,237,136
Clark County NV, Refunding
4.750%, 06/01/30		5,500,000		5,425,475
East Baton Rouge Sewer Commission, Build America Bonds
6.087%, 02/01/45		17,000,000		17,347,990
Golden State Tobacco Securitization Corp., Series A-1 5.000%, 06/01/33		10,000,000		7,373,300
Illinois Finance Authority, Peoples Gas Light & Coke
5.000%, 02/01/33(AMBAC)		7,410,000		7,413,038
Irvine Ranch CA, Water District, Build America Bonds, Taxable, Series B
6.622%, 05/01/40		21,700,000		25,631,389
Los Angeles CA, Wastewater System Revenue, Build America Bonds
5.713%, 06/01/39		2,300,000		2,289,121
Los Angeles Department of Water & Power Build America Bonds
6.166%, 07/01/40		60,200,000		60,512,438
Subseries A-2 5.000%, 07/01/44		2,900,000		2,905,916
Los Angeles Department of Water & Power Revenue, Build America Bonds
6.603%, 07/01/50		3,200,000		3,567,008
Los Angeles, California Unified School District Build America Bonds
6.758%, 07/01/34	$	1,100,000	$	1,246,014
Refunding, Series A 4.500%, 07/01/25(MBIA)		5,000,000		4,959,000
4.500%, 01/01/28(MBIA)		3,700,000		3,502,827
Metropolitan Transportation Authority, Build America Bonds, Metro Transit Authority, Series A2 6.089%, 11/15/40		200,000		210,622
Municipal Electric Authority of Georgia 6.655%, 04/01/57		1,300,000		1,226,888
New Jersey Economic Development Authority, Build America Bonds 1.247%, 09/15/11 (c)		19,100,000		19,082,810
New Jersey State Turnpike Authority Revenue, Build America Bonds, Taxable 7.102%, 01/01/41		5,300,000		6,167,928
Newport Beach CA, Certificates of Participation, Build America Bonds 7.168%, 07/01/40		31,650,000		32,005,113
Palomar Community College District, Series A 4.750%, 05/01/32		300,000		297,240
Pennsylvania Economic Development Financing Authority, Build America Bonds 6.532%, 06/15/39		1,000,000		1,011,200
Port Authority of New York & New Jersey, One Hundred Sixtyfifth 5.647%, 11/01/40		3,000,000		3,032,010
Public Power Generation Agency, Build America Bonds, Whelan Energy Centre Unit, Series 2-B 7.242%, 01/01/41		1,800,000		1,856,898
State of Illinois 4.071%, 01/01/14		7,300,000		7,562,216
Build America Bonds 6.900%, 03/01/35		2,100,000		2,142,546

See accompanying notes to financial statements.

24

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Municipals—(Continued)

Security Description	Par Amount		Value
State of Texas Transportation Commission Mobility Funding, Series A 4.750%, 04/01/35	$	3,500,000	$	3,521,175
State of Texas Transportation Commission Revenue, Build America Bonds, Series B 5.178%, 04/01/30		3,000,000		3,075,600
Tobacco Settlement Financing Corp. 5.000%, 06/01/41		900,000		615,762
7.467%, 06/01/47		7,915,000		5,869,922
Tobacco Settlement Funding Corp. 5.875%, 05/15/39		2,000,000		1,932,100
6.250%, 06/01/42		1,300,000		1,220,765
Total Municipals (Cost $304,109,132)				314,560,116
Asset-Backed Securities—1.9%
Asset Backed - Automobile—0.0%
Daimler Chrysler Auto Trust 1.670%, 09/10/12 (c)		38,651		38,662
Asset Backed-Home Equity—0.2%
Asset Backed Funding Certificates
0.536%, 06/25/34 (c)		4,224,232		3,366,185
0.246%, 01/25/37 (c)		13,240		13,209
Asset Backed Securities Corp.
0.266%, 05/25/37 (c)		361,366		306,237
Bear Stearns Asset Backed Securities Trust
0.586%, 10/27/32 (c)		23,611		20,642
0.436%, 04/25/37 (c)		15,761,000		4,908,976
1.186%, 10/25/37 (c)		7,476,793		4,628,591
Household Home Equity Loan
0.986%, 11/20/36 (c)		98,024		97,973
Morgan Stanley Capital, Inc.
0.246%, 05/25/37 (c)		683,554		590,064
Option One Mortgage Loan Trust
0.826%, 08/25/33 (c)		29,133		23,820
0.246%, 07/25/37 (c)		564,922		544,711
Renaissance Home Equity Loan Trust
0.626%, 08/25/33 (c)		264,865		244,573
Soundview Home Equity Loan Trust
0.266%, 06/25/37 (c)		73,221		61,769
				14,806,750
Asset-Backed Securities—(Continued)
Security Description	Par Amount		Value
Asset Backed - Other—1.6%
ARES CLO Funds
0.544%, 04/20/17 (144A) (c)	$	6,923,330	$	6,795,473
Avery Point CLO, Ltd.
0.725%, 12/17/15 (144A) (c)		2,263,435		2,221,217
Babson CLO, Ltd.
0.617%, 06/15/16 (144A) (c)		3,695,692		3,633,327
Blackrock Senior Income Series Corp.
0.514%, 04/20/19 (144A) (c)		7,870,863		7,381,924
Carrington Mortgage Loan Trust
0.506%, 10/25/35 (c)		880,024		823,230
Citigroup Mortgage Loan Trust, Inc.
0.246%, 07/25/45 (c)		1,117,858		916,236
Denali Capitala CLO IV, Ltd.
0.616%, 08/23/16 (144A) (c)		4,784,366		4,702,203
Dryden Leveraged Loan CDO
0.787%, 12/22/15 (144A) (c)		1,669,017		1,651,297
Galaxy CLO, Ltd.
0.514%, 04/25/19 (144A) (c)		14,400,681		13,725,649
Grayston CLO, Ltd.
0.641%, 08/15/16 (144A) (c)		2,111,353		2,077,127
Green Tree Financial Corp.
6.220%, 03/01/30		106,768		114,430
Hillmark Funding
0.509%, 05/21/21 (144A) (c)		29,600,000		27,812,367
Hudson Straits CLO, Ltd.
0.658%, 10/15/16 (144A) (c)		4,305,936		4,246,892
Katonah, Ltd.
0.797%, 02/20/15 (144A) (c)		1,570,035		1,549,985
0.701%, 05/18/15 (144A) (c)		5,620,402		5,499,726
Merrill Lynch First Franklin Mortgage Loan Trust 0.246%, 07/25/37 (c)		88,418		86,590

See accompanying notes to financial statements.

25

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Par Amount		Value
Asset Backed - Other—(Continued)
Mid-State Trust 7.791%, 03/15/38	$	182,735	$	176,094
Mountain View Funding CLO 0.538%, 04/15/19 (144A) (c)		4,958,831		4,751,256
MSIM Peconic Bay, Ltd. 0.554%, 07/20/19 (144A) (c)		9,200,000		8,816,481
NYLIM Flatiron CLO, Ltd. 0.826%, 07/18/15 (144A) (c)		3,412,106		3,385,386
Octagon Investment Partners V, Ltd. 0.554%, 11/28/18 (144A) (c)		12,600,000		12,032,840
Octagon Investment Partners VII, Ltd. 0.613%, 12/02/16 (144A) (c)		5,962,858		5,783,823
Pacifica CDO, Ltd.
0.640%, 05/13/16 (144A) (c)		4,898,156		4,778,057
0.534%, 01/26/20 (144A) (c)		12,051,095		11,582,549
Penta CLO S.A. 1.934%, 06/04/24 (c) (EUR)		2,808,091		3,728,413
Popular ABS Mortgage Pass-Through Trust 0.276%, 06/25/47 (c)		1,498,504		1,327,339
Residential Asset Securities Corp. 0.296%, 04/25/37 (c)		326,848		322,597
Small Business Administration Participation Certificates 6.220%, 12/01/28		8,872,606		9,858,338
United States Small Business Administration 5.471%, 03/10/18		3,817,897		4,129,346
Velocity CLO, Ltd. 0.609%, 08/22/16 (144A) (c)		2,776,778		2,718,769
				156,628,961
Asset Backed - Student Loan—0.1%
SLM Student Loan Trust 0.724%, 01/25/17 (c)		3,000,000		3,006,240
Asset Backed - Student Loan—(Continued)
0.404%, 01/25/19 (c)	$	7,547,268	$	7,521,118
2.837%, 12/16/19 (144A) (c)		2,200,000		2,251,598
				12,778,956
Total Asset-Backed Securities (Cost $187,133,789)				184,253,329
Convertible Preferred Stocks—1.0%
Security Description	Shares		Value
Commercial Banks—0.6%
Wells Fargo & Co., Series L 7.500%, due 12/31/49		53,950		57,187,000
Energy Equipment & Services—0.4%
Transocean, Ltd., Series B 1.500%, due 12/15/37		44,600,000		44,767,250
Total Convertible Preferred Stocks (Cost $81,535,468)				101,954,250
Preferred Stocks—1.0%
Commercial Banks—0.6%
Wells Fargo Co. (c)		50,400,000		54,684,000
Diversified Financial Services—0.4%
GMAC Capital Trust I, Series 2* (c)		1,130,800		29,051,948
JPMorgan Chase & Co., Series 1 (c)		8,200,000		8,837,509
				37,889,457
Insurance—0.0%
American International Group, Inc.		168,900		293,886
Total Preferred Stocks (Cost $96,543,148)				92,867,343
Loan Participation—0.3%
Security Description	Principal Amount		Value
Automobiles—0.0%
Ford Motor Co.
2.940%, 11/29/13	$	1,490,385		1,491,584

See accompanying notes to financial statements.

26

MET INVESTORS SERIES TRUST

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Schedule of Investments as of June 30, 2011 (Unaudited)

Loan Participation—(Continued)

Security Description	Principal Amount		Value
Automobiles—(Continued)
2.940%, 12/15/13	$	533,129	$	533,558
2.940%, 12/16/13		234,736		234,925
				2,260,067
Commercial Banks—0.0%
CIT Group, Inc.
6.250%, 07/27/15		383,385		386,205
6.250%, 08/11/15		1,150,115		1,158,574
				1,544,779
Consumer Finance—0.2%
Springleaf Finance Corp.
5.500%, 05/28/17		23,300,000		22,871,863
Oil & Gas Exploration & Production—0.1%
Petroleum Export, Ltd.
3.247%, 12/07/12		7,675,560		7,630,789
Total Loan Participation (Cost $34,631,136)				34,307,498
Short-Term Investments—11.3%
Security Description	Par Amount		Value
Commercial Paper—10.1%
Banco Bradesco S.A.
1.000%, 08/26/11 (144A)		92,900,000		92,669,360
Bank of Nova Scotia
0.518%, 08/09/12 (c)		7,400,000		7,397,780
Erste Abwicklungsanstalt
0.370%, 01/17/12		1,800,000		1,796,300
Itau Unibanco S.A. New York
0.010%, 07/11/11		37,100,000		37,086,647
1.450%, 12/05/11		8,900,000		8,843,074
0.010%, 01/17/12		29,500,000		29,218,154
Kells Funding LLC
0.300%, 07/07/11		32,300,000		32,298,385
0.280%, 07/08/11		30,800,000		30,798,323
0.280%, 07/08/11		8,100,000		8,099,559
0.280%, 07/13/11		12,400,000		12,398,843
0.130%, 07/18/11		26,000,000		25,998,404
0.280%, 07/18/11		14,300,000		14,298,109
0.250%, 08/16/11		10,000,000		9,996,806
0.250%, 08/16/11		900,000		899,713
0.240%, 08/19/11		18,200,000		18,194,055
0.260%, 09/02/11		50,000,000		49,977,250
Short-Term Investments—(Continued)
Security Description	Par Amount		Value
Commercial Paper—(Continued)
0.260%, 09/02/11	$	9,000,000	$	8,995,905
0.260%, 09/02/11		5,100,000		5,097,679
0.240%, 09/21/11		28,000,000		27,984,693
0.300%, 10/03/11		48,500,000		48,462,008
0.260%, 10/05/11		25,000,000		24,982,667
0.260%, 10/05/11		3,000,000		2,997,920
0.310%, 11/16/11		10,100,000		10,087,998
0.260%, 12/01/11		27,000,000		26,970,165
0.310%, 01/27/12		96,900,000		96,724,772
Straight A Funding LLC
0.200%, 07/06/11		15,400,000		15,399,572
0.200%, 07/07/11		2,800,000		2,799,907
0.190%, 07/25/11		11,400,000		11,398,556
0.190%, 08/01/11		2,000,000		1,999,673
0.170%, 08/04/11		54,100,000		54,091,314
0.170%, 08/04/11		19,400,000		19,396,885
0.180%, 08/04/11		102,600,000		102,582,558
0.170%, 08/05/11		5,100,000		5,099,157
0.170%, 08/08/11		15,000,000		14,997,308
0.170%, 08/08/11		15,000,000		14,997,308
0.160%, 08/22/11		28,000,000		27,993,529
0.160%, 09/01/11		28,000,000		27,992,284
0.160%, 09/02/11		28,000,000		27,992,160
0.160%, 09/06/11		18,000,000		17,994,640
0.160%, 09/19/11		2,000,000		1,999,289
Vodafone Group plc
0.830%, 01/13/12		1,800,000		1,791,866
				980,800,575
Repurchase Agreements—0.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/11 at 0.050% to be repurchased at $15,300,149 on 07/05/11 collateralized by $19,452,000 Freddie Mac at 4.500% due 01/01/25 with a value of $15,796,683.		15,300,000		15,300,000
Credit Suisse Securities (USA) LLC Repurchase Agreement dated 06/15/11 at 0.100% to be repurchased at $50,004,028 on 07/14/11 collateralized by $46,640,000 Federal Home Loan Bank at 5.250% due 08/08/33 with a value of $50,685,009.		50,000,000		50,000,000

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2011 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Par Amount		Value
Repurchase Agreements—(Continued)
State Street Bank & Trust Co. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $3,032,001 on 07/01/11, collateralized by $1,110,000 Federal Home Loan Bank at 3.625% due 10/18/13 with a value of $1,191,863 and collateralized by $1,860,000 Federal Home Loan Bank at 1.750% due 08/22/12 with a value of $1,901,850.	$	3,032,000	$	3,032,000
				68,332,000
U.S. Treasury—0.5%
U.S. Treasury Bills
0.025%, 08/04/11 (e)		780,000		779,982
0.036%, 08/04/11 (e)		33,599,000		33,597,849
0.172%, 08/04/11 (e)		392,000		391,936
0.022%, 08/11/11 (e)		1,510,000		1,509,963
0.051%, 08/18/11 (e)		1,940,000		1,939,867
0.004%, 08/25/11 (e)		70,000		69,999
0.010%, 08/25/11 (e)		1,380,000		1,379,978
0.045%, 09/01/11 (e)		160,000		159,988
0.045%, 09/08/11 (e)		1,020,000		1,019,912
0.043%, 09/15/11 (e)		10,000		9,999
0.046%, 09/15/11 (e)		1,140,000		1,139,890
0.047%, 09/15/11 (e)		1,960,000		1,959,805
0.035%, 09/22/11 (e)		1,331,000		1,330,893
0.034%, 10/20/11 (e)		820,000		819,915
				46,109,976
Total Short-Term Investments (Cost $1,095,242,551)				1,095,242,551
Total Investments—112.5% (Cost $10,630,932,774#)				10,917,075,527
Other Assets and Liabilities (net)—(12.5)%				(1,216,743,432	)
Net Assets—100.0%			$	9,700,332,095

* Non-income producing security.

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $10,630,932,774. The aggregate unrealized appreciation and depreciation of investments were $419,765,688 and $(133,622,935), respectively, resulting in net unrealized appreciation of $286,142,753 for federal income tax purposes.

(a) This security is traded on a “to-be-announced” basis.

(b) All or a portion of the security was pledged as collateral against open futures contracts.

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2011. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Security is in default and/or issuer is in bankruptcy.

(e) Zero coupon bond—Interest rate represents current yield to maturity.

(f) Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rates shown are current coupon and next coupon rate when security steps up.

(g) Security was valued in good faith under procedures approved by the Board of Trustees.

(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, 2011, the market value of 144A securities was $1,408,823,353, which was 14.5% of net assets.

AMBAC— Ambac Indemnity Corporation

BRL— Brazilian Real

CAD— Canadian Dollar

DKK— Danish Krone

EUR— Euro

GBP— British Pound

JPY— Japanese Yen

MBIA— Municipal Bond Insurance Association

MTN— Medium-Term Note

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2011 (Unaudited)

MXN— Mexican Peso

SGD— Singapore Dollar

TBA— A contract for the purchase or sale of a Mortgage Backed Security to be delivered at a future date but does not include a specified pool or precise amount to be delivered.

Forward Sales Commitments	Counterparty	Interest Rate			Maturity Date		Proceeds			Value
U.S. Treasury Bill	Barclays Bank plc		0.170	%		8/4/2011	$	(33,997,828	)	$	(33,999,932	)
Fannie Mae	Barclays Bank plc		5.000	%		TBA		(249,190,000	)		(248,661,504	)
Fannie Mae	JPMorgan Chase Bank N.A.		3.500	%		TBA		(196,260,000	)		(195,540,096	)
Fannie Mae	JPMorgan Chase Bank N.A.		4.000	%		TBA		(122,830,659	)		(122,941,250	)
Fannie Mae	Credit Suisse Group AG		3.500	%		TBA		(57,975,000	)		(57,393,720	)
Fannie Mae	Goldman Sachs & Co.		4.000	%		TBA		(37,380,000	)		(37,011,544	)
Ginnie Mae	UBS AG		3.500	%		TBA		(3,913,320	)		(3,882,500	)
Ginnie Mae	JPMorgan Chase Bank N.A.		3.500	%		TBA		(1,958,750	)		(1,940,624	)
							$	(703,505,557	)	$	(701,371,170	)

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the six months ended June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	3,285,406,411		$	—	$	3,285,406,411
Total Domestic Bonds & Debt Securities*		—			2,690,292,520			—		2,690,292,520
Total Foreign Bonds & Debt Securities*		—			2,642,392,924			—		2,642,392,924
Mortgage-Backed Securities
Collateralized-Mortgage Obligation		—			296,889,942			23,160,674		320,050,616
Commercial Mortgage-Backed Securities		—			155,747,969			—		155,747,969
Total Mortgage-Backed Securities		—			452,637,911			23,160,674		475,798,585
Municipals		—			314,560,116			—		314,560,116
Total Asset-Backed Securities*		—			184,253,329			—		184,253,329
Convertible Preferred Stocks
Commercial Banks		57,187,000			—			—		57,187,000
Energy Equipment & Services		—			44,767,250			—		44,767,250
Total Convertible Preferred Stocks		57,187,000			44,767,250			—		101,954,250
Total Preferred Stocks*		—			92,867,343			—		92,867,343
Total Loan Participation*		—			34,307,498			—		34,307,498
Total Short-Term Investments*		—			1,095,242,551			—		1,095,242,551
Total Investments	$	57,187,000		$	10,836,727,853		$	23,160,674	$	10,917,075,527
Forward Contracts**
Forward Contracts to Buy Appreciation	$	—		$	22,656,464		$	—	$	22,656,464
Forward Contracts to Buy (Depreciation)		—			(2,540,651	)		—		(2,540,651	)
Forward Contracts to Sell Appreciation		—			5,249,983			—		5,249,983
Forward Contracts to Sell (Depreciation)		—			(44,766,757	)		—		(44,766,757	)
Total Forward Contracts	$	—		$	(19,400,961	)	$	—	$	(19,400,961	)
Futures Contracts**
Futures Contracts Long (Appreciation)	$	39,743,078		$	—		$	—	$	39,743,078
Futures Contracts Long (Depreciation)		(6,392,073	)		—			—		(6,392,073	)
Total Futures Contracts	$	33,351,005		$	—		$	—	$	33,351,005

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY—(Continued)

Description	Level 1		Level 2			Level 3		Total
Forward Sales Commitments	$	—	$	(701,371170	)	$	—	$	(701,371170	)
Written Options**
Call Written Options	$	—	$	(10,566,011	)	$	—	$	(10,566,011	)
Put Written Options		—		(9,499,766	)		—		(9,499,766	)
Total Written Options	$	—	$	(20,065,777	)	$	—	$	(20,065,777	)
SWAP Contracts**
Credit Default Swap Buy Protection Appreciation	$	—	$	658,712		$	—	$	658,712
Credit Default Swap Buy Protection (Depreciation)		—		(307,672	)		—		(307,672	)
Credit Default Swap Sell Protection Appreciation		—		10,487,467			—		10,487,467
Credit Default Swap Sell Protection (Depreciation)		—		(3,639,095	)		—		(3,639,095	)
Interest Rate Swap Appreciation		—		20,032,033			—		20,032,033
Interest Rate Swap (Depreciation)		—		(27,953,979	)		—		(27,953,979	)
Total SWAP Contracts	$	—	$	(722,534	)	$	—	$	(722,534	)

* See Schedule of Investments for additional detailed categorizations.

** Derivative instruments such as forwards, futures contracts and swap contracts are valued on the unrealized appreciation/depreciation on the instrument. Written options are presented at value.

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, 2010		Realized Gain		Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Balance as of June 30, 2011		Change in unrealized appreciation for investments still held at June 30, 2011
Asset Backed Securities	$	175,495	$	—	$	(20,660	)	$	23,002,777	$	—		$	23,157,612	$	104,815
Foreign Bonds & Debt Securities		4,337		14		36			—		(1,325	)		3,062		27,215
Total	$	179,832	$	14	$	(20,624	)	$	23,002,777	$	(1,325	)	$	23,160,674	$	132,030

See accompanying notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	10,848,743,527
Repurchase Agreement		68,332,000
Cash		427,528
Cash denominated in foreign currencies (b)		5,490,562
Receivable for investments sold		895,414,463
Receivable for shares sold		3,564,934
Interest receivable		62,176,785
Receivable for variation margin on futures contracts		1,376,453
Swap interest receivable		938,975
Swap premium paid		29,609,990
Unrealized appreciation on swap contracts		31,178,212
Unrealized appreciation on forward currency exchange contracts		27,907,938
Miscellaneous assets		513,974
Total assets		11,975,675,341
Liabilities
Payables for:
Investments purchased		1,423,099,783
Cash collateral		27,988,000
Shares redeemed		3,691,570
Forward sales commitments, at value (c)		701,371,170
Unrealized depreciation on forward currency exchange contracts		47,307,660
Unrealized depreciation on swap contracts		31,900,746
Outstanding written options (d)		20,065,777
Swap interest		1,064,019
Swap premium received		13,454,251
Accrued Expenses:
Management fees		3,797,619
Distribution and service fees - Class B		918,029
Distribution and service fees - Class E		12,806
Administration fees		41,388
Custodian and accounting fees		227,347
Deferred trustees’ fees		20,516
Other expenses		382,565
Total liabilities		2,275,343,246
Net Assets	$	9,700,332,095
Net Assets Represented by
Paid in surplus	$	9,344,908,635
Accumulated net realized loss		(44,699,620	)
Unrealized appreciation on investments, futures contracts, written options contracts, forward sales commitments, swap contracts and foreign currency transactions		308,769,386
Undistributed net investment income		91,353,694
Net Assets	$	9,700,332,095
Net Assets
Class A	$	5,118,575,856
Class B		4,479,207,072
Class E		102,549,167
Capital Shares Outstanding*
Class A		423,518,663
Class B		375,720,583
Class E		8,547,160
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.09
Class B		11.92
Class E		12.00

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

(a) Identified cost of investments, excluding repurchase agreement, was $10,562,600,774.

(b) Identified cost of cash denominated in foreign currencies was $5,476,924.

(c) Proceeds of forward sales commitments was $703,505,557.

(d) Premiums received on written options were $28,090,308.

Statement of Operations

Six Months Ended June 30, 2011 (Unaudited)

Investment Income
Dividends	$	2,299,867
Interest		140,395,457
Total investment income		142,695,324
Expenses
Management fees		23,309,919
Administration fees		238,524
Custodian and accounting fees		858,313
Distribution and service fees - Class B		5,228,858
Distribution and service fees - Class E		81,203
Audit and tax services		38,399
Legal		20,801
Trustees’ fees and expenses		15,868
Shareholder reporting		181,221
Insurance		49,960
Miscellaneous		34,696
Total expenses		30,057,762
Net investment income		112,637,562
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options Contracts, Forward Sales Commitments, Swaps Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		(22,310,317	)
Futures contracts		3,748,225
Written options contracts		3,572,145
Swap contracts		3,304,700
Foreign currency transactions		10,627,349
Net realized loss on investments, futures contracts, written options contracts, swap contracts and foreign currency transactions		(1,057,898	)
Net change in unrealized appreciation (depreciation) on:
Investments		164,179,248
Futures contracts		42,776,131
Written options contracts		20,476,897
Forward sales commitments		3,948,657
Swap contracts		(27,771,899	)
Foreign currency transactions		(25,971,619	)
Net change in unrealized appreciation on investments, futures contracts, written options contracts, forward sales commitments, swap contracts and foreign currency transactions		177,637,415
Net realized and unrealized gain on investments, futures contracts, written options contracts, forward sales commitments, swap contracts and foreign currency transactions		176,579,517
Net Increase in Net Assets from Operations	$	289,217,079

See accompanying notes to financial statements.

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Statements of Changes in Net Assets

June 30, 2011

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	112,637,562		$	188,552,358
Net realized gain (loss) on investments, futures contracts, written options contracts, swap contracts and foreign currency transactions		(1,057,898	)		397,523,418
Net change in unrealized appreciation on investments, futures contracts, written options contracts, forward sales commitments, swap contracts and foreign currency transactions		177,637,415			56,388,960
Net increase in net assets resulting from operations		289,217,079			642,464,736
Distributions to Shareholders
From net investment income
Class A		(168,583,951	)		(168,538,898	)
Class B		(114,599,829	)		(117,649,661	)
Class E		(2,895,746	)		(3,886,900	)
From net realized gains
Class A		(181,361,626	)		(24,340,157	)
Class B		(132,645,160	)		(17,748,769	)
Class E		(3,288,406	)		(582,497	)
Net decrease in net assets resulting from distributions		(603,374,718	)		(332,746,882	)
Net increase in net assets from capital share transactions		393,498,281			2,255,272,505
Net Increase in Net Assets		79,340,642			2,564,990,359
Net assets at beginning of period		9,620,991,453			7,056,001,094
Net assets at end of period	$	9,700,332,095		$	9,620,991,453
Undistributed net investment income at end of period	$	91,353,694		$	264,795,658

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Value			Shares			Value
Class A
Sales		45,240,758		$	560,576,998			113,975,303		$	1,390,268,654
Reinvestments		29,210,816			349,945,577			16,167,565			192,879,055
Redemptions		(95,586,983	)		(1,153,336,021	)		(26,248,418	)		(323,370,121	)
Net increase		(21,135,409	)	$	(242,813,446	)		103,894,450		$	1,259,777,588
Class B
Sales		56,043,502		$	683,313,279			114,832,514		$	1,397,664,338
Reinvestments		20,917,512			247,244,988			11,493,924			135,398,430
Redemptions		(23,127,761	)		(281,430,054	)		(44,449,844	)		(541,598,121	)
Net increase		53,833,253		$	649,128,213			81,876,594		$	991,464,647
Class E
Sales		460,700		$	5,665,391			3,072,747		$	38,243,830
Reinvestments		519,677			6,184,152			377,164			4,469,397
Redemptions		(2,007,268	)		(24,666,029	)		(3,166,247	)		(38,682,957	)
Net decrease		(1,026,891	)	$	(12,816,486	)		283,664		$	4,030,270
Increase derived from capital shares transactions				$	393,498,281					$	2,255,272,505

See accompanying notes to financial statements.

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Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.47		$	12.02		$	11.60		$	12.29		$	11.80		$	11.60
Income (Loss) from Investment Operations
Net Investment Income(a)		0.15			0.28			0.45			0.59			0.56			0.49
Net Realized and Unrealized Gain (Loss) on Investments		0.22			0.71			1.47			(0.51	)		0.35			0.04
Total From Investment Operations		0.37			0.99			1.92			0.08			0.91			0.53
Less Distributions
Distributions from Net Investment Income		(0.36	)		(0.47	)		(0.96	)		(0.48	)		(0.42	)		(0.32	)
Distributions from Net Realized Capital Gains		(0.39	)		(0.07	)		(0.54	)		(0.29	)		—			(0.01	)
Total Distributions		(0.75	)		(0.54	)		(1.50	)		(0.77	)		(0.42	)		(0.33	)
Net Asset Value, End of Period	$	12.09		$	12.47		$	12.02		$	11.60		$	12.29		$	11.80
Total Return (%)		3.00			8.41			18.39			0.64			7.85			4.80
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.51	*		0.51			0.52			0.52			0.54			0.58
Ratio of Net Expenses to Average Net Assets (%)(b)		0.51	*		0.51			0.52			0.52			0.54			0.58
Ratio of Net investment Income to Average Net Assets (%)		2.41	*		2.31			3.93			5.00			4.74			4.28
Portfolio Turnover Rate (%)		246.5			713.7			633.1			800.2			943.9			161.2
Net Assets, End of Period (in millions)	$	5,118.6		$	5,543.8		$	4,095.7		$	2,696.4		$	3,045.1		$	1,445.1
	Class B
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.30		$	11.87		$	11.47		$	12.17		$	11.69		$	11.50
Income (Loss) from Investment Operations
Net Investment Income(a)		0.13			0.25			0.42			0.55			0.53			0.46
Net Realized and Unrealized Gain (Loss) on Investments		0.21			0.70			1.45			(0.50	)		0.34			0.04
Total From Investment Operations		0.34			0.95			1.87			0.05			0.87			0.50
Less Distributions
Distributions from Net Investment Income		(0.33	)		(0.45	)		(0.93	)		(0.46	)		(0.39	)		(0.30	)
Distributions from Net Realized Capital Gains		(0.39	)		(0.07	)		(0.54	)		(0.29	)		—			(0.01	)
Total Distributions		(0.72	)		(0.52	)		(1.47	)		(0.75	)		(0.39	)		(0.31	)
Net Asset Value, End of Period	$	11.92		$	12.30		$	11.87		$	11.47		$	12.17		$	11.69
Total Return (%)		2.82			8.17			18.03			0.41			7.56			4.52
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.76	*		0.76			0.77			0.78			0.79			0.83
Ratio of Net Expenses to Average Net Assets (%)(b)		0.76	*		0.76			0.77			0.78			0.79			0.83
Ratio of Net Investment Income to Average Net Assets (%)		2.19	*		2.06			3.64			4.77			4.51			4.01
Portfolio Turnover Rate (%)		246.5			713.7			633.1			800.2			943.9			161.2
Net Assets, End of Period (in millions)	$	4,479.2		$	3,958.7		$	2,849.6		$	1,353.6		$	1,274.4		$	1,219.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

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Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	12.37		$	11.93		$	11.52		$	12.21		$	11.73		$	11.53
Income (Loss) from Investment Operations
Net Investment Income(a)		0.14			0.27			0.44			0.57			0.54			0.47
Net Realized and Unrealized Gain (Loss) on Investments		0.22			0.69			1.44			(0.51	)		0.35			0.05
Total From Investment Operations		0.36			0.96			1.88			0.06			0.89			0.52
Less Distributions
Distributions from Net Investment Income		(0.34	)		(0.45	)		(0.93	)		(0.46	)		(0.41	)		(0.31	)
Distributions from Net Realized Capital Gains		(0.39	)		(0.07	)		(0.54	)		(0.29	)		—			(0.01	)
Total Distributions		(0.73	)		(0.52	)		(1.47	)		(0.75	)		(0.41	)		(0.32	)
Net Asset Value, End of Period	$	12.00		$	12.37		$	11.93		$	11.52		$	12.21		$	11.73
Total Return (%)		2.94			8.24			18.21			0.47			7.63			4.67
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.66	*		0.66			0.67			0.67			0.69			0.72
Ratio of Net Expenses to Average Net Assets (%)(b)		0.66	*		0.66			0.67			0.67			0.69			0.72
Ratio of Net investment Income to Average Net Assets (%)		2.27	*		2.17			3.82			4.88			4.61			4.10
Portfolio Turnover Rate (%)		246.5			713.7			633.1			800.2			943.9			161.2
Net Assets, End of Period (in millions)	$	102.5		$	118.5		$	110.9		$	88.8		$	132.0		$	132.5

* Annualized.

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

(b) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

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Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is PIMCO 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 four classes of shares: Class A, B, C and E Shares. Class A, B and E Shares are currently offered by the Portfolio. 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 expenses.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are 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 and are categorized as Level 1 within the fair value hierarchy.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state 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.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 futures transactions, foreign currency transactions, swap transactions, options transactions, premium amortization adjustments, paydown transactions, contingent payment debt instrument adjustments, forward transactions, deferred trustees’ compensation, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

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 U.S. dollars 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. Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

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. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded as Net realized gains and losses on investments. 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.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Until the Portfolio replaces a borrowed security, the Portfolio will segregate with its custodian, or earmark, cash or other liquid assets at such a level that (i) the amount segregated, or earmarked, plus the amount deposited with the broker as collateral will equal the current value of the security sold short and (ii) the amount segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. The Portfolio will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. The Portfolio will realize a gain if the security declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be, when added together: (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales; and (ii) segregated in connection with short sales.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

Forward Commitments and When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed delivery basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale 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, delayed delivery or forward commitment basis, the Portfolio will hold liquid assets in a segregated account at the Portfolio’s custodian bank 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.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells 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. During the 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.

A Portfolio that enters into mortgage dollar rolls is subject to the risk that the market value of the securities the Portfolio is obligated to repurchase may decline below the agreed upon repurchase price. In the event the buyer of securities under a mortgage dollar roll files for

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MET INVESTORS SERIES TRUST

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

bankruptcy or becomes insolvent, the Portfolio’s use of proceeds from the dollar roll may be restricted pending a court determination, a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio’s obligation to repurchase the securities sold.

Loan Participations - 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, 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 and the Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

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 mortgaged obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, 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). Payments received for the IOs are included in interest income on the Statement of Operations of the Portfolio. 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 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.

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 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.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Pacific Investment Management Company LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the six months  ended June 30, 2011	% per annum			Average Daily Net Assets
$23,309,919		0.50	%	First $	1.2 Billion
		0.475	%	Over $	1.2 Billion

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

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, 2011 were as follows:

Purchases					Sales
U.S. Government	Non U.S. Government		Foreign Government		U.S. Government		Non U.S. Government		Foreign Government
$18,533,176,168	$	1,121,642,712	$	3,145,211,660	$	22,916,451,019	$	293,907,795	$	1,728,575,725

5. Investments in Derivative Instruments

Investments in Derivative Instruments - Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a Portfolio uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Portfolio’s results of operations and financial position. Summarized below are the specific types of derivative instruments utilized by the Portfolio.

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to hedge 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 value 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 to sell 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 risks if the counterparties to the contracts are unable to meet the terms of the contracts.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

Futures Contracts - The Portfolio may buy and sell futures contracts (on recognized exchanges) 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, 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, for a set price in the future. 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. 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 securities. Futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Options Contracts - An option contract purchased by a 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 a Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by a 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 exposure to the broad equity markets 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 purchased 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. In addition, losses may arise from changes in the value of the underlying instrument, if there is an illiquid secondary market for the option contract, or if the counterparty to the option contract is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the 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 a 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 a purchased option expires without being exercised, the Portfolio will realize a loss equal to the premium paid. 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 marked-to-market daily based on the option’s quoted market price. When an 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 from the sale of the underlying instrument.

Swap Agreements - The Portfolio may enter into swap contracts. Swap contracts are derivatives agreements to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. The term “specified index” includes, but is not limited to, currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices, stock indices and commodity indices (as well as amounts derived from arithmetic operations on these indices). A Portfolio will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. The Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

custodian, of cash or other liquid assets, to avoid any potential leveraging of the Portfolio. The Portfolio may enter into swap transactions with counterparties that are approved by the investment adviser 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.

The swaps in which the Portfolio may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. Swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments the Portfolio is contractually obligated to receive. If the other party to a swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio contractually is entitled to receive.

An index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices.

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.

Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If an investment adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Portfolio would be less favorable than it would have been if this investment technique were not used.

Interest Rate Swaps - The Portfolio may enter into interest rate swaps and the purchase or sale of related caps and floors. The Portfolio may enter into these transactions primarily to manage its exposure to interest rates, to protect against currency fluctuations, or to preserve a return or spread on a particular investment. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds has exposure to fixed income securities, the value of these securities 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 contracts. Interest rate swaps are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the Portfolio’s exposure to interest rates. Interest rate swap contracts are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. The Portfolio could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. The purchase of a cap entitles the purchaser, to the extent that a specific index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such cap. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that amount is positive. This risk is mitigated by maintaining a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty.

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 sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. As the seller in a credit default swap contract, the Portfolio would be required to pay the par (or other agreed upon) value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Portfolio would keep the stream of payments and would have no payment obligations. An upfront payment received by the Portfolio is recorded as a liability on the books. An upfront payment made by the Portfolio is recorded as an asset on the books. As the seller, the Portfolio would be subject to investment exposure on the notional amount of the 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 expire worthless and would only generate income in the event of an actual default by the issuer of the underlying obligation (as

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk—the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. The Portfolio’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the unrealized appreciation of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in Note 9 to the Notes to Financials Statements and serve as an indicator of the 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. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. 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.

The maximum potential amount of future payments (undiscounted) that a 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, 2011 for which a Portfolio is the seller of protection are disclosed in Note 9 to the Notes to Financials Statements. 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 a Portfolio for the same referenced entity or entities.

Swap agreements are marked to market daily. The change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of realized gain (loss) on the Statement of Operations.

At June 30, 2011, the Portfolio had the following derivatives, grouped into appropriate risk categories:

	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 swap contracts	$	20,032,033	Unrealized depreciation on swap contracts	$	27,953,979
	Unrealized appreciation on futures contracts*		39,743,078	Unrealized depreciation on futures contracts*		6,392,073
	Outstanding written options		—	Outstanding written options		19,960,683
Foreign Currency Exchange	Unrealized appreciation on forward foreign currency exchange contracts		27,907,938	Unrealized depreciation on forward foreign currency exchange contracts		47,307,660
Credit	Unrealized appreciation on swap contracts		11,146,179	Unrealized depreciation on swap contracts		3,946,767
	Outstanding written options		—	Outstanding written options		105,094
Total		$	98,829,228		$	105,666,256

* Includes cumulative appreciation/depreciation of futures contracts as reported in the notes to financial statements. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

Transactions in derivative instruments during the six months ended June 30, 2011, were as follows:

Statement of Operations Location - Net Realized Gain (Loss)	Interest Rate			Foreign Currency Exchange			Credit		Total
Foreign currency transactions	$	—		$	(4,248,015	)	$	—	$	(4,248,015	)
Futures contracts		3,748,225			—			—		3,748,225
Swap contracts		(4,303,074	)		—			7,607,774		3,304,700
Written options contracts		4,070,004			(539,109	)		41,250		3,572,145
	$	3,515,155		$	(4,787,124	)	$	7,649,024	$	6,377,055

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

5. Investments in Derivative Instruments - continued

Statement of Operations Location -Net Change in Unrealized Gain (Loss)	Interest Rate			Foreign Currency Exchange			Credit			Total
Foreign currency transactions	$	—		$	(25,766,470	)	$	—		$	(25,766,470	)
Futures contracts		42,776,131			—			—			42,776,131
Swap contracts		(18,958,762	)		—			(8,813,137	)		(27,771,899	)
Written options contracts		20,452,900			—			23,997			20,476,897
	$	44,270,269		$	(25,766,470	)	$	(8,789,140	)	$	9,714,659

For the six months ended June 30, 2011, the average amount or number per contract outstanding for each derivative type was as follows:

Average Notional or Face Amount(a)	Foreign Currency Risk		Interest Rate Risk		Credit Risk
Foreign currency transactions	$	2,735,588,571	$	—	$	—
Futures contracts long		—		13,637,397,050		—
Futures contracts short		—		167,250,000		—
Swap contracts		—		22,863,393		9,903,892
Written options contracts		536		64,462,571		30,153,333

(a) Averages are based on activity levels during 2011.

6. Forward Foreign Currency Exchange Contracts

Forward Foreign Currency Exchange Contracts to Buy:

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
7/29/2011	Deutsche Bank AG		288,000	AUD	$	308,130	$	300,125	$	8,005
8/2/2011	Barclays Bank plc		10,928,923	BRL		6,958,931		6,834,848		124,083
8/2/2011	UBS AG		48,319,817	BRL		30,767,376		29,889,779		877,597
9/2/2011	Morgan Stanley		5,950,400	BRL		3,763,664		3,200,000		563,664
9/19/2011	Deutsche Bank AG		25,657,000	CAD		26,557,766		26,044,410		513,356
11/15/2011	JPMorgan Chase Bank N.A.		46,396,886	CNY		7,203,084		7,223,554		(20,470	)
11/15/2011	JPMorgan Chase Bank N.A.		1,928,000	CNY		299,321		299,658		(337	)
2/13/2012	Barclays Bank plc		4,300,777	CNY		670,589		672,669		(2,080	)
2/13/2012	Citibank N.A.		53,000,000	CNY		8,263,910		8,216,417		47,493
2/13/2012	Citibank N.A.		71,900,000	CNY		11,210,852		11,154,723		56,129
2/13/2012	JPMorgan Chase Bank N.A.		108,762,192	CNY		16,958,510		16,829,740		128,770
6/1/2012	Citibank N.A.		26,898,900	CNY		4,214,582		4,200,000		14,582
6/1/2012	JPMorgan Chase Bank N.A.		33,909,400	CNY		5,313,004		5,300,000		13,004
2/1/2013	Citibank N.A.		100,000,000	CNY		15,891,565		15,745,552		146,013
7/18/2011	Barclays Bank plc		1,315,000	EUR		1,909,156		1,864,880		44,276
7/18/2011	Citibank N.A.		3,803,000	EUR		5,521,311		5,394,255		127,056
7/18/2011	Citibank N.A.		323,000	EUR		468,941		455,267		13,674
7/18/2011	JPMorgan Chase Bank N.A.		6,210,000	EUR		9,015,866		8,885,316		130,550

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Settlement Date	Counterparty	Contracts to Buy				Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
7/18/2011	JPMorgan Chase Bank N.A.		2,117,000	EUR		$	3,073,525	$	2,997,617	$	75,908
7/18/2011	JPMorgan Chase Bank N.A.		4,212,000	EUR			6,115,109		6,087,671		27,438
7/18/2011	Morgan Stanley		2,233,000	EUR			3,241,937		3,218,668		23,269
7/18/2011	Morgan Stanley		2,000,000	EUR			2,903,661		2,838,060		65,601
7/27/2011	Barclays Bank plc		59,321,523,000	IDR			6,894,735		6,423,554		471,181
7/27/2011	Citibank N.A.		5,252,500,000	IDR			610,480		550,000		60,480
7/27/2011	Citibank N.A.		7,814,600,000	IDR	��		908,264		820,000		88,264
7/27/2011	Citibank N.A.		26,407,900,000	IDR			3,069,298		2,840,475		228,823
7/27/2011	Citibank N.A.		132,854,400,000	IDR			15,441,207		14,551,413		889,794
7/27/2011	JPMorgan Chase Bank N.A.		27,376,000,000	IDR			3,181,818		2,900,000		281,818
7/27/2011	JPMorgan Chase Bank N.A.		16,712,000,000	IDR			1,942,378		1,820,678		121,700
1/31/2012	Citibank N.A.		147,642,200,000	IDR			16,663,412		16,272,699		390,713
8/12/2011	Barclays Bank plc		1,264,752,000	INR			28,111,551		27,870,251		241,300
8/12/2011	Morgan Stanley		672,340,000	INR			14,944,053		14,323,392		620,661
7/5/2011	Citibank N.A.		20,000,000	JPY			248,000		246,761		1,239
7/14/2011	Barclays Bank plc		11,045,000	JPY			136,964		135,075		1,889
7/14/2011	JPMorgan Chase Bank N.A.		785,340,000	JPY			9,738,658		9,375,459		363,199
7/14/2011	JPMorgan Chase Bank N.A.		110,348,000	JPY			1,368,377		1,339,637		28,740
7/14/2011	UBS AG		331,725,000	JPY			4,113,576		3,920,075		193,501
7/25/2011	Citibank N.A.		23,805,738,000	JPY			295,220,201		291,351,730		3,868,471
8/12/2011	Goldman Sachs & Co.		6,200,150,000	KRW			5,793,729		5,500,000		293,729
8/12/2011	JPMorgan Chase Bank N.A.		106,468,788,219	KRW			99,489,739		96,952,865		2,536,874
8/12/2011	Morgan Stanley		2,480,280,000	KRW			2,317,697		2,206,164		111,533
7/7/2011	Citibank N.A.		54,614,250	MXN			4,659,160		4,500,000		159,160
7/7/2011	Citibank N.A.		4,507,000	MXN			384,494		366,706		17,788
7/7/2011	Deutsche Bank AG		28,447,550	MXN			2,426,870		2,300,000		126,870
7/7/2011	JPMorgan Chase Bank N.A.		144,693,647	MXN			12,343,863		11,900,000		443,863
7/7/2011	Morgan Stanley		45,219,550	MXN			3,857,695		3,700,000		157,695
7/7/2011	Morgan Stanley		44,004,600	MXN			3,754,047		3,600,000		154,047
7/7/2011	Morgan Stanley		1,145,034,758	MXN			97,683,294		93,632,738		4,050,556
7/7/2011	UBS AG		53,754,800	MXN			4,585,840		4,400,000		185,840
7/7/2011	UBS AG		78,449,280	MXN			6,692,534		6,400,000		292,534
11/18/2011	Citibank N.A.		982,327,288	MXN			82,780,127		83,075,588		(295,461	)
11/18/2011	Morgan Stanley		616,398,147	MXN			51,943,499		52,353,818		(410,319	)
8/11/2011	Barclays Bank plc		3,500,000	MYR			1,155,920		1,127,759		28,161
8/11/2011	Barclays Bank plc		3,600,000	MYR			1,188,947		1,165,690		23,257
8/11/2011	Barclays Bank plc		3,400,000	MYR			1,122,894		1,104,793		18,101
8/11/2011	Citibank N.A.		6,370,000	MYR			2,103,775		2,058,757		45,018
8/11/2011	Citibank N.A.		3,600,000	MYR			1,188,946		1,167,315		21,631

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
8/11/2011	Citibank N.A.		5,300,000	MYR	$	1,750,394	$	1,718,715	$	31,679
8/11/2011	Citibank N.A.		5,200,000	MYR		1,717,368		1,690,123		27,245
8/11/2011	JPMorgan Chase Bank N.A.		3,500,000	MYR		1,155,920		1,135,810		20,110
8/11/2011	Morgan Stanley		5,913,557	MYR		1,953,028		1,923,045		29,983
11/15/2011	Barclays Bank plc		48,900,000	PHP		1,116,004		1,102,344		13,660
11/15/2011	Barclays Bank plc		20,600,000	PHP		470,137		467,120		3,017
11/15/2011	Barclays Bank plc		20,700,000	PHP		472,419		467,374		5,045
11/15/2011	Barclays Bank plc		20,700,000	PHP		472,419		465,692		6,727
11/15/2011	Barclays Bank plc		16,067,377	PHP		366,693		358,807		7,886
11/15/2011	Citibank N.A.		47,410,000	PHP		1,082,000		1,100,000		(18,000	)
11/15/2011	Citibank N.A.		47,734,500	PHP		1,089,406		1,100,000		(10,594	)
11/15/2011	Citibank N.A.		52,200,000	PHP		1,191,318		1,200,000		(8,682	)
11/15/2011	Citibank N.A.		65,835,000	PHP		1,502,499		1,500,000		2,499
11/15/2011	Citibank N.A.		49,005,000	PHP		1,118,401		1,100,000		18,401
11/15/2011	Citibank N.A.		57,473,000	PHP		1,311,660		1,300,000		11,660
11/15/2011	Citibank N.A.		40,600,000	PHP		926,580		915,858		10,722
11/15/2011	Deutsche Bank AG		52,860,000	PHP		1,206,381		1,200,000		6,381
11/15/2011	Goldman Sachs & Co.		87,840,000	PHP		2,004,701		2,000,000		4,701
11/15/2011	JPMorgan Chase Bank N.A.		47,410,000	PHP		1,082,000		1,100,000		(18,000	)
11/15/2011	JPMorgan Chase Bank N.A.		119,070,000	PHP		2,717,438		2,700,000		17,438
11/15/2011	JPMorgan Chase Bank N.A.		53,244,000	PHP		1,215,144		1,200,000		15,144
3/15/2012	Citibank N.A.		168,900,000	PHP		3,825,278		3,895,744		(70,466	)
3/15/2012	Citibank N.A.		1,197,565,000	PHP		27,122,675		27,584,130		(461,455	)
3/15/2012	Morgan Stanley		173,011,500	PHP		3,918,397		3,973,166		(54,769	)
7/1/2011	Barclays Bank plc		86,910,000	RUB		3,118,916		3,042,002		76,914
7/1/2011	Citibank N.A.		86,910,000	RUB		3,118,916		3,118,664		252
9/9/2011	Barclays Bank plc		3,400,000	SGD		2,770,158		2,659,210		110,948
9/9/2011	Citibank N.A.		4,300,000	SGD		3,503,435		3,359,637		143,798
9/9/2011	Deutsche Bank AG		8,000,000	SGD		6,518,020		6,272,788		245,232
9/9/2011	Deutsche Bank AG		11,000,000	SGD		8,962,278		8,927,847		34,431
9/9/2011	Deutsche Bank AG		7,300,000	SGD		5,947,693		5,928,404		19,289
9/9/2011	Goldman Sachs & Co.		10,000,000	SGD		8,147,525		8,122,223		25,302
9/9/2011	Goldman Sachs & Co.		1,927,677	SGD		1,570,580		1,568,403		2,177
9/9/2011	JPMorgan Chase Bank N.A.		2,000,000	SGD		1,629,505		1,561,414		68,091
9/9/2011	JPMorgan Chase Bank N.A.		9,748,580	SGD		7,942,680		7,655,672		287,008
9/9/2011	JPMorgan Chase Bank N.A.		7,000,000	SGD		5,703,267		5,687,034		16,233
9/9/2011	UBS AG		6,100,000	SGD		4,969,990		4,966,314		3,676
7/27/2011	JPMorgan Chase Bank N.A.		40,792,204	TRY		25,050,481		25,697,495		(647,014	)
7/27/2011	JPMorgan Chase Bank N.A.		4,488,040	TRY		2,756,104		2,900,000		(143,896	)

46

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Settlement Date	Counterparty	Contracts to Buy			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
7/27/2011	JPMorgan Chase Bank N.A.		6,479,340	TRY	$	3,978,961	$	4,200,000	$	(221,039	)
7/27/2011	JPMorgan Chase Bank N.A.		5,116,320	TRY		3,141,931		3,300,000		(158,069	)
10/27/2011	JPMorgan Chase Bank N.A.		56,875,904	TRY		34,333,337		33,830,540		502,797
1/11/2012	Barclays Bank plc		127,386,100	TWD		4,453,670		4,444,735		8,935
7/28/2011	Barclays Bank plc		174,452,689	ZAR		25,734,081		25,171,732		562,349
7/28/2011	Citibank N.A.		14,622,300	ZAR		2,156,983		2,100,000		56,983
7/28/2011	Morgan Stanley		36,956,550	ZAR		5,451,581		5,409,173		42,408
9/13/2011	Barclays Bank plc		9,881,950	ZAR		1,447,768		1,300,000		147,768
9/13/2011	Morgan Stanley		5,319,300	ZAR		779,311		700,000		79,311
9/13/2011	UBS AG		4,560,000	ZAR		668,069		600,000		68,069
10/28/2011	Deutsche Bank AG		211,270,939	ZAR		30,744,987		30,340,199		404,788
Net Unrealized Appreciation									$	20,117,304

Forward Foreign Currency Exchange Contracts to Sell:

Settlement Date	Counterparty	Contracts to Deliver			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
8/2/2011	Barclays Bank plc		3,458,070	BRL	$	2,201,907	$	2,100,000	$	(101,907	)
8/2/2011	Barclays Bank plc		10,197,760	BRL		6,493,367		6,200,000		(293,367	)
8/2/2011	Citibank N.A.		2,123,940	BRL		1,352,407		1,300,000		(52,407	)
8/2/2011	Citibank N.A.		2,612,480	BRL		1,663,482		1,600,000		(63,482	)
8/2/2011	Citibank N.A.		1,468,800	BRL		935,250		900,000		(35,250	)
8/2/2011	Morgan Stanley		22,509,800	BRL		14,332,991		14,005,600		(327,391	)
8/2/2011	Morgan Stanley		2,121,600	BRL		1,350,917		1,300,000		(50,917	)
8/2/2011	Morgan Stanley		2,123,810	BRL		1,352,324		1,300,000		(52,324	)
8/2/2011	Morgan Stanley		1,632,400	BRL		1,039,422		1,000,000		(39,422	)
8/2/2011	UBS AG		4,628,650	BRL		2,947,267		2,872,262		(75,005	)
8/2/2011	UBS AG		2,123,810	BRL		1,352,324		1,300,000		(52,324	)
8/2/2011	UBS AG		4,247,620	BRL		2,704,649		2,600,000		(104,649	)
9/2/2011	Barclays Bank plc		10,928,923	BRL		6,912,610		6,791,525		(121,085	)
9/19/2011	BNP Paribas Bank		5,851,000	CAD		6,056,417		5,946,138		(110,279	)
9/19/2011	Citibank N.A.		6,583,000	CAD		6,814,116		6,657,289		(156,827	)
9/19/2011	JPMorgan Chase Bank N.A.		2,617,000	CAD		2,708,877		2,645,489		(63,388	)
9/19/2011	JPMorgan Chase Bank N.A.		2,330,000	CAD		2,411,802		2,390,845		(20,957	)
8/8/2011	Citibank N.A.		158,350,000	DKK		30,810,510		31,433,488		622,978
7/18/2011	Barclays Bank plc		874,000	EUR		1,268,900		1,249,647		(19,253	)
7/18/2011	Barclays Bank plc		1,550,000	EUR		2,250,337		2,249,059		(1,278	)
7/18/2011	Barclays Bank plc		1,692,000	EUR		2,456,497		2,421,440		(35,057	)
7/18/2011	Barclays Bank plc		2,834,000	EUR		4,114,487		4,196,437		81,950

47

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Settlement Date	Counterparty	Contracts to Deliver			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
7/18/2011	Barclays Bank plc		5,555,000	EUR	$	8,064,917	$	7,941,617	$	(123,300	)
7/18/2011	Barclays Bank plc		12,668,000	EUR		18,391,786		18,217,217		(174,569	)
7/18/2011	Barclays Bank plc		21,598,000	EUR		31,356,631		30,552,877		(803,754	)
7/18/2011	BNP Paribas Bank		6,470,000	EUR		9,393,342		9,380,335		(13,007	)
7/18/2011	Citibank N.A.		1,000	EUR		1,452		1,481		29
7/18/2011	Citibank N.A.		2,281,000	EUR		3,311,625		3,276,227		(35,398	)
7/18/2011	Citibank N.A.		2,615,000	EUR		3,796,536		3,816,488		19,952
7/18/2011	Citibank N.A.		5,800,000	EUR		8,420,616		8,330,823		(89,793	)
7/18/2011	Deutsche Bank AG		3,700,000	EUR		5,371,772		5,401,759		29,987
7/18/2011	JPMorgan Chase Bank N.A.		1,193,000	EUR		1,732,033		1,739,615		7,582
7/18/2011	JPMorgan Chase Bank N.A.		2,856,000	EUR		4,146,427		4,164,577		18,150
7/18/2011	JPMorgan Chase Bank N.A.		4,185,000	EUR		6,075,910		6,055,172		(20,738	)
7/18/2011	JPMorgan Chase Bank N.A.		4,219,000	EUR		6,125,272		6,049,791		(75,481	)
7/18/2011	JPMorgan Chase Bank N.A.		7,097,000	EUR		10,303,640		10,087,662		(215,978	)
7/18/2011	JPMorgan Chase Bank N.A.		8,794,000	EUR		12,767,396		12,657,133		(110,263	)
7/18/2011	JPMorgan Chase Bank N.A.		181,998,000	EUR		264,230,211		262,606,734		(1,623,477	)
7/18/2011	UBS AG		4,939,000	EUR		7,170,590		7,220,426		49,836
7/18/2011	UBS AG		7,138,000	EUR		10,363,165		10,397,518		34,353
7/18/2011	UBS AG		34,721,000	EUR		50,409,000		48,862,863		(1,546,137	)
9/13/2011	UBS AG		48,768,000	GBP		78,292,766		80,077,690		1,784,924
7/11/2011	JPMorgan Chase Bank N.A.		27,803,740,000	JPY		344,777,036		330,800,000		(13,977,036	)
7/14/2011	Barclays Bank plc		1,296,903,000	JPY		16,082,327		15,502,253		(580,074	)
7/19/2011	JPMorgan Chase Bank N.A.		11,695,660,000	JPY		145,036,261		139,400,000		(5,636,261	)
7/25/2011	Citibank N.A.		38,780,000,000	JPY		480,919,322		468,598,012		(12,321,310	)
7/25/2011	Citibank N.A.		23,300,000,000	JPY		288,948,433		290,352,810		1,404,377
8/1/2011	UBS AG		830,000,000	JPY		10,293,360		10,163,286		(130,074	)
8/8/2011	Deutsche Bank AG		6,310,000,000	JPY		78,257,178		78,207,790		(49,388	)
8/15/2011	JPMorgan Chase Bank N.A.		25,060,000,000	JPY		310,808,647		309,490,847		(1,317,800	)
8/18/2011	JPMorgan Chase Bank N.A.		8,400,000,000	JPY		104,183,438		103,869,125		(314,313	)
8/22/2011	Citibank N.A.		6,310,000,000	JPY		78,263,378		78,682,229		418,851
8/22/2011	JPMorgan Chase Bank N.A.		7,820,000,000	JPY		96,992,015		96,543,210		(448,805	)
9/6/2011	Citibank N.A.		23,810,000,000	JPY		295,342,190		292,882,140		(2,460,050	)
9/20/2011	Citibank N.A.		300,000,000	JPY		3,721,578		3,732,086		10,508
10/3/2011	Citibank N.A.		20,000,000	JPY		248,127		246,902		(1,225	)
7/7/2011	Citibank N.A.		982,327,288	MXN		83,802,667		84,088,965		286,298
7/7/2011	Morgan Stanley		616,398,147	MXN		52,585,130		53,000,700		415,570
7/1/2011	Citibank N.A.		86,910,000	RUB		3,118,916		3,160,938		42,022
7/1/2011	Barclays Bank plc		86,910,000	RUB		3,118,916		3,118,664		(252	)
7/27/2011	JPMorgan Chase Bank N.A.		56,875,904	TRY		34,927,477		34,418,096		(509,381	)

48

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

6. Forward Foreign Currency Exchange Contracts - continued

Settlement Date	Counterparty	Contracts to Deliver			Value at June 30, 2011		In Exchange for U.S.$		Net Unrealized Appreciation/ (Depreciation)
7/28/2011	Barclays Bank plc		12,074,400	ZAR	$	1,781,134	$	1,800,000	$	18,866
7/28/2011	Deutsche Bank AG		211,270,939	ZAR		31,165,260		30,752,684		(412,576	)
7/28/2011	Morgan Stanley		2,686,200	ZAR		396,250		400,000		3,750
Net Unrealized Depreciation									$	(39,517,026	)

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CNY—China Yuan Renminbi

DKK—Danish Krone

EUR—Euro

GBP—British Pound

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PHP—Philippine Peso

RUB—Russian Ruble

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwan Dollar

ZAR—South African Rand

7. Futures Contracts

The futures contracts outstanding as of June 30, 2011 and the description and unrealized appreciation (depreciation) were as follows:

Futures Contracts - Long	Expiration Date		Number of Contracts		Contract Amount			Valuation as of June 30, 2011		Unrealized Appreciation/ Depreciation
3MO Euribor Interest Rate Futures		6/18/2012		268		EUR	95,133,714	$	95,312,684	$	178,970
3MO Euribor Interest Rate Futures		9/17/2012		268		EUR	95,012,334		95,234,838		222,504
3MO Euribor Interest Rate Futures		12/17/2012		268		EUR	94,885,489		95,127,799		242,310
3MO Euribor Interest Rate Futures		3/18/2013		268		EUR	94,793,483		95,040,223		246,740
90 Day EuroDollar Futures		9/19/2011		740		USD	184,252,015		184,361,750		109,735
90 Day EuroDollar Futures		12/19/2011		5,342		USD	1,325,799,883		1,329,890,900		4,091,017
90 Day EuroDollar Futures		3/19/2012		19,408		USD	4,809,480,002		4,828,467,800		18,987,798
90 Day EuroDollar Futures		6/18/2012		18,649		USD	4,618,547,036		4,633,577,162		15,030,126
90 Day EuroDollar Futures		9/17/2012		8,147		USD	2,019,555,971		2,020,048,650		492,679
90 Day EuroDollar Futures		12/17/2012		2,781		USD	688,588,715		687,810,825		(777,890	)
90 Day EuroDollar Futures		3/18/2013		4,751		USD	1,173,586,578		1,172,071,700		(1,514,878	)
90 Day EuroDollar Futures		6/17/2013		1,324		USD	326,602,882		325,753,650		(849,232	)
90 Day EuroDollar Futures		9/16/2013		1,122		USD	275,862,357		275,324,775		(537,582	)
90 Day EuroDollar Futures		12/16/2013		581		USD	142,452,070		142,177,963		(274,107	)

49

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

7. Futures Contracts - continued

Futures Contracts - Long	Expiration Date		Number of Contracts		Contract Amount			Valuation as of June 30, 2011		Unrealized Appreciation/ Depreciation
90 Day EuroDollar Futures		3/17/2014		948		USD	231,897,389	$	231,383,100	$	(514,289	)
90 Day EuroDollar Futures		6/16/2014		187		USD	45,611,282		45,520,475		(90,807	)
German Euro Bobl Futures		9/8/2011		743		EUR	126,015,363		125,801,066		(214,297	)
German Euro Bund Futures		9/8/2011		458		EUR	83,872,895		83,466,354		(406,541	)
U.S. Treasury Note 2 Year Futures		9/30/2011		698		USD	152,960,738		153,101,937		141,199
U.S. Treasury Note 5 Year Futures		9/30/2011		1,396		USD	167,609,107		166,396,657		(1,212,450	)
Net Unrealized Appreciation										$	33,351,005

EUR—Euro

USD—United States Dollar

8. Options written

The options contracts outstanding as of June 30, 2011, the description and unrealized appreciation (depreciation) were as follows:

Over the Counter Options Written - Calls	Counterparty	Expiration Date		Number of Contracts			Premiums Received			Valuation as of June 30, 2011			Unrealized Appreciation/ (Depreciation)
CDX.O 5 Year Swaption 0.8	BNP Paribas Bank		9/21/2011		(16,600,000	)	$	(35,690	)	$	(37,034	)	$	(1,344	)
FNMA 4.5	Credit Suisse Group AG		8/4/2011		(26,000,000	)		(65,000	)		(26,534	)		38,466
FVA USD 1 Year 1.0	JPMorgan Chase Bank N.A.		10/11/2011		(56,400,000	)		(286,512	)		(365,030	)		(78,518	)
FVA USD 1 Year 1.0	Goldman Sachs & Co.		10/11/2012		(60,900,000	)		(321,564	)		(394,155	)		(72,591	)
FVA USD 1 Year 2.0	Morgan Stanley		10/11/2011		(277,500,000	)		(3,102,220	)		(4,497,651	)		(1,395,431	)
FVA USD 1 Year 2.0	Morgan Stanley		11/14/2011		(151,400,000	)		(1,646,680	)		(2,481,752	)		(835,072	)
IRO USD 5 Year Swaption 1.8	Credit Suisse Group AG		8/24/2011		(111,800,000	)		(223,600	)		(173,692	)		49,908
IRO USD 10 Year Swaption 3.0	Morgan Stanley		10/11/2011		(390,800,000	)		(1,985,259	)		(2,352,186	)		(366,927	)
							$	(7,666,525	)	$	(10,328,034	)	$	(2,661,509	)
Exchange Traded Options Written - Calls
U.S. Treasury Note 5 Year Futures	Citibank N.A.		7/22/2011		(137	)	$	(31,587	)	$	(20,336	)	$	11,251
U.S. Treasury Note 5 Year Futures	Citibank N.A.		7/22/2011		(882	)		(382,177	)		(199,828	)		182,349
U.S. Treasury Note 10 Year Futures	Citibank N.A.		7/22/2011		(190	)		(87,711	)		(17,813	)		69,898
							$	(501,475	)	$	(237,977	)	$	263,498

Over the Counter Options Written - Puts
CDX.O 5 Year Swaption 1.2	BNP Paribas Bank	9/21/2011	(16,600,000	)	$	(68,060	)	$	(8,543	)	$	59,517
FNMA 4.5	Credit Suisse Group AG	8/4/2011	(26,000,000	)		(81,250	)		(88,539	)		(7,289	)
INF Floor USD CPURNS 215.95	Citibank N.A.	3/12/2020	(16,200,000	)		(137,080	)		(43,399	)		93,681
INF Floor USD CPURNS 215.95	Deutsche Bank AG	3/10/2020	(5,800,000	)		(43,500	)		(20,592	)		22,908

50

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Options written - continued

Over the Counter Options Written - Puts	Counterparty	Expiration Date		Number of Contracts			Premiums Received			Valuation as of June 30, 2011			Unrealized Appreciation/ (Depreciation)
INF Floor USD CPURNS 216.69	Citibank N.A.		4/7/2020		(38,800,000	)	$	(346,040	)	$	(108,231	)	$	237,809
INF Floor USD CPURNS 217.97	Citibank N.A.		9/29/2020		(17,500,000	)		(225,750	)		(53,809	)		171,941
INF Floor USD CPURNS 218.011	Deutsche Bank AG		10/13/2020		(18,000,000	)		(176,400	)		(73,385	)		103,015
IRO USD 1 Year Swaption 0.65	Goldman Sachs & Co.		11/14/2011		(121,900,000	)		(249,895	)		(96,057	)		153,838
IRO USD 1 Year Swaption 1.0	Goldman Sachs & Co.		11/19/2012		(139,600,000	)		(796,458	)		(824,980	)		(28,522	)
IRO USD 2 Year Swaption 2.25	Citibank N.A.		9/24/2012		(23,000,000	)		(156,688	)		(121,095	)		35,593
IRO USD 2 Year Swaption 2.25	Goldman Sachs & Co.		9/24/2012		(89,300,000	)		(529,847	)		(470,165	)		59,682
IRO USD 2 Year Swaption 2.25	Morgan Stanley		9/24/2012		(196,500,000	)		(1,247,163	)		(1,034,573	)		212,590
IRO USD 5 Year Swaption 2.5	Credit Suisse Group AG		8/24/2011		(111,800,000	)		(444,405	)		(259,901	)		184,504
IRO USD 3 Year Swaption 2.75	Deutsche Bank AG		6/18/2012		(240,800,000	)		(2,499,648	)		(1,198,991	)		1,300,657
IRO USD 3 Year Swaption 3.0	Barclays Bank plc		6/18/2012		(50,200,000	)		(448,989	)		(192,085	)		256,904
IRO USD 3 Year Swaption 3.0	Citibank N.A.		6/18/2012		(189,200,000	)		(2,064,210	)		(723,955	)		1,340,255
IRO USD 3 Year Swaption 3.0	Credit Suisse Group AG		6/18/2012		(115,800,000	)		(732,435	)		(443,097	)		289,338
IRO USD 3 Year Swaption 3.0	Deutsche Bank AG		6/18/2012		(72,500,000	)		(788,856	)		(277,414	)		511,442
IRO USD 3 Year Swaption 3.0	JPMorgan Chase Bank N.A.		6/18/2012		(167,600,000	)		(1,750,743	)		(641,305	)		1,109,438
IRO USD 5 Year Swaption 3.25	Citibank N.A.		7/16/2012		(99,100,000	)		(2,450,082	)		(1,380,988	)		1,069,094
IRO USD 10 Year Swaption 4.25	Morgan Stanley		10/11/2011		(390,800,000	)		(1,985,259	)		(835,609	)		1,149,650
IRO USD 10 Year Swaption 10.0	Morgan Stanley		7/10/2012		(40,200,000	)		(242,205	)		(575	)		241,630
							$	(17,464,963	)	$	(8,897,288	)	$	8,567,675
Exchange Traded Options Written - Puts
CME APUT EUR 99.375	Merrill Lynch & Co., Inc.		9/19/2011		(1,887	)	$	(1,175,285	)	$	(141,525	)	$	1,033,760
CME APUT EUR 99.0	Merrill Lynch & Co., Inc.		3/19/2012		(1,330	)		(1,059,324	)		(182,875	)		876,449
U.S. Treasury Note 5 Year Futures	Citibank N.A.		7/22/2011		(882	)		(159,845	)		(186,047	)		(26,202	)
U.S. Treasury Note 10 Year Futures	Citibank N.A.		7/22/2011		(190	)		(62,891	)		(92,031	)		(29,140	)
							$	(2,457,345	)	$	(602,478	)	$	1,854,867
Total							$	(28,090,308	)	$	(20,065,777	)	$	8,024,531

The Portfolio transactions in options written during the period ended June 30, 2011 were as follows:

Call Options	Number of Contracts			Premium received
Options outstanding December 31, 2010		736,201,887		$	6,557,029
Options written		793,801,209			3,633,970
Options bought back		(1,887	)		(808,783	)
Options expired		(438,600,000	)		(1,214,216	)
Options outstanding June 30, 2011		1,091,401,209		$	8,168,000

51

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Options written - continued

Put Options	Number of Contracts			Premium received
Options outstanding December 31, 2010		1,882,301,887		$	17,650,522
Options written		793,802,402			5,168,124
Options bought back		-			-
Options expired		(488,900,000	)		(2,896,338	)
Options outstanding June 30, 2011		2,187,204,289		$	19,922,308

9. Swap Agreements

Open interest rate swap agreements at June 30, 2011 were as follows:

Pay/ Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Counter party	Notional Amount		Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive		IRS USD 3ML		3.500	%		6/15/2021	Morgan Stanley	USD	7,800,000	$	(159,316	)	$	11,232		$	(170,548	)
Receive		IRS USD 3ML		3.500	%		6/15/2021	Deutsche Bank AG	USD	20,900,000		(426,885	)		191,100			(617,985	)
Receive		IRS USD 3ML		3.500	%		6/15/2021	UBS AG	USD	28,000,000		(571,903	)		375,622			(947,525	)
Receive		IRS USD 3ML		3.500	%		6/15/2021	JPMorgan Chase Bank N.A.	USD	36,800,000		(751,644	)		(49,872	)		(701,772	)
Receive		IRS USD 3ML		3.500	%		6/15/2021	Citibank N.A.	USD	90,300,000		(1,844,387	)		(69,376	)		(1,775,011	)
Receive		IRS USD 3ML		4.250	%		6/15/2041	Credit Suisse Group AG	USD	2,500,000		(79,040	)		79,125			(158,165	)
Receive		IRS USD 3ML		4.250	%		6/15/2041	Barclays Bank plc	USD	7,000,000		(221,311	)		157,500			(378,811	)
Receive		IRS USD 3ML		4.250	%		6/15/2041	Citibank N.A.	USD	12,700,000		(401,522	)		460,060			(861,582	)
Receive		IRS USD 3ML		4.250	%		6/15/2041	Goldman Sachs & Co.	USD	15,800,000		(499,531	)		440,080			(939,611	)
Receive		IRS USD 3ML		4.250	%		6/15/2041	Deutsche Bank AG	USD	19,800,000		(625,995	)		(734,580	)		108,585
Receive		IRS USD 3ML		4.250	%		6/15/2041	JPMorgan Chase Bank N.A.	USD	24,200,000		(765,105	)		(618,798	)		(146,307	)
Receive		IRS USD 3ML		4.250	%		6/15/2041	BNP Paribas Bank	USD	63,300,000		(2,001,286	)		1,691,040			(3,692,326	)
Receive		IRS USD 3ML		4.250	%		6/15/2041	UBS AG	USD	90,600,000		(2,864,401	)		2,135,355			(4,999,756	)
Receive		IRS USD 3ML		4.250	%		6/15/2041	Morgan Stanley	USD	145,200,000		(4,590,629	)		3,019,175			(7,609,804	)
Receive		IRS USD 3ML		4.000	%		12/21/2041	Deutsche Bank AG	USD	8,700,000		268,727			(34,800	)		303,527
Receive		IRS USD 3ML		4.000	%		12/21/2041	Morgan Stanley	USD	26,500,000		807,182			340,400			466,782
Receive		IRS USD 3ML		4.000	%		12/21/2041	Citibank N.A.	USD	31,300,000		966,801			382,240			584,561
Pay		IRS EUR 6ME		3.500	%		9/21/2021	Barclays Bank plc	EUR	39,400,000		(12,286	)		512,035			(524,321	)
Pay		IRS EUR 6ME		3.650	%		9/21/2021	Citibank N.A.	EUR	11,000,000		198,666			13,581			185,085
Pay		IRS EUR 6ME		3.500	%		9/21/2021	Deutsche Bank AG	EUR	17,100,000		(5,332	)		205,430			(210,762	)
Pay		IRS EUR 6ME		3.500	%		9/21/2021	Goldman Sachs & Co.	EUR	64,900,000		(20,237	)		(724,545	)		704,308
Pay		IRS EUR 6ME		3.500	%		9/21/2021	Morgan Stanley	EUR	28,000,000		(8,731	)		(214,741	)		206,010
Pay		IRS EUR 6ME		3.650	%		9/21/2021	Morgan Stanley	EUR	28,800,000		520,145			141,911			378,234
Pay		IRS MXN TIIE		6.500	%		3/5/2013	Morgan Stanley	MXN	37,200,000		25,845			(1,452	)		27,297
Pay		IRS MXN TIIE		7.330	%		1/28/2015	JPMorgan Chase Bank N.A.	MXN	97,200,000		352,018			(5,572	)		357,590
Pay		IRS MXN TIIE		7.330	%		1/28/2015	Citibank N.A.	MXN	215,600,000		780,813			100,718			680,095
Pay		ZCS BRL CDI		10.835	%		1/2/2012	Goldman Sachs & Co.	BRL	27,600,000		229,257			26,466			202,791
Pay		ZCS BRL CDI		10.990	%		1/2/2012	Goldman Sachs & Co.	BRL	42,300,000		326,396			69,702			256,694

52

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Swap Agreements - continued

Pay/ Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Counter party	Notional Amount		Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay		ZCS BRL CDI		12.540	%		1/2/2012	Merrill Lynch & Co., Inc.	BRL	80,800,000	$	4,273,855		$	(443,165	)	$	4,717,020
Pay		ZCS BRL CDI		12.540	%		1/2/2012	Morgan Stanley	BRL	90,500,000		4,786,929			(503,219	)		5,290,148
Pay		ZCS BRL CDI		11.630	%		1/2/2012	Morgan Stanley	BRL	105,400,000		503,343			(42,617	)		545,960
Pay		ZCS BRL CDI		10.115	%		1/2/2012	Morgan Stanley	BRL	295,300,000		(11,278,498	)		(7,355,900	)		(3,922,598	)
Pay		ZCS BRL CDI		11.980	%		1/2/2013	Morgan Stanley	BRL	31,600,000		204,911			49,229			155,682
Pay		ZCS BRL CDI		12.170	%		1/2/2013	JPMorgan Chase Bank N.A.	BRL	43,900,000		482,662			158,550			324,112
Pay		ZCS BRL CDI		11.890	%		1/2/2013	Goldman Sachs & Co.	BRL	52,700,000		265,583			47,758			217,825
Pay		ZCS BRL CDI		11.930	%		1/2/2013	Goldman Sachs & Co.	BRL	63,700,000		341,019			(91,373	)		432,392
Pay		ZCS BRL CDI		12.070	%		1/2/2013	JPMorgan Chase Bank N.A.	BRL	64,200,000		122,913			150,874			(27,961	)
Pay		ZCS BRL CDI		12.590	%		1/2/2013	Morgan Stanley	BRL	321,000,000		3,815,653			289,533			3,526,120
Pay		ZCS BRL CDI		12.510	%		1/2/2014	Morgan Stanley	BRL	3,400,000		59,564			15,642			43,922
Pay		ZCS BRL CDI		11.990	%		1/2/2014	Barclays Bank plc	BRL	19,400,000		26,759			86,039			(59,280	)
Pay		ZCS BRL CDI		12.650	%		1/2/2014	Goldman Sachs & Co.	BRL	23,900,000		509,844			192,551			317,293
Pay		ZCS BRL CDI		11.890	%		1/2/2014	Morgan Stanley	BRL	38,000,000		(213,380	)		(3,526	)		(209,854	)
Total											$	(7,472,534	)	$	449,412		$	(7,921,946	)

Credit Default Swaps on Corporate and Sovereign Issuers - Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011 (b)			Notional Amount (c)		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
CNA Financial Corp. 5.850%, due 12/15/2014		(0.630	%)		12/20/2014	Bank of America N.A.		1.092	%		5,000,000	$	78,321		$	—	$	78,321
Con-way, Inc. 7.250%, due 01/15/2018		(1.834	%)		3/20/2018	Bank of America N.A.		2.281	%		10,000,000		262,952			—		262,952
Health Care Property Investors, Inc. 5.950%, due 09/15/2011		(0.460	%)		9/20/2011	JPMorgan Chase Bank N.A.		0.318	%		3,600,000		(1,163	)		—		(1,163	)
Liberty Mutual Group, Inc. 5.750%, due 03/15/2014		(0.680	%)		3/20/2014	Bank of America N.A.		1.388	%		5,750,000		108,485			—		108,485
Limited Brands, Inc. 6.900%, due 07/15/2017		(3.113	%)		9/20/2017	Morgan Stanley		2.493	%		5,000,000		(169,698	)		—		(169,698	)
Pearson Dollar Finance plc 5.700%, due 06/01/2014		(0.760	%)		6/20/2014	Morgan Stanley		0.443	%		8,500,000		(79,623	)		—		(79,623	)
Pearson Dollar Finance plc 5.700%, due 06/01/2014		(0.830	%)		6/20/2014	JPMorgan Chase Bank N.A.		0.443	%		5,000,000		(57,188	)		—		(57,188	)
R.R. Donnelley & Sons Co. 4.950%, due 04/01/2014		(1.030	%)		6/20/2014	Bank of America N.A.		2.101	%		6,200,000		191,018			—		191,018
Rohm & Haas Holdings 6.000%, due 09/15/2017		(0.423	%)		9/20/2017	Bank of America N.A.		0.459	%		8,500,000		17,936			—		17,936
Total												$	351,040		$	—	$	351,040

53

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Swap Agreements - continued

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

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011(b)			Notional Amount(c)		Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
ArcelorMittal 6.125%, due 06/01/2018		1.000	%		6/20/2016	Credit Suisse Group AG		2.236	%		4,400,000	$	(246,861	)	$	(221,992	)	$	(24,869	)
Berkshire Hathaway Finance Corp. 4.625%, due 10/15/2013		1.000	%		3/20/2015	Goldman Sachs & Co.		0.816	%		3,100,000		20,800			(54,777	)		75,577
Berkshire Hathaway Finance Corp. 4.625%, due 10/15/2013		1.000	%		3/20/2016	Citibank N.A.		1.043	%		900,000		(1,756	)		(10,165	)		8,409
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		6/20/2015	Citibank N.A.		0.938	%		11,700,000		27,916			(327,293	)		355,209
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		6/20/2015	Deutsche Bank AG		0.938	%		6,100,000		14,554			(66,949	)		81,503
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		6/20/2015	JPMorgan Chase Bank N.A.		0.938	%		12,700,000		30,302			(139,386	)		169,688
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		9/20/2015	Citibank N.A.		0.964	%		1,200,000		1,765			(18,832	)		20,597
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		9/20/2015	JPMorgan Chase Bank N.A.		0.964	%		4,100,000		6,030			(41,229	)		47,259
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		9/20/2015	UBS AG		0.964	%		1,600,000		2,353			(15,139	)		17,492
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		12/20/2015	Morgan Stanley		1.006	%		37,100,000		(9,285	)		(214,047	)		204,762
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		3/20/2016	Deutsche Bank AG		1.043	%		25,000,000		(48,862	)		(146,458	)		97,596
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		3/20/2016	Morgan Stanley		1.043	%		25,000,000		(48,862	)		(146,458	)		97,596
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		6/20/2016	Citibank N.A.		1.077	%		19,300,000		(70,459	)		(65,160	)		(5,299	)
Brazilian Government International Bond 12.250%, due 03/06/2030		1.000	%		6/20/2016	Deutsche Bank AG		1.077	%		11,000,000		(40,159	)		(36,869	)		(3,290	)
China Government International Bond 4.750%, due 10/29/2013		1.000	%		3/20/2015	Deutsche Bank AG		0.654	%		15,000,000		189,434			85,576			103,858
China Government International Bond 4.750%, due 10/29/2013		1.000	%		3/20/2016	Barclays Bank plc		0.783	%		1,200,000		11,872			14,340			(2,468	)
China Government International Bond 4.750%, due 10/29/2013		1.000	%		3/20/2016	BNP Paribas Bank		0.783	%		600,000		5,936			7,258			(1,322	)

54

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Swap Agreements - continued

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011(b)			Notional Amount(c)		Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
China Government International Bond 4.750%, due 10/29/2013		1.000	%		6/20/2016	Citibank N.A.		0.813	%		13,400,000	$	119,717	$	141,012	$	(21,295)
China Government International Bond 4.750%, due 10/29/2013		1.000	%		6/20/2016	Deutsche Bank AG		0.813	%		3,600,000		32,163		34,343		(2,180)
China Government International Bond 4.750%, due 10/29/2013		1.000	%		6/20/2016	JPMorgan Chase Bank N.A.		0.813	%		11,700,000		104,529		125,946		(21,417)
China Government International Bond 4.750%, due 10/29/2013		1.000	%		9/20/2016	Deutsche Bank AG		0.840	%		2,200,000		17,577		12,154		5,423
China Government International Bond 4.750%, due 10/29/2013		1.000	%		9/20/2016	JPMorgan Chase Bank N.A.		0.840	%		1,500,000		11,984		8,160		3,824
China Government International Bond 4.750%, due 10/29/2013		1.000	%		9/20/2016	Morgan Stanley		0.840	%		1,500,000		11,984		7,415		4,569
China Government International Bond 4.750%, due 10/29/2013		1.000	%		9/20/2016	UBS AG		0.840	%		700,000		5,592		3,634		1,958
Egypt Government International Bond 5.750%, due 04/29/2020		1.000	%		3/20/2016	Deutsche Bank AG		3.053	%		18,400,000		(1,614,013)		(1,946,383)		332,370
Egypt Government International Bond 5.750%, due 04/29/2020		1.000	%		3/20/2016	JPMorgan Chase Bank N.A.		3.053	%		3,600,000		(315,785)		(443,014)		127,229
General Electric Capital Corp 5.625%, due 09/15/2017		4.000	%		12/20/2013	Citibank N.A.		0.789	%		3,600,000		284,434		—		284,434
General Electric Capital Corp. 5.625%, due 09/15/2017		4.000	%		12/20/2013	Citibank N.A.		0.789	%		20,800,000		1,643,394		—		1,643,394
General Electric Capital Corp. 5.625%, due 09/15/2017		6.950	%		3/20/2013	Citibank N.A.		0.606	%		375,000		41,117		—		41,117
General Electric Capital Corp. 5.625%, due 9/15/2017		4.850	%		12/20/2013	Citibank N.A.		0.789	%		9,100,000		909,309		—		909,309
General Electric Capital Corp. 5.625%, due 09/15/2017		4.325	%		12/20/2013	Citibank N.A.		0.789	%		10,200,000		887,463		—		887,463
General Electric Capital Corp. 5.625%, due 09/15/2017		4.200	%		12/20/2013	Citibank N.A.		0.789	%		21,900,000		1,838,077		—		1,838,077
General Electric Capital Corp. 5.625%, due 09/15/2017		4.875	%		12/20/2013	Citibank N.A.		0.789	%		3,100,000		311,672		—		311,672
General Electric Capital Corp. 5.625%, due 09/15/2017		1.000	%		12/20/2015	Morgan Stanley		1.207	%		13,500,000		(119,723)		(264,491)		144,768
Government of France 4.250%, due 04/25/2019		0.250	%		9/20/2015	UBS AG		0.656	%		5,000,000		(83,581)		(132,503)		48,922
Government of France 4.250%, due 04/25/2019		0.250	%		12/20/2015	Goldman Sachs & Co.		0.700	%		3,700,000		(72,171)		(72,557)		386

55

MET INVESTORS SERIES TRUST

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Swap Agreements - continued

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011(b)			Notional Amount(c)		Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Government of France 4.250%, due 04/25/2019		0.250	%		3/20/2016	Deutsche Bank AG		0.739	%		7,200,000	$	(160,265	)	$	(291,432	)	$	131,167
Government of France 4.250%, due 04/25/2019		0.250	%		3/20/2016	Morgan Stanley		0.739	%		1,600,000		(35,614	)		(54,485	)		18,871
Government of France 4.250%, due 04/25/2019		0.250	%		3/20/2016	UBS AG		0.739	%		2,500,000		(55,648	)		(101,149	)		45,501
Government of France 4.250%, due 04/25/2019		0.250	%		6/20/2016	Goldman Sachs & Co.		0.774	%		26,100,000		(652,441	)		(681,657	)		29,216
Government of South Korea 4.875%, due 09/22/2014		1.000	%		6/20/2016	Deutsche Bank AG		0.973	%		3,100,000		3,923			1,476			2,447
Government of South Korea 4.875%, due 09/22/2014		1.000	%		6/20/2016	Deutsche Bank AG		0.973	%		2,000,000		2,532			1,429			1,103
Japanese Government Bond 2.000%, due 03/21/2022		1.000	%		12/20/2015	Goldman Sachs & Co.		0.792	%		6,700,000		60,274			163,889			(103,615	)
Japanese Government Bond 2.000%, due 03/21/2022		1.000	%		3/20/2016	JPMorgan Chase Bank N.A.		0.832	%		4,300,000		32,964			37,798			(4,834	)
Limited Brands, Inc. 6.900%, due 07/15/2017		2.290	%		9/20/2017	Bank of America N.A.		2.493	%		10,000,000		111,465			—			111,465
Merrill Lynch & Co., Inc. 5.000%, due 01/15/2015		1.000	%		9/20/2011	Citibank N.A.		0.422	%		700,000		921			(1,243	)		2,164
Merrill Lynch & Co., Inc. 5.000%, due 01/15/2015		1.000	%		9/20/2011	JPMorgan Chase Bank N.A.		0.422	%		2,700,000		3,553			(3,197	)		6,750
Mexico Government International Bond 7.500%, due 04/08/2033		1.000	%		3/20/2015	Citibank N.A.		0.885	%		4,300,000		17,978			(98,727	)		116,705
Mexico Government International Bond 7.500%, due 04/08/2033		1.000	%		3/20/2015	Deutsche Bank AG		0.885	%		6,400,000		26,757			(146,943	)		173,700
Mexico Government International Bond 7.500%, due 04/08/2033		1.000	%		9/20/2015	Citibank N.A.		0.943	%		1,900,000		4,456			(28,651	)		33,107
Mexico Government International Bond 7.500%, due 04/08/2033		1.000	%		9/20/2015	UBS AG		0.943	%		600,000		1,407			(8,488	)		9,895
Mexico Government International Bond 7.500%, due 04/08/2033		1.000	%		3/20/2016	Barclays Bank plc		1.012	%		31,800,000		(17,891	)		(244,359	)		226,468
Mexico Government International Bond 7.500%, due 04/08/2033		1.000	%		3/20/2016	Deutsche Bank AG		1.012	%		20,600,000		(11,590	)		(151,130	)		139,540
Mexico Government International Bond 7.500%, due 04/08/2033		1.000	%		6/20/2016	Citibank N.A.		1.042	%		10,000,000		(20,027	)		(21,564	)		1,537
Mexico Government International Bond 7.500%, due 04/08/2033		1.000	%		3/20/2021	Barclays Bank plc		1.401	%		24,600,000		(806,994	)		(1,177,460	)		370,466
Republic of Indonesia 6.750%, due 03/10/2014		1.000	%		9/20/2015	Citibank N.A.		1.144	%		1,400,000		(8,241	)		(31,728	)		23,487
Republic of Indonesia 7.250%, due 04/20/2015		1.000	%		6/20/2016	Barclays Bank plc		1.329	%		5,000,000		(77,515	)		(78,629	)		1,114
Republic of Indonesia 7.250%, due 04/20/2015		1.000	%		6/20/2016	Barclays Bank plc		1.329	%		5,600,000		(86,816	)		(89,360	)		2,544

56

MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Swap Agreements - continued

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011(b)			Notional Amount(c)		Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Republic of Indonesia 6.750%, due 03/10/2014		1.000	%		6/20/2016	Citibank N.A.		1.329	%		4,200,000	$	(65,113	)	$	(77,852	)	$	12,739
Republic of Indonesia 6.750%, due 03/10/2014		1.000	%		6/20/2016	Citibank N.A.		1.329	%		1,700,000		(26,355	)		(32,306	)		5,951
Republic of Indonesia 7.250%, due 04/20/2015		1.000	%		6/20/2021	Citibank N.A.		1.820	%		3,400,000		(225,720	)		(243,711	)		17,991
Republic of Indonesia 6.750%, due 03/10/2014		1.000	%		6/20/2021	UBS AG		1.820	%		1,700,000		(112,860	)		(124,288	)		11,428
Republic of Italy 6.875%, due 09/27/2023		1.000	%		3/20/2016	Barclays Bank plc		1.661	%		4,000,000		(116,352	)		(155,679	)		39,327
Republic of Italy 6.875%, due 09/27/2023		1.000	%		3/20/2016	Barclays Bank plc		1.661	%		8,300,000		(241,431	)		(271,979	)		30,548
Republic of Italy 6.875%, due 09/27/2023		1.000	%		3/20/2016	Goldman Sachs & Co.		1.661	%		1,300,000		(37,814	)		(50,014	)		12,200
Republic of Italy 6.875%, due 09/27/2023		1.000	%		3/20/2016	Goldman Sachs & Co.		1.661	%		20,600,000		(599,215	)		(746,548	)		147,333
Republic of Italy 6.875%, due 09/27/2023		1.000	%		3/20/2016	Goldman Sachs & Co.		1.661	%		24,500,000		(712,657	)		(813,650	)		100,993
Republic of Italy 6.875%, due 09/27/2023		1.000	%		6/20/2016	Deutsche Bank AG		1.688	%		7,900,000		(250,218	)		(203,582	)		(46,636	)
Republic of Italy 6.875%, due 09/27/2023		1.000	%		6/20/2016	Goldman Sachs & Co.		1.688	%		3,000,000		(95,019	)		(59,111	)		(35,908	)
Republic of Kazakhstan		1.000	%		3/20/2016	Citibank N.A.		1.504	%		1,200,000		(27,259	)		(34,632	)		7,373
Republic of Kazakhstan		1.000	%		3/20/2016	Deutsche Bank AG		1.504	%		1,200,000		(27,259	)		(36,299	)		9,040
Spanish Government Bond 5.500%, due 07/30/2017		1.000	%		3/20/2016	Goldman Sachs & Co.		2.571	%		26,400,000		(1,760,627	)		(1,632,936	)		(127,691	)
Spanish Government Bond 5.500%, due 07/30/2017		1.000	%		3/20/2016	Goldman Sachs & Co.		2.571	%		2,800,000		(186,734	)		(186,074	)		(660	)
Spanish Government Bond 5.500%, due 07/30/2017		1.000	%		3/20/2016	Goldman Sachs & Co.		2.571	%		15,300,000		(1,020,364	)		(929,289	)		(91,075	)
Spanish Government Bond 5.500%, due 07/30/2017		1.000	%		3/20/2016	Morgan Stanley		2.571	%		8,200,000		(546,861	)		(494,613	)		(52,248	)
Spanish Government Bond 5.500%, due 07/30/2017		1.000	%		6/20/2016	Citibank N.A.		2.589	%		10,500,000		(739,325	)		(727,340	)		(11,985	)
United Kingdom Gilt 4.250%, due 06/07/2032		1.000	%		3/20/2015	JPMorgan Chase Bank N.A.		0.451	%		2,900,000		58,327			12,266			46,061
United Kingdom Gilt 4.250%, due 06/07/2032		1.000	%		3/20/2015	JPMorgan Chase Bank N.A.		0.451	%		1,500,000		30,169			7,052			23,117
United Kingdom Gilt 4.250%, due 06/07/2032		1.000	%		6/20/2015	Goldman Sachs & Co.		0.478	%		35,400,000		720,401			327,080			393,321
United Kingdom Gilt 4.250%, due 06/07/2032		1.000	%		12/20/2015	Goldman Sachs & Co.		0.534	%		2,400,000		48,670			55,666			(6,996	)
United Kingdom Gilt 4.250%, due 06/07/2032		1.000	%		3/20/2016	Credit Suisse Group AG		0.563	%		2,500,000		49,929			48,244			1,685
U.S. Treasury Note 4.875%, due 8/15/2016		0.250	%		9/20/2015	UBS AG		0.449	%		31,800,000		(368,403	)		(477,132	)		108,729
United Kingdom Gilt 4.250% due 06/07/2032		1.000	%		6/20/2016	UBS AG		0.590	%		5,500,000		108,155			95,155			13,000
U.S. Treasury Note 4.875%, due 08/15/2016		0.250	%		3/20/2016	BNP Paribas Bank		0.484	%		21,500,000		(324,305	)		(303,267	)		(21,038	)
Total												$	(4,276,595	)	$	(13,984,313	)	$	9,707,718

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MET INVESTORS SERIES TRUST

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

9. Swap Agreements - continued

Credit Default Swaps on Credit Indices - Sell Protection (d)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty	Implied Credit Spread at June 30, 2011 (b)			Notional Amount(c)		Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
CDX.EM.12		5.000	%		12/20/2014	Deutsche Bank AG		1.962	%		4,400,000	$	442,911	$	439,300	$	3,611
CDX.EM.13		5.000	%		6/20/2015	Barclays Bank plc		1.983	%		62,900,000		7,103,685		7,847,300		(743,615	)
CDX.EM.13		5.000	%		6/20/2015	Deutsche Bank AG		1.983	%		40,900,000		4,619,089		5,209,850		(590,761	)
CDX.EM.13		5.000	%		6/20/2015	JPMorgan Chase Bank N.A.		1.983	%		29,900,000		3,376,792		3,609,900		(233,108	)
CDX.EM.13		5.000	%		6/20/2015	Morgan Stanley		1.983	%		11,300,000		1,276,179		1,326,150		(49,971	)
CDX.EM.14		5.000	%		12/20/2015	Barclays Bank plc		2.073	%		20,600,000		2,504,893		2,770,700		(265,807	)
CDX.EM.14		5.000	%		12/20/2015	Citibank N.A.		2.073	%		6,000,000		729,580		830,100		(100,520	)
CDX.EM.14		5.000	%		12/20/2015	Deutsche Bank AG		2.073	%		13,700,000		1,665,875		1,704,150		(38,275	)
CDX.EM.14		5.000	%		12/20/2015	JPMorgan Chase Bank N.A.		2.073	%		1,200,000		145,916		158,400		(12,484	)
CDX.EM.14		5.000	%		12/20/2015	Morgan Stanley		2.073	%		5,000,000		607,984		650,000		(42,016	)
CDX.EM.14		5.000	%		12/20/2015	UBS AG		2.073	%		2,200,000		267,513		304,700		(37,187	)
CDX.EM.15		5.000	%		6/20/2016	Barclays Bank plc		2.122	%		6,900,000		903,807		928,200		(24,393	)
CDX.EM.15		5.000	%		6/20/2016	Deutsche Bank AG		2.122	%		3,400,000		445,354		460,700		(15,346	)
CDX.NA.HY.16		5.000	%		6/20/2016	Barclays Bank plc		4.611	%		68,400,000		1,108,149		1,881,000		(772,851	)
CDX.NA.IG.9		0.553	%		12/20/2017	JPMorgan Chase Bank N.A.		0.364	%		1,928,998		21,710		—		21,710
CDX.NA.IG.10		0.463	%		6/20/2013	Goldman Sachs & Co.		0.079	%		6,172,793		46,858		—		46,858
CDX.NA.IG.16		1.000	%		6/20/2016	BNP Paribas Bank		0.921	%		298,600,000		1,114,498		991,754		122,744
CDX.NA.IG.16		1.000	%		6/20/2016	Credit Suisse Group AG		0.921	%		94,800,000		353,833		453,312		(99,479	)
CDX.NA.IG.16		1.000	%		6/20/2016	Deutsche Bank AG		0.921	%		15,600,000		58,225		74,990		(16,765	)
CDX.NA.IG.16		1.000	%		6/20/2016	Morgan Stanley		0.921	%		10,300,000		38,443		50,134		(11,691	)
Total												$	26,831,294	$	29,690,640	$	(2,859,346	)

AUD—Australian Dollar

BRL—Brazilian Real

EUR—Euro

HY—High Yield

IG—Investment Grade

MXN—Mexican Peso

USD—United States Dollar

(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 sovereign issues of a country 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 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.

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Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

10. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

11. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

12. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2010 and 2009 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2010	2009		2010		2009		2010		2009
$290,075,459	$	447,577,455	$	42,671,423	$	91,728,216	$	332,746,882	$	539,305,671

As of December 31, 2010, 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
$473,921,418	$	128,696,511	$	66,979,472	$	—	$	669,579,401

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law by President Obama on December 22, 2010.

The Act makes a number of changes to the provisions in the Code relating to regulated investment companies (“RICs”) that will generally become effective for taxable years of RICs beginning after December 22, 2010. The Act allows RICs to generally carryover net capital losses indefinitely, effective for losses arising in taxable years beginning after December 22, 2010. Such losses will retain their character as either long-term capital losses or short-term capital losses. Under pre-enactment law, capital losses could be carried forward for eight years and carried forward as short-term capital losses irrespective of the character of the original loss. Loss carryovers from years beginning prior to December 22, 2010 will still expire subject to the eight-year limitation. The Act further provides that losses arising in taxable years after December 22, 2010 (which are carried forward indefinitely) would be utilized prior to loss carryovers arising in taxable years beginning prior to December 22, 2010.

13. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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Quarterly Portfolio Schedule

beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

60

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  Met Investors Series Trust T. Rowe Price Mid Cap Growth Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

Performance

For the six-month period ended June 30, 2011, the Class A, B, and E shares of the T. Rowe Price Mid Cap Growth Portfolio returned 7.29%, 7.18% and 7.20%, respectively, compared to its benchmark, the Russell Midcap Growth Index¹, which returned 9.59%.

Market Environment/Conditions

Most equity indices ended at or slightly below their previous levels, but the period was very volatile. Early in the period, strong economic data pushed the market higher. Yet tumultuous world events, including political upheaval in North Africa and the Middle East and a major natural disaster in Japan, joined with more simmering concerns, such as the Greek debt crisis and the slow pace of economic recovery, in undermining investor confidence. Within the mid-cap universe, growth outperformed value. All capitalization ranges ended in positive territory, led by mid-caps. Swings in investor sentiment created a wide dispersion in returns, but defensive sectors (such as consumer staples, utilities, and health care) led the index. Meanwhile, the telecommunications and industrials and business services sectors lagged.

Portfolio Review/Current Positioning

Consumer Discretionary was a notable detractor, due to stock choices and an unfavorable underweight to this high-performing benchmark sector. Among our weakest holdings were Lamar Advertising Co. and Marriott International, Inc. With a focus on billboard advertising in local markets, Lamar Advertising suffered from a slower recovery in smaller markets as opposed to the U.S. economy as a whole. As a result, the company reduced its estimates of future revenues. However, we believe that the firm has strong prospects as a leader in digital billboards, with a strong leadership team focused on finding small and mid-size markets where it can be more competitive. Marriott suffered from weak demand in the U.S., though its international business is strong, and from the continued effects of its decision to spin off its timeshare business.

Our overall investment level in the sector is lower than historical levels due to continuing challenges facing consumers following the 2008/2009 financial crisis. We continue to focus on companies with strong brands and innovative managements that will be able to prosper as they seize market share from less-nimble competitors. Our largest areas of investment are generally in media, specialty retailers, and hotels, restaurants, and leisure companies.

An underweight to Consumer Staples, the strongest benchmark sector, proved detrimental. Our underweight to the food products industry in particular hurt, as did underperforming stock choices such as Shoppers Drug Mart Corp. (Canada). Shoppers Drug Mart lagged the very strong position of the sector as a whole. While a decline in risk appetite boosted consumer staples stocks this quarter, we maintain our strategic underweight here, as few stocks meet our long-term growth requirements.

Materials was another area of relative weakness, due to underperforming stock holdings that included Agnico-Eagle Mines, Ltd. and HudBay Minerals, Inc. (Canada). Despite historically high gold prices, gold producer Agnico-Eagle Mines posted lower-than-expected revenues due to unanticipated cash costs. A Canadian mining company, Hudbay Minerals had difficulty bringing their products to market due to a lack of railcars. We typically maintain a very small position in Materials and focus primarily in metals and mining.

Stock selection and a favorable overweight in Health Care boosted relative returns. The pharmaceuticals industry was a key area of strength, due to holdings such as Valeant Pharmaceuticals International, Inc., Elan Corp., and Regeneron Pharmaceuticals. Valeant Pharmaceuticals, Inc. benefited from its acquisition strategy, while Elan boosted sales for one of its drugs. Favorable test results pushed one of Regeneron Pharmaceuticals’ new drugs closer to Food and Drug Administration (FDA) approval.

Brian W.H. Berghuis, CFA, MBA,

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.

1

MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Portfolio Composition as of June 30, 2011

Top Holdings

	% of Net Assets
AMETEK, Inc.		1.7
Nuance Communications, Inc.		1.5
Dollar General Corp.		1.4
Roper Industries, Inc.		1.4
Gardner Denver, Inc.		1.4
IHS, Inc. - Class A		1.4
Valeant Pharmaceuticals International, Inc.		1.3
Fastenal Co.		1.3
Global Payments, Inc.		1.3
Range Resources Corp.		1.2

Top Sectors

	% of Market Value of Total Investments
Non-Cyclical		22.6
Technology		17.7
Industrials		14.7
Cyclical		12.2
Energy		8.5
Financials		8.1
Communications		7.8
Cash & Equivalents		4.0
Basic Materials		3.2
Utilities		1.2

2

MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

T. Rowe Price Mid Cap Growth Portfolio managed by

T. Rowe Price Associates, Inc. vs. Russell Midcap Growth Index¹

	Average Annual Return2 (for the six months ended June 30, 2011)
	6 Month		1 Year		5 Year		10 Year		Since Inception3
T. Rowe Price Mid-Cap Growth Portfolio—Class A		7.29%		38.13%		8.49%		3.38%		—
Class B		7.18%		37.76%		8.23%		3.11%		—
Class E		7.20%		37.89%		8.34%		—		6.01%
Russell Midcap Growth Index1		9.59%		43.25%		6.28%		5.52%		—

The performance of Class B shares, as set forth in the line graph above, will differ from that of the other classes because of the difference in expenses paid by policyholders investing in the different share classes.

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 higher forecasted growth values.

²“Average Annual Return” is calculated including reinvestment of all income dividends and capital gain distributions.

³Inception of the Class A shares is 5/1/01. Inception of the Class B shares is 2/12/01. Inception of the Class E shares is 11/1/01. Index returns are based on an inception date of 2/12/01.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Index does not include fees or expenses and is not available for direct investment.

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T. Rowe Price Mid Cap Growth 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, 2011 through June 30, 2011.

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.

	Annualized Expense Ratio		Beginning Account Value January 1, 2011		Ending Account Value June 30, 2011		Expenses Paid During Period** January 1, 2011 to June 30, 2011
Class A(a)
Actual		0.75%	$	1,000.00	$	1,072.90	$	3.85
Hypothetical*		0.75%		1,000.00		1,021.08		3.76
Class B(a)
Actual		1.00%	$	1,000.00	$	1,071.80	$	5.14
Hypothetical*		1.00%		1,000.00		1,019.84		5.01
Class E(a)
Actual		0.90%	$	1,000.00	$	1,072.00	$	4.62
Hypothetical*		0.90%		1,000.00		1,020.33		4.51

*  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 reflects the impact of the management fee waiver as described in Note 3 to the Financial Statements.

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T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—95.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.3%
Goodrich Corp.		105,000	$	10,027,500
Rockwell Collins, Inc. (a)		151,000		9,315,190
Textron, Inc. (a)		701,000		16,550,610
				35,893,300
Air Freight & Logistics—0.5%
UTI Worldwide, Inc. (a)		396,000		7,797,240
Beverages—0.3%
Hansen Natural Corp.*		58,000		4,695,100
Biotechnology—3.8%
Alexion Pharmaceuticals, Inc.*		195,000		9,170,850
BioMarin Pharmaceutical, Inc.* (a)		140,000		3,809,400
Cephalon, Inc.* (a)		183,000		14,621,700
Human Genome Sciences, Inc.* (a)		377,000		9,251,580
Regeneron Pharmaceuticals, Inc.* (a)		195,000		11,058,450
Theravance, Inc.* (a)		234,000		5,197,140
Vertex Pharmaceuticals, Inc.*		130,000		6,758,700
				59,867,820
Capital Markets—1.3%
Apollo Global Management LLC— Class A		4,300		73,960
Eaton Vance Corp. (a)		262,000		7,920,260
TD Ameritrade Holding Corp. (a)		674,000		13,149,740
				21,143,960
Chemicals—0.7%
Rockwood Holdings, Inc.*		193,000		10,670,970
Commercial Banks—1.0%
Fifth Third BanCorp.		318,000		4,054,500
Popular, Inc.*		446,000		1,230,960
SunTrust Banks, Inc.		148,000		3,818,400
TCF Financial Corp. (a)		534,000		7,369,200
				16,473,060
Communications Equipment—2.4%
JDS Uniphase Corp.*		1,141,000		19,009,060
Juniper Networks, Inc.*		200,000		6,300,000
Motorola Mobility Holdings, Inc.* (a)		584,000		12,871,360
				38,180,420
Construction & Engineering—1.1%
Foster Wheeler AG* (a)		82,100		2,494,198
Quanta Services, Inc.*		764,000		15,432,800
				17,926,998
Common Stocks—(Continued)
Security Description	Shares		Value
Diversified Financial Services—2.3%
CBOE Holdings, Inc. (a)		257,000	$	6,322,200
Interactive Brokers Group, Inc.—Class A (a)		151,000		2,363,150
IntercontinentalExchange, Inc.*		91,000		11,348,610
MSCI, Inc.—Class A*		442,000		16,654,560
				36,688,520
Electrical Equipment—4.5%
A123 Systems, Inc.* (a)		186,000		989,520
Acuity Brands, Inc. (a)		105,000		5,856,900
AMETEK, Inc.		608,000		27,299,200
Babcock & Wilcox Co.*		545,000		15,101,950
Roper Industries, Inc. (a)		265,000		22,074,500
				71,322,070
Electronic Equipment, Instruments & Components—2.6%
Dolby Laboratories, Inc.—Class A* (a)		301,000		12,780,460
FLIR Systems, Inc. (a)		390,000		13,146,900
Trimble Navigation, Ltd.*		389,000		15,419,960
				41,347,320
Energy Equipment & Services—2.5%
FMC Technologies, Inc.*		225,000		10,077,750
McDermott International, Inc.*		934,000		18,502,540
Trican Well Service, Ltd.		449,000		10,551,558
				39,131,848
Food & Staples Retailing—1.9%
Shoppers Drug Mart Corp.		436,000		17,952,689
Whole Foods Market, Inc.		187,000		11,865,150
				29,817,839
Health Care Equipment & Supplies—4.2%
C.R. Bard, Inc.		150,000		16,479,000
CareFusion Corp.*		506,000		13,748,020
DENTSPLY International, Inc.		389,000		14,813,120
Edwards Lifesciences Corp.*		112,000		9,764,160
IDEXX Laboratories, Inc.* (a)		156,000		12,099,360
				66,903,660
Health Care Providers & Services—2.5%
Community Health Systems, Inc.*		305,000		7,832,400
Henry Schein, Inc.* (a)		249,000		17,825,910
Laboratory Corp. of America Holdings*		96,000		9,291,840
MEDNAX, Inc.*		70,000		5,053,300
				40,003,450

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Technology—0.9%
Allscripts Healthcare Solutions, Inc.* (a)		310,000	$	6,020,200
SXC Health Solutions Corp.*		136,000		8,013,120
				14,033,320
Hotels, Restaurants & Leisure—3.6%
Chipotle Mexican Grill, Inc.* (a)		39,000		12,019,410
Choice Hotels International, Inc. (a)		183,000		6,104,880
Marriott International, Inc.—Class A (a)		467,000		16,573,830
Panera Bread Co.—Class A* (a)		60,000		7,539,600
Starbucks Corp.		149,000		5,884,010
Tim Hortons, Inc.		171,000		8,346,510
				56,468,240
Independent Power Producers & Energy Traders—1.2%
Calpine Corp.* (a)		1,186,000		19,130,180
Insurance—3.1%
Aon Corp.		262,000		13,440,600
HCC Insurance Holdings, Inc.		271,000		8,536,500
Principal Financial Group, Inc.		354,000		10,768,680
W.R. Berkley Corp. (a)		276,000		8,953,440
Willis Group Holdings plc (a)		187,000		7,687,570
				49,386,790
Internet & Catalog Retail—0.7%
Liberty Media Corp.—Interactive—Class A*		674,000		11,302,980
Internet Software & Services—1.1%
Equinix, Inc.*		69,000		6,970,380
LinkedIn Corp.—Class A* (a)		20,000		1,801,800
Rackspace Hosting, Inc.*		130,000		5,556,200
WebMD Health Corp.*		74,000		3,372,920
				17,701,300
IT Services—4.6%
Fiserv , Inc.*		265,000		16,596,950
Gartner, Inc.—Class A*		463,500		18,674,415
Global Payments, Inc.		399,000		20,349,000
Western Union Co.		841,000		16,845,230
				72,465,595
Life Sciences Tools & Services—3.6%
Bruker Corp.* (a)		516,000		10,505,760
Covance, Inc.*		305,000		18,107,850
Illumina, Inc.* (a)		112,000		8,416,800
Life Sciences Tools & Services—(Continued)
Qiagen N.V.* (a)		430,000	$	8,178,600
Waters Corp.*		120,000		11,488,800
				56,697,810
Machinery—3.6%
Crane Co.		113,000		5,583,330
Gardner Denver, Inc.		262,000		22,021,100
IDEX Corp. (a)		343,000		15,726,550
WABCO Holdings, Inc.*		198,000		13,673,880
				57,004,860
Media—2.7%
Discovery Communications, Inc.—Class A* (a)		243,000		9,953,280
Discovery Communications, Inc.—Class C*		251,000		9,174,050
Lamar Advertising Co.—Class A* (a)		423,000		11,577,510
Liberty Media-Starz, Series A*		112,900		8,494,596
Madison Square Garden, Inc. (The)—Class A* (a)		100,000		2,753,000
				41,952,436
Metals & Mining—2.5%
Agnico-Eagle Mines, Ltd.		241,000		15,214,330
Franco-Nevada Corp.		299,000		11,163,080
HudBay Minerals, Inc.		374,000		5,598,780
Osisko Mining Corp.*		469,515		7,298,968
				39,275,158
Multiline Retail—1.4%
Dollar General Corp.* (a)		662,000		22,435,180
Oil, Gas & Consumable Fuels—6.9%
Consol Energy, Inc.		305,000		14,786,400
Continental Resources, Inc.* (a)		134,000		8,697,940
EQT Corp.		311,000		16,333,720
Peabody Energy Corp.		93,000		5,478,630
QEP Resources, Inc.		311,000		13,009,130
Quicksilver Resources, Inc.* (a)		545,000		8,044,200
Range Resources Corp. (a)		350,000		19,425,000
SM Energy Co. (a)		149,000		10,948,520
Ultra Petroleum Corp.* (a)		262,000		11,999,600
				108,723,140
Pharmaceuticals—1.7%
Elan Corp. plc (ADR)*		584,000		6,640,080
Valeant Pharmaceuticals International, Inc. (a)		401,600		20,867,136
				27,507,216

See accompanying notes to financial statements.

6

MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—3.2%
IHS, Inc.—Class A* (a)		262,000	$	21,856,040
Manpower, Inc.		245,000		13,144,250
Robert Half International, Inc. (a)		277,000		7,487,310
Verisk Analytics, Inc.—Class A*		232,000		8,031,840
				50,519,440
Real Estate Management & Development—0.5%
Jones Lang LaSalle, Inc. (a)		89,000		8,392,700
Road & Rail—0.9%
Hertz Global Holdings, Inc.*		870,000		13,815,600
Semiconductors & Semiconductor Equipment—7.8%
Altera Corp. (a)		195,000		9,038,250
Atmel Corp.* (a)		623,000		8,765,610
Cree, Inc.* (a)		189,000		6,348,510
First Solar, Inc.* (a)		43,000		5,687,610
Intersil Corp.—Class A (a)		617,000		7,928,450
Marvell Technology Group, Ltd.*		623,000		9,198,595
MEMC Electronic Materials, Inc.* (a)		632,000		5,390,960
Microchip Technology, Inc. (a)		233,000		8,833,030
National Semiconductor Corp.		686,000		16,882,460
NVIDIA Corp.*		701,000		11,170,435
PMC-Sierra, Inc.*		323,000		2,445,110
Silicon Laboratories, Inc.* (a)		226,800		9,357,768
Varian Semiconductor Equipment Associates, Inc.*		89,000		5,468,160
Xilinx, Inc. (a)		452,000		16,484,440
				122,999,388
Software—6.2%
Ariba, Inc.* (a)		155,000		5,342,850
Concur Technologies, Inc.* (a)		191,000		9,563,370
FactSet Research Systems, Inc. (a)		115,000		11,766,800
MICROS Systems, Inc.*		225,000		11,184,750
Nuance Communications, Inc.* (a)		1,103,000		23,681,410
Red Hat, Inc.*		337,000		15,468,300
Rovi Corp.* (a)		273,000		15,659,280
TIBCO Software, Inc.* (a)		195,000		5,658,900
				98,325,660
Specialty Retail—2.7%
Bed Bath & Beyond, Inc.*		149,000		8,697,130
CarMax, Inc.* (a)		547,000		18,089,290
O’Reilly Automotive, Inc.* (a)		232,000		15,198,320
				41,984,740
Security Description	Shares/Par Amount		Value
Textiles, Apparel & Luxury Goods—0.1%
Coach, Inc.		28,000	$	1,790,040
Thrifts & Mortgage Finance—0.3%
BankUnited, Inc. (a)		171,000		4,538,340
Trading Companies & Distributors—2.3%
Air Lease Corp.* (a)		323,000		7,845,670
Fastenal Co		576,000		20,730,240
MSC Industrial Direct Co., Inc.—Class A		127,000		8,421,370
				36,997,280
Total Common Stocks (Cost $1,125,264,222)				1,511,310,968
Preferred Stocks—0.5%
Hotels, Restaurants & Leisure—0.2%
Coupon.Com (144A) (b)*		296,331		3,255,700
Internet Software & Services—0.3%
Hungry Machine, Inc. (144A) (b)		757,490		4,280,576
Total Preferred Stocks (Cost $7,536,276)				7,536,276
Convertible Bonds—0.1%
Electrical Equipment—0.1%
A123 Systems, Inc. 3.750%, 04/15/16 (Cost—$1,403,000)	$	1,403,000		1,276,145
Short-Term Investments—27.8%
Mutual Funds—27.8%
State Street Navigator Securities Lending Prime Portfolio (c)		376,314,358		376,314,358
T. Rowe Price Government Reserve Investment Fund**		63,129,353		63,129,353
				439,443,711
Total Short-Term Investments (Cost $439,443,711)				439,443,711
Total Investments—123.9% (Cost $1,573,647,209#)				1,959,567,100
Other Assets and Liabilities (net)—(23.9)%				(377,628,585	)
Net Assets—100.0%			$	1,581,938,515

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

* Non-income producing security.

** Affiliated issuer. (See Note 8 to Financial Statements for a summary of transactions in the investments of affiliated issuers.)

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $1,573,647,209. The aggregate unrealized appreciation and depreciation of investments were $405,094,997 and $(19,175,106), respectively, resulting in net unrealized appreciation of $385,919,891 for federal income tax purpose.

(a) All or a portion of the security was on loan. As of June 30, 2011, the market value of securities loaned was $370,817,796 and the collateral received consisted of cash in the amount of $376,314,358. 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.

(c) Represents investment of cash collateral received from securities lending transactions.

(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, 2011, the market value of 144A securities was $7,536,276, which was 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.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the six months ended June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	1,511,310,968	$	—	$	—	$	1,511,310,968
Total Preferred Stocks*		—		—		7,536,276		7,536,276
Total Convertible Bonds*		—		1,276,145		—		1,276,145
Total Short-Term Investments*		439,443,711		—		—		439,443,711
Total Investments	$	1,950,754,679	$	1,276,145	$	7,536,276	$	1,959,567,100

* 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, 2010		Purchases		Balance as of June 30, 2011		Change in Unrealized Appreciation/(Depreciation) for Investments still held at June 30, 2011
Preferred Stock
Hotels, Restaurants & Leisure	$	—	$	3,255,700	$	3,255,700	$	—
Internet Software & Services		—		4,280,576		4,280,576		—
Total	$	—	$	7,536,276	$	7,536,276	$	—

See accompanying notes to financial statements.

9

MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)(b)	$	1,896,437,747
Short-term from affiliated transactions		63,129,353
Cash denominated in foreign currencies		9,272
Receivable for investments sold		10,965,199
Receivable for shares sold		541,694
Dividends receivable		435,283
Interest receivable		30,325
Total assets		1,971,548,873
Liabilities
Payables for:
Investments purchased		11,192,100
Shares redeemed		850,475
Collateral for securities loaned		376,314,358
Accrued Expenses:
Management fees		916,316
Distribution and service fees - Class B		183,566
Distribution and service fees - Class E		2,740
Administration fees		6,701
Custodian and accounting fees		16,105
Deferred trustees’ fees		20,516
Other expenses		107,481
Total liabilities		389,610,358
Net Assets	$	1,581,938,515
Net Assets Represented by
Paid in surplus	$	1,058,480,034
Accumulated net realized gain		143,400,640
Unrealized appreciation on investments and foreign currency transactions		385,921,714
Distributions in excess of net investment income		(5,863,873	)
Net Assets	$	1,581,938,515
Net Assets
Class A	$	643,021,705
Class B		916,385,615
Class E		22,531,195
Capital Shares Outstanding*
Class A		61,989,223
Class B		90,877,162
Class E		2,208,537
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.37
Class B		10.08
Class E		10.20

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

(a) Identified cost of investments, excluding short-term from affiliated transaction, was $1,510,517,856.

(b) Includes securities loaned at value of $370,817,796.

Statement of Operations

Six Months Ended June 30, 2011 (Unaudited)

Investment Income
Dividends (a)	$	3,703,946
Interest (b)		390,164
Income earned from affilliated transactions		61,230
Total investment income		4,155,340
Expenses
Management fees		6,179,915
Administration fees		41,994
Custodian and accounting fees		85,907
Distribution and service fees - Class B		1,094,218
Distribution and service fees - Class E		17,993
Audit and tax services		15,966
Legal		20,801
Trustees’ fees and expenses		15,868
Shareholder reporting		55,301
Insurance		6,528
Miscellaneous		7,233
Total expenses		7,541,724
Less management fee waiver		(200,391	)
Less broker commission recapture		(17,270	)
Net expenses		7,324,063
Net investment loss		(3,168,723	)
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		147,875,695
Futures contracts		843,710
Foreign currency transactions		(50,681	)
Net realized gain on investments, futures contracts and foreign currency transactions		148,668,724
Net change in unrealized appreciation (depreciation) on:
Investments		(23,719,122	)
Foreign currency transactions		1,323
Net change in unrealized depreciation on investments and foreign currency transactions		(23,717,799	)
Net realized and unrealized gain on investments and foreign currency transactions		124,950,925
Net Increase in Net Assets from Operations	$	121,782,202

(a) Net of foreign withholding taxes of $71,210.

(b) Includes net income on securities loaned of $377,739.

See accompanying notes to financial statements.

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T. Rowe Price Mid Cap Growth Portfolio

Statements of Changes in Net Assets

June 30, 2011

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Increase (Decrease) in Net Assets:
Operations
Net investment loss	$	(3,168,723	)	$	(2,748,272	)
Net realized gain on investments, futures contracts and foreign currency transactions		148,668,724			76,380,300
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(23,717,799	)		258,202,845
Net increase in net assets resulting from operations		121,782,202			331,834,873
Distributions to Shareholders
From net realized gains
Class A		(19,985,267	)		—
Class B		(22,409,779	)		—
Class E		(585,910	)		—
Net decrease in net assets resulting from distributions		(42,980,956	)		—
Net increase (decrease) in net assets from capital share transactions		(82,630,010	)		104,243,629
Net Increase (Decrease) in Net Assets		(3,828,764	)		436,078,502
Net assets at beginning of period		1,585,767,279			1,149,688,777
Net assets at end of period	$	1,581,938,515		$	1,585,767,279
Distributions in excess of net investment income at end of period	$	(5,863,873	)	$	(2,695,150	)

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Value			Shares			Value
Class A
Sales		3,707,010		$	38,615,255			12,130,789		$	104,608,215
Reinvestments		1,897,936			19,985,267			—			—
Redemptions		(20,827,411	)		(222,667,119	)		(10,677,049	)		(89,400,980	)
Net increase (decrease)		(15,222,465	)	$	(164,066,597	)		1,453,740		$	15,207,235
Class B
Sales		12,299,908		$	125,084,199			21,237,106		$	176,915,008
Reinvestments		2,188,455			22,409,779			—			—
Redemptions		(6,232,027	)		(62,852,071	)		(10,436,882	)		(84,633,830	)
Net increase		8,256,336		$	84,641,907			10,800,224		$	92,281,178
Class E
Sales		241,425		$	2,482,245			501,243		$	4,198,021
Reinvestments		56,555			585,909			—			—
Redemptions		(611,741	)		(6,273,474	)		(886,297	)		(7,442,805	)
Net decrease		(313,761	)	$	(3,205,320	)		(385,054	)	$	(3,244,784	)
Increase (decrease) derived from capital shares transactions				$	(82,630,010	)				$	104,243,629

See accompanying notes to financial statements.

11

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T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.90		$	7.73		$	5.30		$	9.83		$	8.76		$	8.49
Income (Loss) from Investment Operations:
Net Investment Income (Loss)(a)		(0.01	)		(0.01	)		(0.00	)+		0.01			0.02			0.03
Net Realized and Unrealized Gain (Loss) on Investments		0.74			2.18			2.43			(3.54	)		1.50			0.53
Total From Investment Operations		0.73			2.17			2.43			(3.53	)		1.52			0.56
Less Distributions:
Distributions from Net Investment Income		—			—			—			(0.01	)		(0.02	)		—
Distributions from Net Realized Capital Gains		(0.26	)		—			—			(0.99	)		(0.43	)		(0.29	)
Total Distributions		(0.26	)		—			—			(1.00	)		(0.45	)		(0.29	)
Net Asset Value, End of Period	$	10.37		$	9.90		$	7.73		$	5.30		$	9.83		$	8.76
Total Return (%)		7.29			28.07			45.85			(39.62	)		17.85			6.56
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.78	*		0.79			0.79			0.78			0.80			0.81
Ratio of Net Expenses to Average Net Assets (%)(b)		0.76	*		0.77			0.77			0.76			0.78			0.81
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.25	)*		(0.10	)		(0.05	)		0.09			0.16			0.32
Portfolio Turnover Rate (%)		22.8			27.6			31.5			36.2			35.5			33.7
Net Assets, End of Period (in millions)	$	643.0		$	764.5		$	585.5		$	347.4		$	524.2		$	386.8
	Class B
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.64		$	7.55		$	5.19		$	9.66		$	8.62		$	8.38
Income (Loss) from Investment Operations:
Net Investment Income (Loss)(a)		(0.02	)		(0.03	)		(0.02	)		(0.01	)		(0.01	)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		0.72			2.12			2.38			(3.47	)		1.48			0.52
Total From Investment Operations		0.70			2.09			2.36			(3.48	)		1.47			0.53
Less Distributions:
Distributions from Net Investment Income		—			—			—			—			(0.00	)++		—
Distributions from Net Realized Capital Gains		(0.26	)		—			—			(0.99	)		(0.43	)		(0.29	)
Total Distributions		(0.26	)		—			—			(0.99	)		(0.43	)		(0.29	)
Net Asset Value, End of Period	$	10.08		$	9.64		$	7.55		$	5.19		$	9.66		$	8.62
Total Return (%)		7.18			27.68			45.47			(39.75	)		17.64			6.16
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		1.03	*		1.04			1.04			1.03			1.05			1.06
Ratio of Net Expenses to Average Net Assets (%)(b)		1.01	*		1.02			1.02			1.01			1.03			1.05
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.50	)*		(0.33	)		(0.30	)		(0.16	)		(0.08	)		0.12
Portfolio Turnover Rate (%)		22.8			27.6			31.5			36.2			35.5			33.7
Net Assets, End of Period (in millions)	$	916.4		$	796.7		$	542.0		$	314.0		$	523.0		$	453.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

12

MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.75		$	7.62		$	5.24		$	9.72		$	8.67		$	8.42
Income (Loss) from Investment Operations
Net Investment Income (Loss)(a)		(0.02	) +		(0.02	)		(0.01	)		(0.01	)		0.00	+		0.02
Net Realized and Unrealized Gain (Loss) on Investments		0.73			2.15			2.39			(3.48	)		1.49			0.52
Total From Investment Operations		0.71			2.13			2.38			(3.49	)		1.49			0.54
Less Distributions
Distributions from Net Investment Income		—			—			—			—			(0.01	)		—
Distributions from Net Realized Capital Gains		(0.26	)		—			—			(0.99	)		(0.43	)		(0.29	)
Total Distributions		(0.26	)		—			—			(0.99	)		(0.44	)		(0.29	)
Net Asset Value, End of Period	$	10.20		$	9.75		$	7.62		$	5.24		$	9.72		$	8.67
Total Return (%)		7.20			27.95			45.42			(39.60	)		17.62			6.38
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.93	*		0.94			0.94			0.93			0.95			0.96
Ratio of Net Expenses to Average Net Assets (%)(b)		0.91	*		0.92			0.92			0.91			0.93			0.95
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.40	)*		(0.27	)		(0.19	)		(0.07	)		0.00	+++		0.22
Portfolio Turnover Rate (%)		22.8			27.6			31.5			36.2			35.5			33.7
Net Assets, End of Period (in millions)	$	22.5		$	24.6		$	22.2		$	17.3		$	37.3		$	25.0

* Annualized.

+ Net investment income was less than $0.01.

++ Distributions from net investment income were less than $0.01.

+++ Ratio of net investment income to average net assets was less than 0.01%

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

(b) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

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MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is T. Rowe Price 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 four classes of shares: Class A, B, C and E Shares. Class A, B and E Shares are currently offered by the Portfolio. 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 expenses.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are 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 and are categorized as Level 1 within the fair value hierarchy.

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T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state 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.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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 transaction, passive foreign investment companies (PFIC), deferred trustees’ compensation, capital loss carryforwards, and losses deferred due to wash sales, as applicable. These adjustments have no impact on net assets or the results of operations.

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 the loaned securities. 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 arrangement with the custodian, State Street Bank and Trust Company (the “custodian”). Under this arrangement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash

15

MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

or securities as collateral against the loaned securities. The Portfolio receives collateral at least equal to 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 Prime Portfolio (the “Navigator Portfolio”), managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund which 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 equals 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. 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. Net interest income received by the Portfolio in securities lending transactions during the six months ended June 30, 2011 is disclosed in the footnotes to the Statement of Operations. Any outstanding loans by the Portfolio at June 30, 2011 are disclosed in the footnotes to the Schedule of Investments.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

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.

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 U.S. dollars 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. Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities. 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. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded as Net realized gains and losses on investments. 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.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with T. Rowe Price Associates, Inc. (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

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T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the six months  ended June 30, 2011	% per annum			Average Daily Net Assets
$6,179,915		0.75	%		All

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.

Management Fee Waiver - Effective February 17, 2005, the Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Metropolitan Series Fund, Inc. (“MSF”) in the aggregate exceed $750,000,000, (ii) the Subadviser subadvises three or more portfolios of the Trust and MSF in the aggregate and (iii) at least one of those portfolios is a large cap domestic equity portfolio. The Adviser has voluntarily agreed to reduce its management fee for the Portfolio by the amount waived (if any) by the Subadviser for the Portfolio pursuant to this voluntary subadvisory fee waiver. Amounts waived for the six months ended June 30, 2011 are shown as a management fee waiver in the Statement of Operations.

The subadvisory fee waiver schedule for the period January 1 through June 30, 2011 was:

Percentage Fee Waiver	Combined Assets
0.0%	First $750 Million
5.0%	Next $750 Million
7.5%	Next $1.5 Billion
10.0%	Excess over $3 Billion

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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 Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

17

MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

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, 2011 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$—	$	358,744,608	$	—	$	401,417,162

5. Investments in Derivative Instruments

Investments in Derivative Instruments - Authoritative accounting guidance requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives which are accounted for as “hedges” and those that do not qualify for such accounting.

Futures Contracts - The Portfolio may buy and sell futures contracts (on recognized exchanges) 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, 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, for a set price in the future. 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. 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 securities. Futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

During the six months ended June 30, 2011, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 26 through April 28, 2011, the Portfolio had bought and sold $117,190,779 in equity index futures contracts. At June 30, 2011, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2011, the Portfolio had realized gains in the amount of $843,705 which are shown under Net realized gain on futures contracts in the Statement of Operations.

6. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

7. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

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MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Affiliated Issuer

At the end of the period, the Portfolio was the owner of record of 5% or more of the total outstanding voting shares of the following investment company:

Security Description	Number of shares held at December 31, 2010		Shares purchased		Shares sold			Number of shares held at June 30, 2011		Income earned from affiliates during the period
T. Rowe Price Government Reserve Investment Fund		77,240,903		144,051,986		(158,163,536	)		63,129,353	$	61,230

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2010 and 2009 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2010	2009		2010		2009		2010		2009
$—	$	—	$	—	$	—	$	—	$	—

There were no distributions paid for the years ending December 31, 2010 and 2009.

As of December 31, 2010, 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
$—	$	42,980,885	$	401,692,652	$	—	$	444,673,537

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law by President Obama on December 22, 2010.

The Act makes a number of changes to the provisions in the Code relating to regulated investment companies (“RICs”) that will generally become effective for taxable years of RICs beginning after December 22, 2010. The Act allows RICs to generally carryover net capital losses indefinitely, effective for losses arising in taxable years beginning after December 22, 2010. Such losses will retain their character as either long-term capital losses or short-term capital losses. Under pre-enactment law, capital losses could be carried forward for eight years and carried forward as short-term capital losses irrespective of the character of the original loss. Loss carryovers from years beginning prior to December 22, 2010 will still expire subject to the eight-year limitation. The Act further provides that losses arising in taxable years after December 22, 2010 (which are carried forward indefinitely) would be utilized prior to loss carryovers arising in taxable years beginning prior to December 22, 2010.

10. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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MET INVESTORS SERIES TRUST

T. Rowe Price Mid Cap Growth Portfolio

Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

20

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  Met Investors Series Trust Third Avenue Small Cap Value Portfolio     Semiannual Report June 30, 2011, as amended December 16, 2011

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Managed by Third Avenue Management LLC

Portfolio Manager Commentary*

Performance

For the six-month period ended June 30, 2011, the Class A and B shares of the Third Avenue Small Cap Value Portfolio returned 2.88% and 2.67%, respectively, compared to its benchmarks, the Russell 2000 Value Index¹ and the Dow Jones U.S. Small-Cap Total Stock Market Index², which returned 3.77% and 7.72%, respectively.

Market Environment / Conditions

The U.S. economy showed resilience during the first half of 2011 and the operational results of its public companies are mostly showing rising profits and rising cash balances. Also, as we have predicted in the past, mergers and acquisitions activity has continued to increase, both in the U.S. and around the world. Unfortunately, some exogenous events have weighed on equity prices, though this has, in some cases, created buying opportunities for us at Third Avenue. Global equity markets began to tumble in mid-May, as fears spread regarding a possible sovereign default in Greece that might have sparked a financial crisis within the European Union. The International Monetary Fund, the European Commission and the European Central Bank all demanded that Greece adopt further unpopular austerity measures before receiving further bailout funds from the EU. As is typical, negotiations in Greece’s parliament went down to the wire and while the EU’s demands were ultimately met, the resolution was unclear for most of the quarter. This uncertainty, along with fears about the possible effects of a government-engineered economic slowdown in China, weighed on stock prices and made for an uncomfortable end to spring.

Portfolio Review / Current Positioning

At Third Avenue, sector allocations are determined from the bottom up. Our investments in real estate management and development, as well as the hotel and leisure industries, were performance detractors. Owing largely to the recent takeover of Bronco Drilling, energy equipment services companies were the largest contributors to performance for the six months ended June 30, 2011. A discussion of individual performance detractors and contributors follows.

Skyline Corp., down 31.8%, was the largest detractor from performance so far in 2011. Skyline is a producer of manufactured homes and recreation vehicles. Its business continues to be depressed due to a decline in industry sales and a lack of retail financing opportunities. The balance sheet is strong with $53.4 million in cash and short-term investments and no debt, positioning Skyline well for an industry recovery.

The next largest detractor from performance was Tellabs, Inc., down 31.5% for the first two quarters. For the first quarter of 2011, Tellabs reported a $24.1 million loss compared with profit of $45.6 million in the first quarter of 2010 as sales from North American customers, which have typically accounted for more than half of revenues, fell 36% and gross margins fell from over 50% to 38%. Tellabs has cash and short term investments worth $1.06 billion, leaving cash and investments less debt supporting 68% of its market capitalization.

Our top performance contributor for the first half of the year, as it was in the first quarter, was Bronco Drilling Co., Inc., up 37.5%. Bronco, a U.S. oil and land gas drilling company, also saw its share price double during the fourth quarter of 2010 as it benefitted from increased inland exploration and production activity and utilization of its drills. We sold our position in Bronco after its announced acquisition by Chesapeake Energy at a 6% premium over its mid-April share price.

Our next top contributor to performance for the quarter was Westlake Chemical Corp., up 19.7%. Westlake, a petrochemical company producing plastic resins and PVC building products is a well managed company with a strong balance sheet that has been performing well over the last year. Westlake continues to benefit from low natural gas prices and high oil prices, as its raw materials are natural gas derivates, while its global competitors rely on oil as the basis for their manufacturing.

We sold our investment in Bronco Drilling after the announcement of the Chesapeake Energy Corp. takeover, and our investment in Herley Industries was similarly exited with its takeover by Kratos Defense and Security Solutions in a cash transaction. Shares of Parco (Japan) were sold to Aeon, a publicly listed Japanese retailer after we negotiated a 15% premium to its market price. We sold our investment in Cimarex Energy as the stock price had climbed to what we deemed its full value. Portfolio company New Alliance Bancshares merged with First Niagara Financial Group to form a much larger regional bank in the Northeast. As a result of the merger, First Niagara became part of the portfolio.

In order of the amount of capital invested, new positions in the portfolio that attained a meaningful size include:

Viterra, Inc. (Canada), a diversified grain handling and storage company with irreplaceable networks for bringing grains to market, primarily in North America and Australia.

Mantech International, which provides information technology, cyber security, technical and consulting services primarily to U.S. federal government agencies, with a large exposure to the Department of Defense and intelligence community.

Oshkosh Corp., a manufacturer of heavy vehicles and vehicle bodies, mostly for defense, construction, and municipal customers.

The Madison Square Garden Company, owner of New York’s Madison Square Garden, the New York Knicks and the New York Rangers, as well as media properties.

Liberty Media—Starz is the television programming subsidiary of Liberty Media Group.

Seacor Holdings, a well-run and well-financed conglomerate that provides logistical services to various commodities related industries including offshore oil and gas and inland chemical and petroleum shipping.

1

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Managed by Third Avenue Management LLC

Portfolio Manager Commentary* (continued)

Third Avenue adheres to a disciplined investment strategy driven by our deep dive fundamental analysis of companies and the securities they issue. We don’t choose investments based on top-down themes or macroeconomic forecasts. Our strategy is to maintain a portfolio of well-financed and well-managed companies acquired at a discount to net asset value in order to build a portfolio that is measurably cheaper than the market and to hold these investments for the long-term in the belief that the value of our investments will ultimately be recognized in the marketplace.

Curtis Jensen, Chief Investment Officer

Ian Lapey, Portfolio Manager

Third Avenue 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.

Portfolio Composition as of June 30, 2011

Top Holdings

	% of Net Assets
Superior Industries International, Inc.		3.1
Wheelock & Co., Ltd.		2.7
Cavco Industries, Inc.		2.5
Canfor Corp.		2.5
Montpelier Re Holdings, Ltd.		2.5
Alexander & Baldwin, Inc.		2.2
K-Swiss, Inc. - Class A		2.1
AVX Corp.		2.0
Ingram Micro, Inc. - Class A		2.0
Vail Resorts, Inc.		1.9

Top Sectors

	% of Market Value of Total Investments
Cyclical		20.6
Cash & Equivalents		19.5
Financial		15.2
Industrial		13.9
Basic Materials		8.1
Technology		7.1
Non-Cyclical		5.8
Communications		4.7
Energy		2.6
Diversified		2.5

2

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Third Avenue Small Cap Value Portfolio managed by

Third Avenue Management LLC vs. Russell 2000 Value Index¹ and

Dow Jones U.S. Small-Cap Total Stock Market Index²

	Average Annual Return3 (for the six months ended June 30, 2011)
	6 Month		1 Year		5 Year		Since Inception4
Third Avenue Small Cap Value Portfolio—Class A		2.88%		31.79%		2.80%		8.44%
Class B		2.67%		31.43%		2.55%		8.19%
Russell 2000 Value Index1		3.77%		31.35%		2.24%		6.62%
Dow Jones U.S. Small-Cap Total Stock Market Index2		7.72%		40.01%		6.24%		9.01%

The performance of Class A shares, as set forth in the line graph above, will differ from that of the other class of shares because of the difference in expenses paid by policyholders investing in the different share classes.

¹The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

²The Dow Jones U.S. Small-Cap Total Stock Market Index is a float-adjusted market capitalization weighted index that reflects the shares of securities of the small-cap portion of the Dow Jones U.S. Total Full Cap Equity Index available to investors in the marketplace. The Index includes the components ranked 751 to 2,500 by full market capitalization.

³ “Average Annual Return” is calculated including reinvestment of all income dividends and capital gain distributions.

⁴ Inception of the Class A and Class B shares is 5/1/02. Index returns are based on an inception date of 5/1/02.

Past performance does not guarantee future results. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, on any given day or when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administration charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. The Indexes do not include fees or expenses and are not available for direct investment.

3

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value 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, 2011 through June 30, 2011.

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.

	Annualized Expense Ratio		Beginning Account Value January 1, 2011		Ending Account Value June 30, 2011		Expenses Paid During Period** January 1, 2011 to June 30, 2011
Class A
Actual		0.77%	$	1,000.00	$	1,028.80	$	3.87
Hypothetical*		0.77%		1,000.00		1,020.98		3.86
Class B
Actual		1.02%	$	1,000.00	$	1,026.7	$	5.13
Hypothetical*		1.02%		1,000.00		1,019.74		5.11

*  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).

4

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—79.9% of Net Assets

Security Description	Shares		Value
Auto Components—3.1%
Superior Industries International, Inc. (a)		1,941,976	$	42,937,089
Beverages—1.2%
Sapporo Holdings, Ltd.		4,051,800		16,676,876
Building Products—0.8%
Insteel Industries, Inc.		855,820		10,731,983
Capital Markets—2.0%
Investment Technology Group, Inc.*		1,150,635		16,131,903
Westwood Holdings Group, Inc.		315,624		12,025,274
				28,157,177
Chemicals—3.1%
Lanxess AG		134,961		11,081,213
Minerals Technologies, Inc.		152,659		10,119,765
Stepan Co.		19,153		1,357,948
Westlake Chemical Corp.		399,837		20,751,540
				43,310,466
Commercial & Professional Services—0.8%
UniFirst Corp.		211,455		11,881,656
Communications Equipment—4.0%
Bel Fuse, Inc.—Class B		457,269		9,918,164
Sycamore Networks, Inc.		947,195		21,065,617
Tellabs, Inc.		5,498,462		25,347,910
				56,331,691
Computers & Peripherals—2.2%
Electronics for Imaging, Inc.*		580,701		9,999,671
Lexmark International, Inc.—Class A*		697,460		20,407,680
				30,407,351
Diversified Financial Services—2.5%
Ackermans & van Haaren N.V.		243,811		23,721,925
Leucadia National Corp.		336,339		11,469,160
				35,191,085
Electrical Equipment—1.4%
Encore Wire Corp.		825,737		19,999,350
Electronic Equipment, Instruments & Components—6.5%
AVX Corp.		1,824,452		27,804,648
Electro Scientific Industries, Inc.* (a)		1,036,485		20,004,161
Ingram Micro, Inc.—Class A*		1,527,451		27,707,961
Park Electrochemical Corp.		565,162		15,796,278
				91,313,048
Energy Equipment & Services—4.1%
Bristow Group, Inc.		407,497	$	20,790,497
Pioneer Drilling Co.*		324,324		4,942,698
SEACOR Holdings, Inc.		166,528		16,646,139
Tidewater, Inc.		282,803		15,217,629
				57,596,963
Food Products—2.3%
Sanderson Farms, Inc.		203,666		9,731,162
Viterra, Inc.		2,076,450		22,568,002
				32,299,164
Health Care Equipment & Supplies—0.3%
Teleflex, Inc.		62,111		3,792,498
Health Care Providers & Services—1.5%
Cross Country Healthcare, Inc.* (a)		2,707,534		20,577,258
Hotels, Restaurants & Leisure—1.9%
Vail Resorts, Inc.		582,377		26,917,465
Household Durables—5.3%
Cavco Industries, Inc.* (a)		787,653		35,444,385
M.D.C. Holdings, Inc.		144,759		3,566,862
Skyline Corp. (a)		1,157,658		20,259,015
Stanley Furniture Co., Inc.* (a)		3,543,535		14,847,411
				74,117,673
Insurance—6.4%
Arch Capital Group, Ltd.*		370,350		11,821,572
E-L Financial Corp.		40,155		18,323,256
HCC Insurance Holdings, Inc.		391,919		12,345,449
Montpelier Re Holdings, Ltd.		1,917,672		34,518,096
National Western Life Insurance Co.—Class A		82,335		13,129,962
				90,138,335
IT Services—2.8%
Broadridge Financial Solutions, Inc.		728,976		17,546,452
ManTech International Corp.		490,268		21,777,705
				39,324,157
Leisure Equipment & Products—0.8%
JAKKS Pacific, Inc.*		633,023		11,653,953
Life Sciences Tools & Services—1.6%
Pharmaceutical Product Development, Inc.		850,465		22,826,481

See accompanying notes to financial statements.

5

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—2.4%
Alamo Group, Inc.		523,010	$	12,395,337
Oshkosh Corp.*		709,923		20,545,172
				32,940,509
Marine—2.2%
Alexander & Baldwin, Inc.		628,130		30,250,741
Media—2.5%
Liberty Media-Starz, Series A*		226,100		17,011,764
Madison Square Garden, Inc.—Class A (The)*		658,675		18,133,323
				35,145,087
Metals & Mining—1.0%
Kaiser Aluminum Corp.		252,552		13,794,390
Paper & Forest Products—4.0%
Canfor Corp.*		3,221,400		35,245,808
Glatfelter		1,336,992		20,562,937
				55,808,745
Professional Services—0.8%
ICF International Inc.*		429,824		10,908,933
Real Estate Investment Trusts—0.3%
Excel Trust Inc.		209,516		2,310,962
Origen Financial, Inc.*		811,331		1,338,696
				3,649,658
Real Estate Management & Development—5.5%
Brookfield Asset Management, Inc.—Class A		463,778		15,383,516
Hang Lung Group, Ltd.		3,756,000		23,987,966
Wheelock & Co., Ltd.		9,286,000		37,691,729
				77,063,211
Semiconductors & Semiconductor Equipment—1.1%
MEMC Electronic Materials, Inc.*		1,843,521		15,725,234
Software—0.9%
Synopsys, Inc.*		514,536		13,228,721
Specialty Retail—1.6%
Haverty Furniture Cos., Inc. (a)		1,966,587		22,635,416
Textiles, Apparel & Luxury Goods—2.1%
K-Swiss, Inc.—Class A* (a)		2,830,169		30,084,697
Thrifts & Mortgage Finance—0.9%
First Niagara Financial Group, Inc.		551,909	$	7,285,199
Kearny Financial Corp.		660,494		6,017,100
				13,302,299
Total Common Stocks (Cost $980,367,205)				1,120,719,360
Short-Term Investment—19.4%
Repurchase Agreement—19.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/11 at 0.010% to be repurchased at $272,070,076 on 07/01/11 collateralized by $18,500,000 Federal Home Loan Bank at 4.125% due 03/13/20 with a value of $19,864,375; by $63,265,000 Freddie Mac at 3.500% due 08/18/20 with a value of $63,739,488; by $82,035,000 Freddie Mac at 2.550% due 09/08/17 with a value of $82,240,088; by $865,000 Freddie Mac at 3.310% due 11/10/20 with a value of $837,969; by $74,000,000 Fannie Mae at 4.377% due 01/23/2018 with a value of $82,695,000; by U.S. Treasury Notes at 2.375% due 06/30/18 with a value of $28,136,631 (Cost—$272,070,000)	$	272,070,000		272,070,000
Total Short-Term Investments (Cost $272,070,000)				272,070,000
Total Investments—99.3% (Cost $1,252,437,205)				1,392,789,360
Other Assets and Liabilities (net)—0.7%				9,180,711
Net Assets—100.0%			$	1,401,970,071

* Non-income producing security.

# As of June 30, 2011, the aggregate cost of investments for federal income tax purposes was $1,252,437,205. The aggregate unrealized appreciation and depreciation of investments were $224,051,357 and $(83,699,202), respectively, resulting in net unrealized appreciation of $140,352,155 for federal income tax purposes.

(a) Affiliated issuer. (See Note 7 to Financial Statements for a summary of transactions in the investments of affiliated issuers.)

See accompanying notes to financial statements.

6

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) defines 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. For a change in the methodology used, transfers between levels will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2 deemed significant, if any, will be disclosed following the valuation table below. For the six months ended June 30, 2011, there were no transfers between Levels 1 and 2. A reconciliation of Level 3 securities, if any, will also be disclosed following the valuation 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, 2011:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Auto Components	$	42,937,089	$	—	$	—	$	42,937,089
Beverages		—		16,676,876		—		16,676,876
Building Products		10,731,983		—		—		10,731,983
Capital Markets		28,157,177		—		—		28,157,177
Chemicals		32,229,253		11,081,213		—		43,310,466
Commercial & Professional Services		11,881,656		—		—		11,881,656
Communications Equipment		56,331,691		—		—		56,331,691
Computers & Peripherals		30,407,351		—		—		30,407,351
Diversified Financial Services		11,469,160		23,721,925		—		35,191,085
Electrical Equipment		19,999,350		—		—		19,999,350
Electronic Equipment, Instruments & Components		91,313,048		—		—		91,313,048
Energy Equipment & Services		57,596,963		—		—		57,596,963
Food Products		32,299,164		—		—		32,299,164
Health Care Equipment & Supplies		3,792,498		—		—		3,792,498
Health Care Providers & Services		20,577,258		—		—		20,577,258
Hotels, Restaurants & Leisure		26,917,465		—		—		26,917,465
Household Durables		74,117,673		—		—		74,117,673
Insurance		90,138,335		—		—		90,138,335
IT Services		39,324,157		—		—		39,324,157
Leisure Equipment & Products		11,653,953		—		—		11,653,953
Life Sciences Tools & Services		22,826,481		—		—		22,826,481
Machinery		32,940,509		—		—		32,940,509
Marine		30,250,741		—		—		30,250,741
Media		35,145,087		—		—		35,145,087
Metals & Mining		13,794,390		—		—		13,794,390
Paper & Forest Products		55,808,745		—		—		55,808,745
Professional Services		10,908,933		—		—		10,908,933
Real Estate Investment Trusts		3,649,658		—		—		3,649,658
Real Estate Management & Development		15,383,516		61,679,695		—		77,063,211
Semiconductors & Semiconductor Equipment		15,725,234		—		—		15,725,234
Software		13,228,721		—		—		13,228,721
Specialty Retail		22,635,416		—		—		22,635,416

See accompanying notes to financial statements.

7

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Schedule of Investments as of June 30, 2011 (Unaudited)

FAIR VALUE HIERARCHY—(Continued)

Description	Level 1		Level 2		Level 3		Total
Textiles, Apparel & Luxury Goods	$	30,084,697	$	—	$	—	$	30,084,697
Thrifts & Mortgage Finance		13,302,299		—		—		13,302,299
Total Common Stocks		1,007,559,651		113,159,709		—		1,120,719,360
Short-Term Investment		—		272,070,000		—		272,070,000
Total Investments	$	1,007,559,651	$	385,229,709	$	—	$	1,392,789,360

See accompanying notes to financial statements.

8

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)

Assets
Investments at value (a)	$	892,864,310
Investment from affiliated transaction (b)		227,855,050
Repurchase Agreement		272,070,000
Cash		940
Cash denominated in foreign currencies (c)		533,976
Receivable for investments sold		11,684,150
Receivable for shares sold		330,605
Dividends receivable		1,282,996
Interest receivable		76
Total assets		1,406,622,103
Liabilities
Payables for:
Investments purchased		1,983,327
Shares redeemed		1,575,015
Accrued Expenses:
Management fees		822,371
Distribution and service fees - Class B		126,835
Administration fees		5,940
Custodian and accounting fees		22,950
Deferred trustees’ fees		20,516
Other expenses		95,078
Total liabilities		4,652,032
Net Assets	$	1,401,970,071
Net Assets Represented by
Paid in surplus	$	1,421,339,999
Accumulated net realized loss		(159,652,929	)
Unrealized appreciation on investments and foreign currency transactions		162,865,424
Unrealized depreciation on investment from affiliated transactions		(22,524,115	)
Undistributed net investment income		(58,308	)
Net Assets	$	1,401,970,071
Net Assets
Class A	$	769,284,089
Class B		632,685,982
Capital Shares Outstanding*
Class A		50,315,019
Class B		41,509,464
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.29
Class B		15.24

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

(a) Identified cost of investments, excluding repurchase agreement and investment from affiliated transaction, was $729,988,040.

(b) Identified cost of investment from affiliated transaction was $250,379,165

(c) Identified cost of cash denominated in foreign currencies was $530,537.

Statement of Operations

Six Months Ended June 30, 2011 (Unaudited)

Investment Income
Dividends (a)	$	4,744,274
Interest		11,471
Income earned from affiliated transactions		975,485
Total investment income		5,731,230
Expenses
Management fees		4,753,733
Administration fees		33,266
Custodian and accounting fees		80,060
Distribution and service fees - Class B		799,739
Audit and tax services		15,966
Legal		20,801
Trustees’ fees and expenses		15,868
Shareholder reporting		43,279
Insurance		2,624
Miscellaneous		7,511
Total expenses		5,772,847
Net investment loss		(41,617	)
Net Realized and Unrealized Gain (Loss) on Investments, Investments in Affiliates and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		76,989,495
Investments in affiliates		(18,600,980	)
Foreign currency transactions		293,993
Net realized gain on investments, investments in affiliates and foreign currency transactions		58,682,508
Net change in unrealized appreciation (depreciation) on:
Investments		(59,582,755	)
Investments in affiliates		26,790,665
Foreign currency transactions		(4,931	)
Net change in unrealized depreciation on investments, investments in affiliates, and foreign currency transactions		(32,797,021	)
Net realized and unrealized loss on investments, investments in affiliates and foreign currency transactions		25,885,487
Net Increase in Net Assets from Operations	$	25,843,870

(a) Net of foreign withholding taxes of $127,393.

See accompanying notes to financial statements.

9

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Statements of Changes in Net Assets

June 30, 2011

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Increase (Decrease) in Net Assets:
Operations
Net investment income (loss)	$	(41,617	)	$	2,120,799
Net realized gain on investments, investments in affiliates and foreign currency transactions		58,682,508			58,259,136
Net change in unrealized appreciation (depreciation) on investments in affiliated and foreign currency transactions		(32,797,021	)		179,775,996
Net increase in net assets resulting from operations		25,843,870			240,155,931
Distributions to Shareholders
From net investment income
Class A		(7,475,653	)		(10,503,841	)
Class B		(6,576,253	)		(6,636,258	)
Net decrease in net assets resulting from distributions		(14,051,906	)		(17,140,099	)
Net increase (decrease) in net assets from capital share transactions		169,754,942			(279,709,273	)
Net Increase (Decrease) in Net Assets		181,546,906			(56,693,441	)
Net assets at beginning of period		1,220,423,165			1,277,116,606
Net assets at end of period	$	1,401,970,071		$	1,220,423,165
Undistributed (distribution in excess of) net investment income at end of period	$	(58,308	)	$	14,035,215

Other Information:
Capital Shares
Transactions in capital shares were as follows:
	Six Months Ended June 30, 2011 (Unaudited)						Year Ended December 31, 2010
	Shares			Value			Shares			Value
Class A
Sales		19,507,818		$	311,944,550			5,369,946		$	70,232,466
Reinvestments		471,650			7,475,652			749,739			10,503,841
Redemptions		(8,235,671	)		(131,816,129	)		(24,879,321	)		(351,194,806	)
Net increase (decrease)		11,743,797		$	187,604,073			(18,759,636	)	$	(270,458,499	)
Class B
Sales		2,720,449		$	41,591,509			5,683,346		$	74,753,841
Reinvestments		415,955			6,576,253			474,697			6,636,258
Redemptions		(4,342,865	)		(66,016,893	)		(6,941,718	)		(90,640,873	)
Net decrease		(1,206,461	)	$	(17,849,131	)		(783,675	)	$	(9,250,774	)
Increase (decrease) derived from capital shares transactions				$	169,754,942					$	(279,709,273	)

See accompanying notes to financial statements.

10

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	15.04		$	12.68		$	10.29		$	15.75		$	17.48		$	16.61
Income (Loss) from Investment Operations
Net Investment Income(a)		0.01			0.03			0.17			0.16			0.17			0.27
Net Realized and Unrealized Gain (Loss) on Investments		0.43			2.51			2.50			(4.46	)		(0.54	)		1.89
Total From Investment Operations		0.44			2.54			2.67			(4.30	)		(0.37	)		2.16
Less Distributions
Distributions from Net Investment Income		(0.19	)		(0.18	)		(0.16	)		(0.15	)		(0.21	)		(0.11	)
Distributions from Net Realized Capital Gains		—			—			(0.12	)		(1.01	)		(1.15	)		(1.18	)
Total Distributions		(0.19	)		(0.18	)		(0.28	)		(1.16	)		(1.36	)		(1.29	)
Net Asset Value, End of Period	$	15.29		$	15.04		$	12.68		$	10.29		$	15.75		$	17.48
Total Return (%)		2.88			20.15			26.82			(29.69	)		(2.79	)		13.38
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		0.77	*		0.78			0.78			0.77			0.76			0.80
Ratio of Net Expenses to Average Net Assets (%)(b)		0.77	*		0.78			0.78			0.77			0.76			0.80
Ratio of Net Investment Income to Average Net Assets (%)		0.14	*		0.22			1.62			1.18			0.99			1.64
Portfolio Turnover Rate (%)		23.7			11.4			12.9			39.8			36.0			12.1
Net Assets, End of Period (in millions)	$	769.3		$	580.3		$	727.2		$	747.1		$	1,171.6		$	883.6
	Class B
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	14.99		$	12.64		$	10.25		$	15.68		$	17.41		$	16.55
Income (Loss) from Investment Operations
Net Investment Income (Loss)(a)		(0.01	)		0.02			0.16			0.13			0.13			0.21
Net Realized and Unrealized Gain (Loss) on Investments		0.42			2.48			2.48			(4.44	)		(0.54	)		1.91
Total From Investment Operations		0.41			2.50			2.64			(4.31	)		(0.41	)		2.12
Less Distributions
Distributions from Net Investment Income		(0.16	)		(0.15	)		(0.13	)		(0.11	)		(0.17	)		(0.08	)
Distributions from Net Realized Capital Gains		—			—			(0.12	)		(1.01	)		(1.15	)		(1.18	)
Total Distributions		(0.16	)		(0.15	)		(0.25	)		(1.12	)		(1.32	)		(1.26	)
Net Asset Value, End of Period	$	15.24		$	14.99		$	12.64		$	10.25		$	15.68		$	17.41
Total Return (%)		2.67			19.90			26.45			(29.82	)		(3.02	)		13.13
Ratios/Supplemental Data
Ratio of Expenses to Average Net Assets (%)		1.02	*		1.03			1.03			1.02			1.01			1.05
Ratio of Net Expenses to Average Net Assets (%)(b)		1.02	*		1.03			1.03			1.02			1.01			1.05
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		0.15	*		0.15			1.46			0.92			0.76			1.28
Portfolio Turnover Rate (%)		23.7			11.4			12.9			39.8			36.0			12.1
Net Assets, End of Period (in millions)	$	632.7		$	640.1		$	549.9		$	444.0		$	741.5		$	573.8

* Annualized

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

(b) Includes the effects of management fee waivers and expenses reimbursed by the Adviser, if applicable.

See accompanying notes to financial statements.

11

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)

1. Organization

Met Investors Series Trust (the “Trust”) is organized as a statutory trust under the laws of Delaware, as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers fifty-four Portfolios (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Third Avenue Small 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 four classes of shares: Class A, B, C and E Shares. Class A and B Shares are currently offered by the Portfolio. 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 expenses.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2011 through the date that the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less) including corporate, convertible and municipal bonds and notes; U.S. government agencies; U.S. treasury obligations; sovereign issues; bank loans; and non-U.S. bonds are generally valued on the basis of evaluated or composite bid quotations obtained by independent pricing services and/or brokers and dealers selected by MetLife Advisers, LLC (“MLA” or the “Adviser”), an affiliate of MetLife, Inc., or the relevant Subadviser pursuant to authorization of the Board of Trustees of the Portfolio (the “Board”). Such quotations use inputs that are observable including, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are 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 by independent pricing services and/or brokers and dealers selected by the Adviser or relevant Subadviser pursuant to authorization of the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows for each tranche, 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 categorized as Level 2 within the fair value hierarchy.

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

Equity securities such as common stock, exchange-traded funds and preferred stock that are traded on a national securities exchange or other exchanges are generally valued at their last sale price on the principal trading market. Equity securities traded on a national securities exchange or other exchanges for which there is no reported sale during the day are valued at the last reported bid price. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for that security by the Board or its delegates. If no closing price is available, then such securities are valued at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 within the fair value hierarchy.

Equity securities which are listed on foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the bid price. Valuation adjustments may be applied to certain equity securities that are solely traded on foreign exchanges closing before 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 closing before the U.S. market in order to adjust for possible stale pricing that may occur between the close of these foreign exchanges and the time of the Portfolio valuation. Securities using these valuation adjustments are 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 and are categorized as Level 1 within the fair value hierarchy.

12

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - continued

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked 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 categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, are valued at the last sales price available as of the close of business on the day of valuation or, if there is no such sale price available, at the bid price. Options on currencies are valued at the spot price each day. These types of options are categorized as Level 1 within the fair value hierarchy. Other options traded on inactive markets where a broker quotation is received or options valued by an evaluated quote provided by an independent pricing vendor are categorized as Level 2 within the fair value hierarchy.

Futures contracts, which 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. Futures contracts traded on inactive markets where a broker quotation is received are categorized as Level 2 within the fair value hierarchy. As a general matter, futures contracts are marked-to-market daily.

Options and futures contracts that are traded over-the-counter are generally valued on the basis of broker dealer quotations or 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, curves and exchange rates. These contracts are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or reliable 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. The Board has delegated the determination in good faith of the fair value of securities for which current market quotations are not readily available to a Valuation Committee established by the Board. Market quotes and other observable inputs are considered not readily available in circumstances where there is an absence of current or reliable market-based data. In addition, market quotes would be considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate, including significant unobservable inputs. The value of securities used by the Portfolio to calculate its net asset value may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. These 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 and unrealized appreciation and depreciation 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 withholding taxes, which are accrued as applicable.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), 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 and various state 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.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security 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, deferred trustees’ compensation, capital loss carryforwards, and losses deferred due to wash sales, Real Estate Investment Trust (REITs), and return of capital from certain securities as applicable. These adjustments have no impact on net assets or the results of operations.

Repurchase Agreements - The Portfolio may enter into repurchase agreements 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, receives delivery of the underlying securities collateralizing repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and 102% of the repurchase price in the case of all other repurchase agreements. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Portfolio may be delayed, limited or wholly denied.

13

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

2. Significant Accounting Policies - 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 U.S. dollars 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. Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities. 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. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded as Net realized gains and losses on investments. 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.

3. Investment Management Agreement and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Third Avenue Management LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by the Adviser for the six months  ended June 30, 2011	% per annum			Average Daily Net Assets
$4,753,733		0.75	%	First $1 Billion
		0.70	%	Over $1 Billion

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 Agreement and Plan - The Trust has a distribution agreement with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the Distributor for the Trust’s Class A and Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2011 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred or paid in that regard.

Deferred Trustee Compensation - Each Trustee of the Trust 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 Portfolio. 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

14

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

3. Investment Management Agreement and Other Transactions with Affiliates - continued

Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain portfolios of the Trust or Metropolitan Series Fund, Inc. 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, if any, under the Plan are reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

Affiliated Broker - During the six months ended June 30, 2011, the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
M.J. Whitman LLC	$	17,709

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, 2011 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	—	$	269,090,472	$	—	$	328,811,262

5. Contractual Obligations

The Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown.

6. Market, Credit and Counterparty 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 and interest rate and price fluctuations. 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 recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit risk consist principally of cash due from counterparties and investments. In order to preserve certain safeguards for derivatives and non-standard settlement trades, the Portfolio restricts its exposure to credit losses by entering into master netting agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. The Portfolio reduces the credit risk associated with favorable contracts by entering into a master netting arrangement to the extent that all amounts with the counterparty are terminated and settled on a net basis if an event of default occurs. The Portfolio’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

15

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

7. Affiliated Issuers

A summay of Portfolio's transactions in the securities of affiliated issuers during the period ended June 30, 2011 was as follows:

Security Description	Number of shares held at December 31, 2010			Shares purchased		Shares sold			Number of shares held at June 30, 2011
Bronco Drilling Co., Inc.		4,460,843			—		(4,460,843	)		—
Cavco Industries, Inc.		787,653			—		—			787,653
Cross Country Healthcare, Inc.		2,684,784			25,000		(2,250	)		2,707,534
Electro Scientific Industries, Inc.		1,427,802			—		(391,317	)		1,036,485
Haverty Furniture Cos., Inc.		1,966,587			—		—			1,966,587
Herley Industries, Inc.		1,060,702			—		(1,060,702	)		—
K-Swiss, Inc.		2,830,169			—		—			2,830,169
Skyline Corp.		1,275,713			1,172		(119,227	)		1,157,658
Stanley Furniture Co., Inc.		3,627,538			—		(84,003.00	)		3,543,535
Superior Industries International, Inc.		2,243,637			—		(301,661	)		1,941,976
Sycamore Networks, Inc.		1,884,001			—		(936,806	)		947,195
Security Description	Net Realized Gain/(Loss)			Return of Capital		Dividend Income			Ending Value as of June 30, 2011
Bronco Drilling Co., Inc.	$	(8,543,351	)	$	—	$	—		$	—
Cavco Industries, Inc.		—			—		—			35,444,385
Cross Country Healthcare, Inc.		(16,048	)		—		—			20,577,258
Electro Scientific Industries, Inc.		(718,524	)		—		—			20,004,161
Haverty Furniture Cos., Inc.		—			—		—			22,635,416
Herley Industries, Inc.		4,840,855			—		—			—
K-Swiss, Inc.		—			—		—			30,084,697
Skyline Corp.		(1,063,074	)		—		325,876			20,259,015
Stanley Furniture Co., Inc.		(1,542,557	)		—		—			14,847,412
Superior Industries International, Inc.		(266,847	)		—		649,609			42,937,089
Sycamore Networks, Inc.		(11,291,434	)		—		—			21,065,617
	$	(18,600,980	)	$	—	$	975,485		$	227,855,050

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2010 and 2009 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2010	2009		2010		2009		2010		2009
$17,140,099	$	17,771,886	$	—	$	13,940,862	$	17,140,099	$	31,712,748

As of December 31, 2010, 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
$14,051,518	$	—	$	157,572,812	$	(202,769,921	)	$	(31,145,591	)

16

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2011 (Unaudited)—(Continued)

8. Income Tax Information - continued

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for eight years, offsetting such losses against any future net realized capital gains. At December 31, 2010, the accumulated capital loss carryforwards and expiration dates by the Portfolio were as follows:

Expiring 12/31/2017	Total
$202,769,921	$	202,769,921

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law by President Obama on December 22, 2010.

The Act makes a number of changes to the provisions in the Code relating to regulated investment companies (“RICs”) that will generally become effective for taxable years of RICs beginning after December 22, 2010. The Act allows RICs to generally carryover net capital losses indefinitely, effective for losses arising in taxable years beginning after December 22, 2010. Such losses will retain their character as either long-term capital losses or short-term capital losses. Under pre-enactment law, capital losses could be carried forward for eight years and carried forward as short-term capital losses irrespective of the character of the original loss. Loss carryovers from years beginning prior to December 22, 2010 will still expire subject to the eight-year limitation. The Act further provides that losses arising in taxable years after December 22, 2010 (which are carried forward indefinitely) would be utilized prior to loss carryovers arising in taxable years beginning prior to December 22, 2010.

9. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”) which was generally effective for years beginning after December 15, 2009 and was adopted by the Portfolio. The ASU requires enhanced disclosures about purchases, sales, issuances and settlements on a gross basis relating to Level 3 fair value measurements. These enhanced disclosures became effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. Management has evaluated the impact of ASU 2010-06 and has concluded that ASU 2010-06 has no material impact on these financial statements.

In May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and the International Financial Reporting Standards (IFRS).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to categorize within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

17

MET INVESTORS SERIES TRUST

Third Avenue Small Cap Value Portfolio

Quarterly Portfolio Schedule

The Trust files Form N-Q for the first and third quarters of each fiscal year. The Trust’s Forms N-Q will be available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-Q will be available without charge, upon request, by calling (800) 848-3854.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Proxy Voting Record

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

18

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. Schedule of Investments.

(a) Schedule of Investments is included as a part of the report to shareholders filed 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) Within 90 days of the filing date of this Form N-CSR, Elizabeth M. Forget, the registrant’s President and Jeffrey A. Tupper, the registrant’s Chief Financial Officer and Treasurer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) (the “Procedures”) and evaluated their effectiveness. Based on their review, Ms. Forget and Mr. Tupper determined that the Procedures adequately ensure that information required to be disclosed by the registrant on Form N-CSR and Form N-Q is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(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 the report that has materially affected, or is 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) of the 1940 Act are attached hereto.

(a)(3) Not applicable.

(b) The certifications required by Rule 30a-2(b) of 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.

MET INVESTORS SERIES TRUST
By:	/s/     Elizabeth M. Forget
	Elizabeth M. Forget President

Date: December 16, 2011

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

Date: December 16, 2011

By:	/s/     Jeffrey A. Tupper
	Jeffrey A. Tupper Chief Financial Officer and Treasurer

Date: December 16, 2011