Brighthouse Funds Trust II N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-3618

Metropolitan Series Fund, Inc.

(Exact name of registrant as specified in charter)

501 Boylston Street

Boston, Massachusetts 02116

(Address of Principal Executive Office)

THOMAS M. LENZ, ESQ.

MetLife Advisers, LLC

501 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Copy to:

JOHN M. LODER

One Financial Center

Boston, Massachusetts 02111

Registrant’s telephone number, including area code: 617-578-3104

Date of fiscal year end: December 31

Date of reporting period: December 31, 2007

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Reports to Stockholders.

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

Metropolitan Series Fund, Inc. BlackRock Aggressive Growth Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the BlackRock Aggressive Growth Portfolio returned 20.6%, compared to its benchmark, the Russell Midcap Growth Index¹, which returned 11.4%. The average return of its peer group, the Lipper Variable Insurance Products Mid-Cap Growth Funds Universe² , was 16.5% over the same period.

PORTFOLIO REVIEW

2007 began largely where 2006 left off. A slowdown in U.S. growth occurred following Fed tightening, rising oil prices, and the beginning of concerns around credit and slower spending by the U.S. consumer. Earnings growth remained strong on the back of solid export growth, a declining dollar and share buybacks. A transition in leadership from small, value and domestic to large, growth and multinational became evident as the year began. During the second half of 2007, the benign fundamentals of 2003-2006, namely strong global growth, rising profitability levels, and falling risk premiums, were replaced by credit stress; pressures on the capital position of the financial system; questions about the sustainability of the business cycle; and rising energy and food prices. Reflecting these woes, market prices moved considerably. Government bond yields plummeted, the dollar fell faster than in earlier years, credit spreads widened and equities became trendless and volatile. The financial and consumer discretionary sectors experienced drops of one-quarter to one-third. Commodity and industrial-related multinational companies performed the best. Emerging market economies and equity markets performed well yet again. The Federal Reserve moved from an attitude of vigilance about inflation to one of providing liquidity and lowering rates to shore up the functioning of credit markets and fight economic weakness.

BlackRock Aggressive Growth Portfolio had positive returns for the fifth consecutive year and significantly outperformed the Russell Midcap Growth Index. Strong stock selection in consumer discretionary, financials and healthcare, along with sector positioning in consumer discretionary and energy, helped returns.

The largest change in sector positioning during the year came in information technology (IT), where we notably reduced our overweight versus the benchmark Russell Midcap Growth Index. This shift resulted from a combination of our eliminating some IT holdings from the Portfolio while the benchmark’s sector weighting increased. We eliminated a number of names within the sector, including CACI International and Ingram Micro, in order to pursue more attractive opportunities. Sizeable holding Alliance Data Systems, a private label credit card processing service provider, was sold after the company announced it was being taken private by Blackstone. Additionally, video conference provider Polycom was sold due to high valuation. Cash generated from the selling of these names allowed us to increase our exposure in healthcare from a slight underweight to an overweight position. Notable additions included Medicis Pharmaceutical, Hologic Inc. and Magellan Health Services. At year-end, our largest overweights were concentrated in the healthcare and information technology sectors, while our most significant underweight was in the utilities sector. We continue to look for names with good growth opportunities, regardless of sector or market conditions.

A combination of strong stock selection and a relative underweight in the consumer discretionary sector proved to be the greatest contributors to both absolute and relative returns for the period. Stock selection in the specialty retail industry, in particular, accounted for the largest part of the success. Sizeable Portfolio holding GameStop more than doubled in price as the video game retailer continued to report strong financial results. Dick’s Sporting Goods was also a positive contributor within specialty retail, as the company consistently executed in a tough retail environment. Elsewhere in consumer discretionary, hotel chain Orient-Express Hotels appreciated more than 20% on strong international results and takeover speculation.

Although the financials sector generated limited returns for the period, strong stock selection within the Portfolio helped both relative and absolute returns. CME Group was the top contributor in the sector, benefiting from increased trading activity in addition to its successful merger with the Chicago Board of Trade. Our underweight in utilities had a slightly negative effect on the Portfolio, as the sector accounts for only a small part of the Russell Midcap Growth Index.

Consistent with the Portfolio’s investment process and discipline, its structure at any given time reflects our bottom-up analysis of what we believe are the most promising investment opportunities in the mid cap growth universe. We do not make macroeconomic, sector, or thematic predictions.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

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 The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL MIDCAP GROWTH INDEX

Average Annual Returns as of December 31, 2007

	BlackRock Aggressive Growth Portfolio								Russell MidCap Growth Index
	Class A		Class B		Class D		Class E
1 Year	20.6	%	20.2	%	20.4	%	20.4	%	11.4	%
5 Year	17.8		—		—		17.6		17.9
10 Year	5.6		—		—		—		7.6
Since Inception	—		12.0		10.9		5.0		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B, Class D and Class E shares are: 4/29/88, 4/26/04, 5/2/06 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION as of December 31, 2007

Top Holdings

	% of Total Net Assets
GameStop Corp. (Class A)	2.9%
Thermo Fisher Scientific, Inc.	2.6%
Ametek, Inc.	2.5%
CME Group, Inc.	2.5%
Harris Corp.	2.4%
Oshkosh Truck Corp.	2.3%
Pediatrix Medical Group, Inc.	2.2%
Medco Health Solutions, Inc.	2.2%
Agrium, Inc.	2.2%
Amphenol Corp. (Class A)	2.2%

Top Sectors

	% of Total Market Value
Information Technology	21.7%
Industrials	16.7%
Health Care	15.6%
Consumer Discretionary	14.8%
Energy	13.4%
Materials	6.7%
Financials	5.9%
Cash	2.2%
Consumer Staples	1.6%
Telecommunication Services	1.4%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
BlackRock Aggressive Growth—Class A	Actual	0.76	%	$	1,000.00	$	1,071.20	$	3.97
	Hypothetical	0.76	%	$	1,000.00	$	1,021.33	$	3.87
BlackRock Aggressive Growth—Class B	Actual	1.01	%	$	1,000.00	$	1,069.60	$	5.27
	Hypothetical	1.01	%	$	1,000.00	$	1,020.05	$	5.14
BlackRock Aggressive Growth—Class D	Actual	0.86	%	$	1,000.00	$	1,070.20	$	4.49
	Hypothetical	0.86	%	$	1,000.00	$	1,020.82	$	4.38
BlackRock Aggressive Growth—Class E	Actual	0.91	%	$	1,000.00	$	1,070.30	$	4.75
	Hypothetical	0.91	%	$	1,000.00	$	1,020.56	$	4.63

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—96.9% of Total Net Assets

Security Description	Shares		Value*
Aerospace & Defense—4.4%
BE Aerospace, Inc. (a)	420,500		$	22,244,450
Goodrich Corp.	307,300			21,698,453
Precision Castparts Corp.	85,480			11,856,076
				55,798,979
Air Freight & Logistics—0.5%
UTi Worldwide, Inc.	313,800			6,150,480
Biotechnology—1.0%
Martek Biosciences Corp. (a) (b)	445,000			13,163,100
Capital Markets—2.3%
Affiliated Managers Group, Inc. (a) (b)	79,000			9,279,340
Invesco, Ltd. (b)	268,400			8,422,392
T. Rowe Price Group, Inc.	181,800			11,067,984
				28,769,716
Chemicals—4.0%
Agrium, Inc.	386,100			27,880,281
Celanese Corp.	548,700			23,220,984
				51,101,265
Commercial Services & Supplies—3.8%
Employee Solutions, Inc. (a) (b) (c)	484			0
Genpact, Ltd. (b)	397,700			6,056,971
IHS, Inc. (a) (b)	383,200			23,206,593
TeleTech Holdings, Inc. (a) (b)	912,000			19,398,240
				48,661,804
Communications Equipment—4.6%
Foundry Networks, Inc. (a)	853,600			14,955,072
Harris Corp.	483,320			30,294,498
Juniper Networks, Inc. (a)	393,300			13,057,560
				58,307,130
Construction & Engineering—0.5%
Quanta Services, Inc. (a)	255,000	��		6,691,200
Diversified Consumer Services—0.9%
DeVry, Inc.	213,302			11,083,172
Diversified Financial Services—2.8%
CME Group, Inc.	47,030			32,262,580
MSCI, Inc. (a)	78,900			3,029,760
				35,292,340
Electrical Equipment—2.5%
Ametek, Inc. (a)	691,800			32,403,912
Electronic Equipment & Instruments—2.2%
Amphenol Corp. (Class A)	592,300			27,464,951
Energy Equipment & Services—4.3%
Acergy S.A. (ADR) (a)	678,700			14,911,039

Security Description	Shares	Value*
Energy Equipment & Services—(Continued)
BJ Services Co.	273,800	$	6,642,388
Noble Corp.	317,100		17,919,321
Transocean, Inc.	104,996		15,030,177
			54,502,925
Health Care Equipment & Supplies—1.6%
Hologic, Inc. (a)	300,800		20,646,912
Health Care Providers & Services—6.5%
Coventry Health Care, Inc. (a)	233,100		13,811,175
Magellan Health Services, Inc. (a)	275,000		12,823,250
Medco Health Solutions, Inc. (a)	276,200		28,006,680
Pediatrix Medical Group, Inc. (a)	411,000		28,009,650
			82,650,755
Hotels, Restaurants & Leisure—6.6%
International Game Technology	390,240		17,143,243
Life Time Fitness, Inc. (a) (b)	205,800		10,224,144
Orient-Express Hotels, Ltd. (Class A) (b)	258,500		14,868,920
Panera Bread Co. (a) (b)	271,700		9,732,294
Pinnacle Entertainment, Inc. (a) (b)	321,900		7,583,964
Scientific Games Corp. (a) (b)	716,500		23,823,625
			83,376,190
IT Services—3.4%
Fidelity National Information Services, Inc.	497,600		20,695,184
Iron Mountain, Inc. (a) (b)	624,300		23,111,586
			43,806,770
Life Sciences Tools & Services—2.6%
Thermo Fisher Scientific, Inc. (a) (b)	583,800		33,673,584
Machinery—5.4%
IDEX Corp.	527,700		19,065,801
Joy Global, Inc.	323,500		21,292,770
Oshkosh Truck Corp. (b)	608,900		28,776,614
			69,135,185
Media—2.4%
CKX, Inc. (a) (b)	1,069,400		12,832,800
DreamWorks Animation SKG, Inc. (a)	675,800		17,259,932
			30,092,732
Metals & Mining—2.7%
Century Aluminum Co. (a) (b)	298,100		16,079,514
Quanex Corp. (b)	355,500		18,450,450
			34,529,964
Oil, Gas & Consumable Fuels—9.1%
Chesapeake Energy Corp. (b)	368,300		14,437,360
Consol Energy, Inc.	363,200		25,976,064
EOG Resources, Inc.	225,300		20,108,025
Massey Energy Co. (b)	600,900		21,482,175
Newfield Exploration Co. (a)	444,139		23,406,125

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Oil, Gas & Consumable Fuels—(Continued)
Plains Exploration & Production Co. (a) (b)	185,000	$	9,990,000
			115,399,749
Personal Products—1.6%
Bare Escentuals, Inc. (a) (b)	846,200		20,520,350
Pharmaceuticals—3.8%
Endo Pharmaceuticals Holdings, Inc. (a)	411,200		10,966,704
Forest Laboratories, Inc. (a)	166,100		6,054,345
Medicis Pharmaceutical Corp. (a) (b)	484,900		12,592,853
Shire, Plc. (ADR) (b)	279,300		19,257,735
			48,871,637
Semiconductors & Semiconductor Equipment—3.2%
Broadcom Corp. (a)	396,800		10,372,352
Intersil Corp.	451,300		11,047,824
Lam Research Corp. (a)	143,317		6,195,594
PMC-Sierra, Inc. (a) (b)	2,030,790		13,281,366
			40,897,136
Software—7.8%
ACI Worldwide, Inc. (a) (b)	474,400		9,032,576
Activision, Inc. (a)	263,400		7,822,980
Adobe Systems, Inc. (a)	626,640		26,776,327
Amdocs, Ltd. (a)	470,250		16,209,518
Intuit, Inc. (a)	204,600		6,467,406
Jack Henry & Associates, Inc. (b)	495,400		12,058,036
MICROS Systems, Inc. (a)	296,100		20,774,376
			99,141,219
Specialty Retail—4.4%
GameStop Corp. (Class A) (a)	592,700		36,812,597
TJX Cos., Inc.	655,400		18,829,642
			55,642,239
Textiles, Apparel & Luxury Goods—0.6%
Phillips-Van Heusen Corp.	210,900		7,773,774
Wireless Telecommunication Services—1.4%
American Tower Corp. (Class A) (a)	413,227		17,603,470
Total Common Stock (Identified Cost $988,221,356)			1,233,152,640
Units—0.9%
Capital Markets—0.9%
AllianceBernstein Holding, L.P. (b)	144,200		10,851,050
Total Units (Identified Cost $12,865,849)			10,851,050

Short Term Investments—17.5%
Security Description	Face Amount/ Shares		Value*
Discount Notes—2.3%
Federal Home Loan Bank 4.150%, 01/11/08	$	19,333,000	$	19,318,232
4.150%, 01/14/08		9,700,000		9,688,616
				29,006,848
Mutual Funds—15.2%
State Street Navigator Securities Lending Prime Portfolio (d)		193,153,898		193,153,898
Total Short Term Investments (Identified Cost $222,160,746)				222,160,746
Total Investments—115.3% (Identified Cost $1,223,247,951) (e)				1,466,164,436
Liabilities in excess of other assets				(194,167,959	)
Total Net Assets—100%			$	1,271,996,477

(a) Non-Income Producing.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $191,842,361 and the collateral received consisted of cash in the amount of $193,153,898 and non cash collateral with a value of $4,693,182. 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.

(c) Zero Valued Security.

(d) Represents investment of cash collateral received from securities lending transactions.

(e) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,223,277,407 and the composition of unrealized appreciation and depreciation of investment securities was $307,147,934 and $(64,260,905), respectively.

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

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	1,466,164,436
Receivable for:
Fund shares sold				206,986
Accrued interest and dividends				293,468
Foreign taxes				18
Total Assets				1,466,664,908
Liabilities
Payable for:
Fund shares redeemed	$	550,352
Withholding taxes		3,185
Collateral for securities loaned		193,153,898
Due to custodian bank		111,701
Accrued expenses:
Management fees		764,665
Service and distribution fees		34,543
Other expenses		50,087
Total Liabilities				194,668,431
Net Assets			$	1,271,996,477
Net assets consists of:
Capital paid in			$	1,383,716,923
Accumulated net realized losses				(354,636,931	)
Unrealized appreciation on investments				242,916,485
Net Assets			$	1,271,996,477
Computation of offering price:
Class A
Net asset value and redemption price per share ($937,655,136 divided by 32,459,575 shares outstanding)			$	28.89
Class B
Net asset value and redemption price per share ($45,242,801 divided by 1,644,427 shares outstanding)			$	27.51
Class D
Net asset value and redemption price per share ($268,927,920 divided by 9,382,887 shares outstanding)			$	28.66
Class E
Net asset value and redemption price per share ($20,170,620 divided by 704,204 shares outstanding)			$	28.64
(a) Identified cost of investments			$	1,223,247,951

(b) Includes cash collateral for securities loaned of $193,153,898.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	4,661,657	(a)
Interest					1,514,399	(b)
					6,176,056
Expenses
Management fees	$	8,765,974
Service and distribution fees—Class B		75,946
Service and distribution fees—Class D		270,773
Service and distribution fees—Class E		25,313
Directors’ fees and expenses		23,669
Custodian		102,094
Audit and tax services		31,739
Legal		13,679
Printing		365,749
Insurance		13,682
Miscellaneous		5,322
Total expenses		9,693,940
Expense reductions		(151,402	)		9,542,538
Net Investment Loss					(3,366,482	)
Realized and Unrealized Gain
Realized gain on:
Investments—net					137,208,639
Change in unrealized appreciation on:
Investments—net					94,696,186
Net gain					231,904,825
Net Increase in Net Assets From Operations				$	228,538,343

(a) Net of foreign taxes of $23,458.

(b) Includes net income on securities loaned of $392,874.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment loss	$	(3,366,482	)	$	(3,482,278	)
Net realized gain		137,208,639			149,589,198
Unrealized appreciation (depreciation)		94,696,186			(90,804,620	)
Increase in net assets from operations		228,538,343			55,302,300
Increase (decrease) in net assets from capital share transactions		(145,603,986	)		165,794,896
Total increase in net assets		82,934,357			221,097,196
Net Assets
Beginning of the period		1,189,062,120			967,964,924
End of the period	$	1,271,996,477		$	1,189,062,120

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	2,125,807		$	56,726,170		2,769,960		$	64,053,615
Redemptions	(6,434,262	)		(170,180,611	)	(7,807,106	)		(180,666,319	)
Net decrease	(4,308,455	)	$	(113,454,441	)	(5,037,146	)	$	(116,612,704	)
Class B
Sales	1,107,249		$	28,952,558		736,878		$	16,153,676
Redemptions	(408,530	)		(10,419,375	)	(338,527	)		(7,544,279	)
Net increase	698,719		$	18,533,183		398,351		$	8,609,397
Class D
Sales	468,353		$	12,656,593		480,560		$	11,117,841
Shares issued through acquisition	0			0		13,830,963			333,602,824
Redemptions	(2,438,024	)		(64,215,232	)	(2,958,965	)		(68,527,661	)
Net increase (decrease)	(1,969,671	)	$	(51,558,639	)	11,352,558		$	276,193,004
Class E
Sales	205,002		$	5,675,736		153,720		$	3,523,213
Redemptions	(186,065	)		(4,799,825	)	(259,103	)		(5,918,014	)
Net increase (decrease)	18,937		$	875,911		(105,383	)	$	(2,394,801	)
Increase (decrease) derived from capital share transactions			$	(145,603,986	)			$	165,794,896

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	23.96		$	22.45		$	20.28		$	17.95		$	12.75
Income From Investment Operations
Net investment loss		(0.06	)(a)		(0.07	)		(0.07	)		(0.07	)		(0.06	)
Net realized and unrealized gain on investments		4.99			1.58			2.24			2.40			5.26
Total from investment operations		4.93			1.51			2.17			2.33			5.20
Net Asset Value, End of Period	$	28.89		$	23.96		$	22.45		$	20.28		$	17.95
Total Return (%)		20.6			6.7			10.7			13.0			40.8
Ratio of operating expenses to average net assets before expense reductions (%)		0.76			0.79			0.79			0.79			0.81
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.74			0.77			0.77			0.78			0.79
Ratio of net investment loss to average net assets (%)		(0.24	)		(0.29	)		(0.33	)		(0.38	)		(0.38	)
Portfolio turnover rate (%)		49			91			71			95			98
Net assets, end of period (000)	$	937,655		$	880,965		$	938,550		$	954,736		$	926,897

	Class B
	Year ended December 31,
	2007			2006			2005			2004(c)
Net Asset Value, Beginning of Period	$	22.88		$	21.49		$	19.46		$	18.12
Income From Investment Operations
Net investment loss		(0.12	)(a)		(0.09	)		(0.08	)		(0.03	)
Net realized and unrealized gain on investments		4.75			1.48			2.11			1.37
Total from investment operations		4.63			1.39			2.03			1.34
Net Asset Value, End of Period	$	27.51		$	22.88		$	21.49		$	19.46
Total Return (%)		20.2			6.5			10.4			7.4	(d)
Ratio of operating expenses to average net assets before expense reductions (%)		1.01			1.04			1.04			1.04	(e)
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.99			1.02			1.01			1.03	(e)
Ratio of net investment loss to average net assets (%)		(0.48	)		(0.53	)		(0.56	)		(0.56	)(e)
Portfolio turnover rate (%)		49			91			71			95
Net assets, end of period (000)	$	45,243		$	21,634		$	11,761		$	4,165

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was April 26, 2004 and May 2, 2006 for Classes B and D, respectively.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Financial Highlights

	Class D
	Year ended December 31,
	2007			2006(c)
Net Asset Value, Beginning of Period	$	23.80		$	24.12
Income From Investment Operations
Net investment loss		(0.09	)(a)		(0.06	)
Net realized and unrealized gain (loss) of investments		4.95			(0.26	)
Total from investment operations		4.86			(0.32	)
Net Asset Value, End of Period	$	28.66		$	23.80
Total Return (%)		20.4			(1.3	)(d)
Ratio of operating expenses to average net assets before expense reductions (%)		0.86			0.89	(e)
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.84			0.87	(e)
Ratio of net investment loss to average net assets (%)		(0.34	)		(0.36	)(e)
Portfolio turnover rate (%)		49			91
Net assets, end of period (000)	$	268,928		$	270,158

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	23.79		$	22.33		$	20.20		$	17.90		$	12.74
Income From Investment Operations
Net investment loss		(0.10	)(a)		(0.12	)		(0.11	)		(0.09	)		(0.04	)
Net realized and unrealized gain on investments		4.95			1.58			2.24			2.39			5.20
Total from investment operations		4.85			1.46			2.13			2.30			5.16
Net Asset Value, End of Period	$	28.64		$	23.79		$	22.33		$	20.20		$	17.90
Total Return (%)		20.4			6.5			10.5			12.8			40.6
Ratio of operating expenses to average net assets before expense reductions (%)		0.91			0.94			0.94			0.94			0.96
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.89			0.92			0.92			0.93			0.94
Ratio of net investment loss to average net assets (%)		(0.39	)		(0.44	)		(0.48	)		(0.52	)		(0.52	)
Portfolio turnover rate (%)		49			91			71			95			98
Net assets, end of period (000)	$	20,171		$	16,305		$	17,653		$	17,893		$	11,286

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was April 26, 2004 and May 2, 2006 for Classes B and D, respectively.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The BlackRock Aggressive Growth Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B, Class D and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B, Class D and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

MSF-13

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/08		Expiring 12/31/09		Expiring 12/31/10		Total
$	82,277,708	$	227,553,754	$	44,776,015	$	354,607,477

The utilization of the capital loss carryforward acquired as part of a merger may be limited under section 382 of the Internal Revenue Code.

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain	Unrealized Appreciation		Loss Carryforwards			Total
$—	$—	$	242,887,029	$	(354,607,477	)	$	(111,720,448	)

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases				Sales
U.S. Government		Other		U.S. Government		Other
$	0	$	591,672,850	$	0	$	756,284,950

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	8,765,974	0.750%	Of the first $500 million
		0.700%	Of the next $500 million
		0.650%	On amounts in excess of $1 billion

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

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

MSF-14

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D and E shares. Under the Distribution and Service Plan, the Class B, D and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B, D and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares, 0.10% per year for Class D shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Aggressive Growth Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five year in the period ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the BlackRock Aggressive Growth Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, and the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five year in the period ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-16

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-18

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

MSF-19

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

MSF-20

Metropolitan Series Fund, Inc.

BlackRock Aggressive Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-21

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-22

Metropolitan Series Fund, Inc. BlackRock Bond Income Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the BlackRock Bond Income Portfolio returned 6.3%, compared to its benchmark, the Lehman Brothers Aggregate Bond Index¹, which returned 7.0%. The average return of its peer group, the Lipper Variable Insurance Products Corporate Debt A Rated Funds Universe², was 5.1% over the same period.

PORTFOLIO REVIEW

When 2007 began, it looked as if it would be a year similar to the previous few. The market had a nearly insatiable appetite for risk of any type. While rewarding risk was becoming the market norm, we felt investors were not being adequately compensated. We moved to a corporate underweight as we judged spreads had become too tight, trading at historically thin levels. We subsequently moved into high-quality agency mortgage-backed securities (MBS), which were still expensive, but we believed they offered better risk-adjusted returns. The markets would soon realize that 2007 would be nothing like the previous few years.

As the first quarter came to an end, the first signs of trouble were beginning to emerge in the subprime mortgage market. This occurred on the heels of a large round of leveraged buyout (LBO) activity, which already had markets weary of the new-issue supply that was building. As data emerged pointing to a slowing housing market and defaults began to rise in subprime, the market’s once insatiable appetite for risk was satisfied. Investors went on strike and bids were nowhere to be found. Spreads retreated from their tight levels rapidly as hedge funds, which owned much of the subprime mortgages in the form of collateralized debt obligations (CDOs), became forced sellers to meet margin calls and investor redemptions. Unable to sell their illiquid, lower quality holdings and in need of cash, hedge funds dumped high-quality products, spreading the pain to other sectors which were fundamentally safe. This had a big impact on the Portfolio.

Driving Portfolio performance versus the benchmark, the Lehman Brothers Aggregate Bond Index, on the positive side was an underweight exposure to corporate bonds, and successful security selection within the corporate sector. In addition, we had positioned the Portfolio for a steeper yield curve in the second half of the year, a move that proved advantageous as short-term rates fell more than long-term rates and the curve steepened. An underweight in agency debentures benefited the Portfolio as well.

One of the largest detractors from performance was our overweight position in high-quality spread assets, particularly AAA-rated commercial mortgage-backed securities (CMBS), as well as agency mortgage pass-throughs, asset-backed securities (ABS), and other mortgage-related products. Despite their high quality, these assets suffered amid fallout from the subprime mortgage scare. Generalized concerns over the mortgage market, coupled with lack of liquidity and the liquidation by investors of all mortgage-related assets, caused the underperformance. Our exposure to European government bonds also hindered the Portfolio’s relative results for the year.

At year-end, the Portfolio was underweight in U.S. Treasury issues and U.S. agency securities. As spreads on high-quality corporate paper reached levels not seen since 2003, creating attractive relative value opportunities, we reduced our underweight to the corporate sector. The Portfolio maintained its notable overweights in high-quality, short-duration spread products, including mortgage pass-through securities, CMBS and ABS. We also held a modest weighting in high yield and emerging market debt issues. We continued to tactically trade both duration and curve positioning and the Portfolio ended the year with a modestly short duration position versus the benchmark, which was primarily attributable to the five-year part of the curve.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

A $10,000 INVESTMENT COMPARED TO

THE LEHMAN BROTHERS AGGREGATE BOND INDEX

Average Annual Returns as of December 31, 2007

	BlackRock Bond Income Portfolio						Lehman Brothers Aggregate Bond Index
	Class A		Class B		Class E
1 Year	6.3	%	6.0	%	6.1	%	7.0	%
5 Year	4.7		4.4		4.5		4.4
10 Year	5.7		—		—		6.0
Since Inception	—		5.3		5.2		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 8/26/83, 5/1/01 and 4/23/02, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Federal National Mortgage Association	41.1%
Federal Home Loan Mortgage Corp.	19.7%
Government National Mortgage Association	5.8%
Lehman Brothers Holdings, Inc.	4.5%
Bank of America Corp.	4.0%
Wachovia Corp.	3.5%
JPMorgan Commercial Mortgage Finance Corp.	3.0%
Morgan Stanley Capital I	2.5%
Citigroup/Deutsche Bank Commercial Mortgage Trust	2.3%
General Electric Capital Corp.	2.1%

Top Sectors

	% of Market Value
Mortgage	46.1%
Investment Grade Corporates	23.7%
Commercial Mortgage-Backed	20.2%
Asset Backed	3.0%
Agency Issues	2.4%
High Yield Corporates	1.5%
Non-Dollar	1.2%
U.S. Treasury	1.1%
Other	0.5%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
BlackRock Bond Income—Class A(a)	Actual	0.43	%	$	1,000.00	$	1,058.60	$	2.23
	Hypothetical	0.43	%	$	1,000.00	$	1,023.02	$	2.19
BlackRock Bond Income—Class B(a)	Actual	0.68	%	$	1,000.00	$	1,057.30	$	3.53
	Hypothetical	0.68	%	$	1,000.00	$	1,021.74	$	3.47
BlackRock Bond Income—Class E(a)	Actual	0.58	%	$	1,000.00	$	1,057.90	$	3.01
	Hypothetical	0.58	%	$	1,000.00	$	1,022.25	$	2.96

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—118.0% of Total Net Assets

Security Description	Face Amount		Value*
Aerospace & Defense—0.1%
L-3 Communications Corp. 6.375%, 10/15/15	$	650,000	$	640,250
Northrop Grumman Corp. 7.125%, 02/15/11		1,000,000		1,065,746
				1,705,996
Asset Backed—2.7%
Ares VIII CLO, Ltd. (144A) 7.665%, 02/26/16 (a)		1,600,000		1,563,520
BA Master Credit Card Trust 7.000%, 02/15/12		1,125,000		1,177,998
Bank One Issuance Trust 5.138%, 12/15/10 (a)		2,000,000		2,000,643
Capital Auto Receivables Asset Trust 4.050%, 07/15/09 (a)		1,772,744		1,771,143
Capital One Multi-Asset Execution Trust 5.208%, 09/15/11 (a)		1,000,000		1,000,174
Capital Transition Funding, LLC 5.010%, 01/15/10		1,123,043		1,123,159
Centex Home Equity Loan Trust 6.915%, 12/25/32 (a)		714,659		470,293
Chase Funding Mortgage Loan Asset-Backed Certificates 5.833%, 04/25/32 (a)		1,616,208		1,612,008
Chase Issuance Trust 4.230%, 01/15/13 (a)		2,115,000		2,116,889
5.120%, 10/15/14		10,100,000		10,344,279
Chase Manhattan Auto Owner Trust 5.340%, 07/15/10		10,266,102		10,305,474
Hedged Mutual Fund Fee Trust (144A) 5.220%, 11/30/10 (a)		59,573		58,978
Knollwood CDO, Ltd. (144A) 8.322%, 02/08/39 (a)		563,417		5,634
Option One Mortgage Loan Trust 5.990%, 01/25/33 (a)		452,997		447,563
Structured Asset Investment Loan Trust 6.815%, 04/25/33 (a)		191,248		64,412
7.790%, 04/25/33 (a)		59,325		38,038
Wachovia Auto Owner Trust 5.380%, 03/20/13		8,900,000		9,025,326
				43,125,531
Automobiles—0.3%
DaimlerChrysler N.A. Holding Corp. 7.300%, 01/15/12		3,800,000		4,051,229
Biotechnology—0.0%
Bio-Rad Laboratories, Inc. 7.500%, 08/15/13		585,000		590,850
Capital Markets—4.2%
Credit Suisse USA, Inc. 3.875%, 01/15/09		3,600,000		3,570,062
6.125%, 11/15/11		1,600,000		1,664,866

Security Description	Face Amount		Value*
Capital Markets—(Continued)
Lehman Brothers Holdings, Inc. 4.800%, 03/13/14	$	3,700,000	$	3,443,579
5.170%, 05/25/10 (a)		9,300,000		8,939,867
6.750%, 12/28/17		4,775,000		4,921,588
7.000%, 09/27/27		3,350,000		3,400,093
Morgan Stanley 5.050%, 01/21/11		6,800,000		6,799,238
5.550%, 04/27/17		2,140,000		2,086,859
5.625%, 01/09/12		2,890,000		2,939,844
6.250%, 08/28/17 (b)		9,650,000		9,810,219
The Bear Stearns Cos., Inc. 5.599%, 07/19/10 (a)		2,040,000		1,917,174
6.400%, 10/02/17		2,875,000		2,777,710
6.950%, 08/10/12		5,575,000		5,732,215
The Goldman Sachs Group, Inc. 5.250%, 10/15/13		10,015,000		10,018,435
				68,021,749
Chemicals—0.1%
Momentive Performance Materials, Inc. (144A) 10.125%, 12/01/14 (b)		895,000		818,925
Commercial Banks—2.6%
Barclays Bank, Plc. 7.434%, 09/29/49 (a) (b)		3,755,000		3,902,012
HSBC Bank USA, N.A. 5.875%, 11/01/34		2,300,000		2,110,653
JPMorgan Chase Bank, N.A. 6.000%, 07/05/17		6,325,000		6,404,840
Royal Bank of Scotland Group, Plc. 5.050%, 01/08/15 (b)		2,300,000		2,243,379
Royal Bank of Scotland Group, Plc. (144A) 6.990%, 10/29/49 (a)		4,650,000		4,636,013
The Bank of New York 3.800%, 02/01/08		1,250,000		1,249,570
U.S. Bank, N.A. 4.950%, 10/30/14		2,300,000		2,242,783
UBS AG Stamford Branch 5.875%, 12/20/17		7,760,000		7,814,669
Wachovia Bank, N.A. 6.600%, 01/15/38		6,750,000		6,783,885
Wells Fargo & Co. 4.200%, 01/15/10		1,335,000		1,326,565
4.625%, 08/09/10		2,765,000		2,767,143
4.875%, 01/12/11 (b)		940,000		952,637
				42,434,149
Commercial Mortgage-Backed Securities—25.3%
Banc of America Alternative Loan Trust 5.500%, 10/25/35		9,668,173		9,585,792
Banc of America Commercial Mortgage, Inc. 4.621%, 07/10/43		5,225,000		5,102,485
4.870%, 12/10/42 (a)		8,450,000		7,913,327
5.356%, 12/10/16		8,305,000		8,324,525
6.186%, 06/11/35		5,530,000		5,797,959

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
Banc of America Commercial Mortgage, Inc.
7.333%, 10/15/09	$	6,315,000	$	6,527,611
Bear Stearns Commercial Mortgage Securities, Inc. 4.361%, 06/11/41		3,521,753		3,502,180
5.694%, 06/11/50 (a)		7,350,000		7,504,873
5.742%, 09/11/42		8,775,000		8,989,150
Chase Commerical Mortgage Securities Corp. 7.319%, 10/15/32		2,370,000		2,497,899
Citigroup Mortgage Loan Trust, Inc. 5.700%, 06/10/17 (a)		3,975,000		3,985,533
5.767%, 03/25/37 (a)		12,840,294		12,946,536
Citigroup/Deutsche Bank Commercial Mortgage Trust 5.886%, 11/15/44		4,050,000		4,185,128
CitiMortgage Alternative Loan Trust 6.000%, 10/25/37		10,403,241		10,357,726
Cobalt Commercial Mortgage Trust 5.820%, 05/15/46 (a)		5,700,000		5,902,388
Commercial Mortgage Pass Through Certificates 5.167%, 06/10/44 (a)		7,050,000		6,957,737
5.816%, 12/10/49 (a)		11,120,000		11,523,803
Commercial Mortgage Trust 5.736%, 12/10/49		8,825,000		9,039,106
Countrywide Alternative Loan Trust 4.955%, 11/25/36 (a)		2,403,744		2,363,791
Countrywide Home Loan Mortgage Pass Through Trust 6.500%, 10/25/37		6,430,991		6,518,922
CS First Boston Mortgage Securities Corp. 3.936%, 05/15/38 (a)		10,000,000		9,543,971
4.889%, 11/15/37 (a)		2,220,000		2,077,179
4.940%, 12/15/35		7,295,000		7,302,769
DLJ Commercial Mortgage Corp. 7.180%, 11/10/33		6,038,490		6,361,343
First Union National Bank Commercial Mortgage Trust 7.390%, 12/15/31		9,175,556		9,551,000
First Union National Bank Commercial Mortgage Trust (144A) 7.793%, 12/15/31 (a)		9,412,000		9,930,204
GE Capital Commercial Mortgage Corp. 4.578%, 06/10/48		5,200,000		5,093,985
GMAC Commercial Mortgage Securities, Inc. 5.134%, 08/10/38 (a)		3,000,000		3,028,125
6.465%, 04/15/34		6,492,591		6,783,172
6.957%, 09/15/35		7,345,000		7,754,333
7.455%, 08/16/33		4,587,220		4,836,548
GSR Mortgage Loan Trust 5.251%, 11/25/35 (a)		5,312,223		5,129,532
Harborview Mortgage Loan Trust 5.135%, 12/19/36 (a)		9,772,331		9,216,212
5.275%, 11/19/35 (a)		3,526,833		3,300,969
JPMorgan Chase Commercial Mortgage Securities Corp. 4.922%, 01/15/42 (a)		8,600,000		8,062,728

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
4.996%, 08/15/42 (a)	$	2,300,000	$	2,240,975
4.999%, 10/15/42 (a)		2,580,000		2,466,658
5.432%, 08/25/35 (a)		3,513,044		3,415,838
5.804%, 06/15/49 (a)		3,825,000		3,909,560
5.827%, 02/15/51 (a)		3,125,000		3,188,295
5.857%, 10/12/35		5,710,000		5,913,623
JPMorgan Commercial Mortgage Finance Corp. 6.507%, 10/15/35		2,173,632		2,184,414
LB-UBS Commercial Mortgage Trust 4.071%, 09/15/26		2,883,707		2,854,825
4.559%, 07/17/12 (a)		4,075,000		4,061,939
4.806%, 02/15/40 (a)		3,600,000		3,272,902
5.205%, 04/15/30 (a)		3,575,000		3,333,755
5.430%, 02/17/40 (a)		16,920,000		16,994,563
5.642%, 12/15/25		4,434,636		4,490,661
5.866%, 09/15/45		8,820,000		9,123,337
7.950%, 05/15/25 (a)		5,394,006		5,696,058
LB-UBS Commercial Mortgage Trust (144A) 6.155%, 07/14/16		2,118,332		2,180,232
Merrill Lynch First Franklin Mortgage Loan Trust 4.985%, 04/25/37 (a)		5,229,337		5,064,024
Morgan Stanley Capital I 5.633%, 04/12/49 (a)		1,390,000		1,412,003
5.651%, 06/11/42 (a)		10,415,000		10,686,256
5.809%, 12/12/49		5,345,000		5,467,500
6.210%, 11/15/31		1,127,731		1,131,052
Mortgage Capital Funding, Inc. 6.423%, 06/18/30		1,830,701		1,827,617
NationsLink Funding Corp. 6.795%, 08/20/30		1,325,000		1,331,922
Nomura Asset Securities Corp. 6.590%, 03/15/30		2,226,822		2,231,991
Salomon Brothers Mortgage Securities VII, Inc. 6.499%, 10/13/11		5,860,000		6,159,616
6.592%, 12/18/33		5,750,000		5,978,656
TIAA Seasoned Commercial Mortgage Trust 6.097%, 08/15/39 (a)		3,755,000		3,866,965
Wachovia Bank Commercial Mortgage Trust 4.935%, 04/15/42		4,950,000		4,793,878
5.742%, 05/15/43 (a)		9,000,000		9,298,709
5.803%, 05/15/46		7,055,000		7,195,197
5.903%, 02/15/51 (a)		4,300,000		4,489,740
WaMu Commercial Mortgage Securities Trust (144A) 5.150%, 05/25/36		7,380,000		7,384,660
Washington Mutual, Inc. 3.423%, 04/25/33 (a)		3,688,672		3,687,956
3.695%, 05/25/33 (a)		4,344,046		4,330,166
4.494%, 06/25/33 (a)		1,146,142		1,069,889
Wells Fargo Mortgage Backed Securities Trust 5.773%, 04/25/36 (a)		2,903,000		2,858,162
6.101%, 09/25/36 (a)		3,759,504		3,764,808
				406,856,943

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Computers & Peripherals—0.2%
IBM Corp. 5.700%, 09/14/17	$	3,185,000	$	3,292,532
Consumer Finance—0.4%
SLM Corp. 5.244%, 07/26/10 (a)		5,145,000		4,735,823
5.400%, 10/25/11		2,470,000		2,251,148
				6,986,971
Containers & Packaging—0.1%
Ball Corp. 6.875%, 12/15/12		815,000		827,225
Diversified Financial Services—6.8%
AES Ironwood, LLC 8.857%, 11/30/25		176,399		193,157
AES Red Oak, LLC 9.200%, 11/30/29		85,000		94,350
AIG SunAmerica Global Financing VII (144A) 5.850%, 08/01/08		2,900,000		2,907,824
Anadarko Finance Co. 6.750%, 05/01/11		1,900,000		2,008,897
Atlantic Marine Corps Communities, LLC (144A) 5.343%, 12/01/50		150,000		136,925
Bank of America Corp. 5.300%, 03/15/17		625,000		607,735
5.375%, 06/15/14 (b)		3,100,000		3,132,181
5.750%, 12/01/17		11,245,000		11,270,796
6.000%, 09/01/17		2,550,000		2,605,264
6.100%, 06/15/17		3,425,000		3,500,312
Belvoir Land, LLC (144A) 5.270%, 12/15/47		900,000		797,994
Citigroup Capital XXI 8.300%, 12/21/57 (a)		5,125,000		5,351,479
Citigroup, Inc. 5.300%, 10/17/12		7,375,000		7,470,949
6.125%, 08/25/36		2,350,000		2,224,251
Compton Petroleum Finance Corp. 7.625%, 12/01/13 (b)		95,000		88,350
Credit Suisse Guernsey, Ltd. 5.860%, 05/29/49 (a)		5,320,000		4,762,453
Devon Financing Corp., U.L.C. 6.875%, 09/30/11		2,800,000		2,998,495
Gaz Capital for Gazprom (144A) 7.288%, 08/16/37		2,710,000		2,735,203
General Electric Capital Corp. 5.000%, 11/15/11 (b)		16,940,000		17,145,211
5.000%, 04/10/12		2,135,000		2,161,295
6.150%, 08/01/37		4,310,000		4,579,069
6.375%, 11/15/67 (a)		3,875,000		4,000,868
Goldman Sachs Capital II 5.793%, 12/29/49 (a)		2,435,000		2,167,941
Irwin Land, LLC (144A) 5.400%, 12/15/47		1,650,000		1,493,992

Security Description	Face Amount		Value*
Diversified Financial Services—(Continued)
JPMorgan Chase Capital 6.800%, 10/01/37	$	10,350,000	$	9,951,225
Mellon Capital 6.244%, 06/29/49 (a)		2,325,000		2,157,886
Nationwide Building Society (144A) 4.250%, 02/01/10		1,370,000		1,368,757
Petrobras International Finance Co. 5.875%, 03/01/18		1,295,000		1,287,877
Rabobank Capital Funding Trust (144A) 5.254%, 12/29/49 (a)		1,000,000		895,030
Sprint Capital Corp. 8.375%, 03/15/12		200,000		216,605
SunTrust Capital VIII 6.100%, 12/01/66 (a) (b)		2,025,000		1,685,248
Telecom Italia Capital S.A. 4.000%, 01/15/10		2,000,000		1,958,868
5.250%, 11/15/13		850,000		840,081
5.250%, 10/01/15		1,100,000		1,071,674
Wind Acquisition Finance S.A. (144A) 10.750%, 12/01/15		475,000		517,750
ZFS Finance USA Trust I (144A) 6.500%, 05/09/37 (a)		2,130,000		1,966,390
				108,352,382
Diversified Telecommunication Services—0.7%
AT&T, Inc. 6.500%, 09/01/37		7,275,000		7,607,307
Cincinnati Bell, Inc. 7.250%, 07/15/13		80,000		80,200
Qwest Communications International, Inc. 7.500%, 02/15/14		810,000		807,975
Qwest Communications International, Inc. (Series B) 7.500%, 02/15/14		350,000		349,125
Qwest Corp. 8.241%, 06/15/13 (a)		415,000		423,300
Windstream Corp. 8.125%, 08/01/13		1,030,000		1,066,050
8.625%, 08/01/16		440,000		462,000
				10,795,957
Electric Utilities—0.5%
Elwood Energy, LLC 8.159%, 07/05/26		220,835		220,761
Florida Power & Light Co. 5.625%, 04/01/34		475,000		459,964
MidAmerican Energy Holdings Co. 5.950%, 05/15/37		1,650,000		1,600,464
6.500%, 09/15/37		1,900,000		1,984,143
PECO Energy Co. 4.750%, 10/01/12 (b)		947,000		937,085
Texas Competitive Electric Holdings Co. LLC. 10.250%, 11/01/15 (b)		3,130,000		3,098,700
				8,301,117

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Energy Equipment & Services—0.1%
Colorado Interstate Gas Co. 6.800%, 11/15/15	$	145,000	$	150,939
Kinder Morgan Energy Partners, L.P. 5.125%, 11/15/14		1,000,000		974,349
Tennessee Gas Pipeline Co. 7.000%, 10/15/28 (b)		500,000		504,742
				1,630,030
Federal Agencies—65.2%
Federal Home Loan Mortgage Corp. 1.523%, 10/15/33 (a) (c)		87,591,041		7,950,885
4.500%, 05/01/18		6,695,110		6,589,301
4.500%, 03/01/19		104,110		102,330
4.500%, 05/01/19		1,887,239		1,855,503
4.500%, 07/01/19		1,390,270		1,366,497
4.500%, 12/01/19		1,904,893		1,872,320
4.500%, 08/01/20		4,085,415		4,015,555
4.776%, 03/01/35 (a)		9,982,243		9,983,039
5.000%, 03/15/18		4,200,000		4,195,917
5.000%, 04/01/18		4,287,971		4,298,530
5.000%, 12/01/18		1,663,159		1,667,256
5.000%, 11/01/20		16,695,656		16,712,034
5.000%, 02/01/36		969,245		946,305
5.000%, TBA		21,000,000		21,019,698
5.125%, 11/17/17 (b)		25,575,000		26,686,004
5.500%, 09/01/21		52,858,065		53,505,134
5.500%, 07/01/33		4,781,000		4,784,788
5.500%, TBA		58,400,000		58,272,221
5.686%, 01/01/37 (a)		7,310,852		7,423,993
6.000%, 03/15/29		6,596,457		6,696,589
6.000%, TBA		66,400,000		67,420,283
9.000%, 12/01/09		9,901		9,990
Federal National Mortgage Association 4.000%, 05/01/19		3,674,112		3,524,165
4.000%, 06/01/19		5,338,130		5,120,271
4.500%, 10/01/18		1,548,928		1,524,026
4.500%, 02/01/35		1,086,005		1,028,412
4.500%, 03/01/35		722,204		683,904
4.500%, 09/01/35		1,050,815		995,089
4.500%, 07/01/36		7,849,668		7,432,779
4.500%, TBA		21,100,000		20,763,708
5.000%, 01/01/18		1,249,867		1,252,877
5.000%, 06/01/18		1,928,386		1,933,207
5.000%, 01/01/21		9,772,496		9,796,928
5.000%, 06/01/23		2,264,939		2,235,344
5.000%, 01/01/26 (a)		7,760,125		7,779,526
5.000%, 09/01/33		76,106,250		74,371,333
5.000%, 11/01/33		10,172,815		9,940,916
5.000%, 04/01/34		18,170,301		17,749,028
5.000%, 04/25/35		2,911,597		2,935,761
5.000%, 07/01/35		397,685		388,249
5.000%, 12/01/35		3,691,090		3,603,509
5.000%, 05/01/36		65,037,168		63,493,995
5.000%, 07/01/36 (c)		16,507,138		3,513,534
5.125%, 01/02/14 (b)		7,600,000		7,871,236

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
5.250%, 08/01/12	$	3,100,000	$	3,222,416
5.370%, 05/01/37 (a)		7,721,494		7,810,973
5.500%, 04/01/17		123,627		125,496
5.500%, 05/01/19		31,569,138		32,046,445
5.500%, 08/01/19		16,299		16,527
5.500%, 03/01/20		519,524		526,456
5.500%, 05/01/20		127,925		129,632
5.500%, 06/01/20		1,583,188		1,607,125
5.500%, 10/01/20		405,645		411,057
5.500%, 02/01/21		109,473		110,934
5.500%, 03/01/21		690,591		699,630
5.500%, 01/01/24		1,264,063		1,271,998
5.500%, 06/25/28		2,281,433		2,307,992
5.500%, 04/01/33		2,947,236		2,949,421
5.500%, 11/01/33		2,884,813		2,886,953
5.500%, 02/01/34		9,319,504		9,326,414
5.500%, 04/01/34		26,225,237		26,257,304
5.500%, 11/01/34		4,484,874		4,485,122
5.500%, 02/01/35		14,855,882		14,882,331
5.500%, 06/01/35		2,648,881		2,647,265
5.500%, 08/01/35		7,295,949		7,293,234
5.500%, 11/01/35 (c)		8,378,404		2,027,463
5.500%, 11/01/35		1,892,042		1,890,887
5.500%, 12/01/35		12,114,785		12,107,395
5.500%, 01/01/36		56,733,395		56,698,788
5.500%, 01/25/36 (c)		7,639,041		1,850,867
5.500%, 06/01/36		207,040		206,816
5.500%, 12/01/36 (a)		32,586,597		32,544,589
6.000%, 04/01/16		659,109		675,592
6.000%, 03/25/27		8,111,057		8,219,599
6.000%, 02/01/34		2,990,404		3,042,708
6.000%, 08/01/34		2,495,121		2,538,762
6.000%, 04/01/35		15,300,901		15,588,388
6.000%, 05/01/36		109,159		110,872
6.000%, 06/01/36		8,330,665		8,461,403
6.000%, 09/01/36		10,095,319		10,253,751
6.000%, 04/01/37		112,890		114,646
6.000%, 08/01/37		2,953,260		2,999,209
6.000%, 09/01/37		2,669,002		2,688,109
6.000%, TBA		24,600,000		24,976,675
6.500%, 07/01/14		176,694		183,117
6.500%, 04/01/17		2,775,321		2,870,977
6.500%, 11/01/27		203,126		211,030
6.500%, 12/01/29 (a)		1,298,359		1,348,101
6.500%, 03/01/36		603,705		620,635
6.500%, 08/01/36		2,434,193		2,502,455
6.500%, 09/01/36		2,164,504		2,225,202
6.500%, TBA		78,700,000		80,888,804
7.750%, 03/01/08		112		112
8.250%, 07/01/08		3,013		3,038
8.500%, 02/01/09		5,818		5,878
8.500%, 09/01/09		495		503
9.000%, 04/01/16		2,073		2,141
Government National Mortgage Association 5.000%, 10/20/33		8,159,002		7,970,737
5.500%, 04/15/33		398,348		401,461

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Government National Mortgage Association
5.500%, TBA	$	7,000,000	$	7,025,157
6.000%, 09/20/33		1,266,181		1,293,579
6.000%, 10/20/33		2,076,452		2,126,757
6.000%, 11/20/33		2,838,691		2,900,116
6.000%, TBA		67,400,000		68,737,472
6.500%, 07/15/28		109,309		113,453
6.500%, 05/15/29		218,948		227,243
6.500%, 12/15/29		4,314		4,477
6.500%, 07/15/32		70,161		72,740
6.500%, 02/15/33		636,475		659,494
6.500%, 04/15/33		268,138		277,835
6.500%, 09/15/34		27,475		28,443
6.500%, 07/15/35		416,059		430,377
7.500%, 12/15/14		265,318		277,814
8.000%, 11/15/29		47,092		50,955
8.500%, 01/15/17		11,259		12,195
8.500%, 02/15/17		11,756		12,733
8.500%, 03/15/17		8,473		9,177
8.500%, 05/15/17		13,487		14,609
8.500%, 10/15/21		1,763		1,918
8.500%, 11/15/21		4,295		4,673
8.500%, 05/15/22		3,428		3,734
9.000%, 10/15/16		7,706		8,295
				1,046,850,650
Food & Staples Retailing—0.1%
Delhaize America, Inc. 9.000%, 04/15/31		1,000,000		1,156,176
Food Products—0.6%
Kraft Foods, Inc. 6.125%, 02/01/18		5,925,000		5,970,297
6.500%, 08/11/17 (a)		2,855,000		2,953,629
				8,923,926
Foreign Government—2.7%
Argentina Government International Bond 5.475%, 08/03/12 (a)		5,250,000		2,966,250
Colombia Government International Bond 7.375%, 09/18/37 (b)		2,525,000		2,809,063
Emirate of Abu Dhabi (144A) 5.500%, 08/02/12		11,600,000		11,930,159
Federal Republic of Germany 4.250%, 07/04/39 (EUR)		2,100,000		2,891,949
Israel Government AID Bond 5.500%, 12/04/23		4,725,000		5,087,785
Japan 15 Year Government Bond 1.170%, 11/20/21 (JPY) (a)		1,893,000,000		16,892,558
Peruvian Government International Bond 6.550%, 03/14/37		1,325,000		1,384,625
				43,962,389
Health Care Providers & Services—0.1%
WellPoint, Inc. 5.950%, 12/15/34		1,750,000		1,647,275

Security Description	Face Amount		Value*
Independent Power Producers & Energy Traders—0.0%
NRG Energy, Inc. 7.375%, 02/01/16	$	275,000	$	268,125
Insurance—1.0%
Berkshire Hathaway Finance Corp. 4.125%, 01/15/10		3,170,000		3,181,447
4.750%, 05/15/12		2,100,000		2,126,328
4.938%, 05/16/08 (a)		1,000,000		1,000,504
Chubb Corp. 6.375%, 03/29/67 (a)		2,775,000		2,706,768
Lincoln National Corp. 7.000%, 05/17/66 (a)		1,735,000		1,741,980
The Progressive Corp. 6.700%, 06/15/37 (a)		2,640,000		2,450,894
The Travelers Cos., Inc. 6.250%, 03/15/67 (a)		3,075,000		2,883,695
				16,091,616
Media—1.5%
Comcast Cable Communications Holdings, Inc. 8.375%, 03/15/13		1,330,000		1,492,104
Comcast Cable Communications, LLC 8.500%, 05/01/27		2,400,000		2,889,970
Comcast Corp. 6.500%, 01/15/17		1,200,000		1,251,182
6.950%, 08/15/37		4,250,000		4,586,906
7.050%, 03/15/33		1,775,000		1,938,946
COX Communications, Inc. 7.125%, 10/01/12		4,600,000		4,905,767
CSC Holdings, Inc. 8.125%, 07/15/09		350,000		355,688
Idearc, Inc. 8.000%, 11/15/16		800,000		734,000
News America, Inc. 6.200%, 12/15/34		1,500,000		1,478,685
Time Warner Cable, Inc. 5.850%, 05/01/17		3,975,000		3,984,810
Time Warner Entertainment Co., L.P. 8.375%, 03/15/23		590,000		694,958
				24,313,016
Metals & Mining—0.3%
Freeport-McMoRan Copper & Gold, Inc. 8.250%, 04/01/15		1,250,000		1,325,000
8.375%, 04/01/17		2,410,000		2,584,725
Ispat Inland, U.L.C. 9.750%, 04/01/14		235,000		254,614
				4,164,339
Office Electronics—0.1%
Xerox Corp. 6.875%, 08/15/11		1,450,000		1,516,887

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Oil, Gas & Consumable Fuels—0.8%
Anadarko Petroleum Corp. 5.950%, 09/15/16	$	2,900,000	$	2,952,867
6.450%, 09/15/36		3,005,000		3,060,100
Enterprise Products Operating, L.P. 4.950%, 06/01/10		25,000		25,017
KCS Energy, Inc. 7.125%, 04/01/12		105,000		101,062
Newfield Exploration Co. 6.625%, 09/01/14 (b)		590,000		584,100
6.625%, 04/15/16		555,000		543,900
Sabine Pass LNG, L.P. 7.500%, 11/30/16		1,900,000		1,814,500
Transocean, Inc. 6.800%, 03/15/38		1,250,000		1,275,435
XTO Energy, Inc. 6.750%, 08/01/37		2,500,000		2,681,575
				13,038,556
Pharmaceuticals—0.5%
Bristol-Myers Squibb Co. 5.875%, 11/15/36		2,525,000		2,509,156
Wyeth 5.500%, 02/01/14		6,000,000		6,093,990
				8,603,146
Real Estate Investment Trusts—0.4%
AvalonBay Communities, Inc. 4.950%, 03/15/13		400,000		386,258
Simon Property Group, L.P. 4.600%, 06/15/10		1,000,000		994,063
5.100%, 06/15/15		1,000,000		940,189
The Rouse Co. 5.375%, 11/26/13		2,505,000		2,163,433
The Rouse Co., L.P./TRC Co-Issuer, Inc. (144A) 6.750%, 05/01/13		2,525,000		2,345,579
				6,829,522
Real Estate Management & Development—0.0%
American Real Estate Partners, L.P. 8.125%, 06/01/12		225,000		217,969
Wireless Telecommunication Services—0.5%
America Movil S.A. de C.V. 6.375%, 03/01/35		325,000		321,366
Rogers Wireless, Inc. 7.500%, 03/15/15		385,000		421,030
Sprint Nextel Corp. 6.000%, 12/01/16		1,100,000		1,053,572
Telefonica Emisiones, S.A.U. 7.045%, 06/20/36		2,450,000		2,738,576
Vodafone Group, Plc. 7.750%, 02/15/10		2,570,000		2,711,065
				7,245,609

Security Description	Face Amount		Value*
Yankee—0.1%
Barclays Bank, Plc. 5.926%, 12/31/49	$	2,540,000	$	2,363,427
Total Fixed Income (Identified Cost $1,877,293,512)				1,894,984,214
Preferred Stock—2.3%
Security Description	Shares		Value*
Commercial Banks—0.9%
Wachovia Corp.		600,000		15,180,000
Thrifts & Mortgage Finance—1.4%
Federal Home Loan Mortgage Corp.		347,700		9,092,355
Federal National Mortgage Association		487,075		12,542,181
				21,634,536
Total Preferred Stock (Identified Cost $35,869,375)				36,814,536
Warrants—0.0%
Communications Equipment—0.0%
Loral Orion Network Systems, Inc. (d) (e)		150		0
Total Warrants (Identified Cost $105)				0
Short Term Investments—2.7%
Security Description	Face Amount/ Shares		Value*
Discount Notes—0.9%
Federal Home Loan Bank 3.250%, 01/02/08	$	13,400,000		13,398,791
Mutual Funds—1.8%
State Street Navigator Securities Lending Prime Portfolio (f)		28,919,481		28,919,481
Total Short Term Investments (Identified Cost $42,318,272)				42,318,272
Total Investments—123.0% (Identified Cost $1,955,481,264) (g)				1,974,117,022
Liabilities in excess of other assets				(368,654,360	)
Total Net Assets—100%			$	1,605,462,662

(a) Variable or Floating Rate Security. Rate disclosed is as of December 31, 2007.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $28,416,772 and the collateral received consisted of cash in the amount of $28,919,481. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2007

(c) Interest Only Certificate. This security receives monthly interest payments but is not entitled to principal payments.

(d) Zero Valued Security.

(e) Security was valued in good faith under procedures established by the Board of Directors.

(f) Represents investment of cash collateral received from securities lending transactions.

(g) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,959,777,216 and the composition of unrealized appreciation and depreciation of investment securities was $29,092,474 and $(14,752,668), respectively.

(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 December 31, 2007, the market value of 144A securities was $53,673,769, which is 3.3% of total net assets.

(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.

(EUR)— Euro

(JPY)— Japanese Yen

Forward Contracts

Forward Currency Contracts	Delivery Date	Local Currency Amount	Aggregate Face Value		Valuation as of 12/31/2007		Unrealized Appreciation/ Depreciation
Euro (Sold)	1/23/2008	4,335,500	$	6,143,403	$	6,332,092	$	(188,689	)
Euro (Bought)	1/23/2008	2,395,989		3,552,684		3,499,394		(53,290	)
Japanese Yen (Sold)	1/15/2008	1,850,413,500		17,137,267		16,589,680		547,587
Japanese Yen (Bought)	1/15/2008	834,305,000		7,524,375		7,479,870		(44,505	)
Japanese Yen (Bought)	1/15/2008	834,305,000		7,461,730		7,479,870		18,140
Japanese Yen (Bought)	1/15/2008	1,782,871,000		15,452,435		15,984,135		531,700
Mexican Peso (Sold)	1/23/2008	2,156,631		200,238		197,182		3,056
Mexican Peso (Sold)	1/23/2008	97,511,169		8,967,699		8,915,517		52,182
Mexican Peso (Bought)	1/23/2008	99,667,800		9,228,500		9,112,700		(115,800	)
Net Unrealized Appreciation							$	750,381

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts		Contract Amount			Valuation as of 12/31/2007			Unrealized Appreciation/ Depreciation
Euribor Futures	3/17/2008	127		$	44,292,197		$	44,252,115		$	(40,082	)
Eurodollar Futures	9/15/2008	233			56,199,072			56,217,075			18,003
Eurodollar Futures	12/15/2008	406			96,364,779			98,079,450			1,714,671
German Government Bond 5 Year Futures	3/6/2008	126			20,150,751			19,855,295			(295,456	)
German Government Bond 10 Year Futures	3/6/2008	275			46,432,068			45,410,583			(1,021,486	)
U.S. Treasury Bond Futures	3/19/2008	616			72,299,218			71,687,000			(612,218	)
U.S. Treasury Notes 5 Year Futures	3/31/2008	1,048			115,201,240			115,574,750			373,510
Futures Contracts—Short
Eurodollar Futures	9/14/2009	(233	)		(56,123,896	)		(56,123,875	)		21
U.S. Treasury Notes 2 Year Futures	3/31/2008	(102	)		(21,443,592	)		(21,445,500	)		(1,908	)
U.S. Treasury Notes 10 Year Futures	3/19/2008	(1,399	)		(159,025,344	)		(158,633,484	)		391,860
Net Unrealized Appreciation										$	526,915

Written Options

Written Options—Calls	Expiration Date	Number of Contracts		Premiums Received			Valuation as of 12/31/2007			Unrealized Appreciation
U.S. Treasury Notes 5 Year Futures 112	2/22/2008	(156	)	$	(89,121	)	$	(68,250	)	$	20,871

*See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Schedule of Investments as of December 31, 2007

TBA Sale Commitments

Federal Agencies	Face Amount		Value
Federal National Mortgage Association
5.000% (15 Year TBA)	(20,700,000	)	$	(20,719,417	)
5.000% (30 Year TBA)	(109,700,000	)		(107,026,063	)
5.000% (30 Year TBA)	(26,800,000	)		(26,130,000	)
5.500% (15 Year TBA)	(35,100,000	)		(35,549,701	)
5.500% (30 Year TBA)	(97,200,000	)		(97,078,500	)
5.500% (30 Year TBA)	(64,600,000	)		(64,478,875	)
Government National Mortgage Association
5.500% (30 Year TBA)	(300,000	)		(302,156	)
Total TBA Sale Commitments (Proceeds Cost $(351,181,320))			$	(351,284,712	)

*See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (d)			$	1,974,117,022
Cash				63,483
Foreign cash at value (b)				102,697
Receivable for:
Securities sold				657,451,522
Fund shares sold				539,365
Open forward currency contracts				1,152,665
Accrued interest and dividends				12,222,910
Foreign taxes				52,340
Futures variation margin				126,995
Total Assets				2,645,828,999
Liabilities
TBA sales commitments at value (c)	$	351,284,712
Payable for:
Securities purchased		655,804,584
Open forward currency contracts		402,284
Fund shares redeemed		2,238,799
Collateral for securities loaned		28,919,481
Options written, at fair value (e)		68,250
Interest (Short)		909,604
Accrued expenses:
Management fees		505,123
Service and distribution fees		105,605
Deferred directors’ fees		46,245
Other expenses		81,650
Total Liabilities				1,040,366,337
Net Assets			$	1,605,462,662
Net assets consists of:
Capital paid in			$	1,552,161,087
Undistributed net investment income				77,250,999
Accumulated net realized losses				(43,781,040	)
Unrealized appreciation on investments, foreign currency, futures contracts and options				19,831,616
Net Assets			$	1,605,462,662
Computation of offering price:
Class A
Net asset value and redemption price per share ($983,685,741 divided by 8,805,617 shares outstanding)			$	111.71
Class B
Net asset value and redemption price per share ($315,737,220 divided by 2,860,145 shares outstanding)			$	110.39
Class E
Net asset value and redemption price per share ($306,039,701 divided by 2,757,867 shares outstanding)			$	110.97
(a) Identified cost of investments			$	1,955,481,264
(b) Identified cost of foreign cash			$	100,690
(c) Proceeds from TBA sales commitments			$	(351,181,320	)
(e) Premiums received on written options			$	(89,121	)

(d) Includes cash collateral for securities loaned of $28,919,481.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Interest				$	84,620,502	(a)
Expenses
Management fees	$	6,014,290
Service and distribution fees—Class B		744,925
Service and distribution fees—Class E		458,682
Directors’ fees and expenses		26,407
Custodian		233,020
Audit and tax services		36,239
Legal		2,298
Printing		470,620
Insurance		18,039
Miscellaneous		42,304
Total expenses		8,046,824
Management fee waivers		(143,878	)		7,902,946
Net Investment Income					76,717,556
Realized and Unrealized Gain (Loss)
Realized loss on:
Investments—net		(5,527,394	)
Futures contracts—net		(5,101,282	)
Foreign currency transactions—net		(1,021,383	)
Options—net		(192,572	)		(11,842,631	)
Change in unrealized appreciation on:
Investments—net		25,636,071
Futures contracts—net		3,171,772
Foreign currency transactions—net		1,588,254
Options—net		20,871			30,416,968
Net gain					18,574,337
Net Increase in Net Assets From Operations				$	95,291,893

(a) Includes net income on securities loaned of $63,089.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	76,717,556		$	58,657,875
Net realized loss		(11,842,631	)		(1,303,278	)
Unrealized appreciation		30,416,968			2,988,782
Increase in net assets from operations		95,291,893			60,343,379
From Distributions to Shareholders
Net investment income
Class A		(31,735,232	)		(42,386,161	)
Class B		(8,796,845	)		(14,020,445	)
Class E		(9,494,875	)		(3,473,175	)
		(50,026,952	)		(59,879,781	)
Net realized gain
Class A		0			(725,124	)
Class B		0			(254,703	)
Class E		0			(61,563	)
		0			(1,041,390	)
Total distributions		(50,026,952	)		(60,921,171	)
Increase (decrease) in net assets from capital share transactions		(3,850,293	)		501,967,625
Total increase in net assets		41,414,648			501,389,833
Net Assets
Beginning of the period		1,564,048,014			1,062,658,181
End of the period	$	1,605,462,662		$	1,564,048,014
Undistributed Net Investment Income
End of the period	$	77,250,999		$	49,523,443

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	1,687,659		$	182,728,894		1,309,616		$	149,052,217
Shares issued through acquisition	0			0		2,439,488			252,316,286
Reinvestments	296,508			31,735,232		417,583			43,111,285
Redemptions	(2,042,297	)		(221,110,438	)	(2,210,795	)		(235,921,903	)
Net increase (decrease)	(58,130	)	$	(6,646,312	)	1,955,892		$	208,557,885
Class B
Sales	741,024		$	79,187,847		961,570		$	101,978,890
Reinvestments	83,028			8,796,845		139,651			14,275,148
Redemptions	(687,193	)		(73,627,604	)	(530,496	)		(56,296,346	)
Net increase	136,859		$	14,357,088		570,725		$	59,957,692
Class E
Sales	409,838		$	44,043,744		190,228		$	20,158,770
Shares issued through acquisition	0			0		2,526,230		��	259,797,530
Reinvestments	89,212			9,494,875		34,435			3,534,738
Redemptions	(604,310	)		(65,099,688	)	(474,636	)		(50,038,990	)
Net increase (decrease)	(105,260	)	$	(11,561,069	)	2,276,257		$	233,452,048
Increase (decrease) derived from capital share transactions			$	(3,850,293	)			$	501,967,625

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	108.62		$	110.48		$	113.72		$	115.62		$	112.74
Income From Investment Operations
Net investment income		5.36	(a)		4.55			4.69			4.44			4.55
Net realized and unrealized gain (loss) of investments		1.31			0.01			(2.06	)		0.41			1.93
Total from investment operations		6.67			4.56			2.63			4.85			6.48
Less Distributions
Distributions from net investment income		(3.58	)		(6.31	)		(4.55	)		(4.76	)		(3.60	)
Distributions from net realized capital gains		0.00			(0.11	)		(1.32	)		(1.99	)		0.00
Total distributions		(3.58	)		(6.42	)		(5.87	)		(6.75	)		(3.60	)
Net Asset Value, End of Period	$	111.71		$	108.62		$	110.48		$	113.72		$	115.62
Total Return (%)		6.3			4.4			2.4			4.4			5.9
Ratio of operating expenses to average net assets (%)		0.43			0.46			0.47			0.46			0.47
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.43			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		4.95			4.28			3.96			3.57			3.69
Portfolio turnover rate (%)		931			503			890			458			428
Net assets, end of period (000)	$	983,686		$	962,770		$	763,205		$	814,560		$	881,513

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	107.36		$	109.20		$	112.47		$	114.51		$	111.84
Income From Investment Operations
Net investment income		5.03	(a)		4.54			4.06			3.78			3.57
Net realized and unrealized gain (loss) of investments		1.30			(0.32	)		(1.72	)		0.73			2.58
Total from investment operations		6.33			4.22			2.34			4.51			6.15
Less Distributions
Distributions from net investment income		(3.30	)		(5.95	)		(4.29	)		(4.56	)		(3.48	)
Distributions from net realized capital gains		0.00			(0.11	)		(1.32	)		(1.99	)		0.00
Total distributions		(3.30	)		(6.06	)		(5.61	)		(6.55	)		(3.48	)
Net Asset Value, End of Period	$	110.39		$	107.36		$	109.20		$	112.47		$	114.51
Total Return (%)		6.0			4.1			2.2			4.2			5.6
Ratio of operating expenses to average net assets (%)		0.68			0.71			0.72			0.71			0.72
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.68			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		4.70			4.04			3.73			3.35			3.40
Portfolio turnover rate (%)		931			503			890			458			428
Net assets, end of period (000)	$	315,737		$	292,377		$	235,057		$	143,107		$	91,135

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	107.89		$	109.73		$	112.97		$	114.98		$	112.26
Income From Investment Operations
Net investment income		5.16	(a)		7.07			4.34			3.52			3.19
Net realized and unrealized gain (loss) of investments		1.31			(2.71	)		(1.89	)		1.12			3.09
Total from investment operations		6.47			4.36			2.45			4.64			6.28
Less Distributions
Distributions from net investment income		(3.39	)		(6.09	)		(4.37	)		(4.66	)		(3.56	)
Distributions from net realized capital gains		0.00			(0.11	)		(1.32	)		(1.99	)		0.00
Total distributions		(3.39	)		(6.20	)		(5.69	)		(6.65	)		(3.56	)
Net Asset Value, End of Period	$	110.97		$	107.89		$	109.73		$	112.97		$	114.98
Total Return (%)		6.1			4.3			2.3			4.3			5.7
Ratio of operating expenses to average net assets (%)		0.58			0.61			0.62			0.61			0.62
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.58			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		4.79			4.16			3.81			3.44			3.48
Portfolio turnover rate (%)		931			503			890			458			428
Net assets, end of period (000)	$	306,040		$	308,901		$	64,396		$	65,275		$	45,534

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The BlackRock Bond Income Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost, which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-17

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States, which closes before the close of the New York Stock Exchange, will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-18

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

Mortgage Dollar Rolls:

The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells 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. Dollar rolls are accounted for as purchase and sale transactions; gain/loss is recognized at the end of the term of the dollar roll. The average monthly balance of dollar rolls outstanding during the year ended December 31, 2007 was $955,430,951.

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 under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for 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.

MSF-19

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Credit and Market Risk:

The Portfolio may invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield instruments reflect, among other things, perceived credit risk. The Portfolio’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

Credit Risk:

The Portfolio invests 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. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Portfolio. At December 31, 2007, the Portfolio held securities of issuers that hold mortgage and asset backed securities and direct investments in mortgage and asset backed securities with an aggregate value of $449,982,474 (representing 28.0% of the Portfolio’s total assets).

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/15	Expiring 12/31/14	Expiring 12/31/13	Expiring 12/31/12	Expiring 12/31/11	Expiring 12/31/10	Total
$13,263,486	$11,623,394	$3,820,752	$3,630,067	$985,198	$6,029,135	$	39,352,032

The utilization of the capital loss carryforward acquired as part of a merger may be limited under section 382 of the Internal Revenue Code.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$50,026,952	$	59,985,989	$	—	$	935,182	$	—	$	—	$	50,026,952	$	60,921,171

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards			Total
$78,042,170	$	—	$	14,652,227	$	(39,352,032	)	$	53,342,365

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 capital.

MSF-20

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$14,513,194,068	$	604,084,740	$	14,545,265,425	$	33,770,823

Options Written:

The Portfolio transactions in options written during the year ended December 31, 2007 were as follows:

Call Options	Number of contracts	Premiums received
Options outstanding December 31, 2006	0	$	0
Options written	156		89,121
Options closed	0		0
Options expired	0		0
Options outstanding December 31, 2007	156	$	89,121

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$6,014,290	0.400%	Of the first $1 billion
	0.350%	Of the next $1 billion
	0.300%	Of the next $1 billion
	0.250%	On amounts in excess of $3 billion

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

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

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

MSF-21

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

Annual Percentage Rate Reduction	Average Daily Net Asset Value Levels
0.025%	Over $	1 billion and less than $2 billion

Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-22

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Bond Income Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the BlackRock Bond Income Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 28, 2008

MSF-23

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-24

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-25

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

MSF-26

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

MSF-27

Metropolitan Series Fund, Inc.

BlackRock Bond Income Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-28

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-29

Metropolitan Series Fund, Inc. BlackRock Diversified Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the BlackRock Diversified Portfolio returned 5.9%, compared to its benchmark, a blend of the Russell 1000 Index¹ (60%) and the Lehman Brothers Aggregate Bond Index² (40%), which returned 6.4%. The average return of its peer group, the Lipper Variable Insurance Products Mixed-Asset Target Allocation Growth Funds Universe³, was 6.8% over the same period.

PORTFOLIO REVIEW

2007 began largely where 2006 left off. A slowdown in U.S. growth occurred following Fed tightening, rising oil prices, and the beginning of concerns around credit and slower spending by the U.S. consumer. Earnings growth remained strong on the back of solid export growth, a declining dollar and share buybacks. A transition in leadership from small, value and domestic to large, growth and multinational became evident as the year began. During the second half of 2007, the benign fundamentals of 2003-2006, namely strong global growth, rising profitability levels, and falling risk premiums, were replaced by credit stress; pressures on the capital position of the financial system; questions about the sustainability of the business cycle; and rising energy and food prices. Reflecting these woes, market prices moved considerably. Government bond yields plummeted, the dollar fell faster than in earlier years, credit spreads widened and equities became trendless and volatile. The financial and consumer discretionary sectors experienced drops of one-quarter to one-third. Commodity- and industrial-related multinational companies performed the best. Emerging market economies and equity markets performed well yet again. The Federal Reserve moved from an attitude of vigilance about inflation to one of providing liquidity and lowering rates to shore up the functioning of credit markets and fight economic weakness.

We began the year overweight equities and underweight bonds relative to the neutral 60/40 benchmark mix. Though U.S. growth was slowing, we favored equities based on solid earnings, significant economic strength outside the U.S. and high margins.

However, things began to change in the spring and summer. Specifically, the subprime credit crisis began to spread to all forms of credit. Both consumers and businesses were confronted with tighter credit conditions and higher costs for attaining credit. As a result, our view changed. We started worrying that scarcer credit would impact consumer spending and business profits. Consequently, we flattened out our equity overweight during the summer and have since maintained a relatively neutral asset allocation versus the benchmark mix.

For the year ended December 31, 2007, positive performance in the fixed income portion of the Portfolio versus the Lehman Brothers Aggregate Bond Index, was due to an underweight exposure to corporate bonds, and successful security selection within the corporate sector. In addition, we had positioned the fixed income portfolio for a steeper yield curve in the second half of the year, a move that proved advantageous as short-term rates fell more than long-term rates and the curve steepened. An underweight in agency debentures benefited the fixed income portfolio as well.

One of the largest detractors from performance was our overweight position in high-quality spread assets, particularly AAA-rated commercial mortgage-backed securities (CMBS), as well as agency mortgage pass-throughs, asset-backed securities (ABS) and other mortgage-related product. Despite their high quality, these assets suffered amid fallout from the subprime mortgage scare. Generalized concerns over the mortgage market, coupled with lack of liquidity and the liquidation by investors of all mortgage-related assets, contributed to the underperformance. Our exposure to European government bonds also hindered the fixed income portfolio’s relative results for the year.

At year-end, the fixed income portfolio was underweight in U.S. Treasury issues and U.S. agency securities. As spreads on high-quality corporate paper reached levels not seen since 2003, creating attractive relative value opportunities, we reduced our underweight to the corporate sector. The fixed income portfolio maintained its notable overweights in high-quality, short-duration spread products, including mortgage pass-through securities, CMBS and ABS. We also held a modest weighting in high yield and emerging market debt issues. We will continued to tactically trade both duration and curve positioning, and the fixed income portfolio ended the year with a modestly short duration position versus the benchmark, which was primarily attributable to the five-year part of the curve.

For the year ended December 31, 2007, the equity portion of the Portfolio outperformed relative to its equity benchmark, the Russell 1000 Index. The equity portfolio’s outperformance versus the benchmark was attributable to an overweight and, more significantly, good stock selection within the healthcare sector. Also contributing notably to performance was our underweight in weak performing financials. Within healthcare, our long-standing preference for service providers (such as Medco Health Solutions, Express Scripts and Aetna) over product companies continued to generate outperformance versus the benchmark. In financials, not holding any commercial banks added to performance. Also additive was our select exposure to diversified financials, as well as holding Goldman Sachs and Morgan Stanley in the capital markets industry instead of companies that suffered significant setbacks related to the mortgage crisis.

Detracting from performance was our stock selection in information technology. Our valuation discipline hurt us during the period when “growth at any price” proved to be a more successful strategy, particularly following the August market melt-down. Notably, Google (priced over 50 times earnings on December 29, 2006) returned more than 50% during the year. We stuck to our disciplined approach, believing that buying better-than-market growth opportunities for better-than-market valuations is, in the long term, a recipe for success. Also detracting from performance was our underweight and stock selection in the industrials sector. Within the sector, airlines hurt performance the most, led by our positions in AMR Corp. and Continental Airlines, which combined for almost all of the negative performance in the sector.

The biggest theme for the year was global growth, and we benefited from our two-pronged portfolio approach: one prong invested in cyclicals with a global emphasis and the other in higher quality companies with predictable earnings. Holdings that were in line with global growth were our positions in Cummins and Deere & Co. in the industrials sector, as well as Southern Copper Corp. and Monsanto in the materials sector.

The biggest event, however, was the mortgage debacle, and our early exit from names like Countrywide Financial and Morgan Stanley, plus our overall underweight in financials, proved very beneficial. While the equity portfolio suffered during the summer’s market turmoil and quantitative investment meltdown, we went into the fourth quarter with solid sector positioning, which helped us to end the quarter ahead of the equity benchmark.

At year-end, the largest overweights in the equity portfolio were in information technology, healthcare and energy. The largest underweights were in financials, consumer staples and utilities.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Russell 1000^® Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 90% of the investable U.S. equity market.

² Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

³ The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 100 INDEX AND THE LEHMAN BROTHERS

AGGREGATE BOND INDEX

Average Annual Returns as of December 31, 2007

	BlackRock Diversified Portfolio						Russell 1000 Index		Lehman Brothers Aggregate Index
	Class A		Class B		Class E
1 Year	5.9	%	5.6	%	5.7	%	5.8	%	7.0	%
5 Year	9.6		—		9.4		13.4		4.4
10 Year	5.3		—		—		6.2		6.0
Since Inception	—		7.0		3.9		—		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 7/25/86, 4/26/04 and 5/1/01, respectively.

This information represents past performance and is not indicative of future results. Investment return and principal value may

fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Federal National Mortgage Association	13.3%
Federal Home Loan Mortgage Corp.	8.7%
JPMorgan Mortgage Trust	2.4%
General Electric Co.	2.3%
Government National Mortgage Association	2.1%
Lehman Brothers Holdings, Inc.	1.7%
Morgan Stanley Capital I	1.5%
Bank of America Corp.	1.3%
CS First Boston Mortgage Securities Corp.	1.2%
The Bear Stearns Cos., Inc.	1.0%

Top Equity Sectors

	% of Equity Market Value
Information Technology	26.2%
Health Care	20.0%
Energy	18.4%
Industrials	12.3%
Financials	7.5%
Top Fixed Income Sectors
	% of Fixed Income Market Value
Mortgage	51.3%
Investment Grade Corporates	20.8%
Commercial Mortgage-Backed	19.5%
Agency Issues	2.7%
Asset Backed	2.0%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
BlackRock Diversified—Class A	Actual	0.51	%	$	1,000.00	$	1,014.50	$	2.59
	Hypothetical	0.51	%	$	1,000.00	$	1,022.61	$	2.60
BlackRock Diversified—Class B	Actual	0.76	%	$	1,000.00	$	1,012.90	$	3.86
	Hypothetical	0.76	%	$	1,000.00	$	1,021.33	$	3.87
BlackRock Diversified—Class E	Actual	0.66	%	$	1,000.00	$	1,013.40	$	3.35
	Hypothetical	0.66	%	$	1,000.00	$	1,021.84	$	3.36

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—62.2% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—2.0%
Honeywell International, Inc.	250,000	$	15,392,500
L-3 Communications Holdings, Inc.	17,200		1,822,168
Lockheed Martin Corp.	18,400		1,936,784
Raytheon Co.	220,000		13,354,000
United Technologies Corp.	50,000		3,827,000
			36,332,452
Airlines—0.4%
Continental Airlines, Inc. (Class B) (a) (b)	331,000		7,364,750
Biotechnology—0.5%
Biogen Idec, Inc. (b)	170,000		9,676,400
Capital Markets—1.1%
Janus Capital Group, Inc. (a)	59,700		1,961,145
The Charles Schwab Corp.	530,000		13,541,500
The Goldman Sachs Group, Inc.	20,000		4,301,000
			19,803,645
Chemicals—2.1%
E. I. du Pont de Nemours & Co. (a)	130,000		5,731,700
Monsanto Co.	160,000		17,870,400
The Dow Chemical Co. (a)	130,000		5,124,600
The Lubrizol Corp.	180,000		9,748,800
			38,475,500
Commercial Services & Supplies—0.3%
Anacomp, Inc. (Class B) (b)	1		2
R.R. Donnelley & Sons Co.	140,000		5,283,600
			5,283,602
Communications Equipment—2.3%
ADC Telecommunications, Inc. (b)	140,000		2,177,000
Ciena Corp. (b)	130,000		4,434,300
Cisco Systems, Inc. (b)	870,000		23,550,900
Juniper Networks, Inc. (b)	380,000		12,616,000
			42,778,200
Computers & Peripherals—4.4%
Apple, Inc. (b)	10,000		1,980,800
Dell, Inc. (b)	590,000		14,460,900
EMC Corp. (b)	770,000		14,268,100
Hewlett-Packard Co.	430,000		21,706,400
International Business Machines Corp.	220,000		23,782,000
Sun Microsystems, Inc. (b)	260,000		4,713,800
			80,912,000
Construction & Engineering—1.3%
Fluor Corp.	80,000		11,657,600
Jacobs Engineering Group, Inc.	130,000		12,429,300
			24,086,900
Containers & Packaging—0.3%
Packaging Corp. of America	230,000		6,486,000

Security Description	Shares	Value*
Diversified Financial Services—1.0%
Bank of America Corp.	90,000	$	3,713,400
JPMorgan Chase & Co.	350,000		15,277,500
			18,990,900
Diversified Telecommunication Services—0.6%
AT&T, Inc.	210,000		8,727,600
CenturyTel, Inc.	40,000		1,658,400
Qwest Communications International, Inc.	178,300		1,249,883
			11,635,883
Electrical Equipment—0.7%
Rockwell Automation, Inc. (a)	140,000		9,654,400
Roper Industries, Inc.	40,000		2,501,600
			12,156,000
Electronic Equipment & Instruments—0.3%
Avnet, Inc.	36,300		1,269,411
Dolby Laboratories, Inc. (Class A) (b)	40,000		1,988,800
Mettler-Toledo International, Inc. (b)	14,700		1,672,860
			4,931,071
Energy Equipment & Services—1.3%
ENSCO International, Inc. (a)	200,000		11,924,000
National Oilwell Varco, Inc. (b)	70,000		5,142,200
Tidewater, Inc. (a)	130,000		7,131,800
			24,198,000
Food & Staples Retailing—0.4%
The Kroger Co.	309,800		8,274,758
Health Care Equipment & Supplies—1.0%
Intuitive Surgical, Inc. (b)	30,000		9,735,000
Kinetic Concepts, Inc. (a) (b)	149,700		8,017,932
			17,752,932
Health Care Providers & Services—5.6%
Aetna, Inc.	240,000		13,855,200
AmerisourceBergen Corp.	30,700		1,377,509
CIGNA Corp.	90,000		4,835,700
Coventry Health Care, Inc. (b)	171,411		10,156,101
Express Scripts, Inc. (b)	180,000		13,140,000
Health Net, Inc. (b)	80,000		3,864,000
McKesson Corp.	151,800		9,944,418
Medco Health Solutions, Inc. (b)	130,000		13,182,000
UnitedHealth Group, Inc.	300,000		17,460,000
WellPoint, Inc. (b)	180,000		15,791,400
			103,606,328
Hotels, Restaurants & Leisure—0.9%
McDonald’s Corp.	290,000		17,083,900
Household Products—1.0%
Energizer Holdings, Inc. (a) (b)	101,700		11,403,621
Procter & Gamble Co.	90,000		6,607,800
			18,011,421

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Industrial Conglomerates—1.0%
General Electric Co.	500,000	$	18,535,000
Insurance—2.6%
American International Group, Inc.	130,000		7,579,000
The Chubb Corp.	164,500		8,978,410
The Hartford Financial Services Group, Inc.	130,000		11,334,700
The Travelers Cos., Inc.	252,100		13,562,980
Transatlantic Holdings, Inc.	21,400		1,555,138
W.R. Berkley Corp.	144,275		4,300,838
			47,311,066
Internet & Catalog Retail—0.8%
Amazon.com, Inc. (b)	150,000		13,896,000
Internet Software & Services—0.8%
eBay, Inc. (b)	440,000		14,603,600
IT Services—0.9%
Automatic Data Processing, Inc.	300,000		13,359,000
Computer Sciences Corp. (a) (b)	54,500		2,696,115
			16,055,115
Leisure Equipment & Products—0.1%
Hasbro, Inc. (a)	47,700		1,220,166
Life Sciences Tools & Services—0.4%
Waters Corp. (b)	85,200		6,736,764
Machinery—1.5%
Cummins, Inc.	100,000		12,737,000
Deere & Co.	160,000		14,899,200
			27,636,200
Media—0.9%
The Walt Disney Co. (a)	500,000		16,140,000
Metals & Mining—0.7%
Southern Copper Corp. (a)	120,000		12,615,600
Office Electronics—0.1%
Xerox Corp.	89,100		1,442,529
Oil, Gas & Consumable Fuels—10.2%
Chevron Corp.	290,000		27,065,700
ConocoPhillips	270,000		23,841,000
Exxon Mobil Corp.	560,000		52,466,400
Marathon Oil Corp.	240,000		14,606,400
Noble Energy, Inc.	160,000		12,723,200
Occidental Petroleum Corp.	210,000		16,167,900
Sunoco, Inc.	180,000		13,039,200
Tesoro Corp. (a)	250,000		11,925,000
Valero Energy Corp.	210,000		14,706,300
			186,541,100

Security Description	Shares		Value*
Pharmaceuticals—4.9%
Bristol-Myers Squibb Co.		530,000	$	14,055,600
Eli Lilly & Co.		280,000		14,949,200
Johnson & Johnson		60,000		4,002,000
Merck & Co., Inc.		360,000		20,919,600
Pfizer, Inc.		1,050,000		23,866,500
Schering-Plough Corp.		490,000		13,053,600
				90,846,500
Semiconductors & Semiconductor Equipment—3.8%
Applied Materials, Inc.		710,000		12,609,600
Integrated Device Technology, Inc. (b)		460,000		5,202,600
Intel Corp.		300,000		7,998,000
KLA-Tencor Corp. (a)		250,000		12,040,000
NVIDIA Corp. (b)		370,000		12,587,400
Silicon Laboratories, Inc. (b)		110,000		4,117,300
Texas Instruments, Inc.		450,000		15,030,000
				69,584,900
Software—3.8%
Autodesk, Inc.		210,000		10,449,600
BMC Software, Inc. (b)		46,100		1,643,004
CA, Inc.		57,200		1,427,140
McAfee, Inc. (b)		46,100		1,728,750
Microsoft Corp.		960,000		34,176,000
Oracle Corp. (b)		810,000		18,289,800
Synopsys, Inc. (b)		53,100		1,376,883
				69,091,177
Specialty Retail—1.0%
AutoZone, Inc. (b)		21,400		2,566,074
GameStop Corp. (Class A) (b)		100,000		6,211,000
Tiffany & Co.		230,000		10,586,900
				19,363,974
Textiles, Apparel & Luxury Goods—0.7%
Nike, Inc. (a)		200,000		12,848,000
Trading Companies & Distributors—0.5%
W.W. Grainger, Inc. (a)		100,000		8,752,000
Total Common Stock (Identified Cost $1,023,647,367)				1,141,060,333
Fixed Income—44.3%
Security Description	Face Amount		Value*
Aerospace & Defense—0.0%
L-3 Communications Corp. 6.375%, 10/15/15	$	75,000		73,875
Asset Backed—0.8%
Amortizing Residential Collateral Trust 5.965%, 06/25/32 (c)		248,607		112,326

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Asset Backed—(Continued)
Ares VIII CLO, Ltd. (144A) 7.665%, 02/26/16 (c)	$	1,150,000	$	1,123,780
Chase Issuance Trust 5.120%, 10/15/14		4,500,000		4,608,837
Countrywide Asset-Backed Certificates 6.590%, 12/25/31 (c)		101,994		92,597
Ford Credit Auto Owner Trust 5.070%, 12/15/10		4,150,000		4,178,590
GE Business Loan Trust (144A) 6.328%, 04/15/31 (c)		545,924		530,153
Hedged Mutual Fund Fee Trust (144A) 5.220%, 11/30/10		38,852		38,464
Home Equity Asset Trust 4.975%, 07/25/37 (c)		2,204,124		2,097,865
Knollwood CDO, Ltd. (144A) 8.322%, 02/08/39 (c)		413,443		4,135
Long Beach Mortgage Loan Trust 5.965%, 03/25/34 (c)		1,375,000		1,038,020
Structured Asset Investment Loan Trust 7.790%, 04/25/33 (c)		40,741		26,122
				13,850,889
Biotechnology—0.0%
Bio-Rad Laboratories, Inc. 7.500%, 08/15/13		375,000		378,750
Capital Markets—1.6%
Lehman Brothers Holdings Capital Trust V 5.857%, 11/29/49 (c)		305,000		271,831
Lehman Brothers Holdings, Inc. 5.170%, 05/25/10 (c)		3,375,000		3,244,307
5.250%, 02/06/12		1,310,000		1,296,229
5.500%, 04/04/16		975,000		932,923
6.750%, 12/28/17		2,075,000		2,138,700
7.000%, 09/27/27		1,110,000		1,126,598
Morgan Stanley 5.050%, 01/21/11		1,580,000		1,579,823
5.493%, 01/09/12 (c)		8,540,000		8,252,962
6.250%, 08/28/17		2,050,000		2,084,036
6.750%, 04/15/11		550,000		576,478
The Bear Stearns Cos., Inc. 5.599%, 07/19/10 (c)		790,000		742,435
6.400%, 10/02/17		1,500,000		1,449,240
6.950%, 08/10/12		2,165,000		2,226,053
The Goldman Sachs Group, Inc. 5.250%, 10/15/13		3,620,000		3,621,242
				29,542,857
Chemicals—0.0%
Momentive Performance Materials, Inc. (144A) 10.125%, 12/01/14		340,000		311,100
Commercial Banks—1.0%
Barclays Bank, Plc. 7.434%, 09/29/49 (c)		2,585,000		2,686,205

Security Description	Face Amount		Value*
Commercial Banks—(Continued)
JPMorgan Chase Bank, N.A. 6.000%, 07/05/17	$	2,500,000	$	2,531,558
NationsBank Corp. 7.800%, 09/15/16		925,000		1,048,436
Royal Bank of Scotland Group, Plc. 7.640%, 03/31/49 (c)		2,000,000		2,056,186
UBS AG Stamford Branch 5.875%, 12/20/17		3,375,000		3,398,777
Wachovia Bank, N.A. 6.000%, 11/15/17		2,050,000		2,063,698
6.600%, 01/15/38		2,150,000		2,160,793
Wells Fargo & Co. 4.200%, 01/15/10		855,000		849,598
4.625%, 08/09/10		1,710,000		1,711,325
4.875%, 01/12/11		590,000		597,932
				19,104,508
Commercial Mortgage-Backed Securities—9.5%
Banc of America Commercial Mortgage, Inc. 4.871%, 11/10/42 (c)		3,630,000		3,622,346
5.118%, 07/11/43		5,365,000		5,427,718
7.333%, 10/15/09		3,785,000		3,912,432
Bear Stearns Commercial Mortgage Securities, Inc. 4.361%, 06/11/41		2,377,183		2,363,971
4.674%, 06/11/41		930,000		888,715
5.742%, 09/11/42 (c)		3,875,000		3,969,568
5.920%, 10/15/36		1,263,436		1,284,643
6.007%, 06/25/47 (c)		4,714,723		4,650,581
Chase Commercial Mortgage Securities Corp. 7.319%, 10/15/32		1,575,000		1,659,996
Citigroup Mortgage Loan Trust, Inc. 5.700%, 06/10/17 (c)		1,750,000		1,754,637
Citigroup/Deutsche Bank Commercial Mortgage Trust 5.886%, 11/15/44		1,750,000		1,808,389
CitiMortgage Alternative Loan Trust 6.000%, 10/25/37		4,612,758		4,592,577
Cobalt Commercial Mortgage Trust 5.820%, 05/15/46 (c)		2,525,000		2,614,654
Commercial Mortgage Pass Through Certificates 5.816%, 12/10/49 (c)		4,310,000		4,466,510
Countrywide Home Loan Mortgage Pass Through Trust 6.500%, 10/25/37		2,533,421		2,568,060
Credit Suisse Mortgage Capital Certificates 5.311%, 12/15/39		4,000,000		3,986,089
CS First Boston Mortgage Securities Corp. 3.936%, 05/15/38 (c)		4,000,000		3,817,588
4.940%, 12/15/35		4,405,000		4,409,691
5.183%, 11/15/36		2,890,000		2,925,396
5.603%, 07/15/35		3,850,000		3,961,981
7.325%, 04/15/62		448,474		450,114
First Union National Bank Commercial Mortgage 6.663%, 01/12/43		3,710,000		3,903,983

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
First Union National Bank Commercial Mortgage Trust (144A) 7.793%, 12/15/31 (c)	$	3,700,000	$	3,903,714
G.S. Mortgage Securities Corp. II 5.560%, 11/10/39 (c)		1,455,000		1,477,690
GE Capital Commercial Mortgage Corp. 4.578%, 06/10/48		3,480,000		3,409,052
4.996%, 12/10/37		4,340,000		4,375,594
6.269%, 12/10/35		3,440,000		3,622,149
GMAC Commercial Mortgage Securities, Inc. 7.455%, 08/16/33		3,072,992		3,240,018
Greenwich Capital Commercial Funding Corp. 5.301%, 04/10/37 (c)		1,120,000		1,056,602
5.911%, 07/10/38 (c)		3,280,000		3,427,726
GSR Mortgage Loan Trust 5.251%, 11/25/35 (c)		2,090,055		2,018,177
Harborview Mortgage Loan Trust 5.275%, 11/19/35 (c)		1,987,457		1,860,178
JPMorgan Chase Commercial Mortgage Securities Corp. 5.336%, 05/15/47		1,835,000		1,828,159
5.432%, 08/25/35 (c)		10,773,334		10,475,235
5.804%, 06/15/49 (c)		1,700,000		1,737,582
5.827%, 02/15/51 (c)		1,390,000		1,418,154
JPMorgan Commercial Mortgage Finance Corp. 6.658%, 10/15/35 (c)		175,000		176,534
7.351%, 09/15/29		1,503,303		1,543,640
JPMorgan Mortgage Trust 3.887%, 08/25/34 (c)		4,201,708		4,160,926
LB-UBS Commercial Mortgage Trust 3.636%, 08/15/08		1,626,327		1,612,345
4.023%, 09/15/26		1,273,527		1,263,277
4.071%, 09/15/26		1,596,338		1,580,350
5.372%, 09/15/39		1,570,000		1,575,408
5.430%, 02/15/40 (c)		2,800,000		2,812,339
5.642%, 12/15/25 (c)		2,103,609		2,130,185
5.866%, 09/15/45		3,850,000		3,982,409
5.934%, 12/15/25		1,600,000		1,631,598
7.950%, 05/15/25 (c)		3,602,566		3,804,301
LB-UBS Commercial Mortgage Trust (144A) 6.155%, 07/14/16		2,492,844		2,565,687
Morgan Stanley Capital I 5.633%, 04/12/49 (c)		620,000		629,815
5.803%, 06/11/42 (c)		5,925,000		6,079,315
5.809%, 12/12/49		2,345,000		2,398,744
5.882%, 06/11/49 (c)		4,550,000		4,739,341
6.630%, 07/15/30		1,025,000		1,025,076
Salomon Brothers Mortgage Securities VII, Inc. 6.499%, 10/13/11		3,920,000		4,120,426
Wachovia Bank Commercial Mortgage Trust 5.678%, 05/15/46 (c)		3,115,000		3,176,901
5.903%, 02/15/51		1,895,000		1,978,618
WaMu Mortgage Pass-Through Certificates 5.670%, 03/25/37 (c)		6,106,640		6,132,596

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
Wells Fargo Mortgage Backed Securities Trust 5.773%, 09/25/36	$	1,622,523	$	1,624,812
				173,634,312
Computers & Peripherals—0.1%
IBM Corp. 5.700%, 09/14/17		1,420,000		1,467,942
Consumer Finance—0.1%
SLM Corp. 5.125%, 08/27/12		1,700,000		1,520,543
5.400%, 10/25/11		890,000		811,142
				2,331,685
Containers & Packaging—0.0%
Ball Corp. 6.875%, 12/15/12		530,000		537,950
Diversified Financial Services—2.2%
AES Ironwood, LLC 8.857%, 11/30/25		123,480		135,210
AES Red Oak, LLC 9.200%, 11/30/29		50,000		55,500
Bank of America Corp. 5.300%, 03/15/17		975,000		948,067
5.750%, 12/01/17		4,470,000		4,480,254
6.000%, 09/01/17		825,000		842,879
6.100%, 06/15/17		1,600,000		1,635,182
Citigroup Capital XXI 8.300%, 12/21/57 (c)		2,230,000		2,328,546
Citigroup, Inc. 4.125%, 02/22/10		2,000,000		1,970,734
5.300%, 10/17/12		4,075,000		4,128,016
6.125%, 08/25/36		125,000		118,311
Compton Petroleum Finance Corp. 7.625%, 12/01/13		35,000		32,550
Credit Suisse Guernsey, Ltd. 5.860%, 05/29/49 (c)		2,460,000		2,202,187
Gaz Capital for Gazprom (144A)  7.288%, 08/16/37		1,060,000		1,069,858
General Electric Capital Corp. 5.000%, 11/15/11		7,320,000		7,408,675
5.000%, 04/10/12		1,080,000		1,093,301
6.150%, 08/01/37		1,610,000		1,710,511
6.375%, 11/15/67 (c)		1,700,000		1,755,219
Goldman Sachs Capital II 5.793%, 12/29/49 (c)		1,510,000		1,344,391
JPMorgan Chase Capital 6.800%, 10/01/37		4,675,000		4,494,877
Mellon Capital 6.244%, 06/29/49 (c)		900,000		835,311
Telecom Italia Capital S.A. 5.250%, 10/01/15		975,000		949,893

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Diversified Financial Services—(Continued)
Wind Acquisition Finance S.A. (144A)  10.750%, 12/01/15	$	295,000	$	321,550
ZFS Finance USA Trust I (144A) 6.500%, 05/09/37 (c)		900,000		830,869
				40,691,891
Diversified Telecommunication Services—0.2%
AT&T, Inc. 6.500%, 09/01/37		2,850,000		2,980,182
Cincinnati Bell, Inc. 7.250%, 07/15/13		50,000		50,125
GTE Corp. 6.940%, 04/15/28		100,000		107,115
Qwest Communications International, Inc. 7.500%, 02/15/14 (a)		315,000		314,212
Qwest Communications International, Inc. (Series B) 7.500%, 02/15/14		155,000		154,613
Qwest Corp. 8.241%, 06/15/13 (c)		285,000		290,700
Windstream Corp. 8.125%, 08/01/13		410,000		424,350
8.625%, 08/01/16		170,000		178,500
				4,499,797
Electric Utilities—0.3%
CenterPoint Energy, Inc. 7.250%, 09/01/10		345,000		365,582
Elwood Energy, LLC 8.159%, 07/05/26		123,978		123,936
Florida Power & Light Co. 5.625%, 04/01/34		300,000		290,504
MidAmerican Energy Holdings Co. 5.950%, 05/15/37		1,125,000		1,091,225
6.500%, 09/15/37 (c)		725,000		757,107
PECO Energy Co. 4.750%, 10/01/12		650,000		643,195
Texas Competitive Electric Holdings Co. LLC. 10.250%, 11/01/15		1,365,000		1,351,350
				4,622,899
Energy Equipment & Services—0.0%
Colorado Interstate Gas Co. 6.800%, 11/15/15		90,000		93,686
Tennessee Gas Pipeline Co. 7.000%, 10/15/28 (a)		190,000		191,802
				285,488
Federal Agencies—25.8%
Federal Home Loan Mortgage Corp. 1.523%, 09/15/33 (c) (d)		37,770,693		2,663,631
3.914%, 06/01/34 (c)		6,077,258		6,016,418
4.500%, 05/01/18		4,028,916		3,965,243
4.500%, 05/01/19		1,558,241		1,531,595

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
4.500%, 12/01/19	$	660,958	$	649,656
4.500%, 03/01/20		770,796		757,458
4.500%, 04/01/20		252,743		248,369
4.500%, 05/01/20		159,902		157,135
4.500%, 08/01/20		2,365,240		2,324,795
4.500%, 01/01/21		978,087		961,162
5.000%, 12/15/17		4,340,000		4,340,227
5.000%, 12/01/18		554,386		555,752
5.000%, 04/01/20		481,336		481,809
5.000%, 10/01/20		659,815		660,462
5.000%, 11/01/20		6,885,589		6,892,344
5.000%, 06/01/36		958,708		935,626
5.000%, TBA		9,000,000		9,008,442
5.125%, 11/17/17 (a)		13,600,000		14,190,798
5.500%, 04/15/26		3,030,828		3,055,722
5.500%, 02/15/27		3,790,097		3,833,625
5.500%, 07/15/27		4,361,652		4,424,129
5.500%, 05/15/29		9,777,349		9,883,672
5.500%, 07/01/33		3,276,114		3,278,709
5.500%, 10/01/35		715,153		713,954
5.500%, 03/01/37		5,688,715		5,676,971
5.500%, 06/01/37		485,753		484,751
5.500%, TBA		15,600,000		15,565,867
5.686%, 01/01/37 (c)		2,929,027		2,974,356
5.748%, 04/01/37 (c)		3,294,739		3,344,416
6.000%, TBA		45,400,000		46,081,835
Federal National Mortgage Association 4.000%, 06/01/19		4,126,398		3,957,992
4.500%, 10/01/18		1,058,434		1,041,418
4.500%, 08/01/35		3,220,798		3,049,994
4.500%, TBA		1,100,000		1,082,468
5.000%, 06/01/18		1,312,097		1,315,378
5.000%, 01/01/21		3,580,762		3,589,714
5.000%, 06/01/23		1,575,610		1,555,022
5.000%, 11/01/33		9,437,138		9,222,009
5.000%, 03/01/34		24,151,392		23,600,837
5.000%, 08/01/34		5,149,440		5,032,054
5.000%, 07/01/35		218,719		213,530
5.000%, 12/01/35		328,097		320,312
5.000%, 05/01/36		29,789,122		29,082,299
5.000%, 07/01/36 (d)		6,308,892		1,342,844
5.125%, 01/02/14		1,350,000		1,398,180
5.375%, 06/12/17 (a)		2,525,000		2,682,242
5.500%, 10/01/18		1,087,208		1,103,364
5.500%, 12/01/18		753,604		764,803
5.500%, 01/01/19		1,247,028		1,265,560
5.500%, 03/01/19		28,143		28,561
5.500%, 05/01/19		1,576,555		1,600,391
5.500%, 07/01/19		512,322		519,493
5.500%, 09/01/19		11,677,438		11,852,754
5.500%, 06/01/20		1,583,188		1,607,125
5.500%, 07/01/20		3,961,295		4,020,165
5.500%, 01/01/21		109,648		111,083
5.500%, 02/01/21		190,037		192,523
5.500%, 01/01/24		884,844		890,398
5.500%, 05/25/27		1,063,839		1,070,802

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Federal National Mortgage Association
5.500%, 04/25/30	$	2,292,784	$	2,319,722
5.500%, 04/01/33		2,100,771		2,102,329
5.500%, 11/01/33		2,715,781		2,717,795
5.500%, 02/01/34		5,789,389		5,793,682
5.500%, 04/01/34		7,887,638		7,897,127
5.500%, 11/01/34		5,593,495		5,593,804
5.500%, 04/01/35		1,711,905		1,710,861
5.500%, 06/01/35		1,701,616		1,700,578
5.500%, 11/01/35 (d)		5,106,836		1,235,787
5.500%, 12/01/35		8,775,384		8,773,350
5.500%, 01/01/36		14,222,857		14,214,181
5.500%, 01/25/36 (d)		1,992,793		482,835
5.500%, 12/01/36 (c)		16,647,086		16,625,626
6.000%, 04/01/16		462,692		474,263
6.000%, 03/01/21		166,210		170,196
6.000%, 05/01/21		913,872		935,786
6.000%, 06/01/21		95,431		97,720
6.000%, 07/01/21		1,291,886		1,322,866
6.000%, 08/01/21		1,481,489		1,517,015
6.000%, 02/01/34		2,537,313		2,581,691
6.000%, 08/01/34		1,504,994		1,531,317
6.000%, 04/01/35		6,011,068		6,124,010
6.000%, 02/01/36		1,724,560		1,751,624
6.000%, 05/01/36		2,361,176		2,398,231
6.000%, 06/01/36		4,355,635		4,423,991
6.000%, 07/01/36		7,934,517		8,059,038
6.000%, 09/01/36		5,258,781		5,341,310
6.000%, 10/01/36		4,874,293		4,950,788
6.000%, 09/01/37		562,351		571,100
6.000%, 10/01/37		3,986,852		4,046,390
6.000%, TBA		11,100,000		11,269,963
6.500%, 01/01/14		380,210		394,031
6.500%, 08/01/16		2,110		2,184
6.500%, 09/01/16		348,240		360,586
6.500%, 02/01/17		64,582		66,871
6.500%, 12/01/29 (c)		936,316		972,188
6.500%, 08/01/36		877,537		902,145
6.500%, 09/01/36		1,560,164		1,603,915
6.500%, TBA		31,500,000		32,376,078
8.500%, 02/01/09		9,164		9,259
9.000%, 04/01/16		691		714
Government National Mortgage Association 5.000%, 10/20/33		5,767,112		5,634,039
5.500%, 04/15/33		431,695		435,067
5.500%, TBA		3,000,000		3,010,781
6.000%, 02/15/09		28,848		29,042
6.000%, 09/20/33		910,326		930,024
6.000%, 10/20/33		1,474,704		1,510,432
6.000%, 11/20/33		2,017,434		2,061,089
6.000%, TBA		24,400,000		24,884,189
6.500%, 07/15/14		24,588		25,483
7.500%, 12/15/14		473,071		495,352
				473,610,689

Security Description	Face Amount		Value*
Food Products—0.2%
Kraft Foods, Inc. 6.125%, 02/01/18	$	1,950,000	$	1,964,908
6.500%, 08/11/17		1,830,000		1,893,219
				3,858,127
Foreign Government—1.0%
Argentina Government International Bond 5.475%, 08/03/12 (c)		2,430,000		1,372,950
Colombia Government International Bond 7.375%, 09/18/37 (a)		1,225,000		1,362,813
Emirate of Abu Dhabi (144A)  5.500%, 08/02/12		4,600,000		4,730,925
Federal Republic of Germany 4.250%, 07/04/39 (EUR)		850,000		1,170,551
Israel Government AID Bond 5.500%, 12/04/23		3,175,000		3,418,776
Japan 15 Year Government Bond 1.170%, 11/20/21 (JPY) (c)		715,000,000		6,380,443
Peruvian Government International Bond 6.550%, 03/14/37		525,000		548,625
				18,985,083
Health Care Providers & Services—0.0%
WellPoint, Inc. 5.950%, 12/15/34		700,000		658,910
Hotels, Restaurants & Leisure—0.1%
Caesars Entertainment, Inc. 7.875%, 03/15/10 (a)		950,000		893,000
Independent Power Producers & Energy Traders—0.0%
NRG Energy, Inc. 7.375%, 02/01/16		170,000		165,750
Insurance—0.2%
Chubb Corp. 6.375%, 03/29/67 (c)		1,100,000		1,072,953
Lincoln National Corp. 6.050%, 04/20/67		675,000		630,152
7.000%, 05/17/66 (c)		640,000		642,575
The Progressive Corp. 6.700%, 06/15/37 (c)		1,040,000		965,504
The Travelers Cos., Inc. 6.250%, 03/15/67 (c)		735,000		689,273
				4,000,457
Media—0.4%
Comcast Cable Communications Holdings, Inc. 8.375%, 03/15/13		650,000		729,224
Comcast Corp. 6.500%, 11/15/35		555,000		566,344
6.950%, 08/15/37		1,150,000		1,241,163
7.050%, 03/15/33		275,000		300,400

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Media—(Continued)
CSC Holdings, Inc. 8.125%, 07/15/09	$	135,000	$	137,194
Idearc, Inc. 8.000%, 11/15/16		305,000		279,837
News America, Inc. 6.200%, 12/15/34		640,000		630,905
TCI Communications, Inc. 7.875%, 02/15/26		1,300,000		1,469,069
Time Warner Entertainment Co., L.P. 8.375%, 03/15/23		350,000		412,263
Time Warner, Inc. 6.875%, 05/01/12		1,875,000		1,974,392
				7,740,791
Metals & Mining—0.1%
Freeport-McMoRan Copper & Gold, Inc. 8.250%, 04/01/15		485,000		514,100
8.375%, 04/01/17		965,000		1,034,962
Ispat Inland, U.L.C. 9.750%, 04/01/14		155,000		167,937
				1,716,999
Office Electronics—0.1%
Xerox Corp. 6.875%, 08/15/11		975,000		1,019,976
Oil, Gas & Consumable Fuels—0.2%
KCS Energy, Inc. 7.125%, 04/01/12		70,000		67,375
Newfield Exploration Co. 6.625%, 09/01/14		395,000		391,050
6.625%, 04/15/16		375,000		367,500
Petrobras International Finance Co. 5.875%, 03/01/18		570,000		566,865
Sabine Pass LNG, L.P. 7.500%, 11/30/16		700,000		668,500
Transocean, Inc. 6.800%, 03/15/38		550,000		561,191
XTO Energy, Inc. 6.750%, 08/01/37		900,000		965,367
				3,587,848
Pharmaceuticals—0.1%
Bristol-Myers Squibb Co. 5.875%, 11/15/36		950,000		944,039
Real Estate Investment Trusts—0.1%
The Rouse Co. 5.375%, 11/26/13		1,635,000		1,412,061
The Rouse Co., L.P./TRC Co-Issuer, Inc. (144A) 6.750%, 05/01/13		350,000		325,130
				1,737,191
Real Estate Management & Development—0.0%
American Real Estate Partners, L.P. 8.125%, 06/01/12		145,000		140,469

Security Description	Face Amount		Value*
Wireless Telecommunication Services—0.2%
Rogers Wireless, Inc. 7.500%, 03/15/15	$	240,000	$	262,461
Sprint Nextel Corp. 6.000%, 12/01/16		825,000		790,179
Telefonica Emisiones, S.A.U. 7.045%, 06/20/36		1,025,000		1,145,731
Vodafone Group, Plc. 7.750%, 02/15/10		665,000		701,501
				2,899,872
Yankee—0.0%
Vodafone Group, Plc. 6.150%, 02/27/37		650,000		641,953
Total Fixed Income (Identified Cost $807,509,359)				813,935,097
Preferred Stock—0.9%
Security Description	Shares		Value*
Commercial Banks—0.4%
Wachovia Corp.		250,000		6,325,000
Thrifts & Mortgage Finance—0.5%
Federal Home Loan Mortgage Corp.		151,400		3,959,110
Federal National Mortgage Association		211,950		5,457,713
				9,416,823
Total Preferred Stock (Identified Cost $15,333,750)				15,741,823
Short Term Investments—2.3%
Security Description	Face Amount/ Shares		Value*
Discount Notes—0.2%
Federal Home Loan Bank 4.150%, 01/14/08	$	3,100,000		3,096,362
Mutual Funds—2.0%
State Street Navigator Securities Lending Prime Portfolio (e)		37,347,032		37,347,032
Repurchase Agreement—0.1%
State Street Repurchase Agreement dated 12/31/07 at 1.200% to be repurchased at $1,089,073 on 1/02/08, collateralized by $785,000 U.S. Treasury Bond 9.125% due 5/15/18 with a value of $1,117,644.		1,089,000		1,089,000
Total Short Term Investments (Identified Cost $41,532,394)				41,532,394
Total Investments—109.7% (Identified Cost $1,888,022,870) (f)				2,012,269,647
Liabilities in excess of other assets				(177,285,304	)
Total Net Assets—100%			$	1,834,984,343

*See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $69,259,715 and the collateral received consisted of cash in the amount of $37,347,032 and non cash collateral with a value of $33,771,958. 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.

(b) Non-Income Producing.

(c) Variable or Floating Rate Security. Rate disclosed is as of December 31, 2007.

(d) Interest Only Certificate. This security receives monthly interest payments but is not entitled to principal payments.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,890,884,625 and the composition of unrealized appreciation and depreciation of investment securities was $158,227,125 and $(36,842,103), respectively.

(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 December 31, 2007, the market value of 144A securities was $15,755,365, which is 0.9% of total net assets.

(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.

(EUR)— Euro

(JPY)— Japanese Yen

Forward Contracts

Forward Currency Contracts	Delivery Date	Local Currency Amount	Aggregate Face Value		Valuation as of 12/31/2007		Unrealized Appreciation/ Depreciation
Euro (Sold)	1/23/2008	1,767,500	$	2,504,548	$	2,581,509	$	(76,961	)
Euro (Bought)	1/23/2008	982,825		1,457,297		1,435,458		(21,839	)
Mexican Peso (Sold)	1/23/2008	866,732		80,474		79,241		1,233
Mexican Peso (Sold)	1/23/2008	38,276,968		3,520,174		3,499,499		20,675
Mexican Peso (Bought)	1/23/2008	39,143,700		3,624,417		3,578,741		(45,676	)
Net Unrealized Depreciation							$	(122,568	)

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts		Contract Amount			Valuation as of 12/31/2007			Unrealized Appreciation/ Depreciation
Euribor Futures	3/17/2008	56		$	19,530,414		$	19,512,743		$	(17,671	)
Eurodollar Futures	6/16/2008	73			17,284,805			17,566,538			281,733
Eurodollar Futures	9/15/2008	101			24,360,837			24,368,775			7,938
Eurodollar Futures	12/15/2008	271			64,322,303			65,466,825			1,144,522
German Government Bond 5 Year Futures	3/6/2008	77			12,314,347			12,133,791			(180,556	)
German Government Bond 10 Year Futures	3/6/2008	108			18,231,584			17,833,974			(397,610	)
U.S. Treasury Bonds Futures	3/19/2008	265			31,275,041			30,839,375			(435,666	)
U.S. Treasury Notes 5 Year Futures	3/31/2008	199			21,905,738			21,945,969			40,231
Futures Contracts—Short
Eurodollar Futures	9/14/2009	(101	)		(24,328,241	)		(24,328,375	)		(134	)
U.S. Treasury Notes 2 Year Futures	3/31/2008	(84	)		(17,661,963	)		(17,661,000	)		963
U.S. Treasury Notes 10 Year Futures	3/19/2008	(362	)		(41,014,306	)		(41,047,406	)		(33,100	)
Net Unrealized Appreciation										$	410,650

Written Options

Written Options—Calls	Expiration Date	Number of Contracts		Premiums Received			Valuation as of 12/31/2007			Unrealized Appreciation
U.S. Treasury Notes 5 Year Futures 112	2/22/2008	(68	)	$	(38,848	)	$	(29,750	)	$	9,098

*See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Schedule of Investments as of December 31, 2007

TBA Sale Commitments

Federal Agencies	Face Amount		Value
Federal National Mortgage Association
5.000% (15 Year TBA)	(4,800,000	)	$	(4,804,502	)
5.000% (30 Year TBA)	(54,000,000	)		(52,683,750	)
5.500% (15 Year TBA)	(15,100,000	)		(15,293,461	)
5.500% (30 Year TBA)	(46,100,000	)		(46,042,375	)
5.500% (30 Year TBA)	(15,600,000	)		(15,570,750	)
6.000% (15 Year TBA)	(3,900,000	)		(3,990,188	)
Government National Mortgage Association
5.500% (30 Year TBA)	(400,000	)		(402,875	)
Total TBA Sale Commitments (Proceeds Cost $(138,655,873))			$	(138,787,901	)

*See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (e)			$	2,012,269,647
Foreign cash at value (b)				7,379,320
Receivable for:
Securities sold				236,637,165
Fund shares sold				129,374
Accrued interest and dividends				6,189,234
Foreign taxes				20,347
Futures variation margin				103,694
Total Assets				2,262,728,781
Liabilities
TBA sales commitments at value (c)	$	138,787,901
Payable for:
Securities purchased		249,318,863
Fund shares redeemed		840,155
Open forward currency contracts-net		122,568
Collateral for securities loaned		37,347,032
Due to custodian bank		112,299
Options written, at fair value (d)		29,750
Interest (Short)		406,676
Accrued expenses:
Management fees		689,673
Service and distribution fees		24,960
Other expenses		64,561
Total Liabilities				427,744,438
Net Assets			$	1,834,984,343
Net assets consists of:
Capital paid in			$	1,654,701,855
Undistributed net investment income				42,985,221
Accumulated net realized gains				12,898,292
Unrealized appreciation on investments, foreign currency, futures contracts and options				124,398,975
Net Assets			$	1,834,984,343
Computation of offering price:
Class A
Net asset value and redemption price per share ($1,688,043,894 divided by 92,875,948 shares outstanding)			$	18.18
Class B
Net asset value and redemption price per share ($75,109,092 divided by 4,155,073 shares outstanding)			$	18.08
Class E
Net asset value and redemption price per share ($71,831,357 divided by 3,961,798 shares outstanding)			$	18.13
(a) Identified cost of investments			$	1,888,022,870
(b) Identified cost of foreign cash			$	7,403,489
(c) Proceeds of TBA sales commitments			$	(138,655,873	)
(d) Premiums received on written options			$	(38,848	)

(e) Includes cash collateral for securities loaned of $37,347,032.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	16,595,597	(a)
Interest					35,331,501	(b)
					51,927,098
Expenses
Management fees	$	8,131,030
Service and distribution fees—Class B		167,000
Service and distribution fees—Class E		111,634
Directors’ fees and expenses		23,669
Custodian		258,725
Audit and tax services		40,739
Legal		20,089
Printing		679,480
Insurance		27,418
Miscellaneous		25,384
Total expenses					9,485,168
Net Investment Income					42,441,930
Realized and Unrealized Gain (Loss)
Realized gain (loss) on:
Investments—net		67,466,710
Futures contracts—net		(3,074,075	)
Foreign currency transactions—net		119,206
Options—net		(74,707	)		64,437,134
Change in unrealized appreciation (depreciation) on:
Investments—net		(8,769,493	)
Futures contracts—net		2,052,530
Foreign currency transactions—net		290,785
Options—net		9,098			(6,417,080	)
Net gain					58,020,054
Net Increase in Net Assets From Operations				$	100,461,984

(a) Net of foreign taxes of $1,628.

(b) Includes net income on securities loaned of $371,077.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	42,441,930		$	43,278,244
Net realized gain		64,437,134			84,545,041
Unrealized appreciation (depreciation)		(6,417,080	)		47,082,108
Increase in net assets from operations		100,461,984			174,905,393
From Distributions to Shareholders
Net investment income
Class A		(40,533,989	)		(40,698,763	)
Class B		(1,503,984	)		(1,066,750	)
Class E		(1,827,170	)		(1,779,204	)
Total distributions		(43,865,143	)		(43,544,717	)
Increase (decrease) in net assets from capital share transactions		22,239,497			(201,750,486	)
Total increase (decrease) in net assets		78,836,338			(70,389,810	)
Net Assets
Beginning of the period		1,756,148,005			1,826,537,815
End of the period	$	1,834,984,343		$	1,756,148,005
Undistributed Net Investment Income
End of the period	$	42,985,221		$	43,549,629

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	15,428,384		$	276,471,148		4,148,078		$	69,010,042
Reinvestments	2,270,812			40,533,989		2,496,857			40,698,763
Redemptions	(16,923,992	)		(303,258,831	)	(18,942,461	)		(314,590,632	)
Net increase (decrease)	775,204		$	13,746,306		(12,297,526	)	$	(204,881,827	)
Class B
Sales	1,483,082		$	26,479,747		1,500,884		$	24,829,662
Reinvestments	84,589			1,503,984		65,687			1,066,750
Redemptions	(721,595	)		(12,859,245	)	(765,003	)		(12,740,179	)
Net increase	846,076		$	15,124,486		801,568		$	13,156,233
Class E
Sales	289,023		$	5,161,012		339,111		$	5,620,030
Reinvestments	102,535			1,827,170		109,288			1,779,204
Redemptions	(761,913	)		(13,619,477	)	(1,051,650	)		(17,424,126	)
Net decrease	(370,355	)	$	(6,631,295	)	(603,251	)	$	(10,024,892	)
Increase (decrease) derived from capital share transactions			$	22,239,497				$	(201,750,486	)

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	17.61		$	16.33		$	16.11		$	15.13		$	13.07
Income From Investment Operations
Net investment income		0.41	(a)		0.46			0.39			0.32			0.30
Net realized and unrealized gain on investments		0.62			1.23			0.09			0.95			2.30
Total from investment operations		1.03			1.69			0.48			1.27			2.60
Less Distributions
Distributions from net investment income		(0.46	)		(0.41	)		(0.26	)		(0.29	)		(0.54	)
Total distributions		(0.46	)		(0.41	)		(0.26	)		(0.29	)		(0.54	)
Net Asset Value, End of Period	$	18.18		$	17.61		$	16.33		$	16.11		$	15.13
Total Return (%)		5.9			10.5			3.1			8.5			20.6
Ratio of operating expenses to average net assets before expense reductions (%)		0.50			0.52			0.50			0.50			0.51
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.51			0.49			0.49			0.50
Ratio of net investment income to average net assets (%)		2.32			2.46			2.22			1.99			2.00
Portfolio turnover rate (%)		372			265			443			232			211
Net assets, end of period (000)	$	1,688,044		$	1,622,051		$	1,705,344		$	1,875,196		$	1,922,067

	Class B
	Year ended December 31,
	2007			2006			2005			2004(c)
Net Asset Value, Beginning of Period	$	17.52		$	16.25		$	16.03		$	14.97
Income From Investment Operations
Net investment income		0.37	(a)		0.34			0.25			0.11
Net realized and unrealized gain on investments		0.61			1.30			0.19			0.95
Total from investment operations		0.98			1.64			0.44			1.06
Less Distributions
Distributions from net investment income		(0.42	)		(0.37	)		(0.22	)		0.00
Total distributions		(0.42	)		(0.37	)		(0.22	)		0.00
Net Asset Value, End of Period	$	18.08		$	17.52		$	16.25		$	16.03
Total Return (%)		5.6			10.3			2.8			7.1	(d)
Ratio of operating expenses to average net assets before expense reductions (%)		0.75			0.77			0.75			0.75	(e)
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.76			0.74			0.74	(e)
Ratio of net investment income to average net assets (%)		2.07			2.22			2.01			2.27	(e)
Portfolio turnover rate (%)		372			265			443			232
Net assets, end of period (000)	$	75,109		$	57,973		$	40,749		$	20,413

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was April 26, 2004 for Class B.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	17.57		$	16.30		$	16.07		$	15.11		$	13.06
Income From Investment Operations
Net investment income		0.39	(a)		0.40			0.33			0.29			0.41
Net realized and unrealized gain on investments		0.61			1.25			0.13			0.94			2.17
Total from investment operations		1.00			1.65			0.46			1.23			2.58
Less Distributions
Distributions from net investment income		(0.44	)		(0.38	)		(0.23	)		(0.27	)		(0.53	)
Total distributions		(0.44	)		(0.38	)		(0.23	)		(0.27	)		(0.53	)
Net Asset Value, End of Period	$	18.13		$	17.57		$	16.30		$	16.07		$	15.11
Total Return (%)		5.7			10.3			3.0			8.3			20.4
Ratio of operating expenses to average net assets before expense reductions (%)		0.65			0.67			0.65			0.65			0.66
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.66			0.64			0.64			0.65
Ratio of net investment income to average net assets (%)		2.16			2.31			2.07			1.88			1.80
Portfolio turnover rate (%)		372			265			443			232			211
Net assets, end of period (000)	$	71,831		$	76,124		$	80,444		$	85,223		$	52,609

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was April 26, 2004 for Class B.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The BlackRock Diversified Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-18

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-19

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Credit and Market Risk:

The Portfolio may invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield instruments reflect, among other things, perceived credit risk. The Portfolio’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

MSF-20

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Credit Risk:

The Portfolio invests 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. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Portfolio. At December 31, 2007, the Portfolio held securities of issuers that hold mortgage and asset backed securities and direct investments in mortgage and asset backed securities with an aggregate value of $187,485,201 (representing 10.3% of the Portfolio’s total assets).

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$43,865,143	$	43,544,717	$	—	$	—	$	—	$	—	$	43,865,143	$	43,544,717

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$42,862,653	$	16,775,633	$	120,644,202	$	—	$	180,282,488

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$5,641,619,575	$	1,348,191,038	$	5,570,856,768	$	1,157,991,284

Options Written:

The Portfolio transactions in options written during the year ended December 31, 2007 were as follows:

Call Options	Number of contracts	Premiums received
Options outstanding December 31, 2006	0	$	0
Options written	68		38,848
Options closed	0		0
Options expired	0		0
Options outstanding December 31, 2007	68	$	38,848

MSF-21

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$8,131,030	0.500%	Of the first $500 million
	0.450%	Of the next $500 million
	0.400%	On amounts in excess of $1 billion

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

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

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American

MSF-22

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-23

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Diversified Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the BlackRock Diversified Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 28, 2008

MSF-24

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-25

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-26

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

MSF-27

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

MSF-28

Metropolitan Series Fund, Inc.

BlackRock Diversified Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-29

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-30

Metropolitan Series Fund, Inc. BlackRock Large Cap Value Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the BlackRock Large Cap Value Portfolio returned 3.4%, compared to its benchmark, the Russell 1000 Value Index¹, which returned -0.2%. The average return of its peer group, the Lipper Variable Insurance Products Large-Cap Value Funds Universe², was 1.7% over the same period.

PORTFOLIO REVIEW

2007 began largely where 2006 left off. A slowdown in U.S. growth occurred following Fed tightening, rising oil prices, and the beginning of concerns around credit and slower spending by the U.S. consumer. Earnings growth remained strong on the back of solid export growth, a declining dollar and share buybacks. A transition in leadership from small, value and domestic to large, growth and multinational became evident as the year began. During the second half of 2007, the benign fundamentals of 2003-2006, namely strong global growth, rising profitability levels, and falling risk premiums, were replaced by credit stress; pressures on the capital position of the financial system; questions about the sustainability of the business cycle; and rising energy and food prices. Reflecting these woes, market prices moved considerably. Government bond yields plummeted, the dollar fell faster than in earlier years, credit spreads widened and equities became trendless and volatile. The financial and consumer discretionary sectors experienced drops of one-quarter to one-third. Commodity- and industrial-related multinational companies performed the best. Emerging market economies and equity markets performed well yet again. The Federal Reserve moved from an attitude of vigilance about inflation to one of providing liquidity and lowering rates to shore up the functioning of credit markets and fight economic weakness.

The Portfolio’s outperformance versus its benchmark was attributable to an underweight and stock selection within the financials sector. Within financials, an underweight in commercial banks and thrifts & mortgage finance names contributed notably to performance. Also additive was select exposure to the capital markets industry (including Goldman Sachs and Janus Capital Group) and the insurance industry (most notably Prudential Financial and Chubb Corp.).

Also contributing to performance was an overweight and stock selection within the industrials sector. Selected U.S. and multinational companies, especially those with exposure to agriculture and developing economies, have been strong contributors to our performance. Within industrials, Deere & Co. and AGCO have benefited from the agriculture boom brought on by increased demand for corn-based ethanol and from emerging markets that need to feed growing and increasingly prosperous populations. We were also able to put this trend to work for us in the materials sector, with fertilizer producer Monsanto contributing heavily to performance.

Detracting from performance was an underweight and stock selection in consumer staples, as well as an overweight and stock selection within information technology. In consumer staples, we either did not hold or had only a modest weighting in a few select names that did well, such as Procter & Gamble and Altria. In information technology, semiconductor holdings such as Teradyne and Integrated Device Technology and IT service holdings such as Unisys detracted most from performance. Though our holdings in computers & peripherals performed well on the whole, Sun Microsystems was the Portfolio’s worst performer during the period on both an absolute and relative basis.

The biggest theme for the year was global growth, and we benefited from our two-pronged portfolio approach: one prong invested in cyclicals with a global emphasis and the other in higher quality companies with predictable earnings. Holdings that were in line with global growth were our positions in Cummins and Honeywell International in the industrials sector, as well as FMC Corp. in the materials sector.

The biggest event of the year, however, was the mortgage debacle, and our early exit from names like Countrywide Financial and Lehman Brothers, plus our overall underweight in financials, proved beneficial. While the Portfolio suffered during the summer’s market turmoil and quantitative investment meltdown, we went into the fourth quarter with solid sector positioning, which helped us to end the year ahead of the benchmark.

At year-end, the largest overweights in the Portfolio were in information technology, healthcare and energy. The largest underweights were in financials, consumer staples and utilities.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

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

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 1000 VALUE INDEX

Average Annual Returns as of December 31, 2007

	BlackRock Large Cap Value Portfolio						Russell 1000 Value Index
	Class A		Class B		Class E
1 Year	3.4	%	3.1	%	3.3	%	-0.2	%
5 Year	15.0		14.7		14.8		14.6
Since Inception	8.8		12.7		8.6		9.4

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 5/1/02, 7/30/02, 5/1/02 respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Exxon Mobil Corp.	7.0%
Chevron Corp.	3.9%
Pfizer, Inc.	3.3%
ConocoPhillips	3.1%
General Electric Co.	2.8%
American International Group, Inc.	2.6%
JPMorgan Chase & Co.	2.2%
Occidental Petroleum Corp.	2.0%
McDonald’s Corp.	1.8%
AT&T, Inc.	1.7%

Top Sectors

	% of Total Market Value
Energy	22.8%
Financials	18.9%
Industrials	12.8%
Health Care	12.3%
Information Technology	11.9%
Materials	6.7%
Consumer Discretionary	5.9%
Telecommunication Services	3.6%
Consumer Staples	3.2%
Utilities	1.7%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
BlackRock Large Cap Value—Class A	Actual	0.74	%	$	1,000.00	$	958.50	$	3.65
	Hypothetical	0.74	%	$	1,000.00	$	1,021.43	$	3.77
BlackRock Large Cap Value—Class B	Actual	0.99	%	$	1,000.00	$	957.60	$	4.88
	Hypothetical	0.99	%	$	1,000.00	$	1,020.16	$	5.04
BlackRock Large Cap Value—Class E	Actual	0.89	%	$	1,000.00	$	957.70	$	4.39
	Hypothetical	0.89	%	$	1,000.00	$	1,020.67	$	4.53

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—99.8% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—5.1%
Honeywell International, Inc.	117,000	$	7,203,690
L-3 Communications Holdings, Inc.	31,000		3,284,140
Lockheed Martin Corp.	13,100		1,378,906
Northrop Grumman Corp.	111,000		8,729,040
Raytheon Co.	57,400		3,484,180
United Technologies Corp.	116,000		8,878,640
			32,958,596
Auto Components—0.8%
Gentex Corp.	182,800		3,248,356
Johnson Controls, Inc.	49,000		1,765,960
			5,014,316
Biotechnology—1.2%
Biogen Idec, Inc. (a)	134,000		7,627,280
Capital Markets—1.2%
Janus Capital Group, Inc.	61,800		2,030,130
The Goldman Sachs Group, Inc.	26,000		5,591,300
			7,621,430
Chemicals—4.4%
E. I. du Pont de Nemours & Co.	197,000		8,685,730
FMC Corp.	67,000		3,654,850
Mosaic Co. (a)	76,000		7,169,840
The Dow Chemical Co.	85,000		3,350,700
The Lubrizol Corp.	109,000		5,903,440
			28,764,560
Commercial Banks—1.1%
Comerica, Inc.	162,000		7,051,860
Commercial Services & Supplies—0.7%
Republic Services, Inc.	103,000		3,229,050
Steelcase, Inc.	77,800		1,234,686
			4,463,736
Communications Equipment—2.1%
ADC Telecommunications, Inc. (a)	421,000		6,546,550
Juniper Networks, Inc. (a)	206,000		6,839,200
			13,385,750
Computers & Peripherals—3.7%
EMC Corp. (a)	257,000		4,762,210
Hewlett-Packard Co.	115,000		5,805,200
International Business Machines Corp.	86,000		9,296,600
Western Digital Corp. (a)	128,000		3,866,880
			23,730,890
Construction & Engineering—0.4%
The Shaw Group, Inc. (a)	48,000		2,901,120
Diversified Financial Services—4.1%
Bank of America Corp.	101,000		4,167,260

Security Description	Shares	Value*
Diversified Financial Services—(Continued)
Citigroup, Inc.	34,000	$	1,000,960
JPMorgan Chase & Co.	327,000		14,273,550
The Nasdaq Stock Market, Inc. (a)	143,000		7,077,070
			26,518,840
Diversified Telecommunication Services—3.0%
AT&T, Inc.	262,000		10,888,720
CenturyTel, Inc.	106,000		4,394,760
Qwest Communications International, Inc.	601,200		4,214,412
			19,497,892
Electronic Equipment & Instruments—0.8%
Arrow Electronics, Inc. (a)	100,000		3,928,000
Avnet, Inc.	37,700		1,318,369
			5,246,369
Energy Equipment & Services—1.1%
ENSCO International, Inc.	116,000		6,915,920
Food & Staples Retailing—1.6%
BJ’s Wholesale Club, Inc. (a)	99,000		3,349,170
The Kroger Co.	252,000		6,730,920
			10,080,090
Health Care Providers & Services—5.1%
Aetna, Inc.	107,300		6,194,429
AmerisourceBergen Corp.	94,900		4,258,163
Coventry Health Care, Inc. (a)	19,600		1,161,300
McKesson Corp.	91,000		5,961,410
Medco Health Solutions, Inc. (a)	61,000		6,185,400
WellPoint, Inc. (a)	103,000		9,036,190
			32,796,892
Hotels, Restaurants & Leisure—1.8%
McDonald’s Corp.	197,000		11,605,270
Household Products—1.6%
Colgate-Palmolive Co.	86,000		6,704,560
Energizer Holdings, Inc. (a)	33,000		3,700,290
			10,404,850
Independent Power Producers & Energy Traders—1.0%
NRG Energy, Inc. (a)	155,000		6,717,700
Industrial Conglomerates—2.8%
General Electric Co.	495,000		18,349,650
Insurance—12.6%
ACE, Ltd.	136,000		8,402,080
Aflac, Inc.	26,000		1,628,380
Alleghany Corp. (a)	4,000		1,608,000
American Financial Group, Inc.	51,000		1,472,880
American International Group, Inc.	286,000		16,673,800
Aon Corp.	58,000		2,766,020

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Insurance—(Continued)
CNA Financial Corp.	32,800	$	1,106,016
HCC Insurance Holdings, Inc.	109,000		3,126,120
Loews Corp.	171,000		8,608,140
Nationwide Financial Services, Inc.	24,000		1,080,240
Prudential Financial, Inc.	53,000		4,931,120
SAFECO Corp.	25,800		1,436,544
The Chubb Corp.	158,000		8,623,640
The Travelers Cos., Inc.	162,000		8,715,600
Transatlantic Holdings, Inc.	16,500		1,199,055
UnumProvident Corp.	62,600		1,489,254
W.R. Berkley Corp.	35,450		1,056,765
XL Capital, Ltd. (Class A)	145,000		7,294,950
			81,218,604
IT Services—0.3%
Computer Sciences Corp. (a)	9,000		445,230
Electronic Data Systems Corp.	66,700		1,382,691
			1,827,921
Leisure Equipment & Products—0.2%
Hasbro, Inc.	49,000		1,253,420
Machinery—2.6%
AGCO Corp.	97,000		6,594,060
Deere & Co.	112,000		10,429,440
			17,023,500
Media—1.5%
The Walt Disney Co.	295,000		9,522,600
Metals & Mining—1.5%
Carpenter Technology Corp.	60,000		4,510,200
Reliance Steel & Aluminum Co.	91,000		4,932,200
			9,442,400
Multi-Utilities—0.6%
CMS Energy Corp.	232,000		4,032,160
Multiline Retail—0.3%
Dollar Tree Stores, Inc. (a)	40,400		1,047,168
Family Dollar Stores, Inc.	48,000		923,040
			1,970,208
Office Electronics—0.3%
Xerox Corp.	105,100		1,701,569
Oil, Gas & Consumable Fuels—21.7%
Chevron Corp.	267,000		24,919,110
ConocoPhillips	226,000		19,955,800
Exxon Mobil Corp.	483,000		45,252,270
Frontier Oil Corp.	118,000		4,788,440
Marathon Oil Corp.	175,000		10,650,500
Noble Energy, Inc.	88,000		6,997,760
Occidental Petroleum Corp.	166,000		12,780,340
Sunoco, Inc.	68,000		4,925,920

Security Description	Shares	Value*
Oil, Gas & Consumable Fuels—(Continued)
Tesoro Corp.	85,000	$	4,054,500
Valero Energy Corp.	89,000		6,232,670
			140,557,310
Paper & Forest Products—0.8%
International Paper Co.	157,000		5,083,660
Pharmaceuticals—6.1%
Eli Lilly & Co.	165,000		8,809,350
King Pharmaceuticals, Inc. (a)	77,900		797,696
Merck & Co., Inc.	145,000		8,425,950
Pfizer, Inc.	931,000		21,161,630
			39,194,626
Road & Rail—1.0%
CSX Corp.	155,000		6,816,900
Semiconductors & Semiconductor Equipment—2.6%
Integrated Device Technology, Inc. (a)	215,000		2,431,650
Intersil Corp.	259,000		6,340,320
KLA-Tencor Corp.	87,000		4,189,920
Novellus Systems, Inc. (a)	143,000		3,942,510
			16,904,400
Software—2.2%
CA, Inc.	26,000		648,700
Cadence Design Systems, Inc. (a)	91,000		1,547,910
Fair Isaac Corp.	65,000		2,089,750
McAfee, Inc. (a)	126,600		4,747,500
Novell, Inc. (a)	555,000		3,812,850
Synopsys, Inc. (a)	57,400		1,488,382
			14,335,092
Specialty Retail—1.3%
Barnes & Noble, Inc.	91,000		3,134,950
RadioShack Corp.	334,000		5,631,240
			8,766,190
Wireless Telecommunication Services—0.6%
Telephone & Data Systems, Inc.	61,000		3,818,600
Total Common Stock (Identified Cost $621,857,112)			645,122,171
Total Investments—99.8% (Identified Cost $621,857,112) (b)			645,122,171
Other assets less liabilities			1,514,288
Total Net Assets—100%		$	646,636,459

(a) Non-Income Producing.

(b) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $622,652,183 and the composition of unrealized appreciation and depreciation of investment securities was $50,366,406 and $(27,896,418), respectively.

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	645,122,171
Cash				140,660
Receivable for:
Securities sold				4,226,514
Fund shares sold				463,663
Accrued dividends				815,331
Total Assets				650,768,339
Liabilities
Payable for:
Securities purchased	$	3,306,872
Fund shares redeemed		369,756
Accrued expenses:
Management fees		366,684
Service and distribution fees		49,223
Other expenses		39,345
Total Liabilities				4,131,880
Net Assets			$	646,636,459
Net assets consists of:
Capital paid in			$	616,723,626
Undistributed net investment income				4,290,705
Accumulated net realized gains				2,357,069
Unrealized appreciation on investments				23,265,059
Net Assets			$	646,636,459
Computation of offering price:
Class A
Net asset value and redemption price per share ($370,864,905 divided by 27,240,442 shares outstanding)			$	13.61
Class B
Net asset value and redemption price per share ($164,375,665 divided by 12,134,987 shares outstanding)			$	13.55
Class E
Net asset value and redemption price per share ($111,395,889 divided by 8,204,929 shares outstanding)			$	13.58
(a) Identified cost of investments			$	621,857,112

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends			$	8,068,028
Interest				306,188
				8,374,216
Expenses
Management fees	$	3,158,034
Service and distribution fees—Class B		370,328
Service and distribution fees—Class E		179,709
Directors’ fees and expenses		23,669
Custodian		59,586
Audit and tax services		31,739
Legal		5,455
Printing		138,118
Insurance		3,733
Miscellaneous		25,704
Total expenses				3,996,075
Net Investment Income				4,378,141
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		2,852,568
Futures contracts—net		455,164		3,307,732
Change in unrealized depreciation on:
Investments—net				(4,793,424	)
Net loss				(1,485,692	)
Net Increase in Net Assets From Operations			$	2,892,449

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	4,378,141		$	2,739,613
Net realized gain		3,307,732			13,069,677
Unrealized appreciation (depreciation)		(4,793,424	)		17,477,654
Increase in net assets from operations		2,892,449			33,286,944
From Distributions to Shareholders
Net investment income
Class A		(518,185	)		(515,159	)
Class B		(1,134,029	)		(516,442	)
Class E		(1,065,888	)		(736,583	)
		(2,718,102	)		(1,768,184	)
Net realized gain
Class A		(1,970,563	)		(2,523,701	)
Class B		(5,371,717	)		(3,063,517	)
Class E		(4,641,772	)		(4,039,624	)
		(11,984,052	)		(9,626,842	)
Total distributions		(14,702,154	)		(11,395,026	)
Increase in net assets from capital share transactions		389,343,171			113,366,353
Total increase in net assets		377,533,466			135,258,271
Net Assets
Beginning of the period		269,102,993			133,844,722
End of the period	$	646,636,459		$	269,102,993
Undistributed Net Investment Income
End of the period	$	4,290,705		$	2,650,492

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	25,075,646		$	347,828,727		1,208,320		$	15,607,642
Reinvestments	179,305			2,488,748		246,661			3,038,860
Redemptions	(1,502,776	)		(20,751,708	)	(1,060,528	)		(13,718,015	)
Net increase	23,752,175		$	329,565,767		394,453		$	4,928,487
Class B
Sales	5,888,414		$	81,721,981		5,565,701		$	71,712,404
Reinvestments	470,408			6,505,746		291,528			3,579,959
Redemptions	(2,299,463	)		(31,784,678	)	(718,780	)		(9,306,425	)
Net increase	4,059,359		$	56,443,049		5,138,449		$	65,985,938
Class E
Sales	3,380,179		$	47,119,568		4,675,956		$	60,037,459
Reinvestments	412,105			5,707,660		388,309			4,776,207
Redemptions	(3,569,274	)		(49,492,873	)	(1,735,050	)		(22,361,738	)
Net increase	223,010		$	3,334,355		3,329,215		$	42,451,928
Increase derived from capital share transactions			$	389,343,171				$	113,366,353

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004		2003
Net Asset Value, Beginning of Period	$	13.81		$	12.56		$	12.11		$	10.67	$	7.95
Income From Investment Operations
Net investment income		0.15	(a)		0.20			0.19			0.15		0.11
Net realized and unrealized gain on investments		0.33			2.10			0.51			1.29		2.71
Total from investment operations		0.48			2.30			0.70			1.44		2.82
Less Distributions
Distributions from net investment income		(0.14	)		(0.18	)		(0.12	)		0.00		(0.10	)
Distributions from net realized capital gains		(0.54	)		(0.87	)		(0.13	)		0.00		0.00
Total distributions		(0.68	)		(1.05	)		(0.25	)		0.00		(0.10	)
Net Asset Value, End of Period	$	13.61		$	13.81		$	12.56		$	12.11	$	10.67
Total Return (%)		3.4			19.3			6.0			13.4		35.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.74			0.84			0.85			0.93		0.94
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.82			0.83			0.89		N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			N/A			N/A			N/A		1.05
Ratio of net investment income to average net assets (%)		1.10			1.69			1.59			1.31		1.28
Portfolio turnover rate (%)		66			96			109			31		51
Net assets, end of period (000)	$	370,865		$	48,176		$	38,850		$	37,259	$	33,113

	Class B
	Year ended December 31,
	2007			2006			2005			2004		2003
Net Asset Value, Beginning of Period	$	13.75		$	12.50		$	12.07		$	10.66	$	7.95
Income From Investment Operations
Net investment income		0.11	(a)		0.14			0.13			0.08		0.04
Net realized and unrealized gain on investments		0.34			2.13			0.53			1.33		2.76
Total from investment operations		0.45			2.27			0.66			1.41		2.80
Less Distributions
Distributions from net investment income		(0.11	)		(0.15	)		(0.10	)		0.00		(0.09	)
Distributions from net realized capital gains		(0.54	)		(0.87	)		(0.13	)		0.00		0.00
Total distributions		(0.65	)		(1.02	)		(0.23	)		0.00		(0.09	)
Net Asset Value, End of Period	$	13.55		$	13.75		$	12.50		$	12.07	$	10.66
Total Return (%)		3.1			19.1			5.6			13.2		35.4
Ratio of operating expenses to average net assets before expense reductions (%)		0.99			1.09			1.10			1.18		1.19
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			1.07			1.08			1.14		N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			N/A			N/A			N/A		1.30
Ratio of net investment income to average net assets (%)		0.78			1.46			1.38			1.46		1.02
Portfolio turnover rate (%)		66			96			109			31		51
Net assets, end of period (000)	$	164,376		$	111,007		$	36,725		$	15,880	$	61

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004		2003
Net Asset Value, Beginning of Period	$	13.77		$	12.52		$	12.08		$	10.66	$	7.95
Income From Investment Operations
Net investment income		0.12	(a)		0.14			0.18			0.12		0.08
Net realized and unrealized gain on investments		0.35			2.14			0.49			1.30		2.72
Total from investment operations		0.47			2.28			0.67			1.42		2.80
Less Distributions
Distributions from net investment income		(0.12	)		(0.16	)		(0.10	)		0.00		(0.09	)
Distributions from net realized capital gains		(0.54	)		(0.87	)		(0.13	)		0.00		0.00
Total distributions		(0.66	)		(1.03	)		(0.23	)		0.00		(0.09	)
Net Asset Value, End of Period	$	13.58		$	13.77		$	12.52		$	12.08	$	10.66
Total Return (%)		3.3			19.2			5.7			13.3		35.4
Ratio of operating expenses to average net assets before expense reductions (%)		0.89			0.99			1.00			1.08		1.09
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.97			0.98			1.04		N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			N/A			N/A			N/A		1.20
Ratio of net investment income to average net assets (%)		0.87			1.55			1.44			1.21		1.14
Portfolio turnover rate (%)		66			96			109			31		51
Net assets, end of period (000)	$	111,396		$	109,920		$	58,269		$	59,449	$	29,051

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The BlackRock Large Cap Value Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

MSF-13

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	3,228,534	$	2,142,668	$	11,473,620	$	9,252,358	$	—	$	—	$	14,702,154	$	11,395,026

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$4,290,705	$	9,425,592	$	22,469,988	$	—	$	36,186,285

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	683,537,542	$	0	$	302,865,199

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$3,158,034	0.700%	Of the first $250 million
	0.650%	Of the next $500 million
	0.600%	On amounts in excess of $750 million

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

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

MSF-14

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Large Cap Value Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the BlackRock Large Cap Value Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-16

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-18

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

MSF-19

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

MSF-20

Metropolitan Series Fund, Inc.

BlackRock Large Cap Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-21

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-22

Metropolitan Series Fund, Inc. BlackRock Legacy Large Cap Growth Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the BlackRock Legacy Large Cap Growth Portfolio returned 18.7%, compared to its benchmark, the Russell 1000 Growth Index¹, which returned 11.8%. The average return of its peer group, the Lipper Variable Insurance Products Large-Cap Growth Funds Universe², was 12.8% over the same period.

PORTFOLIO REVIEW

Equities experienced a setback in the final quarter of 2007, as market headwinds proved too severe for stocks to muster a sustainable rally. Weakness in the housing market, ongoing credit issues, and disappointing earnings results all contributed to a volatile fourth quarter that sent the major indices into the red for the quarter. Despite a difficult fourth quarter, equities were remarkably resilient throughout the year and only a handful of small capitalization and value indices ended the year in negative territory. As the year progressed, a transition in leadership from small and value to large and growth clearly took hold. Large cap growth stocks as measured by the Russell 1000 Growth Index posted impressive gains during the 12-months ended December 31, 2007, rising 11.8%. The Portfolio outperformed the benchmark in this environment, posting strong absolute and relative returns.

Consistent with our bottom-up investment process, stock selection was the predominant positive return factor for the Portfolio during the 12-month period, as sector allocations had a minimal net impact on performance. Selection decisions in the consumer discretionary, industrials, materials and information technology sectors had the largest positive influence on comparative performance during the period. Weakness within the financials and telecommunication services sectors created a drag on performance.

Selection gains were greatest in the consumer discretionary sector, as our holdings significantly outperformed those in the benchmark. Additionally, an underweight to the group aided returns as it was the worst-performing sector within the benchmark. At the stock level, positions in casino operator Las Vegas Sands and Chinese outdoor media firm Focus Media Holding fueled gains. Additionally, avoidance of Home Depot proved beneficial as the weak housing sector hurt home-improvement retailers during the year.

Within industrials, the most notable contribution stemmed from a position in Foster Wheeler. Foster Wheeler engineers and constructs oil & gas processing and refining facilities as well as natural gas liquefaction facilities and receiving terminals. The firm has continued to capitalize on the global infrastructure build-out as global economic growth continues to drive investment in new and existing facilities. Likewise, good stock picking led to favorable results in the materials sector as the top individual contributor during the 12-month period came from this group. Our long-time position in agricultural biotechnology firm Monsanto led to healthy gains as the company has continued to benefit from sales of its genetically modified corn seed. In information technology, a position in Apple was a meaningful contributor, as the firm has continued to see large market share gains from both computer and iPhone sales.

In contrast, relative weakness within the financials sector was the result of stock selection. Our position in NYSE Euronext hurt performance during the first half of 2007 as shares of the global exchange drifted down throughout the second quarter. An overweight to the poorly performing telecommunication services sector also dampened comparative performance. At the company level, an overweight to wireless telecommunications firm NII Holdings created a drag on performance during the fourth quarter.

At year-end, the Portfolio was emphasizing a number of the larger, mature companies in our universe for their more predictable earnings streams and global business orientations. As we approached the end of the year, we did take measures to further reduce the cyclicality of the overall Portfolio by increasing exposure to both the healthcare and consumer staples sectors and paring back exposure to information technology. At year-end, our most meaningful overweights were in the healthcare, telecommunication services and consumer staples sectors, while our most substantial underweights were in the energy and consumer discretionary sectors.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

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

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 1000 GROWTH INDEX

Average Annual Returns as of December 31, 2007

	BlackRock Legacy Large Cap Growth Portfolio						Russell 1000 Growth Index
	Class A		Class B		Class E
1 Year	18.7	%	18.4	%	18.5	%	11.8	%
5 Year	14.2		14.0		14.1		12.1
10 Year	6.9		—		—		3.8
Since Inception	—		11.4		1.9		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 10/31/94, 7/30/02, 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Apple, Inc.	4.1	%
Google, Inc. (Class A)	3.8	%
Microsoft Corp.	3.7	%
The Coca-Cola Co.	3.4	%
Altria Group, Inc.	3.3	%
Adobe Systems, Inc.	3.1	%
Consol Energy, Inc.	3.0	%
Monsanto Co.	2.7	%
Cisco Systems, Inc.	2.6	%
Honeywell International, Inc.	2.6	%

Top Sectors

	% of Total Market Value
Information Technology	26.9	%
Health Care	19.6	%
Industrials	13.2	%
Consumer Staples	12.6	%
Energy	6.2	%
Financials	5.4	%
Consumer Discretionary	5.2	%
Materials	4.2	%
Telecommunication Services	4.0	%
Utilities	0.8	%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
BlackRock Legacy Large Cap Growth—Class A	Actual	0.80	%	$	1,000.00	$	1,084.30	$	4.20
	Hypothetical	0.80	%	$	1,000.00	$	1,021.13	$	4.08
BlackRock Legacy Large Cap Growth—Class B	Actual	1.05	%	$	1,000.00	$	1,083.30	$	5.51
	Hypothetical	1.05	%	$	1,000.00	$	1,019.85	$	5.35
BlackRock Legacy Large Cap Growth—Class E	Actual	0.95	%	$	1,000.00	$	1,083.80	$	4.99
	Hypothetical	0.95	%	$	1,000.00	$	1,020.36	$	4.84

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—98.3% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—4.5%
Honeywell International, Inc.	217,623	$	13,399,048
Northrop Grumman Corp.	78,800		6,196,832
United Technologies Corp.	43,300		3,314,182
			22,910,062
Air Freight & Logistics—1.1%
Expeditors International of Washington, Inc.	122,385		5,468,162
Beverages—4.4%
PepsiCo, Inc.	65,500		4,971,450
The Coca-Cola Co.	284,700		17,472,039
			22,443,489
Biotechnology—2.1%
Celgene Corp. (a)	51,000		2,356,710
Gilead Sciences, Inc. (a)	181,200		8,337,012
			10,693,722
Capital Markets—2.6%
Janus Capital Group, Inc. (b)	292,202		9,598,836
The Goldman Sachs Group, Inc.	16,900		3,634,345
			13,233,181
Chemicals—3.3%
Monsanto Co.	124,092		13,859,835
Potash Corp. of Saskatchewan, Inc.	21,060		3,031,798
			16,891,633
Communications Equipment—6.3%
Cisco Systems, Inc. (a)	496,108		13,429,644
Corning, Inc. (a)	281,183		6,745,580
QUALCOMM, Inc.	238,877		9,399,810
Research In Motion, Ltd. (a)	22,940		2,601,396
			32,176,430
Computers & Peripherals—4.8%
Apple, Inc. (a)	104,944		20,787,308
Sun Microsystems, Inc. (a)	214,725		3,892,964
			24,680,272
Construction & Engineering—2.4%
Fluor Corp.	17,500		2,550,100
Foster Wheeler, Ltd.	63,801		9,890,431
			12,440,531
Diversified Financial Services—1.5%
JPMorgan Chase & Co.	86,200		3,762,630
NYSE Euronext	46,500		4,081,305
			7,843,935
Diversified Telecommunication Services—3.1%
AT&T, Inc.	237,933		9,888,495
Verizon Communications, Inc.	140,700		6,147,183
			16,035,678

Security Description	Shares	Value*
Electric Utilities—0.7%
Exelon Corp.	46,900	$	3,828,916
Energy Equipment & Services—2.0%
Schlumberger, Ltd.	54,200		5,331,654
Transocean, Inc.	36,063		5,162,418
			10,494,072
Food & Staples Retailing—2.3%
Wal-Mart Stores, Inc.	252,856		12,018,246
Health Care Equipment & Supplies—3.4%
C.R. Bard, Inc.	45,400		4,303,920
Hologic, Inc. (a) (b)	189,800		13,027,872
			17,331,792
Health Care Providers & Services—4.6%
Henry Schein, Inc. (a)	106,400		6,532,960
Medco Health Solutions, Inc. (a)	72,870		7,389,018
WellPoint, Inc. (a)	107,900		9,466,067
			23,388,045
Hotels, Restaurants & Leisure—0.6%
Las Vegas Sands Corp. (a) (b)	29,537		3,043,788
Household Products—1.9%
Procter & Gamble Co.	132,400		9,720,808
Industrial Conglomerates—1.4%
General Electric Co.	194,513		7,210,597
Insurance—1.3%
American International Group, Inc.	109,900		6,407,170
Internet & Catalog Retail—1.6%
Amazon.com, Inc. (a) (b)	90,472		8,381,326
Internet Software & Services—3.8%
Google, Inc. (Class A) (a)	28,255		19,537,767
Life Sciences Tools & Services—2.1%
Thermo Fisher Scientific, Inc. (a)	183,800		10,601,584
Machinery—3.9%
Danaher Corp.	129,200		11,336,008
Joy Global, Inc.	130,400		8,582,928
			19,918,936
Media—0.3%
Focus Media Holding, Ltd. (ADR) (a) (b)	31,000		1,761,110
Metals & Mining—0.9%
Freeport-McMoRan Copper & Gold, Inc.	46,625		4,776,265
Multiline Retail—2.0%
Kohl’s Corp. (a)	165,900		7,598,220
Nordstrom, Inc. (b)	72,600		2,666,598
			10,264,818

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Oil, Gas & Consumable Fuels—4.2%
Consol Energy, Inc.	215,600	$	15,419,712
EOG Resources, Inc.	68,600		6,122,550
			21,542,262
Personal Products—0.8%
Avon Products, Inc.	100,400		3,968,812
Pharmaceuticals—7.5%
Abbott Laboratories	194,600		10,926,790
Elan Corp., Plc. (ADR) (a)	351,000		7,714,980
Johnson & Johnson	146,000		9,738,200
Merck & Co., Inc.	173,723		10,095,044
			38,475,014
Semiconductors & Semiconductor Equipment—1.9%
Broadcom Corp. (a)	151,200		3,952,368
PMC-Sierra, Inc. (a) (b)	857,300		5,606,742
			9,559,110
Software—10.2%
Adobe Systems, Inc. (a)	366,999		15,681,867
Electronic Arts, Inc. (a)	87,000		5,081,670
Microsoft Corp.	536,820		19,110,792
Salesforce.com, Inc. (a) (b)	155,700		9,760,833
VMware, Inc. (a) (b)	32,890		2,795,321
			52,430,483
Textiles, Apparel & Luxury Goods—0.7%
CROCS, Inc. (a) (b)	92,300		3,397,563
Tobacco—3.3%
Altria Group, Inc.	222,180		16,792,364
Wireless Telecommunication Services—0.8%
NII Holdings, Inc. (a)	89,084		4,304,539
Total Common Stock (Identified Cost $432,839,202)			503,972,482

Short Term Investments—8.0%
Security Description	Face Amount/ Shares		Value*
Discount Notes—2.1%
Federal Home Loan Bank 4.15%, 01/14/08	$	10,600,000	$	10,587,560
Mutual Funds—5.9%
State Street Navigator Securities Lending Prime Portfolio (c)		30,140,499		30,140,499
Total Short Term Investments (Identified Cost $40,728,059)				40,728,059
Total Investments—106.3% (Identified Cost $473,567,261) (d)				544,700,541
Liabilities in excess of other assets				(32,127,888	)
Total Net Assets—100%			$	512,572,653

(a) Non-Income Producing.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $28,896,531 and the collateral received consisted of cash in the amount of $30,140,499. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $475,457,964 and the composition of unrealized appreciation and depreciation of investment securities was $81,473,883 and $(12,231,306), respectively.

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

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	544,700,541
Receivable for:
Fund shares sold				666,926
Accrued interest and dividends				423,443
Foreign taxes				13,331
Total Assets				545,804,241
Liabilities
Payable for:
Fund shares redeemed	$	1,777,252
Collateral for securities loaned		30,140,499
Due to custodian bank		909,183
Accrued expenses:
Management fees		319,012
Service and distribution fees		21,128
Deferred directors’ fees		27,186
Other expenses		37,328
Total Liabilities				33,231,588
Net Assets			$	512,572,653
Net assets consists of:
Capital paid in			$	551,749,892
Undistributed net investment income				1,490,946
Accumulated net realized losses				(111,801,465	)
Unrealized appreciation on investments				71,133,280
Net Assets			$	512,572,653
Computation of offering price:
Class A
Net asset value and redemption price per share ($390,685,776 divided by 14,609,334 shares outstanding)			$	26.74
Class B
Net asset value and redemption price per share ($71,838,328 divided by 2,733,801 shares outstanding)			$	26.28
Class E
Net asset value and redemption price per share ($50,048,549 divided by 1,888,602 shares outstanding)			$	26.50
(a) Identified cost of investments			$	473,567,261

(b) Includes cash collateral for securities loaned of $30,140,499.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	5,021,272	(a)
Interest					542,997	(b)
					5,564,269
Expenses
Management fees	$	3,601,184
Service and distribution fees—Class B		126,915
Service and distribution fees—Class E		68,270
Directors’ fees and expenses		27,955
Custodian		60,064
Audit and tax services		31,738
Legal		4,094
Printing		153,606
Insurance		5,558
Miscellaneous		30,120
Total expenses		4,109,504
Expense reductions		(177,151	)		3,932,353
Net Investment Income					1,631,916
Realized and Unrealized Gain
Realized gain on:
Investments—net					67,216,679
Change in unrealized appreciation on:
Investments—net					14,975,300
Net gain					82,191,979
Net Increase in Net Assets From Operations				$	83,823,895

(a) Net of foreign taxes of $33,206.

(b) Includes net income on securities loaned of $343,822.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	1,631,916		$	1,068,863
Net realized gain		67,216,679			45,601,868
Unrealized appreciation (depreciation)		14,975,300			(27,179,820	)
Increase in net assets from operations		83,823,895			19,490,911
From Distributions to Shareholders
Net investment income
Class A		(800,699	)		(527,711	)
Class E		(29,877	)		0
Total distributions		(830,576	)		(527,711	)
Decrease in net assets from capital share transactions		(58,806,350	)		(81,070,421	)
Total increase (decrease) in net assets		24,186,969			(62,107,221	)
Net Assets
Beginning of the period		488,385,684			550,492,905
End of the period	$	512,572,653		$	488,385,684
Undistributed Net Investment Income
End of the period	$	1,490,946		$	775,286

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	2,849,706		$	69,031,420		2,705,744		$	59,054,218
Reinvestments	33,685			800,699		23,696			527,711
Redemptions	(6,056,174	)		(147,825,954	)	(6,538,793	)		(142,375,680	)
Net decrease	(3,172,783	)	$	(77,993,835	)	(3,809,353	)	$	(82,793,751	)
Class B
Sales	1,506,472		$	37,679,464		748,700		$	16,014,402
Redemptions	(725,368	)		(17,341,934	)	(518,641	)		(11,115,064	)
Net increase	781,104		$	20,337,530		230,059		$	4,899,338
Class E
Sales	639,544		$	16,008,631		355,389		$	7,712,716
Reinvestments	1,267			29,877		0			0
Redemptions	(703,392	)		(17,188,553	)	(503,433	)		(10,888,724	)
Net decrease	(62,581	)	$	(1,150,045	)	(148,044	)	$	(3,176,008	)
Decrease derived from capital share transactions			$	(58,806,350	)			$	(81,070,421	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004		2003
Net Asset Value, Beginning of Period	$	22.57		$	21.70		$	20.37		$	18.72	$	13.86
Income From Investment Operations
Net investment income		0.09	(a)		0.06			0.04			0.08		0.00
Net realized and unrealized gain on investments		4.13			0.84			1.37			1.57		4.87
Total from investment operations		4.22			0.90			1.41			1.65		4.87
Less Distributions
Distributions from net investment income		(0.05	)		(0.03	)		(0.08	)		0.00		(0.01	)
Total distributions		(0.05	)		(0.03	)		(0.08	)		0.00		(0.01	)
Net Asset Value, End of Period	$	26.74		$	22.57		$	21.70		$	20.37	$	18.72
Total Return (%)		18.7			4.1			7.0			8.8		35.2
Ratio of operating expenses to average net assets before expense reductions (%)		0.79			0.81			0.80			0.80		0.82
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.76			0.76			0.76			0.76		0.80
Ratio of net investment income to average net assets (%)		0.37			0.24			0.15			0.39		0.00
Portfolio turnover rate (%)		99			104			76			190		167
Net assets, end of period (000)	$	390,686		$	401,398		$	468,532		$	510,771	$	539,840

	Class B
	Year ended December 31,
	2007			2006		2005			2004		2003
Net Asset Value, Beginning of Period	$	22.19		$	21.36	$	20.04		$	18.46	$	13.65
Income From Investment Operations
Net investment income (loss)		0.03	(a)		0.00		(0.03	)		0.07		0.00
Net realized and unrealized gain on investments		4.06			0.83		1.38			1.51		4.81
Total from investment operations		4.09			0.83		1.35			1.58		4.81
Less Distributions
Distributions from net investment income		0.00			0.00		(0.03	)		0.00		0.00
Total distributions		0.00			0.00		(0.03	)		0.00		0.00
Net Asset Value, End of Period	$	26.28		$	22.19	$	21.36		$	20.04	$	18.46
Total Return (%)		18.4			3.9		6.8			8.6		35.2
Ratio of operating expenses to average net assets before expense reductions (%)		1.04			1.06		1.05			1.05		1.07
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.01			1.01		1.01			1.01		1.05
Ratio of net investment income (loss) to average net assets (%)		0.12			0.00		(0.10	)		0.59		(0.04	)
Portfolio turnover rate (%)		99			104		76			190		167
Net assets, end of period (000)	$	71,838		$	43,334	$	36,798		$	28,818	$	89

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006		2005			2004		2003
Net Asset Value, Beginning of Period	$	22.37		$	21.51	$	20.19		$	18.59	$	13.78
Income From Investment Operations
Net investment income (loss)		0.05	(a)		0.02		0.00			0.06		(0.02	)
Net realized and unrealized gain on investments		4.10			0.84		1.38			1.54		4.83
Total from investment operations		4.15			0.86		1.38			1.60		4.81
Less Distributions
Distributions from net investment income		(0.02	)		0.00		(0.06	)		0.00		0.00
Total distributions		(0.02	)		0.00		(0.06	)		0.00		0.00
Net Asset Value, End of Period	$	26.50		$	22.37	$	21.51		$	20.19	$	18.59
Total Return (%)		18.5			4.0		6.9			8.6		34.9
Ratio of operating expenses to average net assets before expense reductions (%)		0.94			0.96		0.95			0.95		0.97
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.91			0.91		0.91			0.91		0.95
Ratio of net investment income (loss) to average net assets (%)		0.22			0.09		0.00			0.29		(0.14	)
Portfolio turnover rate (%)		99			104		76			190		167
Net assets, end of period (000)	$	50,049		$	43,653	$	45,163		$	47,251	$	37,288

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The BlackRock Legacy Large Cap Growth Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

MSF-13

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/10	Total
$110,044,174	$	110,044,174

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	830,576	$	527,711	$	—	$	—	$	—	$	—	$	830,576	$	527,711

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards			Total
$1,652,344	$	—	$	69,242,577	$	(110,044,174	)	$	(39,149,253	)

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	485,579,852	$	0	$	548,929,524

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$3,601,184	0.730%	Of the first $1 billion
	0.650%	On amounts in excess of $1 billion

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

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

MSF-14

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Legacy Large Cap Growth Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the BlackRock Legacy Large Cap Growth Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-16

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-18

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

MSF-19

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

MSF-20

Metropolitan Series Fund, Inc.

BlackRock Legacy Large Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-21

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-22

Metropolitan Series Fund, Inc. BlackRock Money Market Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the BlackRock Money Market Portfolio returned 5.1%; the Class B shares returned 4.8%; and the Class E shares returned 4.9%. The average return of its peer group, the Lipper Variable Insurance Products Money Market Funds Universe¹, was 4.8% over the same period.

PORTFOLIO REVIEW

The Federal Open Market Committee (FOMC) maintained the federal funds target rate at 5.25% until September, when significant volatility in the liquidity markets due to a series of events related to the U.S. subprime mortgage sector spurred them to ease interest rates by 50 basis points. After September, the FOMC lowered the federal funds target rate by 25 basis points on two more occasions, finishing the year at 4.25%. The committee acknowledged at its December 11, 2007 meeting that economic growth is slowing due to “intensification of the housing correction” and weakening business and consumer spending. At the same time, it was noted that energy and commodity prices remain elevated, and inflation remains a threat. The slope of the London Interbank Offered Rate (LIBOR) curve began the year at positive 2 basis points, and LIBOR settings declined by 65 to 111 basis points as an uncertain economic outlook and a more accommodative FOMC prompted lower rates. The slope of the LIBOR curve stood at negative 38 basis points at the end of the year. At year-end, contracts for Federal Funds futures were priced for a rate cut of 25 basis points at the January 30, 2008 FOMC meeting, and additional cuts totaling 50 basis points by the middle of 2008.[editors note: The FOMC in fact moved more quickly than had been expected and cut the fed target rate by 1.25% in January 2008 to a level of 3.00%.]

As the outlook for interest rates developed throughout the year, a laddered maturity structure for the Portfolio was maintained. During the first half, assets were primarily deployed in the 30- to 90-day area at a premium of approximately 1–11 basis points over the federal funds target rate of 5.25%. In a departure from the previously employed strategy, investments with maturity dates longer than 3 months began to be incrementally added. Investments were made in the 135- to 180-day sector at yields near the federal funds target rate to maintain the average weighted maturity of the Portfolio as the outlook for monetary policy evolved. Variable rate obligations based on the monthly LIBOR index were also added during the first half of the year. Later, as the FOMC became more dovish, incremental purchases of commercial paper and certificates of deposit (CDs) due in approximately six-months were also made in anticipation of additional monetary stimulus from the FOMC. Yields on such obligations ranged from 4.50% to 6.30%. In addition, two modest purchases were made in the one-year area at 5.09% and 4.81%, respectively. The average weighted maturity was generally targeted in a 42- to 60-day range, which was typically longer than the average for the peer group.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
BlackRock Money Market—Class A(a)	Actual	0.39	%	$	1,000.00	$	1,025.20	$	1.99
	Hypothetical	0.39	%	$	1,000.00	$	1,023.22	$	1.99
BlackRock Money Market—Class B(a)	Actual	0.64	%	$	1,000.00	$	1,023.90	$	3.26
	Hypothetical	0.64	%	$	1,000.00	$	1,021.94	$	3.26
BlackRock Money Market—Class E(a)	Actual	0.54	%	$	1,000.00	$	1,024.50	$	2.76
	Hypothetical	0.54	%	$	1,000.00	$	1,022.45	$	2.75

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-3

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Schedule of Investments as of December 31, 2007

Commercial Paper—59.9% of Total Net Assets

Security Description	Face Amount		Value*
Asset Backed—24.9%
Windmill Funding Corp. 5.520%, 01/24/08	$	9,000,000	$	8,968,260
Atlantic Asset Securitization Corp. 5.550%, 01/18/08		52,000,000		51,863,717
5.430%, 02/19/08		15,000,000		14,889,137
CAFCO, LLC 4.920%, 01/24/08		25,000,000		24,921,417
4.950%, 03/14/08		20,000,000		19,799,250
Chariot Funding, LLC 5.930%, 01/28/08		7,000,000		6,968,868
Charta Corp. 4.880%, 02/12/08		50,000,000		49,715,333
Concord Minutemen Capital Co., LLC 5.300%, 01/11/08		11,000,000		10,983,806
5.900%, 02/04/08		35,000,000		34,804,972
CRC Funding, LLC 4.970%, 01/14/08		25,000,000		24,955,132
4.920%, 01/25/08		25,000,000		24,918,000
4.850%, 02/01/08		15,000,000		14,937,354
Edison Asset Securitization, LLC 5.125%, 01/30/08		12,000,000		11,950,458
Galleon Capital, LLC 4.600%, 01/02/08		16,000,000		15,997,956
Lexington Parker Capital Co. 5.000%, 01/14/08		4,500,000		4,491,875
Old Line Funding Corp. 5.840%, 02/08/08		25,000,000		24,845,889
Regency Markets No.1, LLC 5.130%, 02/15/08		38,000,000		37,756,325
Windmill Funding Corp. 5.060%, 01/15/08		5,000,000		4,990,161
Yorktown Capital, LLC 4.880%, 02/14/08		20,000,000		19,880,711
				407,638,621
Asset Backed—Other—11.5%
Amstel Funding Corp. 5.650%, 03/11/08		20,000,000		19,780,278
5.430%, 03/12/08		5,000,000		4,946,454
5.270%, 03/17/08		5,000,000		4,944,372
Atlantis One Funding Corp. 5.180%, 01/04/08		50,200,000		50,178,331
4.800%, 01/25/08		25,000,000		24,920,000
LONG Lane Master Trust 5.530%, 03/10/08		25,000,000		24,735,021
Scaldis Capital, LLC 5.100%, 03/03/08		40,000,000		39,648,667
Ticonderoga Funding, LLC 5.120%, 01/25/08		20,000,000		19,931,733
				189,084,856
Capital Markets—6.6%
Lehman Brothers Holdings, Inc. 4.250%, 01/02/08		62,988,000		62,980,564

Security Description	Face Amount		Value*
Capital Markets—(Continued)
The Goldman Sachs Group, Inc. (144A) 5.370%, 08/22/08 (a)	$	29,150,000	$	29,150,000
UBS Finance Delaware, LLC 5.250%, 03/18/08		15,500,000		15,325,948
				107,456,512
Diversified Financial Services—5.2%
ABN AMRO, N.A. 5.070%, 01/17/08		25,500,000		25,442,540
Bank of America Corp. 5.320%, 02/08/08		15,000,000		14,915,767
Citigroup Funding, Inc. 4.730%, 05/02/08		7,285,000		7,168,225
General Electric Capital Corp. 4.780%, 03/17/08		20,000,000		19,798,178
Royal Bank of Scotland Group 4.790%, 06/04/08		17,820,000		17,452,487
				84,777,197
Insurance—1.3%
ING America Insurance Holdings, Inc. 4.850%, 02/05/08		9,000,000		8,957,562
New York Life Insurance Co. 5.773%, 04/14/08 (a)		5,000,000		5,000,000
Prudential Funding, LLC 4.470%, 02/19/08		7,000,000		6,957,411
				20,914,973
Yankee—10.4%
Calyon North America, Inc. 4.750%, 02/27/08		50,000,000		49,623,958
Raiffeisen Zentralbank 4.990%, 01/22/08		25,000,000		24,927,229
Société Générale N.A. 5.140%, 01/10/08		30,000,000		29,961,450
5.165%, 02/08/08		12,000,000		11,934,577
The Bank of Ireland 5.080%, 01/15/08		25,000,000		24,950,611
4.890%, 01/23/08		20,000,000		19,940,233
UniCredito Italiano Bank (Ireland) 5.245%, 03/20/08		8,350,000		8,253,893
				169,591,951
Total Commercial Paper (Identified Cost $979,464,110)				979,464,110
Certificate of Deposit—32.8%
Capital Markets—1.2%
State Street Bank & Trust Co. 4.890%, 03/17/08 (a)		10,000,000		10,000,000
UBS AG 5.050%, 03/20/08		5,000,000		5,000,000
4.895%, 06/04/08		4,545,000		4,545,000
				19,545,000

*See accompanying notes to financial statements.

MSF-4

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Schedule of Investments as of December 31, 2007

Certificate of Deposit—(Continued)

Security Description	Face Amount		Value*
Commercial Banks—30.7%
ABN AMRO Bank NV (Chicago) 4.905%, 01/24/08	$	25,000,000	$	25,000,000
American Express Bank, FSB 5.300%, 01/08/08		15,000,000		15,000,000
Banco Bilbao Vizcaya (NY) 5.220%, 01/10/08		25,500,000		25,500,000
5.065%, 04/02/08		5,870,000		5,870,146
Bank of Montreal (Chicago) 5.100%, 04/01/08		5,720,000		5,720,000
4.870%, 06/02/08		3,640,000		3,640,000
4.996%, 11/10/08		14,710,000		14,710,000
Bank of Nova Scotia (Portland) 4.820%, 01/31/08		30,000,000		30,000,000
BNP Paribas (NY) 5.100%, 02/27/08		23,278,000		23,278,000
4.494%, 03/19/08		35,000,000		35,000,000
4.800%, 06/05/08		18,370,000		18,370,000
Branch Banking & Trust Co. 4.500%, 01/22/08		5,000,000		5,000,000
Canadian Imperial Bank of Commerce 5.090%, 04/01/08		16,240,000		16,240,000
4.870%, 06/10/08		13,364,000		13,364,000
Chase Bank USA, N.A. 5.130%, 04/15/08		9,000,000		9,000,000
5.130%, 04/16/08		8,000,000		8,000,000
4.700%, 05/07/08		17,380,000		17,380,000
Deutsche Bank AG (NY) 5.385%, 03/11/08		16,270,000		16,270,000
Natixis Institutional Bank (NY) 5.420%, 07/10/08		5,145,000		5,155,125
Nordea Bank Finland, Plc. (NY) 4.910%, 06/23/08		5,545,000		5,545,258
4.820%, 10/17/08		17,485,000		17,486,344
Royal Bank of Scotland, Plc. (NY) 5.331%, 10/27/08 (a)		10,000,000		10,000,000
Svenska Handelsbanken (NY) 5.270%, 02/07/08		12,255,000		12,255,000
Toronto-Dominion Bank (NY) 5.000%, 03/25/08		15,000,000		15,000,000
5.050%, 03/25/08		25,000,000		25,000,000
4.860%, 05/30/08		1,800,000		1,800,000
4.850%, 06/06/08		13,640,000		13,640,000
Unicredito Italiano (NY) 5.385%, 03/20/08		10,010,000		10,010,107
5.015%, 03/27/08		50,000,000		50,000,000
Wachovia Bank, N.A. 5.320%, 02/06/08		50,000,000		50,000,000
				503,233,980
Yankee—0.9%
Bank of Nova Scotia 5.170%, 07/03/08 (a)		14,410,000		14,407,106
Total Certificate of Deposit (Identified Cost $537,186,086)				537,186,086

Medium Term Notes—7.1%
Security Description	Face Amount		Value*
Asset Backed—Other—0.6%
Cullinan Finance Corp. (144A) 4.845%, 06/25/08 (a)	$	10,060,000	$	10,058,994
Diversified Financial Services—0.5%
General Electric Capital Corp. 4.916%, 08/22/08 (a)		7,500,000		7,500,000
Insurance—1.8%
Allstate Life Global Funding Trust (144A) 4.895%, 09/26/08 (a)		10,000,000		10,000,000
Irish Life & Permanent, Plc. (144A) 4.885%, 09/19/08 (a)		20,000,000		20,000,000
				30,000,000
Yankee—4.2%
Commonwealth Bank of Australia (144A) 4.960%, 01/31/08 (a)		40,000,000		40,001,282
DnB NOR Bank ASA (144A) 4.865%, 09/24/08 (a)		28,425,000		28,425,000
				68,426,282
Total Medium Term Notes (Identified Cost $115,985,276)				115,985,276
Total Investments—99.8% (Identified Cost $1,632,635,472) (b)				1,632,635,472
Other assets less liabilities				3,202,795
Total Net Assets—100%			$	1,635,838,267

(a) Variable or Floating Rate Security. Rate disclosed is as of December 31, 2007.

(b) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,632,635,472.

(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 December 31, 2007, the market value of 144A securities was $137,635,276, which is 8.4% of total net assets.

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at amortized cost			$	1,632,635,472
Cash				216
Receivable for:
Fund shares sold				2,808,318
Accrued interest				5,503,108
Total Assets				1,640,947,114
Liabilities
Payable for:
Fund shares redeemed	$	4,147,386
Accrued expenses:
Management fees		447,655
Service and distribution fees		106,552
Deferred directors’ fees		76,371
Other expenses		330,883
Total Liabilities				5,108,847
Net Assets			$	1,635,838,267
Net assets consists of:
Capital paid in			$	1,635,855,317
Undistributed net investment income				27,950
Accumulated net realized losses				(45,000	)
Net Assets			$	1,635,838,267
Computation of offering price:
Class A
Net asset value and redemption price per share ($1,128,411,182 divided by 11,284,112 shares outstanding)			$	100.00
Class B
Net asset value and redemption price per share ($496,228,150 divided by 4,962,282 shares outstanding)			$	100.00
Class E
Net asset value and redemption price per share ($11,198,935 divided by 111,989 shares outstanding)			$	100.00

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Interest				$	80,186,539
Expenses
Management fees	$	4,987,190
Service and distribution fees—Class B		1,148,322
Service and distribution fees—Class E		16,566
Directors’ fees and expenses		27,352
Custodian		228,527
Audit and tax services		36,738
Legal		53,712
Printing		594,864
Insurance		24,090
Miscellaneous		64,531
Total expenses		7,181,892
Management fee waivers		(100,000	)		7,081,892
Net Investment Income					73,104,647
Net Increase in Net Assets From Operations				$	73,104,647

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	73,104,647		$	50,472,100
Net realized gain (loss)		0			(11,763	)
Increase in net assets from operations		73,104,647			50,460,337
From Distributions to Shareholders
Net investment income
Class A		(50,923,892	)		(34,245,645	)
Class B		(21,649,891	)		(15,774,535	)
Class E		(530,864	)		(440,266	)
Total distributions		(73,104,647	)		(50,460,446	)
Increase in net assets from capital share transactions		356,010,434			569,188,126
Total increase in net assets		356,010,434			569,188,017
Net Assets
Beginning of the period		1,279,827,833			710,639,816
End of the period	$	1,635,838,267		$	1,279,827,833
Undistributed Net Investment Income
End of the period	$	27,950		$	27,950

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	11,717,171		$	1,171,715,791		7,453,514		$	746,628,745
Shares issued through acquisition	0			0		4,077,220			407,713,843
Reinvestments	509,081			50,923,892		355,311			34,245,645
Redemptions	(9,696,563	)		(969,656,339	)	(7,421,792	)		(742,179,238	)
Net increase	2,529,689		$	252,983,344		4,464,253		$	446,408,995
Class B
Sales	9,686,387		$	968,637,226		6,560,238		$	656,023,779
Reinvestments	216,391			21,649,891		157,745			15,774,535
Redemptions	(8,883,191	)		(888,319,060	)	(5,505,903	)		(550,590,251	)
Net increase	1,019,587		$	101,968,057		1,212,080		$	121,208,063
Class E
Sales	45,750		$	4,575,018		50,137		$	5,013,719
Reinvestments	5,308			530,864		4,403			440,266
Redemptions	(40,468	)		(4,046,849	)	(38,829	)		(3,882,917	)
Net increase	10,590		$	1,059,033		15,711		$	1,571,068
Increase derived from capital share transactions			$	356,010,434				$	569,188,126

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Income From Investment Operations
Net investment income		4.95			4.70			2.85			0.98			0.80
Total from investment operations		4.95			4.70			2.85			0.98			0.80
Less Distributions
Distributions from net investment income		(4.95	)		(4.70	)		(2.85	)		(0.98	)		(0.80	)
Total distributions		(4.95	)		(4.70	)		(2.85	)		(0.98	)		(0.80	)
Net Asset Value, End of Period	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Total Return (%)		5.1			4.8			2.9			1.0			0.8
Ratio of operating expenses to average net assets (%)		0.40			0.38			0.41			0.42			0.40
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (a)		0.40			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		4.97			4.79			2.83			0.97			0.78
Net assets, end of period (000)	$	1,128,411		$	875,428		$	429,019		$	469,674		$	610,419

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Income From Investment Operations
Net investment income		4.70			4.45			2.60			0.73			0.55
Total from investment operations		4.70			4.45			2.60			0.73			0.55
Less Distributions
Distributions from net investment income		(4.70	)		(4.45	)		(2.60	)		(0.73	)		(0.55	)
Total distributions		(4.70	)		(4.45	)		(2.60	)		(0.73	)		(0.55	)
Net Asset Value, End of Period	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Total Return (%)		4.8			4.5			2.6			0.7			0.6
Ratio of operating expenses to average net assets (%)		0.65			0.63			0.66			0.67			0.65
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (a)		0.65			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		4.71			4.50			2.84			0.74			0.65
Net assets, end of period (000)	$	496,228		$	394,260		$	273,052		$	78,809		$	75,083

(a) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003(a)
Net Asset Value, Beginning of Period	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Income From Investment Operations
Net investment income		4.80			4.55			2.70			0.83			0.42
Total from investment operations		4.80			4.55			2.70			0.83			0.42
Less Distributions
Distributions from net investment income		(4.80	)		(4.55	)		(2.70	)		(0.83	)		(0.42	)
Total distributions		(4.80	)		(4.55	)		(2.70	)		(0.83	)		(0.42	)
Net Asset Value, End of Period	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Total Return (%)		4.9			4.7			2.7			0.8			0.4	(b)
Ratio of operating expenses to average net assets (%)		0.55			0.53			0.56			0.57			0.55	(c)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (d)		0.55			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		4.81			4.57			2.66			0.88			0.58	(c)
Net assets, end of period (000)	$	11,199		$	10,140		$	8,569		$	11,619		$	6,858

(a) Commencement of operations was April 23, 2003 for Class E.

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

(c) Computed on an annualized basis.

(d) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The BlackRock Money Market Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

As permitted by Rule 2a-7 under the 1940 Act, and subject to certain conditions therein, the Portfolio employs the amortized cost method of security valuation that the Fund’s Board of Directors (the “Board” or “Directors”) has determined approximates the fair market net asset value per share of the Portfolio. The Board monitors the deviations between the Portfolio’s net asset value per share, as determined by using available market quotations, and its amortized cost price per share. If the deviation exceeds 1/2 of 1%, the Board will consider what action, if any, should be initiated.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

Investment Transactions and Related Investment Income:

Portfolio security transactions are recorded on the trade date. 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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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.

MSF-10

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/14		Expiring 12/31/13		Expiring 12/31/12		Expiring 12/31/11		Expiring 12/31/10		Expiring 12/31/09		Total
$	11,851	$	5,353	$	8,633	$	28	$	918	$	12,851	$	39,634

The utilization of the capital loss carryforward acquired as part of a merger may be limited under section 382 of the Internal Revenue Code.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	73,104,647	$	50,460,446	$	—	$	—	$	—	$	—	$	73,104,647	$	50,460,446

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation/ (Depreciation)		Loss Carryforwards			Total
$66,000	$	—	$	—	$	(39,634	)	$	26,366

Dividends and Distributions to Shareholders:

The BlackRock Money Market Portfolio dividends are declared daily to shareholders of record at the time and are paid monthly. 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 capital.

3. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$4,987,190	0.350%	Of the first $1 billion
	0.300%	Of the next $1 billion
	0.250%	On amounts in excess of $2 billion

MSF-11

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

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

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

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

Annual Percentage Rate Reduction	Average Daily Net Asset Value Levels
0.005%	First $	500 million
0.015%	Next $	500 million

Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

4. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

5. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-12

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Money Market Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the BlackRock Money Market Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-13

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-14

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-15

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

MSF-16

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

MSF-17

Metropolitan Series Fund, Inc.

BlackRock Money Market Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-18

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-19

Metropolitan Series Fund, Inc. BlackRock Strategic Value Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the BlackRock Strategic Value Portfolio returned -3.5%, compared to its benchmark, the Russell 2000 Value Index¹, which returned -9.8%. The average return of its peer group, the Lipper Variable Insurance Products Small-Cap Value Funds Universe², was -6.6% over the same period.

PORTFOLIO REVIEW

The U.S. equity markets were volatile in 2007, as the slowing domestic economy, a recession in residential housing, turmoil in the subprime mortgage market, and evaporating credit roiled stock prices. Despite accommodative action by the Federal Reserve to cut the federal funds target rate by a total of 100 basis points to 4.25%, investor optimism remained low. For the year, large caps outperformed small caps while growth significantly outpaced value across the market capitalization spectrum. The style disparity was most pronounced in the small cap end of the market as small cap growth stocks trumped their value counterparts by 16.8%. Not since 1999 has small cap growth beaten value by such a wide margin. In this environment, the Russell 2000 Value Index stumbled 9.8% as steep declines in the consumer discretionary and financials sectors overshadowed gains in materials, healthcare and energy. Against this backdrop, BlackRock Strategic Value Portfolio significantly outpaced the benchmark as relative strength in the consumer discretionary, financials and healthcare sectors overcame weakness in materials and energy.

Consumer discretionary stocks pulled back sharply as the meltdown in the housing market, a decelerating economy and rising energy prices tainted the outlook for consumer spending. In this environment, solid stock selection, particularly among hotel & gaming names, contributed to favorable comparisons. Luxury hotel operators Orient-Express Hotels and Vail Resorts and gaming machine maker WMS Industries all added significant value. LKQ Corp. was another key contributor in the sector as shares of the recycled automotive parts producer gained 49%. Financial services stocks also came under significant selling pressure during the year as fear surrounding the impact of subprime mortgage write-downs, turmoil in the credit markets and a lower interest rate environment prompted a growing number of investors to move money out of the sector. On a relative basis, outperformance was driven by underweights and stock selection among real estate investment trusts (REITs) and thrift & mortgage finance names. Relative returns were also buoyed by positive stock selection among insurance names. In healthcare, overweights and stock selection among pharmaceuticals and healthcare providers drove favorable sector comparisons. Key individual contributors included Magellan Health Services, a provider of behavioral healthcare, and home healthcare nursing services provider Amedisys. Axcan Pharma was another significant contributor as shares of the gastrointestinal pharmaceutical maker spiked following a November takeover announcement by private equity firm TPG Capital.

Although an overweight in the materials sector proved advantageous, these gains were overshadowed by disappointing stock selection, particularly within the chemicals and metals & mining sub-sectors. Most notably, shares of benchmark holding CF Industries gained 330%. Our lack of exposure to this producer of nitrogen and phosphate fertilizer products proved to be among the most significant sources of relative underperformance within the sector. Stocks in the volatile energy sector moved higher on the back of rising crude oil and natural gas prices. Although the move in natural gas prices was somewhat modest, crude oil prices moved markedly to the upside. After beginning the year slightly above $61/barrel, prices spiked toward the $100/barrel mark before closing 2007 at $96/barrel. In this environment, disappointing stock selection hampered performance comparisons given our energy sector focus on U.S. natural gas exploration & production and oil service companies.

During the year, we increased Portfolio exposure in the healthcare, consumer staples and information technology sectors, while reducing weightings in financials and industrials. At year-end, the most notable sector positioning relative to the Russell 2000 Value Index included overweights in consumer discretionary, consumer staples and healthcare and underweights in utilities and financials, primarily driven by our underweight exposure to REITs and banks.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Russell 2000^® Value Index is an unmanaged measure of performance of those Russell 2000^® companies that have lower price-to-book ratios and lower forecasted growth values.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 2000 VALUE INDEX

Average Annual Returns as of December 31, 2007

	BlackRock Strategic Value Portfolio						Russell 2000 Value Index
	Class A		Class B		Class E
1 Year	(3.5	)%	(3.7	)%	(3.6	)%	(9.8	)%
5 Year	15.2		14.8		15.1		15.8
Since Inception	11.7		7.0		7.2		12.3

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 7/5/00, 5/1/01 and 5/1/01, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION as of December 31, 2007

Top Holdings

	% of Total Net Assets
BJ’s Wholesale Club, Inc.	3.2%
Axcan Pharma, Inc.	3.1%
Magellan Health Services, Inc.	2.9%
The Brinks Co.	2.9%
Sybase, Inc.	2.6%
Texas Industries, Inc.	2.6%
Ruddick Corp.	2.6%
Piper Jaffray Co.	2.2%
Silgan Holdings, Inc.	2.1%
Hain Celestial Group, Inc.	2.1%

Top Sectors

	% of Total Market Value
Consumer Discretionary	16.8%
Information Technology	15.3%
Financials	15.2%
Industrials	12.1%
Consumer Staples	10.4%
Health Care	9.8%
Materials	8.8%
Energy	5.3%
Cash	4.1%
Utilities	2.2%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
BlackRock Strategic Value—Class A	Actual	0.88	%	$	1,000.00	$	911.70	$	4.24
	Hypothetical	0.88	%	$	1,000.00	$	1,020.72	$	4.48
BlackRock Strategic Value—Class B	Actual	1.13	%	$	1,000.00	$	910.50	$	5.44
	Hypothetical	1.13	%	$	1,000.00	$	1,019.44	$	5.75
BlackRock Strategic Value—Class E	Actual	1.03	%	$	1,000.00	$	911.40	$	4.96
	Hypothetical	1.03	%	$	1,000.00	$	1,019.95	$	5.24

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—95.8% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—1.7%
Orbital Sciences Corp. (a) (b)	603,000	$	14,785,560
Capital Markets—3.7%
KBW, Inc. (a) (b)	303,500		7,766,565
Piper Jaffray Co. (b)	424,868		19,679,886
TradeStation Group, Inc. (a) (b)	397,700		5,651,317
			33,097,768
Chemicals—2.8%
H.B. Fuller Co. (a)	570,300		12,803,235
Sensient Technologies Corp.	425,900		12,044,452
			24,847,687
Commercial Banks—3.7%
First Midwest Bancorp, Inc. (a)	327,000		10,006,200
Sterling Bancshares, Inc.	774,464		8,643,018
United Bankshares, Inc. (a)	295,310		8,274,586
Wintrust Financial Corp. (a)	173,515		5,748,552
			32,672,356
Commercial Services & Supplies—4.9%
The Brinks Co.	428,200		25,580,668
Waste Connections, Inc. (b)	290,650		8,981,085
Watson Wyatt & Co. Holdings	195,500		9,073,155
			43,634,908
Communications Equipment —2.7%
Dycom Industries, Inc. (a) (b)	521,275		13,891,979
Polycom, Inc. (b)	366,500		10,181,370
			24,073,349
Computers & Peripherals—1.2%
Electronics for Imaging, Inc. (b)	493,600		11,096,128
Construction & Engineering—1.1%
Perini Corp. (b)	244,187		10,114,226
Construction Materials—2.6%
Texas Industries, Inc. (a)	325,000		22,782,500
Containers & Packaging—2.7%
Rock Tennessee Co.	210,352		5,345,044
Silgan Holdings, Inc.	361,900		18,797,086
			24,142,130
Distributors—1.8%
LKQ Corp. (a) (b)	744,600		15,651,492
Electric Utilities—1.2%
UIL Holdings Corp. (a)	299,200		11,055,440
Electronic Equipment & Instruments—1.5%
Tech Data Corp. (b)	358,200		13,511,304

Security Description	Shares	Value*
Energy Equipment & Services—3.3%
Cal Dive International, Inc. (a) (b)	466,700	$	6,179,108
Lufkin Industries, Inc. (a)	108,200		6,198,778
North American Energy Partners, Inc. (b)	358,200		4,853,610
Oil States International, Inc. (b)	152,100		5,189,652
W-H Energy Services, Inc. (b)	119,000		6,688,990
			29,110,138
Food & Staples Retailing—7.2%
BJ’s Wholesale Club, Inc. (b)	837,800		28,342,774
Longs Drug Stores Corp.	284,400		13,366,800
Ruddick Corp.	655,300		22,719,251
			64,428,825
Food Products—2.1%
Hain Celestial Group, Inc. (a) (b)	571,200		18,278,400
Gas Utilities—1.0%
Southwest Gas Corp.	296,879		8,838,088
Health Care Providers & Services—6.7%
Amedisys, Inc. (a) (b)	253,400		12,294,968
AmSurg Corp. (b)	247,300		6,691,938
Kindred Healthcare, Inc. (a) (b)	573,966		14,337,671
Magellan Health Services, Inc. (b)	558,861		26,059,688
PharMerica Corp. (a) (b)	11		153
			59,384,418
Hotels, Restaurants & Leisure—7.6%
Morgans Hotel Group Co. (a) (b)	745,510		14,373,433
Orient-Express Hotels, Ltd. (Class A) (a)	220,800		12,700,416
Pinnacle Entertainment, Inc. (b)	618,000		14,560,080
Vail Resorts, Inc. (a) (b)	211,700		11,391,577
WMS Industries, Inc. (b)	408,200		14,956,448
			67,981,954
Insurance—4.2%
Aspen Insurance Holdings, Ltd.	136,400		3,933,776
Endurance Specialty Holdings, Ltd. (a)	186,896		7,799,170
IPC Holdings, Ltd. (a)	545,200		15,739,924
Platinum Underwriters Holdings, Ltd.	190,407		6,770,873
The Navigators Group, Inc. (b)	43,258		2,811,770
			37,055,513
Internet Software & Services—0.9%
SkillSoft, Plc. (ADR) (b)	807,580		7,720,465
IT Services—0.8%
Forrester Research, Inc. (b)	241,700		6,772,434
Leisure Equipment & Products—0.6%
Leapfrog Enterprises, Inc. (a) (b)	753,826		5,073,249

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Machinery—2.3%
Actuant Corp.	97,100	$	3,302,371
Albany International Corp. (Class A) (a)	166,200		6,166,020
Astec Industries, Inc. (b)	116,200		4,321,478
Chart Industries, Inc. (b)	219,500		6,782,550
			20,572,419
Marine—1.2%
Great Lakes Dredge & Dock Corp.	325,556		2,838,848
Kirby Corp. (b)	164,700		7,655,256
			10,494,104
Metals & Mining—0.7%
A.M. Castle & Co. (a)	225,700		6,136,783
Oil, Gas & Consumable Fuels—2.0%
Delta Petroleum Corp. (a) (b)	474,300		8,940,555
Swift Energy Co. (b)	203,500		8,960,105
			17,900,660
Personal Products—1.0%
Elizabeth Arden, Inc. (b)	453,600		9,230,760
Pharmaceuticals—3.1%
Axcan Pharma, Inc. (a) (b)	1,202,048		27,647,104
Real Estate Investment Trusts—3.1%
Arbor Realty Trust, Inc. (a)	714,374		11,508,565
Gramercy Capital Corp. (a)	676,100		16,435,991
			27,944,556
Semiconductors & Semiconductor Equipment—3.2%
Cirrus Logic, Inc. (b)	1,321,100		6,975,408
PMC-Sierra, Inc. (a) (b)	1,329,800		8,696,892
RF Micro Devices, Inc. (a) (b)	2,257,100		12,888,041
			28,560,341
Software—5.0%
Epicor Software Corp. (b)	443,700		5,226,786
Guidance Software, Inc. (a)	279,141		3,891,225
Lawson Software, Inc. (a) (b)	740,500		7,582,720
Quality Systems, Inc. (a)	155,700		4,747,293
Sybase, Inc. (b)	873,400		22,787,006
			44,235,030
Specialty Retail—5.5%
AnnTaylor Stores Corp. (b)	279,500		7,144,020
Sally Beauty Holdings, Inc. (a) (b)	1,052,011		9,520,700
The Children’s Place Retail Stores, Inc. (a) (b)	484,200		12,555,306
The Dress Barn, Inc. (a) (b)	606,000		7,581,060
The Talbots, Inc. (a)	999,644		11,815,792
			48,616,878

Security Description	Shares		Value*
Textiles, Apparel & Luxury Goods—1.3%
Carter’s, Inc. (a) (b)		590,500	$	11,426,175
Thrifts & Mortgage Finance—0.5%
First Niagara Financial Group, Inc. (a)		357,900		4,309,116
Trading Companies & Distributors—0.9%
H&E Equipment Services, Inc. (a) (b)		410,344		7,747,295
Total Common Stock (Identified Cost $855,408,151)				850,929,553
Short Term Investments—28.3%
Security Description	Face Amount/ Shares		Value*
Discount Notes—4.1%
Federal Home Loan Bank 4.150%, 01/11/08	$	36,400,000		36,372,194
Mutual Funds—24.2%
State Street Navigator Securities Lending Prime Portfolio (c)		214,665,616		214,665,616
Total Short Term Investments (Identified Cost $251,037,810)				251,037,810
Total Investments—124.1% (Identified Cost $1,106,445,961) (d)				1,101,967,363
Liabilities in excess of other assets				(214,052,630	)
Total Net Assets—100%			$	887,914,733

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $210,945,145 and the collateral received consisted of cash in the amount of $214,665,616 and non cash collateral with a value of $1,016,842. 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.

(b) Non-Income Producing.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,107,243,029 and the composition of unrealized appreciation and depreciation of investment securities was $59,894,447 and $(65,170,113), respectively.

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

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	1,101,967,363
Receivable for:
Securities sold				9,484,094
Fund shares sold				2,651,942
Accrued interest and dividends				2,284,729
Total Assets				1,116,388,128
Liabilities
Payable for:
Securities purchased	$	9,187,105
Fund shares redeemed		899,049
Collateral for securities loaned		214,665,616
Due to custodian bank		2,984,353
Accrued expenses:
Management fees		633,011
Service and distribution fees		63,413
Other expenses		40,848
Total Liabilities				228,473,395
Net Assets			$	887,914,733
Net assets consists of:
Capital paid in			$	837,734,255
Undistributed net investment income				4,343,874
Accumulated net realized gains				50,315,202
Unrealized depreciation on investments				(4,478,598	)
Net Assets			$	887,914,733
Computation of offering price:
Class A
Net asset value and redemption price per share ($509,331,984 divided by 33,572,574 shares outstanding)			$	15.17
Class B
Net asset value and redemption price per share ($171,141,212 divided by 11,446,432 shares outstanding)			$	14.95
Class E
Net asset value and redemption price per share ($207,441,537 divided by 13,816,743 shares outstanding)			$	15.01
(a) Identified cost of investments			$	1,106,445,961

(b) Includes cash collateral for securities loaned of $214,665,616.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	12,832,751
Interest					1,810,086	(a)
					14,642,837
Expenses
Management fees	$	8,214,631
Service and distribution fees—Class B		443,670
Service and distribution fees—Class E		354,800
Directors’ fees and expenses		23,669
Custodian		106,923
Audit and tax services		31,738
Legal		10,902
Printing		315,940
Insurance		10,946
Miscellaneous		24,657
Total expenses		9,537,876
Expense reductions		(300,226	)		9,237,650
Net Investment Income					5,405,187
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net					51,593,377
Change in unrealized depreciation on:
Investments—net					(88,014,608	)
Net loss					(36,421,231	)
Net Decrease in Net Assets From Operations				$	(31,016,044	)

(a) Includes net income on securities loaned of $891,109.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Statements of Changes in Net Assets

	��	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income		$	5,405,187		$	4,042,013
Net realized gain			51,593,377			113,811,788
Unrealized appreciation (depreciation)			(88,014,608	)		36,617,809
Increase (decrease) in net assets from operations			(31,016,044	)		154,471,610
From Distributions to Shareholders
Net investment income
Class A			(1,793,872	)		(1,945,245	)
Class B			(99,321	)		(102,941	)
Class E			(369,395	)		(458,488	)
			(2,262,588	)		(2,506,674	)
Net realized gain
Class A			(68,897,991	)		(115,020,430	)
Class B			(20,599,114	)		(25,158,754	)
Class E			(28,374,988	)		(48,023,370	)
			(117,872,093	)		(188,202,554	)
Total distributions			(120,134,681	)		(190,709,228	)
Increase in net assets from capital share transactions			7,479,154			93,355,982
Total increase (decrease) in net assets			(143,671,571	)		57,118,364
Net Assets
Beginning of the period			1,031,586,304			974,467,940
End of the period		$	887,914,733		$	1,031,586,304
Undistributed Net Investment Income
End of the period		$	4,343,874		$	3,453,639

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	4,125,452		$	69,435,674		5,017,240		$	88,564,317
Reinvestments	4,286,954			70,691,863		6,941,583			116,965,675
Redemptions	(9,213,618	)		(152,838,244	)	(10,145,321	)		(176,493,943	)
Net increase (decrease)	(801,212	)	$	(12,710,707	)	1,813,502		$	29,036,049
Class B
Sales	2,362,092		$	38,933,096		3,173,425		$	54,320,433
Reinvestments	1,271,403			20,698,435		1,516,308			25,261,695
Redemptions	(1,837,032	)		(29,976,931	)	(1,406,157	)		(24,130,240	)
Net increase	1,796,463		$	29,654,600		3,283,576		$	55,451,888
Class E
Sales	856,416		$	13,920,361		909,735		$	15,909,769
Reinvestments	1,759,142			28,744,383		2,901,368			48,481,858
Redemptions	(3,175,252	)		(52,129,483	)	(3,204,769	)		(55,523,582	)
Net increase (decrease)	(559,694	)	$	(9,464,739	)	606,334		$	8,868,045
Increase derived from capital share transactions			$	7,479,154				$	93,355,982

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	17.74		$	18.55		$	19.17		$	16.62		$	11.07
Income From Investment Operations
Net investment income (loss)		0.10	(a)		0.08			0.08			0.00			(0.01	)
Net realized and unrealized gain (loss) of investments		(0.55	)		2.84			0.57			2.55			5.56
Total from investment operations		(0.45	)		2.92			0.65			2.55			5.55
Less Distributions
Distributions from net investment income		(0.05	)		(0.06	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.07	)		(3.67	)		(1.27	)		0.00			0.00
Total distributions		(2.12	)		(3.73	)		(1.27	)		0.00			0.00
Net Asset Value, End of Period	$	15.17		$	17.74		$	18.55		$	19.17		$	16.62
Total Return (%)		(3.5	)		16.7			4.2			15.3			50.1
Ratio of operating expenses to average net assets before expense reductions (%)		0.88			0.89			0.89			0.89			0.93
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.85			0.85			0.84			0.87			N/A
Ratio of net investment income (loss) to average net assets (%)		0.62			0.48			0.42			(0.03	)		(0.10	)
Portfolio turnover rate (%)		121			141			175			33			44
Net assets, end of period (000)	$	509,332		$	609,877		$	604,086		$	666,800		$	561,245

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	17.51		$	18.35		$	19.02		$	16.53		$	11.04
Income From Investment Operations
Net investment income (loss)		0.06	(a)		0.04			0.03			0.00			(0.01	)
Net realized and unrealized gain (loss) of investments		(0.54	)		2.81			0.57			2.49			5.50
Total from investment operations		(0.48	)		2.85			0.60			2.49			5.49
Less Distributions
Distributions from net investment income		(0.01	)		(0.02	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.07	)		(3.67	)		(1.27	)		0.00			0.00
Total distributions		(2.08	)		(3.69	)		(1.27	)		0.00			0.00
Net Asset Value, End of Period	$	14.95		$	17.51		$	18.35		$	19.02		$	16.53
Total Return (%)		(3.7	)		16.4			3.9			15.1			49.7
Ratio of operating expenses to average net assets before expense reductions (%)		1.13			1.14			1.14			1.14			1.18
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.10			1.10			1.09			1.12			N/A
Ratio of net investment income (loss) to average net assets (%)		0.39			0.26			0.20			(0.09	)		(0.26	)
Portfolio turnover rate (%)		121			141			175			33			44
Net assets, end of period (000)	$	171,141		$	169,004		$	116,849		$	58,676		$	1,120

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	17.58		$	18.41		$	19.06		$	16.55		$	11.04
Income From Investment Operations
Net investment income (loss)		0.08	(a)		0.06			0.05			(0.02	)		(0.02	)
Net realized and unrealized gain (loss) of investments		(0.55	)		2.82			0.57			2.53			5.53
Total from investment operations		(0.47	)		2.88			0.62			2.51			5.51
Less Distributions
Distributions from net investment income		(0.03	)		(0.04	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.07	)		(3.67	)		(1.27	)		0.00			0.00
Total distributions		(2.10	)		(3.71	)		(1.27	)		0.00			0.00
Net Asset Value, End of Period	$	15.01		$	17.58		$	18.41		$	19.06		$	16.55
Total Return (%)		(3.6	)		16.6			4.0			15.2			49.9
Ratio of operating expenses to average net assets before expense reductions (%)		1.03			1.04			1.04			1.04			1.08
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.00			1.00			0.99			1.02			N/A
Ratio of net investment income (loss) to average net assets (%)		0.47			0.32			0.27			(0.16	)		(0.22	)
Portfolio turnover rate (%)		121			141			175			33			44
Net assets, end of period (000)	$	207,442		$	252,705		$	253,532		$	273,771		$	178,240

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The BlackRock Strategic Value Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

MSF-13

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	75,634,272	$	26,429,853	$	44,500,409	$	164,279,375	$	—	$	—	$	120,134,681	$	190,709,228

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Depreciation			Loss Carryforwards		Total
$32,815,305	$	39,528,635	$	(5,275,666	)	$	—	$	67,068,274

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	1,180,530,715	$	0	$	1,299,259,175

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$8,214,631	0.850%	Of the first $500 million
	0.800%	Of the next $500 million
	0.750%	On amounts in excess of $1 billion

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

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

MSF-14

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock Strategic Value Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the BlackRock Strategic Value Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-16

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-18

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-19

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-20

Metropolitan Series Fund, Inc.

BlackRock Strategic Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-21

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-22

Metropolitan Series Fund, Inc. Capital Guardian U.S. Equity Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Managed by Capital Guardian Trust Company

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Capital Guardian U.S. Equity Portfolio returned -0.1%, compared to its benchmark, the Standard & Poor’s 500 Index¹, which returned 5.5%. The average return of its peer group, the Lipper Variable Insurance Products Multi-Cap Core Funds Universe², was 6.2% over the same period.

PORTFOLIO REVIEW

U.S. equities made small gains in a year dominated by fluctuating liquidity levels and corporate profits. Stocks soared to new highs earlier in the year on record Mergers & Acquisitions (M&A) activity and strong earning reports, then dropped dramatically as the tap of cheap money dried up in the wake of the subprime mortgage crisis. By year’s end, earnings had begun to slide and investors grew concerned about the possibility of an economic recession.

Stocks soared for much of the year as easy money supported a record $4.7 trillion in worldwide deals, companies reported strong corporate earnings, and the economy accelerated. But ripples of subprime mortgage trouble appeared in February and June before bursting open in the third quarter. The fallout incorporated two main elements: the lower value of subprime mortgages and related investments, and the effect of the crisis on financial institutions that wrote down the value of their mortgage assets and subsequently faced severe financing constraints. Though the Federal Reserve cut interest rates three times and worked with other central banks to inject liquidity into the system, earnings began to decline and the outlook for economic growth looked bleak by December, while much of 2007’s stock market gains were erased. The S&P 500 Index ended the year up 5.5%.

The equity sell-off was most acutely felt by financial companies, which had their worst year since 1990. Citigroup was the biggest drag on the S&P 500 Index after it announced staggering losses. Consumer discretionary stocks slid as concerns about the economy grew. Other sectors posted double-digit gains, however. Energy stocks climbed as oil futures rose by nearly 60%, materials advanced on demand from the emerging markets and utilities benefited both from the M&A boom and the flight to safety amid the turmoil. Information technology stocks also jumped, led by Apple after the unveiling of its iPhone.

Economic data showed that while the housing market was at its weakest level in decades, other critical measures of the economy, including employment, held up well throughout most of the year. Real GDP growth accelerated to 4.9% in the third quarter, though by the end of 2007 durable goods data and other economic indicators showed signs of strain.

The Portfolio’s underperformance relative to the Index was due primarily to stock selection in the information technology and financials sectors during the fourth quarter. Rising investor concern about the U.S. economy and capital spending negatively impacted some of the Portfolio’s technology holdings, including contract manufacturers and semiconductor memory companies SanDisk, Micron Technology, and Jabil Circuit.

We added to our financial holdings among thrifts, mortgage lenders, and insurers in the third quarter as valuations declined, but we did so too early as the credit crunch further intensified in the fourth quarter. Washington Mutual was the biggest detractor to Portfolio returns. The largest U.S. savings and loan saw its shares tumble as the housing and credit markets deteriorated and after regulators began investigating how the company set values for mortgages sold to investors. Other decliners in the financials area included Wachovia, Ambac Financial Group, MBIA, and Sallie Mae, which sank after a $25 billion proposed takeover collapsed. Selection in health care and the underweight position in energy also hurt returns. The choice of materials stocks, especially Potash Corp. of Saskatchewan, was positive for the Portfolio. The stock gained as demand for fertilizers increased throughout the year. Google was the top contributor to returns as the company posted consistently solid results.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Standard & Poor’s (S&P) 500^® Composite Stock Price Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

A $10,000 INVESTMENT COMPARED TO

THE S&P 500 INDEX

Average Annual Returns as of December 31, 2007

	Capital Guardian U.S. Equity Portfolio				S&P 500
	Class A		Class B		Index
1 Year	-0.1	%	-0.3	%	5.5	%
5 Year	11.9		11.6		12.8
Since Inception	5.9		5.7		7.6

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception date of the Class A and Class B shares is 5/1/02. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Google, Inc.	2.9%
UnitedHealth Group, Inc.	2.2%
General Electric Co.	2.2%
JPMorgan Chase & Co.	2.1%
Genentech, Inc.	1.9%
Royal Dutch Shell, Plc. (ADR)	1.8%
Target Corp.	1.8%
Wachovia Corp.	1.7%
United Parcel Service, Inc.	1.7%
The Goldman Sachs Group, Inc.	1.5%

Top Sectors

	% of Total Market Value
Information Technology	20.1%
Financials	17.3%
Health Care	14.9%
Consumer Discretionary	12.1%
Industrials	10.1%
Energy	8.2%
Consumer Staples	6.9%
Materials	4.3%
Telecommunication Services	2.7%
Utilities	1.5%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Capital Guardian U.S. Equity—Class A	Actual	0.72	%	$	1,000.00	$	934.60	$	3.51
	Hypothetical	0.72	%	$	1,000.00	$	1,021.53	$	3.67
Capital Guardian U.S. Equity—Class B	Actual	0.97	%	$	1,000.00	$	932.90	$	4.73
	Hypothetical	0.97	%	$	1,000.00	$	1,020.26	$	4.94

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—98.3% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—1.7%
Boeing Co.	49,800	$	4,355,508
United Technologies Corp.	57,090		4,369,669
			8,725,177
Air Freight & Logistics—2.1%
FedEx Corp.	22,580		2,013,459
United Parcel Service, Inc. (Class B)	126,000		8,910,720
			10,924,179
Airlines—0.2%
Southwest Airlines Co.	86,000		1,049,200
Auto Components—0.4%
Johnson Controls, Inc.	27,200		980,288
WABCO Holdings, Inc.	17,366		869,863
			1,850,151
Automobiles—0.8%
Ford Motor Co. (a)	438,300		2,949,759
General Motors Corp.	43,300		1,077,737
			4,027,496
Beverages—2.2%
Anheuser-Busch Cos., Inc.	20,300		1,062,502
PepsiCo, Inc.	86,180		6,541,062
The Coca-Cola Co.	60,100		3,688,337
			11,291,901
Biotechnology—3.2%
Genentech, Inc. (a)	150,300		10,080,621
ImClone Systems, Inc. (a)	90,800		3,904,400
Millennium Pharmaceuticals, Inc. (a)	176,600		2,645,468
			16,630,489
Building Products—0.1%
Owens Corning, Inc. (a)	30,500		616,710
Capital Markets—2.6%
American Capital Strategies, Ltd.	47,000		1,549,120
Lehman Brothers Holdings, Inc.	60,400		3,952,576
The Goldman Sachs Group, Inc.	37,180		7,995,559
			13,497,255
Chemicals—1.9%
Celanese Corp.	26,900		1,138,408
Monsanto Co.	19,200		2,144,448
Potash Corp. of Saskatchewan, Inc.	45,900		6,607,764
			9,890,620
Commercial Banks—3.1%
Fifth Third Bancorp	56,900		1,429,897
SunTrust Banks, Inc.	30,300		1,893,447
Wachovia Corp.	238,247		9,060,533
Wells Fargo & Co.	132,700		4,006,213
			16,390,090

Security Description	Shares	Value*
Commercial Services & Supplies—0.1%
Monster Worldwide, Inc. (a)	23,000	$	745,200
Communications Equipment—3.2%
Ciena Corp. (a)	17,400		593,514
Cisco Systems, Inc. (a)	282,340		7,642,944
Corning, Inc. (a)	48,150		1,155,118
Polycom, Inc. (a)	41,900		1,163,982
QUALCOMM, Inc.	152,860		6,015,041
			16,570,599
Computers & Peripherals—3.2%
Brocade Communications Systems, Inc. (a)	223,900		1,643,426
Dell, Inc. (a)	89,400		2,191,194
Hewlett-Packard Co.	51,020		2,575,490
Network Appliance, Inc. (a)	23,200		579,072
SanDisk Corp. (a)	177,200		5,877,724
Seagate Technology (a)	97,300		2,481,150
Sun Microsystems, Inc. (a)	83,325		1,510,682
			16,858,738
Construction & Engineering—1.1%
Fluor Corp.	38,500		5,610,220
Construction Materials—0.2%
Vulcan Materials Co.	12,900		1,020,261
Consumer Finance—1.3%
AmeriCredit Corp. (a)	54,900		702,171
Capital One Financial Corp.	40,300		1,904,578
SLM Corp.	216,900		4,368,366
			6,975,115
Diversified Financial Services—2.3%
JPMorgan Chase & Co.	246,372		10,754,138
Moody’s Corp.	35,400		1,263,780
			12,017,918
Diversified Telecommunication Services—2.3%
AT&T, Inc.	127,877		5,314,568
Level 3 Communications, Inc. (a)	414,500		1,260,080
Time Warner Telecom, Inc. (Class A) (a)	177,200		3,595,388
Verizon Communications, Inc.	46,638		2,037,614
			12,207,650
Electric Utilities—1.0%
Edison International	66,800		3,565,116
Pinnacle West Capital Corp.	36,000		1,526,760
			5,091,876
Electrical Equipment—0.6%
Cooper Industries, Ltd. (Class A)	30,400		1,607,552
Emerson Electric Co.	23,400		1,325,844
			2,933,396

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Electronic Equipment & Instruments—1.2%
Agilent Technologies, Inc. (a)	45,005	$	1,653,484
Flextronics International, Ltd. (a)	136,400		1,644,984
Jabil Circuit, Inc.	199,010		3,038,882
			6,337,350
Energy Equipment & Services—3.4%
Baker Hughes, Inc.	32,910		2,669,001
BJ Services Co.	127,200		3,085,872
Schlumberger, Ltd.	81,200		7,987,644
Weatherford International, Ltd. (a)	60,100		4,122,860
			17,865,377
Food & Staples Retailing—0.3%
Costco Wholesale Corp.	25,000		1,744,000
Food Products—2.6%
Campbell Soup Co.	39,500		1,411,335
General Mills, Inc.	14,200		809,400
Kraft Foods, Inc. (Class A)	157,336		5,133,874
Sara Lee Corp.	231,700		3,721,102
Unilever NV (NY Shares)	63,600		2,318,856
			13,394,567
Health Care Equipment & Supplies—2.3%
Baxter International, Inc.	130,700		7,587,135
Lumenis, Ltd. (a)	520		546
Medtronic, Inc.	86,600		4,353,382
			11,941,063
Health Care Providers & Services—2.8%
DaVita, Inc. (a)	53,500		3,014,725
UnitedHealth Group, Inc.	201,800		11,744,760
			14,759,485
Health Care Technology—0.2%
Cerner Corp. (a)	16,500		930,600
Hotels, Restaurants & Leisure—1.3%
Carnival Corp.	17,300		769,677
Las Vegas Sands Corp. (a)	28,000		2,885,400
McDonald’s Corp.	23,600		1,390,276
Starbucks Corp. (a)	50,700		1,037,829
Starwood Hotels & Resorts Worldwide, Inc. (a)	15,635		688,409
			6,771,591
Household Durables—0.4%
Fortune Brands, Inc.	13,800		998,568
Jarden Corp. (a)	24,100		569,001
Lennar Corp. (Class A)	39,100		699,499
			2,267,068
Household Products—0.3%
Energizer Holdings, Inc. (a)	13,400		1,502,542

Security Description	Shares	Value*
Independent Power Producers & Energy Traders—0.2%
The AES Corp. (a)	56,300	$	1,204,257
Industrial Conglomerates—2.6%
General Electric Co.	311,300		11,539,891
Siemens AG (ADR)	9,100		1,431,976
Tyco International, Ltd.	19,800		785,070
			13,756,937
Insurance—4.4%
Aflac, Inc.	30,000		1,878,900
AMBAC Financial Group, Inc.	84,000		2,164,680
American International Group, Inc.	119,800		6,984,340
Berkshire Hathaway, Inc. (Class A) (a)	27		3,823,200
Marsh & McLennan Cos., Inc.	112,500		2,977,875
MBIA, Inc.	108,800		2,026,944
The Progressive Corp.	73,800		1,414,008
XL Capital, Ltd. (Class A)	33,200		1,670,292
			22,940,239
Internet Software & Services—5.0%
eBay, Inc. (a)	205,320		6,814,571
Google, Inc. (Class A) (a)	22,030		15,233,304
Yahoo!, Inc. (a)	168,180		3,911,867
			25,959,742
IT Services—0.7%
Affiliated Computer Services, Inc. (Class A) (a)	17,100		771,210
Paychex, Inc.	45,300		1,640,766
Verifone Holdings, Inc. (a)	59,900		1,392,675
			3,804,651
Machinery—1.5%
Danaher Corp.	33,500		2,939,290
Illinois Tool Works, Inc.	84,100		4,502,714
Parker-Hannifin Corp.	7,500		564,825
			8,006,829
Media—2.9%
CBS Corp. (Class B)	94,050		2,562,862
Comcast Corp. (Class A)	50,100		914,826
Gannett Co., Inc.	34,900		1,361,100
Omnicom Group, Inc.	28,600		1,359,358
The Walt Disney Co.	146,200		4,719,336
Time Warner Cable, Inc. (Class A) (a)	45,500		1,255,800
Time Warner, Inc.	92,300		1,523,873
Viacom, Inc. (Class B) (a)	37,650		1,653,588
			15,350,743
Metals & Mining—2.2%
Allegheny Technologies, Inc.	8,200		708,480
Barrick Gold Corp.	149,100		6,269,655
Cleveland-Cliffs, Inc.	9,600		967,680
Freeport-McMoRan Copper & Gold, Inc.	15,600		1,598,064
Newmont Mining Corp.	33,000		1,611,390
Nucor Corp.	9,100		538,902
			11,694,171

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Multi-Utilities—0.3%
CMS Energy Corp.	91,700	$	1,593,746
Multiline Retail—2.0%
Nordstrom, Inc.	31,100		1,142,303
Target Corp.	189,400		9,470,000
			10,612,303
Mutual Funds—1.0%
SPDR Trust	36,600		5,351,286
Oil, Gas & Consumable Fuels—4.8%
Anadarko Petroleum Corp.	23,200		1,524,008
Arch Coal, Inc.	33,600		1,509,648
Chevron Corp.	24,973		2,330,730
ConocoPhillips	29,100		2,569,530
EOG Resources, Inc.	13,000		1,160,250
Exxon Mobil Corp.	49,199		4,609,454
Peabody Energy Corp.	30,800		1,898,512
Royal Dutch Shell, Plc. (ADR) (A Shares)	95,900		8,074,780
Royal Dutch Shell, Plc. (ADR) (B Shares)	19,307		1,602,481
			25,279,393
Personal Products—0.4%
Avon Products, Inc.	24,300		960,579
Bare Escentuals, Inc. (a)	40,000		970,000
			1,930,579
Pharmaceuticals—6.5%
Abbott Laboratories	41,100		2,307,765
Allergan, Inc.	66,860		4,295,086
AstraZeneca, Plc. (ADR)	124,600		5,335,372
Bristol-Myers Squibb Co.	102,700		2,723,604
Forest Laboratories, Inc. (a)	150,760		5,495,202
Pfizer, Inc.	143,700		3,266,301
Sanofi-Aventis (ADR)	110,600		5,035,618
Sepracor, Inc. (a)	77,790		2,041,988
Teva Pharmaceutical Industries, Ltd. (ADR)	49,100		2,282,168
Wyeth	31,900		1,409,661
			34,192,765
Real Estate Investment Trusts—0.3%
Douglas Emmett, Inc.	29,800		673,778
General Growth Properties, Inc.	11,380		468,628
Host Hotels & Resorts, Inc.	16,676		284,159
			1,426,565
Semiconductors & Semiconductor Equipment—4.9%
Altera Corp. (a)	171,300		3,309,516
Applied Materials, Inc.	370,401		6,578,322
ASML Holding NV	13,075		409,117
Intel Corp.	108,600		2,895,276
KLA-Tencor Corp.	128,900		6,207,824
Lam Research Corp. (a)	23,800		1,028,874
Micron Technology, Inc. (a)	425,600		3,085,600
Qimonda AG (ADR) (a)	102,700		734,305

Security Description	Shares	Value*
Semiconductors & Semiconductor Equipment—(Continued)
Silicon Laboratories, Inc. (a)	7,200	$	269,496
Xilinx, Inc.	40,600		887,922
			25,406,252
Software—2.0%
Microsoft Corp.	208,230		7,412,988
Oracle Corp. (a)	82,100		1,853,818
SAP AG (ADR)	24,655		1,258,638
			10,525,444
Specialty Retail—3.2%
Best Buy Co., Inc.	121,100		6,375,915
Lowe’s Cos., Inc.	291,900		6,602,778
The Home Depot, Inc.	71,458		1,925,079
Urban Outfitters, Inc. (a)	68,500		1,867,310
			16,771,082
Textiles, Apparel & Luxury Goods—0.7%
Coach, Inc. (a)	22,900		700,282
Hanesbrands, Inc. (a)	107,687		2,925,856
			3,626,138
Thrifts & Mortgage Finance—2.7%
Federal Home Loan Mortgage Corp.	87,900		2,994,753
Federal National Mortgage Association	89,400		3,574,212
Hudson City Bancorp, Inc.	220,700		3,314,914
IndyMac Bancorp, Inc.	109,400		650,930
Washington Mutual, Inc.	264,300		3,597,123
			14,131,932
Tobacco—1.2%
Altria Group, Inc.	81,400		6,152,212
Wireless Telecommunication Services—0.4%
American Tower Corp. (Class A) (a)	48,370		2,060,562
Total Common Stock (Identified Cost $497,644,270)			514,215,712
Preferred Stock—0.7%
Consumer Finance—0.1%
SLM Corp.	320		331,760
Pharmaceuticals—0.2%
Schering-Plough Corp.	5,000		1,214,375
Thrifts & Mortgage Finance—0.4%
Washington Mutual, Inc.	2,420		2,141,700
Total Preferred Stock (Identified Cost $3,960,212)			3,687,835

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—Convertible—0.2%

Security Description	Face Amount		Value*
Automobiles—0.2%
Ford Motor Co. 4.250%, 12/15/36	$	1,284,000	$	1,275,975
Total Fixed Income—Convertible (Identified Cost $1,291,979)				1,275,975
Short Term Investments—1.0%
Repurchase Agreement—1.0%
State Street Corp. Repurchase Agreement dated 12/31/07 at 1.70% to be repurchased at $5,182,489 on 1/02/08, collateralized by $3,780,000 U.S. Treasury Bond 8.50% due 2/15/20 with a value of $5,287,275.		5,182,000		5,182,000
Total Short Term Investments (Identified Cost $5,182,000)				5,182,000
Total Investments—100.2% (Identified Cost $508,078,461) (b)				524,361,522
Liabilities in excess of other assets				(1,243,413	)
Total Net Assets—100%			$	523,118,109

(a) Non-Income Producing.

(b) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $509,272,729 and the composition of unrealized appreciation and depreciation of investment securities was $71,918,869 and $(56,830,076), respectively.

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

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	524,361,522
Cash				650
Receivable for:
Securities sold				687,381
Fund shares sold				48,664
Accrued interest and dividends				748,035
Foreign taxes				11,986
Total Assets				525,858,238
Liabilities
Payable for:
Securities purchased	$	1,897,305
Fund shares redeemed		468,928
Accrued expenses:
Management fees		302,774
Service and distribution fees		23,654
Deferred directors’ fees		3,474
Other expenses		43,994
Total Liabilities				2,740,129
Net Assets			$	523,118,109
Net assets consists of:
Capital paid in			$	489,762,277
Undistributed net investment income				4,674,866
Accumulated net realized gains				12,397,905
Unrealized appreciation on investments				16,283,061
Net Assets			$	523,118,109
Computation of offering price:
Class A
Net asset value and redemption price per share ($414,065,434 divided by 33,287,194 shares outstanding)			$	12.44
Class B
Net asset value and redemption price per share ($109,052,675 divided by 8,817,004 shares outstanding)			$	12.37
(a) Identified cost of investments			$	508,078,461

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	8,836,805	(a)
Interest					266,911
					9,103,716
Expenses
Management fees	$	3,770,032
Service and distribution fees—Class B		289,286
Directors’ fees and expenses		23,669
Custodian		64,593
Audit and tax services		31,738
Legal		5,216
Printing		129,350
Insurance		6,475
Miscellaneous		22,466
Total expenses		4,342,825
Expense reductions		(15,107	)		4,327,718
Net Investment Income					4,775,998
Realized and Unrealized Gain (Loss)
Realized gain (loss) on:
Investments—net		61,537,604
Futures contracts—net		(178,119	)
Foreign currency transactions—net		7			61,359,492
Change in unrealized depreciation on:
Investments—net					(65,773,349	)
Net loss					(4,413,857	)
Net Increase in Net Assets From Operations				$	362,141

(a) Net of foreign taxes of $117,455.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	4,775,998		$	3,909,548
Net realized gain		61,359,492			41,900,969
Unrealized appreciation (depreciation)		(65,773,349	)		4,370,028
Increase in net assets from operations		362,141			50,180,545
From Distributions to Shareholders
Net investment income
Class A		(2,110,792	)		(4,202,600	)
Class B		(268,916	)		(767,845	)
		(2,379,708	)		(4,970,445	)
Net realized gain
Class A		(26,256,976	)		(4,498,095	)
Class B		(6,493,530	)		(1,062,574	)
		(32,750,506	)		(5,560,669	)
Total distributions		(35,130,214	)		(10,531,114	)
Increase (decrease) in net assets from capital share transactions		4,604,611			(3,063,753	)
Total increase (decrease) in net assets		(30,163,462	)		36,585,678
Net Assets
Beginning of the period		553,281,571			516,695,893
End of the period	$	523,118,109		$	553,281,571
Undistributed Net Investment Income
End of the period	$	4,674,866		$	2,314,425

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	4,411,021		$	57,665,708		417,463		$	5,307,415
Shares issued through acquisition	0			0		5,107,411			65,374,860
Reinvestments	2,183,816			28,367,768		685,094			8,700,695
Redemptions	(6,902,715	)		(91,386,169	)	(7,232,639	)		(91,768,076	)
Net decrease	(307,878	)	$	(5,352,693	)	(1,022,671	)	$	(12,385,106	)
Class B
Sales	1,765,336		$	23,167,316		1,613,530		$	20,382,709
Reinvestments	522,600			6,762,446		144,583			1,830,419
Redemptions	(1,517,326	)		(19,972,458	)	(1,023,205	)		(12,891,775	)
Net increase	770,610		$	9,957,304		734,908		$	9,321,353
Increase (decrease) derived from capital share transactions			$	4,604,611				$	(3,063,753	)

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	13.30		$	12.33		$	11.66		$	10.81		$	7.90
Income From Investment Operations
Net investment income		0.12	(a)		0.11			0.09			0.09			0.07
Net realized and unrealized gain (loss) of investments		(0.09	)		1.13			0.58			0.91			2.89
Total from investment operations		0.03			1.24			0.67			1.00			2.96
Less Distributions
Distributions from net investment income		(0.07	)		(0.13	)		(0.00	)(b)		(0.15	)		(0.05	)
Distributions from net realized capital gains		(0.82	)		(0.14	)		0.00			0.00			0.00
Total distributions		(0.89	)		(0.27	)		0.00			(0.15	)		(0.05	)
Net Asset Value, End of Period	$	12.44		$	13.30		$	12.33		$	11.66		$	10.81
Total Return (%)		(0.1	)		10.1			5.8			9.3			37.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.71			0.73			0.73			0.75			0.76
Ratio of operating expenses to average net assets after expense reductions (%) (c)		0.71			0.73			0.73			0.74			0.74
Ratio of net investment income to average net assets (%)		0.89			0.76			0.73			0.77			0.65
Portfolio turnover rate (%)		45			42			29			45			27
Net assets, end of period (000)	$	414,065		$	446,828		$	426,968		$	455,938		$	351,867
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	13.23		$	12.27		$	11.63		$	10.78		$	7.89
Income From Investment Operations
Net investment income		0.08	(a)		0.06			0.06			0.07			0.04
Net realized and unrealized gain (loss) of investments		(0.09	)		1.14			0.58			0.90			2.90
Total from investment operations		(0.01	)		1.20			0.64			0.97			2.94
Less Distributions
Distributions from net investment income		(0.03	)		(0.10	)		0.00			(0.12	)		(0.05	)
Distributions from net realized capital gains		(0.82	)		(0.14	)		0.00			0.00			0.00
Total distributions		(0.85	)		(0.24	)		0.00			(0.12	)		(0.05	)
Net Asset Value, End of Period	$	12.37		$	13.23		$	12.27		$	11.63		$	10.78
Total Return (%)		(0.3	)		9.8			5.5			9.0			37.4
Ratio of operating expenses to average net assets before expense reductions (%)		0.96			0.98			0.98			1.00			1.01
Ratio of operating expenses to average net assets after expense reductions (%) (c)		0.96			0.98			0.98			0.99			0.99
Ratio of net investment income to average net assets (%)		0.64			0.51			0.48			0.56			0.39
Portfolio turnover rate (%)		45			42			29			45			27
Net assets, end of period (000)	$	109,053		$	106,454		$	89,728		$	68,440		$	28,420

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

(b) Distributions for the period were less than $0.01.

(c) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Capital Guardian U.S. Equity Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A and Class B. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-12

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-13

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

MSF-14

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/09	Expiring 12/31/08		Total
$8,209,090	$	34,687,599	$	42,896,689

The utilization of the capital loss carryforward acquired as part of a merger may be limited under section 382 of the Internal Revenue Code.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	5,251,860	$	4,970,445	$	29,878,354	$	5,560,669	$	—	$	—	$	35,130,214	$	10,531,114

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards			Total
$4,824,890	$	56,343,609	$	15,088,793	$	(42,896,689	)	$	33,360,603

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	254,422,527	$	0	$	281,721,289

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$3,770,032	0.700%	Of the first $200 million
	0.650%	Of the next $300 million
	0.600%	Of the next $1.5 billion
	0.550%	On amounts in excess of $2 billion

MSF-15

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Capital Guardian Trust Company is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B shares. Under the Distribution and Service Plan, the Class B shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio financial statement disclosures.

MSF-16

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Capital Guardian U.S. Equity Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Capital Guardian U.S. Equity Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-19

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-20

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-21

Metropolitan Series Fund, Inc.

Capital Guardian U.S. Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-22

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-23

Davis Venture Value Portfolio   Metropolitan Series Fund, Inc. Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Managed by Davis Selected Advisers, L.P.

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Davis Venture Value Portfolio returned 4.6%, compared to its benchmark, the Standard & Poor’s 500 Index¹, which returned 5.5%. The average return of its peer group, the Lipper Variable Insurance Products Large-Cap Value Funds Universe², was 1.7% over the same period.

PORTFOLIO REVIEW

The energy, material, and utility sectors within the S&P 500 Index turned in the strongest performance over the 12-month period. The financial and consumer discretionary sectors turned in the weakest performance over the 12-month period.

The energy sector was the top-performing sector of the S&P 500 Index. Energy companies were also the most important contributor to the Portfolio’s performance over the year. The Portfolio’s energy companies out-performed the corresponding sector within the S&P 500 Index (up 45% versus 34% for the S&P 500) and the Portfolio also benefited from a higher relative average weighting in this sector (13% versus 11% for the S&P 500). ConocoPhillips, Occidental Petroleum, China Coal Energy, Devon Energy, and EOG Resources were among the top contributors to performance.

The Portfolio made a significant investment in consumer staple companies, and they were the second most important contributor to performance. The Portfolio’s consumer staple companies out-performed the corresponding sector within the S&P 500 Index (up 21% for the Portfolio’s consumer staple holdings versus 14% for consumer staple sector of the S&P 500), and the Portfolio also benefited from a higher relative average weighting in this sector (14% versus 10% for the S&P 500). Altria and Costco were among the top contributors to performance.

The Portfolio managers identified a number of investment opportunities in foreign companies. The Portfolio ended the period with approximately 13% of its assets invested in foreign companies (including American Depositary Receipts). As a group, the foreign companies owned by the Portfolio out-performed the S&P 500 Index over the period.

The most important detractors from performance relative to the S&P 500 Index over the year were that the Portfolio had a higher weighting in financial companies, which was a poorly performing sector; a lower weighting in information technology companies, which was a strongly performing sector; and poor stock selection among material companies.

The financial sector was the worst performing sector of the S&P 500 Index. The Portfolio’s financial companies out-performed the corresponding sector within the S&P 500 Index (down 9% versus down 19% for the S&P 500), but were still the largest detractors from performance. A higher relative average weighting in this sector (38% versus 21% for the S&P 500) detracted from both absolute and relative performance. While Berkshire Hathaway was among the top contributors to performance, Citigroup, American International Group, Wachovia, American Express, Moody’s, Ambac Financial Group, and E-Trade Financial were among the top detractors from performance.

The weak performance of the Portfolio’s consumer discretionary companies (down 14% versus down 13% for the S&P 500), along with a higher relative average weighting in this poor performing sector (11% versus 10% for the S&P 500) detracted from both absolute and relative performance. While Amazon.com was among the top contributors to performance, Comcast and Harley Davidson were among the top detractors from performance.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

A $10,000 INVESTMENT COMPARED TO

THE S&P 500 INDEX

Average Annual Returns as of December 31, 2007

	Davis Venture Value Portfolio						S&P 500 Index
	Class A		Class B		Class E
1 Year	4.6	%	4.3	%	4.4	%	5.5	%
5 Year	14.2		13.9		14.0		12.8
10 Year	7.8		—		—		5.9
Since Inception	—		12.5		6.0		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 10/31/94, 7/30/02, 2/20/01 respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
ConocoPhillips	4.6%
American Express Co.	4.0%
Altria Group, Inc.	3.8%
Costco Wholesale Corp.	3.8%
American International Group, Inc.	3.5%
Berkshire Hathaway, Inc.	3.3%
JPMorgan Chase & Co.	3.0%
Devon Energy Corp.	2.6%
Loews Corp.	2.3%
Microsoft Corp.	2.3%

Top Sectors

	% of Equity Market Value
Financials	35.6%
Energy	15.7%
Consumer Staples	15.1%
Consumer Discretionary	10.1%
Information Technology	9.3%
Industrials	4.5%
Materials	4.3%
Health Care	4.2%
Telecommunication Services	1.2%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Davis Venture Value—Class A	Actual	0.74	%	$	1,000.00	$	975.60	$	3.68
	Hypothetical	0.74	%	$	1,000.00	$	1,021.43	$	3.77
Davis Venture Value—Class B	Actual	0.99	%	$	1,000.00	$	974.40	$	4.93
	Hypothetical	0.99	%	$	1,000.00	$	1,020.16	$	5.04
Davis Venture Value—Class E	Actual	0.89	%	$	1,000.00	$	975.00	$	4.43
	Hypothetical	0.89	%	$	1,000.00	$	1,020.67	$	4.53

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—95.8% of Total Net Assets

Security Description	Shares		Value*
Air Freight & Logistics—0.5%
Toll Holdings, Ltd. (AUD) (a)	647,173		$	6,476,851
United Parcel Service, Inc. (Class B)	278,800			19,716,736
				26,193,587
Automobiles—0.8%
Harley-Davidson, Inc. (a)	813,900			38,017,269
Beverages—2.3%
Diageo, Plc. (ADR)	785,900			67,453,797
Heineken Holding NV (EUR)	775,143			43,607,694
				111,061,491
		��
Capital Markets—5.0%
Ameriprise Financial, Inc.	737,380			40,637,012
E*TRADE Financial Corp. (a) (b)	958,200			3,401,610
Merrill Lynch & Co., Inc. (Private Placement) (c)	1,376,700			64,294,093
Morgan Stanley	383,510			20,368,216
State Street Corp.	198,800			16,142,560
The Bank of New York Mellon Corp.	2,016,064			98,303,280
				243,146,771
Commercial Banks—4.9%
Commerce Bancorp, Inc. (a)	1,058,700			40,378,818
HSBC Holdings, Plc. (GBP)	2,323,371			38,856,010
Wachovia Corp. (a)	1,740,020			66,172,961
Wells Fargo & Co.	3,173,500			95,807,965
				241,215,754
Commercial Services & Supplies—0.6%
The Dun & Bradstreet Corp.	333,800			29,584,694
Computers & Peripherals—1.8%
Dell, Inc. (b)	1,936,200			47,456,262
Hewlett-Packard Co.	768,300			38,783,784
				86,240,046
Construction Materials—1.8%
Martin Marietta Materials, Inc. (a)	384,700			51,011,220
Vulcan Materials Co. (a)	440,300			34,823,327
				85,834,547
Consumer Finance—4.0%
American Express Co.	3,706,000			192,786,120
Discover Financial Services	281,535			4,245,548
				197,031,668
Containers & Packaging—1.3%
Sealed Air Corp. (a)	2,724,100			63,035,674
Diversified Consumer Services—0.9%
H&R Block, Inc. (a)	2,269,330			42,141,458

Security Description	Shares	Value*
Diversified Financial Services—4.8%
Citigroup, Inc.	2,040,073	$	60,059,749
JPMorgan Chase & Co.	3,299,508		144,023,524
Moody’s Corp. (a)	892,100		31,847,970
			235,931,243
Electronic Equipment & Instruments—1.5%
Agilent Technologies, Inc. (b)	756,470		27,792,708
Tyco Electronics, Ltd.	1,289,322		47,872,526
			75,665,234
Energy Equipment & Services—0.9%
Transocean, Inc. (b)	305,164		43,684,227
Food & Staples Retailing—6.5%
Costco Wholesale Corp.	2,655,700		185,261,632
CVS Caremark Corp.	1,675,691		66,608,717
Wal-Mart Stores, Inc.	1,322,600		62,863,178
			314,733,527
Food Products—0.2%
Hershey Co. (a)	235,352		9,272,869
Health Care Equipment & Supplies—1.2%
Covidien, Ltd.	1,328,822		58,853,526
Health Care Providers & Services—2.9%
Cardinal Health, Inc.	505,100		29,169,525
Express Scripts, Inc. (b)	617,400		45,070,200
UnitedHealth Group, Inc.	1,116,400		64,974,480
			139,214,205
Household Durables—0.2%
Hunter Douglas NV (EUR) (a)	112,851		8,311,220
Household Products—1.3%
Procter & Gamble Co.	874,300		64,191,106
Industrial Conglomerates—1.3%
Siemens AG (EUR) (a)	77,600		12,164,460
Tyco International, Ltd.	1,285,022		50,951,122
			63,115,582
Insurance—15.0%
AMBAC Financial Group, Inc. (a)	670,690		17,283,681
American International Group, Inc.	2,914,507		169,915,758
Aon Corp.	859,900		41,008,631
Berkshire Hathaway, Inc. (Class A) (b)	1,123		159,016,800
Berkshire Hathaway, Inc. (Class B) (b)	1,326		6,279,936
Everest Re Group, Ltd.	61,800		6,204,720
Loews Corp.	2,250,700		113,300,238
Markel Corp. (b)	8,600		4,223,460
MBIA, Inc. (a)	340,130		6,336,622
Millea Holdings, Inc. (JPY)	1,157,500		39,118,523
NIPPONKOA Insurance Co., Ltd. (JPY) (a)	2,408,300		21,834,516
Principal Financial Group, Inc.	258,500		17,795,140

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Insurance—(Continued)
Sun Life Financial, Inc.	149,200	$	8,346,248
The Progressive Corp. (a)	3,919,400		75,095,704
Transatlantic Holdings, Inc.	593,256		43,111,914
			728,871,891
Internet & Catalog Retail—0.6%
Amazon.com, Inc. (a) (b)	178,500		16,536,240
Liberty Media Interactive (Class A) (b)	618,150		11,794,302
			28,330,542
Internet Software & Services—1.0%
Google, Inc. (Class A) (b)	67,823		46,898,248
IT Services—1.5%
Iron Mountain, Inc. (a) (b)	1,921,550		71,135,781
Machinery—0.0%
Paccar, Inc.	5,800		315,984
Marine—0.3%
China Shipping Development Co., Ltd. (HKD)	5,782,000		15,076,153
Media—5.3%
Comcast Corp. (Special Class A) (a) (b)	4,617,522		83,669,499
Grupo Televisa S.A. (ADR)	711,990		16,924,002
Lagardere S.C.A. (EUR) (a)	333,874		24,858,674
Liberty Media Capital (Series A) (b)	124,390		14,490,191
News Corp. (Class A)	3,411,400		69,899,586
Virgin Media, Inc. (a)	762,957		13,077,083
WPP Group, Plc. (ADR) (a)	556,800		35,796,672
			258,715,707
Metals & Mining—0.7%
BHP Billiton, Plc. (GBP)	438,822		13,475,825
Rio Tinto, Plc. (GBP)	195,300		20,399,437
			33,875,262
Multiline Retail—0.3%
Sears Holdings Corp. (a) (b)	148,730		15,177,896
Oil, Gas & Consumable Fuels—14.1%
Canadian Natural Resources, Ltd. (a)	1,154,000		84,403,560
China Coal Energy Co. (H Shares) (HKD) (a) (b)	14,156,900		43,577,003
ConocoPhillips	2,555,008		225,607,206
Devon Energy Corp.	1,442,716		128,271,880
EOG Resources, Inc.	1,152,100		102,824,925
Occidental Petroleum Corp.	1,356,400		104,429,236
			689,113,810
Paper & Forest Products—0.4%
Sino-Forest Corp. (CAD)	848,900		18,421,474

Security Description	Shares		Value*
Personal Products—0.4%
Avon Products, Inc.		533,800	$	21,101,114
Real Estate Management & Development—0.3%
Hang Lung Group, Ltd. (HKD) (a)		3,123,000		16,921,191
Road & Rail—0.4%
Asciano Group, Ltd. (AUD) (a)		481,729		2,946,532
Kuehne & Nagel International AG (CHF)		177,555		16,913,660
				19,860,192
Semiconductors & Semiconductor Equipment—0.9%
Texas Instruments, Inc.		1,250,010		41,750,334
Software—2.3%
Microsoft Corp.		3,137,900		111,709,240
Specialty Retail—1.6%
Bed Bath & Beyond, Inc. (a) (b)		1,008,500		29,639,815
Carmax, Inc. (a) (b)		1,750,520		34,572,770
Lowe’s Cos., Inc.		661,800		14,969,916
				79,182,501
Tobacco—3.8%
Altria Group, Inc.		2,452,800		185,382,624
Transportation Infrastructure—1.1%
China Merchants Holdings International Co., Ltd. (HKD) (a)		6,959,782		42,551,568
Cosco Pacific, Ltd. (HKD)		4,487,900		11,740,170
				54,291,738
Wireless Telecommunication Services—1.1%
SK Telecom Co., Ltd. (ADR)		816,400		24,361,376
Sprint Nextel Corp. (a)		2,307,200		30,293,536
				54,654,912
Total Common Stock (Identified Cost $3,475,590,749)				4,667,262,292
Short Term Investments—11.2%
Security Description	Face Amount		Value*
Commercial Paper—4.3%
San Paolo U.S. Financial Corp. 4.530%, 01/02/08	$	50,000,000		49,993,708
Societe Generale 3.650%, 01/02/08		10,438,000		10,436,942
4.300%, 01/04/08		50,000,000		49,982,083
UBS Finance, Inc. 4.000%, 01/02/08		36,949,000		36,944,895
4.230%, 01/02/08		22,688,000		22,685,334
4.230%, 01/03/08		40,000,000		39,990,600
				210,033,562

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Schedule of Investments as of December 31, 2007

Short Term Investments—(Continued)

Security Description	Shares	Value*
Mutual Funds—6.9%
State Street Navigator Securities Lending Prime Portfolio (d)	338,164,836	$	338,164,836
Total Short Term Investments (Identified Cost $548,198,398)			548,198,398
Total Investments—107.0% (Identified Cost $4,023,789,147) (e)			5,215,460,690
Liabilities in excess of other assets			(341,194,912	)
Total Net Assets—100%		$	4,874,265,778

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $391,098,351 and the collateral received consisted of cash in the amount of $338,164,836 and non cash collateral with a value of $61,309,897. 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.

(b) Non-Income Producing.

(c) Security was valued in good faith under procedures established by the Board of Directors.

(d) Represents investment of cash collateral received from securities lending transactions.

(e) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $4,025,099,029 and the composition of unrealized appreciation and depreciation of investment securities was $1,354,248,340 and $(163,886,679), respectively.

(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.

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

(HKD)— Hong Kong Dollar

(JPY)— Japanese Yen

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	5,215,460,690
Cash				215
Receivable for:
Securities sold				215,771
Fund shares sold				2,668,678
Accrued interest and dividends				4,693,263
Foreign taxes				47,010
Total Assets				5,223,085,627
Liabilities
Payable for:
Securities purchased	$	4,613,753
Fund shares redeemed		2,754,790
Withholding taxes		21,929
Collateral for securities loaned		338,164,836
Accrued expenses:
Management fees		2,868,475
Service and distribution fees		258,765
Deferred directors’ fees		36,123
Other expenses		101,178
Total Liabilities				348,819,849
Net Assets			$	4,874,265,778
Net assets consists of:
Capital paid in			$	3,608,173,816
Undistributed net investment income				52,593,236
Accumulated net realized gains				21,822,559
Unrealized appreciation on investments and foreign currency				1,191,676,167
Net Assets			$	4,874,265,778
Computation of offering price:
Class A
Net asset value and redemption price per share ($3,183,428,682 divided by 87,356,197 shares outstanding)			$	36.44
Class B
Net asset value and redemption price per share ($491,271,187 divided by 13,572,788 shares outstanding)			$	36.20
Class E
Net asset value and redemption price per share ($1,199,565,909 divided by 33,090,066 shares outstanding)			$	36.25
(a) Identified cost of investments			$	4,023,789,147

(b) Includes cash collateral for securities loaned of $338,164,836.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	81,566,684	(a)
Interest					8,694,477	(b)
					90,261,161
Expenses
Management fees	$	31,542,861
Service and distribution fees—Class B		1,131,705
Service and distribution fees—Class E		1,898,159
Directors’ fees and expenses		25,250
Custodian		470,012
Audit and tax services		31,739
Legal		51,587
Printing		1,130,558
Insurance		46,393
Miscellaneous		30,701
Total expenses		36,358,965
Expense reductions		(40,111	)		36,318,854
Net Investment Income					53,942,307
Realized and Unrealized Gain (Loss)
Realized gain (loss) on:
Investments—net		134,877,250
Foreign currency transactions—net		(565,176	)		134,312,074
Change in unrealized appreciation (depreciation) on:
Investments—net		(3,439,970	)
Foreign currency transactions—net		4,091			(3,435,879	)
Net gain					130,876,195
Net Increase in Net Assets From Operations				$	184,818,502

(a) Net of foreign taxes of $542,549.

(b) Includes net income on securities loaned of $521,749.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	53,942,307		$	32,543,391
Net realized gain		134,312,074			10,707,733
Unrealized appreciation (depreciation)		(3,435,879	)		455,873,843
Increase in net assets from operations		184,818,502			499,124,967
From Distributions to Shareholders
Net investment income
Class A		(21,061,873	)		(16,267,052	)
Class B		(2,489,165	)		(1,627,642	)
Class E		(8,444,356	)		(8,798,448	)
Total distributions		(31,995,394	)		(26,693,142	)
Increase in net assets from capital share transactions		624,349,038			483,544,453
Total increase in net assets		777,172,146			955,976,278
Net Assets
Beginning of the period		4,097,093,632			3,141,117,354
End of the period	$	4,874,265,778		$	4,097,093,632
Undistributed Net Investment Income
End of the period	$	52,593,236		$	32,937,099

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	29,142,259		$	1,061,299,488		22,089,595		$	714,452,678
Reinvestments	577,512			21,061,873		512,671			16,267,052
Redemptions	(11,011,385	)		(400,478,491	)	(10,886,690	)		(350,548,080	)
Net increase	18,708,386		$	681,882,870		11,715,576		$	380,171,650
Class B
Sales	3,829,951		$	138,472,695		5,408,366		$	172,998,348
Reinvestments	68,610			2,489,165		51,540			1,627,642
Redemptions	(1,466,918	)		(53,162,469	)	(902,837	)		(28,967,557	)
Net increase	2,431,643		$	87,799,391		4,557,069		$	145,658,433
Class E
Sales	4,143,510		$	149,983,783		6,223,545		$	198,421,099
Reinvestments	232,563			8,444,356		278,432			8,798,448
Redemptions	(8,417,359	)		(303,761,362	)	(7,716,040	)		(249,505,177	)
Net decrease	(4,041,286	)	$	(145,333,223	)	(1,214,063	)	$	(42,285,630	)
Increase derived from capital share transactions			$	624,349,038				$	483,544,453

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	35.12		$	30.91		$	28.23		$	25.27		$	19.39
Income From Investment Operations
Net investment income		0.46	(a)		0.32	(a)		0.25			0.15			0.21
Net realized and unrealized gain on investments		1.15			4.16			2.63			2.96			5.75
Total from investment operations		1.61			4.48			2.88			3.11			5.96
Less Distributions
Distributions from net investment income		(0.29	)		(0.27	)		(0.20	)		(0.15	)		(0.08	)
Total distributions		(0.29	)		(0.27	)		(0.20	)		(0.15	)		(0.08	)
Net Asset Value, End of Period	$	36.44		$	35.12		$	30.91		$	28.23		$	25.27
Total Return (%)		4.6			14.6			10.3			12.4			30.9
Ratio of operating expenses to average net assets before expense reductions (%)		0.73			0.76			0.76			0.78			0.79
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.73			0.76			0.76			0.77			0.79
Ratio of net investment income to average net assets (%)		1.25			0.99			1.05			0.97			0.95
Portfolio turnover rate (%)		11			20			27			5			12
Net assets, end of period (000)	$	3,183,429		$	2,410,877		$	1,759,491		$	1,413,953		$	844,547
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	34.89		$	30.71		$	28.07		$	25.18		$	19.33
Income From Investment Operations
Net investment income		0.36	(a)		0.24	(a)		0.17			0.14			0.07
Net realized and unrealized gain on investments		1.16			4.14			2.62			2.86			5.85
Total from investment operations		1.52			4.38			2.79			3.00			5.92
Less Distributions
Distributions from net investment income		(0.21	)		(0.20	)		(0.15	)		(0.11	)		(0.07	)
Total distributions		(0.21	)		(0.20	)		(0.15	)		(0.11	)		(0.07	)
Net Asset Value, End of Period	$	36.20		$	34.89		$	30.71		$	28.07		$	25.18
Total Return (%)		4.3			14.3			10.0			12.0			30.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.98			1.01			1.02			1.03			1.04
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.98			1.01			1.01			1.02			1.04
Ratio of net investment income to average net assets (%)		1.00			0.74			0.77			0.92			0.73
Portfolio turnover rate (%)		11			20			27			5			12
Net assets, end of period (000)	$	491,271		$	388,739		$	202,221		$	56,301		$	547

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	34.94		$	30.76		$	28.09		$	25.18		$	19.33
Income From Investment Operations
Net investment income		0.40	(a)		0.27	(a)		0.27			0.23			0.14
Net realized and unrealized gain on investments		1.15			4.14			2.56			2.82			5.78
Total from investment operations		1.55			4.41			2.83			3.05			5.92
Less Distributions
Distributions from net investment income		(0.24	)		(0.23	)		(0.16	)		(0.14	)		(0.07	)
Total distributions		(0.24	)		(0.23	)		(0.16	)		(0.14	)		(0.07	)
Net Asset Value, End of Period	$	36.25		$	34.94		$	30.76		$	28.09		$	25.18
Total Return (%)		4.4			14.4			10.1			12.1			30.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.88			0.91			0.91			0.93			0.94
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.88			0.91			0.91			0.92			0.94
Ratio of net investment income to average net assets (%)		1.11			0.84			0.88			0.85			0.81
Portfolio turnover rate (%)		11			20			27			5			12
Net assets, end of period (000)	$	1,199,566		$	1,297,477		$	1,179,405		$	1,189,119		$	754,011

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Davis Venture Value Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-12

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-13

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

MSF-14

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$31,995,394	$	26,693,142	$	—	$	—	$	—	$	—	$	31,995,394	$	26,693,142

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$52,636,502	$	23,132,443	$	1,190,366,285	$	—	$	1,266,135,230

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	1,033,124,770	$	0	$	475,389,531

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$31,542,861	0.750%	Of the first $1 billion
	0.700%	On the next $2 billion
	0.650%	On amounts in excess of $3 billion

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Davis Selected Advisers, L.P. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

MSF-15

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Davis Venture Value Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Davis Venture Value Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-19

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-20

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-21

Metropolitan Series Fund, Inc.

Davis Venture Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-22

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-23

Metropolitan Series Fund, Inc. FI Large Cap Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Managed by Fidelity Management & Research Company

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the FI Large Cap Portfolio returned 3.9%, compared to its benchmark, the Russell 1000 Growth Index¹, which returned 11.8%. The average return of its peer group, the Lipper Variable Insurance Products Large-Cap Growth Funds Universe², was 12.8% over the same period.

PORTFOLIO REVIEW

Amidst turmoil in the credit markets and conflicting economic data, equity prices witnessed increased volatility throughout the year. Early in the year, stock prices advanced to continual new highs, but as mounting credit concerns, a lingering weak housing market, increasing energy and commodity prices, and slow earnings growth weighed on investors, volatility in the stock market returned. However, these concerns were partially offset by continued robust global economic growth and strong, albeit tempering, consumer spending trends. For the 12-month period ending December 31, 2007, the Russell 1000 Growth^® Index returned 11.8%.

For the 12-month period, the Portfolio underperformed the Russell 1000 Growth Index. The Consumer Discretionary and Industrial sectors finished as the two largest detractors, while Energy and Consumer Staples provided the majority of positive returns for the year. Underperformance within the Consumer Discretionary sector stemmed largely from our holdings of national homebuilder stocks. These stocks suffered from downward revisions to 2007 earnings estimates due to a slowdown in the U.S. housing market as well as tighter lending standards in the wake of the subprime mortgage market meltdown. KB Home and DR Horton were the largest detractors of the home builder stocks. The Industrials sector was negatively affected by holdings in airline companies that lagged the benchmark due largely to concerns over rising jet fuel costs and a possible recessionary economic environment. US Airways Group and AMR Corp. were the two biggest drags on Portfolio performance for 2007. Information Technology was the next largest detractor on a sector basis. This was driven primarily by an overweight position in Brocade Communications Systems, a hardware and equipment company. Also an underweight position in Google detracted from performance. Conversely, the Energy sector posted positive returns due to our holdings of offshore drilling rig equipment providers that benefited from increased spending on oil exploration and record backlogs for drilling rigs. Top 10 holding National-Oilwell Varco as well as Tesoro were examples of stocks in the Energy sector that worked well. Additionally, stock selection in the Food & Staples Retailing industry led to positive contributions.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

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

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 1000 GROWTH INDEX

Average Annual Returns as of December 31, 2007

	FI Large Cap Portfolio						Russell 1000 Growth Index
	Class A		Class B		Class E
1 Year	3.9	%	3.7	%	3.8	%	11.8	%
5 Year	9.8		—		—		12.1
10 Year	4.3		—		—		3.8
Since Inception	—		3.6		3.7		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 8/30/96, 5/2/06, 5/2/06, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Apple, Inc.	5.3%
Cisco Systems, Inc.	3.6%
Hewlett-Packard Co.	3.4%
Altria Group, Inc.	3.0%
Monsanto Co.	2.9%
National Oilwell Varco, Inc.	2.6%
Baxter International, Inc.	2.3%
The Manitowoc Co., Inc.	2.3%
Microsoft Corp.	2.1%
Nike, Inc.	2.1%

Top Sectors

	% of Total Market Value
Information Technology	26.9%
Health Care	15.1%
Industrials	13.8%
Consumer Discretionary	9.3%
Energy	8.8%
Consumer Staples	8.3%
Financials	7.1%
Materials	4.4%
Telecommunication Services	2.2%
Utilities	1.7%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
FI Large Cap—Class A	Actual	0.85	%	$	1,000.00	$	1,006.20	$	4.30
	Hypothetical	0.85	%	$	1,000.00	$	1,020.87	$	4.33
FI Large Cap—Class B	Actual	1.10	%	$	1,000.00	$	1,004.80	$	5.56
	Hypothetical	1.10	%	$	1,000.00	$	1,019.59	$	5.60
FI Large Cap—Class E	Actual	1.00	%	$	1,000.00	$	1,004.80	$	5.05
	Hypothetical	1.00	%	$	1,000.00	$	1,020.11	$	5.09

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—98.0% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—4.2%
General Dynamics Corp.	26,400	$	2,349,336
Lockheed Martin Corp.	64,200		6,757,692
Precision Castparts Corp.	26,200		3,633,940
Raytheon Co.	131,100		7,957,770
			20,698,738
Airlines—1.5%
AMR Corp. (a) (b)	204,900		2,874,747
Continental Airlines, Inc. (Class B) (a) (b)	87,200		1,940,200
US Airways Group, Inc. (a) (b)	180,400		2,653,684
			7,468,631
Biotechnology—4.2%
Biogen Idec, Inc. (a) (b)	179,077		10,193,063
Theravance, Inc. (a) (b)	225,442		4,396,119
United Therapeutics Corp. (a) (b)	65,900		6,435,135
			21,024,317
Capital Markets—3.0%
Ameriprise Financial, Inc.	47,400		2,612,214
The Bank of New York Mellon Corp.	121,800		5,938,968
The Goldman Sachs Group, Inc.	29,500		6,343,975
			14,895,157
Chemicals—2.9%
Monsanto Co.	128,918		14,398,851
Communications Equipment—7.5%
Ciena Corp. (a) (b)	214,900		7,330,239
Cisco Systems, Inc. (b)	668,000		18,082,760
Polycom, Inc. (b)	293,200		8,145,096
QUALCOMM, Inc.	94,900		3,734,315
			37,292,410
Computers & Peripherals—10.1%
Apple, Inc. (b)	132,100		26,166,368
EMC Corp. (b)	284,000		5,262,520
Hewlett-Packard Co.	335,775		16,949,922
International Business Machines Corp.	16,800		1,816,080
			50,194,890
Construction & Engineering—1.6%
Jacobs Engineering Group, Inc.	83,700		8,002,557
Diversified Consumer Services—1.1%
Apollo Group, Inc. (Class A) (b)	80,100		5,619,015
Diversified Telecommunication Services—1.6%
AT&T, Inc.	186,300		7,742,628
Electric Utilities—1.7%
PPL Corp.	164,500		8,568,805

Security Description	Shares	Value*
Electrical Equipment—0.6%
Energy Conversion Devices, Inc. (a) (b)	83,384	$	2,805,872
Electronic Equipment & Instruments—0.9%
Avnet, Inc.	130,700		4,570,579
Energy Equipment & Services—3.7%
National Oilwell Varco, Inc. (b)	174,500		12,818,770
Transocean, Inc.	37,996		5,439,127
			18,257,897
Food & Staples Retailing—4.8%
CVS Caremark Corp.	87,100		3,462,225
Great Atlantic & Pacific Tea Co., Inc. (b)	105,930		3,318,787
Safeway, Inc.	238,000		8,141,980
The Kroger Co.	171,900		4,591,449
Wal-Mart Stores, Inc.	89,600		4,258,688
			23,773,129
Health Care Equipment & Supplies—2.3%
Baxter International, Inc.	196,700		11,418,435
Health Care Providers & Services—3.9%
Cardinal Health, Inc.	39,200		2,263,800
McKesson Corp.	50,400		3,301,704
Medco Health Solutions, Inc. (b)	39,235		3,978,429
UnitedHealth Group, Inc.	43,200		2,514,240
WellPoint, Inc. (b)	83,300		7,307,909
			19,366,082
Hotels, Restaurants & Leisure—1.5%
Boyd Gaming Corp. (a)	39,700		1,352,579
Burger King Holdings, Inc. (a)	220,600		6,289,306
			7,641,885
Household Products—0.5%
Energizer Holdings, Inc. (a) (b)	24,200		2,713,546
Insurance—4.1%
ACE, Ltd. (a)	56,600		3,496,748
PartnerRe, Ltd.	15,700		1,295,721
Prudential Financial, Inc.	61,747		5,744,941
The Chubb Corp.	179,200		9,780,736
			20,318,146
Internet Software & Services—1.3%
Google, Inc. (Class A) (b)	9,300		6,430,764
Life Sciences Tools & Services—1.6%
PerkinElmer, Inc.	306,300		7,969,926
Machinery—6.0%
AGCO Corp. (a)	138,100		9,388,038
Cummins, Inc.	73,900		9,412,643
The Manitowoc Co., Inc.	231,790		11,318,306
			30,118,987

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Media—2.7%
Discovery Holding Co. (Class A) (b)	204,995	$	5,153,574
EchoStar Communications Corp. (Class A) (b)	101,800		3,839,896
The Walt Disney Co.	144,700		4,670,916
			13,664,386
Metals & Mining—1.5%
Allegheny Technologies, Inc.	58,163		5,025,283
RTI International Metals, Inc. (a) (b)	34,900		2,405,657
			7,430,940
Oil, Gas & Consumable Fuels—5.2%
Exxon Mobil Corp.	102,700		9,621,963
Frontier Oil Corp.	127,700		5,182,066
Holly Corp.	68,000		3,460,520
Tesoro Corp.	116,400		5,552,280
Western Refining, Inc. (a)	82,800		2,004,588
			25,821,417
Pharmaceuticals—3.1%
Endo Pharmaceuticals Holdings, Inc. (b)	197,100		5,256,657
Schering-Plough Corp.	388,000		10,336,320
			15,592,977
Semiconductors & Semiconductor Equipment—4.7%
Applied Materials, Inc.	449,100		7,976,016
Cypress Semiconductor Corp. (b)	38,100		1,372,743
Formfactor, Inc. (a) (b)	175,485		5,808,554
Intel Corp.	85,900		2,290,094
MEMC Electronic Materials, Inc. (b)	66,150		5,853,613
			23,301,020
Software—2.5%
McAfee, Inc. (b)	54,900		2,058,750
Microsoft Corp.	298,500		10,626,600
			12,685,350
Specialty Retail—1.2%
Advance Auto Parts, Inc.	150,700		5,725,093
Textiles, Apparel & Luxury Goods—2.8%
Coach, Inc. (b)	117,675		3,598,502
Nike, Inc.	161,400		10,368,336
			13,966,838
Tobacco—3.0%
Altria Group, Inc.	200,900		15,184,022
Wireless Telecommunication Services—0.7%
American Tower Corp. (Class A) (b)	62,000		2,641,200
NII Holdings, Inc. (a) (b)	16,900		816,608
			3,457,808
Total Common Stock (Identified Cost $481,061,411)			488,121,098

Short Term Investments—12.1%
Security Description	Shares/ Face Amount		Value*
Mutual Funds—9.7%
State Street Navigator Securities Lending Prime Portfolio (c)		48,589,263	$	48,589,263
Repurchase Agreement—2.4%
State Street Corp. Repurchase Agreement dated 12/31/07 at 2.60% to be repurchased at $11,739,695 on 1/02/08, collateralized by $8,560,000 U.S. Treasury Bond 8.50% due 2/15/20 with a value of $11,973,300.	$	11,738,000		11,738,000
Total Short Term Investments (Identified Cost $60,327,263)				60,327,263
Total Investments—110.1% (Identified Cost $541,388,674) (d)				548,448,361
Liabilities in excess of other assets				(50,227,835	)
Total Net Assets—100%			$	498,220,526

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $48,524,287 and the collateral received consisted of cash in the amount of $48,589,263 and non cash collateral with a value of $1,337,651. 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.

(b) Non-Income Producing.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $542,673,696 and the composition of unrealized appreciation and depreciation of investment securities was $42,180,046 and $(36,405,381), respectively.

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	548,448,361
Cash				562
Foreign cash at value (b)				116,950
Receivable for:
Securities sold				9,845,443
Fund shares sold				202,125
Accrued interest and dividends				571,925
Foreign taxes				7,732
Total Assets				559,193,098
Liabilities
Payable for:
Securities purchased	$	10,662,881
Fund shares redeemed		1,344,411
Collateral for securities loaned		48,589,263
Accrued expenses:
Management fees		335,685
Service and distribution fees		1,438
Other expenses		38,894
Total Liabilities				60,972,572
Net Assets			$	498,220,526
Net assets consists of:
Capital paid in			$	731,141,203
Accumulated net realized losses				(239,977,181	)
Unrealized appreciation on investments and foreign currency				7,056,504
Net Assets			$	498,220,526
Computation of offering price:
Class A
Net asset value and redemption price per share ($490,617,276 divided by 33,474,792 shares outstanding)			$	14.66
Class B
Net asset value and redemption price per share ($5,986,909 divided by 411,514 shares outstanding)			$	14.55
Class E
Net asset value and redemption price per share ($1,616,341 divided by 110,549 shares outstanding)			$	14.62
(a) Identified cost of investments			$	541,388,674
(b) Identified cost of foreign cash			$	122,037

(c) Includes cash collateral for securities loaned of $48,589,263.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	4,153,371	(a)
Interest					370,844	(b)
					4,524,215
Expenses
Management fees	$	4,269,996
Service and distribution fees—Class B		11,403
Service and distribution fees—Class E		1,964
Directors’ fees and expenses		23,669
Custodian		80,022
Audit and tax services		31,737
Legal		5,837
Printing		210,294
Insurance		6,409
Miscellaneous		26,585
Total expenses		4,667,916
Expense reductions		(2,185	)		4,665,731
Net Investment Loss					(141,516	)
Realized and Unrealized Gain
Realized gain (loss) on:
Investments—net		14,209,817
Foreign currency transactions—net		(13	)		14,209,804
Change in unrealized appreciation on:
Investments—net		8,660,868
Foreign currency transactions—net		1,441			8,662,309
Net gain					22,872,113
Net Increase in Net Assets From Operations				$	22,730,597

(a) Net of foreign taxes of $128.

(b) Includes net income on securities loaned of $265,362.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income (loss)	$	(141,516	)	$	1,797,135
Net realized gain		14,209,804			53,696,903
Unrealized appreciation (depreciation)		8,662,309			(35,793,539	)
Increase in net assets from operations		22,730,597			19,700,499
From Distributions to Shareholders
Net investment income
Class A		(911,557	)		(1,152,460	)
Class E		(770	)		0
		(912,327	)		(1,152,460	)
Net realized gain
Class A		(37,811,399	)		(14,103,384	)
Class B		(256,994	)		0
Class E		(79,878	)		0
		(38,148,271	)		(14,103,384	)
Total distributions		(39,060,598	)		(15,255,844	)
Increase (decrease) in net assets from capital share transactions		(77,075,870	)		321,322,000
Total increase (decrease) in net assets		(93,405,871	)		325,766,655
Net Assets
Beginning of the period		591,626,397			265,859,742
End of the period	$	498,220,526		$	591,626,397
Undistributed Net Investment Income (Loss)
End of the period	$	0		$	810,298

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007						Year ended December 31, 2006
	Shares			$			Shares		$
Class A
Sales	982,880			$	14,622,824		1,993,002		$	29,040,577
Shares issued through acquisition	0		��		0		29,696,833			438,221,310
Reinvestments	2,627,066				38,722,956		1,026,638			15,255,844
Redemptions	(9,041,192	)			(134,743,307	)	(11,357,605	)		(164,439,136	)
Net increase (decrease)	(5,431,246	)		$	(81,397,527	)	21,358,868		$	318,078,595
Class B
Sales	369,937			$	5,486,910		212,387		$	2,967,028
Reinvestments	17,530				256,994		0			0
Redemptions	(143,296	)			(2,124,761	)	(45,044	)		(639,546	)
Net increase	244,171			$	3,619,143		167,343		$	2,327,482
Class E
Sales	162,105			$	2,414,931		109,575		$	1,553,650
Reinvestments	5,479				80,648		0			0
Redemptions	(121,278	)			(1,793,065	)	(45,332	)		(637,727	)
Net increase	46,306			$	702,514		64,243		$	915,923
Increase (decrease) derived from capital share transactions				$	(77,075,870	)			$	321,322,000

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005		2004(a)			2003(a)
Net Asset Value, Beginning of Period	$	15.12		$	15.15		$	13.93	$	13.18		$	10.61
Income From Investment Operations
Net investment income		(0.00	)(b)		0.08			0.02		0.10			0.05
Net realized and unrealized gain on investments		0.61			0.82			1.20		0.76			2.57
Total from investment operations		0.61			0.90			1.22		0.86			2.62
Less Distributions
Distributions from net investment income		(0.03	)		(0.07	)		0.00		(0.11	)		(0.05	)
Distributions from net realized capital gains		(1.04	)		(0.86	)		0.00		0.00			0.00
Total distributions		(1.07	)		(0.93	)		0.00		(0.11	)		(0.05	)
Net Asset Value, End of Period	$	14.66		$	15.12		$	15.15	$	13.93		$	13.18
Total Return (%)		3.9			6.1			8.7		6.5			24.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.84			0.85			0.86		0.86	(c)		0.86
Ratio of operating expenses to average net assets after expense reductions (%) (d)		0.84			0.84			0.86		0.86			0.86
Ratio of net investment income (loss) to average net assets (%)		(0.02	)		0.37			0.11		0.81			0.43
Portfolio turnover rate (%)		250			245			217		56			60
Net assets, end of period (000)	$	490,617		$	588,143		$	265,860	$	268,160		$	227,800

	Class B
	Year ended December 31,
	2007			2006(e)
Net Asset Value, Beginning of Period	$	15.02		$	14.68
Income From Investment Operations
Net investment loss		(0.03	)(b)		(0.01	)
Net realized and unrealized gain on investments		0.60			0.35
Total from investment operations		0.57			0.34
Less Distributions
Distributions from net realized capital gains		(1.04	)		0.00
Total distributions		(1.04	)		0.00
Net Asset Value, End of Period	$	14.55		$	15.02
Total Return (%)		3.7			2.3	(f)
Ratio of operating expenses to average net assets before expense reductions (%)		1.09			1.10	(g)
Ratio of operating expenses to average net assets after expense reductions (%) (d)		1.09			1.09	(g)
Ratio of net investment loss to average net assets (%)		(0.24	)		(0.13	)(g)
Portfolio turnover rate (%)		250			245
Net assets, end of period (000)	$	5,987		$	2,514

(a) Audited by other Independent Registered Public Accounting Firm.

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

(c) The investment manager waived a portion of its management fee for the year.

(d) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(e) Commencement of operations was May 2, 2006 for Classes B and E.

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

(g) Computed on an annualized basis.

(h) Net investment loss per share was less than $(0.01).

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006(e)
Net Asset Value, Beginning of Period	$	15.09		$	14.74
Income From Investment Operations
Net investment loss		(0.02	)(b)		0.00	(h)
Net realized and unrealized gain on investments		0.60			0.35
Total from investment operations		0.58			0.35
Less Distributions
Distributions from net investment income		(0.01	)		0.00
Distributions from net realized capital gains		(1.04	)		0.00
Total distributions		(1.05	)		0.00
Net Asset Value, End of Period	$	14.62		$	15.09
Total Return (%)		3.8			2.4	(f)
Ratio of operating expenses to average net assets before expense reductions (%)		0.99			1.00	(g)
Ratio of operating expenses to average net assets after expense reductions (%) (d)		0.99			0.99	(g)
Ratio of net investment loss to average net assets (%)		(0.15	)		(0.02	)(g)
Portfolio turnover rate (%)		250			245
Net assets, end of period (000)	$	1,616		$	969

(a) Audited by other Independent Registered Public Accounting Firm.

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

(c) The investment manager waived a portion of its management fee for the year.

(d) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(e) Commencement of operations was May 2, 2006 for Classes B and E.

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

(g) Computed on an annualized basis.

(h) Net investment loss per share was less than $(0.01).

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The FI Large Cap Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into three different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

MSF-13

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/09		Expiring 12/31/08		Total
$	14,415,260	$	217,761,704	$	232,176,964

The utilization of the capital loss carryforward acquired as part of a merger may be limited under section 382 of the Internal Revenue Code.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$5,785,132	$	9,497,748	$	18,265,368	$	5,758,096	$	15,010,098	$	—	$	39,060,598	$	15,255,844

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards			Total
$—	$	—	$	5,771,482	$	(232,176,964	)	$	(226,405,482	)

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases				Sales
U.S. Government		Other		U.S. Government		Other
$	0	$	1,367,944,160	$	0	$	1,487,834,898

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$4,269,996	0.800%	Of the first $250 million
	0.750%	Of the next $500 million
	0.700%	On amounts in excess of $750 million

MSF-14

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Fidelity Management & Research Company (“FMR”) was compensated by MetLife Advisers to provide subadvisory services for the FI Large Cap Portfolio in 2007.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. SUBSEQUENT EVENTS:

On February 7, 2008 the Board approved a new investment subadvisory agreement (the “Agreement”) with respect to the Portfolio between MetLife Advisers and Pyramis Global Advisors, LLC (“Pyramis”), a wholly-owned subsidiary of the Portfolio’s former subadviser, FMR. The Agreement is not subject to shareholder approval and will become effective April 28, 2008. The Advisory Agreement between the Fund, with respect to the Portfolio, and MetLife Advisers will remain in effect and fees payable thereunder to MetLife Advisers will not change. Under the Agreement, Pyramis will become subadviser to the Portfolio, succeeding FMR, and will become responsible for the day-to-day management of the Portfolio’s investment operations under the oversight of MetLife Advisers and the Board.

MSF-15

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

8. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc. :

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the FI Large Cap Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended. The financial highlights for each of the two years in the period ended December 31, 2004 were audited by other auditors whose report, dated February 18, 2005, expressed an unqualified opinion on those financial highlights. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the FI Large Cap Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of two year in the period then ended and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-19

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”), subadvisory agreements and sub-subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered (for each Portfolio other than Zenith Equity and the Asset Allocation Portfolios) that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). With respect to Zenith Equity and the Asset Allocation Portfolios, the Directors considered both the portfolio management services and the administrative services provided by MetLife Advisers. After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-20

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-21

Metropolitan Series Fund, Inc.

FI Large Cap Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-22

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-23

Metropolitan Series Fund, Inc. FI Mid Cap Opportunities Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Managed by Fidelity Management & Research Company

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the FI Mid Cap Opportunities Portfolio returned 8.3%, compared to its benchmark, the Standard & Poor’s MidCap 400 Index¹, which returned 8.0%. The average return of its peer group, the Lipper Variable Insurance Products Mid-Cap Growth Funds Universe², was 16.5% over the same period.

PORTFOLIO REVIEW

Amidst turmoil in the credit markets and conflicting economic data, equity prices witnessed increased volatility throughout the year. Early in the year, stock prices advanced to continual new highs, but mounting credit concerns and a lingering weak housing market, increasing energy and commodity prices, and slow earnings growth weighed on investors, and volatility in the stock market returned. However, these concerns were partially offset by continued robust global economic growth and strong, albeit tempering, consumer spending trends. For the year, the Standard & Poor’s (S&P) MidCap 400^® Index returned 8.0%. Within the mid-cap market, as measured by the S&P MidCap 400^® Index, eight of the ten sectors posted positive returns with the strongest advances coming from the energy and materials sectors. The consumer discretionary and financial sectors were the only two posting negative performance during the period.

Against this backdrop, the FI Mid Cap Opportunities Portfolio outperformed the S&P MidCap 400^® Index. Strong stock selection within the information technology sector was a leading contributor to the Portfolio’s performance. Within this sector, NAVTEQ, a digital map provider, and Juniper Networks, a network communications equipment maker, were the largest individual contributors. Both companies advanced after announcing strong second quarter results. Additionally, NAVTEQ shares rose on takeover rumors before eventually being acquired by Nokia. The Portfolio also benefited from a focus on stocks that benefited from the ongoing video gaming product cycle (Nintendo, Electronic Arts). A significant underweight in the financial services sector, particularly among smaller, more regional banks and insurance companies, also benefited performance. However, nearly every name in this sector was somehow affected as the credit cycle continued to unfold throughout the year. On the negative side, overweighting the consumer discretionary sector, specifically media and consumer durables & apparel stocks, hurt performance. During the year, investors became more concerned about the resiliency of consumer spending. In particular, top Portfolio holding Harman International, which had agreed to be bought by a private equity firm, witnessed its deal fall apart due to issues in the credit market. The stock lost over 24% during the year and was the largest single detractor in the Portfolio. Additionally, an underweighted position coupled with poor security selection in the energy sector also hurt performance. The sector performed well over the 12-month period amidst strong demand for energy, high oil prices, and supply constraints.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Standard & Poor’s MidCap 400^® Index is an unmanaged index measuring the performance of the mid-size company segment of the U.S. market. The Index consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO

THE S&P MIDCAP 400 INDEX

Average Annual Returns as of December 31, 2007

	FI Mid Cap Opportunities Portfolio						S&P MidCap 400 Index
	Class A		Class B		Class E
1 Year	8.3	%	8.1	%	8.2	%	8.0	%
5 Year	15.4		15.1		15.2		16.2
10 Year	6.7		—		—		11.2
Since Inception	—		-0.5		1.5		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 3/3/97, 1/2/01 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Harman International Industries, Inc.	5.1%
Juniper Networks, Inc.	4.9%
AT&T, Inc.	4.6%
Flowserve Corp.	4.5%
DeVry, Inc.	4.3%
Agilent Technologies, Inc.	3.8%
Molson Coors Brewing Co.	3.7%
Electronic Arts, Inc.	3.4%
Time Warner, Inc.	3.2%
The Walt Disney Co.	3.0%

Top Sectors

	% of Total Market Value
Industrials	23.8%
Consumer Discretionary	22.7%
Information Technology	21.4%
Telecommunication Services	11.5%
Financials	9.0%
Consumer Staples	4.9%
Energy	4.5%
Health Care	0.5%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
FI Mid Cap Opportunities—Class A	Actual	0.74	%	$	1,000.00	$	974.20	$	3.68
	Hypothetical	0.74	%	$	1,000.00	$	1,021.43	$	3.77
FI Mid Cap Opportunities—Class B	Actual	0.99	%	$	1,000.00	$	973.60	$	4.92
	Hypothetical	0.99	%	$	1,000.00	$	1,020.16	$	5.04
FI Mid Cap Opportunities—Class E	Actual	0.89	%	$	1,000.00	$	973.90	$	4.43
	Hypothetical	0.89	%	$	1,000.00	$	1,020.67	$	4.53

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—98.3% of Total Net Assets

Security Description	Shares	Value*
Airlines—1.2%
AirAsia Berhad (MYR) (a)	10,761,600	$	5,175,532
Delta Air Lines, Inc. (a) (b)	637,900		9,498,331
			14,673,863
Auto Components—1.7%
WABCO Holdings, Inc.	398,713		19,971,534
Beverages—5.0%
Coca-Cola Hellenic Bottling Co. S.A. (ADR) (b)	350,762		14,991,568
Molson Coors Brewing Co.	842,530		43,491,399
			58,482,967
Capital Markets—3.5%
Ashmore Group, Plc. (GBP)	3,806,673		20,139,807
EFG International (CHF)	526,360		21,200,876
			41,340,683
Commercial Banks—0.8%
East West Bancorp, Inc. (b)	399,496		9,679,788
Commercial Services & Supplies—2.7%
Knoll, Inc.	1,122,700		18,445,961
Waste Management, Inc.	414,300		13,535,181
			31,981,142
Communications Equipment—6.5%
Harris Corp.	93,937		5,887,971
Juniper Networks, Inc. (a)	1,728,460		57,384,872
Research In Motion, Ltd. (a)	118,100		13,392,540
			76,665,383
Construction & Engineering—0.9%
Quanta Services, Inc. (a) (b)	406,261		10,660,289
Diversified Consumer Services—7.9%
DeVry, Inc. (b)	972,600		50,536,296
Service Corp. International	670,200		9,416,310
Weight Watchers International, Inc. (b)	740,794		33,469,073
			93,421,679
Diversified Financial Services—3.8%
Agrenco, Ltd. (BRL) (a)	364,600		1,970,478
Apollo Global Management, LLC (144A)	423,300		9,312,600
Bolsa de Mercadorias e Futuros (BRL) (a)	1,807,100		25,380,618
Bovespa Holding S.A. (BRL) (a)	416,000		8,016,180
			44,679,876
Diversified Telecommunication Services—5.8%
AT&T, Inc.	1,310,808		54,477,181
Time Warner Telecom, Inc. (Class A) (a) (b)	702,707		14,257,925
			68,735,106

Security Description	Shares	Value*
Electrical Equipment—10.4%
ABB, Ltd. (ADR)	1,020,000	$	29,376,000
Alstom (EUR) (b)	163,700		34,735,968
Nexans S.A. (EUR)	200,181		24,755,694
Prysmian S.p.A. (EUR) (a)	1,407,296		34,408,539
			123,276,201
Electronic Equipment & Instruments—3.8%
Agilent Technologies, Inc. (a)	1,222,662		44,920,602
Energy Equipment & Services—1.3%
Diamond Offshore Drilling, Inc. (b)	13,600		1,931,200
SEACOR Holdings, Inc. (a) (b)	148,200		13,744,068
			15,675,268
Health Care Equipment & Supplies—0.5%
Advanced Medical Optics, Inc. (a) (b)	239,611		5,877,658
Hotels, Restaurants & Leisure—0.6%
Starbucks Corp. (a)	346,928		7,101,616
Household Durables—5.1%
Harman International Industries, Inc.	812,995		59,925,861
Internet Software & Services—3.0%
Akamai Technologies, Inc. (a) (b)	1,010,088		34,949,045
IT Services—2.6%
Fiserv, Inc. (a) (b)	431,389		23,937,776
Global Cash Access, Inc. (a) (b)	1,067,934		6,471,680
			30,409,456
Life Sciences Tools & Services—0.0%
Pharmaceutical Product Development, Inc.	2,900		117,073
Machinery—5.8%
Flowserve Corp.	556,002		53,487,392
Sulzer AG (CHF)	10,080		14,621,869
			68,109,261
Media—6.2%
The Walt Disney Co.	1,090,969		35,216,479
Time Warner, Inc.	2,307,129		38,090,700
			73,307,179
Oil, Gas & Consumable Fuels—3.1%
Chesapeake Energy Corp. (b)	225,900		8,855,280
EOG Resources, Inc.	178,514		15,932,374
EXCO Resources, Inc. (a) (b)	646,300		10,004,724
Goodrich Petroleum Corp. (a) (b)	83,516		1,889,132
Sunoco, Inc.	3,900		282,516
			36,964,026

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Real Estate Management & Development—1.1%
Indiabulls Real Estate, Ltd. (INR) (a)	697,239	$	13,248,574
Road & Rail—2.5%
Hertz Global Holdings, Inc. (a) (b)	1,853,500		29,452,115
Semiconductors & Semiconductor Equipment—2.2%
Marvell Technology Group, Ltd. (a)	719,834		10,063,279
SiRF Technology Holdings, Inc. (a) (b)	649,352		16,318,216
			26,381,495
Software—3.4%
Electronic Arts, Inc. (a)	688,400		40,209,444
Textiles, Apparel & Luxury Goods—1.2%
Phillips-Van Heusen Corp.	394,465		14,539,980
Wireless Telecommunication Services—5.7%
American Tower Corp. (Class A) (a)	771,119		32,849,669
Bharti Airtel, Ltd.(INR)	758,345		18,993,637
NII Holdings, Inc. (a)	322,955		15,605,186
			67,448,492
Total Common Stock (Identified Cost $1,102,104,902)			1,162,205,656

Short Term Investments—14.4%
Security Description	Shares/ Face Amount		Value*
Mutual Funds—12.0%
State Street Navigator Securities Lending Prime Portfolio (c)		141,557,074	$	141,557,074
Repurchase Agreement—2.4%
State Street Repurchase Agreement dated 12/31/07 at 1.200% to be repurchased at $28,836,922 on 1/2/08, collateralized by $9,770,000 U.S. Treasury Bond 8.125% due 8/15/21 with a value of $13,714,638; and by $12,055,000 U.S. Treasury Bond 7.625% due 11/15/22 with a value of $15,987,944.	$	28,835,000		28,835,000
Total Short Term Investments (Identified Cost $170,392,074)				170,392,074
Total Investments—112.7% (Identified Cost $1,272,496,976) (d)				1,332,597,730
Liabilities in excess of other assets				(150,569,699	)
Total Net Assets—100%			$	1,182,028,031

(a) Non-Income Producing.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $165,979,514 and the collateral received consisted of cash in the amount of $141,557,074 and non cash collateral with a value of $ 28,979,281. 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.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,280,482,952 and the composition of unrealized appreciation and depreciation of investment securities was $131,588,454 and $(79,473,676), respectively.

(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 December 31, 2007, the market value of 144A securities was $9,312,600, which is 0.8% of total 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.

(BRL)— Brazilian Real

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

(INR)— Indian Rupee

(MYR)— Malaysian Ringgit

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	1,332,597,730
Cash				554
Foreign cash at value (b)				33
Receivable for:
Securities sold				1,478,203
Fund shares sold				534,181
Accrued interest and dividends				669,480
Foreign taxes				16,643
Total Assets				1,335,296,824
Liabilities
Payable for:
Securities purchased	$	10,241,553
Fund shares redeemed		513,743
Withholding taxes		156,537
Collateral for securities loaned		141,557,074
Accrued expenses:
Management fees		683,301
Service and distribution fees		22,207
Deferred directors’ fees		1,849
Other expenses		92,529
Total Liabilities				153,268,793
Net Assets			$	1,182,028,031
Net assets consists of:
Capital paid in			$	1,613,196,396
Undistributed net investment income				1,794,246
Accumulated net realized losses				(492,899,034	)
Unrealized appreciation on investments and foreign currency				59,936,423
Net Assets			$	1,182,028,031
Computation of offering price:
Class A
Net asset value and redemption price per share ($1,063,016,731 divided by 50,278,407 shares outstanding)			$	21.14
Class B
Net asset value and redemption price per share ($82,674,591 divided by 4,002,441 shares outstanding)			$	20.66
Class E
Net asset value and redemption price per share ($36,336,709 divided by 1,739,499 shares outstanding)			$	20.89
(a) Identified cost of investments			$	1,272,496,976
(b) Identified cost of foreign cash			$	32

(c) Includes cash collateral for securities loaned of $141,557,074.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	7,834,952	(a)
Interest					1,136,180	(b)
					8,971,132
Expenses
Management fees	$	7,914,306
Service and distribution fees—Class B		190,021
Service and distribution fees—Class E		57,513
Directors’ fees and expenses		23,856
Custodian		222,751
Audit and tax services		31,738
Legal		13,228
Printing		348,368
Insurance		12,329
Miscellaneous		18,193
Total expenses		8,832,303
Expense reductions		(33,344	)		8,798,959
Net Investment Income					172,173
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		128,209,702
Foreign currency transactions—net		2,416,767			130,626,469
Change in unrealized depreciation on:
Investments—net		(40,914,241	)
Foreign currency transactions—net		(5,991	)		(40,920,232	)
Net gain					89,706,237
Net Increase in Net Assets From Operations				$	89,878,410

(a) Net of foreign taxes of $89,138.

(b) Includes net income on securities loaned of $480,938.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	172,173		$	491,904
Net realized gain		130,626,469			92,380,358
Unrealized appreciation (depreciation)		(40,920,232	)		21,473,574
Increase in net assets from operations		89,878,410			114,345,836
From Distributions to Shareholders
Net investment income
Class A		(1,400,249	)		(51,396	)
Class E		(1,896	)		0
Total distributions		(1,402,145	)		(51,396	)
Increase (decrease) in net assets from capital share transactions		5,575,867			(36,812,835	)
Total increase in net assets		94,052,132			77,481,605
Net Assets
Beginning of the period		1,087,975,899			1,010,494,294
End of the period	$	1,182,028,031		$	1,087,975,899
Undistributed Net Investment Income
End of the period	$	1,794,246		$	546,458

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	8,542,036		$	181,035,488		7,337,683		$	135,629,659
Reinvestments	66,112			1,400,249		2,664			51,396
Redemptions	(8,578,550	)		(181,458,569	)	(10,008,666	)		(182,453,421	)
Net increase (decrease)	29,598		$	977,168		(2,668,319	)	$	(46,772,366	)
Class B
Sales	1,373,277		$	28,773,800		1,497,924		$	26,935,996
Redemptions	(894,020	)		(18,596,495	)	(758,959	)		(13,536,422	)
Net increase	479,257		$	10,177,305		738,965		$	13,399,574
Class E
Sales	250,970		$	5,322,439		324,263		$	5,917,226
Reinvestments	90			1,896		0			0
Redemptions	(522,976	)		(10,902,941	)	(521,495	)		(9,357,269	)
Net decrease	(271,916	)	$	(5,578,606	)	(197,232	)	$	(3,440,043	)
Increase (decrease) derived from capital share transactions			$	5,575,867				$	(36,812,835	)

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	19.54		$	17.47		$	16.34		$	14.01		$	10.41
Income From Investment Operations
Net investment income (loss)		0.01	(a)		0.01			0.02			0.08			(0.03	)
Net realized and unrealized gain on investments		1.62			2.06			1.11			2.33			3.63
Total from investment operations		1.63			2.07			1.13			2.41			3.60
Less Distributions
Distributions from net investment income		(0.03	)		(0.00	)(b)		0.00			(0.08	)		0.00
Total distributions		(0.03	)		(0.00	)		0.00			(0.08	)		0.00
Net Asset Value, End of Period	$	21.14		$	19.54		$	17.47		$	16.34		$	14.01
Total Return (%)		8.3			11.9			6.9			17.2			34.6
Ratio of operating expenses to average net assets before expense reductions (%)		0.73			0.75			0.75			0.75			0.77
Ratio of operating expenses to average net assets after expense reductions (%) (c)		0.73			0.73			0.68			0.70			0.76
Ratio of net investment income (loss) to average net assets (%)		0.04			0.07			0.11			0.53			(0.24	)
Portfolio turnover rate (%)		113			153			149			217			39
Net assets, end of period (000)	$	1,063,017		$	981,804		$	924,602		$	963,074		$	873,202
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	19.11		$	17.13		$	16.06		$	13.79		$	10.27
Income From Investment Operations
Net investment income (loss)		(0.04	)(a)		(0.02	)		(0.01	)		0.09			(0.05	)
Net realized and unrealized gain on investments		1.59			2.00			1.08			2.23			3.57
Total from investment operations		1.55			1.98			1.07			2.32			3.52
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.05	)		0.00
Total distributions		0.00			0.00			0.00			(0.05	)		0.00
Net Asset Value, End of Period	$	20.66		$	19.11		$	17.13		$	16.06		$	13.79
Total Return (%)		8.1			11.6			6.7			16.8			34.2
Ratio of operating expenses to average net assets before expense reductions (%)		0.98			1.00			1.00			1.00			1.02
Ratio of operating expenses to average net assets after expense reductions (%) (c)		0.98			0.98			0.93			0.95			1.01
Ratio of net investment income (loss) to average net assets (%)		(0.21	)		(0.18	)		(0.13	)		0.44			(0.48	)
Portfolio turnover rate (%)		113			153			149			217			39
Net assets, end of period (000)	$	82,675		$	67,334		$	47,699		$	36,819		$	13,849

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

(b) Distributions for the period were less than $0.01.

(c) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	19.31		$	17.29		$	16.19		$	13.90		$	10.33
Income From Investment Operations
Net investment income (loss)		(0.02	)(a)		(0.02	)		(0.01	)		0.07			(0.03	)
Net realized and unrealized gain on investments		1.60			2.04			1.11			2.28			3.60
Total from investment operations		1.58			2.02			1.10			2.35			3.57
Less Distributions
Distributions from net investment income		(0.00	)(b)		0.00			0.00			(0.06	)		0.00
Total distributions		(0.00	)		0.00			0.00			(0.06	)		0.00
Net Asset Value, End of Period	$	20.89		$	19.31		$	17.29		$	16.19		$	13.90
Total Return (%)		8.2			11.7			6.7			17.0			34.6
Ratio of operating expenses to average net assets before expense reductions (%)		0.88			0.90			0.90			0.90			0.92
Ratio of operating expenses to average net assets after expense reductions (%) (c)		0.88			0.88			0.83			0.85			0.91
Ratio of net investment income (loss) to average net assets (%)		(0.12	)		(0.08	)		(0.04	)		0.55			(0.37	)
Portfolio turnover rate (%)		113			153			149			217			39
Net assets, end of period (000)	$	36,337		$	38,839		$	38,193		$	40,402		$	12,991

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

(b) Distributions for the period were less than $0.01.

(c) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The FI Mid Cap Opportunities Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

MSF-13

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/11	Expiring 12/31/10		Expiring 12/31/09		Total
$16,477,953	$	376,464,857	$	33,105,061	$	426,047,871

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$1,402,145	$	51,396	$	—	$	—	$	—	$	—	$	1,402,145	$	51,396

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards			Total
$3,550,596	$	—	$	51,950,447	$	(426,047,871	)	$	(370,546,828	)

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	1,310,324,075	$	0	$	1,279,092,451

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	7,914,306	0.750%	Of the first $100 million
		0.700%	Of the next $400 million
		0.650%	On amounts in excess of $500 million

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

MSF-14

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Fidelity Research & Management Company (“FMR”) was compensated by MetLife Advisers to provide subadvisory services for the FI Mid Cap Opportunities Portfolio in 2007.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. SUBSEQUENT EVENTS:

On February 7, 2008 the Board approved a new investment subadvisory agreement (the “Agreement”) with respect to the Portfolio between MetLife Advisers and Pyramis Global Advisors, LLC (“Pyramis”), a wholly-owned subsidiary of the Portfolio’s former subadviser, FMR. The Agreement is not subject to shareholder approval and will become effective April 28, 2008. The Advisory Agreement between the Fund, with respect to the Portfolio, and MetLife Advisers will remain in effect and fees payable thereunder to MetLife Advisers will not change. Under the Agreement, Pyramis will become subadviser to the Portfolio, succeeding FMR, and will become responsible for the day-to-day management of the Portfolio’s investment operations under the oversight of MetLife Advisers and the Board.

MSF-15

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

8. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc. :

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the FI Mid Cap Opportunities Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the FI Mid Cap Opportunities Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-19

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”), subadvisory agreements and sub-subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-20

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-21

Metropolitan Series Fund, Inc.

FI Mid Cap Opportunities Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-22

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-23

Metropolitan Series Fund, Inc. FI Value Leaders Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Managed by Fidelity Management & Research Company

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the FI Value Leaders Portfolio returned 4.2%, compared to its benchmark, the Russell 1000 Value Index¹, which returned -0.2%. The average return of its peer group, the Lipper Variable Insurance Products Multi-Cap Value Funds Universe², was -0.4% over the same period.

PORTFOLIO REVIEW

Amidst turmoil in the credit markets and conflicting economic data, equity prices witnessed increased volatility throughout the year. Early in the year, stock prices advanced to continual new highs, but with mounting credit concerns and a lingering weak housing market, increasing energy and commodity prices, and slow earnings growth weighed on investors, and volatility in the stock market returned. However, these concerns were partially offset by continued robust global economic growth and strong, albeit tempering, consumer spending trends. For the period, the Standard & Poor’s 500^® Index³ returned 5.5%. The consumer discretionary and financial sectors were the only two posting negative performance during the period. Growth stocks generally did better than value style stocks for the year.

Nine of ten sectors contributed positively to the Portfolio’s relative performance. Stock selection in the Financials and Industrials sectors added to relative performance, while Telecommunication Services was the lone sector detractor. In the Financials sector, underweights in commercial banks and real estate investment trust (REIT) stocks were the largest contributors. Among commercial banks, the underweight in Wachovia was a significant contributor. Wachovia shares fell nearly 30%, largely due to losses and asset write-downs resulting from the problems in the subprime mortgage and credit markets. Not owning many REIT shares added to performance when the group fell more than 18% in aggregate during the year after several years of strong performance. REIT valuations were stretched after the long period of outperformance, and rising interest rates earlier in the year made Treasury securities more attractive because of their higher yields relative to REITs. Among Industrials, the overweight in farm equipment maker Agco added to performance. Agco shares gained almost 120% thanks to strong global demand for agricultural and farming equipment. Among individual holdings, the overweight in refiner Tesoro was the largest Portfolio contributor. Tesoro shares gained 67% during the first half of the year. The company’s shares rose thanks to rising oil prices and unusually tight gasoline and distillate inventories earlier in the year, which placed upward pressure on gasoline prices and helped refining margins.

In the Telecommunication Services sector, the underweight in diversified telecommunications firm Verizon Communications was a significant Portfolio detractor. Verizon shares gained 22%, mostly earlier in the year, due to strong wireless subscriber trends and share gains, primarily at the expense of rival Sprint Nextel. Among individual holdings, the overweight in mortgage finance firm Countrywide Financial and the underweight in oil & gas producer Occidental Petroleum were the largest Portfolio detractors. Countrywide shares fell more than 70% amid the subprime mortgage problems and ensuing liquidity crunch. Occidental Petroleum shares gained 60% as oil prices rose more than 50% during the year.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

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

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

³ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

MSF-2

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 1000 VALUE INDEX

Average Annual Returns as of December 31, 2007

	FI Value Leaders Portfolio								Russell 1000 Value Index
	Class A		Class B		Class D		Class E
1 Year	4.2	%	3.9	%	4.1	%	4.0	%	-0.2	%
5 Year	13.3		13.0		—		13.1		14.6
10 Year	5.3		—		—		—		7.7
Since Inception	—		11.7		4.7		4.2		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B, Class D and Class E shares are: 4/30/93, 7/30/02, 5/2/06, 5/1/01 respectively.

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

PORTFOLIO COMPOSITION as of December 31, 2007

Top Holdings

	% of Total Net Assets
Exxon Mobil Corp.	5.3%
AT&T, Inc.	4.7%
General Electric Co.	3.5%
Bank of America Corp.	2.9%
Altria Group, Inc.	2.9%
Citigroup, Inc.	2.5%
American International Group, Inc.	2.4%
Hewlett-Packard Co.	2.1%
Federal National Mortgage Association	1.8%
Chevron Corp.	1.8%

Top Sectors

	% of Total Market Value
Financials	28.2%
Energy	16.2%
Industrials	11.3%
Consumer Staples	8.6%
Health Care	7.7%
Telecommunication Services	6.7%
Utilities	6.4%
Consumer Discretionary	6.2%
Materials	4.1%
Information Technology	3.9%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
FI Value Leaders—Class A	Actual	0.70	%	$	1,000.00	$	963.60	$	3.46
	Hypothetical	0.70	%	$	1,000.00	$	1,021.64	$	3.57
FI Value Leaders—Class B	Actual	0.95	%	$	1,000.00	$	962.50	$	4.70
	Hypothetical	0.95	%	$	1,000.00	$	1,020.36	$	4.84
FI Value Leaders—Class D	Actual	0.80	%	$	1,000.00	$	963.20	$	3.96
	Hypothetical	0.80	%	$	1,000.00	$	1,021.13	$	4.08
FI Value Leaders—Class E	Actual	0.85	%	$	1,000.00	$	962.90	$	4.21
	Hypothetical	0.85	%	$	1,000.00	$	1,020.87	$	4.33

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—99.6% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—3.1%
Lockheed Martin Corp.	68,400	$	7,199,784
Precision Castparts Corp.	74,200		10,291,540
Raytheon Co.	138,600		8,413,020
			25,904,344
Biotechnology—0.8%
Biogen Idec, Inc. (a)	125,400		7,137,768
Capital Markets—3.1%
Ameriprise Financial, Inc.	102,200		5,632,242
MF Global, Ltd. (a)	226,700		7,134,249
The Bank of New York Mellon Corp.	280,900		13,696,684
			26,463,175
Chemicals—2.4%
Albemarle Corp.	112,015		4,620,619
Celanese Corp.	177,100		7,494,872
Mosaic Co. (a)	52,500		4,952,850
The Lubrizol Corp.	53,119		2,876,925
			19,945,266
Commercial Banks—3.2%
PNC Financial Services Group, Inc.	148,300		9,735,895
Regions Financial Corp. (b)	312,700		7,395,355
SunTrust Banks, Inc.	157,700		9,854,673
			26,985,923
Computers & Peripherals—3.4%
Apple, Inc. (a)	34,700		6,873,376
EMC Corp. (a)	218,636		4,051,325
Hewlett-Packard Co.	355,400		17,940,592
			28,865,293
Construction & Engineering—1.3%
KBR, Inc. (a)	105,500		4,093,400
The Shaw Group, Inc. (a)	116,900		7,065,436
			11,158,836
Consumer Finance—1.0%
American Express Co.	155,000		8,063,100
Diversified Financial Services—6.0%
Bank of America Corp.	593,804		24,500,353
Citigroup, Inc.	705,066		20,757,143
JPMorgan Chase & Co.	118,528		5,173,747
			50,431,243
Diversified Telecommunication Services—6.7%
AT&T, Inc.	953,200		39,614,993
CenturyTel, Inc.	144,500		5,990,970
Embarq Corp.	143,400		7,102,602
Verizon Communications, Inc.	99,600		4,351,524
			57,060,089

Security Description	Shares	Value*
Electric Utilities—2.8%
Edison International	203,100	$	10,839,447
PPL Corp.	248,200		12,928,738
			23,768,185
Energy Equipment & Services—3.8%
Cameron International Corp.	88,200		4,245,066
Diamond Offshore Drilling, Inc. (b)	57,500		8,165,000
National Oilwell Varco, Inc. (a)	129,900		9,542,454
Transocean, Inc.	71,572		10,245,532
			32,198,052
Food & Staples Retailing—3.2%
CVS Caremark Corp.	134,800		5,358,300
Great Atlantic & Pacific Tea Co., Inc. (a)	179,800		5,633,134
Safeway, Inc.	224,600		7,683,566
The Kroger Co.	328,700		8,779,577
			27,454,577
Food Products—0.3%
Corn Products International, Inc.	61,100		2,245,425
Gas Utilities—0.7%
Energen Corp.	96,400		6,191,772
Health Care Equipment & Supplies—0.9%
Baxter International, Inc.	129,300		7,505,865
Health Care Providers & Services—2.4%
McKesson Corp.	109,100		7,147,141
Medco Health Solutions, Inc. (a)	58,500		5,931,900
WellPoint, Inc. (a)	82,800		7,264,044
			20,343,085
Hotels, Restaurants & Leisure—1.3%
McDonald’s Corp.	185,400		10,921,914
Household Products—1.6%
Energizer Holdings, Inc. (a) (b)	52,494		5,886,152
Procter & Gamble Co.	107,500		7,892,650
			13,778,802
Independent Power Producers & Energy Traders—1.9%
Mirant Corp. (a) (b)	131,800		5,137,564
NRG Energy, Inc. (a) (b)	248,400		10,765,656
			15,903,220
Industrial Conglomerates—4.2%
General Electric Co.	791,000		29,322,369
Textron, Inc.	93,300		6,652,290
			35,974,659
Insurance—10.9%
ACE, Ltd.	193,504		11,954,677
American International Group, Inc.	345,200		20,125,160

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Insurance—(Continued)
Assurant, Inc. (b)	62,800	$	4,201,320
Berkshire Hathaway, Inc. (Class B) (a)	2,690		12,739,840
Lincoln National Corp.	87,331		5,084,411
Loews Corp.	196,900		9,911,946
MBIA, Inc. (b)	85,300		1,589,139
Principal Financial Group, Inc.	118,700		8,171,308
Prudential Financial, Inc.	94,200		8,764,368
The Chubb Corp.	181,100		9,884,438
			92,426,607
Life Sciences Tools & Services—1.4%
PerkinElmer, Inc.	69,200		1,800,584
Thermo Fisher Scientific, Inc. (a)	168,100		9,696,008
			11,496,592
Machinery—2.7%
AGCO Corp. (b)	103,000		7,001,940
Cummins, Inc.	36,350		4,629,900
Deere & Co.	121,800		11,342,016
			22,973,856
Media—3.3%
Discovery Holding Co. (Class A) (a)	288,975		7,264,831
E.W. Scripps Co. (Class A) (b)	80,000		3,600,800
Liberty Media Capital (Series A) (a) (b)	64,600		7,525,254
The Walt Disney Co.	288,800		9,322,464
			27,713,349
Metals & Mining—1.8%
Allegheny Technologies, Inc.	89,200		7,706,880
Nucor Corp.	127,300		7,538,706
			15,245,586
Multi-Utilities—1.0%
Public Service Enterprise Group, Inc.	87,900		8,635,296
Oil, Gas & Consumable Fuels—12.4%
Chevron Corp.	158,900		14,830,137
ConocoPhillips	83,795		7,399,098
Exxon Mobil Corp.	480,890		45,054,585
Marathon Oil Corp.	238,800		14,533,368
Southwestern Energy Co. (a)	103,000		5,739,160
Valero Energy Corp.	142,290		9,964,569
Western Refining, Inc. (b)	104,300		2,525,103
XTO Energy, Inc.	101,625		5,219,460
			105,265,480
Personal Products—0.6%
Alberto-Culver Co.	197,155		4,838,184
Pharmaceuticals—2.2%
Merck & Co., Inc.	157,300		9,140,703
Pfizer, Inc.	422,100		9,594,333
			18,735,036

Security Description	Shares		Value*
Real Estate Investment Trusts—0.7%
Annaly Capital Management, Inc.		340,100	$	6,183,018
Semiconductors & Semiconductor Equipment—0.5%
Applied Materials, Inc.		226,700		4,026,192
Specialty Retail—0.7%
The Home Depot, Inc.		208,600		5,619,684
Textiles, Apparel & Luxury Goods—1.0%
Nike, Inc.		133,100		8,550,344
Thrifts & Mortgage Finance—3.4%
Countrywide Financial Corp. (b)		385,400		3,445,476
Downey Financial Corp. (b)		123,900		3,854,529
Federal National Mortgage Association		386,300		15,444,274
People’s United Financial, Inc. (b)		357,900		6,370,620
				29,114,899
Tobacco—2.9%
Altria Group, Inc.		321,700		24,314,086
Total Common Stock (Identified Cost $818,467,196)				843,438,801
Short Term Investments—6.8%
Security Description	Shares/ Face Amount		Value*
Mutual Funds—6.7%
State Street Navigator Securities Lending Prime Portfolio (c)		56,520,043		56,520,043
Repurchase Agreement—0.1%
State Street Corp. Repurchase Agreement dated 12/31/07 at 1.70% to be repurchased at $1,307,123 on 1/02/08, collateralized by $955,000 U.S. Treasury Bond 8.50% due 2/15/08 with a value of $1,335,806.	$	1,307,000		1,307,000
Total Short Term Investments (Identified Cost $57,827,043)				57,827,043
Total Investments—106.4% (Identified Cost $876,294,239) (d)				901,265,845
Liabilities in excess of other assets				(54,062,258	)
Total Net Assets—100%			$	847,203,587

(a) Non-Income Producing.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $61,579,256 and the collateral received consisted of cash in the amount of $56,520,043 and non cash collateral with a value of $6,557,829. 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.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $887,945,647 and the composition of unrealized appreciation and depreciation of investment securities was $58,903,941 and $(45,583,743), respectively.

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	901,265,845
Cash				764
Foreign cash at value (b)				57
Receivable for:
Securities sold				6,980,791
Fund shares sold				162,222
Accrued interest and dividends				1,498,461
Foreign taxes				3,646
Total Assets				909,911,786
Liabilities
Payable for:
Securities purchased	$	4,611,871
Fund shares redeemed		996,760
Collateral for securities loaned		56,520,043
Accrued expenses:
Management fees		465,681
Service and distribution fees		46,049
Deferred directors’ fees		21,472
Other expenses		46,323
Total Liabilities				62,708,199
Net Assets			$	847,203,587
Net assets consists of:
Capital paid in			$	752,809,326
Undistributed net investment income				12,206,109
Accumulated net realized gains				57,216,255
Unrealized appreciation on investments and foreign currency				24,971,897
Net Assets			$	847,203,587
Computation of offering price:
Class A
Net asset value and redemption price per share ($447,662,623 divided by 2,282,056 shares outstanding)			$	196.17
Class B
Net asset value and redemption price per share ($75,733,524 divided by 387,654 shares outstanding)			$	195.36
Class D
Net asset value and redemption price per share ($272,190,352 divided by 1,390,304 shares outstanding)			$	195.78
Class E
Net asset value and redemption price per share ($51,617,088 divided by 264,037 shares outstanding)			$	195.49
(a) Identified cost of investments			$	876,294,239
(b) Identified cost of foreign cash			$	58

(c) Includes cash collateral for securities loaned of $56,520,043.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	19,151,095	(a)
Interest					210,700	(b)
					19,361,795
Expenses
Management fees	$	5,931,664
Service and distribution fees—Class B		183,356
Service and distribution fees—Class D		314,616
Service and distribution fees—Class E		86,876
Directors’ fees and expenses		24,535
Custodian		89,713
Audit and tax services		31,738
Legal		10,105
Printing		458,295
Insurance		10,729
Miscellaneous		19,589
Total expenses					7,161,216
Net Investment Income					12,200,579
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		62,214,401
Foreign currency transactions—net		2,526			62,216,927
Change in unrealized depreciation on:
Investments—net		(33,125,706	)
Foreign currency transactions—net		(4,426	)		(33,130,132	)
Net gain					29,086,795
Net Increase in Net Assets From Operations				$	41,287,374

(a) Net of foreign taxes of $2,883.

(b) Includes net income on securities loaned of $75,571.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	12,200,579		$	10,064,837
Net realized gain		62,216,927			110,898,470
Unrealized depreciation		(33,130,132	)		(39,521,796	)
Increase in net assets from operations		41,287,374			81,441,511
From Distributions to Shareholders
Net investment income
Class A		(4,672,405	)		(5,909,431	)
Class B		(503,782	)		(334,265	)
Class D		(2,754,011	)		0
Class E		(460,718	)		(526,931	)
		(8,390,916	)		(6,770,627	)
Net realized gain
Class A		(44,234,373	)		(13,648,284	)
Class B		(6,426,938	)		(1,065,905	)
Class D		(29,815,958	)		0
Class E		(5,232,496	)		(1,464,953	)
		(85,709,765	)		(16,179,142	)
Total distributions		(94,100,681	)		(22,949,769	)
Increase (decrease) in net assets from capital share transactions		(69,648,099	)		303,448,386
Total increase (decrease) in net assets		(122,461,406	)		361,940,128
Net Assets
Beginning of the period		969,664,993			607,724,865
End of the period	$	847,203,587		$	969,664,993
Undistributed Net Investment Income
End of the period	$	12,206,109		$	8,320,521

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	185,630		$	37,252,583		152,490		$	30,299,248
Reinvestments	242,689			48,906,778		97,980			19,557,715
Redemptions	(567,453	)		(116,169,360	)	(593,592	)		(117,892,650	)
Net decrease	(139,134	)	$	(30,009,999	)	(343,122	)	$	(68,035,687	)
Class B
Sales	116,244		$	23,663,095		219,335		$	43,372,515
Reinvestments	34,474			6,930,720		7,029			1,400,170
Redemptions	(85,250	)		(17,333,521	)	(45,346	)		(8,961,298	)
Net increase	65,468		$	13,260,294		181,018		$	35,811,387
Class D
Sales	85,700		$	17,391,469		183,771		$	36,605,906
Shares issued through acquisition	0			0		1,873,171			375,664,416
Reinvestments	161,830			32,569,969		0			0
Redemptions	(480,052	)		(96,968,365	)	(434,116	)		(86,477,360	)
Net increase (decrease)	(232,522	)	$	(47,006,927	)	1,622,826		$	325,792,962
Class E
Sales	53,198		$	10,867,925		145,593		$	28,869,970
Reinvestments	28,319			5,693,214		10,001			1,991,884
Redemptions	(110,393	)		(22,452,606	)	(106,207	)		(20,982,130	)
Net increase (decrease)	(28,876	)	$	(5,891,467	)	49,387		$	9,879,724
Increase (decrease) derived from capital share transactions			$	(69,648,099	)			$	303,448,386

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	208.36		$	193.08		$	176.54		$	157.24		$	124.89
Income From Investment Operations
Net investment income		2.81	(a)		2.58			1.92			2.21			2.13
Net realized and unrealized gain on investments		6.52			20.14			16.67			19.15			31.23
Total from investment operations		9.33			22.72			18.59			21.36			33.36
Less Distributions
Distributions from net investment income		(2.06	)		(2.25	)		(2.05	)		(2.06	)		(1.01	)
Distributions from net realized capital gains		(19.46	)		(5.19	)		0.00			0.00			0.00
Total distributions		(21.52	)		(7.44	)		(2.05	)		(2.06	)		(1.01	)
Net Asset Value, End of Period	$	196.17		$	208.36		$	193.08		$	176.54		$	157.24
Total Return (%)		4.2			11.9			10.7			13.7			26.9
Ratio of operating expenses to average net assets before expense reductions (%)		0.71			0.72			0.73			0.74			0.74
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.71			0.69			0.72			N/A
Ratio of net investment income to average net assets (%)		1.38			1.18			0.92			1.23			1.49
Portfolio turnover rate (%)		145			213			94			161			53
Net assets, end of period (000)	$	447,663		$	504,489		$	533,729		$	552,323		$	563,979
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	207.58		$	192.26		$	175.91		$	156.72		$	124.47
Income From Investment Operations
Net investment income		2.30	(a)		2.10			1.26			1.88			1.22
Net realized and unrealized gain on investments		6.47			20.04			16.86			19.12			31.95
Total from investment operations		8.77			22.14			18.12			21.00			33.17
Less Distributions
Distributions from net investment income		(1.53	)		(1.63	)		(1.77	)		(1.81	)		(0.92	)
Distributions from net realized capital gains		(19.46	)		(5.19	)		0.00			0.00			0.00
Total distributions		(20.99	)		(6.82	)		(1.77	)		(1.81	)		(0.92	)
Net Asset Value, End of Period	$	195.36		$	207.58		$	192.26		$	175.91		$	156.72
Total Return (%)		3.9			11.7			10.4			13.5			26.9
Ratio of operating expenses to average net assets before expense reductions (%)		0.96			0.97			0.98			0.99			0.99
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.96			0.94			0.97			N/A
Ratio of net investment income to average net assets (%)		1.14			1.00			0.70			1.41			1.15
Portfolio turnover rate (%)		145			213			94			161			53
Net assets, end of period (000)	$	75,734		$	66,879		$	27,141		$	5,311		$	128

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was May 2, 2006 for Class D.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Financial Highlights

	Class D
	Year ended December 31,
	2007			2006(c)
Net Asset Value, Beginning of Period	$	207.95		$	200.55
Income From Investment Operations
Net investment income		2.60	(a)		1.80
Net realized and unrealized gain on investments		6.49			5.60
Total from investment operations		9.09			7.40
Less Distributions
Distributions from net investment income		(1.80	)		0.00
Distributions from net realized capital gains		(19.46	)		0.00
Total distributions		(21.26	)		0.00
Net Asset Value, End of Period	$	195.78		$	207.95
Total Return (%)		4.1			3.7	(d)
Ratio of operating expenses to average net assets before expense reductions (%)		0.81			0.82	(e)
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.81	(e)
Ratio of net investment income to average net assets (%)		1.27			1.25	(e)
Portfolio turnover rate (%)		145			213
Net assets, end of period (000)	$	272,190		$	337,462

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	207.69		$	192.40		$	175.93		$	156.83		$	124.66
Income From Investment Operations
Net investment income		2.49	(a)		2.17			1.29			1.58			1.41
Net realized and unrealized gain on investments		6.48			20.18			16.98			19.48			31.68
Total from investment operations		8.97			22.35			18.27			21.06			33.09
Less Distributions
Distributions from net investment income		(1.71	)		(1.87	)		(1.80	)		(1.96	)		(0.92	)
Distributions from net realized capital gains		(19.46	)		(5.19	)		0.00			0.00			0.00
Total distributions		(21.17	)		(7.06	)		(1.80	)		(1.96	)		(0.92	)
Net Asset Value, End of Period	$	195.49		$	207.69		$	192.40		$	175.93		$	156.83
Total Return (%)		4.0			11.8			10.5			13.6			26.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.86			0.87			0.88			0.89			0.89
Ratio of operating expenses to average net assets after expense reductions (%) (b)		N/A			0.86			0.84			0.87			N/A
Ratio of net investment income to average net assets (%)		1.22			1.05			0.78			1.12			1.31
Portfolio turnover rate (%)		145			213			94			161			53
Net assets, end of period (000)	$	51,617		$	60,835		$	46,855		$	31,192		$	18,891

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was May 2, 2006 for Class D.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The FI Value Leaders Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B, Class D and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B, Class D and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

MSF-13

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	41,560,220	$	6,770,627	$	52,540,461	$	16,179,142	$	—	$	—	$	94,100,681	$	22,949,769

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$53,415,968	$	27,683,566	$	13,320,490	$	—	$	94,420,024

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	1,337,889,344	$	0	$	1,489,210,758

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$5,931,664	0.700%	Of the first $200 million
	0.650%	Of the next $300 million
	0.600%	Of the next $1.5 billion
	0.550%	On amounts in excess of $2 billion

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Fidelity Research & Management Company (“FMR”) was compensated by MetLife Advisers to provide subadvisory services for the FI Value Leaders Portfolio in 2007.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D and E shares. Under the Distribution and Service Plan, the Class B, D and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B, D and E shares. The fees under the Distribution and Service Plan for each applicable class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets

MSF-14

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares, 0.10% per year for Class D shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. SUBSEQUENT EVENTS:

On February 7, 2008 the Board approved a new investment subadvisory agreement (the “Agreement”) with respect to the Portfolio between MetLife Advisers and Pyramis Global Advisors, LLC (“Pyramis”), a wholly-owned subsidiary of the Portfolio’s former subadviser, FMR. The Agreement is not subject to shareholder approval and will become effective April 28, 2008. The Advisory Agreement between the Fund, with respect to the Portfolio, and MetLife Advisers will remain in effect and fees payable thereunder to MetLife Advisers will not change. Under the Agreement, Pyramis will become subadviser to the Portfolio, succeeding FMR, and will become responsible for the day-to-day management of the Portfolio’s investment operations under the oversight of MetLife Advisers and the Board.

8. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the FI Value Leaders Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the FI Value Leaders Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-16

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-18

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”), subadvisory agreements and sub-subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-19

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-20

Metropolitan Series Fund, Inc.

FI Value Leaders Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-21

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-22

Metropolitan Series Fund, Inc. Franklin Templeton Small Cap Growth Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Franklin Templeton Small Cap Growth Portfolio returned 4.5%, compared to its benchmark, the Russell 2000 Growth Index¹, which returned 7.0%. The average return of its peer group, the Lipper Variable Insurance Products Small-Cap Growth Funds Universe², was 9.1% over the same period.

PORTFOLIO REVIEW

The domestic equity market was volatile during calendar year 2007, with the Russell 3000 Index³ delivering a 5.1% total return. The market dipped in the first quarter following a sharp but short-lived sell-off in the Chinese market. Stocks rebounded in the second quarter, then contracted in June and July mainly due to rising oil prices, subprime mortgage woes, and the slumping U.S. housing market. After short-term stimulus from the Federal Reserve Board, investors seemed to regain confidence in the third quarter. However, fears of widespread contagion from the subprime mortgage crisis and signs of slowing economic growth contributed to market volatility in the fourth quarter. Large-cap stocks outperformed small caps during the year, while growth stocks significantly outperformed their value counterparts across the capitalization spectrum.

From a sector perspective, stock selection in the electronic technology, energy minerals and consumer services sectors helped the Portfolio’s performance relative to the Russell 2000 Growth Index during the period. In the electronic technology sector, significant performers were thermal imaging systems designer FLIR Systems, power-converting semiconductor manufacturer Power Integrations (not an index component) and packet processor and memory chips company NetLogic Microsystems. Additional key contributors included oil and gas production companies Bill Barrett and Denbury Resources (not an index component) in the energy minerals sector, and restaurant chain Chipotle Mexican Grill and horse racing and casino gaming operator Penn National Gaming (not an index component) in the consumer services sector.

By contrast, the health technology, finance and technology services sectors weighed negatively on relative performance for the period under review. In the health technology sector, stock selection and an underweighted allocation hurt the Portfolio’s relative performance, and significant detractors included Angiotech Pharmaceuticals (not an index component) and Penwest Pharmaceuticals. In the finance sector, stock selection and an overweighted allocation negatively impacted relative Portfolio performance, and technology-based operations and risk management vendor Clayton Holdings and diversified real estate finance company RAIT Investment Trust (not an index component) hindered results. Stock selection in the technology services sector detracted from performance relative to the index. Sector holdings that hurt performance included Internet solutions provider Internap Network Services and management consulting and systems integration firm BearingPoint.

Our sector and industry weightings changed incrementally throughout the period, and, in line with our investment strategy, we invested in companies we believed provided the best trade-off between growth opportunity, business and financial risk, and valuation.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Russell 2000^® Growth Index is an unmanaged measure of performance of those Russell 2000^® companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

³ The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The index represents approximately 98% of the U.S. equity market.

MSF-2

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 2000 GROWTH INDEX

Average Annual Returns as of December 31, 2007

	Franklin Templeton Small Cap Growth Portfolio						Russell 2000 Growth Index
	Class A		Class B		Class E
1 Year	4.5	%	4.3	%	4.5	%	7.0	%
5 Year	14.2		13.9		14.0		16.5
Since Inception	3.4		3.1		3.2		5.5

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception date of the Class A, Class B and Class E shares is 5/1/01. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Power Integrations, Inc.	2.4%
Microsemi Corp.	2.2%
ViaSat, Inc.	2.2%
Parexel International Corp.	2.1%
Adams Respiratory Therapeutics, Inc.	2.1%
Sapient Corp.	2.0%
NetLogic Microsystems, Inc.	1.9%
Penn National Gaming, Inc.	1.9%
Quest Software, Inc.	1.8%
Huron Consulting Group, Inc.	1.8%

Top Sectors

	% of Total Net Assets
Information Technology	38.1%
Health Care	18.1%
Consumer Discretionary	17.4%
Industrials	7.3%
Energy	6.7%
Financials	6.2%
Materials	2.5%
Cash/Other	1.5%
Consumer Staples	1.3%
Telecommunication Services	0.9%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Franklin Templeton Small Cap Growth—Class A	Actual	1.02	%	$	1,000.00	$	947.60	$	5.01
	Hypothetical	1.02	%	$	1,000.00	$	1,020.00	$	5.19
Franklin Templeton Small Cap Growth—Class B	Actual	1.27	%	$	1,000.00	$	946.80	$	6.23
	Hypothetical	1.27	%	$	1,000.00	$	1,018.73	$	6.46
Franklin Templeton Small Cap Growth—Class E	Actual	1.17	%	$	1,000.00	$	947.20	$	5.74
	Hypothetical	1.17	%	$	1,000.00	$	1,019.24	$	5.95

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—98.3% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—2.2%
Orbital Sciences Corp. (a) (b)	93,800	$	2,299,976
Stanley, Inc. (b)	38,493		1,232,546
			3,532,522
Airlines—1.1%
Allegiant Travel Co. (b)	53,000		1,703,420
Auto Components—2.0%
Drew Industries, Inc. (a) (b)	70,300		1,926,220
Tenneco, Inc. (b)	44,700		1,165,329
			3,091,549
Biotechnology—3.0%
Angiotech Pharmaceuticals, Inc. (a) (b)	352,400		1,226,352
Keryx Biopharmaceuticals, Inc. (a) (b)	81,700		686,280
MannKind Corp. (a) (b)	79,000		628,840
Myriad Genetics, Inc. (a) (b)	47,600		2,209,592
			4,751,064
Capital Markets—2.1%
Kohlberg Capital Corp.	53,739		644,868
optionsXpress Holdings, Inc. (a)	79,900		2,702,218
			3,347,086
Chemicals—2.5%
FMC Corp.	47,100		2,569,305
Minerals Technologies, Inc.	21,300		1,426,035
			3,995,340
Commercial Banks—1.1%
East West Bancorp, Inc. (a)	44,100		1,068,543
UCBH Holdings, Inc. (a)	49,200		696,672
			1,765,215
Commercial Services & Supplies—2.7%
Huron Consulting Group, Inc. (b)	34,700		2,797,861
Mobile Mini, Inc. (a) (b)	76,900		1,425,726
			4,223,587
Communications Equipment—5.5%
Arris Group, Inc. (b)	102,700		1,024,946
Ixia (b)	263,000		2,493,240
OpNext, Inc. (b)	71,000		628,350
Riverbed Technology, Inc.	44,200		1,181,908
ViaSat, Inc. (b)	99,600		3,429,228
			8,757,672
Computers & Peripherals—1.0%
3PAR, Inc.	9,500		121,600
Compellent Technologies, Inc. (a) (b)	35,000		421,050
Xyratex, Ltd. (b)	66,800		1,055,440
			1,598,090

Security Description	Shares	Value*
Diversified Consumer Services—1.9%
Strayer Education, Inc.	9,900	$	1,688,742
Universal Technical Institute, Inc. (a) (b)	82,200		1,397,400
			3,086,142
Diversified Financial Services—1.0%
MSCI, Inc. (b)	20,700		794,880
NewStar Financial, Inc. (a) (b)	99,300		822,204
			1,617,084
Electronic Equipment & Instruments—5.8%
Coherent, Inc. (b)	33,900		849,873
FARO Technologies, Inc. (a) (b)	61,500		1,671,570
FLIR Systems, Inc. (a) (b)	83,600		2,616,680
National Instruments Corp.	61,200		2,039,796
Trimble Navigation, Ltd. (b)	67,300		2,035,152
			9,213,071
Energy Equipment & Services—2.9%
Dril-Quip, Inc. (b)	18,100		1,007,446
Helix Energy Solutions Group, Inc. (b)	37,100		1,539,650
Superior Energy Services, Inc. (b)	58,700		2,020,454
			4,567,550
Food Products—1.2%
Hain Celestial Group, Inc. (a) (b)	61,700		1,974,400
Health Care Equipment & Supplies—2.4%
American Medical Systems Holdings, Inc. (a) (b)	115,600		1,671,576
DexCom, Inc. (a) (b)	125,400		1,107,282
TomoTherapy, Inc. (a) (b)	51,100		999,516
			3,778,374
Health Care Providers & Services—3.3%
Healthways, Inc. (a) (b)	18,900		1,104,516
Psychiatric Solutions, Inc. (a) (b)	63,300		2,057,250
VCA Antech, Inc. (b)	46,000		2,034,580
			5,196,346
Health Care Technology—2.2%
Allscripts Heathcare Solutions, Inc. (a) (b)	88,400		1,716,728
The TriZetto Group, Inc. (a) (b)	101,300		1,759,581
			3,476,309
Hotels, Restaurants & Leisure—8.5%
BJ’s Restaurants, Inc. (a) (b)	62,400		1,014,624
Chipotle Mexican Grill, Inc. (a) (b)	21,100		2,596,355
Gaylord Entertainment Co. (a) (b)	15,000		607,050
Orient-Express Hotels, Ltd. (Class A)	36,700		2,110,984
Panera Bread Co. (a) (b)	44,200		1,583,244
Penn National Gaming, Inc. (b)	49,500		2,947,725
Red Lion Hotels Corp. (b)	37,380		371,931
Ruth’s Chris Steak House, Inc. (a) (b)	87,000		777,780
Shuffle Master, Inc. (a) (b)	126,200		1,513,138
			13,522,831

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Internet & Catalog Retail—0.6%
Shutterfly, Inc. (b)	35,600	$	912,072
Internet Software & Services—2.9%
DealerTrack Holdings, Inc. (b)	34,200		1,144,674
Entrust, Inc. (b)	134,800		260,164
Internap Network Services Corp. (a) (b)	116,288		968,679
Marchex, Inc. (a)	112,000		1,216,320
Omniture, Inc. (b)	31,200		1,038,648
			4,628,485
IT Services—3.8%
Heartland Payment Systems, Inc. (a)	49,600		1,329,280
RightNow Technologies, Inc. (b)	90,000		1,426,500
Sapient Corp. (b)	367,800		3,240,318
			5,996,098
Life Sciences Tools & Services—3.3%
Parexel International Corp. (b)	68,200		3,294,060
Varian, Inc. (b)	28,900		1,887,170
			5,181,230
Machinery—1.3%
Force Protection, Inc. (b)	76,100		356,353
The Manitowoc Co., Inc.	36,000		1,757,880
			2,114,233
Media—1.1%
Lions Gate Entertainment Corp. (a) (b)	178,300		1,679,586
Oil, Gas & Consumable Fuels—3.8%
Bill Barrett Corp. (a) (b)	56,600		2,369,842
Mariner Energy, Inc. (b)	99,900		2,285,712
McMoran Exploration Co. (a) (b)	102,200		1,337,798
			5,993,352
Pharmaceuticals—4.0%
Adams Respiratory Therapeutics, Inc. (a) (b)	54,300		3,243,882
Cadence Pharmaceuticals, Inc. (a) (b)	70,094		1,041,597
Impax Laboratories, Inc. (b)	35,400		392,940
Penwest Pharmaceuticals Co. (a) (b)	98,300		575,055
The Medicines Co. (b)	52,700		1,009,732
			6,263,206
Real Estate Investment Trusts—1.4%
FelCor Lodging Trust, Inc.	96,000		1,496,640
RAIT Investment Trust (a)	84,400		727,528
			2,224,168
Semiconductors & Semiconductor Equipment—12.6%
Atheros Communications, Inc. (a) (b)	70,600		2,156,124
Formfactor, Inc. (a) (b)	54,500		1,803,950
Microsemi Corp. (a) (b)	159,220		3,525,131
Microtune, Inc. (b)	191,700		1,251,801
NetLogic Microsystems, Inc. (a) (b)	95,200		3,065,440

Security Description	Shares		Value*
Semiconductors & Semiconductor Equipment—(Continued)
Power Integrations, Inc. (b)		109,700	$	3,776,971
Silicon Laboratories, Inc. (b)		66,900		2,504,067
Varian Semiconductor Equipment Associates, Inc. (b)		51,000		1,887,000
				19,970,484
Software—6.4%
Bottomline Technologies, Inc. (b)		50,330		704,620
MICROS Systems, Inc. (b)		32,200		2,259,152
Nuance Communications, Inc. (a) (b)		113,200		2,114,576
Quest Software, Inc. (b)		155,800		2,872,952
THQ, Inc. (a) (b)		59,150		1,667,439
Voltaire, Ltd. (a) (b)		76,700		470,938
				10,089,677
Specialty Retail—2.6%
Big 5 Sporting Goods Corp. (a)		55,686		802,992
Hibbett Sports, Inc. (a) (b)		53,800		1,074,924
Tractor Supply Co. (a) (b)		34,100		1,225,554
Zumiez, Inc. (a) (b)		42,700		1,040,172
				4,143,642
Textiles, Apparel & Luxury Goods—0.6%
FGX International Holdings, Ltd. (b)		86,000		1,019,100
Thrifts & Mortgage Finance—0.6%
Clayton Holdings, Inc. (a) (b)		169,000		873,730
Wireless Telecommunication Services—0.9%
SBA Communications Corp. (b)		40,000		1,353,600
Total Common Stock (Identified Cost $149,065,106)				155,640,315
Short Term Investments—22.9%
Security Description	Face Amount/ Shares		Value*
Discount Notes—1.9%
Federal Home Loan Bank 4.08%, 01/02/08	$	3,000,000		2,999,729
Mutual Funds—21.0%
State Street Navigator Securities Lending Prime Portfolio (c)		33,149,322		33,149,322
Total Short Term Investments (Identified Cost $36,149,051)				36,149,051
Total Investments—121.2% (Identified Cost $185,214,157) (d)				191,789,366
Liabilities in excess of other assets				(33,515,539	)
Total Net Assets—100%			$	158,273,827

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $32,320,642 and the collateral received consisted of cash in the amount of $33,149,322 and non cash collateral with a value of $149,454. 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.

(b) Non-Income Producing.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $185,377,440 and the composition of unrealized appreciation and depreciation of investment securities was $26,701,198 and $(20,289,272), respectively.

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	191,789,366
Cash				116,664
Receivable for:
Securities sold				329,886
Fund shares sold				219,506
Accrued interest and dividends				118,824
Total Assets				192,574,246
Liabilities
Payable for:
Securities purchased	$	949,614
Fund shares redeemed		29,224
Collateral for securities loaned		33,149,322
Accrued expenses:
Management fees		121,096
Service and distribution fees		15,940
Other expenses		35,223
Total Liabilities				34,300,419
Net Assets			$	158,273,827
Net assets consists of:
Capital paid in			$	138,537,595
Undistributed net investment income				80,296
Accumulated net realized gains				13,080,727
Unrealized appreciation on investments				6,575,209
Net Assets			$	158,273,827
Computation of offering price:
Class A
Net asset value and redemption price per share ($78,028,638 divided by 7,308,427 shares outstanding)			$	10.68
Class B
Net asset value and redemption price per share ($67,487,182 divided by 6,431,540 shares outstanding)			$	10.49
Class E
Net asset value and redemption price per share ($12,758,007 divided by 1,205,973 shares outstanding)			$	10.58
(a) Identified cost of investments			$	185,214,157

(b) Includes cash collateral for securities loaned of $33,149,322.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	664,957
Interest					398,466	(a)
					1,063,423
Expenses
Management fees	$	1,435,004
Service and distribution fees—Class B		172,153
Service and distribution fees—Class E		20,884
Directors’ fees and expenses		23,669
Custodian		36,556
Audit and tax services		31,738
Legal		1,818
Printing		65,562
Insurance		1,578
Miscellaneous		12,840
Total expenses		1,801,802
Expense reductions		(6,819	)		1,794,983
Net Investment Loss					(731,560	)
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net					14,137,156
Change in unrealized depreciation on:
Investments—net					(6,937,321	)
Net gain					7,199,835
Net Increase in Net Assets From Operations				$	6,468,275

(a) Includes net income on securities loaned of $152,687.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment loss	$	(731,560	)	$	(787,216	)
Net realized gain		14,137,156			11,677,868
Unrealized appreciation (depreciation)		(6,937,321	)		201,558
Increase in net assets from operations		6,468,275			11,092,210
From Distributions to Shareholders
Net realized gain
Class A		(5,293,797	)		(1,777,360	)
Class B		(4,633,068	)		(3,557,737	)
Class E		(1,001,053	)		(727,182	)
Total distributions		(10,927,918	)		(6,062,279	)
Increase in net assets from capital share transactions		22,309,401			26,541,759
Total increase in net assets		17,849,758			31,571,690
Net Assets
Beginning of the period		140,424,069			108,852,379
End of the period	$	158,273,827		$	140,424,069
Undistributed Net Investment Income
End of the period	$	80,296		$	0

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	3,263,897		$	36,568,942		2,626,480		$	28,651,135
Reinvestments	482,131			5,293,797		158,977			1,777,360
Redemptions	(1,330,391	)		(14,836,222	)	(1,060,508	)		(11,295,022	)
Net increase	2,415,637		$	27,026,517		1,724,949		$	19,133,473
Class B
Sales	1,530,985		$	16,749,341		2,812,661		$	29,566,546
Reinvestments	428,591			4,633,068		321,967			3,557,737
Redemptions	(2,318,673	)		(25,544,811	)	(2,329,457	)		(24,751,078	)
Net increase (decrease)	(359,097	)	$	(4,162,402	)	805,171		$	8,373,205
Class E
Sales	192,468		$	2,141,471		326,836		$	3,527,871
Reinvestments	91,924			1,001,053		65,453			727,182
Redemptions	(334,403	)		(3,697,238	)	(490,912	)		(5,219,972	)
Net decrease	(50,011	)	$	(554,714	)	(98,623	)	$	(964,919	)
Increase derived from capital share transactions			$	22,309,401				$	26,541,759

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.94		$	10.43		$	10.35		$	9.29		$	6.41
Income From Investment Operations
Net investment loss		(0.04	)(a)		(0.05	)		(0.05	)		(0.08	)		(0.04	)
Net realized and unrealized gain on investments		0.57			1.11			0.48			1.14			2.92
Total from investment operations		0.53			1.06			0.43			1.06			2.88
Less Distributions
Distributions from net realized capital gains		(0.79	)		(0.55	)		(0.35	)		0.00			0.00
Total distributions		(0.79	)		(0.55	)		(0.35	)		0.00			0.00
Net Asset Value, End of Period	$	10.68		$	10.94		$	10.43		$	10.35		$	9.29
Total Return (%)		4.5			10.0			4.7			11.4			44.9
Ratio of operating expenses to average net assets before expense reductions (%)		1.01			1.09			1.13			1.15			1.13
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.01			1.07			1.11			1.15			N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			1.09			1.13			1.15			1.32
Ratio of net investment loss to average net assets (%)		(0.33	)		(0.45	)		(0.52	)		(0.80	)		(0.68	)
Portfolio turnover rate (%)		60			68			52			50			38
Net assets, end of period (000)	$	78,029		$	53,521		$	33,042		$	31,892		$	25,762
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.79		$	10.32		$	10.27		$	9.24		$	6.39
Income From Investment Operations
Net investment loss		(0.07	)(a)		(0.08	)		(0.05	)		(0.08	)		(0.05	)
Net realized and unrealized gain on investments		0.56			1.10			0.45			1.11			2.90
Total from investment operations		0.49			1.02			0.40			1.03			2.85
Less Distributions
Distributions from net realized capital gains		(0.79	)		(0.55	)		(0.35	)		0.00			0.00
Total distributions		(0.79	)		(0.55	)		(0.35	)		0.00			0.00
Net Asset Value, End of Period	$	10.49		$	10.79		$	10.32		$	10.27		$	9.24
Total Return (%)		4.3			9.7			4.4			11.1			44.6
Ratio of operating expenses to average net assets before expense reductions (%)		1.26			1.34			1.38			1.40			1.38
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.26			1.32			1.36			1.40			N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			1.34			1.38			1.40			1.57
Ratio of net investment loss to average net assets (%)		(0.59	)		(0.72	)		(0.73	)		(1.05	)		(0.93	)
Portfolio turnover rate (%)		60			68			52			50			38
Net assets, end of period (000)	$	67,487		$	73,262		$	61,746		$	34,664		$	22,385

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.86		$	10.37		$	10.31		$	9.27		$	6.41
Income From Investment Operations
Net investment loss		(0.05	)(a)		(0.07	)		(0.07	)		(0.09	)		(0.04	)
Net realized and unrealized gain on investments		0.56			1.11			0.48			1.13			2.90
Total from investment operations		0.51			1.04			0.41			1.04			2.86
Less Distributions
Distributions from net realized capital gains		(0.79	)		(0.55	)		(0.35	)		0.00			0.00
Total distributions		(0.79	)		(0.55	)		(0.35	)		0.00			0.00
Net Asset Value, End of Period	$	10.58		$	10.86		$	10.37		$	10.31		$	9.27
Total Return (%)		4.5			9.9			4.5			11.2			44.6
Ratio of operating expenses to average net assets before expense reductions (%)		1.16			1.24			1.28			1.30			1.28
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.16			1.22			1.26			1.30			N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			1.24			1.28			1.30			1.47
Ratio of net investment loss to average net assets (%)		(0.50	)		(0.62	)		(0.67	)		(0.95	)		(0.84	)
Portfolio turnover rate (%)		60			68			52			50			38
Net assets, end of period (000)	$	12,758		$	13,641		$	14,051		$	14,545		$	10,029

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Franklin Templeton Small Cap Growth Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-12

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

MSF-14

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	2,576,163	$	—	$	8,351,755	$	6,062,279	$	—	$	—	$	10,927,918	$	6,062,279

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$1,905,135	$	11,419,171	$	6,411,926	$	—	$	19,736,232

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	106,563,405	$	0	$	92,038,116

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$1,435,004	0.900%	Of the first $500 million
	0.850%	On amounts in excess of $500 million

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

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

MSF-15

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Franklin Templeton Small Cap Growth, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Franklin Templeton Small Cap Growth Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-19

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-20

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-21

Metropolitan Series Fund, Inc.

Franklin Templeton Small Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-22

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-23

Metropolitan Series Fund, Inc. Harris Oakmark Focused Value Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Managed by Harris Associates, L.P.

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Harris Oakmark Focused Value Portfolio returned -6.8%, compared to its benchmark, the Russell Midcap Index¹, which returned 5.6%. The average return of its peer group, the Lipper Variable Insurance Products Mid-Cap Value Funds Universe², was 2.8% over the same period.

PORTFOLIO REVIEW

The Standard & Poor’s 500 Index³ gained 5.5% during 2007, but a single number fails to describe the increasing divergence between the market’s winners and losers (the statistical performance spread between the top and bottom performers widened substantially in the last half of 2007, frustrating value-minded investors who expect valuation excesses to eventually correct).

As of December 31, 2007, the Portfolio held 26 securities across a variety of industries. During the year, there were a number of changes to the composition of the Portfolio. We initiated positions in Avon Products, Dell, Hospira, Liberty Capital Group, Liberty Interactive Group, MDS Inc., Merrill Lynch, Micron Technology, PerkinElmer, Robert Half International, Teradata Corporation, Tiffany & Company, and Virgin Media. Other Portfolio activity during the period includes the receipt of shares in Discover Financial Services, which was spun off from current holding Morgan Stanley. We eliminated our positions in Bausch & Lomb, Black & Decker, Conseco, D.R. Horton, EnCana, Harrah’s Entertainment, Estee Lauder, Liz Claiborne, Molson Coors, Omnicare, PartnerRe, E.W. Scripps, Tyco International, and Washington Mutual during the period. Additionally, CDW and Huntsman were acquired and are no longer held in the portfolio.

Intel, McDonald’s, and Yum! Brands had the most positive impact on performance during the period. Intel delivered solid positive performance throughout the year. The firm consistently reported better than expected earnings during 2007, and in the most recent quarter reported strong quarterly earnings (up 41%) with gross margins expected to be around 52% for the full year. We believe Intel will benefit from the explosion of processor power needed at the client level and the internet service level. The trend toward mobile computing should also be a positive for the company.

McDonald’s produced solid earnings as it continued to successfully execute its strategy for operational improvements. The big drivers of future earnings will be menu-driven in the U.S. and kitchen-driven in Europe. In the U.S., the company will be rolling out its premium beverages along with new menu items, while in Europe the focus will be on kitchen remodels required for premium chicken products.

Yum! Brands continued to show strong international growth, especially in China. Management expects to increase franchise ownership in the U.S. to over 90% by 2010, which we think should increase overall growth for the company.

Timberland, Micron Technology, and Virgin Media had the most negative impact on performance during the period. Revenue estimates for Timberland were lowered for the year, as the company responded to weak Fall/Winter season orders. The company does expect to see some unit growth in the struggling urban youth boot segment by spring. We view Timberland as an exceptional franchise with an extremely attractive valuation.

Lower memory chip prices continue to hurt Micron’s results. Weak prices for both DRAM and NAND chips overwhelmed good progress the company has made on controlling expenses. Given Micron’s strong technology position, improved cost structure, and cash position, we believe the stock is poised to be a good performer once the chip supply/demand situation becomes more balanced.

Virgin Media continues to be for sale, but with less liquidity in the system the buyout potential has lessened, in our opinion. We continue to believe it is an attractive acquisition candidate and is selling at a significant discount to underlying business value.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Russell Midcap^® Index is an unmanaged measure of performance of the 800 smallest companies in the Russell 1000 Index.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

³ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

MSF-2

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL MIDCAP INDEX

Average Annual Returns as of December 31, 2007

	Harris Oakmark Focused Value Portfolio						Russell MidCap Index
	Class A		Class B		Class E
1 Year	-6.8	%	-7.1	%	-7.0	%	5.6	%
5 Year	10.9		10.7		10.8		18.2
10 Year	8.4		—		—		9.9
Since Inception	—		8.5		8.4		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 4/30/93, 2/20/01 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION as of December 31, 2007

Top Holdings

	% of Total Net Assets
Intel Corp.	8.1%
Liberty Media Capital (Series A)	5.8%
National Semiconductor Corp.	5.6%
PerkinElmer, Inc.	5.2%
Liberty Media Interactive (Class A)	5.1%
Virgin Media, Inc.	4.8%
Yum! Brands, Inc.	4.7%
Robert Half International, Inc.	4.7%
Hospira, Inc.	4.7%
Avon Products, Inc.	4.5%

Top Sectors

	% of Equity Market Value
Consumer Discretionary	35.5%
Information Technology	25.7%
Health Care	17.1%
Financials	8.6%
Industrials	5.1%
Consumer Staples	4.9%
Materials	3.1%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Harris Oakmark Focused Value—Class A(a)	Actual	0.76	%	$	1,000.00	$	875.40	$	3.59
	Hypothetical	0.76	%	$	1,000.00	$	1,021.33	$	3.87
Harris Oakmark Focused Value—Class B(a)	Actual	1.01	%	$	1,000.00	$	874.30	$	4.77
	Hypothetical	1.01	%	$	1,000.00	$	1,020.05	$	5.14
Harris Oakmark Focused Value—Class E(a)	Actual	0.91	%	$	1,000.00	$	874.70	$	4.30
	Hypothetical	0.91	%	$	1,000.00	$	1,020.56	$	4.63

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—93.0% of Total Net Assets

Security Description	Shares	Value*
Capital Markets—4.7%
Merrill Lynch & Co., Inc.	763,100	$	40,963,208
Morgan Stanley	997,300		52,966,603
			93,929,811
Chemicals—2.9%
International Flavors & Fragrances, Inc. (a)	1,200,000		57,756,000
Commercial Services & Supplies—4.7%
Robert Half International, Inc.	3,500,000		94,640,000
Computers & Peripherals—4.7%
Dell, Inc. (b)	2,785,700		68,277,507
Teradata Corp. (b)	973,670		26,688,295
			94,965,802
Consumer Finance—2.8%
Discover Financial Services	3,742,599		56,438,393
Health Care Equipment & Supplies—4.6%
Hospira, Inc. (b)	2,200,000		93,808,000
Health Care Providers & Services—3.1%
Tenet Healthcare Corp. (a) (b)	12,500,300		63,501,524
Hotels, Restaurants & Leisure—6.5%
McDonald’s Corp.	600,000		35,346,000
Yum! Brands, Inc.	2,500,000		95,675,000
			131,021,000
Internet & Catalog Retail—5.1%
Liberty Media Interactive (Class A) (b)	5,353,300		102,140,964
Life Sciences Tools & Services—8.0%
MDS, Inc.	3,000,000		58,350,000
PerkinElmer, Inc.	4,000,000		104,080,000
			162,430,000
Media—15.4%
Cablevision Systems Corp. (Class A) (b)	1,600,000		39,200,000
Liberty Media Capital (Series A) (b)	1,000,000		116,490,000
Time Warner, Inc.	3,455,200		57,045,352
Virgin Media, Inc. (a)	5,700,000		97,698,000
			310,433,352
Personal Products—4.5%
Avon Products, Inc.	2,300,000		90,919,000
Semiconductors & Semiconductor Equipment—19.3%
Intel Corp.	6,100,000		162,626,000
International Rectifier Corp. (b)	1,355,082		46,032,135
Micron Technology, Inc. (a) (b)	9,200,000		66,700,000
National Semiconductor Corp.	5,000,000		113,200,000
			388,558,135

Security Description	Shares		Value*
Specialty Retail—2.7%
Tiffany & Co.		1,183,100	$	54,458,093
Textiles, Apparel & Luxury Goods—3.5%
Timberland Co. (Class A) (a) (b)		3,900,000		70,512,000
Thrifts & Mortgage Finance—0.5%
Sovereign Bancorp, Inc. (a)		899,021		10,248,840
Total Common Stock (Identified Cost $1,883,895,592)				1,875,760,914
Short Term Investments—13.4%
Security Description	Shares/ Face Amount		Value*
Mutual Funds—4.8%
State Street Navigator Securities Lending Prime Portfolio (c)		96,874,291		96,874,291
Repurchase Agreement—8.6%
State Street Repurchase Agreement dated 12/31/07 at 1.700% to be repurchased at $174,234,454 on 1/2/08, collateralized by $60,540,000 U.S. Treasury Bond 7.625% due 11/15/22 with a value of $80,291,175; by $50,000,000 U.S. Treasury Bond 7.125% due 2/15/23 with a value of $64,500,000; by $24,715,000 U.S. Treasury Bond 6.25% due 8/15/23 with a value of $30,148,445; and by $2,350,000 U.S. Treasury Bond 6.00% due 2/15/26 with a value of $2,767,125.	$	174,218,000		174,218,000
Total Short Term Investments (Identified Cost $271,092,291)				271,092,291
Total Investments—106.4% (Identified Cost $2,154,987,883) (d)				2,146,853,205
Liabilities in excess of other assets				(129,983,100	)
Total Net Assets—100%			$	2,016,870,105

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $130,930,486 and the collateral received consisted of cash in the amount of $ 96,874,291 and non cash collateral with a value of $37,640,487. 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.

(b) Non-Income Producing.

(c) Represent investment of cash collateral received from securities lending.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $2,154,987,883 and the composition of unrealized appreciation and depreciation of investment securities was $183,216,554 and $(191,351,232), respectively.

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	2,146,853,205
Receivable for:
Securities sold				6,887,600
Fund shares sold				6,049,661
Accrued interest and dividends				959,453
Total Assets				2,160,749,919
Liabilities
Payable for:
Securities purchased	$	44,361,883
Fund shares redeemed		1,100,628
Collateral for securities loaned		96,874,291
Due to custodian bank		87,489
Accrued expenses:
Management fees		1,240,129
Service and distribution fees		147,321
Deferred directors’ fees		23,461
Other expenses		44,612
Total Liabilities				143,879,814
Net Assets			$	2,016,870,105
Net assets consists of:
Capital paid in			$	1,833,223,057
Undistributed net investment income				4,251,884
Accumulated net realized gains				187,529,842
Unrealized depreciation on investments				(8,134,678	)
Net Assets			$	2,016,870,105
Computation of offering price:
Class A
Net asset value and redemption price per share ($1,249,121,831 divided by 5,692,502 shares outstanding)			$	219.43
Class B
Net asset value and redemption price per share ($549,779,244 divided by 2,564,829 shares outstanding)			$	214.35
Class E
Net asset value and redemption price per share ($217,969,030 divided by 1,005,708 shares outstanding)			$	216.73
(a) Identified cost of investments			$	2,154,987,883

(b) Includes cash collateral for securities loaned of $96,874,291.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	19,203,163
Interest					3,460,140	(a)
					22,663,303
Expenses
Management fees	$	15,680,582
Service and distribution fees—Class B		1,585,331
Service and distribution fees—Class E		381,178
Directors’ fees and expenses		21,948
Custodian		142,942
Audit and tax services		31,738
Legal		23,754
Printing		665,719
Insurance		23,791
Miscellaneous		23,010
Total expenses		18,579,993
Expense reductions		(33,907	)
Management fee waivers		(292,767	)		18,253,319
Net Investment Income					4,409,984
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net					187,656,215
Change in unrealized depreciation on:
Investments—net					(339,762,441	)
Net loss					(152,106,226	)
Net Decrease in Net Assets From Operations				$	(147,696,242	)

(a) Includes net income on securities loaned of $301,120.

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	4,409,984		$	10,146,408
Net realized gain		187,656,215			266,743,318
Unrealized depreciation		(339,762,441	)		(37,862,467	)
Increase (decrease) in net assets from operations		(147,696,242	)		239,027,259
From Distributions to Shareholders
Net investment income
Class A		(6,924,948	)		(3,223,554	)
Class B		(2,104,620	)		(577,292	)
Class E		(1,101,719	)		(480,243	)
		(10,131,287	)		(4,281,089	)
Net realized gain
Class A		(152,693,942	)		(99,464,113	)
Class B		(81,495,708	)		(61,092,741	)
Class E		(32,760,337	)		(27,150,150	)
		(266,949,987	)		(187,707,004	)
Total distributions		(277,081,274	)		(191,988,093	)
Increase in net assets from capital share transactions		271,078,146			195,435,838
Total increase (decrease) in net assets		(153,699,370	)		242,475,004
Net Assets
Beginning of the period		2,170,569,475			1,928,094,471
End of the period	$	2,016,870,105		$	2,170,569,475
Undistributed Net Investment Income
End of the period	$	4,251,884		$	10,007,094

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	1,469,045		$	360,559,728		1,241,146		$	315,875,278
Reinvestments	658,195			159,618,890		417,633			102,687,667
Redemptions	(1,004,853	)		(251,059,673	)	(952,674	)		(243,985,721	)
Net increase	1,122,387		$	269,118,945		706,105		$	174,577,224
Class B
Sales	353,452		$	86,105,779		508,057		$	127,861,002
Reinvestments	352,283			83,600,328		255,585			61,670,033
Redemptions	(663,348	)		(160,295,991	)	(596,683	)		(149,277,177	)
Net increase	42,387		$	9,410,116		166,959		$	40,253,858
Class E
Sales	78,053		$	18,644,557		72,438		$	18,537,553
Reinvestments	141,221			33,862,056		113,481			27,630,393
Redemptions	(245,487	)		(59,957,528	)	(259,395	)		(65,563,190	)
Net decrease	(26,213	)	$	(7,450,915	)	(73,476	)	$	(19,395,244	)
Increase derived from capital share transactions			$	271,078,146				$	195,435,838

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	269.23		$	265.37		$	243.86		$	224.26		$	169.33
Income (Loss) From Investment Operations
Net investment income		0.73	(a)		1.41			0.78			0.23			0.24
Net realized and unrealized gain (loss) of investments		(15.83	)		28.89			23.48			21.85			54.97
Total from investment operations		(15.10	)		30.30			24.26			22.08			55.21
Less Distributions
Distributions from net investment income		(1.51	)		(0.83	)		(0.11	)		(0.10	)		(0.28	)
Distributions from net realized capital gains		(33.19	)		(25.61	)		(2.64	)		(2.38	)		0.00
Total distributions		(34.70	)		(26.44	)		(2.75	)		(2.48	)		(0.28	)
Net Asset Value, End of Period	$	219.43		$	269.23		$	265.37		$	243.86		$	224.26
Total Return (%)		(6.8	)		12.5			10.0			9.9			32.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.75			0.78			0.77			0.78			0.80
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.75			0.78			0.77			0.78			0.78
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.76			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		0.30			0.60			0.35			0.15			0.14
Portfolio turnover rate (%)		68			50			25			16			16
Net assets, end of period (000)	$	1,249,122		$	1,230,429		$	1,024,615		$	809,906		$	614,742
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	263.76		$	260.34		$	239.96		$	221.17		$	167.26
Income (Loss) From Investment Operations
Net investment income (loss)		0.10	(a)		0.91			0.22			(0.24	)		0.01
Net realized and unrealized gain (loss) of investments		(15.46	)		28.36			22.80			21.41			54.02
Total from investment operations		(15.36	)		29.27			23.02			21.17			54.03
Less Distributions
Distributions from net investment income		(0.86	)		(0.24	)		0.00			0.00			(0.12	)
Distributions from net realized capital gains		(33.19	)		(25.61	)		(2.64	)		(2.38	)		0.00
Total distributions		(34.05	)		(25.85	)		(2.64	)		(2.38	)		(0.12	)
Net Asset Value, End of Period	$	214.35		$	263.76		$	260.34		$	239.96		$	221.17
Total Return (%)		(7.1	)		12.2			9.7			9.7			32.3
Ratio of operating expenses to average net assets before expense reductions (%)		1.00			1.03			1.02			1.03			1.05
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.00			1.03			1.02			1.03			1.03
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		1.01			N/A			N/A			N/A			N/A
Ratio of net investment income (loss) to average net assets (%)		0.04			0.35			0.10			(0.09	)		(0.13	)
Portfolio turnover rate (%)		68			50			25			16			16
Net assets, end of period (000)	$	549,779		$	665,313		$	613,215		$	578,991		$	540,656

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Financial Highlights

		Class E
		Year ended December 31,
		2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period		$	266.33		$	262.59		$	241.77		$	222.60		$	168.22
Income (Loss) From Investment Operations
Net investment income			0.34	(a)		1.21			0.49			0.04			0.07
Net realized and unrealized gain (loss) of investments	��		(15.63	)		28.59			22.97			21.51			54.47
Total from investment operations			(15.29	)		29.80			23.46			21.55			54.54
Less Distributions
Distributions from net investment income			(1.12	)		(0.45	)		0.00			0.00			(0.16	)
Distributions from net realized capital gains			(33.19	)		(25.61	)		(2.64	)		(2.38	)		0.00
Total distributions			(34.31	)		(26.06	)		(2.64	)		(2.38	)		(0.16	)
Net Asset Value, End of Period		$	216.73		$	266.33		$	262.59		$	241.77		$	222.60
Total Return (%)			(7.0	)		12.3			9.8			9.8			32.5
Ratio of operating expenses to average net assets before expense reductions (%)			0.90			0.93			0.92			0.93			0.95
Ratio of operating expenses to average net assets after expense reductions (%) (b)			0.90			0.93			0.92			0.93			0.93
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)			0.91			N/A			N/A			N/A			N/A
Ratio of net investment income (loss) to average net assets (%)			0.14			0.44			0.19			0.00			(0.03	)
Portfolio turnover rate (%)			68			50			25			16			16
Net assets, end of period (000)		$	217,969		$	274,828		$	290,264		$	280,856		$	204,755

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Harris Oakmark Focused Value Portfolio (the “Portfolio”) is a non-diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-10

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio

MSF-11

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	10,227,819	$	7,475,862	$	266,853,455	$	184,512,231	$	—	$	—	$	277,081,274	$	191,988,093

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Depreciation			Loss Carryforwards		Total
$57,271,918	$	134,538,824	$	(8,134,678	)	$	—	$	183,676,064

MSF-12

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	1,377,181,637	$	0	$	1,456,323,248

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$15,680,582	0.750%	Of the first $1 billion
	0.700%	Of the next $1.5 billion
	0.675%	Of the next $2.5 billion
	0.650%	On amounts in excess of $5 billion

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

Management Fee Waivers:

Effective January 1, 2007 to January 6, 2008, a new subadvisory fee schedule was adopted for the Portfolio, under which the subadvisory fee for the Portfolio is calculated based on the combined average daily net assets for the Portfolio and the Harris Oakmark Large Cap Value Portfolio (collectively, the “Harris Portfolios”). In connection with this change in the subadvisory fee schedule, MetLife Advisers has agreed, pursuant to an expense agreement effective January 1, 2007 to January 6, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio by the following amount: the difference between (i) the subadvisory fee that MetLife Advisers actually pays Harris Associates, L.P. with respect to such class of the Portfolio; and (ii) the subadvisory fee that MetLife Advisers would pay Harris Associates, L.P. with respect to such class of the Portfolio after applying the new subadvisory fee schedule for the Portfolio that took effect January 1, 2007 but without combining the assets of the Harris Portfolios for purposes of calculating such fee. This combined subadvisory fee schedule and corresponding fee waiver was discontinued effective January 7, 2008.

Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

MSF-13

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-14

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Harris Oakmark Focused Value Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Harris Oakmark Focused Value Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-15

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-16

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-17

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-18

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-19

Metropolitan Series Fund, Inc.

Harris Oakmark Focused Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

Certain Matters Relating to MFS Value Portfolio (formerly known as Harris Oakmark Large Cap Value Portfolio) (the “Value Portfolio”) and Harris Oakmark Focused Value Portfolio (the “Focused Value Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the Value Portfolio from Harris Associates L.P. (“Harris”) to Massachusetts Financial Services Company (“MFS”) and an amendment to the Subadvisory Agreement relating to the Focused Value Portfolio, each to be effective on January 7, 2008. The Board also approved a merger of the Value Portfolio with the MFS Value Portfolio, a series of the Met Investors Series Trust (“MIST”), to be effective on April 28, 2008 (the “Merger).

In making the determination to approve the change in subadviser for the Value Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with Harris and the proposed Subadvisory Agreement with MFS. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of MFS as portfolio manager;

• that the form of the proposed Subadvisory Agreement with MFS was substantially similar to the Value Portfolio’s existing Subadvisory Agreement with Harris;

• that the subadvisory fee schedule for MFS set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser and the fact that MetLife Advisers had agreed to pay a portion of those costs;

• the impact of the Merger on the Value Portfolio, including any potential costs savings;

• that the preferred date of the change of subadviser for the Value Portfolio was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with Harris from its scheduled expiration date of December 31, 2007 until January 7, 2008;

• that the existing Subadvisory Agreement with Harris for the Focused Value Portfolio contained a subadvisory fee schedule based on the combined average daily net assets for the Value Portfolio and the Focused Value Portfolio and that, as a result of the subadviser change for the Value Portfolio, the subadvisory fees for the Focused Value Portfolio may increase slightly; and

• that MetLife Adviser’s voluntary advisory fee waiver currently in effect with respect to the Focused Value Portfolio would be discontinued following the subadviser change and that, as a result, the advisory fees for the Focused Value Portfolio may increase slightly.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve (i) the continuation of the existing Subadvisory Agreement relating to the Value Portfolio through January 7, 2008 (ii) an amendment to the Subadvisory Agreement relating to the Focused Value Portfolio, effective January 7, 2008, and (iii) the proposed Subadvisory Agreement relating to the Value Portfolio with MFS, effective January 7, 2008 through January 6, 2010.

MSF-20

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-21

Metropolitan Series Fund, Inc. Jennison Growth Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Managed by Jennison Associates, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Jennison Growth Portfolio returned 11.7%, compared to its benchmark, the Russell 1000 Growth Index¹, which returned 11.8%. The average return of its peer group, the Lipper Variable Insurance Products Large-Cap Growth Funds Universe², was 12.8% over the same period.

PORTFOLIO REVIEW

Strong US economic growth began to slow in 2007, but continued strength overseas, especially in emerging markets, helped drive US expansion. Reflecting in part the rapid development of emerging economies, the prices of commodities, such as metals and agricultural products, hit new cycle highs. Oil prices rose to record highs and closed 2007 just shy of $100 per barrel. At the same time, the US dollar weakened against most major currencies. Inflation, while largely contained through the year, remained a risk. Corporate earnings growth began to slow, with S&P 500 earnings growth failing to break into the double digits for the first time in several years in 2007’s third quarter. Negative earnings revisions became more common, with financial, retail, and homebuilding companies, along with some energy names, bearing the brunt. Employment, however, remained essentially healthy. Problems in the subprime mortgage market, evident early in the year, spread as 2007 progressed. The ensuing credit crunch led to heightened market volatility. Major financial institutions with balance sheets exposed to structured investment vehicles were forced to take write-offs, resulting in substantial losses, management changes, and moves to raise capital. In September, the Federal Open Market Committee began lowering the fed funds rate for the first time since June 2003. Rising energy prices, higher mortgage payments, and reduced home equity combined to help bring on a slowdown in consumer spending. Slowing economic growth and the prospect of recession in 2008 caused retail sales to tail off further into the important year-end holiday season.

The Russell 1000^® Growth Indexadvanced 11.8% in the fiscal year ended December 31, 2007, substantially outperforming the Standard & Poor’s 500 Index³ 5.5% gain and marking the first time in several years that growth stocks outperformed the broader market. Benchmark returns were greatest in materials, energy, utilities, and information technology. The consumer discretionary and financials sectors declined.

The Portfolio is built from the bottom up, with stocks selected one at a time, based on the fundamentals of individual companies rather than on overarching themes. The Portfolio’s security selection was strong in information technology, led by triple-digit gains in Research in Motion (RIMM) and Apple. Google, NVIDIA, and Juniper Networks posted 50%-plus advances, as well. RIMM advanced on the strength of the BlackBerry brand, as new subscribers grew at a solid pace and existing users embraced new product designs. Apple’s growth has been driven by the strength of iPod sales and a resurgence in Macintosh computer sales. Juniper’s investments in products, and sales force and channel strategy are yielding operating leverage, spurring an acceleration in revenue and EPS growth at the telecom equipment provider.

In the materials sector, Monsanto advanced more than 100%. The agricultural-seed and biotechnology company’s leading market share position, brand strength, first-mover advantage, operational performance, and technological innovation are helping Monsanto benefit from a bullish agriculture cycle.

Top performers in energy included Occidental Petroleum and Schlumberger. Schlumberger benefited from a resurgence in capital spending on energy-producing activity and from its business and geographic mix, while Occidental, unlike most other oil companies, is increasing production through acquisitions and operations in areas such as Oman and Libya.

The greatest detractor from performance came in the consumer discretionary sector, where retailers, including Coach and Kohl’s, were weak. Declines in other consumer names, such as Starbucks, reflected the company transitioning from stages of rapid expansion and high growth to more modest growth. We still like Coach’s rising traffic-to-sales conversion and proactive steps to manage the business in a changing external environment. We eliminated our position in Starbucks in June and exited Kohl’s in October.

Worries about subprime mortgage exposure and the impact of the credit crunch hurt the financials sector, including Portfolio holdings UBS and Merrill Lynch. We began trimming our position in UBS in July and exited the stock in November. After selling out of Merrill Lynch shares in June, we reinstituted a position in November on the belief that the company is positioned for a rebound under new leadership.

The selection of individual securities based on company-specific fundamentals drives the Portfolio’s sector allocations. Over the year, we reduced exposure to the consumer discretionary and financials sectors and increased weights in consumer staples, energy, health care, industrials, and materials.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

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

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

³ The Standard & Poor’s (S&P) 500^® Composite Stock Price Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

MSF-2

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 1000 GROWTH INDEX

Average Annual Returns as of December 31, 2007

	Jennison Growth Portfolio						Russell 1000 Growth Index
	Class A		Class B		Class E
1 Year	11.7	%	11.4	%	11.5	%	11.8	%
5 Year	13.2		12.9		—		12.1
Since Inception	6.5		6.3		13.2		6.5

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 5/1/02, 5/1/02 and 4/27/05, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Google, Inc. (Class A)	4.7%
Gilead Sciences, Inc.	3.8%
Microsoft Corp.	3.5%
Apple, Inc.	3.5%
Research In Motion, Ltd.	3.1%
Monsanto Co.	2.9%
Cisco Systems, Inc.	2.6%
The Walt Disney Co.	2.6%
General Electric Co.	2.6%
Colgate-Palmolive Co.	2.6%

Top Sectors

	% of Equity Market Value
Information Technology	30.1%
Health Care	24.8%
Consumer Discretionary	9.3%
Consumer Staples	8.7%
Financials	8.7%
Industrials	8.6%
Energy	5.1%
Materials	4.6%
Telecommunication Services	0.1%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Jennison Growth—Class A	Actual	0.67	%	$	1,000.00	$	1,064.90	$	3.49
	Hypothetical	0.67	%	$	1,000.00	$	1,021.79	$	3.41
Jennison Growth—Class B	Actual	0.92	%	$	1,000.00	$	1,063.70	$	4.79
	Hypothetical	0.92	%	$	1,000.00	$	1,020.51	$	4.69
Jennison Growth—Class E	Actual	0.82	%	$	1,000.00	$	1,064.30	$	4.27
	Hypothetical	0.82	%	$	1,000.00	$	1,021.02	$	4.18

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—98.8% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—3.1%
Boeing Co.	153,100	$	13,390,126
United Technologies Corp.	351,800		26,926,772
			40,316,898
Beverages—2.2%
PepsiCo, Inc.	391,300		29,699,670
Biotechnology—5.9%
Amgen, Inc. (a)	175,700		8,159,508
Genentech, Inc. (a)	288,700		19,363,109
Gilead Sciences, Inc. (a)	1,102,500		50,726,025
			78,248,642
Capital Markets—5.5%
Lazard, Ltd. (b)	276,800		11,260,224
Merrill Lynch & Co., Inc.	217,600		11,680,768
The Charles Schwab Corp.	1,194,100		30,509,255
The Goldman Sachs Group, Inc.	92,500		19,892,125
			73,342,372
Chemicals—4.6%
Monsanto Co.	342,300		38,231,487
Mosaic Co. (a)	62,300		5,877,382
Potash Corp. of Saskatchewan, Inc.	113,800		16,382,648
			60,491,517
Communications Equipment—10.3%
Ciena Corp. (a)	287,000		9,789,570
Cisco Systems, Inc. (a)	1,285,400		34,795,778
Juniper Networks, Inc. (a)	427,500		14,193,000
Motorola, Inc.	1,041,600		16,707,264
QUALCOMM, Inc.	493,000		19,399,550
Research In Motion, Ltd. (a)	359,900		40,812,660
			135,697,822
Computers & Peripherals—6.0%
Apple, Inc. (a)	232,400		46,033,792
Hewlett-Packard Co.	646,700		32,645,416
			78,679,208
Consumer Finance—1.0%
American Express Co.	256,100		13,322,322
Diversified Financial Services—2.1%
CME Group, Inc.	20,000		13,720,000
NYSE Euronext	156,100		13,700,897
			27,420,897
Electrical Equipment—2.8%
ABB, Ltd. (ADR)	516,300		14,869,440
First Solar, Inc. (a)	60,200		16,081,828
SunPower Corp. (a) (b)	55,000		7,171,450
			38,122,718

Security Description	Shares	Value*
Energy Equipment & Services—1.8%
Schlumberger, Ltd.	245,800	$	24,179,346
Food & Staples Retailing—2.8%
Costco Wholesale Corp.	208,300		14,531,008
CVS Caremark Corp.	333,300		13,248,675
Whole Foods Market, Inc. (b)	217,600		8,878,080
			36,657,763
Health Care Equipment & Supplies—5.6%
Alcon, Inc.	176,600		25,260,864
Baxter International, Inc.	413,500		24,003,675
Hologic, Inc. (a)	161,400		11,078,496
St. Jude Medical, Inc. (a)	324,000		13,167,360
			73,510,395
Hotels, Restaurants & Leisure—1.4%
Marriott International, Inc.	527,100		18,016,278
Household Products—3.6%
Colgate-Palmolive Co.	435,200		33,928,192
Procter & Gamble Co.	190,900		14,015,878
			47,944,070
Industrial Conglomerates—2.6%
General Electric Co.	920,100		34,108,107
Internet Software & Services—6.1%
Akamai Technologies, Inc. (a) (b)	374,800		12,968,080
eBay, Inc. (a)	177,500		5,891,225
Google, Inc. (Class A) (a)	90,200		62,371,496
			81,230,801
Life Sciences Tools & Services—1.7%
Thermo Fisher Scientific, Inc. (a) (b)	386,600		22,299,088
Media—3.9%
News Corp. (Class A)	862,200		17,666,478
The Walt Disney Co.	1,061,200		34,255,536
			51,922,014
Multiline Retail—0.8%
Saks, Inc. (a) (b)	518,700		10,768,212
Oil, Gas & Consumable Fuels—3.3%
Marathon Oil Corp.	328,000		19,962,080
Occidental Petroleum Corp.	243,700		18,762,463
Southwestern Energy Co. (a)	77,700		4,329,444
			43,053,987
Pharmaceuticals—11.3%
Abbott Laboratories	542,700		30,472,605
Elan Corp, Plc. (ADR) (a)	347,200		7,631,456
Merck & Co., Inc.	354,300		20,588,373
Mylan, Inc. (b)	461,400		6,487,284

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Pharmaceuticals—(Continued)
Roche Holding AG (ADR)	290,500	$	24,808,700
Schering-Plough Corp.	605,400		16,127,856
Teva Pharmaceutical Industries, Ltd. (ADR)	516,900		24,025,512
Wyeth	446,600		19,735,254
			149,877,040
Semiconductors & Semiconductor Equipment—1.4%
Intel Corp.	425,300		11,338,498
NVIDIA Corp. (a)	204,000		6,940,080
			18,278,578
Software—6.0%
Adobe Systems, Inc. (a)	736,600		31,474,918
Microsoft Corp.	1,301,900		46,347,640
VMware, Inc. (a) (b)	17,900		1,521,321
			79,343,879
Specialty Retail—0.2%
Urban Outfitters, Inc. (a) (b)	112,600		3,069,476
Textiles, Apparel & Luxury Goods—2.8%
Coach, Inc. (a)	540,900		16,540,722
Nike, Inc. (b)	324,000		20,813,760
			37,354,482
Total Common Stock (Identified Cost $1,092,959,529)			1,306,955,582

Short Term Investments—4.6%
Security Description	Shares/ Face Amount		Value*
Mutual Funds—3.4%
State Street Navigator Securities Lending Prime Portfolio (c)		44,958,822	$	44,958,822
Repurchase Agreement—1.2%
State Street Repurchase Agreement dated 12/31/07 at 1.70% to be repurchased at $15,388,453 on 1/2/08, collateralized by $13,330,000 U.S. Treasury Bond 6.000% due 02/15/26 with a value of $15,696,075.	$	15,387,000		15,387,000
Total Short Term Investments (Identified Cost $60,345,822)				60,345,822
Total Investments—103.4% (Identified Cost $1,153,305,351) (d)				1,367,301,404
Liabilities in excess of other assets				(44,973,775	)
Total Net Assets—100%			$	1,322,327,629

(a) Non-Income Producing.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $ 71,393,895 and the collateral received consisted of cash in the amount of $44,958,822 and non cash collateral with a value of $28,426,765. 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.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,173,602,751 and the composition of unrealized appreciation and depreciation of investment securities was $220,258,157 and $(26,559,504), respectively.

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

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	1,367,301,404
Cash				60
Receivable for:
Securities sold				1,273,564
Fund shares sold				563,784
Accrued interest and dividends				1,412,819
Foreign taxes				7,569
Total Assets				1,370,559,200
Liabilities
Payable for:
Securities purchased	$	1,334,703
Fund shares redeemed		1,122,568
Collateral for securities loaned		44,958,822
Accrued expenses:
Management fees		704,315
Service and distribution fees		64,303
Deferred directors’ fees		3,902
Other expenses		42,958
Total Liabilities				48,231,571
Net Assets			$	1,322,327,629
Net assets consists of:
Capital paid in			$	1,003,750,130
Undistributed net investment income				7,671,258
Accumulated net realized gains				96,910,188
Unrealized appreciation on investments				213,996,053
Net Assets			$	1,322,327,629
Computation of offering price:
Class A
Net asset value and redemption price per share ($1,016,211,970 divided by 74,620,725 shares outstanding)			$	13.62
Class B
Net asset value and redemption price per share ($293,807,964 divided by 21,716,145 shares outstanding)			$	13.53
Class E
Net asset value and redemption price per share ($12,307,695 divided by 906,585 shares outstanding)			$	13.58
(a) Identified cost of investments			$	1,153,305,351

(b) Includes cash collateral for securities loaned of $44,958,822.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	12,817,094	(a)
Interest					1,175,570	(b)
					13,992,664
Expenses
Management fees	$	8,041,420
Service and distribution fees—Class B		727,619
Service and distribution fees—Class E		19,070
Directors’ fees and expenses		24,077
Custodian		95,099
Audit and tax services		31,738
Legal		14,598
Printing		343,868
Insurance		13,221
Miscellaneous		18,127
Total expenses		9,328,837
Expense reductions		(171,641	)		9,157,196
Net Investment Income					4,835,468
Realized and Unrealized Gain
Realized gain on:
Investments—net		103,255,501
Futures contracts—net		1,305,645			104,561,146
Change in unrealized appreciation on:
Investments—net					31,562,822
Net gain					136,123,968
Net Increase in Net Assets From Operations				$	140,959,436

(a) Net of foreign taxes of $351,873.

(b) Includes net income on securities loaned of $540,739.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	4,835,468		$	2,820,454
Net realized gain		104,561,146			52,229,378
Unrealized appreciation (depreciation)		31,562,822			(14,447,465	)
Increase in net assets from operations		140,959,436			40,602,367
From Distributions to Shareholders
Net investment income
Class A		(4,884,260	)		0
Class B		(553,650	)		0
Class E		(36,590	)		0
		(5,474,500	)		0
Net realized gain
Class A		(40,959,234	)		(707,216	)
Class B		(10,585,783	)		(274,942	)
Class E		(460,264	)		(11,628	)
		(52,005,281	)		(993,786	)
Total distributions		(57,479,781	)		(993,786	)
Increase (decrease) in net assets from capital share transactions		(86,492,553	)		218,479,071
Total increase (decrease) in net assets		(3,012,898	)		258,087,652
Net Assets
Beginning of the period		1,325,340,527			1,067,252,875
End of the period	$	1,322,327,629		$	1,325,340,527
Undistributed Net Investment Income
End of the period	$	7,671,258		$	2,583,384

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	24,553,315		$	320,738,335		26,232,431		$	318,021,193
Reinvestments	3,609,724			45,843,494		56,896			707,216
Redemptions	(33,189,050	)		(425,024,047	)	(7,907,561	)		(96,449,068	)
Net increase (decrease)	(5,026,011	)	$	(58,442,218	)	18,381,766		$	222,279,341
Class B
Sales	3,811,957		$	49,898,866		7,138,513		$	86,369,123
Reinvestments	881,284			11,139,433		22,209			274,942
Redemptions	(6,734,065	)		(87,424,644	)	(7,419,983	)		(90,496,527	)
Net decrease	(2,040,824	)	$	(26,386,345	)	(259,261	)	$	(3,852,462	)
Class E
Sales	138,345		$	1,794,703		338,542		$	4,114,419
Reinvestments	39,184			496,854		937			11,628
Redemptions	(304,173	)		(3,955,547	)	(338,412	)		(4,073,855	)
Net increase (decrease)	(126,644	)	$	(1,663,990	)	1,067		$	52,192
Increase (decrease) derived from capital share transactions			$	(86,492,553	)			$	218,479,071

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.71		$	12.38		$	10.92		$	10.01		$	7.71
Income From Investment Operations
Net investment income		0.06	(a)		0.03			0.00			0.03			0.02
Net realized and unrealized gain on investments		1.39			0.31			1.51			0.89			2.30
Total from investment operations		1.45			0.34			1.51			0.92			2.32
Less Distributions
Distributions from net investment income		(0.06	)		0.00			(0.05	)		(0.01	)		(0.02	)
Distributions from net realized capital gains		(0.48	)		(0.01	)		0.00			0.00			0.00
Total distributions		(0.54	)		(0.01	)		(0.05	)		(0.01	)		(0.02	)
Net Asset Value, End of Period	$	13.62		$	12.71		$	12.38		$	10.92		$	10.01
Total Return (%)		11.7			2.8			13.9			9.2			30.1
Ratio of operating expenses to average net assets before expense reductions (%)		0.67			0.69			0.69			0.71			0.73
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.66			0.67			0.68			0.69			0.70
Ratio of net investment income to average net assets (%)		0.44			0.31			0.04			0.41			0.17
Portfolio turnover rate (%)		71			66			60			68			68
Net assets, end of period (000)	$	1,016,212		$	1,012,196		$	758,316		$	504,940		$	343,253
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.63		$	12.33		$	10.86		$	9.97		$	7.70
Income From Investment Operations
Net investment income (loss)		0.02	(a)		0.01			(0.02	)		0.04			0.00
Net realized and unrealized gain on investments		1.39			0.30			1.49			0.85			2.28
Total from investment operations		1.41			0.31			1.47			0.89			2.28
Less Distributions
Distributions from net investment income		(0.03	)		0.00			0.00			0.00			(0.01	)
Distributions from net realized capital gains		(0.48	)		(0.01	)		0.00			0.00			0.00
Total distributions		(0.51	)		(0.01	)		0.00			0.00			(0.01	)
Net Asset Value, End of Period	$	13.53		$	12.63		$	12.33		$	10.86		$	9.97
Total Return (%)		11.4			2.5			13.5			8.9			29.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.92			0.94			0.94			0.96			0.98
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.91			0.92			0.93			0.94			0.95
Ratio of net investment income (loss) to average net assets (%)		0.18			0.06			(0.21	)		0.29			(0.11	)
Portfolio turnover rate (%)		71			66			60			68			68
Net assets, end of period (000)	$	293,808		$	300,052		$	296,178		$	330,349		$	256,079

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was April 27, 2005 for Class E.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005(c)
Net Asset Value, Beginning of Period	$	12.67		$	12.36		$	10.16
Income From Investment Operations
Net investment income (loss)		0.04	(a)		0.02			(0.01	)
Net realized and unrealized gain on investments		1.39			0.30			2.21
Total from investment operations		1.43			0.32			2.20
Less Distributions
Distributions from net investment income		(0.04	)		0.00			0.00
Distributions from net realized capital gains		(0.48	)		(0.01	)		0.00
Total distributions		(0.52	)		(0.01	)		0.00
Net Asset Value, End of Period	$	13.58		$	12.67		$	12.36
Total Return (%)		11.5			2.6			3.0	(d)
Ratio of operating expenses to average net assets before expense reductions (%)		0.82			0.84			0.84	(e)
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.81			0.82			0.82	(e)
Ratio of net investment income (loss) to average net assets (%)		0.28			0.24			(0.15	)(e)
Portfolio turnover rate (%)		71			66			60
Net assets, end of period (000)	$	12,308		$	13,093		$	12,758

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was April 27, 2005 for Class E.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Jennison Growth Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Porfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

MSF-13

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$6,018,488	$	—	$	51,461,293	$	993,786	$	—	$	—	$	57,479,781	$	993,786

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$27,450,290	$	97,433,870	$	193,698,653	$	—	$	318,582,813

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases				Sales
U.S. Government		Other		U.S. Government		Other
$	0	$	893,952,844	$	0	$	1,013,576,904

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	8,041,420	0.700%	Of the first $200 million
		0.650%	Of the next $300 million
		0.600%	Of the next $1.5 billion
		0.550%	On amounts in excess of $2 billion

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

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

MSF-14

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Jennison Growth Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Jennison Growth Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-16

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-18

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-19

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-20

Metropolitan Series Fund, Inc.

Jennison Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-21

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-22

Metropolitan Series Fund, Inc. Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Currently managed by Julius Baer Investment Management, LLC

Formerly managed by Fidelity Management & Research Company*

Portfolio Manager Commentary

Fidelity Management & Research Company (“Fidelity”), the Portfolio’s subadviser prior to January 7, 2008, prepared this commentary, which addresses the Portfolio’s performance for the one year period ended December 31, 2007. On January 7, 2008, Julius Baer Investment Management, LLC (“Julius Baer”) succeeded Fidelity as the subadviser to the Portfolio and the name of the Portfolio was changed from the FI International Stock Portfolio to the Julius Baer International Stock Portfolio. This commentary and performance does not reflect the management of Julius Baer.

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Portfolio returned 10.3%, compared to its benchmark, the Morgan Stanley Capital International (MSCI) EAFE Index¹, which returned 11.2%. The average return of its peer group, the Lipper Variable Insurance Products International Core Funds Universe², was 12.6% over the same period.

PORTFOLIO REVIEW

Foreign developed country stocks, as represented by the MSCI EAFE Index, returned double digits for the fifth consecutive year in 2007. This return was helped by strong GDP growth outside the U.S. and the associated strengthening of currencies versus the U.S. dollar that made the values of foreign stocks higher in U.S. dollar terms. Performance amongst developed countries varied, with Japan declining 4%, the United Kingdom returning 8%, and Germany returning 36%, as examples. It was a volatile year, with foreign markets reacting to events in the U.S., including the housing declines, sub-prime fallout, and fears of an associated recession. While global demand has become more diversified, providing some stability in non-U.S. markets, U.S. economic growth is still important to markets around the world.

In this environment, the Portfolio underperformed the MSCI EAFE benchmark. The largest contributors to relative performance were capital goods names, primarily those in Germany including top ten name Siemens. These names were helped by strong performance in the German market supported by a rebound in domestic economic activity, as well as strong demand from Eastern Europe and other emerging markets for manufactured goods. Other capital goods names within Europe were driven higher by demand for upgrades to power generation capability around the world. This demand is coming from developing countries, as well as developed countries needing to upgrade their grid to comply with environmental legislation. Strong stock selection in healthcare, including an Australian biotech company that produces vaccines, also helped performance. Top ten holding E.ON AG also contributed to relative performance as it is executing well. During the year E.ON expanded its scope and signed agreements to stabilize its supply of gas, as well as being the beneficiary of high energy prices.

The Portfolio was hurt on a relative basis by holdings in Japan, specifically diversified financial names. These names were hurt by a delay in the anticipated revival of that economy, as well as government legislation. This legislation has required issuers of credit cards to reimburse consumers for what the government determined was excessive interest charges over many years. The Portfolio was also hurt by underweighting in certain European automobile manufacturers that outperformed due to restructuring and exposure to strong sales in emerging markets, particularly Russia and China.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE Index”) is an unmanaged free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

A $10,000 INVESTMENT COMPARED TO

THE MSCI EAFE INDEX

Average Annual Returns as of December 31, 2007

	Julius Baer International Stock Portfolio						MSCI EAFE Index
	Class A		Class B		Class E
1 Year	10.3	%	10.1	%	10.2	%	11.2	%
5 Year	18.1		17.8		17.9		21.6
10 Year	6.8		—		—		8.7
Since Inception	—		11.6		7.5		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 5/1/91, 5/1/02 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Vodafone Group, Plc.	3.5%
Allianz SE	2.6%
Siemens AG	2.4%
E.ON AG	2.1%
Nestle S.A.	2.0%
Müenchener Rüeckversicherungs AG	1.7%
Total S.A.	1.7%
Alstom	1.7%
Canon, Inc.	1.7%
Royal Dutch Shell, Plc.	1.6%

Top Countries

	% of Total Net Assets
Japan	24.0%
Germany	15.7%
France	9.6%
United Kingdom	9.5%
Switzerland	7.8%
Netherlands	4.2%
Australia	3.5%
Italy	2.8%
Finland	2.8%
Spain	1.6%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Julius Baer International Stock—Class A	Actual	0.96	%	$	1,000.00	$	996.30	$	4.83
	Hypothetical	0.96	%	$	1,000.00	$	1,020.31	$	4.89
Julius Baer International Stock—Class B	Actual	1.21	%	$	1,000.00	$	995.00	$	6.08
	Hypothetical	1.21	%	$	1,000.00	$	1,019.03	$	6.16
Julius Baer International Stock—Class E	Actual	1.11	%	$	1,000.00	$	995.60	$	5.58
	Hypothetical	1.11	%	$	1,000.00	$	1,019.54	$	5.65

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Schedule of Investments as of December 31, 2007

Common Stock—93.4% of Total Net Assets

Security Description	Shares	Value*
Australia—3.5%
Aristocrat Leisure, Ltd.	211,596	$	2,079,975
Babcock & Brown, Ltd.	3,429		80,820
BHP Billiton, Ltd. (ADR)	174,000		12,186,960
Computershare, Ltd.	229,488		1,986,906
CSL, Ltd.	353,468		11,225,280
Downer EDI, Ltd.	188,640		886,747
Rio Tinto, Ltd. (a)	20,062		2,340,504
Woolworths, Ltd.	39,400		1,168,633
			31,955,825
Austria—0.5%
Voestalpine AG	63,000		4,503,845
Bermuda—0.3%
Catlin Group, Ltd. (GBP)	56,000		424,353
Hiscox, Ltd. (GBP)	209,900		1,185,923
TPV Technology, Ltd. (HKD)	1,038,000		749,877
			2,360,153
Brazil—0.6%
Banco do Brasil S.A.	110,600		1,864,502
Bolsa de Mercadorias e Futuros (b)	66,900		939,607
Bovespa Holding S.A. (b)	70,000		1,348,876
Medial Saude S.A. (b)	89,000		1,163,571
			5,316,556
Canada—2.6%
Canadian Natural Resources, Ltd.	90,000		6,611,539
Canadian Natural Resources, Ltd. (USD)	24,600		1,799,244
EnCana Corp.	65,600		4,481,781
EnCana Corp. (USD)	6,000		407,760
Open Text Corp. (b)	2,700		85,755
Open Text Corp. (USD) (b)	71,000		2,232,950
OPTI Canada, Inc.	122,200		2,053,158
Suncor Energy, Inc.	12,600		1,376,180
Suncor Energy, Inc. (USD)	5,700		619,761
Talisman Energy, Inc.	89,000		1,656,589
Talisman Energy, Inc. (USD)	132,400		2,452,048
WesternZagros Resources, Ltd.	21,300		51,741
			23,828,506
Cayman Islands—0.0%
Subsea 7, Inc. (NOK)	11,500		254,708
China—0.1%
Zhejiang Expressway Co., Ltd.	814,000		1,281,468
Denmark—0.5%
William Demant Holding (a)	55,200		5,055,945
Finland—2.8%
Cargotec Corp.	28,220		1,295,493
Metso Oyj	72,700		3,917,760
Neste Oil Oyj	50,700		1,775,294
Nokia Corp. (ADR)	373,404		14,334,979

Security Description	Shares	Value*
Finland—(Continued)
Nokia Oyj	88,000	$	3,383,410
Wartsila Oyj	13,400		1,011,857
			25,718,793
France—9.6%
Air Liquide S.A.	4,840		719,240
Air Liquide/Prime de Fidelite	22,880		3,400,044
Alcatel-Lucent (ADR)	758,100		5,549,292
Alstom	73,000		15,490,077
BNP Paribas	24,700		2,651,222
Bureau Veritas S.A.	12,900		761,497
Carbone Lorraine	13,200		908,226
CNP Assurances	27,100		3,508,632
Gaz de France S.A.	106,700		6,204,015
Lagardere S.C.A.	33,400		2,486,805
Neuf Cegetel	70,000		3,519,866
Orpea (a) (b)	58,092		3,808,421
Pernod-Ricard S.A. (a)	6,640		1,527,045
Remy Cointreau S.A.	70,900		5,031,735
Renault S.A.	46,200		6,472,946
Sanofi-Aventis (ADR)	39,900		1,816,647
Société Générale	8,354		1,192,156
Sodexho Alliance S.A.	29,100		1,781,338
Total S.A.	39,600		3,281,557
Total S.A. (ADR)	149,500		12,348,700
Unibail-Rodamco (REIT)	8,200		1,782,299
Vivendi	98,753		4,493,296
			88,735,056
Germany—15.5%
Aareal Bank AG	86,754		3,972,496
Adidas AG	6,700		498,127
Allianz SE	100,929		21,556,037
Allianz SE (ADR)	100,000		2,125,000
Bayer AG	132,500		12,062,865
Bayerische Motoren Werke AG	51,100		3,150,841
Bilfinger Berger AG	51,000		3,864,090
Compugroup Holding AG	60,600		1,117,065
DAB Bank AG (a)	147,910		1,294,481
Daimler AG	45,800		4,429,773
Duetz AG (b)	13,400		134,452
E.ON AG	21,400		4,537,093
E.ON AG (ADR)	205,400		14,388,270
GFK AG	10,300		411,906
Heidelberger Druckmaschinen AG	100,500		3,344,581
Henkel KGaA	43,219		2,202,785
Hochtief AG	7,100		943,449
K&S AG	2,300		541,662
Linde AG	32,014		4,210,231
MAN AG	16,200		2,661,764
Merck KGaA	17,100		2,193,423
Müenchener Rüeckversicherungs AG	81,400		15,712,392
Patrizia Immobilien AG	55,100		416,056
RWE AG	66,900		9,360,869
SAP AG (ADR)	37,000		1,888,850
Siemens AG	45,900		7,195,216

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Germany—(Continued)
Siemens AG (ADR)	95,400	$	15,012,144
SolarWorld AG	12,200		731,170
Wacker Chemie AG	11,200		3,207,661
			143,164,749
Greece—0.6%
Hellenic Exchanges S.A. Holding Clearing Settlement & Registry	29,100		1,018,161
Public Power Corp. S.A.	94,000		4,925,790
			5,943,951
Hong Kong—0.8%
New World Development, Ltd.	685,000		2,412,669
Sun Hung Kai Properties, Ltd.	193,000		4,054,662
Wharf Holdings, Ltd.	264,000		1,362,382
			7,829,713
Ireland—0.1%
Smurfit Kappa Group, Plc.	74,500		1,211,289
Isle of Man—0.1%
Dawnay Day Treveria, Plc. (b)	516,800		610,271
Israel—0.4%
Mizrahi Tefahot Bank, Ltd.	469,600		3,644,342
Italy—2.8%
ASM S.p.A. (a)	328,400		2,383,250
Buzzi Unicem S.p.A.- RNC	79,500		1,439,719
Eni S.p.A.	182,600		6,643,546
FIAT S.p.A.	148,800		3,818,790
Finmeccanica S.p.A.	61,400		1,943,295
Fondiaria-Sai S.p.A	17,500		491,336
Milano Assicurazioni S.p.A.	54,800		426,000
Prysmian S.p.A. (b)	92,300		2,256,745
UniCredito Italiano S.p.A.	734,300		6,102,190
			25,504,871
Japan—24.0%
ABC-Mart, Inc.	58,100		1,270,770
Acom Co., Ltd.	3,640		73,949
Aeon Co., Ltd.	439,200		6,410,366
Aeon Mall Co., Ltd.	97,500		2,559,053
Aioi Insurance Co., Ltd.	172,000		809,223
Aoyama Trading Co., Ltd.	93,900		2,441,612
Arealink Co., Ltd. (a)	5,049		1,652,988
Asahi Glass Co., Ltd.	183,000		2,426,536
Asics Corp.	186,000		2,669,645
Bridgestone Corp.	116,400		2,049,902
Canon Finetech, Inc.	21,500		302,940
Canon, Inc.	200,600		9,164,658
Canon, Inc. (ADR)	135,500		6,209,965
Daiwa House Industry Co., Ltd.	219,000		2,816,954
Daiwa Securities Group, Inc.	1,220,000		11,239,720
DCM Japan Holdings Co., Ltd.	151,420		1,035,898

Security Description	Shares	Value*
Japan—(Continued)
Fuji Machine Manufacturing Co., Ltd.	112,700	$	2,444,590
Fukuoka Financial Group, Inc.	585,000		3,488,848
Hokuhoku Financial Group, Inc.	817,900		2,348,875
Ibiden Co., Ltd.	49,600		3,425,645
Inpex Holdings, Inc.	478		5,141,305
Isetan Co., Ltd.	122,200		1,652,593
Kansai Paint Co. (a)	208,000		1,508,600
Konica Minolta Holdings, Inc.	227,500		4,003,855
Marubeni Corp.	325,000		2,282,531
Marui Group Co., Ltd.	227,000		2,244,317
Matsui Securities Co., Ltd.	631,800		4,979,208
Millea Holdings, Inc.	82,000		2,771,247
MISUMI Group, Inc.	79,100		1,382,477
Mitsubishi Corp.	215,200		5,861,326
Mitsubishi Estate Co., Ltd.	163,000		3,906,906
Mitsui & Co., Ltd.	317,000		6,724,886
Mitsui Fudosan Co., Ltd.	126,000		2,722,860
Monex Beans Holdings, Inc.	626		415,629
Murata Manufacturing Co., Ltd.	114,400		6,652,626
Namco Bandai Holdings, Inc.	132,000		2,090,301
NGK Insulators, Ltd.	57,000		1,537,825
Nidec Corp.	76,900		5,708,333
Nintendo Co., Ltd.	1,600		971,349
Nippon Chemi-Con Corp.	211,000		1,282,782
Nippon Electric Glass Co., Ltd.	440,300		7,150,659
Nomura Holdings, Inc.	465,400		7,779,221
Nomura Holdings, Inc. (ADR)	183,300		3,070,275
NSK, Ltd.	352,000		3,653,243
Okamura Corp. (a)	254,000		2,147,069
Okinawa Cellular Telephone Co.	362		794,701
OMC Card, Inc. (a)	658,600		2,261,734
ORIX Corp.	14,030		2,345,968
SBI E*Trade Securities Co., Ltd.	2,810		2,649,268
Sekisui House, Ltd.	248,000		2,685,978
Seven & I Holdings Co., Ltd.	45,300		1,317,227
SFCG Co., Ltd. (a)	21,670		2,994,800
SMC Corp.	24,500		2,915,670
Sompo Japan Insurance, Inc.	574,000		5,170,469
Sony Corp.	40,000		2,170,529
Sony Corp. (ADR)	18,700		1,015,410
Sony Financial Holdings, Inc.	68		258,425
Sumitomo Corp.	439,400		6,256,190
Sumitomo Electric Industries, Ltd.	278,000		4,427,890
Sumitomo Mitsui Financial Group, Inc.	72		535,713
Sumitomo Osaka Cement Co., Ltd.	932,000		1,788,891
Takeda Pharmaceutical Co., Ltd.	47,000		2,747,248
The Bank of Nagoya, Ltd.	355,000		2,147,457
The Chiba Bank, Ltd.	268,000		2,171,116
The Daiei, Inc.	206,800		1,103,512
The Juroku Bank, Ltd.	546,000		3,020,514
The Tokyo Tomin Bank, Ltd.	108,300		3,067,599
Tokai Carbon Co., Ltd.	533,000		4,763,916
Tokuyama Corp.	254,000		2,541,070
Toyota Motor Corp.	82,800		4,456,321
Yamada Denki Co., Ltd.	8,050		916,192
Yamaguchi Financial Group, Inc.	182,000		2,111,610
			221,118,978

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Luxembourg—0.2%
ArcelorMittal	22,700	$	1,755,845
Malaysia—0.7%
Digi.Com BHD	39,300		293,676
Gamuda BHD	2,577,200		3,726,646
Public Bank BHD	439,300		1,454,873
YTL Corp. BHD	362,600		863,803
			6,338,998
Netherlands—4.2%
Akzo Nobel NV	20,800		1,653,955
Heineken NV	152,900		9,833,021
Koninklijke Philips Electronics NV (ADR)	22,600		966,150
Reed Elsevier NV (ADR)	163,900		6,498,635
Royal KPN NV	304,800		5,504,331
Unilever NV	141,262		5,164,371
Unilever NV (USD)	251,200		9,158,752
			38,779,215
Norway—0.8%
Aker Kvaerner ASA	197,450		5,203,261
Hafslund ASA	58,300		1,664,834
Odfjell SE	4,950		64,759
			6,932,854
Singapore—0.1%
ASE Test, Ltd. (b)	50,900		722,271
South Korea—0.4%
Daewoo Shipbuliding & Marine Engineering Co., Ltd.	42,620		2,346,763
Kookmin Bank	19,170		1,409,088
			3,755,851
Spain—1.6%
Banco Santander S.A. (ADR)	52,300		1,126,542
Inditex S.A.	19,200		1,165,681
Telefonica S.A. (ADR)	129,300		12,618,387
			14,910,610
Sweden—0.8%
Scania AB	234,800		5,553,279
SSAB Svenskt Stal AB (Series A)	11,200		300,812
SSAB Svenskt Stal AB (Series B)	34,400		834,781
Telefonaktiebolaget LM Ericsson (ADR)	14,885		347,565
			7,036,437
Switzerland—7.8%
ABB, Ltd.	286,732		8,260,109
ABB, Ltd. (ADR)	109,200		3,144,960
Actelion, Ltd. (b)	42,492		1,934,742
Basilea Pharmaceuticals	13,240		2,560,927
Credit Suisse Group (ADR)	88,100		5,294,810
Julius Baer Holding AG	55,709		4,524,434

Security Description	Shares	Value*
Switzerland—(Continued)
Nestle S.A.	24,390	$	11,166,461
Nestle S.A. (ADR)	61,900		7,087,550
Novartis AG (ADR)	40,500		2,199,555
Roche Holding AG	70,422		12,120,115
SGS S.A.	5,643		6,642,465
Sonova Holding AG	796		88,966
Swiss Life Holding	6,628		1,639,453
Swisscom AG	1,175		456,090
Zurich Financial Services AG	17,866		5,253,296
			72,373,933
Taiwan—2.0%
Advanced Semiconductor Engineering, Inc.	3,991,531		3,965,227
Hon Hai Precision Industry Co., Ltd.	321,000		1,982,872
Siliconware Precision Industries Co. (ADR)	339,971		3,022,342
Taiwan Mobile Co., Ltd.	2,108,000		2,813,856
Taiwan Semiconductor Manufacturing Co., Ltd.	1,802,864		3,428,817
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	153,663		1,530,484
Wistron Corp.	820,928		1,514,675
			18,258,273
United Kingdom—9.5%
Anglo American, Plc. (ADR)	101,798		3,091,605
BP, Plc.	379,200		4,623,477
BP, Plc. (ADR)	128,900		9,431,613
GlaxoSmithKline, Plc.	31,300		791,900
Intertek Group, Plc.	87,000		1,700,573
NETeller, Plc. (b) (c)	229,000		242,882
Punch Taverns, Plc.	11,000		166,006
Rentokil Initial, Plc.	1,080,300		2,572,247
Rio Tinto, Plc.	26,700		2,788,863
Rio Tinto, Plc. (ADR)	11,000		4,618,900
Royal Dutch Shell, Plc. (ADR) (A Shares)	172,800		14,549,760
Serco Group, Plc.	60,400		550,455
Tesco, Plc.	659,544		6,209,096
Unilever, Plc.	31,200		1,166,532
Unilever, Plc. (ADR)	86,820		3,248,805
Vodafone Group, Plc.	574,500		2,134,713
Vodafone Group, Plc. (ADR)	804,200		30,012,744
			87,900,171
United States—0.5%
Affiliated Computer Services, Inc. (Class A) (b)	22,000		992,200
Microsoft Corp.	97,000		3,453,200
			4,445,400
Total Common Stock (Identified Cost $793,266,193)			861,248,877

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Schedule of Investments as of December 31, 2007

Preferred Stock—0.2%

Security Description	Shares		Value*
Germany—0.2%
Fresenius SE		5,100	$	422,806
Volkswagen AG		11,700		1,696,698
Total Preferred Stock (Identified Cost $2,228,155)				2,119,504
Warrants—0.0%
Canada—0.0%
WesternZagros Resources, Ltd.		2,130		323
Total Warrants (Identified Cost $1,650)				323
Short Term Investments—7.2%
Security Description	Shares/ Face Amount		Value*
United States—7.2%
State Street Navigator Securities Lending Prime Portfolio (d)		13,646,564		13,646,564
State Street Corp. Repurchase Agreement dated 12/31/07 at 1.20% to be repurchased at $53,182,545 on 1/02/08, collateralized by $44,905,000 U.S. Treasury Bond 6.25% due 8/15/23 with a value of $54,777,095.	$	53,179,000		53,179,000
Total Short Term Investments (Identified Cost $66,825,564)				66,825,564
Total Investments—100.8% (Identified Cost $862,321,562) (e)				930,194,268
Liabilities in excess of other assets				(7,573,643	)
Total Net Assets—100%			$	922,620,625

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $13,057,082 and the collateral received consisted of cash in the amount of $13,646,564 and non cash collateral with a value of $109,500. 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.

(b) Non-Income Producing.

(c) Security was valued in good faith under procedures established by the Board of Directors.

(d) Represents investment of cash collateral received from securities lending transactions.

(e) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $864,428,005 and the composition of unrealized appreciation and depreciation of investment securities was $110,247,696 and $(44,481,433), respectively.

(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.

(GBP)— British Pound

(REIT)— A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

(HKD)— Hong Kong Dollar

(NOK)— Norwegian Krone

(USD)— United States Dollar

Ten Largest Industries as of December 31, 2007	Percentage of Total Net Assets
Oil, Gas & Consumable Fuels	8.7%
Insurance	6.6%
Commercial Banks	4.6%
Capital Markets	4.5%
Food Products	4.0%
Wireless Telecommunication Services	3.9%
Chemicals	3.8%
Electrical Equipment	3.7%
Metals & Mining	3.5%
Machinery	3.3%

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	930,194,268
Cash				153
Foreign cash at value (b)				4,880,753
Receivable for:
Securities sold				1,408,164
Fund shares sold				689,169
Accrued interest and dividends				862,689
Foreign taxes				48,497
Total Assets				938,083,693
Liabilities
Payable for:
Fund shares redeemed	$	964,270
Withholding taxes		32,077
Collateral for securities loaned		13,646,564
Accrued expenses:
Management fees		651,693
Service and distribution fees		34,394
Other expenses		134,070
Total Liabilities				15,463,068
Net Assets			$	922,620,625
Net assets consists of:
Capital paid in			$	739,356,218
Undistributed net investment income				23,850,095
Accumulated net realized gains				91,513,106
Unrealized appreciation on investments and foreign currency				67,901,206
Net Assets			$	922,620,625
Computation of offering price:
Class A
Net asset value and redemption price per share ($732,642,534 divided by 45,682,023 shares outstanding)			$	16.04
Class B
Net asset value and redemption price per share ($119,072,768 divided by 7,522,697 shares outstanding)			$	15.83
Class E
Net asset value and redemption price per share ($70,905,323 divided by 4,462,328 shares outstanding)			$	15.89
(a) Identified cost of investments			$	862,321,562
(b) Identified cost of foreign cash			$	4,858,701

(c) Includes cash collateral for securities loaned of $13,646,564.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	15,828,802	(a)
Interest					1,454,680	(b)
					17,283,482
Expenses
Management fees	$	6,758,154
Service and distribution fees—Class B		266,756
Service and distribution fees—Class E		109,151
Directors’ fees and expenses		23,669
Custodian		618,067
Audit and tax services		36,238
Legal		9,350
Printing		241,088
Insurance		8,042
Miscellaneous		15,981
Total expenses		8,086,496
Expense reductions		(306,575	)		7,779,921
Net Investment Income					9,503,561
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		95,381,567
Foreign currency transactions—net		15,570,508			110,952,075
Change in unrealized appreciation (depreciation) on:
Investments—net		(46,144,830	)
Foreign currency transactions—net		24,100			(46,120,730	)
Net gain					64,831,345
Net Increase in Net Assets From Operations				$	74,334,906

(a) Net of foreign taxes of $2,053,480.

(b) Includes net income on securities loaned of $878,938.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	9,503,561		$	5,940,516
Net realized gain		110,952,075			71,414,751
Unrealized appreciation (depreciation)		(46,120,730	)		16,788,953
Increase in net assets from operations		74,334,906			94,144,220
From Distributions to Shareholders
Net investment income
Class A		(6,573,819	)		(6,634,593	)
Class B		(868,894	)		(880,784	)
Class E		(684,687	)		(943,442	)
		(8,127,400	)		(8,458,819	)
Net realized gain
Class A		(31,935,315	)		0
Class B		(5,344,633	)		0
Class E		(3,801,346	)		0
		(41,081,294	)		0
Total distributions		(49,208,694	)		(8,458,819	)
Increase in net assets from capital share transactions		181,504,573			95,883,990
Total increase in net assets		206,630,785			181,569,391
Net Assets
Beginning of the period		715,989,840			534,420,449
End of the period	$	922,620,625		$	715,989,840
Undistributed Net Investment Income
End of the period	$	23,850,095		$	4,751,665

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	16,846,288		$	270,473,730		11,895,720		$	172,359,417
Reinvestments	2,445,024			38,509,134		442,306			6,634,593
Redemptions	(8,950,622	)		(142,801,144	)	(7,656,172	)		(110,636,037	)
Net increase	10,340,690		$	166,181,720		4,681,854		$	68,357,973
Class B
Sales	2,842,370		$	44,791,023		4,286,221		$	60,756,388
Reinvestments	399,070			6,213,527		59,352			880,784
Redemptions	(1,958,960	)		(30,811,895	)	(2,197,215	)		(31,185,457	)
Net increase	1,282,480		$	20,192,655		2,148,358		$	30,451,715
Class E
Sales	557,684		$	8,839,481		982,019		$	14,002,927
Reinvestments	287,198			4,486,033		63,403			943,442
Redemptions	(1,148,836	)		(18,195,316	)	(1,257,831	)		(17,872,067	)
Net decrease	(303,954	)	$	(4,869,802	)	(212,409	)	$	(2,925,698	)
Increase derived from capital share transactions			$	181,504,573				$	95,883,990

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.49		$	13.48		$	11.50		$	9.86		$	7.76
Income From Investment Operations
Net investment income		0.20	(a)		0.13			0.14			0.10			0.11
Net realized and unrealized gain on investments		1.38			2.09			1.92			1.68			2.05
Total from investment operations		1.58			2.22			2.06			1.78			2.16
Less Distributions
Distributions from net investment income		(0.17	)		(0.21	)		(0.08	)		(0.14	)		(0.06	)
Distributions from net realized capital gains		(0.86	)		0.00			0.00			0.00			0.00
Total distributions		(1.03	)		(0.21	)		(0.08	)		(0.14	)		(0.06	)
Net Asset Value, End of Period	$	16.04		$	15.49		$	13.48		$	11.50		$	9.86
Total Return (%)		10.3			16.5			18.0			18.2			28.0
Ratio of operating expenses to average net assets before expense reductions (%)		0.96			1.05			1.06			1.08			1.13
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.92			1.00			1.01			1.06			1.11
Ratio of net investment income to average net assets (%)		1.22			1.00			1.23			0.85			1.21
Portfolio turnover rate (%)		100			86			69			90			148
Net assets, end of period (000)	$	732,643		$	547,335		$	413,322		$	344,340		$	318,996
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.30		$	13.33		$	11.38		$	9.76		$	7.69
Income From Investment Operations
Net investment income		0.15	(a)		0.12			0.12			0.07			0.03
Net realized and unrealized gain on investments		1.37			2.03			1.88			1.67			2.09
Total from investment operations		1.52			2.15			2.00			1.74			2.12
Less Distributions
Distributions from net investment income		(0.13	)		(0.18	)		(0.05	)		(0.12	)		(0.05	)
Distributions from net realized capital gains		(0.86	)		0.00			0.00			0.00			0.00
Total distributions		(0.99	)		(0.18	)		(0.05	)		(0.12	)		(0.05	)
Net Asset Value, End of Period	$	15.83		$	15.30		$	13.33		$	11.38		$	9.76
Total Return (%)		10.1			16.2			17.6			18.0			27.8
Ratio of operating expenses to average net assets before expense reductions (%)		1.21			1.30			1.31			1.33			1.38
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.17			1.25			1.26			1.31			1.36
Ratio of net investment income (loss) to average net assets (%)		0.96			0.72			0.89			0.56			(0.04	)
Portfolio turnover rate (%)		100			86			69			90			148
Net assets, end of period (000)	$	119,073		$	95,473		$	54,530		$	24,612		$	14,859

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.35		$	13.37		$	11.41		$	9.79		$	7.71
Income From Investment Operations
Net investment income		0.18	(a)		0.12			0.13			0.07			0.08
Net realized and unrealized gain on investments		1.37			2.05			1.89			1.68			2.05
Total from investment operations		1.55			2.17			2.02			1.75			2.13
Less Distributions
Distributions from net investment income		(0.15	)		(0.19	)		(0.06	)		(0.13	)		(0.05	)
Distributions from net realized capital gains		(0.86	)		0.00			0.00			0.00			0.00
Total distributions		(1.01	)		(0.19	)		(0.06	)		(0.13	)		(0.05	)
Net Asset Value, End of Period	$	15.89		$	15.35		$	13.37		$	11.41		$	9.79
Total Return (%)		10.2			16.3			17.8			18.0			27.9
Ratio of operating expenses to average net assets before expense reductions (%)		1.11			1.20			1.21			1.23			1.28
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.07			1.15			1.16			1.21			1.26
Ratio of net investment income to average net assets (%)		1.10			0.89			1.08			0.70			0.93
Portfolio turnover rate (%)		100			86			69			90			148
Net assets, end of period (000)	$	70,905		$	73,182		$	66,569		$	58,712		$	47,619

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Julius Baer International Stock Portfolio (formerly FI International Stock) (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-13

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-14

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Fund Concentration:

The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange

MSF-15

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	8,127,400	$	8,458,819	$	41,081,294	$	—	$	—	$	—	$	49,208,694	$	8,458,819

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$43,129,517	$	74,341,988	$	65,792,902	$	—	$	183,264,407

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	895,123,092	$	0	$	782,836,242

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$6,758,154	0.860%	Of the first $500 million
	0.800%	Of the next $500 million
	0.750%	On amounts in excess of $1 billion

MSF-16

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Fidelity Research & Management Company (“Fidelity”) was compensated by MetLife Advisers to provide subadvisory services for the Portfolio in 2007.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. SUBSEQUENT EVENTS:

On November 15, 2007, the Board of Directors of the Fund approved a new Subadvisory Agreement (the “Agreement”) with respect to the Portfolio between MetLife Advisers and Julius Baer. The Agreement is not subject to shareholder approval and became effective January 7, 2008. The Advisory Agreement between the Fund, with respect to the Portfolio, and MetLife Advisers will remain in effect and fees payable thereunder to MetLife Advisers will not change. Under the Agreement, Julius Baer became subadviser to the Portfolio, succeeding Fidelity, and is responsible for the day-to-day management of the Portfolio’s investment operations under the oversight of MetLife Advisers and the Board. The name of the FI International Stock Portfolio changed to the “Julius Baer International Stock Portfolio” at the time the Agreement became effective.

MSF-17

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

8. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio), one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio) of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-19

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-20

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-21

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund other than the Julius Baer International Stock Portfolio (formerly known as the FI International Stock Portfolio). The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-22

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-23

Metropolitan Series Fund, Inc.

Julius Baer International Stock Portfolio (formerly FI International Stock Portfolio)

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

Certain Matters Relating to Julius Baer International Stock Portfolio (formerly known as the FI International Stock Portfolio) (the “International Stock Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the International Stock Portfolio from Fidelity Management & Research Company (“FMR”) to Julius Baer Investment Management LLC (“Julius Baer”).

In making the determination to approve the change in subadviser for the International Stock Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with FMR and the proposed Subadvisory Agreement with Julius Baer. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of Julius Baer as portfolio manager;

• that the form of the proposed Subadvisory Agreement with Julius Baer was substantially similar to the International Stock Portfolio’s existing Subadvisory Agreement with FMR;

• that the subadvisory fee schedule for Julius Baer set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser; and

• that the preferred date of the change of subadviser was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with FMR from its scheduled expiration date of December 31, 2007 until January 7, 2008.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve the continuation of the existing Subadvisory Agreement relating to the International Stock Portfolio through January 7, 2008 and to approve the proposed Subadvisory Agreement relating to such Portfolio with Julius Baer, effective January 7, 2008 through January 6, 2010.

MSF-24

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-25

Metropolitan Series Fund, Inc. Lehman Brothers Aggregate Bond
Index Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Managed by MetLife Investment Advisors Company, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Lehman Brothers Aggregate Bond Index Portfolio¹ returned 6.9%, compared to its benchmark, the Lehman Brothers Aggregate Bond Index¹, which returned 7.0% over the same period.

PORTFOLIO REVIEW

The 2007 fixed income markets were overwhelmed with the subprime mortgage contagion, a weakening housing market, the liquidity crisis, Federal Reserve (Fed) actions, oil price volatility, and a deteriorating U.S. Dollar. News about problems within the subprime mortgage market dominated the headlines during the year. Investors struggled with the ramifications of borrower defaults, lender bankruptcies, and subprime-induced losses in the Credit sector. The fragile housing market yielded sluggish home appreciation, an oversupply of houses for sale, and an increase in foreclosures for borrowers with weak credit. By August, the subprime meltdown triggered a liquidity crisis, as news emerged that some Asset-Backed Commercial Paper (ABCP) and Structured Investment Vehicles (SIVs) were backed by subprime loans. These short-term investment products were previously perceived as high quality, money market vehicles. After questions regarding the value, quality and perceived risk of the underlying assets emerged, investors shunned the short-term investments and instead sought the safety of Agency Discount Notes. The Fed responded to the crisis by easing rates and providing liquidity. The Fed decreased the Fed Funds rate, lowered the discount rate, encouraged member banks to borrow at the discount window, and injected money into the banking system by buying repurchase agreements (repos).

The Fed cut the Fed Funds interest rate three times during the year for a total of 1.00%. By year-end, the Fed Funds rate was 4.25%, and interest rates were down an average of 1.25% along the yield curve. The yield curve steepened significantly, with the 2-year Treasury closing at 3.05% (down from 4.81% on 12/31/2006) and the 30-year Treasury closing at 4.45% (down from 4.81% on 12/31/2006).

Oil prices closed 2007 at $95.98 a barrel (versus $61.05 on 12/31/06), after hitting a high of $98.18 during the year. Middle Eastern and African tensions, supply disruptions, and increased demand contributed to crude oil price volatility over the period. The U.S. dollar endured a volatile year, falling to record lows against the Euro for the first time since that currency debuted in 1999 and the Canadian dollar by the greatest amount since Canada allowed its currency to float in 1950.

All spread sectors posted negative excess returns, indicating underperformance versus comparable duration Treasuries, and all experienced significant spread widening over the period. Excess returns for the sectors were: -0.72% for Government-Related, -1.78% for Mortgage-Backed Securities (MBS), -4.35% for Commercial Mortgage-Backed Securities (CMBS), -5.23% for Corporate and -6.34% for Asset-Backed Securities (ABS). While both the Government-Related and MBS sectors posted negative excess returns, they were the strongest relative performers for the year and were buoyed by the flight to quality that dominated the fixed income markets.

The Corporate sector was severely impacted by questionable transparency from subprime-related losses within the Financial Institutions subsector, the deteriorating housing picture (including the below investment grade rating cuts of several Home Construction companies), and increased supply. The Financial Institutions subsector had the weakest relative performance for the period on both total and excess return bases.

The ABS sector suffered from ongoing subprime concerns and weakness in the housing market. All ABS subsectors posted negative excess returns for the year, with the Home Equity subsector experiencing the most significant devastation of all subsectors. Home Equity posted -17.07% and -8.25% excess and total returns, respectively, for the 12-month period. The CMBS sector was plagued by lingering subprime-related fears as investors expressed concern that the contagion would spread to the broader securitized sectors.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

MSF-2

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

A $10,000 INVESTMENT COMPARED TO

THE LEHMAN BROTHERS AGGREGATE BOND INDEX

Average Annual Returns as of December 31, 2007

	Lehman Brothers Aggregate Bond Index Portfolio						Lehman Brothers Aggregate Bond Index
	Class A		Class B		Class E
1 Year	6.9	%	6.7	%	6.7	%	7.0	%
5 Year	4.2		3.9		4.0		4.4
Since Inception	5.4		5.1		5.2		5.8

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 11/9/98, 1/2/01 and 5/1/01, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Federal National Mortgage Association	22.0%
Federal Home Loan Mortgage Corp.	17.3%
U.S. Treasury Notes	16.7%
U.S. Treasury Bonds	5.8%
Federal Home Loan Bank	4.3%
Government National Mortgage Association	4.1%
Citigroup Commercial Mortgage Trust	1.6%
Wachovia Bank Commercial Mortgage Trust	1.0%
General Electric Capital Corp.	0.7%
JPMorgan Chase Commercial Mortgage Securities Corp.	0.6%

Top Sectors

	% of Total Market Value
Mortgage-Backed	37.8%
U.S. Treasury	22.8%
Government Related	13.2%
Industrials	9.5%
Financials	8.0%
Commercial Mortgage-Backed	5.7%
Utilities	2.2%
Asset Backed	0.7%
Cash/Other	0.1%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Lehman Brothers Aggregate Bond Index—Class A(a)	Actual	0.29	%	$	1,000.00	$	1,059.90	$	1.51
	Hypothetical	0.29	%	$	1,000.00	$	1,023.73	$	1.48
Lehman Brothers Aggregate Bond Index—Class B(a)	Actual	0.54	%	$	1,000.00	$	1,058.80	$	2.80
	Hypothetical	0.54	%	$	1,000.00	$	1,022.45	$	2.75
Lehman Brothers Aggregate Bond Index—Class E(a)	Actual	0.44	%	$	1,000.00	$	1,059.20	$	2.28
	Hypothetical	0.44	%	$	1,000.00	$	1,022.96	$	2.24

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—99.0% of Total Net Assets

Security Description	Face Amount		Value*
Aerospace & Defense—0.2%
Lockheed Martin Corp. 7.375%, 04/15/13	$	900,000	$	991,068
8.200%, 12/01/09 (a)		700,000		747,992
The Boeing Co. 7.250%, 06/15/25		460,000		539,272
United Technologies Corp. 7.500%, 09/15/29		200,000		237,145
				2,515,477
Airlines—0.1%
Southwest Airlines Co. 6.500%, 03/01/12		750,000		787,611
Asset Backed—0.8%
BMW Vehicle Owner Trust 4.280%, 02/25/10		2,700,000		2,694,778
Capital One Multi-Asset Execution Trust 4.850%, 11/15/13		3,000,000		3,019,140
CenterPoint Energy Transition Bond Co., LLC 5.160%, 09/15/11		496,037		497,714
Centex Home Equity Loan Trust 3.750%, 12/25/31		75,223		74,476
Chase Funding Mortgage Loan 3.303%, 11/25/29		115,714		114,197
4.585%, 05/25/15		1,851,303		1,750,536
Detroit Edison Co. 6.190%, 03/01/13		435,000		448,511
MBNA Credit Card Master Trust 4.200%, 09/15/10		2,300,000		2,296,504
				10,895,856
Automobiles—0.2%
DaimlerChrysler North America Holdings Corp. 7.750%, 01/18/11		2,600,000		2,769,836
8.000%, 06/15/10 (a)		350,000		372,088
				3,141,924
Beverages—0.2%
Anheuser Busch Cos., Inc. 5.000%, 01/15/15 (a)		1,950,000		1,923,507
Coca-Cola Enterprises, Inc. 6.950%, 11/15/26		300,000		331,464
Pepsi Bottling Group, Inc. 7.000%, 03/01/29		300,000		341,052
				2,596,023
Building Products—0.2%
Masco Corp. 6.125%, 10/03/16		2,950,000		2,909,567
Capital Markets—1.7%
Credit Suisse USA, Inc. 5.375%, 03/02/16 (a)		3,550,000		3,513,281

Security Description	Face Amount		Value*
Capital Markets—(Continued)
Donaldson Lufkin & Jenrette 6.500%, 06/01/08	$	300,000	$	301,571
JPMorgan Chase & Co. 5.125%, 09/15/14		850,000		830,726
6.750%, 02/01/11		250,000		262,381
Lehman Brothers Holdings, Inc. 3.600%, 03/13/09		2,250,000		2,206,566
Merrill Lynch & Co., Inc. 6.050%, 05/16/16		3,000,000		2,945,238
6.375%, 10/15/08		250,000		252,231
6.500%, 07/15/18		200,000		203,304
Morgan Stanley 4.750%, 04/01/14		1,515,000		1,424,678
7.250%, 04/01/32		3,850,000		4,168,631
Paine Webber Group, Inc. 6.550%, 04/15/08		340,000		340,926
The Bear Stearns Co., Inc. 5.700%, 11/15/14		900,000		854,181
The Goldman Sachs Group, Inc. 5.700%, 09/01/12 (a)		1,000,000		1,033,147
6.125%, 02/15/33 (a)		2,075,000		2,026,180
6.250%, 09/01/17 (a)		760,000		789,929
6.450%, 05/01/36		2,000,000		1,887,873
6.650%, 05/15/09 (a)		750,000		771,413
				23,812,256
Chemicals—0.1%
E. I. du Pont de Nemours & Co. 5.600%, 12/15/36		1,000,000		941,424
6.875%, 10/15/09		300,000		313,527
				1,254,951
Commercial Banks—2.8%
ABN-AMRO Bank NV (New York Branch) 7.125%, 10/15/93		500,000		522,981
7.750%, 05/15/23		230,000		254,989
Bank of America Corp. 4.750%, 08/15/13 (a)		1,000,000		976,108
5.125%, 11/15/14 (a)		1,000,000		982,475
5.420%, 03/15/17		900,000		870,630
5.750%, 08/15/16		2,850,000		2,853,079
7.400%, 01/15/11		300,000		320,537
7.800%, 02/15/10		150,000		159,662
Bank One Corp. 2.625%, 06/30/08		3,575,000		3,533,602
Bank One Texas 6.250%, 02/15/08		800,000		801,027
BB&T Corp. 5.200%, 12/23/15		4,100,000		3,898,661
Equitable Cos., Inc. 6.500%, 04/01/08		250,000		251,132
Fleet National Bank 5.750%, 01/15/09		500,000		506,383
HSBC Holdings, Plc. 5.250%, 12/12/12		5,050,000		5,072,742
7.500%, 07/15/09		2,200,000		2,292,807

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Commercial Banks—(Continued)
Kreditanstalt fuer Wiederaufbau 4.875%, 01/17/17	$	2,900,000	$	2,991,756
MBNA America National Bank 7.125%, 11/15/12		1,000,000		1,091,031
RBS Capital Trust II 6.425%, 12/29/49 (b)		1,375,000		1,241,274
Wachovia Bank, N.A. 4.800%, 11/01/14		3,100,000		2,938,156
4.875%, 02/01/15		3,000,000		2,843,390
Wachovia Corp. 5.750%, 06/15/17		700,000		693,306
Wells Fargo & Co. 5.000%, 11/15/14 (a)		2,000,000		1,939,632
5.125%, 09/01/12		500,000		501,609
Wells Fargo Bank, N.A. 4.750%, 02/09/15		3,065,000		2,934,112
				40,471,081
Commercial Mortgage-Backed Securities—5.5%
Bear Stearns Commercial Mortgage Securities, Inc. 5.540%, 09/11/41		3,000,000		3,045,780
5.610%, 11/15/33		500,000		509,329
6.480%, 02/15/35		500,000		519,743
7.080%, 06/15/09		763,393		777,393
7.780%, 02/15/32		200,000		207,885
Chase Commercial Mortgage Securities Corp. 6.390%, 11/18/30		220,097		221,471
Citigroup Commercial Mortgage Trust 4.860%, 05/15/43		3,600,000		3,536,314
5.225%, 07/15/44 (b)		2,000,000		2,015,087
5.322%, 12/11/49		7,000,000		6,979,332
5.356%, 04/15/40 (b)		1,000,000		1,023,182
5.362%, 01/15/46 (b)		4,000,000		4,046,459
5.723%, 03/15/49 (b)		3,800,000		3,928,922
Credit Suisse First Boston Mortgage 3.382%, 05/15/38		2,000,000		1,943,527
5.100%, 08/15/15		3,000,000		2,981,663
5.827%, 06/15/38 (b)		3,000,000		3,118,913
Credit Suisse Mortgage Capital Certificates 5.467%, 09/15/39		3,500,000		3,527,348
First Union Lehman Brothers Commercial Mortgage Trust 6.560%, 11/18/35		252,759		252,572
Greenwich Capital Commercial Funding Corp. 4.022%, 01/05/36		2,210,000		2,181,705
4.305%, 08/10/42		2,000,000		1,974,985
5.317%, 06/10/36 (b)		1,000,000		1,015,882
JPMorgan Chase Commercial Mortgage Securities Corp. 3.972%, 05/12/35		3,886,043		3,824,747
4.275%, 01/12/37		888,319		874,681
4.393%, 07/12/37		3,255,971		3,207,923
6.044%, 11/15/35		464,656		472,295

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
LB-UBS Commercial Mortgage Trust 4.254%, 07/15/27 (b)	$	1,650,000	$	1,619,570
4.367%, 03/15/36		3,000,000		2,898,511
6.462%, 03/15/31		500,000		523,667
6.653%, 11/15/27		2,000,000		2,091,908
Lehman Brothers Commercial Conduit Mortgage Trust 6.210%, 10/15/35		224,009		224,874
Morgan Stanley Capital I, Inc. 4.989%, 08/13/42		1,000,000		988,402
6.540%, 07/15/30		186,854		186,659
Morgan Stanley Dean Witter Capital I Trust 4.800%, 09/15/37		330,285		329,475
7.200%, 10/15/33		630,147		656,391
Salomon Brothers Commercial Mortgage Trust 5.045%, 03/18/36		500,000		502,794
6.428%, 12/18/35		1,000,000		1,034,794
Wachovia Bank Commercial Mortgage Trust 5.083%, 03/15/42 (b)		3,000,000		2,987,800
5.308%, 11/15/48		4,000,000		3,983,424
5.572%, 10/15/48		3,000,000		3,045,344
5.742%, 05/15/43		3,000,000		3,099,570
6.287%, 04/15/34		1,445,000		1,503,785
				77,864,106
Commercial Services & Supplies—0.1%
USA Waste Services, Inc. 7.000%, 07/15/28		1,265,000		1,334,288
Communications Equipment—0.1%
Motorola, Inc. 6.500%, 11/15/28 (a)		900,000		868,845
7.625%, 11/15/10		135,000		144,077
				1,012,922
Computers & Peripherals—0.2%
International Business Machines Corp. 4.750%, 11/29/12		1,000,000		1,006,706
7.500%, 06/15/13		1,000,000		1,104,866
8.375%, 11/01/19		425,000		531,778
				2,643,350
Consumer Finance—0.3%
American Express Co. 6.800%, 09/01/66		330,000		332,472
Household Finance Corp. 4.750%, 05/15/09		2,500,000		2,502,290
7.000%, 05/15/12		100,000		107,577
8.000%, 07/15/10		300,000		322,858
SLM Corp. 5.050%, 11/14/14		1,950,000		1,686,285
				4,951,482

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Diversified Financial Services—4.4%
American General Capital II 8.500%, 07/01/30 (a)	$	250,000	$	308,263
American General Finance Co. 5.375%, 10/01/12 (a)		6,500,000		6,257,058
5.400%, 12/01/15		1,340,000		1,220,181
Asian Development Bank 5.500%, 06/27/16		3,850,000		4,153,496
Associates Corp. North America 6.250%, 11/01/08		600,000		605,564
6.950%, 11/01/18		1,700,000		1,843,643
BellSouth Capital Funding Corp. 7.750%, 02/15/10		750,000		797,562
7.875%, 02/15/30		250,000		292,885
Citigroup, Inc. 3.500%, 02/01/08		500,000		499,357
5.500%, 08/27/12		840,000		857,367
5.850%, 08/02/16		500,000		507,284
6.200%, 03/15/09		750,000		763,621
7.250%, 10/01/10		250,000		264,414
Conoco Funding Co. 6.350%, 10/15/11		500,000		531,046
ConocoPhillips Canada Funding Co. 5.950%, 10/15/36		3,050,000		3,108,075
Deutsche Telekom International Finance BV 5.750%, 03/23/16 (a)		460,000		461,963
8.250%, 06/15/30 (b)		1,000,000		1,253,468
Devon Financing Corp., U.L.C. 6.875%, 09/30/11		1,900,000		2,030,535
Duke Capital 7.500%, 10/01/09		3,925,000		4,095,308
European Investment Bank 3.375%, 03/16/09		4,200,000		4,195,590
General Electric Capital Corp. 5.000%, 11/15/11		4,000,000		4,056,654
5.450%, 01/15/13		1,800,000		1,852,994
6.000%, 06/15/12		1,000,000		1,050,253
6.750%, 03/15/32		2,450,000		2,763,508
7.500%, 08/21/35		100,000		122,587
Heller Financial, Inc. 7.375%, 11/01/09		350,000		367,007
KFW International Finance, Inc. 3.375%, 01/23/08		2,475,000		2,472,970
8.000%, 02/15/10		1,000,000		1,086,363
Korea Development Bank 5.750%, 09/10/13 (a)		2,000,000		2,029,330
Mellon Funding Corp. 6.400%, 05/14/11		250,000		261,934
National Rural Utilities Cooperative Finance Corp. 8.000%, 03/01/32		300,000		360,184
Petrobras International Finance Co. 6.125%, 10/06/16		600,000		612,750
Sprint Capital Corp. 6.900%, 05/01/19		1,500,000		1,495,983
7.625%, 01/30/11		400,000		415,789
8.375%, 03/15/12		3,350,000		3,609,855

Security Description	Face Amount		Value*
Diversified Financial Services—(Continued)
SunTrust Capital VIII 6.100%, 12/15/36	$	820,000	$	688,213
Unilever Capital Corp. 7.125%, 11/01/10		300,000		322,553
Verizon Global Funding Corp. 7.750%, 12/01/30		2,390,000		2,812,883
Washington Mutual Bank/Henderson NV 5.500%, 01/15/13		1,690,000		1,478,750
				61,907,240
Diversified Telecommunication Services—0.6%
BellSouth Corp. 6.550%, 06/15/34		1,850,000		1,906,142
British Telecommunications, Plc. 9.125%, 12/15/30 (b)		1,000,000		1,328,092
SBC Communications, Inc. 5.875%, 02/01/12		2,400,000		2,468,109
Telefonica Europe BV 8.250%, 09/15/30		1,000,000		1,238,994
Verizon New England, Inc. 6.500%, 09/15/11		400,000		419,409
Verizon New York, Inc. 7.375%, 04/01/32		500,000		552,164
				7,912,910
Electric Utilities—0.9%
Consolidated Edison Co. of New York, Inc. 7.500%, 09/01/10		1,000,000		1,075,124
Duke Energy Co. 6.250%, 01/15/12		500,000		527,351
Exelon Corp. 4.900%, 06/15/15		2,060,000		1,939,113
5.625%, 06/15/35		1,500,000		1,348,341
Exelon Generation Co., LLC 6.950%, 06/15/11		300,000		313,079
Oncor Electric Delivery Co. 7.000%, 05/01/32		950,000		994,148
Progress Energy, Inc. 5.625%, 01/15/16		3,900,000		3,885,497
7.100%, 03/01/11		1,221,000		1,298,980
PSE&G Power, LLC 7.750%, 04/15/11		500,000		538,109
8.625%, 04/15/31		1,000,000		1,230,404
				13,150,146
Energy Equipment & Services—0.1%
Kinder Morgan Energy Partners, L.P. 6.750%, 03/15/11		750,000		782,830
Federal Agencies—47.8%
Federal Home Loan Bank 4.250%, 11/13/09		1,500,000		1,513,950
4.375%, 03/17/10 (a)		3,000,000		3,050,268
4.625%, 02/18/11		6,070,000		6,240,150
4.750%, 12/16/16		3,850,000		3,932,962

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Federal Home Loan Bank 5.000%, 09/18/09 (a)	$	6,900,000	$	7,059,485
5.000%, 10/13/11		1,000,000		1,038,869
5.000%, 08/01/35		3,266,198		3,189,250
5.000%, 09/01/35		4,226,269		4,126,702
5.250%, 06/18/14 (a)		9,500,000		10,103,351
5.375%, 07/17/09		5,850,000		6,003,658
5.375%, 05/18/16 (a)		2,900,000		3,103,594
5.500%, 12/01/35		6,443,300		6,432,929
6.500%, 09/01/36		4,864,973		5,002,408
Federal Home Loan Mortgage Corp. 4.000%, 12/15/09 (a)		2,000,000		2,017,676
4.000%, 06/01/19		1,913,826		1,843,300
4.250%, 07/15/09 (a)		8,630,000		8,713,396
4.401%, 02/01/36 (b)		2,686,250		2,656,719
4.500%, 01/15/15		3,000,000		3,052,454
4.500%, 09/01/18		2,618,908		2,582,688
4.500%, 10/01/18		3,862,514		3,809,094
4.500%, 04/01/19		5,824,878		5,735,282
4.500%, 06/01/19		3,230,015		3,180,332
4.500%, 08/01/19		887,583		873,931
4.500%, 10/01/35		5,508,645		5,210,089
4.500%, 11/01/35 (b)		2,638,197		2,490,951
4.650%, 10/10/13		2,570,000		2,535,012
4.750%, 03/05/12 (a)		12,000,000		12,391,198
5.000%, 06/11/09 (a)		7,000,000		7,132,189
5.000%, 05/01/18		7,088,353		7,116,247
5.000%, 12/01/18		1,495,184		1,501,068
5.000%, 06/01/19		2,611,788		2,619,259
5.000%, 03/01/27		2,874,697		2,833,626
5.000%, 10/01/33		3,679,842		3,597,137
5.000%, 03/01/34		1,828,803		1,786,862
5.000%, 08/01/35		4,214,015		4,114,737
5.000%, 10/01/35		3,250,279		3,173,705
5.000%, 01/01/36		6,721,306		6,562,959
5.125%, 10/18/16		4,000,000		4,196,608
5.130%, 08/01/36 (b)		2,746,551		2,746,742
5.131%, 01/01/36 (b)		4,532,009		4,560,127
5.165%, 09/01/35 (b)		4,607,811		4,634,088
5.300%, 05/12/20		710,000		701,949
5.375%, 08/19/11 (a)		5,800,000		6,119,835
5.451%, 01/01/37 (b)		11,043,508		11,186,736
5.474%, 02/01/37 (b)		1,631,403		1,634,509
5.500%, 11/01/17		1,060,876		1,078,372
5.500%, 05/01/29		1,151,110		1,150,148
5.500%, 06/01/34		3,894,875		3,891,617
5.500%, 10/01/35		4,000,638		3,994,198
5.500%, 01/01/36		12,123,715		12,104,200
5.500%, 07/01/37		6,910,259		6,895,993
5.500%, 10/01/37		17,000,000		16,964,736
5.625%, 11/23/35		1,040,000		1,028,526
5.660%, 02/01/37 (b)		7,025,124		7,107,018
6.000%, 04/01/16		68,391		70,038
6.000%, 05/01/17		898,086		919,895
6.000%, 11/01/28		92,377		94,332
6.000%, 12/01/28		61,397		62,696
6.000%, 02/01/29		151,060		154,075

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
6.000%, 04/01/29	$	46,125	$	47,046
6.000%, 05/01/29		19,421		19,809
6.000%, 06/01/31		24,944		25,411
6.000%, 07/01/31		9,667		9,848
6.000%, 08/01/31		191,907		195,498
6.000%, 09/01/31		539,623		549,721
6.000%, 04/01/32		1,146,217		1,166,609
6.000%, 11/01/32		376,837		383,541
6.000%, 06/01/34		1,228,639		1,248,790
6.000%, 11/01/35		1,397,624		1,419,236
6.000%, 02/01/36		2,426,049		2,462,502
6.000%, 10/01/36		6,063,479		6,154,586
6.000%, 11/01/36		5,411,680		5,493,050
6.000%, 01/01/37		7,498,048		7,610,788
6.000%, 06/01/37		5,847,707		5,935,035
6.089%, 04/01/36		2,131,518		2,156,963
6.250%, 07/15/32 (a)		3,250,000		3,878,308
6.500%, 10/01/29		37,570		38,902
6.500%, 02/01/30		54,191		56,111
6.500%, 08/01/31		87,565		90,557
6.500%, 10/01/31		36,323		37,565
6.500%, 11/01/31		201,752		208,646
6.500%, 03/01/32		2,260,222		2,334,735
6.500%, 04/01/32		1,924,767		1,988,221
6.500%, 11/01/37		10,000,001		10,283,678
6.750%, 03/15/31 (a)		965,000		1,212,149
7.000%, 03/15/10 (a)		2,875,000		3,081,795
7.000%, 06/01/11		26,448		27,347
7.000%, 12/01/15		43,986		45,900
7.000%, 12/01/27		8,824		9,285
7.000%, 11/01/28		24,899		26,233
7.000%, 04/01/29		19,785		20,758
7.000%, 05/01/29		5,796		6,082
7.000%, 06/01/29		42,057		44,126
7.000%, 07/01/29		13,943		14,629
7.000%, 01/01/31		242,161		253,629
7.000%, 12/01/31		51,314		53,744
7.500%, 03/01/16		73,311		76,725
7.500%, 08/01/24		87,444		93,599
7.500%, 11/01/24		31,760		33,996
7.500%, 10/01/27		53,204		57,497
7.500%, 10/01/29		78,836		83,222
7.500%, 05/01/30		34,691		36,617
8.000%, 02/01/27		16,263		17,035
8.000%, 10/01/28		30,595		32,047
Federal National Mortgage Association 3.250%, 08/15/08		3,025,000		3,005,226
3.250%, 02/15/09 (a)		6,000,000		5,968,098
4.000%, 04/01/19		2,051,682		1,979,399
4.000%, 05/01/19		3,706,985		3,576,384
4.000%, 01/01/20		2,328,909		2,241,150
4.125%, 04/15/14 (a)		2,350,000		2,350,520
4.500%, 07/01/18		4,400,993		4,339,350
4.500%, 05/01/19		1,152,359		1,134,790
4.500%, 08/01/33		1,509,562		1,430,475
4.500%, 10/01/33		2,777,751		2,632,223

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Federal National Mortgage Association 4.500%, 04/01/34	$	2,182,321	$	2,066,353
4.610%, 10/10/13		2,370,000		2,364,560
4.821%, 09/01/35 (b)		2,719,405		2,716,367
5.000%, 06/01/18		1,093,567		1,098,520
5.000%, 01/01/19		1,642,080		1,646,492
5.000%, 02/01/20		2,624,768		2,628,184
5.000%, 01/01/22		5,686,655		5,691,476
5.000%, 02/01/24		2,444,238		2,409,444
5.000%, 09/01/25		2,380,733		2,346,818
5.000%, 07/01/33		1,953,495		1,909,273
5.000%, 08/01/33		3,036,204		2,967,471
5.000%, 09/01/33		2,520,140		2,463,090
5.000%, 10/01/33		9,263,301		9,053,601
5.000%, 03/01/34		2,845,802		2,781,380
5.000%, 04/01/34		6,811,526		6,655,641
5.000%, 05/01/34		2,275,717		2,223,130
5.000%, 09/01/34		4,783,673		4,673,134
5.000%, 02/01/35		4,307,860		4,208,315
5.000%, 04/01/35		2,395,593		2,338,753
5.000%, 05/01/35		1,555,331		1,518,428
5.000%, 11/01/35		2,548,135		2,487,675
5.000%, 05/01/37		10,000,000		9,758,892
5.125%, 04/15/11 (a)		7,200,000		7,506,533
5.178%, 11/01/36 (b)		1,752,497		1,735,615
5.375%, 06/12/17		12,250,000		13,044,892
5.422%, 03/01/36 (b)		4,621,989		4,619,805
5.500%, 03/15/11		950,000		1,000,502
5.500%, 11/01/17		1,507,914		1,531,847
5.500%, 02/01/18		553,015		561,458
5.500%, 04/01/18		2,791,727		2,834,346
5.500%, 12/01/22		10,000,000		10,128,837
5.500%, 07/01/23		1,383,225		1,388,334
5.500%, 01/01/24		707,498		710,111
5.500%, 07/01/24		2,284,749		2,293,171
5.500%, 10/01/32		814,955		815,711
5.500%, 02/01/33		2,155,386		2,156,051
5.500%, 03/01/33		3,719,710		3,720,856
5.500%, 05/01/33		6,261,746		6,263,675
5.500%, 08/01/33		5,485,513		5,487,203
5.500%, 10/01/33		736,984		737,211
5.500%, 12/01/33		6,432,289		6,434,272
5.500%, 02/01/34		3,723,538		3,722,381
5.500%, 03/01/34		1,984,151		1,983,535
5.500%, 04/01/34		1,454,771		1,454,319
5.500%, 05/01/34		2,139,762		2,139,097
5.500%, 09/01/34		2,642,358		2,641,536
5.500%, 12/01/34		7,360,507		7,358,219
5.500%, 01/01/35		2,027,493		2,026,863
5.500%, 02/01/35		4,473,131		4,471,741
5.500%, 04/01/35		2,805,744		2,803,134
5.500%, 06/01/35		8,308,717		8,300,990
5.500%, 06/13/35 (b)		2,054,639		2,062,217
5.500%, 01/01/37		8,663,097		8,653,736
5.500%, 05/01/37		4,978,918		4,973,307
6.000%, 09/01/13		982,247		1,005,236
6.000%, 10/01/13		505,780		517,617

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
6.000%, 03/01/14	$	109,051	$	111,647
6.000%, 06/01/14		13,957		14,289
6.000%, 07/01/14		76,650		78,475
6.000%, 09/01/14		38,646		39,566
6.000%, 09/01/17		1,100,998		1,128,742
6.000%, 08/01/28		36,369		37,166
6.000%, 11/01/28		10,843		11,081
6.000%, 12/01/28		11,251		11,497
6.000%, 06/01/31		195,708		199,638
6.000%, 09/01/32		1,106,790		1,126,975
6.000%, 01/01/33		421,211		428,893
6.000%, 02/01/33		852,405		867,415
6.000%, 03/01/33		1,764,849		1,795,927
6.000%, 04/01/33		813,070		827,388
6.000%, 05/01/33		2,108,303		2,145,428
6.000%, 05/01/34		2,494,626		2,537,005
6.000%, 09/01/34		2,799,647		2,847,207
6.000%, 11/01/34		4,954,457		5,038,623
6.000%, 01/01/35		1,538,176		1,563,113
6.000%, 07/01/36		4,236,010		4,302,872
6.000%, 07/01/37		3,882,144		3,942,545
6.000%, 08/01/37		7,365,840		7,482,581
6.000%, 09/01/37		18,000,000		18,285,281
6.210%, 08/06/38		300,000		362,437
6.500%, 01/01/13		8,561		8,813
6.500%, 04/01/13		1,611		1,658
6.500%, 06/01/13		69,562		71,612
6.500%, 07/01/13		422		434
6.500%, 06/01/14		34,617		35,660
6.500%, 04/01/17		3,255,909		3,356,773
6.500%, 05/01/28		427,969		443,449
6.500%, 12/01/28		779,910		808,120
6.500%, 03/01/29		33,632		34,807
6.500%, 04/01/29		197,216		204,108
6.500%, 05/01/29		23,676		24,503
6.500%, 08/01/29		5,173		5,354
6.500%, 05/01/30		241,337		249,772
6.500%, 09/01/31		88,110		91,107
6.500%, 02/01/32		20,712		21,474
6.500%, 06/01/32		310,562		320,934
6.500%, 09/01/33		743,395		767,495
6.500%, 10/01/33		643,989		664,866
6.500%, 10/01/34		2,205,115		2,276,600
6.625%, 11/15/10 (a)		3,400,000		3,674,755
6.625%, 11/15/30 (a)		2,450,000		3,031,697
7.000%, 04/01/12		27,624		28,588
7.000%, 02/01/14		27,709		28,675
7.000%, 10/01/21		90,843		95,740
7.000%, 06/01/26		2,535		2,656
7.000%, 06/01/28		95,223		100,185
7.000%, 09/01/29		48,982		51,422
7.000%, 10/01/29		64,372		67,579
7.000%, 12/01/29		4,796		5,035
7.000%, 01/01/32		653,342		684,688
7.000%, 04/01/32		88,047		92,190
7.000%, 06/01/32		310,369		324,974

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Federal National Mortgage Association 7.000%, 10/01/37	$	3,894,020	$	4,048,310
7.500%, 08/01/15		26,996		28,194
7.500%, 09/01/25		23,070		24,362
7.500%, 06/01/26		25,535		26,961
7.500%, 09/01/27		4,280		4,526
7.500%, 11/01/27		570		603
7.500%, 08/01/28		1,255		1,343
7.500%, 07/01/29		63,911		67,573
7.500%, 10/01/29		24,211		25,605
7.500%, 07/01/30		6,966		7,367
8.000%, 10/01/26		1,740		1,839
8.000%, 11/01/29		916		982
8.000%, 05/01/30		38,711		40,543
8.000%, 11/01/30		15,246		15,967
8.000%, 01/01/31		18,583		19,840
8.000%, 02/01/31		30,296		31,730
Government National Mortgage Association 5.000%, 10/15/20		2,480,835		2,486,299
5.000%, 01/15/21		2,069,950		2,074,509
5.000%, 12/15/35		2,577,545		2,540,725
5.000%, 12/15/36		4,821,474		4,752,477
5.500%, 03/15/36		3,614,184		3,641,224
5.500%, 01/15/37		5,606,084		5,647,460
5.500%, 11/15/37		9,989,585		10,063,313
6.000%, 01/15/29		47,599		48,930
6.000%, 01/15/33		1,277,503		1,311,562
6.000%, 03/15/35		2,070,432		2,119,869
6.000%, 12/15/35		2,413,076		2,470,695
6.000%, 06/15/36		4,233,810		4,335,261
6.000%, 09/01/36		4,403,498		4,472,605
6.000%, 09/15/36		4,638,950		4,750,109
6.500%, 05/15/23		10,538		10,959
6.500%, 02/15/27		175,090		182,007
6.500%, 07/15/28		36,253		37,679
6.500%, 08/15/28		64,741		67,287
6.500%, 11/15/28		40,795		42,400
6.500%, 12/15/28		13,984		14,534
6.500%, 07/15/29		21,971		22,834
6.500%, 06/20/31		128,862		133,683
6.500%, 07/15/32		238,130		246,563
6.500%, 05/15/36		2,775,372		2,866,142
6.700%, 04/15/34		3,000,000		3,139,253
7.000%, 01/15/28		10,715		11,362
7.000%, 04/15/28		8,163		8,656
7.000%, 05/15/28		36,454		38,658
7.000%, 06/15/28		25,982		27,552
7.000%, 10/15/28		20,228		21,450
7.000%, 06/15/29		8,636		9,158
7.000%, 09/15/29		40,369		42,808
7.000%, 01/15/31		1,646		1,732
7.000%, 03/15/31		49,742		52,330
7.000%, 07/15/31		2,043,381		2,149,755
7.000%, 08/15/31		278,809		293,323
7.000%, 02/15/32		187,567		196,177
7.000%, 07/15/32		137,906		144,236
7.500%, 02/20/28		13,286		14,130

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
7.500%, 08/15/29	$	37,216	$	39,431
7.500%, 04/15/30		10,305		10,927
8.000%, 09/15/16		5,777		6,185
8.000%, 08/15/26		7,828		8,240
8.000%, 09/15/26		17,624		18,551
8.000%, 05/15/27		5,512		5,961
8.000%, 06/15/29		82,859		89,656
9.000%, 11/15/24		48,581		52,557
Tennessee Valley Authority 6.000%, 03/15/13		1,000,000		1,091,807
				679,314,746
Food & Staples Retailing—0.5%
CVS Corp. 5.750%, 06/01/17		3,500,000		3,522,526
Kroger Co. 5.500%, 02/01/13		950,000		942,373
Wal-Mart Stores, Inc. 4.550%, 05/01/13		2,075,000		2,028,514
6.875%, 08/10/09		500,000		521,543
				7,014,956
Food Products—0.6%
ConAgra Foods, Inc. 5.819%, 06/15/17		2,000,000		2,005,540
Fred Meyer, Inc. 7.450%, 03/01/08		300,000		301,051
General Mills, Inc. 6.000%, 02/15/12		2,000,000		2,051,463
Kellogg Co. 6.600%, 04/01/11		2,700,000		2,848,954
Kraft Foods, Inc. 6.250%, 06/01/12		900,000		933,406
Tyson Foods, Inc. 6.850%, 04/01/16		670,000		702,872
				8,843,286
Foreign Government—1.2%
Mexico Government International Bond 6.750%, 09/27/34		1,050,000		1,159,757
8.375%, 01/14/11		250,000		274,000
Province of Nova Scotia 9.250%, 03/01/20		250,000		346,442
Province of Ontario 5.125%, 07/17/12 (a)		2,000,000		2,092,188
5.500%, 10/01/08 (a)		300,000		302,325
Province of Quebec 4.875%, 05/05/14 (a)		1,925,000		1,979,680
7.500%, 07/15/23 (a)		350,000		438,420
Republic of Italy 4.500%, 01/21/15		2,975,000		3,013,050
5.625%, 06/15/12		3,650,000		3,888,345
Republic of Korea 8.875%, 04/15/08 (a)		200,000		201,863

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Foreign Government—(Continued)
United Mexican States 8.000%, 09/24/22	$	2,200,000	$	2,806,210
9.875%, 02/01/10 (a)		500,000		548,695
				17,050,975
Gas Utilities—0.0%
El Paso Natural Gas Co. 8.375%, 06/15/32		220,000		260,649
Health Care Providers & Services—0.2%
Anthem, Inc. 6.800%, 08/01/12		2,200,000		2,346,860
Household Durables—0.0%
Centex Corp. 7.500%, 01/15/12		500,000		475,000
Industrial Conglomerates—0.1%
General Electric Co. 5.000%, 02/01/13		930,000		943,498
Honeywell International, Inc. 7.500%, 03/01/10		300,000		318,506
				1,262,004
Insurance—0.9%
Allied World Assurance Co. Holdings, Ltd. 7.500%, 08/01/16		910,000		960,943
Allstate Corp. 6.125%, 02/15/12		2,750,000		2,848,767
6.900%, 05/15/38		150,000		158,673
AXA Financial, Inc. 7.750%, 08/01/10		500,000		536,961
AXA S.A. 8.600%, 12/15/30		1,165,000		1,452,640
Chubb Corp. 6.000%, 11/15/11		350,000		362,221
GE Global Insurance Holding Corp. 7.500%, 06/15/10		500,000		526,232
Hartford Financial Services Group, Inc. 6.100%, 10/01/41		780,000		731,175
6.375%, 11/01/08		105,000		106,146
Marsh & McLennan Cos., Inc. 5.750%, 09/15/15		4,000,000		3,954,886
Prudential Financial, Inc. 5.700%, 12/14/36		1,525,000		1,337,705
				12,976,349
IT Services—0.1%
Electronic Data Systems Corp. 7.125%, 10/15/09		1,695,000		1,768,233
Machinery—0.1%
Caterpillar, Inc. 7.250%, 09/15/09		250,000		261,032

Security Description	Face Amount		Value*
Machinery—(Continued)
Deere & Co. 6.950%, 04/25/14 (a)	$	850,000	$	932,351
7.850%, 05/15/10		300,000		323,568
				1,516,951
Media—1.2%
Comcast Cable Communications Holdings, Inc. 8.375%, 03/15/13		1,700,000		1,903,518
Comcast Corp. 5.300%, 01/15/14		1,445,000		1,413,413
5.650%, 06/15/35		1,500,000		1,371,143
Cox Communications, Inc. 7.750%, 11/01/10		250,000		267,408
News America, Inc. 6.550%, 03/15/33 (a)		1,950,000		1,983,110
Thomson Corp. 6.200%, 01/05/12		3,700,000		3,853,413
Time Warner Cable, Inc. 5.850%, 05/01/17		100,000		99,970
6.550%, 05/01/37		100,000		102,067
Time Warner Entertainment Co., L.P. 7.250%, 09/01/08		250,000		253,355
8.375%, 03/15/23		380,000		450,472
Time Warner, Inc. 7.625%, 04/15/31		2,000,000		2,220,808
7.700%, 05/01/32		685,000		768,158
9.125%, 01/15/13		418,000		476,343
Turner Broadcasting System, Inc. 8.375%, 07/01/13		660,000		741,275
Viacom, Inc. 6.250%, 04/30/16		770,000		775,736
Walt Disney Co. 6.375%, 03/01/12		200,000		212,178
				16,892,367
Metals & Mining—0.5%
Alcan, Inc. 5.000%, 06/01/15		1,050,000		1,017,160
Alcoa, Inc. 5.375%, 01/15/13 (a)		1,000,000		986,648
5.720%, 02/23/19		523,000		514,097
5.870%, 02/23/22		101,000		97,606
Vale Overseas, Ltd. 6.250%, 01/23/17		3,810,000		3,793,541
6.875%, 11/21/36		1,100,000		1,093,422
				7,502,474
Multi-Utilities—0.6%
Dominion Resources, Inc. 5.150%, 07/15/15		3,600,000		3,483,475
Pacific Gas & Electric Co. 4.800%, 03/01/14		3,125,000		3,046,248
6.050%, 03/01/34		2,195,000		2,177,047
				8,706,770

*See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Multiline Retail—0.2%
Macy’s Retail Holdings, Inc. 5.875%, 01/15/13	$	1,030,000	$	1,026,885
Target Corp. 6.350%, 11/01/32 (a)		2,300,000		2,213,109
				3,239,994
Oil, Gas & Consumable Fuels—0.7%
Anadarko Petroleum Corp. 5.950%, 09/15/16		2,900,000		2,942,400
Atlantic Richfield Co. 5.900%, 04/15/09		300,000		306,970
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		796,475
Enterprise Products Operations, L.P. 5.000%, 03/01/15		2,000,000		1,897,791
Pemex Project Funding Master Trust 6.625%, 06/15/35		1,080,000		1,125,187
Phillips Petroleum Co. 6.375%, 03/30/09		300,000		307,359
Southern California Gas Co. 4.800%, 10/01/12		1,000,000		1,006,291
Transocean Sedco Forex, Inc. 7.500%, 04/15/31		300,000		327,596
XTO Energy, Inc. 7.500%, 04/15/12		715,000		781,861
				9,491,930
Paper & Forest Products—0.1%
MeadWestvaco Corp. 6.850%, 04/01/12		1,000,000		1,056,435
Weyerhaeuser Co. 7.375%, 03/15/32		500,000		495,064
				1,551,499
Personal Products—0.2%
Procter & Gamble Co. 4.950%, 08/15/14 (a)		2,000,000		2,018,679
6.450%, 01/15/26 (a)		200,000		217,656
6.875%, 09/15/09		850,000		890,175
				3,126,510
Pharmaceuticals—0.5%
Bristol-Myers Squibb Co. 5.875%, 11/15/36		2,000,000		1,975,934
Johnson & Johnson 6.950%, 09/01/29		250,000		295,107
Merck & Co., Inc. 5.950%, 12/01/28 (a)		300,000		308,624
Schering-Plough Corp. 6.550%, 09/15/37		1,000,000		1,052,436
Wyeth 5.500%, 02/01/14		3,000,000		3,048,961
				6,681,062

Security Description	Face Amount		Value*
Real Estate Investment Trusts—0.3%
Brandywine Operating Partnership, L.P. 5.750%, 04/01/12	$	680,000	$	681,325
Developers Diversified Realty Corp. 5.375%, 10/15/12		520,000		514,132
Regency Centers, L.P. 5.250%, 08/01/15		850,000		802,525
Simon Property Group, L.P. 5.250%, 12/01/16		3,000,000		2,790,743
				4,788,725
Road & Rail—0.4%
Burlington Northern Santa Fe Corp. 5.900%, 07/01/12 (a)		1,000,000		1,032,011
CSX Corp. 6.750%, 03/15/11		200,000		209,055
7.900%, 05/01/17		500,000		558,255
Norfolk Southern Corp. 5.590%, 05/17/25		144,000		132,396
6.200%, 04/15/09		350,000		356,214
7.250%, 02/15/31		156,000		171,628
7.700%, 05/15/17		3,400,000		3,866,211
				6,325,770
Software—0.1%
Oracle Corp. 5.250%, 01/15/16		2,000,000		1,989,235
Specialty Retail—0.1%
Lowe’s Cos., Inc. 6.875%, 02/15/28		1,000,000		1,017,719
U.S. Treasury—22.5%
U.S. Treasury Bonds 4.500%, 02/15/36 (a)		7,175,000		7,213,816
5.250%, 11/15/28 (a)		2,700,000		2,970,297
5.250%, 02/15/29 (a)		750,000		825,090
5.375%, 02/15/31 (a)		2,225,000		2,506,485
5.500%, 08/15/28 (a)		2,420,000		2,740,868
6.125%, 11/15/27 (a)		3,950,000		4,782,857
6.250%, 08/15/23 (a)		8,450,000		10,117,354
6.375%, 08/15/27 (a)		2,800,000		3,474,380
6.500%, 11/15/26 (a)		1,000,000		1,251,330
6.875%, 08/15/25 (a)		2,450,000		3,150,259
7.125%, 02/15/23 (a)		3,030,000		3,910,003
7.875%, 02/15/21 (a)		4,450,000		5,985,651
8.125%, 08/15/19 (a)		2,645,000		3,565,513
8.125%, 08/15/21 (a)		1,250,000		1,722,238
8.500%, 02/15/20 (a)		6,700,000		9,317,824
8.750%, 08/15/20 (a)		1,000,000		1,423,980
8.875%, 02/15/19 (a)		10,215,000		14,367,397
9.125%, 05/15/18		1,600,000		2,262,080
9.250%, 02/15/16 (a)		1,375,000		1,877,274
U.S. Treasury Notes 2.625%, 03/15/09 (a)		1,800,000		1,789,110
3.125%, 04/15/09		1,500,000		1,500,525

*See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
U.S. Treasury—(Continued)
U.S. Treasury Notes 3.250%, 01/15/09 (a)	$	1,500,000	$	1,502,340
3.375%, 11/15/08 (a)		10,820,000		10,816,213
3.375%, 10/15/09 (a)		5,000,000		5,030,600
3.375%, 11/30/12 (a)		7,010,000		6,987,848
3.500%, 11/15/09 (a)		4,000,000		4,034,920
3.500%, 12/15/09 (a)		4,000,000		4,033,600
3.625%, 07/15/09 (a)		5,520,000		5,563,332
3.625%, 01/15/10 (a)		4,000,000		4,046,560
3.625%, 06/15/10 (a)		16,200,000		16,421,778
3.875%, 05/15/09 (a)		4,000,000		4,040,320
4.000%, 09/30/09 (a)		5,000,000		5,078,650
4.000%, 04/15/10 (a)		6,000,000		6,122,520
4.000%, 11/15/12 (a)		7,250,000		7,446,185
4.000%, 02/15/14 (a)		600,000		612,714
4.125%, 08/15/10 (a)		1,000,000		1,026,930
4.125%, 05/15/15 (a)		7,640,000		7,788,216
4.250%, 10/15/10 (a)		5,000,000		5,159,400
4.250%, 09/30/12 (a)		5,000,000		5,174,650
4.250%, 08/15/13 (a)		14,980,000		15,521,676
4.250%, 08/15/14 (a)		18,430,000		19,052,014
4.250%, 08/15/15 (a)		3,000,000		3,078,990
4.375%, 08/15/12 (a)		5,000,000		5,216,850
4.500%, 02/15/09 (a)		16,000,000		16,235,680
4.500%, 11/15/15 (a)		8,950,000		9,321,604
4.625%, 11/15/09 (a)		17,700,000		18,209,761
4.750%, 12/31/08 (a)		1,000,000		1,013,750
4.750%, 08/15/17 (a)		5,000,000		5,280,450
4.875%, 08/15/09 (a)		13,900,000		14,283,362
4.875%, 02/15/12 (a)		4,500,000		4,774,320
5.000%, 02/15/11 (a)		1,000,000		1,056,310
5.000%, 08/15/11 (a)		3,500,000		3,712,030
5.125%, 05/15/16 (a)		4,830,000		5,227,171
5.750%, 08/15/10 (a)		7,120,000		7,598,749
6.500%, 02/15/10 (a)		1,710,000		1,828,760
				319,052,584
Wireless Telecommunication Services—0.5%
AT&T Wireless Services, Inc. 8.125%, 05/01/12		500,000		553,079
Cingular Wireless Services, Inc. 7.875%, 03/01/11		890,000		961,422
8.750%, 03/01/31		300,000		386,159
Cingular Wireless, LLC 7.125%, 12/15/31		100,000		110,627
France Telecom S.A. 7.750%, 03/01/11 (b)		3,600,000		3,869,370
Vodafone Group, Plc. 7.750%, 02/15/10		1,150,000		1,212,210
				7,092,867
Yankee—1.1%
Apache Finance Canada Corp. 7.750%, 12/15/29		300,000		352,852
Carnival Corp. 6.150%, 04/15/08		500,000		501,251
Encana Corp. 4.750%, 10/15/13		2,000,000		1,923,185

Security Description	Face Amount		Value*
Yankee—(Continued)
Hydro-Quebec 7.500%, 04/01/16	$	1,350,000	$	1,604,597
8.400%, 01/15/22		1,000,000		1,328,874
Intermediate American Development Bank 5.375%, 11/18/08		700,000		707,215
6.800%, 10/15/25		500,000		609,987
7.000%, 06/15/25		200,000		244,297
8.875%, 06/01/09		400,000		428,429
International Bank for Reconstruction & Development 8.875%, 03/01/26		535,000		780,763
Norsk Hydro A/S 6.700%, 01/15/18		300,000		329,110
6.800%, 01/15/28		1,350,000		1,489,593
Province of Quebec Canada 6.125%, 01/22/11		2,700,000		2,862,348
Telecom Italia Capital S.A. 6.200%, 07/18/11		1,020,000		1,049,464
Tyco International Group S.A. 6.875%, 01/15/29		1,275,000		1,269,719
				15,481,684
Total Fixed Income (Identified Cost $1,389,296,266)				1,405,715,219
Short Term Investments—24.6%
Discount Notes—0.5%
Federal Home Loan Bank 4.15%, 01/14/08		7,300,000		7,291,432
Mutual Funds—24.1%
State Street Navigator Securities Lending Prime Portfolio (c)		341,934,008		341,934,008
Total Short Term Investments (Identified Cost $349,225,440)				349,225,440
Total Investments—123.6% (Identified Cost $1,738,521,706) (d)				1,754,940,659
Liabilities in excess of other assets				(335,033,382	)
Total Net Assets—100%			$	1,419,907,277

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $356,031,432 and the collateral received consisted of cash in the amount of $341,934,008 and non cash collateral with a value of $19,675,193. 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.

(b) Variable or Floating Rate Security. Rate disclosed is as of December 31, 2007.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,746,106,931 and the composition of unrealized appreciation and depreciation of investment securities was $21,557,736 and $(12,724,008), respectively.

*See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	1,754,940,659
Cash				456,535
Receivable for:
Fund shares sold				494,866
Accrued interest				14,330,473
Total Assets				1,770,222,533
Liabilities
Payable for:
Securities purchased	$	3,950,081
Fund shares redeemed		3,930,226
Withholding taxes		11,215
Collateral for securities loaned		341,934,008
Accrued expenses:
Management fees		294,870
Service and distribution fees		141,815
Other expenses		53,041
Total Liabilities				350,315,256
Net Assets			$	1,419,907,277
Net assets consists of:
Capital paid in			$	1,364,529,291
Undistributed net investment income				60,944,314
Accumulated net realized losses				(21,985,281	)
Unrealized appreciation on investments				16,418,953
Net Assets			$	1,419,907,277
Computation of offering price:
Class A
Net asset value and redemption price per share ($678,192,882 divided by 61,818,653 shares outstanding)			$	10.97
Class B
Net asset value and redemption price per share ($568,789,681 divided by 52,629,030 shares outstanding)			$	10.81
Class E
Net asset value and redemption price per share ($172,924,714 divided by 15,832,357 shares outstanding)			$	10.92
(a) Identified cost of investments			$	1,738,521,706

(b) Includes cash collateral for securities loaned of $341,934,008.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Interest				$	63,427,451	(a)
Expenses
Management fees	$	3,081,763
Service and distribution fees—Class B		1,304,725
Service and distribution fees—Class E		262,572
Directors’ fees and expenses		23,669
Custodian		147,302
Audit and tax services		31,737
Legal		13,778
Printing		309,355
Insurance		13,263
Miscellaneous		17,971
Total expenses		5,206,135
Management fee waivers		(73,962	)		5,132,173
Net Investment Income					58,295,278
Realized and Unrealized Gain (Loss)
Realized loss on:
Investments—net					(586,292	)
Change in unrealized appreciation on:
Investments—net					24,687,327
Net gain					24,101,035
Net Increase in Net Assets From Operations				$	82,396,313

(a) Includes net income on securities loaned of $669,145.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	58,295,278		$	49,514,990
Net realized loss		(586,292	)		(2,107,113	)
Unrealized appreciation (depreciation)		24,687,327			(4,369,460	)
Increase in net assets from operations		82,396,313			43,038,417
From Distributions to Shareholders
Net investment income
Class A		(23,636,498	)		(22,640,441	)
Class B		(22,205,073	)		(16,460,107	)
Class E		(7,821,668	)		(7,653,204	)
Total distributions		(53,663,239	)		(46,753,752	)
Increase in net assets from capital share transactions		234,272,891			90,246,793
Total increase in net assets		263,005,965			86,531,458
Net Assets
Beginning of the period		1,156,901,312			1,070,369,854
End of the period	$	1,419,907,277		$	1,156,901,312
Undistributed Net Investment Income
End of the period	$	60,944,314		$	53,161,491

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	24,762,938		$	265,871,474		11,035,391		$	117,421,224
Reinvestments	2,259,703			23,636,498		2,215,307			22,640,441
Redemptions	(12,750,873	)		(135,946,003	)	(14,245,276	)		(150,836,696	)
Net increase (decrease)	14,271,768		$	153,561,969		(994,578	)	$	(10,775,031	)
Class B
Sales	15,528,857		$	162,731,989		16,664,194		$	174,229,859
Reinvestments	2,149,571			22,205,073		1,631,329			16,460,107
Redemptions	(9,310,951	)		(97,531,567	)	(7,305,666	)		(76,005,012	)
Net increase	8,367,477		$	87,405,495		10,989,857		$	114,684,954
Class E
Sales	1,900,274		$	19,994,422		1,912,590		$	20,218,456
Reinvestments	749,920			7,821,668		751,050			7,653,204
Redemptions	(3,264,496	)		(34,510,663	)	(3,943,590	)		(41,534,790	)
Net decrease	(614,302	)	$	(6,694,573	)	(1,279,950	)	$	(13,663,130	)
Increase derived from capital share transactions			$	234,272,891				$	90,246,793

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.76		$	10.81		$	11.02		$	10.93		$	11.17
Income From Investment Operations
Net investment income		0.52	(a)		0.49	(a)		0.49			0.46			0.45
Net realized and unrealized gain (loss) of investments		0.20			(0.07	)		(0.27	)		(0.02	)		(0.06	)
Total from investment operations		0.72			0.42			0.22			0.44			0.39
Less Distributions
Distributions from net investment income		(0.51	)		(0.47	)		(0.43	)		(0.35	)		(0.63	)
Total distributions		(0.51	)		(0.47	)		(0.43	)		(0.35	)		(0.63	)
Net Asset Value, End of Period	$	10.97		$	10.76		$	10.81		$	11.02		$	10.93
Total Return (%)		6.9			4.1			2.1			4.1			3.6
Ratio of operating expenses to average net assets (%)		0.29			0.31			0.31			0.32			0.34
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.30			0.32			0.31			N/A			N/A
Ratio of net investment income to average net assets (%)		4.86			4.64			4.30			4.42			4.44
Portfolio turnover rate (%)		15			18			23			27			46
Net assets, end of period (000)	$	678,193		$	511,541		$	524,878		$	550,456		$	500,629
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.60		$	10.66		$	10.87		$	10.79		$	11.04
Income From Investment Operations
Net investment income		0.48	(a)		0.46	(a)		0.36			0.36			0.40
Net realized and unrealized gain (loss) of investments		0.20			(0.08	)		(0.16	)		0.04			(0.04	)
Total from investment operations		0.68			0.38			0.20			0.40			0.36
Less Distributions
Distributions from net investment income		(0.47	)		(0.44	)		(0.41	)		(0.32	)		(0.61	)
Total distributions		(0.47	)		(0.44	)		(0.41	)		(0.32	)		(0.61	)
Net Asset Value, End of Period	$	10.81		$	10.60		$	10.66		$	10.87		$	10.79
Total Return (%)		6.7			3.8			1.9			3.8			3.4
Ratio of operating expenses to average net assets (%)		0.54			0.56			0.56			0.57			0.59
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.55			0.57			0.56			N/A			N/A
Ratio of net investment income to average net assets (%)		4.60			4.40			4.06			4.16			4.20
Portfolio turnover rate (%)		15			18			23			27			46
Net assets, end of period (000)	$	568,790		$	469,212		$	354,652		$	170,958		$	73,938

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	10.71		$	10.77		$	10.97		$	10.89		$	11.14
Income From Investment Operations
Net investment income		0.50	(a)		0.47	(a)		0.46			0.44			0.52
Net realized and unrealized gain (loss) of investments		0.20			(0.07	)		(0.25	)		(0.02	)		(0.15	)
Total from investment operations		0.70			0.40			0.21			0.42			0.37
Less Distributions
Distributions from net investment income		(0.49	)		(0.46	)		(0.41	)		(0.34	)		(0.62	)
Total distributions		(0.49	)		(0.46	)		(0.41	)		(0.34	)		(0.62	)
Net Asset Value, End of Period	$	10.92		$	10.71		$	10.77		$	10.97		$	10.89
Total Return (%)		6.7			3.9			2.0			3.9			3.5
Ratio of operating expenses to average net assets (%)		0.44			0.46			0.46			0.47			0.49
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.45			0.47			0.46			N/A			N/A
Ratio of net investment income to average net assets (%)		4.70			4.49			4.15			4.26			4.29
Portfolio turnover rate (%)		15			18			23			27			46
Net assets, end of period (000)	$	172,925		$	176,149		$	190,840		$	200,270		$	115,749

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Lehman Brothers Aggregate Bond Index Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

MSF-18

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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

MSF-19

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/15	Expiring 12/31/14	Expiring 12/31/13		Expiring 12/31/12		Expiring 12/31/10		Expiring 12/31/09		Expiring 12/31/08		Total
$4,015,637	$4,808,149	$	3,790,866	$	499,465	$	449,093	$	612,878	$	223,967	$	14,400,055

The utilization of the capital loss carryforward acquired as part of a merger may be limited under section 382 of the Internal Revenue Code.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income				Long Term Gain				Return of Capital				Total
2007		2006		2007		2006		2007		2006		2007		2006
$	53,663,239	$	46,753,752	$	—	$	—	$	—	$	—	$	53,663,239	$	46,753,752

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards			Total
$60,944,314	$	—	$	8,833,728	$	(14,400,055	)	$	55,377,987

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 capital.

MSF-20

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases				Sales
U.S. Government		Other		U.S. Government		Other
$	347,417,439	$	54,597,650	$	113,051,211	$	65,321,665

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.25% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2007 were $3,081,763.

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

Effective April 30, 2007, MetLife Advisers entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MLIAC”) with respect to the Portfolio. MetLife Advisers pays MLIAC an investment subadvisory fee for the Portfolio equal to the costs incurred by MLIAC in providing subadvisory services to the Portfolio. Fees earned by MLIAC with respect to the Portfolio for the period ended December 31, 2007 were $197,760. Prior to April 30, 2007, MetLife served as subadviser to the Portfolio and for the period January 1, 2007 through April 30, 2007, fees earned by MetLife were $92,667.

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio at the annual rate of 0.006% of average daily net assets. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

Substitution:

On November 9, 2007, the Lehman Brothers Aggregate Bond Index Portfolio received and recorded a share subscription for 15,987,027 shares of Class A amounting to $172,819,764 from various shareholder accounts previously invested in the MetLife Investment Funds, Inc. (“MLIF”), an affiliated investment company of the Fund. A portion of the assets received from MLIF were investment securities with a market value of $80,632,276, and transferred in-kind pursuant to a substitution order received from the Securities and Exchange Commission. The balance of the assets was paid in cash. This transaction resulted from the planned liquidation of MLIF, pursuant to a Plan of Liquidation approved by the MLIF Board of Directors on August 16, 2007. The securities received were recorded at value and have been excluded from the calculation of portfolio turnover reported in the Portfolio’s financial highlights. The shares issued in this transaction are included in Sales in the Capital Shares schedule on the Statements of Changes in Net Assets.

MSF-21

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-22

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Lehman Brothers Aggregate Bond Index Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Lehman Brothers Aggregate Bond Index Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 28, 2008

MSF-23

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-24

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-25

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-26

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-27

Metropolitan Series Fund, Inc.

Lehman Brothers Aggregate Bond Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-28

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-29

Metropolitan Series Fund, Inc. Loomis Sayles Small Cap Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Loomis Sayles Small Cap Portfolio returned 11.9%, compared to its benchmark, the Russell 2000 Index¹, which returned -1.6%. The average return of its peer group, the Lipper Variable Insurance Products Small-Cap Core Funds Universe², was -1.6% over the same period.

PORTFOLIO REVIEW

2007 was a year in which the Portfolio’s focus on quality and earnings growth, from both the value and growth perspective, was well rewarded due to the decelerating economy, full margin structures across the market, and the change in the credit markets. Because growth was less abundant in the general market, with the Standard & Poor’s 500 Index earnings barely advancing over 2006, companies that were able to grow their revenues and earnings were provided a premium. Clean balance sheets were also well rewarded as the credit markets shut down mid-year, penalizing businesses that require capital to grow. Healthcare, with good organic growth and generally strong balance sheets, exemplifies how quality growth was rewarded, as it had the largest positive contribution to the Russell 2000’s return. Conversely, financials were by far the worst performing stocks in the market due to the increased default rates and challenging credit markets.

The Portfolio is built stock-by-stock from the bottom up, from growth and value perspectives, while a close eye remains on the larger economic landscape to supplement fundamental research. The value segment of the Portfolio remains focused on misunderstood, underfollowed, or undervalued small-cap stocks, and the growth portion continues to seek out superior earnings growth that the market under appreciates. The period’s positive stock selection was enhanced by sector weight changes. Company and macro analysis led to reductions in both the consumer discretionary and financial sectors. Funds were redeployed predominantly into the technology and energy sectors.

The Portfolio’s concentration on quality stock selection was well rewarded for the period, as the Portfolio outperformed the Russell 2000 benchmark for the one-year period ended December 31, 2007. Reflecting the bottom-up process, the majority of outperformance was driven by stock selection, with all sectors having favorable security selection attribution.

Particularly strong were the technology and healthcare sectors. Performance in technology was driven by a diverse group of stocks, including Commscope, a communications equipment company that designs and manufactures cable and connectivity solutions, which benefited from continued network and communications infrastructure build-out. First Solar, a leading solar company, has meaningfully expanded its capacity in response to expanding customer demand, leading to financial results ahead of investor expectations. Opsware, a leading player in the fast growing data center market, was acquired by Hewlett Packard for a premium. Healthcare sector performance was also broad-based and included Viasys, which was acquired during the year by Cardinal Health; Pharmion, a developer of cancer treatment pharmaceuticals, also announced it would be acquired by Celgene; and Nuvasive, a spinal company with a minimally invaisive method, experiencing 40% growth per annum.

Financials, not surprisingly, was the only sector that had a negative absolute impact on the Portfolio, although it was the sector with the best relative performance. While an underweight position in the sector was a key positive, Portfolio stock selection was helped by our cautious stance toward the unfolding credit crisis.

Changes in sector weights made a meaningful contribution to performance for the period, as fundamental and macro analysis pointed to a weakening consumer and financial environment. Weightings in these sectors were reduced by mid-year, while additional investments were made in the energy sector, which continued it’s multi-year run, as well as the technology sector, which experienced resurgence in 2007. These sector shifts had a positive impact on performance.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Russell 2000^® Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000^® Index.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 2000 INDEX

Average Annual Returns as of December 31, 2007

	Loomis Sayles Small Cap Portfolio						Russell 2000 Index
	Class A		Class B		Class E
1 Year	11.9	%	11.6	%	11.7	%	-1.6%
5 Year	17.3		17.1		17.1		16.2
10 Year	8.0		—		—		7.1
Since Inception	—		14.6		8.3		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 5/2/94, 7/30/02 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Moog, Inc.	1.3%
National Financial Partners Corp.	1.1%
Waste Connections, Inc.	1.1%
RBC Bearings, Inc.	1.0%
Helix Energy Solutions Group, Inc.	1.0%
INVESTools, Inc.	1.0%
ITC Holdings Corp.	0.9%
Rollins, Inc.	0.9%
Exterran Holdings, Inc.	0.9%
Orthofix International NV	0.8%

Top Sectors

	% of Total Market Value
Industrials	21.1	%
Information Technology	20.6	%
Financials	13.1	%
Consumer Discretionary	12.8	%
Health Care	11.2	%
Energy	7.3	%
Materials	3.5	%
Utilities	3.0	%
Consumer Staples	2.5	%
Telecommunication Services	1.9	%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Loomis Sayles Small Cap—Class A(a)	Actual	0.91	%	$	1,000.00	$	990.40	$	4.57
	Hypothetical	0.91	%	$	1,000.00	$	1,020.56	$	4.63
Loomis Sayles Small Cap—Class B(a)	Actual	1.16	%	$	1,000.00	$	989.10	$	5.82
	Hypothetical	1.16	%	$	1,000.00	$	1,019.29	$	5.90
Loomis Sayles Small Cap—Class E(a)	Actual	1.06	%	$	1,000.00	$	989.60	$	5.32
	Hypothetical	1.06	%	$	1,000.00	$	1,019.80	$	5.40

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—97.1% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—2.7%
AAR Corp. (a) (b)	69,185	$	2,631,106
American Science & Engineering, Inc. (a)	31,243		1,773,040
Moog, Inc. (b)	147,349		6,750,059
Teledyne Technologies, Inc. (b)	61,674		3,289,074
			14,443,279
Air Freight & Logistics—0.3%
HUB Group, Inc. (Class A) (b)	67,342		1,789,950
Auto Components—0.3%
Gentex Corp.	92,850		1,649,944
Automobiles—0.1%
Winnebago Industries, Inc. (a)	37,175		781,419
Biotechnology—1.4%
BioMarin Pharmaceutical, Inc. (b)	51,798		1,833,649
Indevus Pharmaceuticals, Inc. (a) (b)	252,527		1,755,063
Metabolix, Inc. (a) (b)	76,583		1,822,675
Myriad Genetics, Inc. (a) (b)	33,559		1,557,809
Theravance, Inc. (a) (b)	42,561		829,940
			7,799,136
Building Products—0.5%
Armstrong World Industries, Inc. (b)	60,971		2,445,547
Capital Markets—1.7%
FCStone Group, Inc. (a) (b)	61,683		2,839,269
GFI Group, Inc. (a) (b)	28,602		2,737,783
Investment Technology Group, Inc.	22,918		1,090,668
JMP Group, Inc. (a)	104,717		888,000
Stifel Financial Corp. (a)	33,714		1,772,345
			9,328,065
Chemicals—1.8%
Cytec Industries, Inc.	47,959		2,953,315
FMC Corp.	43,350		2,364,743
Minerals Technologies, Inc.	27,249		1,824,321
Penford Corp.	53,694		1,374,029
The Scotts Miracle-Gro Co.	25,965		971,610
ZEP, Inc. (a) (b)	26,355		365,544
			9,853,562
Commercial Banks—3.9%
CVB Financial Corp. (a)	126,266		1,305,590
East West Bancorp, Inc. (a)	44,084		1,068,155
First Community Bancorp, Inc. (a)	37,348		1,540,232
First Midwest Bancorp, Inc. (a)	57,104		1,747,382
First State Bancorp	87,928		1,222,199
Hancock Holding Co. (a)	44,357		1,694,437
IBERIABANK Corp. (a)	44,621		2,086,032
Pennsylvania Commerce Bancorp, Inc. (a) (b)	34,100		949,685
Prosperity Bancshares, Inc. (a)	70,168		2,062,238
Signature Bank (b)	71,439		2,411,066
Sterling Bancshares, Inc. (a)	212,453		2,370,976

Security Description	Shares	Value*
Commercial Banks—(Continued)
The Colonial BancGroup, Inc. (a)	108,806	$	1,473,233
United Community Bank, Inc. (a)	59,027		932,627
			20,863,852
Commercial Services & Supplies—8.4%
ABM Industries, Inc.	77,402		1,578,227
American Ecology Corp.	63,907		1,500,536
Angelica Corp. (a)	4,520		86,332
FTI Consulting, Inc. (b)	57,573		3,548,800
Huron Consulting Group, Inc. (a) (b)	31,570		2,545,489
ICF International, Inc.	61,809		1,561,295
IHS, Inc. (b)	47,270		2,862,671
Innerworkings, Inc. (a) (b)	166,780		2,878,623
Interface, Inc.	107,028		1,746,697
McGrath Rentcorp	83,611		2,152,983
Rollins, Inc.	242,794		4,661,645
Standard Parking Corp. (a) (b)	71,410		3,462,671
Team, Inc. (a)	77,100		2,820,318
The Advisory Board Co. (b)	63,321		4,064,575
The Geo Group, Inc. (b)	132,987		3,723,636
Waste Connections, Inc. (b)	186,181		5,752,993
			44,947,491
Communications Equipment—2.2%
Adtran, Inc.	56,409		1,206,024
Anaren, Inc. (a) (b)	97,990		1,615,855
CommScope, Inc. (a) (b)	21,243		1,045,368
Foundry Networks, Inc. (b)	146,301		2,563,194
Harmonic, Inc. (a) (b)	158,511		1,661,195
Harris Stratex Networks, Inc. (a) (b)	117,801		1,967,277
Sonus Networks, Inc. (a) (b)	277,950		1,620,449
			11,679,362
Computers & Peripherals—0.7%
Brocade Communications Systems, Inc. (b)	273,947		2,010,771
Electronics for Imaging, Inc. (b)	81,321		1,828,096
			3,838,867
Construction & Engineering—0.7%
Michael Baker Corp. (b)	20,008		822,329
Northwest Pipe Co. (a) (b)	78,950		3,090,103
			3,912,432
Construction Materials—0.4%
Texas Industries, Inc. (a)	29,080		2,038,508
Consumer Finance—0.8%
Dollar Financial Corp. (a) (b)	90,033		2,763,113
First Cash Financial Services (b)	114,406		1,679,480
			4,442,593
Containers & Packaging—0.6%
Greif, Inc.	25,242		1,650,069
Rock Tennessee Co.	66,363		1,686,284
			3,336,353

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Distributors—0.8%
Core-Mark Holding Co., Inc. (a) (b)	16,201	$	465,293
LKQ Corp. (a) (b)	179,614		3,775,486
			4,240,779
Diversified Consumer Services—3.5%
Bright Horizons Family Solutions, Inc. (b)	54,314		1,876,006
Capella Education Co. (a) (b)	31,938		2,090,661
Corinthian Colleges, Inc. (a) (b)	135,972		2,093,969
DeVry, Inc.	60,453		3,141,138
INVESTools, Inc. (a) (b)	308,999		5,481,642
Jackson Hewitt Tax Service, Inc. (a)	77,050		2,446,338
New Oriental Education & Technology Group, Inc. (ADR) (b)	24,065		1,939,398
			19,069,152
Diversified Financial Services—0.3%
Portfolio Recovery Associates, Inc. (a) (b)	34,475		1,367,623
Diversified Telecommunication Services—1.4%
Cbeyond, Inc. (a) (b)	58,371		2,275,885
Cogent Communications Group, Inc. (b)	64,173		1,521,542
NTELOS Holdings Corp.	102,451		3,041,770
SureWest Communications (a)	25,329		433,126
			7,272,323
Electric Utilities—1.5%
Allete, Inc. (a)	48,140		1,905,381
ITC Holdings Corp.	85,086		4,800,552
Portland General Electric Co.	50,250		1,395,945
			8,101,878
Electrical Equipment—2.0%
Acuity Brands, Inc.	39,468		1,776,060
Belden, Inc. (a)	33,868		1,507,126
General Cable Corp. (a)	37,946		2,780,683
Hubbell, Inc. (Class B)	19,732		1,018,171
II-VI, Inc. (b)	72,882		2,226,545
Polypore International, Inc.	69,332		1,213,310
			10,521,895
Electronic Equipment & Instruments—3.0%
Agilysys, Inc. (a)	126,779		1,916,898
Anixter International, Inc. (a) (b)	26,818		1,669,957
Excel Technology, Inc. (b)	45,693		1,238,280
Ingram Micro, Inc.	113,178		2,041,731
IPG Photonics Corp. (a) (b)	111,079		2,220,469
Littelfuse, Inc. (b)	91,627		3,020,026
Rofin-Sinar Technologies, Inc. (b)	26,450		1,272,510
Vishay Intertechnology, Inc. (b)	135,251		1,543,214
X-Rite, Inc. (a) (b)	91,277		1,060,639
			15,983,724
Energy Equipment & Services—4.0%
Dresser-Rand Group, Inc. (b)	58,625		2,289,306
Exterran Holdings, Inc. (a) (b)	56,442		4,616,956

Security Description	Shares	Value*
Energy Equipment & Services—(Continued)
Helix Energy Solutions Group, Inc. (a) (b)	133,472	$	5,539,088
Mitcham Industries, Inc. (b)	90,181		1,854,121
Oceaneering International, Inc. (b)	29,129		1,961,838
T-3 Energy Services, Inc. (b)	48,473		2,278,716
Tesco Corp. (b)	65,361		1,873,900
Tetra Technologies, Inc. (a) (b)	54,666		851,150
			21,265,075
Food & Staples Retailing—1.1%
Casey’s General Stores, Inc.	57,675		1,707,757
Spartan Stores, Inc.	106,759		2,439,443
Winn-Dixie Stores, Inc. (b)	95,395		1,609,314
			5,756,514
Food Products—0.8%
J&J Snack Foods Corp.	49,179		1,538,319
Ralcorp Holdings, Inc. (b)	42,446		2,580,292
			4,118,611
Gas Utilities—0.8%
UGI Corp.	156,596		4,267,241
Health Care Equipment & Supplies—3.3%
Conceptus, Inc. (a) (b)	101,062		1,944,433
Inverness Medical Innovations, Inc. (a) (b)	57,919		3,253,890
Masimo Corp. (a) (b)	60,711		2,395,049
Meridian Bioscience, Inc.	51,636		1,553,211
NuVasive, Inc. (b)	47,905		1,893,206
Orthofix International NV (b)	75,087		4,352,793
West Pharmaceutical Services, Inc. (a)	57,438		2,331,408
			17,723,990
Health Care Providers & Services—3.1%
Corvel Corp. (b)	61,229		1,409,492
HealthExtras, Inc. (b)	88,085		2,297,257
Healthspring, Inc. (b)	53,732		1,023,595
inVentiv Health, Inc. (b)	60,674		1,878,467
Psychiatric Solutions, Inc. (a) (b)	84,820		2,756,650
RadNet, Inc.	270,269		2,743,230
Skilled Healthcare Group, Inc. (b)	60,964		891,903
Sun Healthcare Group, Inc. (b)	228,976		3,931,518
			16,932,112
Health Care Technology—0.5%
Phase Forward, Inc. (b)	114,180		2,483,415
Hotels, Restaurants & Leisure—1.5%
Ambassadors Intenational, Inc. (a)	41,984		612,127
Bob Evans Farms, Inc. (a)	63,008		1,696,806
CEC Entertainment, Inc. (b)	74,355		1,930,256
Cosi, Inc. (a) (b)	388,872		871,073
Life Time Fitness, Inc. (a) (b)	53,755		2,670,548
McCormick & Schmick’s Seafood Restaurants, Inc. (a) (b)	18,901		225,489
			8,006,299

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Household Durables—0.3%
Jarden Corp. (a) (b)	62,694	$	1,480,205
Industrial Conglomerates—0.4%
Teleflex, Inc.	21,767		1,371,539
Walter Industries, Inc.	23,580		847,229
			2,218,768
Insurance—5.0%
American Equity Investment Life (a)	171,625		1,422,771
American Physicians Capital, Inc.	24,522		1,016,682
Arch Capital Group, Ltd. (b)	36,550		2,571,293
Delphi Financial Group, Inc.	66,043		2,329,997
eHealth, Inc. (b)	37,767		1,212,698
Employers Holdings, Inc.	75,695		1,264,864
First Mercury Financial Corp. (b)	72,300		1,764,120
Midland Co. (a)	36,167		2,339,643
National Financial Partners Corp. (a)	127,084		5,796,300
ProAssurance Corp. (b)	62,578		3,436,784
RLI Corp. (a)	36,518		2,073,857
The Navigators Group, Inc. (b)	29,161		1,895,465
			27,124,474
Internet Software & Services—2.1%
Ariba, Inc. (a) (b)	213,509		2,380,625
DealerTrack Holdings, Inc. (b)	56,019		1,874,956
United Online, Inc.	100,610		1,189,210
VistaPrint, Ltd. (a) (b)	78,840		3,378,294
Vocus, Inc. (b)	70,539		2,435,712
			11,258,797
IT Services—2.4%
Broadridge Financial Solutions, Inc.	147,986		3,319,326
Information Services Group, Inc. (a) (b)	247,229		1,693,519
Perot Systems Corp. (Class A) (b)	99,404		1,341,954
Syntel, Inc. (a)	58,522		2,254,267
Wright Express Corp. (b)	116,470		4,133,520
			12,742,586
Leisure Equipment & Products—0.2%
Steinway Musical Instruments, Inc. (a) (b)	48,226		1,329,591
Life Sciences Tools & Services—1.7%
Affymetrix, Inc. (b)	59,780		1,383,309
Exelixis, Inc. (a) (b)	158,992		1,372,101
Parexel International Corp. (b)	56,362		2,722,285
PerkinElmer, Inc.	79,559		2,070,125
Third Wave Technologies, Inc.	168,087		1,622,039
			9,169,859
Machinery—4.5%
Actuant Corp. (a)	78,946		2,684,953
Barnes Group, Inc. (a)	44,386		1,482,049
CLARCOR, Inc. (a)	43,286		1,643,569
Commercial Vehicle Group, Inc. (a) (b)	67,200		974,400
Harsco Corp.	38,197		2,447,282

Security Description	Shares	Value*
Machinery—(Continued)
Kadant, Inc. (b)	95,490	$	2,833,188
Mueller Water Products, Inc. (a)	106,923		1,017,907
Nordson Corp.	28,897		1,674,870
RBC Bearings, Inc. (b)	128,067		5,565,792
The Middleby Corp. (a)	28,898		2,214,165
Wabtec Corp.	52,743		1,816,469
			24,354,644
Media—2.2%
Alloy, Inc. (b)	67,259		633,580
Belo Corp. (Class A)	85,320		1,487,981
Interactive Data Corp.	75,045		2,477,235
John Wiley & Sons, Inc.	86,731		3,715,556
Knology, Inc. (a) (b)	156,433		1,999,214
Live Nation, Inc. (a) (b)	45,885		666,250
National CineMedia, Inc.	38,495		970,459
			11,950,275
Metals & Mining—0.7%
Haynes International, Inc. (b)	15,335		1,065,782
Reliance Steel & Aluminum Co.	49,100		2,661,220
			3,727,002
Multi-Utilities—0.3%
NorthWestern Corp.	50,447		1,488,186
Multiline Retail—0.4%
Dollar Tree Stores, Inc. (b)	86,591		2,244,439
Oil, Gas & Consumable Fuels—3.4%
Arena Resources, Inc. (b)	50,773		2,117,742
ATP Oil & Gas Corp. (b)	25,810		1,304,437
Carrizo Oil & Gas, Inc. (a) (b)	41,575		2,276,231
Mariner Energy, Inc. (b)	84,803		1,940,293
Parallel Petroleum Corp. (b)	86,919		1,532,382
Penn Virginia Corp.	58,926		2,570,941
PetroHawk Energy Corp. (a) (b)	126,251		2,185,405
Petroleum Development Corp. (a) (b)	20,617		1,219,083
St. Mary Land & Exploration Co.	32,916		1,270,887
TXCO Resources, Inc. (a) (b)	140,978		1,700,195
			18,117,596
Personal Products—0.6%
Alberto-Culver Co.	135,810		3,332,777
Pharmaceuticals—1.1%
KV Pharmaceutical Co. (a) (b)	57,909		1,652,723
Perrigo Co.	66,940		2,343,569
Sciele Pharma, Inc. (b)	91,941		1,880,194
			5,876,486
Real Estate Investment Trusts—1.4%
Corporate Office Properties Trust	38,290		1,206,135
Health Care REIT, Inc.	37,570		1,679,003
Kite Realty Group Trust	114,948		1,755,256

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Real Estate Investment Trusts—(Continued)
LaSalle Hotel Properties	36,302	$	1,158,034
Potlatch Corp. (a)	38,108		1,693,520
			7,491,948
Road & Rail—0.5%
Avis Budget Group, Inc. (b)	65,937		857,181
Genesee & Wyoming, Inc. (a) (b)	46,975		1,135,386
Ryder System, Inc.	17,149		806,174
			2,798,741
Semiconductors & Semiconductor Equipment—4.1%
ATMI, Inc. (b)	63,243		2,039,587
Cavium Networks, Inc. (a) (b)	76,148		1,752,927
Cohu, Inc. (a)	78,773		1,205,227
Cypress Semiconductor Corp. (b)	69,923		2,519,326
Diodes, Inc. (a) (b)	38,750		1,165,213
Exar Corp. (a) (b)	116,270		926,672
Fairchild Semiconductor International, Inc. (b)	85,089		1,227,834
Monolithic Power Systems (b)	85,250		1,830,317
NetLogic Microsystems, Inc. (a) (b)	78,087		2,514,401
Tessera Technologies, Inc. (b)	76,905		3,199,248
Verigy, Ltd. (b)	86,000		2,336,620
Volterra Semiconductor Corp. (a) (b)	137,991		1,522,041
			22,239,413
Software—6.2%
Blackbaud, Inc.	86,104		2,414,356
Blackboard, Inc. (b)	64,474		2,595,079
BladeLogic, Inc. (b)	89,755		2,654,055
Epicor Software Corp. (a) (b)	141,187		1,663,183
Informatica Corp. (b)	174,489		3,144,292
Interactive Intelligence, Inc. (b)	68,412		1,802,656
Intervoice, Inc. (b)	136,017		1,086,776
MicroStrategy, Inc. (Class A) (b)	12,866		1,223,557
Parametric Technology Corp. (b)	61,901		1,104,933
Progress Software Corp. (b)	76,144		2,564,530
Quest Software, Inc. (b)	94,964		1,751,136
Radiant Systems, Inc. (b)	95,397		1,643,690
Sybase, Inc. (b)	71,255		1,859,043
Taleo Corp. (a) (b)	88,412		2,632,909
The Ultimate Software Group, Inc. (a) (b)	77,419		2,436,376
Tyler Technologies, Inc. (a)	197,011		2,539,472
			33,116,043
Specialty Retail—1.6%
Borders Group, Inc. (a)	128,793		1,371,645
Dick’s Sporting Goods, Inc. (b)	75,739		2,102,515
Jo-Ann Stores, Inc. (a) (b)	58,846		769,706
Sally Beauty Holdings, Inc. (a) (b)	215,231		1,947,840
Sonic Automotive, Inc. (a)	115,517		2,236,409
			8,428,115
Textiles, Apparel & Luxury Goods—1.8%
Carter’s, Inc. (a) (b)	53,970		1,044,319
FGX International Holdings, Ltd. (b)	32,069		380,018
Fossil, Inc. (b)	89,323		3,749,780
Hanesbrands, Inc. (b)	98,337		2,671,816

Security Description	Shares		Value*
Textiles, Apparel & Luxury Goods—(Continued)
Movado Group, Inc.		72,406	$	1,831,148
				9,677,081
Trading Companies & Distributors—1.1%
Aircastle, Ltd. (a)		74,490		1,961,322
Genesis Lease, Ltd. (ADR)		82,475		1,547,231
Kaman Corp.		66,709		2,455,558
				5,964,111
Water Utilities—0.4%
American State Water Co. (a)		31,662		1,193,024
Middlesex Water Co.		55,171		1,045,491
				2,238,515
Wireless Telecommunication Services—0.6%
SBA Communications Corp. (b)		90,341		3,057,139
Total Common Stock (Identified Cost $446,409,368)				521,687,782
Short Term Investments—26.8%
Security Description	Face Amount/ Shares		Value*
Commercial Paper—3.3%
State Street Boston Corp. 1.500%, 01/02/08	$	17,430,000		17,429,274
Mutual Funds—23.5%
State Street Navigator Securities Lending Prime Portfolio (c)		126,348,157		126,348,157
Total Short Term Investments (Identified Cost $143,777,431)				143,777,431
Total Investments—123.9% (Identified Cost $590,186,799) (d)				665,465,213
Liabilities in excess of other assets				(128,453,963	)
Total Net Assets—100%			$	537,011,250

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $127,388,536 and the collateral received consisted of cash in the amount of $126,348,157 and non cash collateral with a value of $5,130,699. 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.

(b) Non-Income Producing.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $590,098,353 and the composition of unrealized appreciation and depreciation of investment securities was $98,135,769 and $(22,768,909), respectively.

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

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	665,465,213
Cash				963
Receivable for:
Securities sold				154,526
Fund shares sold				357,273
Accrued interest and dividends				337,688
Total Assets				666,315,663
Liabilities
Payable for:
Securities purchased	$	1,143,508
Fund shares redeemed		1,328,700
Collateral for securities loaned		126,348,157
Accrued expenses:
Management fees		388,993
Service and distribution fees		31,008
Deferred directors’ fees		25,384
Other expenses		38,663
Total Liabilities				129,304,413
Net Assets			$	537,011,250
Net assets consists of:
Capital paid in			$	392,106,882
Overdistributed net investment income				(28,803	)
Accumulated net realized gains				69,654,757
Unrealized appreciation on investments				75,278,414
Net Assets			$	537,011,250
Computation of offering price:
Class A
Net asset value and redemption price per share ($365,435,442 divided by 1,475,546 shares outstanding)			$	247.66
Class B
Net asset value and redemption price per share ($108,141,760 divided by 443,393 shares outstanding)			$	243.90
Class E
Net asset value and redemption price per share ($63,434,048 divided by 258,723 shares outstanding)			$	245.18
(a) Identified cost of investments			$	590,186,799

(b) Includes cash collateral for securities loaned of $126,348,157.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	3,512,677
Interest					1,095,276	(a)
					4,607,953
Expenses
Management fees	$	4,791,224
Service and distribution fees—Class B		221,983
Service and distribution fees—Class E		95,053
Directors’ fees and expenses		26,369
Custodian		59,771
Audit and tax services		31,738
Legal		5,968
Printing		161,796
Insurance		5,642
Miscellaneous		14,518
Total expenses		5,414,062
Expense reductions		(53,473	)
Management fee waivers		(267,142	)		5,093,447
Net Investment Loss					(485,494	)
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net					70,495,073
Change in unrealized depreciation on:
Investments—net					(12,514,559	)
Net gain					57,980,514
Net Increase in Net Assets From Operations				$	57,495,020

(a) Includes net income on securities loaned of $381,762.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income (loss)	$	(485,494	)	$	672,037
Net realized gain		70,495,073			59,329,511
Unrealized appreciation (depreciation)		(12,514,559	)		10,378,151
Increase in net assets from operations		57,495,020			70,379,699
From Distributions to Shareholders
Net investment income
Class A		(315,188	)		0
		(315,188	)		0
Net realized gain
Class A		(43,303,902	)		(32,197,782	)
Class B		(9,064,930	)		(3,394,432	)
Class E		(7,088,373	)		(5,098,161	)
		(59,457,205	)		(40,690,375	)
Total distributions		(59,772,393	)		(40,690,375	)
Increase in net assets from capital share transactions		40,143,772			42,258,597
Total increase in net assets		37,866,399			71,947,921
Net Assets
Beginning of the period		499,144,851			427,196,930
End of the period	$	537,011,250		$	499,144,851
Undistributed (Overdistributed) Net Investment Income
End of the period	$	(28,803	)	$	357,774

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	359,286		$	91,646,470		334,929		$	81,454,033
Reinvestments	181,587			43,619,090		131,468			32,197,782
Redemptions	(556,927	)		(140,977,220	)	(483,757	)		(116,923,162	)
Net decrease	(16,054	)	$	(5,711,660	)	(17,360	)	$	(3,271,347	)
Class B
Sales	211,111		$	52,345,787		184,495		$	44,212,938
Reinvestments	38,255			9,064,930		14,005			3,394,432
Redemptions	(79,387	)		(19,520,838	)	(35,004	)		(8,256,711	)
Net increase	169,979		$	41,889,879		163,496		$	39,350,659
Class E
Sales	58,013		$	14,543,308		61,619		$	15,109,940
Reinvestments	29,777			7,088,373		20,970			5,098,161
Redemptions	(70,970	)		(17,666,128	)	(59,214	)		(14,028,816	)
Net increase	16,820		$	3,965,553		23,375		$	6,179,285
Increase derived from capital share transactions			$	40,143,772				$	42,258,597

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	249.37		$	232.80		$	220.60		$	189.55		$	138.89
Income From Investment Operations
Net investment income (loss)		(0.08	)(a)		0.45			0.11			(0.27	)		(0.34	)
Net realized and unrealized gain on investments		28.82			37.97			14.79			31.32			51.00
Total from investment operations		28.74			38.42			14.90			31.05			50.66
Less Distributions
Distributions from net investment income		(0.22	)		0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(30.23	)		(21.85	)		(2.70	)		0.00			0.00
Total distributions		(30.45	)		(21.85	)		(2.70	)		0.00			0.00
Net Asset Value, End of Period	$	247.66		$	249.37		$	232.80		$	220.60		$	189.55
Total Return (%)		11.9			16.7			6.9			16.4			36.5
Ratio of operating expenses to average net assets before expense reductions (%)		0.90			0.93			0.94			0.98			0.99
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.89			0.92			0.91			0.95			N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (c)		0.95			0.98			0.94			0.98			0.99
Ratio of net investment income (loss) to average net assets (%)		(0.03	)		0.18			0.05			(0.13	)		(0.21	)
Portfolio turnover rate (%)		64			76			101			135			118
Net assets, end of period (000)	$	365,435		$	371,963		$	351,279		$	368,666		$	348,406

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	246.37		$	230.75		$	219.20		$	188.59		$	138.20
Income From Investment Operations
Net investment income (loss)		(0.67	)(a)		0.12			(0.25	)		0.08			(0.24	)
Net realized and unrealized gain on investments		28.43			37.35			14.50			30.53			50.63
Total from investment operations		27.76			37.47			14.25			30.61			50.39
Less Distributions
Distributions from net realized capital gains		(30.23	)		(21.85	)		(2.70	)		0.00			0.00
Total distributions		(30.23	)		(21.85	)		(2.70	)		0.00			0.00
Net Asset Value, End of Period	$	243.90		$	246.37		$	230.75		$	219.20		$	188.59
Total Return (%)		11.6			16.4			6.7			16.2			36.5
Ratio of operating expenses to average net assets before expense reductions (%)		1.15			1.18			1.19			1.23			1.24
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.14			1.17			1.17			1.20			N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (c)		1.20			1.23			1.19			1.23			1.24
Ratio of net investment loss to average net assets (%)		(0.27	)		(0.02	)		(0.16	)		(0.07	)		(0.46	)
Portfolio turnover rate (%)		64			76			101			135			118
Net assets, end of period (000)	$	108,142		$	67,360		$	25,364		$	6,440		$	98

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	247.29		$	231.34		$	219.57		$	188.95		$	138.65
Income From Investment Operations
Net investment income (loss)		(0.45	)(a)		0.14			(0.21	)		(0.45	)		(0.37	)
Net realized and unrealized gain on investments		28.57			37.66			14.68			31.07			50.67
Total from investment operations		28.12			37.80			14.47			30.62			50.30
Less Distributions
Distributions from net realized capital gains		(30.23	)		(21.85	)		(2.70	)		0.00			0.00
Total distributions		(30.23	)		(21.85	)		(2.70	)		0.00			0.00
Net Asset Value, End of Period	$	245.18		$	247.29		$	231.34		$	219.57		$	188.95
Total Return (%)		11.7			16.5			6.8			16.2			36.3
Ratio of operating expenses to average net assets before expense reductions (%)		1.05			1.08			1.09			1.13			1.14
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.04			1.07			1.06			1.10			N/A
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (c)		1.10			1.13			1.09			1.13			1.14
Ratio of net investment income (loss) to average net assets (%)		(0.18	)		0.03			(0.10	)		(0.26	)		(0.37	)
Portfolio turnover rate (%)		64			76			101			135			118
Net assets, end of period (000)	$	63,434		$	59,821		$	50,554		$	47,131		$	31,759

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Loomis Sayles Small Cap Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-13

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-14

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

MSF-15

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$10,856,813	$	8,987,266	$	48,915,580	$	31,703,109	$	—	$	—	$	59,772,393	$	40,690,375

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$19,099,788	$	50,466,523	$	75,366,860	$	—	$	144,933,171

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	328,703,186	$	0	$	347,225,198

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$4,791,224	0.900%	Of the first $500 million
	0.850%	On amounts in excess of $500 million

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Loomis, Sayles & Co., L.P. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio at the annual rate of 0.05% of average daily net assets. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

MSF-16

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-17

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Loomis Sayles Small Cap Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Loomis Sayles Small Cap Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-19

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-20

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

MSF-21

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

MSF-22

Metropolitan Series Fund, Inc.

Loomis Sayles Small Cap Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-23

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-24

Metropolitan Series Fund, Inc. MetLife Aggressive Allocation Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the MetLife Aggressive Allocation Portfolio returned 3.5% compared to the 5.7% return of the Wilshire 5000 Index¹ and the 6.5% return of the Lehman Brothers U.S. Universal Bond Index². Considering that no single index or benchmark can accurately capture the multiple asset class design of the Portfolio, we have created a blended benchmark comprised of several indices for use in portfolio design and evaluation purposes. Specifically, the blended benchmark for the MetLife Aggressive Allocation Portfolio consists of an 80% allocation to the Wilshire 5000 Index and a 20% allocation to the Morgan Stanley Capital International EAFE Index³. During the twelve-month period ended December 31, 2007, the blended benchmark returned 6.8%.

PORTFOLIO REVIEW

Concerns about subprime mortgages and the strength of the overall economy initially surfaced in the first half of 2007, but they were mostly brushed off. It was not until the second half of the year that those concerns intensified. Most economic statistics at the end of 2007 indicated a weakening economy: a sharp decrease in New and Existing Home Sales, a drop in Consumer Confidence, a rise in the Unemployment Rate, and a decline in the Purchasing Managers Index.

During 2007, large cap stocks, as measured by the Standard & Poor’s 500 Index⁴ return of 5.5%, did better than small cap stocks, as measured by the -1.6% return of the Russell 2000 Index⁵. Growth style stocks generally held up better than value style stocks. There was a wide dispersion among the various sectors of the S&P Index: Energy and Materials were up 34% and 22% respectively, while Financials (-19%) and Consumer Discretionary (-13%) were down sharply. On a local basis, foreign stocks were also up modestly for the year, but U.S. based investors benefited from a weak dollar to receive an 11.2% return as measured by the MSCI EAFE Index.

Investment grade bonds, as measured by the Lehman Brothers Aggregate Bond Index⁶, posted a 7.0% return in response to a decline in interest rates across the yield curve. Below investment grade bonds, while still eking out a positive return for the year, were adversely impacted by credit concerns brought about by the subprime mortgage crisis. Treasuries and Treasury Inflation Protected Securities (TIPS) were the best performing investment grade sectors, while the credit based sectors lagged.

The MetLife Aggressive Allocation Portfolio is a “fund of funds” that invests in other Portfolios of the Metropolitan Series Fund, Inc. and the Met Investors Series Trust. The Portfolio’s initial target allocations were 100% in equity investments and 0% in fixed income investments, although we expect that there may be some cash held by the equity Portfolios. The MetLife Aggressive Allocation Portfolio is considered the most aggressive of the five Asset Allocation Portfolios.

The only change in the Portfolio during the period was a slight adjustment for the underlying Portfolios as of May 1, 2007. We also rebalanced the Portfolio on a quarterly basis to bring it back into line with the underlying Portfolio targets and the desired risk level.

The largest source of underperformance over the past year was poor security selection within several of the underlying equity Portfolios. This impact was intensified by the large (100%) weighting to equities in general. These Portfolios did not perform as well as we would have expected given their asset allocation among the segments of the capital markets. Detracting the most from performance were the Harris Oakmark International Portfolio, which was down 1% for the year compared to an 11% return of foreign stocks overall, as measured by the MSCI EAFE Index, and the Legg Mason Value Equity Portfolio, which fell nearly 6% compared to the 5.5% return of the S&P 500 Index. Although its position was relatively small (2%) and its performance was in line with the real estate indices, the Neuberger Berman Real Estate Portfolio was down sharply for the year (-14.8%) relative to the broad equity market. This had an adverse impact on the Portfolio’s performance.

Among the underlying Portfolios that had positive security selection and added to relative performance were the Met/AIM Small Cap Growth Portfolio, the Jennison Growth Portfolio, and the T. Rowe Price Large Cap Growth Portfolio. Among the equity funds, growth oriented funds like these performed better than the broad equity market and added relative value to the Portfolio’s performance.

* The views expressed above are those of the advisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data.

² The Lehman Brothers U.S. Universal Bond Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-EIRSA portion of the Commercial Mortgage Backed Securities Index and the Commercial Mortgage Backed Securities High Yield Index.

³ The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE Index”) is an unmanaged free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

⁴ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

⁵ The Russell 2000^® Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000^® Index.

⁶ Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

MSF-2

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO

THE WILSHIRE 5000 STOCK INDEX AND THE LEHMAN BROTHERS

UNIVERSAL BOND INDEX

Average Annual Returns as of December 31, 2007

	MetLife Aggressive Allocation Portfolio				Wilshire 5000 Stock Index		Lehman Brothers Universal Bond Index
	Class A		Class B
1 Year	3.5	%	3.3	%	5.7	%	6.5	%
Since Inception	12.0		11.7		12.4		5.1

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

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

PORTFOLIO COMPOSITION as of December 31, 2007

Top Holdings

	% of Total Net Assets
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	12.1%
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	9.3%
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	9.2%
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	9.1%
Met Investors Series Trust—Harris Oakmark International Portfolio, (Class A)	8.9%
Metropolitan Series Fund, Inc.—Julius Baer International Stock Portfolio, (Class A)	8.9%
Met Investors Series Trust—Legg Mason Value Equity Portfolio, (Class A)	6.9%
Met Investors Series Trust—Lazard Mid-Cap Portfolio, (Class A)	5.8%
Metropolitan Series Fund, Inc.—Jennison Growth Portfolio, (Class A)	5.1%
Met Investors Series Trust—Dreman Small Cap Value Portfolio, (Class A)	4.9%

MSF-3

Metropolitan Series Fund, Inc.

Shareholder Expense Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund 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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
MetLife Aggressive Allocation—Class A(a)(b)	Actual	0.85	%	$	1,000.00	$	958.40	$	4.20
	Hypothetical	0.85	%	$	1,000.00	$	1,020.87	$	4.33
MetLife Aggressive Allocation—Class B(a)(b)	Actual	1.10	%	$	1,000.00	$	956.80	$	5.43
	Hypothetical	1.10	%	$	1,000.00	$	1,019.59	$	5.60

* 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 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 agreement between MetLife Advisers, LLC and the Portfolio as described under Expense Agreement in Note 4 to the Financial Statements.

^(b) The annualized expense ratio reflects the expenses of both the Portfolio and the underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2007

Mutual Funds—100.0%

Security Description	Shares	Value*
Affiliated Investment Companies—100.0%
Met Investors Series Trust—BlackRock Large Cap Core Portfolio, (Class A)	654,715	$	7,293,526
Met Investors Series Trust—Dreman Small Cap Value Portfolio, (Class A)	849,706		11,530,516
Met Investors Series Trust—Harris Oakmark International Portfolio, (Class A)	1,223,694		21,133,191
Met Investors Series Trust—Lazard Mid-Cap Portfolio, (Class A)	1,127,095		13,716,746
Met Investors Series Trust—Legg Mason Value Equity Portfolio, (Class A)	1,552,046		16,296,478
Met Investors Series Trust—Met/AIM Small Cap Growth Portfolio, (Class A)	631,867		9,389,545
Met Investors Series Trust—Neuberger Berman Real Estate Portfolio, (Class A)	322,079		4,534,878
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	1,597,668		21,744,262
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	784,911		28,602,167
Metropolitan Series Fund, Inc.—Julius Baer International Stock Portfolio, (Class A)	1,315,667		21,103,294
Metropolitan Series Fund, Inc.—FI Mid Cap Opportunities Portfolio, (Class A)	439,400		9,288,913
Metropolitan Series Fund, Inc.—Jennison Growth Portfolio, (Class A)	892,547		12,156,493
Metropolitan Series Fund, Inc.—MetLife Stock Index Portfolio, (Class A)	258,550		9,566,345
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	1,033,563		21,973,545
Metropolitan Series Fund, Inc.—Russell 2000 Index Portfolio, (Class A)	495,720		7,029,313
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	1,314,893		21,669,437
Total Mutual Funds (Identified Cost $236,328,856)			237,028,649
Total Investments—100.0% (Identified Cost $236,328,856)(a)			237,028,649
Liabilities in excess of other assets			(49,197	)
Total Net Assets—100%		$	236,979,452

(a) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $236,646,390 and the composition of unrealized appreciation and depreciation of investment securities was $4,136,908 and $(3,754,649), respectively.

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	237,028,649
Receivable for:
Securities sold				63,978
Fund shares sold				633,481
Due from investment adviser				21,378
Total Assets				237,747,486
Liabilities
Payable for:
Fund shares redeemed	$	697,460
Due to custodian bank		12
Accrued expenses:
Service and distribution fees		42,400
Other expenses		28,162
Total Liabilities				768,034
Net Assets			$	236,979,452
Net assets consists of:
Capital paid in			$	229,590,881
Undistributed net investment income				1,099,563
Accumulated net realized gains				5,589,215
Unrealized appreciation on investments				699,793
Net Assets			$	236,979,452
Computation of offering price:
Class A
Net asset value and redemption price per share ($37,714,855 divided by 2,978,010 shares outstanding)			$	12.66
Class B
Net asset value and redemption price per share ($199,264,597 divided by 15,798,733 shares outstanding)			$	12.61
(a) Identified cost of investments			$	236,328,856

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends from Underlying Portfolios				$	783,007
Expenses
Management fees	$	149,301
Service and distribution fees—Class B		296,825
Directors’ fees and expenses		811
Custodian		28,091
Audit and tax services		18,574
Legal		2,034
Miscellaneous		9,656
Total expenses		505,292
Expense reimbursements		(59,166	)		446,126
Net Investment Income					336,881
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		2,714,882
Capital gain distributions from Underlying Portfolios		3,868,440			6,583,322
Change in unrealized depreciation on:
Investments—net					(5,112,445	)
Net gain					1,470,877
Net Increase in Net Assets From Operations				$	1,807,758

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	336,881		$	199,452
Net realized gain		6,583,322			1,419,233
Unrealized appreciation (depreciation)		(5,112,445	)		5,934,835
Increase in net assets from operations		1,807,758			7,553,520
From Distributions to Shareholders
Net investment income
Class A		(77,815	)		(95,705	)
Class B		(60,916	)		(195,268	)
		(138,731	)		(290,973	)
Net realized gain
Class A		(49,715	)		(401,661	)
Class B		(175,134	)		(860,147	)
		(224,849	)		(1,261,808	)
Total distributions		(363,580	)		(1,552,781	)
Increase in net assets from capital share transactions		148,801,089			70,483,007
Total increase in net assets		150,245,267			76,483,746
Net Assets
Beginning of the period		86,734,185			10,250,439
End of the period	$	236,979,452		$	86,734,185
Undistributed Net Investment Income
End of the period	$	1,099,563		$	114,329

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	2,177,073		$	28,039,123		1,879,417		$	21,558,817
Reinvestments	9,818			127,530		43,514			497,366
Redemptions	(790,860	)		(10,188,504	)	(596,785	)		(6,765,139	)
Net increase	1,396,031		$	17,978,149		1,326,146		$	15,291,044
Class B
Sales	13,383,674		$	170,207,545		5,162,802		$	58,794,816
Shares issued through acquisition	0			0		631,555			7,224,995
Reinvestments	18,214			236,050		92,580			1,055,415
Redemptions	(3,098,906	)		(39,620,655	)	(1,051,226	)		(11,883,263	)
Net increase	10,302,982		$	130,822,940		4,835,711		$	55,191,963
Increase derived from capital share transactions			$	148,801,089				$	70,483,007

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	12.29		$	11.21		$	10.00
Income From Investment Operations
Net investment income		0.06	(b)		0.12			0.04
Net realized and unrealized gain on investments		0.37			1.62			1.24
Total from investment operations		0.43			1.74			1.28
Less Distributions
Distributions from net investment income		(0.04	)		(0.13	)		(0.04	)
Distributions from net realized capital gains		(0.02	)		(0.53	)		(0.03	)
Total distributions		(0.06	)		(0.66	)		(0.07	)
Net Asset Value, End of Period	$	12.66		$	12.29		$	11.21
Total Return (%)		3.5			16.1			12.7	(c)
Ratio of operating expenses to average net assets (%) (e)		0.10			0.10			0.10	(d)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (g)		0.14			0.17			1.76	(d)
Ratio of net investment income to average net assets (%) (f)		0.47			0.83			1.53	(d)
Portfolio turnover rate (%)		25			37			57	(d)
Net assets, end of period (000)	$	37,715		$	19,444		$	2,867

	Class B
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	12.24		$	11.19		$	10.00
Income From Investment Operations
Net investment income		0.02	(b)		0.10			0.03
Net realized and unrealized gain on investments		0.38			1.60			1.23
Total from investment operations		0.40			1.70			1.26
Less Distributions
Distributions from net investment income		(0.01	)		(0.12	)		(0.04	)
Distributions from net realized capital gains		(0.02	)		(0.53	)		(0.03	)
Total distributions		(0.03	)		(0.65	)		(0.07	)
Net Asset Value, End of Period	$	12.61		$	12.24		$	11.19
Total Return (%)		3.3			15.7			12.6	(c)
Ratio of operating expenses to average net assets (%) (e)		0.35			0.35			0.35	(d)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (g)		0.39			0.42			2.01	(d)
Ratio of net investment income to average net assets (%) (f)		0.16			0.31			1.29	(d)
Portfolio turnover rate (%)		25			37			57	(d)
Net assets, end of period (000)	$	199,265		$	67,290		$	7,384

(a) Commencement of operations was May 2, 2005.

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

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

(d) Computed on an annualized basis.

(e) The ratio of operating expenses to average net assets does not include expenses of investment companies in which the Portfolio invests.

(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.

(g) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MetLife Aggressive Allocation Portfolio (the “Asset Allocation Portfolio”) is a non-diversified series of the fund. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”) or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although not all Portfolios are available to all such separate accounts. The Asset Allocation Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Asset Allocation Portfolio are named Class A and Class B. The classes of the Asset Allocation Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B shares. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation 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 total net assets of the Asset Allocation Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements. The policies are in conformity with GAAP.

Investment Valuation:

The net asset value of the Asset Allocation Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Asset Allocation Portfolio invests. The Underlying Portfolios that are series of the Fund will use fair value pricing in the circumstances and manner described below. For more information about the use of fair value pricing by the Underlying Portfolios that are series of Met Investors Series Trust (“MIST”), please refer to the prospectus for such Underlying Portfolios.

The Underlying Portfolios that are series of the Fund are valued as follows:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued on the basis of valuations furnished by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When an Underlying Portfolio uses

MSF-9

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

fair value pricing, it may take into account any factors it deems appropriate. The value of securities used by the Underlying 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.

The Underlying Portfolios expect to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Underlying Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Underlying Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Underlying Portfolio values its securities. For example, foreign security values may be affected by activity that occurs after the close of foreign securities markets. To account for this, the Underlying Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Underlying Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) or the subadviser of the Underlying Portfolio, as applicable, who values such assets as described above and operates under procedures approved by the Board.

Investment Transactions and Related Investment Income:

Portfolio 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.

Federal Income Taxes:

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Asset Allocation Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$363,580	$	678,179	$	—	$	874,602	$	—	$	—	$	363,580	$	1,552,781

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$2,154,583	$	4,851,731	$	382,259	$	—	$	7,388,573

MSF-10

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Dividends and Distributions to Shareholders:

The Asset Allocation 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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of Underlying Portfolios by the Asset Allocation Portfolio were $190,273,717 and $37,644,192, respectively.

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Asset Allocation Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	149,301	0.100%	Of the first $500 million
		0.075%	Of the next $500 million
		0.050%	On amounts in excess of $1 billion

In addition to the above Management Fee paid to MetLife Advisers, the Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in certain Underlying Portfolios.

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

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Service Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing, the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Service Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts paid by the Asset Allocation Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

Expense Agreement:

Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, MetLife Advisers has agreed, from May 1, 2007 to April 30, 2008, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then current fiscal year). For the Asset Allocation Portfolio, this subsidy, and similar subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay MetLife Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the

MSF-11

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by MetLife Advisers more than five years after the end of the fiscal year in which such expense was incurred.

The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2007 to April 30, 2008 are 0.10% and 0.35% for Class A and B, respectively.

As of December 31, 2007, the amount of expenses deferred in 2005 subject to repayment until December 31, 2010 was $38,508 for the Asset Allocation Portfolio. The amount of expenses deferred in 2006 subject to repayment until December 31, 2011 was $33,960. The amount of expenses deferred in 2007 subject to repayment until December 31, 2012 was $59,166.

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

7. TRANSACTIONS IN SECURITIES OF AFFILIATED ISSUERS:

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Asset Allocation 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 year ended December 31, 2007 in which the Asset Allocation Portfolio had ownership of at least 5% of the outstanding voting securities at the end of the period are as follows:

Underlying Portfolio (Class A)	Beginning Shares as of 12/30/2006	Shares Purchased During Period	Shares Sold During Period	Ending Shares as of 12/31/2007
MIST—Dreman Small Cap Value	320,081	575,285	45,660	849,706
Underlying Portfolio (Class A)	Realized Gain During Period	Capital Gains Distributions During Period	Dividend Income During Period	Ending Value as of 12/31/2007
MIST—Dreman Small Cap Value	$47,735	$30,657	$0	$11,530,516

MSF-12

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Aggressive Allocation Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended December 31, 2007 and the period from May 2, 2005 (commencement of operations ) through December 31, 2005. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Aggressive Allocation Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended December 31, 2007 and the period from May 2, 2005 (commencement of operations) through December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-13

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-14

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-15

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered (for each Portfolio other than Zenith Equity and the Asset Allocation Portfolios) that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). With respect to Zenith Equity and the Asset Allocation Portfolios, the Directors considered both the portfolio management services and the administrative services provided by MetLife Advisers. After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-16

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-17

Metropolitan Series Fund, Inc.

MetLife Aggressive Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

Certain Matters Relating to Julius Baer International Stock Portfolio (formerly known as the FI International Stock Portfolio) (the “International Stock Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the International Stock Portfolio from Fidelity Management & Research Company (“FMR”) to Julius Baer Investment Management LLC (“Julius Baer”).

In making the determination to approve the change in subadviser for the International Stock Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with FMR and the proposed Subadvisory Agreement with Julius Baer. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of Julius Baer as portfolio manager;

• that the form of the proposed Subadvisory Agreement with Julius Baer was substantially similar to the International Stock Portfolio’s existing Subadvisory Agreement with FMR;

• that the subadvisory fee schedule for Julius Baer set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser; and

• that the preferred date of the change of subadviser was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with FMR from its scheduled expiration date of December 31, 2007 until January 7, 2008.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve the continuation of the existing Subadvisory Agreement relating to the International Stock Portfolio through January 7, 2008 and to approve the proposed Subadvisory Agreement relating to such Portfolio with Julius Baer, effective January 7, 2008 through January 6, 2010.

MSF-18

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-19

Metropolitan Series Fund, Inc. MetLife Conservative Allocation Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the MetLife Conservative Allocation Portfolio returned 5.7% compared to the 5.7% return of the Wilshire 5000 Index¹ and the 6.5% return of the Lehman Brothers U.S. Universal Bond Index². Considering that no single index or benchmark can accurately capture the multiple asset class design of the Portfolio, we have created a blended benchmark comprised of several indices for use in portfolio design and evaluation purposes. Specifically, the blended benchmark for the MetLife Conservative Allocation Portfolio consists of a 16% allocation to the Lehman Brothers 1 to 3 Year Government Bond Index³ , a 64% allocation to the Lehman Brothers U.S. Universal Bond Index, a 16% allocation to the Wilshire 5000 Index, and a 4% allocation to the Morgan Stanley Capital International EAFE Index⁴. During the twelve-month period ended December 31, 2007, the blended benchmark returned 6.8%.

PORTFOLIO REVIEW

Concerns about subprime mortgages and the strength of the overall economy initially surfaced in the first half of 2007, but they were mostly brushed off. It was not until the second half of the year that those concerns intensified. Most economic statistics at the end of 2007 indicated a weakening economy: a sharp decrease in New and Existing Home Sales, a drop in Consumer Confidence, a rise in the Unemployment Rate, and a decline in the Purchasing Managers Index.

During 2007, large cap stocks, as measured by the Standard & Poor’s 500 Index⁵ return of 5.5%, did better than small cap stocks, as measured by the -1.6% return of the Russell 2000 Index⁶. Growth style stocks generally held up better than value style stocks. There was a wide dispersion among the various sectors of the S&P 500 Index: Energy and Materials were up 34% and 22% respectively, while Financials (-19%) and Consumer Discretionary (-13%) were down sharply. On a local basis, foreign stocks were also up modestly for the year, but U.S. based investors benefited from a weak dollar to receive an 11.2% return as measured by the MSCI EAFE Index.

Investment grade bonds, as measured by the Lehman Brothers Aggregate Bond Index⁷, posted a 7.0% return in response to a decline in interest rates across the yield curve. Below investment grade bonds, while still eking out a positive return for the year, were adversely impacted by credit concerns brought about by the subprime mortgage crisis. Treasuries and Treasury Inflation Protected Securities (TIPS) were the best performing investment grade sectors, while the credit based sectors lagged.

The MetLife Conservative Allocation Portfolio is a “fund of funds” that invests in other Portfolios of the Metropolitan Series Fund, Inc. and the Met Investors Series Trust. The Portfolio’s initial target allocations were 20% in equity investments and 80% in fixed income investments. The MetLife Conservative Allocation Portfolio is considered the most conservative of the five Asset Allocation Portfolios as measured by it potential risk.

The only change in the Portfolio during the period was a slight adjustment for the underlying Portfolios as of May 1, 2007. We also rebalanced the Portfolio on a quarterly basis to bring it back into line with the underlying Portfolio targets and the desired risk level.

Collectively, the performance of the underlying fixed income Portfolios essentially matched that of the Lehman Brothers U.S. Universal Bond Index. The PIMCO Total Return Portfolio and the PIMCO Inflation Protected Bond Portfolio beat the Index, but this good performance was offset by the Western Asset Strategic Bond Opportunities and Western Asset U.S. Government Portfolios, which lagged the Index due to exposure to holdings of spread product, which includes mortgage backed securities and corporate bonds.

Poor security selection within several of the underlying equity Portfolios detracted from performance over the past year, although this impact was dampened by a small (20%) overall exposure to equities. These Portfolios did not perform as well as we would have expected given their asset allocation among the segments of the capital markets.

Among the underlying Portfolios that had positive security selection and added to relative performance were the Met/AIM Small Cap Growth Portfolio, the Jennison Growth Portfolio, the PIMCO Total Return Portfolio, and the T. Rowe Price Large Cap Growth Portfolio. Among the equity funds, growth oriented funds like these performed better than the broad equity market and added relative value to the Portfolio’s performance.

* The views expressed above are those of the advisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data.

² The Lehman Brothers U.S. Universal Bond Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-EIRSA portion of the Commercial Mortgage Backed Securities Index and the Commercial Mortgage Backed Securities High Yield Index.

³ The Lehman Brothers 1 to 3 Year Government Bond Index includes most obligations of the U.S Treasury, agencies and quasi-federal corporations having maturities between one to three years.

⁴ The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE Index”) is an unmanaged free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

⁵ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

⁶ The Russell 2000^® Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000^® Index.

⁷ Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

MSF-2

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO

THE WILSHIRE 5000 STOCK INDEX AND THE LEHMAN BROTHERS

UNIVERSAL BOND INDEX

Average Annual Returns as of December 31, 2007

	MetLife Conservative Allocation Portfolio				Wilshire 5000 Stock Index		Lehman Brothers Universal Bond Index
	Class A		Class B
1 Year	5.7	%	5.6	%	5.7	%	6.5	%
Since Inception	6.4		6.2		12.4		5.1

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

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

PORTFOLIO COMPOSITION as of December 31, 2007

Top Holdings

	% of Total Net Assets
Met Investors Series Trust—PIMCO Total Return Portfolio, (Class A)	27.1%
Metropolitan Series Fund, Inc.—Western Asset Mgt. Strategic Bond Opportunities Portfolio, (Class A)	17.8%
Metropolitan Series Fund, Inc.—BlackRock Bond Income Portfolio, (Class A)	17.0%
Met Investors Series Trust—PIMCO Inflation Protected Bond Portfolio, (Class A)	6.0%
Metropolitan Series Fund, Inc.—Western Asset Mgt. U.S. Government Portfolio, (Class A)	6.0%
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	3.0%
Met Investors Series Trust—Lord Abbett Bond Debenture Portfolio, (Class A)	3.0%
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	2.1%
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	2.0%
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	2.0%

MSF-3

Metropolitan Series Fund, Inc.

Shareholder Expense Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund 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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
MetLife Conservative Allocation—Class A(a)(b)	Actual	0.69	%	$	1,000.00	$	1,036.10	$	3.54
	Hypothetical	0.69	%	$	1,000.00	$	1,021.69	$	3.52
MetLife Conservative Allocation—Class B(a)(b)	Actual	0.94	%	$	1,000.00	$	1,035.40	$	4.82
	Hypothetical	0.94	%	$	1,000.00	$	1,020.41	$	4.79

* 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 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 agreement between MetLife Advisers, LLC and the Portfolio as described under Expense Agreement in Note 4 to the Financial Statements.

^(b) The annualized expense ratio reflects the expenses of both the Portfolio and the underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2007

Mutual Funds—100.0%

Security Description	Shares	Value*
Affiliated Investment Companies—100.0%
Met Investors Series Trust—BlackRock High Yield Portfolio, (Class A)	410,861	$	3,385,494
Met Investors Series Trust—BlackRock Large Cap Core Portfolio, (Class A)	158,599		1,766,796
Met Investors Series Trust—Dreman Small Cap Value Portfolio, (Class A)	123,597		1,677,207
Met Investors Series Trust—Harris Oakmark International Portfolio, (Class A)	197,648		3,413,387
Met Investors Series Trust—Lazard Mid-Cap Portfolio, (Class A)	136,617		1,662,634
Met Investors Series Trust—Legg Mason Value Equity Portfolio, (Class A)	161,189		1,692,486
Met Investors Series Trust—Lord Abbett Bond Debenture Portfolio, (Class A)	405,786		5,125,075
Met Investors Series Trust—Met/AIM Small Cap Growth Portfolio, (Class A)	114,853		1,706,718
Met Investors Series Trust—PIMCO Inflation Protected Bond Portfolio, (Class A)	942,090		10,325,305
Met Investors Series Trust—PIMCO Total Return Portfolio, (Class A)	3,800,462		46,707,676
Metropolitan Series Fund, Inc.—BlackRock Bond Income Portfolio, (Class A)	262,646		29,340,195
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	258,056		3,512,146
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	142,630		5,197,446
Metropolitan Series Fund, Inc.—Julius Baer International Stock Portfolio, (Class A)	106,265		1,704,485
Metropolitan Series Fund, Inc.—FI Mid Cap Opportunities Portfolio, (Class A)	79,881		1,688,675
Metropolitan Series Fund, Inc.—Jennison Growth Portfolio, (Class A)	129,696		1,766,460
Metropolitan Series Fund, Inc.—MetLife Stock Index Portfolio, (Class A)	46,978		1,738,191
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	166,962		3,549,606
Metropolitan Series Fund, Inc.—Russell 2000 Index Portfolio, (Class A)	120,163		1,703,906
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	212,331		3,499,214
Metropolitan Series Fund, Inc.—Western Asset Mgt. Strategic Bond Opportunities Portfolio, (Class A)	2,414,482		30,712,208
Metropolitan Series Fund, Inc.—Western Asset Mgt. U.S. Government Portfolio, (Class A)	822,904		10,278,072
Total Mutual Funds (Identified Cost $167,413,958)			172,153,382
Total Investments—100.0% (Identified Cost $167,413,958) (a)			172,153,382
Liabilities in excess of other assets			(49,806	)
Total Net Assets—100%		$	172,103,576

(a) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $167,875,509 and the composition of unrealized appreciation and depreciation of investment securities was $4,868,370 and $(590,497), respectively.

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	172,153,382
Receivable for:
Fund shares sold				72,645
Due from investment adviser				8,258
Total Assets				172,234,285
Liabilities
Payable for:
Securities purchased	$	53,481
Fund shares redeemed		19,164
Due to custodian bank		12
Accrued expenses:
Service and distribution fees		30,478
Other expenses		27,574
Total Liabilities				130,709
Net Assets			$	172,103,576
Net assets consists of:
Capital paid in			$	163,642,817
Undistributed net investment income				2,225,429
Accumulated net realized gains				1,495,906
Unrealized appreciation on investments				4,739,424
Net Assets			$	172,103,576
Computation of offering price:
Class A
Net asset value and redemption price per share ($25,446,889 divided by 2,275,401 shares outstanding)			$	11.18
Class B
Net asset value and redemption price per share ($146,656,687 divided by 13,186,188 shares outstanding)			$	11.12
(a) Identified cost of investments			$	167,413,958

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends from Underlying Portfolios				$	2,473,802
Expenses
Management fees	$	116,378
Service and distribution fees—Class B		243,812
Directors’ fees and expenses		811
Custodian		28,091
Audit and tax services		18,574
Legal		1,567
Miscellaneous		9,071
Total expenses		418,304
Expense reimbursements		(58,112	)		360,192
Net Investment Income					2,113,610
Realized and Unrealized Gain
Realized gain on:
Investments—net		1,208,046
Capital gains distributions from Underlying Portfolios		577,992			1,786,038
Change in unrealized appreciation on:
Investments—net					2,731,609
Net gain					4,517,647
Net Increase in Net Assets From Operations				$	6,631,257

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	2,113,610		$	784,689
Net realized gain		1,786,038			273,098
Unrealized appreciation		2,731,609			2,135,725
Increase in net assets from operations		6,631,257			3,193,512
From Distributions to Shareholders
Net investment income
Class A		0			(199,657	)
Class B		0			(680,243	)
		0			(879,900	)
Net realized gain
Class A		(9,649	)		(76,625	)
Class B		(49,328	)		(266,100	)
		(58,977	)		(342,725	)
Total distributions		(58,977	)		(1,222,625	)
Increase in net assets from capital share transactions		98,254,027			49,884,003
Total increase in net assets		104,826,307			51,854,890
Net Assets
Beginning of the period		67,277,269			15,422,379
End of the period	$	172,103,576		$	67,277,269
Undistributed Net Investment Income
End of the period	$	2,225,429		$	0

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	2,039,673		$	22,155,271		1,359,531		$	13,957,228
Reinvestments	886			9,649		27,656			276,282
Redemptions	(808,139	)		(8,800,183	)	(612,657	)		(6,280,677	)
Net increase	1,232,420		$	13,364,737		774,530		$	7,952,833
Class B
Sales	13,942,100		$	150,674,842		5,023,684		$	51,348,971
Shares issued through acquisition	0			0		466,162			4,666,278
Reinvestments	4,551			49,328		94,919			946,343
Redemptions	(6,096,389	)		(65,834,880	)	(1,468,796	)		(15,030,422	)
Net increase	7,850,262		$	84,889,290		4,115,969		$	41,931,170
Increase derived from capital share transactions			$	98,254,027				$	49,884,003

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	10.58		$	10.37		$	10.00
Income From Investment Operations
Net investment income		0.22	(b)		0.36			0.03
Net realized and unrealized gain on investments		0.39			0.36			0.38
Total from investment operations		0.61			0.72			0.41
Less Distributions
Distributions from net investment income		0.00			(0.37	)		(0.03	)
Distributions from net realized capital gains		(0.01	)		(0.14	)		(0.01	)
Total distributions		(0.01	)		(0.51	)		(0.04	)
Net Asset Value, End of Period	$	11.18		$	10.58		$	10.37
Total Return (%)		5.7			7.3			4.1	(c)
Ratio of operating expenses to average net assets (%) (d)		0.10			0.10			0.10	(e)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (g)		0.15			0.19			1.05	(e)
Ratio of net investment income to average net assets (%) (f)		2.05			2.75			0.96	(e)
Portfolio turnover rate (%)		40			24			32	(e)
Net assets, end of period (000)	$	25,447		$	11,030		$	2,785

	Class B
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	10.54		$	10.36		$	10.00
Income From Investment Operations
Net investment income		0.19	(b)		0.34			0.03
Net realized and unrealized gain on investments		0.40			0.34			0.37
Total from investment operations		0.59			0.68			0.40
Less Distributions
Distributions from net investment income		0.00			(0.36	)		(0.03	)
Distributions from net realized capital gains		(0.01	)		(0.14	)		(0.01	)
Total distributions		(0.01	)		(0.50	)		(0.04	)
Net Asset Value, End of Period	$	11.12		$	10.54		$	10.36
Total Return (%)		5.6			6.9			4.0	(c)
Ratio of operating expenses to average net assets (%) (d)		0.35			0.35			0.35	(e)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (g)		0.40			0.44			1.30	(e)
Ratio of net investment income to average net assets (%) (f)		1.77			1.89			1.00	(e)
Portfolio turnover rate (%)		40			24			32	(e)
Net assets, end of period (000)	$	146,657		$	56,247		$	12,638

(a) Commencement of operations was May 2, 2005.

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

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

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

(e) Computed on an annualized basis.

(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.

(g) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MetLife Conservative Allocation Portfolio (the “Asset Allocation Portfolio”) is a non-diversified series of the fund. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”) or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although not all Portfolios are available to all such separate accounts. The Asset Allocation Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Asset Allocation Portfolio are named Class A and Class B. The classes of the Asset Allocation Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B shares. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation 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 total net assets of the Asset Allocation Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements. The policies are in conformity with GAAP.

Investment Valuation:

The net asset value of the Asset Allocation Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Asset Allocation Portfolio invests. The Underlying Portfolios that are series of the Fund will use fair value pricing in the circumstances and manner described below. For more information about the use of fair value pricing by the Underlying Portfolios that are series of Met Investors Series Trust (“MIST”), please refer to the prospectus for such Underlying Portfolios.

The Underlying Portfolios that are series of the Fund are valued as follows:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued on the basis of valuations furnished by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

MSF-9

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When an Underlying Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. The value of securities used by the Underlying 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.

The Underlying Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Underlying Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Underlying Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Underlying Portfolio values its securities. For example, foreign security values may be affected by activity that occurs after the close of foreign securities markets. To account for this, the Underlying Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Underlying Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) or the subadviser of the Underlying Portfolio, as applicable, who values such assets as described above and operates under procedures approved by the Board.

Investment Transactions and Related Investment Income:

Portfolio 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 purpose.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Asset Allocation Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$58,977	$	1,081,219	$	—	$	141,406	$	—	$	—	$	58,977	$	1,222,625

MSF-10

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$2,727,933	$	1,454,953	$	4,277,873	$	—	$	8,460,759

Dividends and Distributions to Shareholders:

The Asset Allocation 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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of Underlying Portfolios by the Asset Allocation Portfolio were $147,607,547 and $46,728,141, respectively.

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Asset Allocation Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$116,378	0.100%	Of the first $500 million
	0.075%	Of the next $500 million
	0.050%	On amounts in excess of $1 billion

In addition to the above Management Fee paid to MetLife Advisers, the Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in certain Underlying Portfolios.

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

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Service Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing, the Class B shares. The fees under the Distribution and Service Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts paid by the Asset Allocation Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

MSF-11

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Expense Agreement:

Pursuant to an expense agreement relating to each class of the MetLife Conservative Allocation Portfolio, MetLife Advisers has agreed, from May 1, 2007 to April 30, 2008, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then current fiscal year). For the Asset Allocation Portfolio, this subsidy, and similar subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay MetLife Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by MetLife Advisers more than five years after the end of the fiscal year in which such expense was incurred.

The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2007 to April 30, 2008 are 0.10% and 0.35% for Class A and B, respectively.

As of December 31, 2007, the amount of expenses deferred in 2005 subject to repayment until December 31, 2010 was $39,997. The amount of expenses deferred in 2006 subject to repayment until December 31, 2011 was $32,823. The amount of expenses deferred in 2007 subject to repayment until December 31, 2012 was $52,647.

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

7. TRANSACTIONS IN SECURITIES OF AFFILIATED ISSUERS:

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolio’s net assets. As of December 31, 2007, the Asset Allocation Portfolio had no ownership of at least 5% of the outstanding voting securities of any Underlying Portfolio.

MSF-12

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Conservative Allocation Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended December 31, 2007 and the period from May 2, 2005 (commencement of operations) through December 31, 2005. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Conservative Allocation Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two years ended December 31, 2007 and the period from May 2, 2005 (commencement of operations) through December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-13

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-14

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-15

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered (for each Portfolio other than Zenith Equity and the Asset Allocation Portfolios) that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). With respect to Zenith Equity and the Asset Allocation Portfolios, the Directors considered both the portfolio management services and the administrative services provided by MetLife Advisers. After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-16

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-17

Metropolitan Series Fund, Inc.

MetLife Conservative Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

Certain Matters Relating to Julius Baer International Stock Portfolio (formerly known as the FI International Stock Portfolio) (the “International Stock Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the International Stock Portfolio from Fidelity Management & Research Company (“FMR”) to Julius Baer Investment Management LLC (“Julius Baer”).

In making the determination to approve the change in subadviser for the International Stock Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with FMR and the proposed Subadvisory Agreement with Julius Baer. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of Julius Baer as portfolio manager;

• that the form of the proposed Subadvisory Agreement with Julius Baer was substantially similar to the International Stock Portfolio’s existing Subadvisory Agreement with FMR;

• that the subadvisory fee schedule for Julius Baer set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser; and

• that the preferred date of the change of subadviser was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with FMR from its scheduled expiration date of December 31, 2007 until January 7, 2008.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve the continuation of the existing Subadvisory Agreement relating to the International Stock Portfolio through January 7, 2008 and to approve the proposed Subadvisory Agreement relating to such Portfolio with Julius Baer, effective January 7, 2008 through January 6, 2010.

MSF-18

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-19

Metropolitan Series Fund, Inc. MetLife Conservative to Moderate Allocation Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the MetLife Conservative to Moderate Allocation Portfolio returned 5.1% compared to the 5.7% return of the Wilshire 5000 Index¹ and the 6.5% return of the Lehman Brothers U.S. Universal Bond Index². Considering that no single index or benchmark can accurately capture the multiple asset class design of the Portfolio, we have created a blended benchmark comprised of several indices for use in portfolio design and evaluation purposes. Specifically, the blended benchmark for the MetLife Conservative to Moderate Allocation Portfolio consists of a 12% allocation to the Lehman Brothers 1 to 3 Year Government Bond Index³, a 48% allocation to the Lehman Brothers U.S. Universal Bond Index, a 32% allocation to the Wilshire 5000 Index, and an 8% allocation to the Morgan Stanley Capital International EAFE Index⁴. During the twelve-month period ended December 31, 2007, the blended benchmark returned 6.8%.

PORTFOLIO REVIEW

Concerns about subprime mortgages and the strength of the overall economy initially surfaced in the first half of 2007, but they were mostly brushed off. It was not until the second half of the year that those concerns intensified. Most economic statistics at the end of 2007 indicated a weakening economy: a sharp decrease in New and Existing Home Sales, a drop in Consumer Confidence, a rise in the Unemployment Rate, and a decline in the Purchasing Managers Index.

During 2007, large cap stocks, as measured by the Standard & Poor’s 500 Index⁵ return of 5.5%, did better than small cap stocks, as measured by the -1.6% return of the Russell 2000 Index⁶. Growth style stocks generally held up better than value style stocks. There was a wide dispersion among the various sectors of the S&P 500 Index: Energy and Materials were up 34% and 22% respectively, while Financials (-19%) and Consumer Discretionary (-13%) were down sharply. On a local basis, foreign stocks were also up modestly for the year, but U.S. based investors benefited from a weak dollar to receive an 11.2% return as measured by the MSCI EAFE Index.

Investment grade bonds, as measured by the Lehman Brothers Aggregate Bond Index⁷, posted a 7.0% return in response to a decline in interest rates across the yield curve. Below investment grade bonds, while still eking out a positive return for the year, were adversely impacted by credit concerns brought about by the subprime mortgage crisis. Treasuries and Treasury Inflation Protected Securities (TIPS) were the best performing investment grade sectors, while the credit based sectors lagged.

The MetLife Conservative to Moderate Allocation Portfolio is a “fund of funds” that invests in other Portfolios of the Metropolitan Series Fund, Inc. and the Met Investors Series Trust. The Portfolio’s initial target allocations were 40% in equity investments and 60% in fixed income investments. The MetLife Conservative to Moderate Allocation Portfolio is considered the second most conservative of the five Asset Allocation Portfolios by potential risk.

The only change in the Portfolio during the period was a slight adjustment for the underlying Portfolios as of May 1, 2007. We also rebalanced the Portfolio on a quarterly basis to bring it back into line with the underlying Portfolio targets and the desired risk level.

Collectively, the performance of the underlying fixed income Portfolios essentially matched that of the Lehman Brothers U.S. Universal Bond Index. The PIMCO Total Return Portfolio and the PIMCO Inflation Protected Bond Portfolio beat the Index, but this good performance was offset by the Western Asset Strategic Bond Opportunities and Western Asset U.S. Government Portfolios, which lagged the Index due to exposure to holdings of spread product, which includes mortgage backed securities and corporate bonds.

Poor security selection within several of the underlying equity Portfolios detracted from performance over the past year, although this impact was dampened by a modest (40%) overall exposure to equities. These Portfolios did not perform as well as we would have expected given their asset allocation among the segments of the capital markets. Although its position was small (1%) and its performance was in line with the real estate indices, the Neuberger Berman Real Estate Portfolio was down sharply for the year (-14.8%) relative to the broad equity market. This had an adverse impact on the Portfolio’s performance.

Among the underlying Portfolios that had positive security selection and added to relative performance were the Met/AIM Small Cap Growth Portfolio, the Jennison Growth Portfolio, the PIMCO Total Return Portfolio, and the T. Rowe Price Large Cap Growth Portfolio. Among the equity funds, growth oriented funds like these performed better than the broad equity market and added relative value to the Portfolio’s performance.

* The views expressed above are those of the advisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data.

² The Lehman Brothers U.S. Universal Bond Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-EIRSA portion of the Commercial Mortgage Backed Securities Index and the Commercial Mortgage Backed Securities High Yield Index.

³ The Lehman Brothers 1 to 3 Year Government Bond Index includes most obligations of the U.S Treasury, agencies and quasi-federal corporations having maturities between one to three years.

⁴ The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE Index”) is an unmanaged free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

⁵ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

⁶ The Russell 2000^® Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000^® Index.

⁷ Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

MSF-2

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO

THE WILSHIRE 5000 STOCK INDEX AND THE LEHMAN BROTHERS

UNIVERSAL BOND INDEX

Average Annual Returns as of December 31, 2007

	MetLife Conservative to Moderate Allocation Portfolio				Wilshire 5000 Stock Index		Lehman Brothers Universal Bond Index
	Class A		Class B
1 Year	5.1	%	4.8	%	5.7	%	6.5	%
Since Inception	8.0		7.7		12.4		5.1

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Met Investors Series Trust—PIMCO Total Return Portfolio, (Class A)	22.1%
Metropolitan Series Fund, Inc.—Western Asset Mgt. Strategic Bond Opportunities Portfolio, (Class A)	14.8%
Metropolitan Series Fund, Inc.—BlackRock Bond Income Portfolio, (Class A)	11.0%
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	5.0%
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	4.1%
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	4.1%
Metropolitan Series Fund, Inc.—Western Asset Mgt. U.S. Government Portfolio, (Class A)	4.0%
Met Investors Series Trust—Harris Oakmark International Portfolio, (Class A)	4.0%
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	3.0%
Met Investors Series Trust—PIMCO Inflation Protected Bond Portfolio, (Class A)	3.0%

MSF-3

Metropolitan Series Fund, Inc.

Shareholder Expense Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund 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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
MetLife Conservative to Moderate Allocation—Class A(a)(b)	Actual	0.74	%	$	1,000.00	$	1,015.70	$	3.76
	Hypothetical	0.74	%	$	1,000.00	$	1,021.43	$	3.77
MetLife Conservative to Moderate Allocation—Class B(a)(b)	Actual	0.99	%	$	1,000.00	$	1,014.10	$	5.03
	Hypothetical	0.99	%	$	1,000.00	$	1,020.16	$	5.04

* 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 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 agreement between MetLife Advisers, LLC and the Portfolio as described under Expense Agreement in Note 4 to the Financial Statements.

^(b) The annualized expense ratio reflects the expenses of both the Portfolio and the underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2007

Mutual Funds—100.0%

Security Description	Shares	Value*
Affiliated Investment Companies—100.0%
Met Investors Series Trust—BlackRock High Yield Portfolio, (Class A)	1,711,246	$	14,100,670
Met Investors Series Trust—BlackRock Large Cap Core Portfolio, (Class A)	659,957		7,351,920
Met Investors Series Trust—Dreman Small Cap Value Portfolio, (Class A)	1,028,616		13,958,320
Met Investors Series Trust—Harris Oakmark International Portfolio, (Class A)	1,645,537		28,418,425
Met Investors Series Trust—Lazard Mid-Cap Portfolio, (Class A)	1,137,339		13,841,416
Met Investors Series Trust—Legg Mason Value Equity Portfolio, (Class A)	2,012,467		21,130,902
Met Investors Series Trust—Lord Abbett Bond Debenture Portfolio, (Class A)	1,126,717		14,230,432
Met Investors Series Trust—Met/AIM Small Cap Growth Portfolio, (Class A)	955,965		14,205,646
Met Investors Series Trust—Neuberger Berman Real Estate Portfolio, (Class A)	487,437		6,863,112
Met Investors Series Trust—PIMCO Inflation Protected Bond Portfolio, (Class A)	1,962,792		21,512,195
Met Investors Series Trust—PIMCO Total Return Portfolio, (Class A)	12,900,522		158,547,415
Metropolitan Series Fund, Inc.—BlackRock Bond Income Portfolio, (Class A)	708,054		79,096,758
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	2,147,573		29,228,466
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	989,296		36,049,951
Metropolitan Series Fund, Inc.—Julius Baer International Stock Portfolio, (Class A)	1,327,190		21,288,120
Metropolitan Series Fund, Inc.—FI Mid Cap Opportunities Portfolio, (Class A)	664,957		14,057,183
Metropolitan Series Fund, Inc.—Jennison Growth Portfolio, (Class A)	1,079,609		14,704,279
Metropolitan Series Fund, Inc.—MetLife Stock Index Portfolio, (Class A)	391,017		14,467,617
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	1,389,087		29,531,988
Metropolitan Series Fund, Inc.—Russell 2000 Index Portfolio, (Class A)	499,994		7,089,909
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	1,325,671		21,847,056
Metropolitan Series Fund, Inc.—Western Asset Mgt. Strategic Bond Opportunities Portfolio, (Class A)	8,383,014		106,631,940

Security Description	Shares	Value*
Affiliated Investment Companies—(Continued)
Metropolitan Series Fund, Inc.—Western Asset Mgt. U.S. Government Portfolio, (Class A)	2,285,551	$	28,546,537
Total Mutual Funds (Identified Cost $702,097,800)			716,700,257
Total Investments—100.0% (Identified Cost $702,097,800) (a)			716,700,257
Liabilities in excess of other assets			(230,109	)
Total Net Assets—100%		$	716,470,148

(a) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $702,714,404 and the composition of unrealized appreciation and depreciation of investment securities was $19,221,676 and $(5,235,823), respectively.

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	716,700,257
Receivable for:
Fund shares sold				1,559,233
Total Assets				718,259,490
Liabilities
Payable for:
Securities purchased	$	1,428,558
Fund shares redeemed		130,675
Due to custodian bank		12
Accrued expenses:
Management fees		66,034
Service and distribution fees		135,436
Other expenses		28,627
Total Liabilities				1,789,342
Net Assets			$	716,470,148
Net assets consists of:
Capital paid in			$	685,674,533
Undistributed net investment income				8,234,157
Accumulated net realized gains				7,959,001
Unrealized appreciation on investments				14,602,457
Net Assets			$	716,470,148
Computation of offering price:
Class A
Net asset value and redemption price per share ($63,055,065 divided by 5,432,829 shares outstanding)			$	11.61
Class B
Net asset value and redemption price per share ($653,415,083 divided by 56,660,820 shares outstanding)			$	11.53
(a) Identified cost of investments			$	702,097,800

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends from Underlying Portfolios				$	8,768,781
Expenses
Management fees	$	466,330
Service and distribution fees—Class B		1,062,732
Directors’ fees and expenses		811
Custodian		28,091
Audit and tax services		18,574
Legal		6,487
Miscellaneous		9,567
Total expenses		1,592,592
Expense reimbursements		(53,497	)		1,539,095
Net Investment Income					7,229,686
Realized and Unrealized Gain
Realized gain on:
Investments—net		4,397,800
Capital gains distributions from Underlying Portfolios		4,951,780			9,349,580
	��
Change in unrealized appreciation on:
Investments—net					2,755,959
Net gain					12,105,539
Net Increase in Net Assets From Operations				$	19,335,225

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	7,229,686		$	2,753,313
Net realized gain		9,349,580			2,680,788
Unrealized appreciation		2,755,959			11,426,020
Increase in net assets from operations		19,335,225			16,860,121
From Distributions to Shareholders
Net investment income
Class A		0			(590,104	)
Class B		0			(2,533,725	)
		0			(3,123,829	)
Net realized gain
Class A		(80,079	)		(404,643	)
Class B		(623,334	)		(1,776,898	)
		(703,413	)		(2,181,541	)
Total distributions		(703,413	)		(5,305,370	)
Increase in net assets from capital share transactions		406,953,460			220,484,878
Total increase in net assets		425,585,272			232,039,629
Net Assets
Beginning of the period		290,884,876			58,845,247
End of the period	$	716,470,148		$	290,884,876
Undistributed Net Investment Income
End of the period	$	8,234,157		$	0

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	3,514,656		$	40,139,033		3,075,955		$	32,731,897
Reinvestments	6,982			80,079		95,649			994,747
Redemptions	(1,330,474	)		(15,161,664	)	(916,210	)		(9,630,196	)
Net increase	2,191,164		$	25,057,448		2,255,394		$	24,096,448
Class B
Sales	41,920,624		$	476,801,515		20,240,511		$	214,379,158
Shares issued through acquisition	0			0		546,716			5,691,315
Reinvestments	54,583			623,334		415,682			4,310,623
Redemptions	(8,448,865	)		(95,528,837	)	(2,641,425	)		(27,992,666	)
Net increase	33,526,342		$	381,896,012		18,561,484		$	196,388,430
Increase derived from capital share transactions			$	406,953,460				$	220,484,878

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	11.07		$	10.60		$	10.00
Income From Investment Operations
Net investment income		0.21	(b)		0.31			0.04
Net realized and unrealized gain on investments		0.35			0.70			0.60
Total from investment operations		0.56			1.01			0.64
Less Distributions
Distributions from net investment income		0.00			(0.32	)		(0.04	)
Distributions from net realized capital gains		(0.02	)		(0.22	)		0.00
Total distributions		(0.02	)		(0.54	)		(0.04	)
Net Asset Value, End of Period	$	11.61		$	11.07		$	10.60
Total Return (%)		5.1			9.8			6.4	(c)
Ratio of operating expenses to average net assets (%) (d)		0.10			0.10			0.10	(e)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (g)		0.11			0.12			0.41	(e)
Ratio of net investment income to average net assets (%) (f)		1.86			2.45			1.28	(e)
Portfolio turnover rate (%)		19			18			3	(e)
Net assets, end of period (000)	$	63,055		$	35,874		$	10,457

	Class B
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	11.02		$	10.58		$	10.00
Income From Investment Operations
Net investment income		0.17	(b)		0.29			0.03
Net realized and unrealized gain on investments		0.36			0.68			0.59
Total from investment operations		0.53			0.97			0.62
Less Distributions
Distributions from net investment income		0.00			(0.31	)		(0.04	)
Distributions from net realized capital gains		(0.02	)		(0.22	)		0.00
Total distributions		(0.02	)		(0.53	)		(0.04	)
Net Asset Value, End of Period	$	11.53		$	11.02		$	10.58
Total Return (%)		4.8			9.4			6.2	(c)
Ratio of operating expenses to average net assets (%) (d)		0.35			0.35			0.35	(e)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (g)		0.36			0.37			0.66	(e)
Ratio of net investment income to average net assets (%) (f)		1.48			1.64			1.27	(e)
Portfolio turnover rate (%)		19			18			3	(e)
Net assets, end of period (000)	$	653,415		$	255,011		$	48,388

(a) Commencement of operations was May 2, 2005.

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

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

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

(e) Computed on an annualized basis.

(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.

(g) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MetLife Conservative to Moderate Allocation Portfolio (the “Asset Allocation Portfolio”) is a non-diversified series of the fund. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”) or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although not all Portfolios are available to all such separate accounts. The Asset Allocation Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Asset Allocation Portfolio are named Class A and Class B. The classes of the Asset Allocation Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B shares. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation 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 total net assets of the Asset Allocation Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements. The policies are in conformity with GAAP.

Investment Valuation:

The net asset value of the Asset Allocation Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Asset Allocation Portfolio invests. The Underlying Portfolios that are series of the Fund will use fair value pricing in the circumstances and manner described below. For more information about the use of fair value pricing by the underlying portfolios that are series of Met Investors Series Trust (“MIST”), please refer to the prospectus for such underlying portfolios.

The Underlying Portfolios that are series of the Fund are valued as follows:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued on the basis of valuations furnished by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

MSF-9

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When an Underlying Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. The value of securities used by the Underlying 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.

The Underlying Portfolios expect to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Underlying Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Underlying Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Underlying Portfolio values its securities. For example, foreign security values may be affected by activity that occurs after the close of foreign securities markets. To account for this, the Underlying Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Underlying Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) or the subadviser of the Underlying Portfolio, as applicable, who values such assets as described above and operates under procedures approved by the Board.

Investment Transactions and Related Investment Income:

Portfolio 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.

Federal Income Taxes:

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Asset Allocation Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$527,560	$	3,598,532	$	175,853	$	1,706,838	$	—	$	—	$	703,413	$	5,305,370

MSF-10

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$10,007,422	$	6,802,340	$	13,985,853	$	—	$	30,795,615

Dividends and Distributions to Shareholders:

The Asset Allocation Portfolios record 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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of Underlying Portfolios by the Asset Allocation Portfolio were $509,370,380 and $90,812,451, respectively.

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Asset Allocation Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$466,330	0.100%	Of the first $500 million
	0.075%	Of the next $500 million
	0.050%	On amounts in excess of $1 billion

In addition to the above Management Fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in certain Underlying Portfolios.

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

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Service Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing, the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Service Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts paid by the Asset Allocation Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

MSF-11

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Expense Agreement:

Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, MetLife Advisers has agreed, from May 1, 2007 to April 30, 2008, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then current fiscal year). For the Asset Allocation Portfolio, this subsidy, and similar subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay MetLife Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by MetLife Advisers more than five years after the end of the fiscal year in which such expense was incurred.

The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2007 to April 30, 2008 are 0.10% and 0.35% for Class A and B, respectively.

As of December 31, 2007, the amount of expenses deferred in 2005 subject to repayment until December 31, 2010 was $47,344 for the Asset Allocation Portfolio. The amount of expenses deferred in 2006 subject to repayment until December 31, 2011 was $35,780. The amount of expenses deferred in 2007 subject to repayment until December 31, 2012 was $53,497.

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-12

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

7. TRANSACTIONS IN SECURITIES OF AFFILIATED ISSUERS:

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Asset Allocation 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 December 31, 2007 in which the Asset Allocation Portfolio had ownership of at least 5% of the outstanding voting securities at the end of the period are as follows:

Underlying Portfolio (Class A)	Beginning Shares as of 12/30/2006	Shares Purchased during Period	Shares Sold during Period	Ending Shares as of 12/31/2007
MIST—Dreman Small Cap Value	439,238	643,341	53,963	1,028,616
MSF—Western Asset Mgmt. Strategic Bond Opportunities	3,414,485	5,384,367	415,838	8,383,014

Underlying Portfolio (Class A)	Realized Gain/(Loss) during Period			Capital Gains Distributions during Period		Dividend Income during Period		Ending Value as of 12/31/2007
MIST—Dreman Small Cap Value	$	47,641		$	39,157	$	0	$	13,958,320
MSF—Western Asset Mgmt. Strategic Bond Opportunities		(56,479	)		56,036		1,625,036		106,631,940

MSF-13

Metropolitan Series Fund, Inc.

MetLife Conservative To Moderate Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Conservative to Moderate Allocation Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended December 31, 2007 and the period from May 2, 2005 (commencement of operations) through December 31, 2005. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Conservative to Moderate Allocation Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, and the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended December 31, 2007 and the period from May 2, 2005 (commencement of operations) through December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-14

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-15

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-16

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered (for each Portfolio other than Zenith Equity and the Asset Allocation Portfolios) that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). With respect to Zenith Equity and the Asset Allocation Portfolios, the Directors considered both the portfolio management services and the administrative services provided by MetLife Advisers. After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-17

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-18

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

Certain Matters Relating to MFS Value Portfolio (formerly known as Harris Oakmark Large Cap Value Portfolio) (the “Value Portfolio”) and Harris Oakmark Focused Value Portfolio (the “Focused Value Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the Value Portfolio from Harris Associates L.P. (“Harris”) to Massachusetts Financial Services Company (“MFS”) and an amendment to the Subadvisory Agreement relating to the Focused Value Portfolio, each to be effective on January 7, 2008. The Board also approved a merger of the Value Portfolio with the MFS Value Portfolio, a series of the Met Investors Series Trust (“MIST”), to be effective on April 28, 2008 (the “Merger).

In making the determination to approve the change in subadviser for the Value Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with Harris and the proposed Subadvisory Agreement with MFS. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of MFS as portfolio manager;

• that the form of the proposed Subadvisory Agreement with MFS was substantially similar to the Value Portfolio’s existing Subadvisory Agreement with Harris;

• that the subadvisory fee schedule for MFS set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser and the fact that MetLife Advisers had agreed to pay a portion of those costs;

• the impact of the Merger on the Value Portfolio, including any potential costs savings;

• that the preferred date of the change of subadviser for the Value Portfolio was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with Harris from its scheduled expiration date of December 31, 2007 until January 7, 2008;

• that the existing Subadvisory Agreement with Harris for the Focused Value Portfolio contained a subadvisory fee schedule based on the combined average daily net assets for the Value Portfolio and the Focused Value Portfolio and that, as a result of the subadviser change for the Value Portfolio, the subadvisory fees for the Focused Value Portfolio may increase slightly; and

• that MetLife Adviser’s voluntary advisory fee waiver currently in effect with respect to the Focused Value Portfolio would be discontinued following the subadviser change and that, as a result, the advisory fees for the Focused Value Portfolio may increase slightly.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve (i) the continuation of the existing Subadvisory Agreement relating to the Value Portfolio through January 7, 2008 (ii) an amendment to the Subadvisory Agreement relating to the Focused Value Portfolio, effective January 7, 2008, and (iii) the proposed Subadvisory Agreement relating to the Value Portfolio with MFS, effective January 7, 2008 through January 6, 2010.

Certain Matters Relating to Julius Baer International Stock Portfolio (formerly known as the FI International Stock Portfolio) (the “International Stock Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the International Stock Portfolio from Fidelity Management & Research Company (“FMR”) to Julius Baer Investment Management LLC (“Julius Baer”).

MSF-19

Metropolitan Series Fund, Inc.

MetLife Conservative to Moderate Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—Unaudited—(Continued)

In making the determination to approve the change in subadviser for the International Stock Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with FMR and the proposed Subadvisory Agreement with Julius Baer. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of Julius Baer as portfolio manager;

• that the form of the proposed Subadvisory Agreement with Julius Baer was substantially similar to the International Stock Portfolio’s existing Subadvisory Agreement with FMR;

• that the subadvisory fee schedule for Julius Baer set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser; and

• that the preferred date of the change of subadviser was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with FMR from its scheduled expiration date of December 31, 2007 until January 7, 2008.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve the continuation of the existing Subadvisory Agreement relating to the International Stock Portfolio through January 7, 2008 and to approve the proposed Subadvisory Agreement relating to such Portfolio with Julius Baer, effective January 7, 2008 through January 6, 2010.

MSF-20

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-21

Metropolitan Series Fund, Inc. MetLife Mid Cap Stock Index Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Managed by MetLife Investment Advisors Company, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the MetLife Mid Cap Stock Index Portfolio returned 7.8%, compared to its benchmark, the Standard & Poor’s MidCap 400 Index¹, which returned 8.0%.

PORTFOLIO REVIEW

The S&P MidCap 400 Index had a positive annual return for the fifth consecutive year. Over the five-year period ending December 31, 2007, the S&P MidCap 400 Index returned 16.2% annualized. Mid-cap stocks outperformed large-cap stocks, beating the S&P 500 Index² by 2.5%, in 2007. During the first half of 2007, the S&P MidCap 400 Index returned 12.0% despite mixed earnings and macroeconomic reports. However, during the second half of 2007, the S&P MidCap 400 Index returned -3.6%. This second half decline was largely attributable to the subprime mortgage crisis. The subprime contagion contributed to the weakening housing market, a liquidity crisis, lender bankruptcies, and large write-downs at several major financial institutions. During the first half of 2007, the Federal Reserve maintained the Fed Funds Rate at 5.25%. However, during the second half of 2007, the Federal Reserve began lowering the Fed Funds Rate, dropping the target by 100 basis points to 4.25% at year-end. The Federal Reserve lowered the Fed Funds Rate primarily due to concerns that the risk of slower economic growth outweighed the risk of inflation. The price of oil surged from $61 to $96 per barrel through December, up 57% from the beginning of the year. Increasing global demand, weakness in refinery utilization, and global geopolitical unrest contributed to supply concerns, increasing oil prices over the period. Some of the factors driving the equity markets included geopolitical concerns, energy prices, Federal Reserve interest rate policy, corporate earnings, employment data, and unemployment rates.

Eight out of ten sectors comprising the S&P MidCap 400 Index experienced positive returns for the year. Industrials (15.8% beginning-of-year weight) returned 19.7%, and had the largest positive impact on the benchmark return this year. Energy (7.5% beginning weight) was the best performing sector, up 41.4%. The second-best performing sector was Materials (5.7% beginning weight), up 27.4%. Other strong performing sectors were Consumer Staples, Health Care, and Telecomm Services, up 15.8%, 12.6%, and 10.8%, respectively. Financials (the largest sector with a benchmark weight of 18.4%) was the worst-performing sector, down 12.8%. Consumer Discretionary (15.3% beginning weight), down 9.7%, was the only other sector with a negative return for the year.

The stocks with the largest positive impact on the benchmark return for the year were Intuitive Surgical, up 238.4%; Jacobs Engineering Group, up 105.1%; and Precision Castparts, up 52.8%. The stocks with the largest negative impact were Radian Group, down 78.3%; The PMI Group, down 71.6%; and Sepracor, down 57.4%.

There were fifty-five additions and fifty-five deletions to the benchmark in 2007, compared to thirty-three additions and thirty-three deletions in 2006.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Standard & Poor’s (S&P) MidCap 400^® Index is an unmanaged index measuring the performance of the mid-size company segment of the U.S. market. The Index consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation.

² The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

MSF-2

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO

THE S&P MIDCAP 400 INDEX

Average Annual Returns as of December 31, 2007

	MetLife Mid Cap Stock Index Portfolio						S&P MidCap 400 Index
	Class A		Class B		Class E
1 Year	7.8	%	7.5	%	7.7	%	8.0	%
5 Year	15.9		15.6		15.7		16.2
Since Inception	8.8		8.8		8.7		9.0

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 7/5/00, 1/2/01 and 5/1/01, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
MidCap SPDR Trust, Series 1	2.4%
Intuitive Surgical, Inc.	1.0%
Cameron International Corp.	0.9%
Southwestern Energy Co.	0.8%
Activision, Inc.	0.7%
Hologic, Inc.	0.7%
Harris Corp.	0.7%
Amphenol Corp. (Class A)	0.7%
FMC Technologies, Inc.	0.6%
Denbury Resources, Inc.	0.6%

Top Sectors

	% of Equity Market Value
Industrials	15.5%
Financials	15.4%
Information Technology	15.0%
Health Care	12.8%
Consumer Discretionary	12.5%
Energy	9.9%
Utilities	7.9%
Materials	7.1%
Consumer Staples	3.2%
Telecommunication Services	0.7%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
MetLife Mid Cap Stock Index—Class A	Actual	0.32	%	$	1,000.00	$	964.10	$	1.58
	Hypothetical	0.32	%	$	1,000.00	$	1,023.58	$	1.63
MetLife Mid Cap Stock Index—Class B	Actual	0.57	%	$	1,000.00	$	962.60	$	2.82
	Hypothetical	0.57	%	$	1,000.00	$	1,022.30	$	2.91
MetLife Mid Cap Stock Index—Class E	Actual	0.47	%	$	1,000.00	$	963.30	$	2.33
	Hypothetical	0.47	%	$	1,000.00	$	1,022.81	$	2.40

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—96.6% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—0.9%
Alliant Techsystems, Inc. (a) (b)	14,685	$	1,670,566
BE Aerospace, Inc. (b)	41,568		2,198,947
DRS Technologies, Inc.	18,502		1,004,103
			4,873,616
Airlines—0.2%
AirTran Holdings, Inc. (a) (b)	41,175		294,813
Alaska Air Group, Inc. (a) (b)	18,100		452,681
JetBlue Airways Corp. (a) (b)	80,942		477,558
			1,225,052
Auto Components—1.0%
ArvinMeritor, Inc. (a)	32,588		382,257
BorgWarner, Inc.	52,071		2,520,757
Gentex Corp. (a)	64,885		1,153,006
Lear Corp. (b)	34,616		957,479
Modine Manufacturing Co. (a)	14,556		240,320
			5,253,819
Automobiles—0.1%
Thor Industries, Inc. (a)	15,554		591,208
Beverages—0.4%
Hansen Natural Corp. (a) (b)	26,928		1,192,641
PepsiAmericas, Inc.	26,888		895,908
			2,088,549
Biotechnology—1.2%
Cephalon, Inc. (a) (b)	30,107		2,160,478
Millennium Pharmaceuticals, Inc. (b)	144,971		2,171,666
PDL BioPharma, Inc. (a) (b)	52,581		921,219
Vertex Pharmaceuticals, Inc. (a) (b)	59,403		1,379,932
			6,633,295
Capital Markets—1.5%
Eaton Vance Corp. (a)	55,495		2,520,028
Jefferies Group, Inc. (a)	50,180		1,156,649
Raymond James Financial, Inc.	42,584		1,390,793
SEI Investments Co.	56,721		1,824,715
Waddell & Reed Financial, Inc. (Class A)	37,467		1,352,184
			8,244,369
Chemicals—3.6%
Airgas, Inc.	36,934		1,924,631
Albemarle Corp.	35,714		1,473,202
Cabot Corp.	29,318		977,462
CF Industries Holdings, Inc.	21,574		2,374,434
Chemtura Corp.	108,311		844,826
Cytec Industries, Inc.	18,888		1,163,123
Ferro Corp.	19,538		405,023
FMC Corp.	33,950		1,851,972
Minerals Technologies, Inc.	8,646		578,850
Olin Corp.	33,313		643,940
RPM International, Inc.	54,509		1,106,533

Security Description	Shares	Value*
Chemicals—(Continued)
Sensient Technologies Corp.	21,107	$	596,906
Terra Industries, Inc. (b)	41,689		1,991,067
The Lubrizol Corp.	30,797		1,667,965
The Scotts Miracle-Gro Co.	19,902		744,733
Valspar Corp. (a)	45,151		1,017,704
			19,362,371
Commercial Banks—2.4%
Associated Banc-Corp (a)	57,055		1,545,620
Bank Hawaii Corp.	22,001		1,125,131
Cathay General Bancorp (a)	22,367		592,502
City National Corp.	18,149		1,080,773
Cullen/Frost Bankers, Inc.	26,258		1,330,230
First Community Bancorp, Inc. (a)	11,302		466,095
FirstMerit Corp. (a)	36,133		723,021
SVB Financial Group (a) (b)	14,902		751,061
Synovus Financial Corp (b)	147,756		1,555,900
TCF Financial Corp.	48,919		877,118
The Colonial BancGroup, Inc. (a)	70,664		956,791
WestAmerica Bancorp (a)	13,177		587,035
Wilmington Trust Corp. (a)	30,857		1,086,166
			12,677,443
Commercial Services & Supplies—3.3%
ChoicePoint, Inc. (b)	32,120		1,169,810
Copart, Inc. (b)	31,589		1,344,112
Deluxe Corp.	23,407		769,856
Herman Miller, Inc.	27,375		886,676
HNI Corp. (a)	20,656		724,199
Kelly Services, Inc. (Class A)	10,369		193,486
Korn/Ferry International (a) (b)	20,944		394,166
Manpower, Inc.	36,378		2,069,908
Mine Safety Appliances Co. (a)	13,124		680,742
Navigant Consulting, Inc. (a) (b)	20,519		280,495
Republic Services, Inc.	72,159		2,262,185
Rollins, Inc.	19,084		366,413
Stericycle, Inc. (b)	39,022		2,317,907
The Brinks Co.	21,773		1,300,719
The Corporate Executive Board Co. (a)	15,922		956,912
The Dun & Bradstreet Corp.	26,028		2,306,862
			18,024,448
Communications Equipment—2.3%
3Com Corp. (b)	178,076		804,904
ADC Telecommunications, Inc. (a) (b)	52,759		820,402
Adtran, Inc. (a)	26,217		560,519
Avocent Corp. (a) (b)	22,441		523,100
CommScope, Inc. (a) (b)	29,914		1,472,060
Dycom Industries, Inc. (a) (b)	18,395		490,227
F5 Networks, Inc. (a) (b)	38,121		1,087,211
Foundry Networks, Inc. (b)	67,492		1,182,460
Harris Corp.	61,539		3,857,264
Plantronics, Inc. (a)	21,819		567,294
Polycom, Inc. (b)	40,756		1,132,202
			12,497,643

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Computers & Peripherals—1.2%
Diebold, Inc. (a)	29,542	$	856,127
Imation Corp. (a)	14,647		307,587
NCR Corp. (a) (b)	81,270		2,039,877
Palm, Inc. (a) (b)	47,076		298,462
Western Digital Corp. (b)	98,827		2,985,564
			6,487,617
Construction & Engineering—1.4%
Granite Construction, Inc.	15,810		572,006
KBR, Inc. (b)	76,072		2,951,594
Quanta Services, Inc. (a) (b)	76,746		2,013,815
URS Corp.	35,858		1,948,165
			7,485,580
Construction Materials—0.5%
Martin Marietta Materials, Inc. (a)	18,796		2,492,350
Consumer Finance—0.1%
AmeriCredit Corp. (a) (b)	51,259		655,603
Containers & Packaging—0.7%
Packaging Corp. of America	41,730		1,176,786
Sonoco Products Co.	44,643		1,458,933
Temple-Inland, Inc. (b)	47,717		994,900
			3,630,619
Diversified Consumer Services—1.8%
Career Education Corp. (a) (b)	40,892		1,028,025
Corinthian Colleges, Inc. (a) (b)	38,084		586,494
DeVry, Inc.	26,898		1,397,620
ITT Educational Services, Inc. (b)	13,209		1,126,332
Matthews International Corp.	13,926		652,712
Regis Corp.	19,791		553,356
Service Corp. International	129,361		1,817,522
Sotheby’s Holdings, Inc. (Class A) (a)	29,881		1,138,466
Strayer Education, Inc.	6,511		1,110,646
			9,411,173
Diversified Telecommunication Services—0.1%
Cincinnati Bell, Inc. (a) (b)	111,407		529,183
Electric Utilities—1.7%
DPL, Inc. (a)	50,986		1,511,735
Great Plains Energy, Inc. (a)	38,690		1,134,391
Hawaiian Electric Industries, Inc. (a)	37,286		849,002
IDACORP, Inc. (a) (b)	20,203		711,550
Northeast Utilities	69,598		2,179,113
Sierra Pacific Resources (b)	104,936		1,781,813
Westar Energy, Inc.	41,465		1,075,602
			9,243,206
Electrical Equipment—1.3%
Ametek, Inc. (b)	47,924		2,244,760
Hubbell, Inc. (Class B)	26,026		1,342,942
Roper Industries, Inc.	39,639		2,479,023
Thomas & Betts Corp. (b)	22,896		1,122,820
			7,189,545

Security Description	Shares	Value*
Electronic Equipment & Instruments—2.3%
Amphenol Corp. (Class A)	80,045	$	3,711,687
Arrow Electronics, Inc. (b)	55,111		2,164,760
Avnet, Inc.	67,370		2,355,929
Ingram Micro, Inc.	65,850		1,187,934
Kemet Corp. (a) (b)	37,705		249,984
National Instruments Corp.	25,735		857,747
Technologies Data Corp. (b)	24,901		939,266
Vishay Intertechnology, Inc. (b)	83,020		947,258
			12,414,565
Energy Equipment & Services—4.1%
Cameron International Corp.	98,210		4,726,847
Exterran Holdings, Inc. (a) (b)	29,511		2,414,000
FMC Technologies, Inc. (b)	58,411		3,311,904
Grant Prideco, Inc. (b)	57,033		3,165,902
Helmerich & Payne, Inc.	46,474		1,862,213
Patterson-UTI Energy, Inc. (a)	69,571		1,358,026
Pride International, Inc. (b)	74,944		2,540,602
Superior Energy Services, Inc. (b)	36,144		1,244,076
Tidewater, Inc. (a)	24,635		1,351,476
			21,975,046
Food & Staples Retailing—0.3%
BJ’s Wholesale Club, Inc. (b)	28,776		973,492
Ruddick Corp.	16,714		579,474
			1,552,966
Food Products—1.1%
Corn Products International, Inc.	33,602		1,234,873
Hormel Foods Corp.	32,490		1,315,195
Lancaster Colony Corp. (a)	9,663		383,621
Smithfield Foods, Inc. (a) (b)	52,462		1,517,201
The J. M. Smucker Co.	25,833		1,328,850
Tootsie Roll Industries, Inc. (a)	12,087		331,426
			6,111,166
Gas Utilities—2.0%
AGL Resources, Inc.	34,384		1,294,214
Energen Corp.	32,233		2,070,326
Equitable Resources, Inc.	54,628		2,910,580
National Fuel Gas Co. (a)	37,480		1,749,566
ONEOK, Inc.	46,579		2,085,342
WGL Holdings, Inc.	22,203		727,370
			10,837,398
Health Care Equipment & Supplies—4.3%
Advanced Medical Optics, Inc. (a) (b)	27,173		666,554
Beckman Coulter, Inc.	28,167		2,050,558
Dentsply International, Inc.	68,003		3,061,495
Edwards Lifesciences Corp. (a) (b)	25,461		1,170,951
Gen-Probe, Inc. (b)	24,155		1,520,074
Hillenbrand Industries, Inc. (a)	27,835		1,551,245
Hologic, Inc. (b)	56,281		3,863,103
Intuitive Surgical, Inc. (b)	17,157		5,567,446
Kinetic Concepts, Inc. (a) (b)	24,263		1,299,526

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Health Care Equipment & Supplies—(Continued)
ResMed, Inc. (a)	34,709	$	1,823,264
STERIS Corp.	28,474		821,190
			23,395,406
Health Care Providers & Services—3.4%
Apria Healthcare Group, Inc. (a) (b)	19,631		423,441
Community Health Systems, Inc. (a) (b)	42,923		1,582,142
Covance, Inc. (b)	28,666		2,483,049
Health Management Associates, Inc. (Class A) (a)	108,961		651,587
Health Net, Inc. (b)	49,485		2,390,125
Henry Schein, Inc. (b)	40,204		2,468,526
Kindred Healthcare, Inc. (a) (b)	13,410		334,982
LifePoint Hospitals, Inc. (b)	26,088		775,857
Lincare Holdings, Inc. (b)	35,997		1,265,654
Omnicare, Inc. (a)	54,571		1,244,764
Psychiatric Solutions, Inc. (a) (b)	24,675		801,937
Universal Health Services, Inc. (Class B)	24,181		1,238,067
VCA Antech, Inc. (b)	37,830		1,673,221
Wellcare Group, Inc. (a) (b)	18,726		794,170
			18,127,522
Health Care Technology—0.3%
Cerner Corp. (a) (b)	29,798		1,680,607
Hotels, Restaurants & Leisure—1.5%
Bob Evans Farms, Inc. (a)	14,861		400,207
Boyd Gaming Corp. (a)	25,215		859,075
Brinker International, Inc.	47,267		924,543
CBRL Group, Inc.	10,666		345,472
Chipotle Mexican Grill, Inc. (Class A) (a) (b)	14,776		2,173,106
International Speedway Corp. (Class A)	13,889		571,949
Life Time Fitness, Inc. (a) (b)	15,099		750,118
Ruby Tuesday, Inc. (a)	23,213		226,327
Scientific Games Corp. (a) (b)	29,187		970,468
The Cheesecake Factory, Inc. (a) (b)	32,016		759,099
			7,980,364
Household Durables—1.4%
American Greetings Corp. (Class A) (a)	24,922		505,917
Blyth, Inc.	10,837		237,764
Furniture Brands International, Inc. (a)	21,776		219,067
Hovnanian Enterprises, Inc. (Class A) (a) (b)	16,479		118,154
M.D.C. Holdings, Inc. (a)	15,642		580,787
Mohawk Industries, Inc. (a) (b)	24,855		1,849,212
NVR, Inc. (a) (b)	2,307		1,208,868
The Ryland Group, Inc. (a)	18,896		520,585
Toll Brothers, Inc. (a) (b)	57,008		1,143,580
Tupperware Corp.	27,660		913,610
			7,297,544
Household Products—0.8%
Church & Dwight Co., Inc.	29,623		1,601,716
Energizer Holdings, Inc. (b)	25,765		2,889,029
			4,490,745

Security Description	Shares	Value*
Industrial Conglomerates—0.4%
Carisle Cos., Inc.	27,844	$	1,031,063
Teleflex, Inc.	17,735		1,117,483
			2,148,546
Insurance—3.8%
American Financial Group, Inc.	32,648		942,874
Arthur J. Gallagher & Co. (a)	42,162		1,019,899
Brown & Brown, Inc. (a)	51,175		1,202,613
Commerce Group, Inc. (a)	19,438		699,379
Everest Re Group, Ltd.	28,368		2,848,147
Fidelity National Financial, Inc. (a)	96,846		1,414,920
First American Corp. (a)	41,157		1,404,277
Hanover Insurance Group, Inc.	23,313		1,067,735
HCC Insurance Holdings, Inc.	51,591		1,479,630
Horace Mann Educators Corp.	19,461		368,591
Mercury General Corp. (a)	15,971		795,516
Old Republic International Corp.	103,453		1,594,211
Protective Life Corp.	31,497		1,292,007
StanCorp Financial Group, Inc.	22,235		1,120,199
Unitrin, Inc. (a)	23,264		1,116,439
W.R. Berkley Corp.	72,348		2,156,694
			20,523,131
Internet & Catalog Retail—0.1%
Netflix, Inc. (a) (b)	21,560		573,927
Internet Software & Services—0.3%
Digital River, Inc. (a) (b)	18,146		600,088
ValueClick, Inc. (a) (b)	44,077		965,287
			1,565,375
IT Services—2.3%
Acxiom Corp.	31,977		375,090
Alliance Data Systems Corp. (b)	35,356		2,651,346
Broadridge Financial Solutions, Inc.	62,600		1,404,118
CSG Systems International, Inc. (b)	15,946		234,725
DST Systems, Inc. (a) (b)	23,179		1,913,427
Gartner, Inc. (Class A) (a) (b)	30,922		542,990
Global Payments, Inc.	35,430		1,648,204
Metavante Technologies, Inc. (b)	38,486		897,494
MoneyGram International, Inc. (a)	37,109		570,365
MPS Group, Inc. (b)	45,198		494,466
NeuStar, Inc. (Class A) (a) (b)	34,531		990,349
SRA International, Inc. (a) (b)	19,127		563,290
			12,285,864
Leisure Equipment & Products—0.1%
Callaway Golf Co. (a)	29,763		518,769
Life Sciences Tools & Services—1.8%
Affymetrix, Inc. (b)	30,996		717,248
Charles River Laboratories International, Inc. (b)	30,498		2,006,768
Invitrogen Corp. (b)	20,909		1,953,110
Pharmaceutical Product Development, Inc.	46,981		1,896,623
Techne Corp. (b)	17,741		1,171,793
Varian, Inc. (b)	13,668		892,520
Ventana Medical Systems, Inc. (b)	13,385		1,167,574
			9,805,636

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Machinery—5.2%
AGCO Corp.	41,123	$	2,795,541
Crane Co.	22,944		984,298
Donaldson Co., Inc. (a)	32,005		1,484,392
Federal Signal Corp.	21,514		241,387
Flowserve Corp.	25,656		2,468,107
Graco, Inc. (a)	28,239		1,052,185
Harsco Corp.	37,813		2,422,679
IDEX Corp.	36,591		1,322,033
Joy Global, Inc.	48,514		3,193,191
Kennametal, Inc.	35,102		1,328,962
Lincoln Electric Holdings, Inc.	19,361		1,378,116
Nordson Corp.	15,159		878,616
Oshkosh Truck Corp. (a)	33,323		1,574,845
Pentair, Inc.	44,663		1,554,719
SPX Corp.	23,526		2,419,649
Timkin Co.	43,009		1,412,846
Trinity Industries, Inc. (a)	36,591		1,015,766
Wabtec Corp.	21,893		753,995
			28,281,327
Marine—0.2%
Alexander & Baldwin, Inc. (a)	19,214		992,595
Media—1.0%
Belo Corp. (Class A) (a)	39,478		688,496
Entercom Communications Corp. (a)	11,827		161,912
Getty Images, Inc. (a) (b)	21,392		620,368
Harte-Hanks, Inc. (a)	21,523		372,348
John Wiley & Sons, Inc. (a)	20,203		865,496
Lamar Advertising Co. (Class A) (a)	35,638		1,713,119
Lee Enterprises, Inc. (a)	17,835		261,283
Media General, Inc. (a)	10,151		215,709
Scholastic Corp. (b)	11,735		409,434
Valassis Communications, Inc. (a) (b)	21,521		251,580
			5,559,745
Metals & Mining—1.8%
Carpenter Technology Corp. (a)	22,068		1,658,852
Cleveland-Cliffs, Inc. (a)	18,784		1,893,427
Commercial Metals Co.	53,258		1,568,448
Reliance Steel & Aluminum Co.	29,232		1,584,375
Steel Dynamics, Inc. (a)	43,348		2,582,240
Worthington Industries, Inc. (a)	29,530		527,996
			9,815,338
Multi-Utilities—3.5%
Alliant Energy Corp.	49,533		2,015,498
Aquila, Inc. (a) (b)	168,788		629,579
Black Hills Corp. (a)	16,954		747,671
Energy East Corp. (a)	71,068		1,933,760
MDU Resources Group, Inc.	81,894		2,261,093
NSTAR	47,958		1,737,039
OGE Energy Corp.	41,216		1,495,729
PNM Resources, Inc.	34,473		739,446
Puget Energy, Inc.	52,613		1,443,175

Security Description	Shares	Value*
Multi-Utilities—(Continued)
SCANA Corp. (a)	52,384	$	2,207,986
Vectren Corp. (a)	34,357		996,696
Wisconsin Energy Corp.	52,509		2,557,713
			18,765,385
Multiline Retail—0.5%
99 Cents Only Stores (a) (b)	21,076		167,765
Dollar Tree Stores, Inc. (b)	41,285		1,070,107
Saks, Inc. (a) (b)	63,642		1,321,208
			2,559,080
Mutual Funds—2.4%
MidCap SPDR Trust, Series 1 (a)	84,200		13,059,420
Office Electronics—0.2%
Zebra Technologies Corp. (Class A) (b)	30,540		1,059,738
Oil, Gas & Consumable Fuels—5.2%
Arch Coal, Inc. (a)	64,249		2,886,708
Bill Barrett Corp. (a) (b)	15,135		633,702
Cimarex Energy Co. (a)	37,038		1,575,226
Denbury Resources, Inc. (b)	109,679		3,262,950
Encore Aquisition Co. (b)	24,353		812,660
Forest Oil Corp. (b)	39,088		1,987,234
Frontier Oil Corp.	47,340		1,921,057
Newfield Exploration Co. (b)	58,778		3,097,601
Overseas Shipholding Group, Inc. (a)	12,978		965,953
Pioneer Natural Resources Co.	53,650		2,620,266
Plains Exploration & Production Co. (b)	50,650		2,735,100
Quicksilver Resources, Inc. (a) (b)	23,072		1,374,860
Southwestern Energy Co. (b)	76,527		4,264,084
			28,137,401
Paper & Forest Products—0.1%
Louisiana-Pacific Corp. (a)	46,455		635,504
Personal Products—0.3%
Alberto-Culver Co.	37,615		923,072
NBTY, Inc. (b)	25,203		690,562
			1,613,634
Pharmaceuticals—1.1%
Endo Pharmaceuticals Holdings, Inc. (b)	60,217		1,605,988
Medicis Pharmaceutical Corp. (a) (b)	25,263		656,080
Par Pharmaceutical Companies, Inc. (a) (b)	15,187		364,488
Perrigo Co.	34,835		1,219,573
Sepracor, Inc. (a) (b)	50,155		1,316,569
Valeant Pharmaceuticals International, Inc. (a)	40,854		489,022
			5,651,720
Real Estate Investment Trusts—5.2%
Alexandria Real Estate Equities, Inc. (a)	14,314		1,455,304
AMB Property Corp.	44,468		2,559,578
BRE Properties, Inc. (a)	22,801		924,125
Camden Property Trust	24,941		1,200,909

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares		Value*
Real Estate Investment Trusts—(Continued)
Cousins Properties, Inc. (a)	16,765		$	370,506
Duke Realty Corp	65,375			1,704,980
Equity One, Inc. (a)	16,588			382,022
Federal Realty Investment Trust	25,426			2,088,746
Health Care REIT, Inc.	38,114			1,703,315
Highwoods Properties, Inc.	25,664			754,008
Hospitality Properties Trust	42,157			1,358,299
Liberty Property Trust (a)	41,099			1,184,062
Mack-Cali Realty Corp.	30,493			1,036,762
Nationwide Health Properties, Inc.	41,729			1,309,039
Potlatch Corp.	17,596			781,966
Rayonier, Inc.	35,042			1,655,384
Realty Income Corp. (a)	45,382			1,226,222
Regency Centers Corp.	31,258			2,015,828
The Macerich Co.	32,561			2,313,785
UDR, Inc. (a)	60,245			1,195,863
Weingarten Realty Investors (a)	34,002			1,069,023
				28,289,726
Real Estate Management & Development—0.2%
Jones Lang LaSalle, Inc. (a)	16,628			1,183,248
Road & Rail—0.8%
Avis Budget Group, Inc. (b)	46,619			606,047
Con-way, Inc. (a)	20,273			842,140
J.B. Hunt Transport Services, Inc. (a)	39,309			1,082,963
Kansas City Southern, Inc. (b)	34,521			1,185,106
Werner Enterprises, Inc. (a)	20,255			344,943
YRC Worldwide, Inc. (a)	25,428			434,564
		��
				4,495,763
Semiconductors & Semiconductor Equipment—2.6%
Atmel Corp. (b)	201,653			871,141
Cree, Inc. (a) (b)	38,290			1,051,826
Cypress Semiconductor Corp. (b)	71,478			2,575,353
Fairchild Semiconductor International, Inc. (b)	55,867			806,161
Integrated Device Technology, Inc. (b)	85,370			965,535
International Rectifier Corp. (a) (b)	32,560			1,106,063
Intersil Corp.	58,784			1,439,032
Lam Research Corp. (b)	60,649			2,621,856
RF Micro Devices, Inc. (a) (b)	130,166			743,248
Semtech Corp. (b)	28,837			447,550
Silicon Laboratories, Inc. (b)	24,751			926,430
TriQuint Semiconductor, Inc. (b)	63,495			420,972
				13,975,167
Software—2.9%
ACI Worldwide, Inc. (a) (b)	16,058			305,744
Activision, Inc. (b)	130,801			3,884,790
Advent Software, Inc. (a) (b)	8,033			434,585
Cadence Design Systems, Inc. (b)	120,699			2,053,090
Fair Isaac Corp. (a)	22,584			726,076
Jack Henry & Associates, Inc.	35,370			860,906
Macrovision Corp. (a) (b)	23,812			436,474
McAfee, Inc. (b)	71,506			2,681,475

Security Description	Shares	Value*
Software—(Continued)
Mentor Graphics Corp. (a) (b)	40,293	$	434,358
Parametric Technology Corp. (b)	52,053		929,146
Sybase, Inc. (b)	40,262		1,050,435
Synopsys, Inc. (b)	65,071		1,687,291
Wind River Systems, Inc. (b)	34,491		308,005
			15,792,375
Specialty Retail—3.8%
Advance Auto Parts, Inc.	44,968		1,708,334
Aeropostale, Inc. (b)	30,054		796,431
American Eagle Outfitters, Inc. (a)	96,071		1,995,395
AnnTaylor Stores Corp. (a) (b)	27,549		704,152
Barnes & Noble, Inc.	21,601		744,155
Borders Group, Inc. (a)	26,380		280,947
Carmax, Inc. (a) (b)	97,858		1,932,696
Charming Shoppes, Inc. (a) (b)	52,396		283,462
Chico’s FAS, Inc. (b)	79,093		714,210
Coldwater Creek, Inc. (a) (b)	26,883		179,847
Collective Brands, Inc. (a) (b)	29,412		511,475
Dick’s Sporting Goods, Inc. (a) (b)	37,382		1,037,724
Foot Locker, Inc.	69,360		947,458
Guess?, Inc.	24,551		930,237
O’Reilly Automotive, Inc. (b)	51,666		1,675,528
Pacific Sunwear of California, Inc. (a) (b)	31,757		448,091
PetSmart, Inc.	57,767		1,359,258
Rent-A-Center, Inc. (b)	30,032		436,065
Ross Stores, Inc.	60,830		1,555,423
Urban Outfitters, Inc. (a) (b)	50,689		1,381,782
Williams-Sonoma, Inc. (a)	39,532		1,023,879
			20,646,549
Textiles, Apparel & Luxury Goods—0.6%
Hanesbrands, Inc. (a) (b)	42,750		1,161,518
Phillips-Van Heusen Corp.	25,354		934,548
The Warnaco Group, Inc. (b)	20,461		712,043
Timberland Co. (Class A) (a) (b)	22,275		402,732
			3,210,841
Thrifts & Mortgage Finance—1.2%
Astoria Financial Corp.	36,652		852,892
First Niagara Financial Group, Inc. (a)	47,355		570,154
IndyMac Bancorp, Inc. (a)	36,140		215,033
New York Community Bancorp, Inc. (a)	145,300		2,554,374
Radian Group, Inc. (a)	36,099		421,636
The PMI Group, Inc. (a)	36,423		483,697
Washington Federal, Inc. (a)	39,259		828,758
Webster Finanical Corp.	24,017		767,824
			6,694,368
Tobacco—0.1%
Universal Corp. (a)	12,283		629,135
Trading Companies & Distributors—0.9%
Fastenal Co. (a)	56,583		2,287,085
GATX Corp.	21,515		789,170

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares		Value*
Trading Companies & Distributors—(Continued)
MSC Industrial Direct Co., Inc. (Class A)		21,352	$	864,115
United Rentals, Inc. (b)		33,896		622,331
				4,562,701
Water Utilities—0.2%
Aqua America, Inc. (a)		59,830		1,268,396
Wireless Telecommunication Services—0.6%
Telephone & Data Systems, Inc.		47,715		2,986,959
Total Common Stock (Identified Cost $448,995,290)				521,747,381
Short Term Investments—28.2%
Security Description	Face Amount		Value*
Discount Notes—3.4%
Federal Home Loan Bank 4.15%, 01/14/08	$	18,525,000		18,503,259

Security Description	Shares	Value*
Mutual Funds—24.8%
State Street Navigator Securities Lending Prime Portfolio (c)	133,508,232	$	133,508,232
Total Short Term Investments (Identified Cost $152,011,491)			152,011,491
Total Investments—124.8% (Identified Cost $601,006,781) (d)			673,758,872
Liabilities in excess of other assets			(133,977,739	)
Total Net Assets—100%		$	539,781,133

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $134,918,687 and the collateral received consisted of cash in the amount of $133,508,232 and non cash collateral with a value of $5,478,450. 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.

(b) Non-Income Producing.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $604,617,911 and the composition of unrealized appreciation and depreciation of investment securities was $111,278,605 and $(42,137,644), respectively.

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts	Contract Amount		Valuation as of 12/31/2007		Net Unrealized Depreciation
S&P 400 Index Futures	3/19/2008	41	$	18,474,805	$	17,728,400	$	(746,405	)

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)				$	673,758,872
Cash					73,250
Receivable for:
Securities sold					3,689,907
Fund shares sold					220,086
Accrued interest and dividends					416,870
Total Assets					678,158,985
Liabilities			��
Payable for:
Securities purchased	$	4,358,306
Fund shares redeemed		233,026
Futures variation margin		73,800
Collateral for securities loaned		133,508,232
Accrued expenses:
Management fees		112,348
Service and distribution fees		50,049
Other expenses		42,091
Total Liabilities					138,377,852
Net Assets				$	539,781,133
Net assets consists of:
Capital paid in				$	421,282,002
Undistributed net investment income					6,173,508
Accumulated net realized gains					40,319,937
Unrealized appreciation on investments and futures contracts					72,005,686
Net Assets				$	539,781,133
Computation of offering price:
Class A
Net asset value and redemption price per share ($277,838,556 divided by 18,489,838 shares outstanding)				$	15.03
Class B
Net asset value and redemption price per share ($192,044,301 divided by 12,883,188 shares outstanding)				$	14.91
Class E
Net asset value and redemption price per share ($69,898,276 divided by 4,673,439 shares outstanding)				$	14.96
(a) Identified cost of investments				$	601,006,781

(b) Includes cash collateral for securities loaned of $133,508,232.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	7,573,916
Interest					1,247,580	(a)
					8,821,496
Expenses
Management fees	$	1,350,639
Service and distribution fees—Class B		458,496
Service and distribution fees—Class E		110,254
Directors’ fees and expenses		23,669
Custodian		77,758
Audit and tax services		31,737
Legal		6,068
Printing		168,648
Insurance		5,604
Miscellaneous		39,415
Total expenses		2,272,288
Management fee waivers		(37,818	)		2,234,470
Net Investment Income					6,587,026
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		42,481,755
Futures contracts—net		885,485			43,367,240
Change in unrealized depreciation on:
Investments—net		(12,275,292	)
Futures contracts—net		(468,995	)		(12,744,287	)
Net gain					30,622,953
Net Increase in Net Assets From Operations				$	37,209,979

(a) Includes net income on securities loaned of $330,159.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	6,587,026		$	5,345,936
Net realized gain		43,367,240			27,247,116
Unrealized appreciation (depreciation)		(12,744,287	)		10,234,038
Increase in net assets from operations		37,209,979			42,827,090
From Distributions to Shareholders
Net investment income
Class A		(2,158,318	)		(3,033,150	)
Class B		(960,456	)		(1,184,116	)
Class E		(460,789	)		(707,784	)
		(3,579,563	)		(4,925,050	)
Net realized gain
Class A		(11,564,986	)		(17,215,175	)
Class B		(7,352,063	)		(9,009,575	)
Class E		(3,023,339	)		(4,763,930	)
		(21,940,388	)		(30,988,680	)
Total distributions		(25,519,951	)		(35,913,730	)
Increase in net assets from capital share transactions		38,567,976			72,076,397
Total increase in net assets		50,258,004			78,989,757
Net Assets
Beginning of the period		489,523,129			410,533,372
End of the period	$	539,781,133		$	489,523,129
Undistributed Net Investment Income
End of the period	$	6,173,508		$	3,641,262

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	4,340,848		$	66,856,252		4,780,829		$	68,696,012
Shares issued through acquisition	0			0		263,230			3,819,469
Reinvestments	896,362			13,723,304		1,396,436			20,248,325
Redemptions	(4,618,014	)		(70,812,369	)	(4,675,547	)		(67,013,457	)
Net increase	619,196		$	9,767,187		1,764,948		$	25,750,349
Class B
Sales	3,748,247		$	57,206,524		4,030,601		$	57,193,345
Reinvestments	546,158			8,312,519		706,913			10,193,691
Redemptions	(2,270,652	)		(34,591,355	)	(1,652,078	)		(23,375,593	)
Net increase	2,023,753		$	30,927,688		3,085,436		$	44,011,443
Class E
Sales	632,527		$	9,674,075		798,882		$	11,221,749
Reinvestments	228,318			3,484,128		378,665			5,471,714
Redemptions	(1,001,707	)		(15,285,102	)	(1,006,065	)		(14,378,858	)
Net increase (decrease)	(140,862	)	$	(2,126,899	)	171,482		$	2,314,605
Increase derived from capital share transactions			$	38,567,976				$	72,076,397

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.64		$	14.43		$	13.71		$	11.90		$	8.87
Income From Investment Operations
Net investment income		0.20	(a)		0.18			0.15			0.11			0.08
Net realized and unrealized gain on investments		0.95			1.27			1.40			1.79			3.00
Total from investment operations		1.15			1.45			1.55			1.90			3.08
Less Distributions
Distributions from net investment income		(0.12	)		(0.19	)		(0.10	)		(0.06	)		(0.05	)
Distributions from net realized capital gains		(0.64	)		(1.05	)		(0.73	)		(0.03	)		0.00
Total distributions		(0.76	)		(1.24	)		(0.83	)		(0.09	)		(0.05	)
Net Asset Value, End of Period	$	15.03		$	14.64		$	14.43		$	13.71		$	11.90
Total Return (%)		7.8			10.1			12.3			16.0			35.0
Ratio of operating expenses to average net assets (%)		0.31			0.33			0.34			0.35			0.40
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.32			0.34			0.34			N/A			N/A
Ratio of net investment income to average net assets (%)		1.33			1.28			1.18			0.85			0.85
Portfolio turnover rate (%)		37			34			33			42			22
Net assets, end of period (000)	$	277,839		$	261,588		$	232,461		$	197,642		$	180,211

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.53		$	14.32		$	13.61		$	11.83		$	8.83
Income From Investment Operations
Net investment income		0.16	(a)		0.14			0.11			0.06			0.05
Net realized and unrealized gain on investments		0.94			1.26			1.40			1.79			2.99
Total from investment operations		1.10			1.40			1.51			1.85			3.04
Less Distributions
Distributions from net investment income		(0.08	)		(0.14	)		(0.07	)		(0.04	)		(0.04	)
Distributions from net realized capital gains		(0.64	)		(1.05	)		(0.73	)		(0.03	)		0.00
Total distributions		(0.72	)		(1.19	)		(0.80	)		(0.07	)		(0.04	)
Net Asset Value, End of Period	$	14.91		$	14.53		$	14.32		$	13.61		$	11.83
Total Return (%)		7.5			9.8			12.0			15.7			34.5
Ratio of operating expenses to average net assets (%)		0.56			0.58			0.59			0.60			0.65
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.57			0.59			0.59			N/A			N/A
Ratio of net investment income to average net assets (%)		1.07			1.03			0.94			0.61			0.61
Portfolio turnover rate (%)		37			34			33			42			22
Net assets, end of period (000)	$	192,044		$	157,773		$	111,361		$	64,207		$	31,858

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	14.57		$	14.37		$	13.65		$	11.86		$	8.85
Income From Investment Operations
Net investment income		0.18	(a)		0.17			0.14			0.08			0.06
Net realized and unrealized gain on investments		0.95			1.24			1.39			1.79			3.00
Total from investment operations		1.13			1.41			1.53			1.87			3.06
Less Distributions
Distributions from net investment income		(0.10	)		(0.16	)		(0.08	)		(0.05	)		(0.05	)
Distributions from net realized capital gains		(0.64	)		(1.05	)		(0.73	)		(0.03	)		0.00
Total distributions		(0.74	)		(1.21	)		(0.81	)		(0.08	)		(0.05	)
Net Asset Value, End of Period	$	14.96		$	14.57		$	14.37		$	13.65		$	11.86
Total Return (%)		7.7			9.9			12.2			15.9			34.8
Ratio of operating expenses to average net assets (%)		0.46			0.48			0.49			0.50			0.55
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.47			0.49			0.49			N/A			N/A
Ratio of net investment income to average net assets (%)		1.18			1.12			1.03			0.71			0.71
Portfolio turnover rate (%)		37			34			33			42			22
Net assets, end of period (000)	$	69,898		$	70,162		$	66,712		$	62,530		$	49,881

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MetLife Mid Cap Stock Index Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-15

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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

MSF-16

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$5,524,511	$	8,910,194	$	19,995,440	$	27,003,536	$	—	$	—	$	25,519,951	$	35,913,730

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$9,540,911	$	39,817,259	$	69,140,961	$	—	$	118,499,131

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	211,172,881	$	0	$	191,460,283

MSF-17

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.25% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2007 were $1,350,639.

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

Effective April 30, 2007, MetLife Advisers entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MLIAC”) with respect to the Portfolio. MetLife Advisers pays MLIAC an investment subadvisory fee for the Portfolio equal to the costs incurred by MLIAC in providing subadvisory services to the Portfolio. Fees earned by MLIAC with respect to the Portfolio for the period ended December 31, 2007 were $85,253. Prior to April 30, 2007, MetLife served as the subadviser to the Portfolio and for the period January 1, 2007 through April 30, 2007, fees earned by MetLife were $39,006.

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio at the annual rate of 0.007% of average daily net assets. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold

MSF-18

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-19

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Mid Cap Stock Index Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Mid Cap Stock Index Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-20

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-21

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-22

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-23

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-24

Metropolitan Series Fund, Inc.

MetLife Mid Cap Stock Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-25

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-26

Metropolitan Series Fund, Inc. MetLife Moderate Allocation Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the MetLife Moderate Allocation Portfolio returned 4.5% compared to the 5.7% return of the Wilshire 5000 Index¹ and the 6.5% return of the Lehman Brothers U.S. Universal Bond Index². Considering that no single index or benchmark can accurately capture the multiple asset class design of the Portfolio, we have created a blended benchmark comprised of several indices for use in portfolio design and evaluation purposes. Specifically, the blended benchmark for the MetLife Moderate Allocation Portfolio consists of an 8% allocation to the Lehman Brothers 1 to 3 Year Government Bond Index³, a 32% allocation to the Lehman Brothers U.S. Universal Bond Index, a 48% allocation to the Wilshire 5000 Index, and a 12% allocation to the Morgan Stanley Capital International EAFE Index⁴. During the twelve-month period ended December 31, 2007, the blended benchmark returned 6.9%.

PORTFOLIO REVIEW

Concerns about subprime mortgages and the strength of the overall economy initially surfaced in the first half of 2007, but they were mostly brushed off. It was not until the second half of the year that those concerns intensified. Most economic statistics at the end of 2007 indicated a weakening economy: a sharp decrease in New and Existing Home Sales, a drop in Consumer Confidence, a rise in the Unemployment Rate, and a decline in the Purchasing Managers Index.

During 2007, large cap stocks, as measured by the Standard & Poor’s 500 Index⁵ return of 5.5%, did better than small cap stocks, as measured by the -1.6% return of the Russell 2000 Index⁶. Growth style stocks generally held up better than value style stocks. There was a wide dispersion among the various sectors of the S&P 500 Index: Energy and Materials were up 34% and 22% respectively, while Financials (-19%) and Consumer Discretionary (-13%) were down sharply. On a local basis, foreign stocks were also up modestly for the year, but U.S. based investors benefited from a weak dollar to receive an 11.2% return as measured by the MSCI EAFE Index.

Investment grade bonds, as measured by the Lehman Brothers Aggregate Bond Index⁷, posted a 7.0% return in response to a decline in interest rates across the yield curve. Below investment grade bonds, while still eking out a positive return for the year, were adversely impacted by credit concerns brought about by the subprime mortgage crisis. Treasuries and Treasury Inflation Protected Securities (TIPS) were the best performing investment grade sectors, while the credit based sectors lagged.

The MetLife Moderate Allocation Portfolio is a “fund of funds” that invests in other Portfolios of the Metropolitan Series Fund, Inc. and the Met Investors Series Trust. The Portfolio’s initial target allocations were 60% in equity investments and 40% in fixed income investments. The MetLife Moderate Allocation Portfolio is considered the “middle” of the five Asset Allocation Portfolios as measured by its potential risk.

The only change in the Portfolio during the period was a slight adjustment for the underlying Portfolios as of May 1, 2007. We also rebalanced the Portfolio on a quarterly basis to bring it back into line with the underlying Portfolio targets and the desired risk level.

Collectively, the performance of the underlying fixed income Portfolios essentially matched that of the Lehman Brothers U.S. Universal Bond Index. The PIMCO Total Return Portfolio and the PIMCO Inflation Protected Bond Portfolio beat the Index, but this good performance was offset by the Western Asset Strategic Bond Opportunities and Western Asset U.S. Government Portfolios, which lagged the Index due to exposure to holdings of spread product, which includes mortgage backed securities and corporate bonds.

The largest source of underperformance over the past year was poor security selection within several of the underlying equity Portfolios. These Portfolios did not perform as well as we would have expected given their asset allocation among the segments of the capital markets. Detracting the most from performance were the Harris Oakmark International Portfolio, which was down 1% for the year compared to an 11% return of foreign stocks overall, as measured by the MSCI EAFE Index, and the Legg Mason Value Equity Portfolio, which fell nearly 6% compared to the 5.5% return of the S&P 500 Index. Although its position was small (1%) and its performance was in line with the real estate indices, the Neuberger Berman Real Estate Portfolio was down sharply for the year (-14.8%) relative to the broad equity market. This had an adverse impact on the Portfolio’s performance.

Among the underlying Portfolios that had positive security selection and added to relative performance were the Met/AIM Small Cap Growth Portfolio, the Jennison Growth Portfolio, the PIMCO Total Return Portfolio, and the T. Rowe Price Large Cap Growth Portfolio. Among the equity funds, growth oriented funds like these performed better than the broad equity market and added relative value to the Portfolio’s performance.

* The views expressed above are those of the advisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data.

² The Lehman Brothers U.S. Universal Bond Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-EIRSA portion of the Commercial Mortgage Backed Securities Index and the Commercial Mortgage Backed Securities High Yield Index.

³ The Lehman Brothers 1 to 3 Year Government Bond Index includes most obligations of the U.S Treasury, agencies and quasi-federal corporations having maturities between one to three years.

⁴ The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE Index”) is an unmanaged free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

⁵ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

⁶ The Russell 2000^® Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000^® Index.

⁷ Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

MSF-2

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO

THE WILSHIRE 5000 STOCK INDEX AND THE LEHMAN BROTHERS

UNIVERSAL BOND INDEX

Average Annual Returns as of December 31, 2007

	MetLife Moderate Allocation Portfolio				Wilshire 5000 Stock Index		Lehman Brothers Universal Bond Index
	Class A		Class B
1 Year	4.5	%	4.4	%	5.7	%	6.5	%
Since Inception	9.5		9.3		12.4		5.1

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

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

PORTFOLIO COMPOSITION as of December 31, 2007

Top Holdings

	% of Total Net Assets
Met Investors Series Trust—PIMCO Total Return Portfolio, (Class A)	21.1%
Metropolitan Series Fund, Inc.—Western Asset Mgt. Strategic Bond Opportunities Portfolio, (Class A)	11.9%
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	7.0%
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	6.2%
Met Investors Series Trust—Harris Oakmark International Portfolio, (Class A)	5.9%
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	5.1%
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	5.1%
Metropolitan Series Fund, Inc.—Julius Baer International Stock Portfolio, (Class A)	4.9%
Metropolitan Series Fund, Inc.—MetLife Stock Index Portfolio, (Class A)	4.0%
Met Investors Series Trust—Legg Mason Value Equity Portfolio, (Class A)	3.9%

MSF-3

Metropolitan Series Fund, Inc.

Shareholder Expense Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund 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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
MetLife Moderate Allocation—Class A(a)(b)	Actual	0.78	%	$	1,000.00	$	995.90	$	3.92
	Hypothetical	0.78	%	$	1,000.00	$	1,021.23	$	3.97
MetLife Moderate Allocation—Class B(a)(b)	Actual	1.03	%	$	1,000.00	$	994.20	$	5.18
	Hypothetical	1.03	%	$	1,000.00	$	1,019.95	$	5.24

* 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 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 agreement between MetLife Advisers, LLC and the Portfolio as described under Expense Agreement in Note 4 to the Financial Statements.

^(b) The annualized expense ratio reflects the expenses of both the Portfolio and the underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2007

Mutual Funds—100.0%

Security Description	Shares	Value*
Affiliated Investment Companies—100.0%
Met Investors Series Trust—BlackRock High Yield Portfolio, (Class A)	2,744,823	$	22,617,338
Met Investors Series Trust—BlackRock Large Cap Core Portfolio, (Class A)	4,234,803		47,175,703
Met Investors Series Trust—Dreman Small Cap Value Portfolio, (Class A)	4,950,321		67,175,861
Met Investors Series Trust—Harris Oakmark International Portfolio, (Class A)	7,918,887		136,759,176
Met Investors Series Trust—Lazard Mid-Cap Portfolio, (Class A)	7,297,891		88,815,337
Met Investors Series Trust—Legg Mason Value Equity Portfolio, (Class A)	8,608,838		90,392,802
Met Investors Series Trust—Lord Abbett Bond Debenture Portfolio, (Class A)	3,614,492		45,651,034
Met Investors Series Trust—Met/AIM Small Cap Growth Portfolio, (Class A)	3,067,174		45,578,208
Met Investors Series Trust—Neuberger Berman Real Estate Portfolio, (Class A)	1,564,032		22,021,566
Met Investors Series Trust—PIMCO Inflation Protected Bond Portfolio, (Class A)	2,098,809		23,002,951
Met Investors Series Trust—PIMCO Total Return Portfolio, (Class A)	39,502,717		485,488,394
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	8,612,871		117,221,173
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	4,443,725		161,929,352
Metropolitan Series Fund, Inc.—Julius Baer International Stock Portfolio, (Class A)	7,096,552		113,828,697
Metropolitan Series Fund, Inc.—FI Mid Cap Opportunities Portfolio, (Class A)	2,133,360		45,099,227

Security Description	Shares	Value*
Affiliated Investment Companies—(Continued)
Metropolitan Series Fund, Inc.—Jennison Growth Portfolio, (Class A)	5,195,685	$	70,765,225
Metropolitan Series Fund, Inc.—MetLife Stock Index Portfolio, (Class A)	2,509,050		92,834,865
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	6,685,247		142,128,356
Metropolitan Series Fund, Inc.—Russell 2000 Index Portfolio, (Class A)	3,208,555		45,497,317
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	7,088,764		116,822,833
Metropolitan Series Fund, Inc.—Western Asset Mgt. Strategic Bond Opportunities Portfolio, (Class A)	21,513,247		273,648,502
Metropolitan Series Fund, Inc.—Western Asset Mgt. U.S. Government Portfolio, (Class A)	3,665,866		45,786,670
Total Mutual Funds (Identified Cost $2,272,528,813)			2,300,240,587
Total Investments—100.0% (Identified Cost $2,272,528,813) (a)			2,300,240,587
Liabilities in excess of other assets			(692,146	)
Total Net Assets—100%		$	2,299,548,441

(a) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $2,273,304,210 and the composition of unrealized appreciation and depreciation of investment securities was $51,355,465 and $(24,419,088), respectively.

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	2,300,240,587
Receivable for:
Fund shares sold				2,865,238
Total Assets				2,303,105,825
Liabilities
Payable for:
Securities purchased	$	1,579,739
Fund shares redeemed		1,285,499
Due to custodian bank		12
Accrued expenses:
Management fees		218,282
Service and distribution fees		442,934
Other expenses		30,918
Total Liabilities				3,557,384
Net Assets			$	2,299,548,441
Net assets consists of:
Capital paid in			$	2,224,640,337
Undistributed net investment income				18,365,862
Accumulated net realized gains				28,830,468
Unrealized appreciation on investments				27,711,774
Net Assets			$	2,299,548,441
Computation of offering price:
Class A
Net asset value and redemption price per share ($171,934,162 divided by 14,325,693 shares outstanding)			$	12.00
Class B
Net asset value and redemption price per share ($2,127,614,279 divided by 177,891,576 shares outstanding)			$	11.96
(a) Identified cost of investments			$	2,272,528,813

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends from Underlying Portfolios			$	18,279,739
Expenses
Management fees	$	1,045,949
Deferred expense reimbursement		90,595
Service and distribution fees—Class B		3,055,786
Directors’ fees and expenses		811
Custodian		28,091
Audit and tax services		18,574
Legal		18,568
Miscellaneous		10,206
Total expenses				4,268,580
Net Investment Income				14,011,159
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		12,722,105
Capital gains distributions from Underlying Portfolios		20,991,453		33,713,558
Change in unrealized depreciation on:
Investments—net				(8,525,018	)
Net gain				25,188,540
Net Increase in Net Assets From Operations			$	39,199,699

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	14,011,159		$	4,015,517
Net realized gain		33,713,558			8,739,622
Unrealized appreciation (depreciation)		(8,525,018	)		35,943,069
Increase in net assets from operations		39,199,699			48,698,208
From Distributions to Shareholders
Net investment income
Class A		(269,562	)		(951,464	)
Class B		(80,033	)		(3,927,962	)
		(349,595	)		(4,879,426	)
Net realized gain
Class A		(186,620	)		(1,330,470	)
Class B		(1,440,592	)		(5,656,937	)
		(1,627,212	)		(6,987,407	)
Total distributions		(1,976,807	)		(11,866,833	)
Increase in net assets from capital share transactions		1,521,410,561			581,821,010
Total increase in net assets		1,558,633,453			618,652,385
Net Assets
Beginning of the period		740,914,988			122,262,603
End of the period	$	2,299,548,441		$	740,914,988
Undistributed Net Investment Income
End of the period	$	18,365,862		$	312,995

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	9,488,879		$	113,112,140		7,552,833		$	82,679,374
Reinvestments	37,983			456,182		211,879			2,281,934
Redemptions	(3,027,315	)		(36,051,074	)	(1,901,403	)		(20,819,359	)
Net increase	6,499,547		$	77,517,248		5,863,309		$	64,141,949
Class B
Sales	132,914,022		$	1,582,814,963		47,323,820		$	518,077,257
Shares issued through acquisition	0			0		3,184,564			34,361,445
Reinvestments	126,824			1,520,625		891,619			9,584,899
Redemptions	(11,830,433	)		(140,442,275	)	(4,061,903	)		(44,344,540	)
Net increase	121,210,413		$	1,443,893,313		47,338,100		$	517,679,061
Increase derived from capital share transactions			$	1,521,410,561				$	581,821,010

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	11.52		$	10.82		$	10.00
Income From Investment Operations
Net investment income		0.17	(b)		0.24			0.04
Net realized and unrealized gain on investments		0.36			1.04			0.83
Total from investment operations		0.53			1.28			0.87
Less Distributions
Distributions from net investment income		(0.03	)		(0.24	)		(0.05	)
Distributions from net realized capital gains		(0.02	)		(0.34	)		0.00
Total distributions		(0.05	)		(0.58	)		(0.05	)
Net Asset Value, End of Period	$	12.00		$	11.52		$	10.82
Total Return (%)		4.5			12.2			8.7	(c)
Ratio of operating expenses to average net assets (%) (d)		0.09			0.10			0.10	(e)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (h)		0.09			0.11			0.29	(e)
Ratio of net investment income to average net assets (%) (f)		1.44			1.67			1.57	(e)
Portfolio turnover rate (%)		14			19			1	(e)
Net assets, end of period (000)	$	171,934		$	90,126		$	21,245

	Class B
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	11.48		$	10.81		$	10.00
Income From Investment Operations
Net investment income		0.12	(b)		0.22			0.04
Net realized and unrealized gain on investments		0.38			1.02			0.81
Total from investment operations		0.50			1.24			0.85
Less Distributions
Distributions from net investment income		(0.00	)(g)		(0.23	)		(0.04	)
Distributions from net realized capital gains		(0.02	)		(0.34	)		0.00
Total distributions		(0.02	)		(0.57	)		(0.04	)
Net Asset Value, End of Period	$	11.96		$	11.48		$	10.81
Total Return (%)		4.4			11.8			8.5	(c)
Ratio of operating expenses to average net assets (%) (d)		0.34			0.35			0.35	(e)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (h)		0.34			0.36			0.54	(e)
Ratio of net investment income to average net assets (%) (f)		0.98			0.98			1.45	(e)
Portfolio turnover rate (%)		14			19			1	(e)
Net assets, end of period (000)	$	2,127,614		$	650,789		$	101,018

(a) Commencement of operations was May 2, 2005.

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

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

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

(e) Computed on an annualized basis.

(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.

(g) Distributions for the period were less than $0.01.

(h) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MetLife Moderate Allocation Portfolio (the “Asset Allocation Portfolio”) is a non-diversified series of the fund. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”) or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although not all Asset Allocation Portfolios are available to all such separate accounts. The Asset Allocation Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Asset Allocation Portfolio are named Class A and Class B. The classes of the Asset Allocation Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B shares. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements. The policies are in conformity with GAAP.

Investment Valuation:

The net asset value of the Asset Allocation Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Asset Allocation Portfolio invests. The Underlying Portfolios that are Series of the Fund will use fair value pricing in the circumstances and manner described below. For more information about the use of fair value pricing by the Underlying Portfolios that are Series of Met Investors Series Trust (“MIST”), please refer to the prospectus for such Underlying Portfolios.

The Underlying Portfolios that are series of the Fund are valued as follows:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued on the basis of valuations furnished by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

MSF-9

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When an Underlying Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. The value of securities used by the Fund 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.

The Underlying Portfolios expect to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Underlying Portfolios may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Underlying Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Underlying Portfolio values its securities. For example, foreign security values may be affected by activity that occurs after the close of foreign securities markets. To account for this, the Underlying Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Underlying Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) or the subadviser of the Underlying Portfolio, as applicable, who values such assets as described above and operates under procedures approved by the Board.

Investment Transactions and Related Investment Income:

Portfolio 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.

Federal Income Taxes:

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Asset Allocation Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$1,253,602	$	6,186,071	$	723,205	$	5,680,762	$	—	$	—	$	1,976,807	$	11,866,833

MSF-10

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$22,883,196	$	25,088,531	$	26,936,377	$	—	$	74,908,104

Dividends and Distributions to Shareholders:

The Asset Allocation 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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of Underlying portfolios by the Asset Allocation Portfolio were $1,744,473,972 and $189,570,734, respectively.

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Asset Allocation Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	1,045,949	0.100%	Of the first $500 million
		0.075%	Of the next $500 million
		0.050%	On amounts in excess of $1 billion

In addition to the above Management Fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in certain Underlying Portfolios.

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

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Service Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing, the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Service Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts paid by the Asset Allocation Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

Expense Agreement:

Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, MetLife Advisers has agreed, from May 1, 2007 to April 30, 2008, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including

MSF-11

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then current fiscal year). For the Asset Allocation Portfolio, this subsidy, and similar subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay MetLife Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by MetLife Advisers more than five years after the end of the fiscal year in which such expense was incurred.

The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2007 to April 30, 2008 are 0.10% and 0.35% for Class A and B, respectively.

For the year ended December 31, 2007, MetLife Advisers recovered $90,595 in deferred expenses. As of December 31, 2007, there are no expenses deferred in prior years that are subject to repayment by the Portfolio.

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-12

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

7. TRANSACTIONS IN SECURITIES OF AFFILIATED ISSUERS:

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Asset Allocation 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 year ended December 31, 2007 in which the Asset Allocation Portfolio had ownership of at least 5% of the outstanding voting securities at the end of the period are as follows:

Underlying Portfolio (Class A)	Beginning Shares as of 12/30/2006	Shares Purchased during Period	Shares Sold during Period	Ending Shares as of 12/31/2007
MIST—BlackRock High Yield	0	2,819,679	74,856	2,744,823
MIST—Dreman Small Cap Value	1,663,493	3,358,390	71,562	4,950,321
MIST—Harris Oakmark International	2,397,795	5,735,096	214,004	7,918,887
MIST—Lazard Mid-Cap	2,193,032	5,272,506	167,647	7,297,891
MIST—Legg Mason Value Equity	2,699,572	5,998,919	89,653	8,608,838
MIST—PIMCO Total Return	12,828,978	28,545,913	1,872,174	39,502,717
MIST—Met/AIM Small Cap Growth	0	3,114,766	47,592	3,067,174
MSF—BlackRock Large Cap Value	0	8,664,426	51,555	8,612,871
MSF—Julius Baer International Stock	2,918,593	5,170,786	992,827	7,096,552
MSF—Jennison Growth	1,749,512	3,591,636	145,463	5,195,685
MSF—Neuberger Berman Mid Cap Value	2,151,607	4,749,432	215,792	6,685,247
MSF—Russell 2000 Index	956,008	2,295,217	42,670	3,208,555
MSF—T. Rowe Price Large Cap Growth	2,454,768	4,775,074	141,078	7,088,764
MSF—Western Asset Mgmt. Strategic Bond Opportunities	6,906,272	15,303,843	696,868	21,513,247

Underlying Portfolio (Class A)	Realized Gain/(Loss) during Period			Capital Gains Distributions during Period		Dividend Income during Period		Ending Value as of 12/31/2007
MIST—BlackRock High Yield	$	(12,500	)	$	0	$	0	$	22,617,338
MIST—Dreman Small Cap Value		66,948			157,930		0		67,175,861
MIST—Harris Oakmark International		611,636			5,116,674		596,322		136,759,176
MIST—Lazard Mid-Cap		(158,461	)		3,759,320		274,300		88,815,337
MIST—Legg Mason Value Equity		62,448			47,392		1,405		90,392,802
MIST—PIMCO Total Return		511,304			0		7,945,174		485,488,394
MIST—Met/AIM Small Cap Growth		(3,490	)		0		0		45,578,208
MSF—BlackRock Large Cap Value		(40,728	)		0		0		117,221,173
MSF—Julius Baer International Stock		2,247,052			3,408,191		701,569		113,828,697
MSF—Jennison Growth		61,035			1,165,906		139,031		70,765,225
MSF—Neuberger Berman Mid Cap Value		382,549			1,892,682		351,661		142,128,356
MSF—Russell 2000 Index		59,403			1,571,364		192,012		45,497,317
MSF—T. Rowe Price Large Cap Growth		286,564			483,994		243,690		116,822,833
MSF—Western Asset Mgmt. Strategic Bond Opportunities		(51,709	)		120,510		3,494,789		273,648,502

MSF-13

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Moderate Allocation Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended December 31, 2007 and the period from May 2, 2005 (commencement of operations) through December 31, 2005. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Moderate Allocation Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended December 31, 2007 and the period from May 2, 2005 (commencement of operations) through December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-14

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-15

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-16

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered (for each Portfolio other than Zenith Equity and the Asset Allocation Portfolios) that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). With respect to Zenith Equity and the Asset Allocation Portfolios, the Directors considered both the portfolio management services and the administrative services provided by MetLife Advisers. After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-17

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-18

Metropolitan Series Fund, Inc.

MetLife Moderate Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

Certain Matters Relating to Julius Baer International Stock Portfolio (formerly known as the FI International Stock Portfolio) (the “International Stock Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the International Stock Portfolio from Fidelity Management & Research Company (“FMR”) to Julius Baer Investment Management LLC (“Julius Baer”).

In making the determination to approve the change in subadviser for the International Stock Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with FMR and the proposed Subadvisory Agreement with Julius Baer. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of Julius Baer as portfolio manager;

• that the form of the proposed Subadvisory Agreement with Julius Baer was substantially similar to the International Stock Portfolio’s existing Subadvisory Agreement with FMR;

• that the subadvisory fee schedule for Julius Baer set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser; and

• that the preferred date of the change of subadviser was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with FMR from its scheduled expiration date of December 31, 2007 until January 7, 2008.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve the continuation of the existing Subadvisory Agreement relating to the International Stock Portfolio through January 7, 2008 and to approve the proposed Subadvisory Agreement relating to such Portfolio with Julius Baer, effective January 7, 2008 through January 6, 2010.

MSF-19

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-20

Metropolitan Series Fund, Inc. MetLife Moderate to Aggressive Allocation Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the MetLife Moderate to Aggressive Allocation Portfolio returned 4.1% compared to the 5.7% return of the Wilshire 5000 Index¹ and the 6.5% return of the Lehman Brothers U.S. Universal Bond Index². Considering that no single index or benchmark can accurately capture the multiple asset class design of the Portfolio, we have created a blended benchmark comprised of several indices for use in portfolio design and evaluation purposes. Specifically, the blended benchmark for the MetLife Moderate to Aggressive Allocation Portfolio consists of a 4% allocation to the Lehman Brothers 1 to 3 Year Government Bond Index³, a 16% allocation to the Lehman Brothers U.S. Universal Bond Index, a 64% allocation to the Wilshire 5000 Index, and a 16% allocation to the Morgan Stanley Capital International EAFE Index⁴. During the twelve-month period ended December 31, 2007, the blended benchmark returned 6.9%.

PORTFOLIO REVIEW

Concerns about subprime mortgages and the strength of the overall economy initially surfaced in the first half of 2007, but they were mostly brushed off. It was not until the second half of the year that those concerns intensified. Most economic statistics at the end of 2007 indicated a weakening economy: a sharp decrease in New and Existing Home Sales, a drop in Consumer Confidence, a rise in the Unemployment Rate, and a decline in the Purchasing Managers Index.

During 2007, large cap stocks, as measured by the Standard & Poor’s 500 Index⁵ return of 5.5%, did better than small cap stocks, as measured by the -1.6% return of the Russell 2000 Index⁶. Growth style stocks generally held up better than value style stocks. There was a wide dispersion among the various sectors of the S&P 500 Index: Energy and Materials were up 34% and 22% respectively, while Financials (-19%) and Consumer Discretionary (-13%) were down sharply. On a local basis, foreign stocks were also up modestly for the year, but U.S. based investors benefited from a weak dollar to receive an 11.2% return as measured by the MSCI EAFE Index⁴.

Investment grade bonds, as measured by the Lehman Brothers Aggregate Bond Index⁷, posted a 7.0% return in response to a decline in interest rates across the yield curve. Below investment grade bonds, while still eking out a positive return for the year, were adversely impacted by credit concerns brought about by the subprime mortgage crisis. Treasuries and Treasury Inflation Protected Securities (TIPS) were the best performing investment grade sectors, while the credit based sectors lagged.

The MetLife Moderate to Aggressive Allocation Portfolio is a “fund of funds” that invests in other Portfolios of the Metropolitan Series Fund, Inc. and the Met Investors Series Trust. The Portfolio’s initial target allocations were 80% in equity investments and 20% in fixed income investments. The MetLife Moderate to Aggressive Allocation Portfolio is considered the second most aggressive of the five Asset Allocation Portfolios as measured by it potential risk.

The only change in the Portfolio during the period was a slight adjustment for the underlying Portfolios as of May 1, 2007. We also rebalanced the Portfolio on a quarterly basis to bring it back into line with the underlying Portfolio targets and the desired risk level.

Collectively, the performance of the underlying fixed income Portfolios essentially matched that of the Lehman Brothers U.S. Universal Bond Index. The PIMCO Total Return Portfolio and the PIMCO Inflation Protected Bond Portfolio beat the Index, but this good performance was offset by the Western Asset Strategic Bond Opportunities and Western Asset U.S. Government Portfolios, which lagged the Index due to exposure to holdings of spread product, which includes mortgage backed securities and corporate bonds.

The largest source of underperformance over the past year was poor security selection within several of the underlying equity Portfolios. This impact was intensified by the large (80%) weighting to equities in general. These Portfolios did not perform as well as we would have expected given their asset allocation among the segments of the capital markets. Detracting the most from performance were the Harris Oakmark International Portfolio, which was down 1% for the year compared to an 11% return of foreign stocks overall, as measured by the MSCI EAFE Index, and the Legg Mason Value Equity Portfolio, which fell nearly 6% compared to the 5.5% return of the S&P 500 Index. Although its position was relatively small (2%) and its performance was in line with the real estate indices, the Neuberger Berman Real Estate Portfolio was down sharply for the year (-14.8%) relative to the broad equity market. This had an adverse impact on the Portfolio’s performance.

Among the underlying Portfolios that had positive security selection and added to relative performance were the Met/AIM Small Cap Growth Portfolio, the Jennison Growth Portfolio, the PIMCO Total Return Portfolio, and the T. Rowe Price Large Cap Growth Portfolio. Among the equity funds, growth oriented funds like these performed better than the broad equity market and added relative value to the Portfolio’s performance.

* The views expressed above are those of the advisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data.

² The Lehman Brothers U.S. Universal Bond Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-EIRSA portion of the Commercial Mortgage Backed Securities Index and the Commercial Mortgage Backed Securities High Yield Index.

³ The Lehman Brothers 1 to 3 Year Government Bond Index includes most obligations of the U.S Treasury, agencies and quasi-federal corporations having maturities between one to three years.

⁴ The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE Index”) is an unmanaged free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

⁵ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

⁶ The Russell 2000^® Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000^® Index.

⁷ Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

MSF-2

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO

THE WILSHIRE 5000 STOCK INDEX AND THE LEHMAN BROTHERS

UNIVERSAL BOND INDEX

Average Annual Returns as of December 31, 2007

	MetLife Moderate to Aggressive Allocation Portfolio				Wilshire 5000 Stock Index		Lehman Brothers Universal Bond Index
	Class A		Class B
1 Year	4.1	%	3.9	%	5.7	%	6.5	%
Since Inception	11.1		10.8		12.4		5.1

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception date of the Class A and Class B shares is 5/2/05. Index since inception return is based on the Portfolio’s inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Met Investor Series Trust—PIMCO Total Return Portfolio, (Class A)	13.1%
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	10.0%
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	7.2%
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	7.1%
Met Investor Series Trust—Harris Oakmark International Portfolio, (Class A)	6.9%
Metropolitan Series Fund, Inc.—Julius Baer International Stock Portfolio, (Class A)	6.9%
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	6.1%
Met Investor Series Trust—Legg Mason Value Equity Portfolio, (Class A)	5.9%
Metropolitan Series Fund, Inc.—Western Asset Mgt. Strategic Bond Opportunities Portfolio, (Class A)	5.0%
Met Investor Series Trust—Lazard Mid-Cap Portfolio, (Class A)	4.8%

MSF-3

Metropolitan Series Fund, Inc.

Shareholder Expense Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund 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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses paid during period* July 1, 2007 to December 31, 2007
MetLife Moderate to Aggressive Allocation—Class A(a)(b)	Actual	0.81	%	$	1,000.00	$	978.00	$	4.04
	Hypothetical	0.81	%	$	1,000.00	$	1,021.08	$	4.13
MetLife Moderate to Aggressive Allocation—Class B(a)(b)	Actual	1.06	%	$	1,000.00	$	976.30	$	5.28
	Hypothetical	1.06	%	$	1,000.00	$	1,019.80	$	5.40

* 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 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 agreement between MetLife Advisers, LLC and the Portfolio as described under Expense Agreement in Note 4 to the Financial Statements.

^(b) The annualized expense ratio reflects the expenses of both the Portfolio and the underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2007

Mutual Funds—100.0%

Security Description	Shares	Value*
Affiliated Investment Companies—100.0%
Met Investors Series Trust—BlackRock Large Cap Core Portfolio, (Class A)	8,731,788	$	97,272,116
Met Investors Series Trust—Dreman Small Cap Value Portfolio, (Class A)	6,807,033		92,371,436
Met Investors Series Trust—Harris Oakmark International Portfolio, (Class A)	9,526,664		164,525,481
Met Investors Series Trust—Lazard Mid-Cap Portfolio, (Class A)	9,408,702		114,503,905
Met Investors Series Trust—Legg Mason Value Equity Portfolio, (Class A)	13,315,850		139,816,422
Met Investors Series Trust—Lord Abbett Bond Debenture Portfolio, (Class A)	1,863,824		23,540,097
Met Investors Series Trust—Met/AIM Small Cap Growth Portfolio, (Class A)	4,744,382		70,501,522
Met Investors Series Trust—Neuberger Berman Real Estate Portfolio, (Class A)	3,226,467		45,428,655
Met Investors Series Trust—PIMCO Total Return Portfolio, (Class A)	25,217,908		309,928,085
Metropolitan Series Fund, Inc.—BlackRock Large Cap Value Portfolio, (Class A)	10,656,161		145,030,347
Metropolitan Series Fund, Inc.—Davis Venture Value Portfolio, (Class A)	6,545,574		238,520,723
Metropolitan Series Fund, Inc.—Julius Baer International Stock Portfolio, (Class A)	10,245,374		164,335,797
Metropolitan Series Fund, Inc.—FI Mid Cap Opportunities Portfolio, (Class A)	3,300,219		69,766,639
Metropolitan Series Fund, Inc.—Jennison Growth Portfolio, (Class A)	7,141,902		97,272,709
Metropolitan Series Fund, Inc.—MetLife Stock Index Portfolio, (Class A)	2,586,957		95,717,417
Metropolitan Series Fund, Inc.—Neuberger Berman Mid Cap Value Portfolio, (Class A)	8,041,241		170,956,777
Metropolitan Series Fund, Inc.—Russell 2000 Index Portfolio, (Class A)	3,308,763		46,918,261
Metropolitan Series Fund, Inc.—T. Rowe Price Large Cap Growth Portfolio, (Class A)	10,232,141		168,625,679
Metropolitan Series Fund, Inc.—Western Asset Mgt. Strategic Bond Opportunities Portfolio, (Class A)	9,244,507		117,590,128
Total Mutual Funds (Identified Cost $2,361,195,319)			2,372,622,196
Total Investments—100.0% (Identified Cost $2,361,195,319) (a)			2,372,622,196
Liabilities in excess of other assets			(711,532	)
Total Net Assets—100%		$	2,371,910,664

(a) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $2,361,576,205 and the composition of unrealized appreciation and depreciation of investment securities was $46,087,606 and $(35,041,615), respectively.

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	2,372,622,196
Receivable for:
Fund shares sold				3,322,481
Total Assets				2,375,944,677
Liabilities
Payable for:
Securities purchased	$	2,665,167
Fund shares redeemed		657,315
Due to custodian bank		12
Accrued expenses:
Management fees		219,862
Service and distribution fees		460,666
Other expenses		30,991
Total Liabilities				4,034,013
Net Assets			$	2,371,910,664
Net assets consists of:
Capital paid in			$	2,309,702,893
Undistributed net investment income				13,891,653
Accumulated net realized gains				36,889,241
Unrealized appreciation on investments				11,426,877
Net Assets			$	2,371,910,664
Computation of offering price:
Class A
Net asset value and redemption price per share ($155,393,413 divided by 12,501,978 shares outstanding)			$	12.43
Class B
Net asset value and redemption price per share ($2,216,517,251 divided by 178,965,564 shares outstanding)			$	12.39
(a) Identified cost of investments			$	2,361,195,319

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends from Underlying Portfolios			$	12,555,051
Expenses
Management fees	$	1,055,570
Deferred expense reimbursement		89,298
Service and distribution fees—Class B		3,138,546
Directors’ fees and expenses		811
Custodian		28,091
Audit and tax services		18,574
Legal		18,833
Miscellaneous		10,161
Total expenses				4,359,884
Net Investment Income				8,195,167
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		15,901,622
Capital gains distributions from Underlying Portfolios		27,165,860		43,067,482
Change in unrealized depreciation on:
Investments—net				(28,789,722	)
Net gain				14,277,760
Net Increase in Net Assets From Operations			$	22,472,927

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	8,195,167		$	1,963,732
Net realized gain		43,067,482			8,757,473
Unrealized appreciation (depreciation)		(28,789,722	)		40,246,323
Increase in net assets from operations		22,472,927			50,967,528
From Distributions to Shareholders
Net investment income
Class A		(253,328	)		(475,092	)
Class B		(312,864	)		(2,199,740	)
		(566,192	)		(2,674,832	)
Net realized gain
Class A		(144,759	)		(1,209,082	)
Class B		(1,251,456	)		(5,827,381	)
		(1,396,215	)		(7,036,463	)
Total distributions		(1,962,407	)		(9,711,295	)
Increase in net assets from capital share transactions		1,631,789,973			590,067,543
Total increase in net assets		1,652,300,493			631,323,776
Net Assets
Beginning of the period		719,610,171			88,286,395
End of the period	$	2,371,910,664		$	719,610,171
Undistributed Net Investment Income
End of the period	$	13,891,653		$	536,324

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	8,175,240		$	102,020,544		6,446,557		$	72,782,346
Reinvestments	31,644			398,087		151,047			1,684,174
Redemptions	(2,444,633	)		(30,451,289	)	(1,069,236	)		(11,995,850	)
Net increase	5,762,251		$	71,967,342		5,528,368		$	62,470,670
Class B
Sales	135,533,113		$	1,684,958,265		45,666,047		$	515,977,589
Shares issued through acquisition	0			0		3,452,195			38,561,018
Reinvestments	124,547			1,564,320		721,215			8,027,121
Redemptions	(10,185,495	)		(126,699,954	)	(3,128,609	)		(34,968,855	)
Net increase	125,472,165		$	1,559,822,631		46,710,848		$	527,596,873
						��
Increase derived from capital share transactions			$	1,631,789,973				$	590,067,543

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	11.98		$	11.05		$	10.00
Income From Investment Operations
Net investment income		0.12	(b)		0.17			0.04
Net realized and unrealized gain on investments		0.38			1.39			1.05
Total from investment operations		0.50			1.56			1.09
Less Distributions
Distributions from net investment income		(0.03	)		(0.18	)		(0.04	)
Distributions from net realized capital gains		(0.02	)		(0.45	)		0.00
Total distributions		(0.05	)		(0.63	)		(0.04	)
Net Asset Value, End of Period	$	12.43		$	11.98		$	11.05
Total Return (%)		4.1			14.6			10.9	(c)
Ratio of operating expenses to average net assets (%) (d)		0.09			0.10			0.10	(e)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (h)		0.09			0.11			0.34	(e)
Ratio of net investment income to average net assets (%) (f)		0.95			1.07			1.34	(e)
Portfolio turnover rate (%)		14			23			2	(e)
Net assets, end of period (000)	$	155,393		$	80,728		$	13,388

	Class B
	Year ended December 31,
	2007			2006			2005(a)
Net Asset Value, Beginning of Period	$	11.94		$	11.04		$	10.00
Income From Investment Operations
Net investment income		0.07	(b)		0.16			0.04
Net realized and unrealized gain on investments		0.40			1.36			1.05
Total from investment operations		0.47			1.52			1.08
Less Distributions
Distributions from net investment income		(0.00	) (g)		(0.17	)		(0.04	)
Distributions from net realized capital gains		(0.02	)		(0.45	)		0.00
Total distributions		(0.02	)		(0.62	)		(0.04	)
Net Asset Value, End of Period	$	12.39		$	11.94		$	11.04
Total Return (%)		3.9			14.2			10.8	(c)
Ratio of operating expenses to average net assets (%) (d)		0.34			0.35			0.35	(e)
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (h)		0.34			0.36			0.59	(e)
Ratio of net investment income to average net assets (%) (f)		0.56			0.54			1.33	(e)
Portfolio turnover rate (%)		14			23			2	(e)
Net assets, end of period (000)	$	2,216,517		$	638,882		$	74,899

(a) Commencement of operations was May 2, 2005.

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

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

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

(e) Computed on an annualized basis.

(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.

(g) Distributions for the period were less than $0.01.

(h) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MetLife Moderate to Aggressive Allocation Portfolio (the “Asset Allocation Portfolio”) is a non-diversified series of the fund. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”) or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although not all Portfolios are available to all such separate accounts. The Asset Allocation Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Asset Allocation Portfolio are named Class A and Class B. The classes of the Asset Allocation Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B shares. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation 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 total net assets of the Asset Allocation Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements. The policies are in conformity with GAAP.

Investment Valuation:

The net asset value of the Asset Allocation Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Asset Allocation Portfolio invests. The Underlying Portfolios that are series of the Fund will use fair value pricing in the circumstances and manner described below. For more information about the use of fair value pricing by the Underlying Portfolios that are series of Met Investors Series Trust (“MIST”), please refer to the prospectus for such Underlying Portfolios.

The Underlying Portfolios that are series of the Fund are valued as follows:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued on the basis of valuations furnished by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board of Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

MSF-9

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When an Underlying Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. The value of securities used by the Fund 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.

The Underlying Portfolios expect to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Underlying Portfolios may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Underlying Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Underlying Portfolio values its securities. For example, foreign security values may be affected by activity that occurs after the close of foreign securities markets. To account for this, the Underlying Portfolio may frequently value many of the its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) or the subadviser of the Underlying Portfolio, as applicable, who values such assets as described above and operates under procedures approved by the Board.

Investment Transactions and Related Investment Income:

Portfolio 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 income tax purposes.

Federal Income Taxes:

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Asset Allocation Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$1,962,407	$	4,201,348	$	—	$	5,509,947	$	—	$	—	$	1,962,407	$	9,711,295

MSF-10

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$20,838,854	$	30,322,926	$	11,045,991	$	—	$	62,207,771

Dividends and Distributions to Shareholders:

The Asset Allocation 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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of Underlying Portfolios by the Asset Allocation Portfolio were $1,857,504,019 and $191,799,253, respectively.

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Asset Allocation Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$1,055,570	0.100%	Of the first $500 million
	0.075%	Of the next $500 million
	0.050%	On amounts in excess of $1 billion

In addition to the above Management Fee paid to MetLife Advisers, the Asset Allocation Portfolio indirectly pays MetLife Advisers an investment advisory fee through its investments in certain Underlying Portfolios.

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

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s B shares. Under the Distribution and Service plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or other affiliates) and other broker-dealers and financial Intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Service Plan for each class of the Asset Allocation Portfolio’s shares are calculated as percentage of the Asset Allocation Portfolio’s average daily net assets that are attribute to that class. Currently, the fee is 0.25% per year for Class B shares. Amounts paid by the Asset Allocation Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

MSF-11

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Expense Agreement:

Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, MetLife Advisers has agreed, from May 1, 2007 to April 30, 2008, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then current fiscal year). For the Asset Allocation Portfolio, this subsidy, and similar subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay MetLife Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by MetLife Advisers more than five years after the end of the fiscal year in which such expense was incurred.

The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2007 to April 30, 2008 are 0.10% and 0.35% for Class A and B, respectively.

For the year ended December 31, 2007, MetLife Advisers recovered $89,298 in deferred expenses. As of December 31, 2007, there are no expenses deferred in prior years that are subject to repayment by the Portfolio.

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-12

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

7. TRANSACTIONS IN SECURITIES OF AFFILIATED ISSUERS:

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Asset Allocation 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 year ended December 31, 2007 in which the Asset Allocation Portfolio had ownership of at least 5% of the outstanding voting securities at the end of the period are as follows:

Underlying Portfolio (Class A)	Beginning Shares as of 12/31/2006	Shares Purchased during Period	Shares Sold during Period	Ending Shares as of 12/31/2007
MIST—BlackRock Large Cap Core	0	8,733,012	1,224	8,731,788
MIST—Dreman Small Cap Value	2,136,262	4,686,147	15,376	6,807,033
MIST—Harris Oakmark International	3,081,183	7,188,214	742,733	9,526,664
MIST—Lazard Mid-Cap	2,641,455	6,856,995	89,748	9,408,702
MIST—Legg Mason Value Equity	3,902,120	9,415,552	1,822	13,315,850
MIST—Met/AIM Small Cap Growth	0	4,836,271	91,889	4,744,382
MIST—PIMCO Total Return	7,661,127	18,855,797	1,299,016	25,217,908
MSF—BlackRock Large Cap Value	0	10,657,631	1,470	10,656,161
MSF—Julius Baer International Stock	3,750,720	7,550,875	1,056,221	10,245,374
MSF—FI Mid Cap Opportunities	1,118,002	2,277,256	95,039	3,300,219
MSF—Jennison Growth	2,248,482	5,116,893	223,473	7,141,902
MSF—Neuberger Berman Mid Cap Value	2,416,879	5,767,254	142,892	8,041,241
MSF—Russell 2000 Index	921,258	2,395,699	8,194	3,308,763
MSF—T. Rowe Price Large Cap Growth	3,312,333	7,022,692	102,884	10,232,141
MSF—Western Asset Mgmt. Strategic Bond Opportunities	2,775,893	6,807,807	339,193	9,244,507

Underlying Portfolio (Class A)	Realized Gain/ (Loss) during Period			Capital Gains Distributions during Period		Dividend Income during Period		Ending Value as of 12/31/2007
MIST—BlackRock Large Cap Core	$	(553	)	$	0	$	0	$	97,272,116
MIST—Dreman Small Cap Value		13,828			212,376		0		92,371,436
MIST—Harris Oakmark International		1,634,430			6,876,701		801,444		164,525,481
MIST—Lazard Mid-Cap		(50,945	)		4,740,021		345,857		114,503,905
MIST—Legg Mason Value Equity		488			71,745		2,128		139,816,422
MIST—Met/AIM Small Cap Growth		2,885			0		0		70,501,522
MIST—PIMCO Total Return		412,921			0		4,961,673		309,928,085
MSF—BlackRock Large Cap Value		(1,228	)		0		0		145,030,347
MSF—Julius Baer International Stock		2,351,743			4,581,804		943,155		164,335,797
MSF—FI Mid Cap Opportunities		195,100			0		44,032		69,766,639
MSF—Jennison Growth		121,607			1,568,376		187,024		97,272,709
MSF—Neuberger Berman Mid Cap Value		348,444			2,227,181		413,812		170,956,777
MSF—Russell 2000 Index		16,116			1,585,139		193,695		46,918,261
MSF—T. Rowe Price Large Cap Growth		235,227			683,624		344,202		168,625,679
MSF—Western Asset Mgmt. Strategic Bond Opportunities		(29,394	)		50,657		1,469,053		117,590,128

MSF-13

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Moderate to Aggressive Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the two years ended December 31, 2007 and for the period from May 2, 2005 (commencement of operations) through December 31, 2005. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Moderate to Aggressive Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended December 31, 2007 and for the period from May 2, 2005 (commencement of operations) through December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-14

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-15

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-16

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered (for each Portfolio other than Zenith Equity and the Asset Allocation Portfolios) that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). With respect to Zenith Equity and the Asset Allocation Portfolios, the Directors considered both the portfolio management services and the administrative services provided by MetLife Advisers. After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-17

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-18

Metropolitan Series Fund, Inc.

MetLife Moderate to Aggressive Allocation Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

Certain Matters Relating to Julius Baer International Stock Portfolio (formerly known as the FI International Stock Portfolio) (the “International Stock Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the International Stock Portfolio from Fidelity Management & Research Company (“FMR”) to Julius Baer Investment Management LLC (“Julius Baer”).

In making the determination to approve the change in subadviser for the International Stock Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with FMR and the proposed Subadvisory Agreement with Julius Baer. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of Julius Baer as portfolio manager;

• that the form of the proposed Subadvisory Agreement with Julius Baer was substantially similar to the International Stock Portfolio’s existing Subadvisory Agreement with FMR;

• that the subadvisory fee schedule for Julius Baer set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser; and

• that the preferred date of the change of subadviser was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with FMR from its scheduled expiration date of December 31, 2007 until January 7, 2008.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve the continuation of the existing Subadvisory Agreement relating to the International Stock Portfolio through January 7, 2008 and to approve the proposed Subadvisory Agreement relating to such Portfolio with Julius Baer, effective January 7, 2008 through January 6, 2010.

MSF-19

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-20

Metropolitan Series Fund, Inc. MetLife Stock Index Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Managed by MetLife Investment Advisors Company, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the MetLife Stock Index Portfolio returned 5.2%, compared to its benchmark, the Standard & Poor’s 500 Index¹, which returned 5.5%. The average return of its peer group, the Lipper Variable Insurance Products S&P 500 Index Funds Universe², was 5.1% over the same period.

PORTFOLIO REVIEW

The S&P 500 Index had a positive annual return for the fifth consecutive year. Over the five-year period ending December 31, 2007, the S&P 500 Index returned 12.8% annualized. During the first half of 2007, the S&P 500 returned 7.0% despite mixed earnings and macroeconomic reports. However, during the second half of 2007, the S&P 500 returned -1.4%. This second half decline was largely attributable to the subprime mortgage crisis. The subprime contagion contributed to the weakening housing market, a liquidity crisis, lender bankruptcies, and large write-downs at several major financial institutions. During the first half of 2007, the Federal Reserve maintained the Fed Funds Rate at 5.25%. However, during the second half of 2007, the Federal Reserve began lowering the Fed Funds Rate, dropping the target by 100 basis points to 4.25% at year-end. The Federal Reserve lowered the Fed Funds Rate primarily due to concerns that the risk of slower economic growth outweighed the risk of inflation. The price of oil surged from $61 to $96 per barrel through December, up 57% from the beginning of the year. Increasing global demand, weakness in refinery utilization, and global geopolitical unrest contributed to supply concerns, increasing oil prices over the period. Some of the factors driving the equity markets included geopolitical concerns, energy prices, Federal Reserve interest rate policy, corporate earnings, and unemployment rates.

Eight of the ten sectors comprising the S&P 500 Index experienced positive returns for the year. The Energy sector, which had a beginning-of-year weight of 9.9%, was the best-performing sector, up 34.4%, and had the largest positive impact on the benchmark return. The next best-performing sectors were Materials (3.0% beginning weight), Utilities (3.5% beginning weight), and Information Technology (15.1% beginning weight) returning 22.5%, 19.4% and 16.3%, respectively. The two sectors with negative returns this year were Financials (the largest sector with a beginning weight of 22.2%) and Consumer Discretionary (10.6% beginning weight), down 18.6% and 13.3%, respectively.

The stocks with the largest positive impact on the benchmark return for the year were Apple, up 133.5%; Google, up 50.2%; and Exxon Mobil, up 24.3%. The best performing stock on an absolute basis was National-Oilwell Varco, up 140.1%, but the impact was small due to its small size. The stocks with the largest negative impact were Citigroup, down 44.7%; Merrill Lynch, down 41.3%; and Bank of America, down 18.9%. The worst performing stock was E*Trade Financial, down 84.2%. There were forty-one additions and forty-one deletions to the benchmark in 2007, compared to thirty-three additions and thirty-three deletions in 2006.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Standard & Poor’s (S&P) 500^® Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO

THE S&P 500 INDEX

Average Annual Returns as of December 31, 2007

	MetLife Stock Index Portfolio						S&P 500 Index
	Class A		Class B		Class E
1 Year	5.2	%	5.0	%	5.1	%	5.5	%
5 Year	12.5		12.2		12.3		12.8
10 Year	5.6		—		—		5.9
Since Inception	—		3.2		3.6		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 5/1/90, 1/2/01 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Exxon Mobil Corp.	3.9%
General Electric Co.	2.9%
Microsoft Corp.	2.2%
AT&T, Inc.	1.9%
Procter & Gamble Co.	1.8%
Chevron Corp.	1.5%
Johnson & Johnson	1.5%
Bank of America Corp.	1.4%
Apple, Inc.	1.3%
Cisco Systems, Inc.	1.3%

Top Sectors

	% of Equity Market Value
Financials	17.6%
Information Technology	16.8%
Energy	12.9%
Health Care	12.0%
Industrials	11.5%
Consumer Staples	10.2%
Consumer Discretionary	8.5%
Telecomm Services	3.6%
Utilities	3.6%
Materials	3.3%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
MetLife Stock Index—Class A(a)	Actual	0.28	%	$	1,000.00	$	985.10	$	1.40
	Hypothetical	0.28	%	$	1,000.00	$	1,023.78	$	1.43
MetLife Stock Index—Class B(a)	Actual	0.53	%	$	1,000.00	$	984.20	$	2.65
	Hypothetical	0.53	%	$	1,000.00	$	1,022.50	$	2.70
MetLife Stock Index—Class E(a)	Actual	0.43	%	$	1,000.00	$	984.20	$	2.15
	Hypothetical	0.43	%	$	1,000.00	$	1,023.02	$	2.19

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—99.6% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—2.8%
Boeing Co.	365,531	$	31,969,341
General Dynamics Corp.	189,763		16,887,009
Goodrich Corp.	58,914		4,159,917
Honeywell International, Inc.	352,187		21,684,154
L-3 Communications Holdings, Inc.	59,315		6,283,831
Lockheed Martin Corp.	163,672		17,228,115
Northrop Grumman Corp.	159,576		12,549,057
Precision Castparts Corp.	65,142		9,035,195
Raytheon Co.	202,467		12,289,747
Rockwell Collins, Inc.	76,834		5,529,743
United Technologies Corp.	466,194		35,682,489
			173,298,598
Air Freight & Logistics—0.9%
C. H. Robinson Worldwide, Inc.	80,057		4,332,685
Expeditors International of Washington, Inc.	100,506		4,490,608
FedEx Corp.	145,854		13,005,801
United Parcel Service, Inc. (Class B)	495,592		35,048,266
			56,877,360
Airlines—0.1%
Southwest Airlines Co.	346,182		4,223,420
Auto Components—0.2%
Johnson Controls, Inc.	280,051		10,093,038
The Goodyear Tire & Rubber Co. (a)	113,111		3,191,992
			13,285,030
Automobiles—0.3%
Ford Motor Co. (a) (b)	995,202		6,697,709
General Motors Corp. (a)	266,930		6,643,888
Harley-Davidson, Inc. (a)	113,877		5,319,195
			18,660,792
Beverages—2.4%
Anheuser-Busch Cos., Inc.	346,088		18,114,246
Brown-Forman Corp. (Class B)	40,747		3,019,760
Coca-Cola Enterprises, Inc.	134,970		3,513,269
Constellation Brands, Inc. (a) (b)	91,437		2,161,571
Molson Coors Brewing Co.	64,452		3,327,012
Pepsi Bottling Group, Inc.	65,406		2,580,921
PepsiCo, Inc.	759,158		57,620,092
The Coca-Cola Co.	937,304		57,522,347
			147,859,218
Biotechnology—1.1%
Amgen, Inc. (b)	512,947		23,821,259
Biogen Idec, Inc. (b)	138,357		7,875,280
Celgene Corp. (b)	181,977		8,409,157
Genzyme Corp. (b)	125,438		9,337,605
Gilead Sciences, Inc. (b)	438,965		20,196,780
			69,640,081

Security Description	Shares	Value*
Building Products—0.1%
Masco Corp.	173,931	$	3,758,649
Trane, Inc.	80,839		3,775,990
			7,534,639
Capital Markets—3.3%
American Capital Strategies, Ltd. (a)	90,421		2,980,276
Ameriprise Financial, Inc.	109,366		6,027,160
E*TRADE Financial Corp. (a) (b)	199,848		709,460
Federated Investors, Inc. (Class B)	40,781		1,678,546
Franklin Resources, Inc.	76,265		8,727,004
Janus Capital Group, Inc. (a)	72,355		2,376,862
Legg Mason, Inc.	63,327		4,632,370
Lehman Brothers Holdings, Inc.	249,974		16,358,299
Merrill Lynch & Co., Inc.	403,716		21,671,475
Morgan Stanley	500,490		26,581,024
Northern Trust Corp.	90,243		6,910,809
State Street Corp.	182,140		14,789,768
T. Rowe Price Group, Inc.	124,532		7,581,508
The Bank of New York Mellon Corp.	537,018		26,184,998
The Bear Stearns Co., Inc. (a)	54,453		4,805,477
The Charles Schwab Corp.	441,769		11,287,198
The Goldman Sachs Group, Inc.	187,549		40,332,412
			203,634,646
Chemicals—1.8%
Air Products & Chemicals, Inc.	101,580		10,018,835
Ashland, Inc.	26,418		1,253,006
E. I. du Pont de Nemours & Co.	424,003		18,694,292
Eastman Chemical Co.	38,214		2,334,493
Ecolab, Inc.	82,378		4,218,577
Hercules, Inc.	54,533		1,055,214
International Flavors & Fragrances, Inc.	38,358		1,846,171
Monsanto Co.	257,884		28,803,064
PPG Industries, Inc.	77,224		5,423,442
Praxair, Inc.	148,988		13,216,725
Rohm & Haas Co. (a)	59,099		3,136,384
Sigma-Aldrich Corp.	61,320		3,348,072
The Dow Chemical Co.	445,391		17,557,313
			110,905,588
Commercial Banks—3.0%
BB&T Corp. (a)	259,131		7,947,548
Comerica, Inc.	71,222		3,100,294
Commerce Bancorp, Inc.	91,884		3,504,456
Fifth Third Bancorp	251,205		6,312,782
First Horizon National Corp. (a)	59,606		1,081,849
Huntington Bancshares, Inc. (a)	172,562		2,547,015
KeyCorp.	183,348		4,299,511
M&T Bank Corp.	35,242		2,874,690
Marshall & Ilsley Corp. (a)	121,349		3,213,322
National City Corp. (a)	298,816		4,918,511
PNC Financial Services Group, Inc.	164,859		10,822,993
Regions Financial Corp. (a)	327,816		7,752,848
SunTrust Banks, Inc.	164,711		10,292,790
U.S. Bancorp	814,317		25,846,422

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Commercial Banks—(Continued)
Wachovia Corp.	931,642	$	35,430,345
Wells Fargo & Co.	1,591,402		48,044,426
Zions Bancorp	50,950		2,378,855
			180,368,657
Commercial Services & Supplies—0.5%
Allied Waste Industries, Inc. (b)	136,549		1,504,770
Avery Dennison Corp.	50,218		2,668,584
Cintas Corp.	63,684		2,141,056
Equifax, Inc. (a)	62,177		2,260,756
Monster Worldwide, Inc. (b)	60,329		1,954,660
Pitney Bowes, Inc.	102,287		3,890,997
R.R. Donnelley & Sons Co.	101,208		3,819,590
Robert Half International, Inc.	75,959		2,053,931
Waste Management, Inc.	239,743		7,832,404
			28,126,748
Communications Equipment—2.5%
Ciena Corp. (a) (b)	40,542		1,382,888
Cisco Systems, Inc. (b)	2,861,265		77,454,443
Corning, Inc. (b)	743,185		17,829,008
JDS Uniphase Corp. (a) (b)	103,505		1,376,616
Juniper Networks, Inc. (b)	245,993		8,166,968
Motorola, Inc.	1,077,317		17,280,165
QUALCOMM, Inc.	771,790		30,369,936
Tellabs, Inc. (a) (b)	207,116		1,354,539
			155,214,563
Computers & Peripherals—4.5%
Apple, Inc. (b)	412,917		81,790,599
Dell, Inc. (b)	1,056,880		25,904,129
EMC Corp. (b)	989,552		18,336,399
Hewlett-Packard Co.	1,215,850		61,376,108
International Business Machines Corp.	649,863		70,250,190
Lexmark International, Inc. (Class A) (a) (b)	44,672		1,557,266
Network Appliance, Inc. (b)	162,325		4,051,632
QLogic Corp. (b)	64,556		916,695
SanDisk Corp. (a) (b)	107,628		3,570,021
Sun Microsystems, Inc. (b)	390,770		7,084,660
Teradata Corp. (b)	85,362		2,339,772
			277,177,471
Construction & Engineering—0.2%
Fluor Corp.	41,703		6,076,961
Jacobs Engineering Group, Inc.	56,983		5,448,145
			11,525,106
Construction Materials—0.1%
Vulcan Materials Co. (a)	51,027		4,035,725
Consumer Finance—0.8%
American Express Co.	551,517		28,689,914
Capital One Financial Corp.	184,307		8,710,349
Discover Financial Services	225,221		3,396,333

Security Description	Shares	Value*
Consumer Finance—(Continued)
SLM Corp.	243,248	$	4,899,015
			45,695,611
Containers & Packaging—0.1%
Ball Corp.	47,397		2,132,865
Bemis Co., Inc. (a)	47,405		1,297,949
Pactiv Corp. (b)	61,537		1,638,730
Sealed Air Corp.	76,176		1,762,713
			6,832,257
Distributors—0.1%
Genuine Parts Co.	79,184		3,666,219
Diversified Consumer Services—0.1%
Apollo Group, Inc. (Class A) (b)	64,501		4,524,745
H&R Block, Inc.	153,290		2,846,595
			7,371,340
Diversified Financial Services—4.4%
Bank of America Corp.	2,093,172		86,364,277
CIT Group, Inc.	89,431		2,149,027
Citigroup, Inc.	2,354,439		69,314,684
CME Group, Inc.	25,829		17,718,694
IntercontinentalExchange, Inc. (b)	32,807		6,315,347
JPMorgan Chase & Co.	1,584,172		69,149,108
Leucadia National Corp. (a)	79,748		3,756,131
Moody’s Corp. (a)	101,148		3,610,984
NYSE Euronext	124,978		10,969,319
			269,347,571
Diversified Telecommunication Services—3.2%
AT&T, Inc.	2,860,224		118,870,909
CenturyTel, Inc.	52,058		2,158,325
Citizens Communications Co. (a)	154,583		1,967,842
Embarq Corp.	72,067		3,569,479
Qwest Communications International, Inc. (a)	740,538		5,191,171
Verizon Communications, Inc.	1,363,118		59,554,625
Windstream Corp.	225,011		2,929,643
			194,241,994
Electric Utilities—1.9%
Allegheny Energy, Inc. (b)	78,400		4,987,024
American Electric Power Co., Inc.	188,648		8,783,451
Edison International	153,657		8,200,674
Entergy Corp.	91,671		10,956,518
Exelon Corp.	311,250		25,410,450
FirstEnergy Corp.	143,765		10,399,960
FPL Group, Inc.	191,984		13,012,676
Pepco Holdings, Inc.	94,449		2,770,189
Pinnacle West Capital Corp.	47,343		2,007,817
PPL Corp.	175,533		9,143,514
Progress Energy, Inc.	122,243		5,920,228
The Southern Co.	358,181		13,879,514
			115,472,015

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Electrical Equipment—0.5%
Cooper Industries, Ltd. (Class A)	84,924	$	4,490,781
Emerson Electric Co.	371,268		21,036,045
Rockwell Automation, Inc.	70,377		4,853,198
			30,380,024
Electronic Equipment & Instruments—0.3%
Agilent Technologies, Inc. (b)	182,301		6,697,738
Jabil Circuit, Inc.	98,129		1,498,430
Molex, Inc.	66,763		1,822,630
Tyco Electronics, Ltd.	234,483		8,706,354
			18,725,152
Energy Equipment & Services—2.5%
Baker Hughes, Inc.	150,061		12,169,947
BJ Services Co.	138,100		3,350,306
ENSCO International, Inc. (a)	68,322		4,073,358
Halliburton Co.	415,564		15,754,031
Nabors Industries, Ltd. (b)	133,570		3,658,483
National Oilwell Varco, Inc. (b)	168,207		12,356,486
Noble Corp.	126,414		7,143,655
Rowan Cos., Inc. (a) (b)	52,483		2,070,979
Schlumberger, Ltd.	563,988		55,479,500
Smith International, Inc. (b)	94,472		6,976,757
Transocean, Inc.	149,974		21,468,717
Weatherford International, Ltd. (b)	159,067		10,911,996
			155,414,215
Food & Staples Retailing—2.4%
Costco Wholesale Corp.	204,720		14,281,267
CVS Caremark Corp.	696,522		27,686,749
Safeway, Inc.	208,642		7,137,643
Supervalu, Inc.	99,701		3,740,782
Sysco Corp.	286,816		8,951,527
The Kroger Co.	321,249		8,580,561
Wal-Mart Stores, Inc.	1,114,347		52,964,913
Walgreen Co.	467,660		17,808,493
Whole Foods Market, Inc. (a)	65,721		2,681,417
			143,833,352
Food Products—1.5%
Archer-Daniels-Midland Co.	303,196		14,077,390
Campbell Soup Co.	104,928		3,749,077
ConAgra Foods, Inc.	229,796		5,466,847
Dean Foods Co. (a) (b)	62,067		1,605,053
General Mills, Inc.	159,239		9,076,623
H.J. Heinz Co.	149,463		6,976,933
Hershey Co. (a)	79,239		3,122,017
Kellogg Co.	124,468		6,525,857
Kraft Foods, Inc. (Class A)	729,678		23,809,393
McCormick & Co., Inc.	60,247		2,283,964
Sara Lee Corp.	341,538		5,485,100
Tyson Foods, Inc. (Class A)	129,142		1,979,747
Wm. Wrigley Jr., Co.	102,735		6,015,134
			90,173,135

Security Description	Shares	Value*
Gas Utilities—0.1%
Nicor, Inc. (a)	21,281	$	901,250
Questar Corp.	81,469		4,407,473
			5,308,723
Health Care Equipment & Supplies—1.8%
Applera Corp.—Applied Biosystems Group	79,318		2,690,467
Baxter International, Inc.	299,038		17,359,156
Becton, Dickinson & Co.	115,027		9,613,957
Boston Scientific Corp. (b)	632,767		7,359,080
C.R. Bard, Inc.	48,056		4,555,709
Covidien, Ltd.	234,812		10,399,823
Hospira, Inc. (b)	74,306		3,168,408
Medtronic, Inc. (a)	533,234		26,805,673
St. Jude Medical, Inc. (b)	161,459		6,561,694
Stryker Corp.	112,282		8,389,711
Varian Medical Systems, Inc. (b)	59,007		3,077,805
Zimmer Holdings, Inc. (b)	110,700		7,322,805
			107,304,288
Health Care Providers & Services—2.4%
Aetna, Inc.	235,996		13,624,049
AmerisourceBergen Corp.	79,213		3,554,287
Cardinal Health, Inc.	170,518		9,847,415
CIGNA Corp.	131,657		7,073,931
Coventry Health Care, Inc. (b)	73,044		4,327,857
Express Scripts, Inc. (b)	118,868		8,677,364
Humana, Inc. (b)	79,907		6,017,796
Laboratory Corp. of America Holdings (b)	54,330		4,103,545
McKesson Corp.	136,479		8,940,739
Medco Health Solutions, Inc. (b)	126,139		12,790,495
Patterson Cos., Inc. (b)	65,942		2,238,731
Quest Diagnostics, Inc. (a)	73,958		3,912,378
Tenet Healthcare Corp. (a) (b)	223,591		1,135,842
UnitedHealth Group, Inc.	609,402		35,467,197
WellPoint, Inc. (b)	269,447		23,638,585
			145,350,211
Health Care Technology—0.0%
IMS Health, Inc.	91,489		2,107,907
Hotels, Restaurants & Leisure—1.4%
Carnival Corp.	206,000		9,164,940
Darden Restaurants, Inc.	66,919		1,854,325
Harrah’s Entertainment, Inc.	88,465		7,851,269
International Game Technology	148,747		6,534,456
Marriott International, Inc.	147,425		5,038,986
McDonald’s Corp.	557,805		32,860,292
Starbucks Corp. (b)	344,466		7,051,219
Starwood Hotels & Resorts Worldwide, Inc. (b)	93,919		4,135,254
Wendy’s International, Inc.	41,216		1,065,021
Wyndham Worldwide Corp.	83,910		1,976,920
Yum! Brands, Inc.	239,866		9,179,672
			86,712,354

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Household Durables—0.4%
Black & Decker Corp. (a)	29,493	$	2,054,188
Centex Corp. (a)	57,330		1,448,156
D.R. Horton, Inc. (a)	130,726		1,721,661
Fortune Brands, Inc.	72,042		5,212,959
Harman International Industries, Inc.	28,521		2,102,283
KB Home (a)	36,326		784,642
Leggett & Platt, Inc. (a)	80,226		1,399,141
Lennar Corp. (Class A) (a)	65,732		1,175,946
Newell Rubbermaid, Inc.	131,721		3,408,940
Pulte Homes, Inc. (a)	100,219		1,056,308
Snap-On, Inc.	27,171		1,310,729
The Stanley Works (a)	38,757		1,878,939
Whirlpool Corp. (a)	36,453		2,975,658
			26,529,550
Household Products—2.4%
Colgate-Palmolive Co.	240,411		18,742,441
Kimberly-Clark Corp.	199,546		13,836,520
Procter & Gamble Co.	1,464,662		107,535,484
The Clorox Co.	65,321		4,256,970
			144,371,415
Independent Power Producers & Energy Traders—0.3%
Constellation Energy Group	85,199		8,735,454
Dynegy, Inc. (b)	233,810		1,669,403
The AES Corp. (b)	315,630		6,751,326
			17,156,183
Industrial Conglomerates—3.7%
3M Co.	336,369		28,362,634
General Electric Co.	4,766,228		176,684,072
Textron, Inc.	117,550		8,381,315
Tyco International, Ltd.	233,362		9,252,803
			222,680,824
Insurance—4.3%
ACE, Ltd.	155,437		9,602,898
Aflac, Inc.	230,060		14,408,658
AMBAC Financial Group, Inc. (a)	47,892		1,234,177
American International Group, Inc.	1,196,125		69,734,087
Aon Corp.	138,471		6,603,682
Assurant, Inc. (a)	45,042		3,013,310
Cincinnati Financial Corp.	78,287		3,095,468
Genworth Financial, Inc. (Class A)	206,870		5,264,842
Lincoln National Corp.	126,971		7,392,252
Loews Corp.	207,306		10,435,784
Marsh & McLennan Cos., Inc.	245,309		6,493,329
MBIA, Inc. (a)	59,226		1,103,380
MetLife, Inc. (c)	349,275		21,522,325
Principal Financial Group, Inc.	123,372		8,492,928
Prudential Financial, Inc.	214,113		19,921,074
SAFECO Corp.	44,591		2,482,827
The Allstate Corp.	269,158		14,058,122
The Chubb Corp.	180,997		9,878,816
The Hartford Financial Services Group, Inc.	148,014		12,905,341

Security Description	Shares	Value*
Insurance—(Continued)
The Progressive Corp.	329,233	$	6,308,104
The Travelers Cos., Inc.	304,167		16,364,185
Torchmark Corp.	43,473		2,631,421
UnumProvident Corp.	170,172		4,048,392
XL Capital, Ltd. (Class A)	84,066		4,229,360
			261,224,762
Internet & Catalog Retail—0.3%
Amazon.com, Inc. (a) (b)	144,895		13,423,073
Expedia, Inc. (a) (b)	97,947		3,097,084
IAC/InterActiveCorp (b)	86,948		2,340,640
			18,860,797
Internet Software & Services—1.9%
Akamai Technologies, Inc. (a) (b)	78,365		2,711,429
eBay, Inc. (b)	536,208		17,796,744
Google, Inc. (Class A) (b)	109,180		75,495,786
VeriSign, Inc. (a) (b)	104,204		3,919,112
Yahoo!, Inc. (b)	630,285		14,660,429
			114,583,500
IT Services—0.9%
Affiliated Computer Services, Inc. (Class A) (b)	47,392		2,137,379
Automatic Data Processing, Inc.	248,158		11,050,476
Cognizant Technology Solutions Corp. (Class A) (b)	136,938		4,647,676
Computer Sciences Corp. (a) (b)	82,057		4,059,360
Convergys Corp. (b)	61,422		1,011,006
Electronic Data Systems Corp.	241,509		5,006,481
Fidelity National Information Services, Inc.	80,499		3,347,953
Fiserv, Inc. (b)	77,645		4,308,521
Paychex, Inc.	157,282		5,696,754
The Western Union Co.	354,142		8,598,568
Total Systems Services, Inc.	93,338		2,613,464
Unisys Corp. (a) (b)	164,005		775,744
			53,253,382
Leisure Equipment & Products—0.1%
Brunswick Corp. (a)	41,471		707,081
Eastman Kodak Co. (a)	135,813		2,970,230
Hasbro, Inc.	69,361		1,774,255
Mattel, Inc.	173,009		3,294,091
			8,745,657
Life Sciences Tools & Services—0.3%
Millipore Corp. (a) (b)	25,739		1,883,580
PerkinElmer, Inc.	55,903		1,454,596
Thermo Fisher Scientific, Inc. (b)	198,988		11,477,628
Waters Corp. (b)	47,362		3,744,913
			18,560,717

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Machinery—1.9%
Caterpillar, Inc.	299,928	$	21,762,776
Cummins, Inc.	48,165		6,134,776
Danaher Corp.	119,398		10,475,980
Deere & Co.	209,282		19,488,340
Dover Corp.	93,717		4,319,417
Eaton Corp.	69,092		6,698,469
Illinois Tool Works, Inc.	194,968		10,438,587
Ingersoll-Rand Co., Ltd. (Class A)	128,481		5,970,512
ITT Industries, Inc.	85,508		5,646,948
Paccar, Inc. (a)	173,706		9,463,503
Pall Corp.	57,819		2,331,262
Parker-Hannifin Corp.	79,335		5,974,719
Terex Corp.	48,388		3,172,801
The Manitowoc Co., Inc.	61,228		2,989,763
			114,867,853
Media—2.8%
CBS Corp. (Class B)	323,075		8,803,794
Clear Channel Communications, Inc.	234,826		8,106,193
Comcast Corp. (Class A) (b)	1,449,350		26,465,131
E.W. Scripps Co. (Class A) (a)	42,252		1,901,763
Gannett Co., Inc.	109,481		4,269,759
Interpublic Group of Cos., Inc. (a)	222,309		1,802,926
Meredith Corp.	17,901		984,197
News Corp. (Class A)	1,090,957		22,353,709
Omnicom Group, Inc.	154,170		7,327,700
The DIRECTV Group, Inc. (b)	338,574		7,827,831
The McGraw-Hill Cos., Inc.	155,161		6,797,603
The New York Times Co. (Class A) (a)	67,842		1,189,270
The Walt Disney Co.	897,710		28,978,079
The Washington Post Co. (Class B)	2,735		2,164,561
Time Warner, Inc.	1,704,693		28,144,481
Viacom, Inc. (Class B) (b)	309,492		13,592,889
			170,709,886
Metals & Mining—1.0%
Alcoa, Inc.	399,998		14,619,927
Allegheny Technologies, Inc.	48,227		4,166,813
Freeport-McMoRan Copper & Gold, Inc.	180,120		18,451,493
Newmont Mining Corp.	213,097		10,405,527
Nucor Corp.	135,790		8,041,484
Titanium Metals Corp. (a)	41,305		1,092,517
United States Steel Corp.	55,706		6,735,412
			63,513,173
Multi-Utilities—1.3%
Ameren Corp.	98,100		5,318,001
CenterPoint Energy, Inc.	151,507		2,595,315
CMS Energy Corp. (a)	106,156		1,844,991
Consolidated Edison, Inc. (a)	128,051		6,255,291
Dominion Resources, Inc.	275,816		13,087,469
DTE Energy Co.	77,210		3,394,152
Duke Energy Holding Corp.	594,714		11,995,382
Integrys Energy Group, Inc.	35,967		1,859,134
NiSource, Inc.	129,303		2,442,534
PG&E Corp.	166,976		7,194,996

Security Description	Shares	Value*
Multi-Utilities—(Continued)
Public Service Enterprise Group, Inc.	119,938	$	11,782,709
Sempra Energy	123,285		7,628,876
TECO Energy, Inc.	99,358		1,709,951
Xcel Energy, Inc. (a)	198,044		4,469,853
			81,578,654
Multiline Retail—0.7%
Big Lots, Inc. (a) (b)	42,637		681,766
Dillard’s, Inc. (Class A) (a)	26,941		505,952
Family Dollar Stores, Inc. (a)	66,249		1,273,968
J.C. Penney Co., Inc.	104,564		4,599,770
Kohl’s Corp. (b)	147,931		6,775,240
Macy’s, Inc.	204,203		5,282,732
Nordstrom, Inc. (a)	88,658		3,256,408
Sears Holdings Corp. (a) (b)	34,403		3,510,826
Target Corp.	391,838		19,591,900
			45,478,562
Mutual Funds—0.2%
SPDR Trust	94,500		13,816,845
Office Electronics—0.1%
Xerox Corp.	435,972		7,058,387
Oil, Gas & Consumable Fuels—10.2%
Anadarko Petroleum Corp.	219,941		14,447,924
Apache Corp.	156,180		16,795,597
Chesapeake Energy Corp. (a)	214,215		8,397,228
Chevron Corp.	995,786		92,936,708
ConocoPhillips	754,373		66,611,136
Consol Energy, Inc.	85,573		6,120,181
Devon Energy Corp.	209,849		18,657,675
El Paso Corp.	330,358		5,695,372
EOG Resources, Inc.	116,013		10,354,160
Exxon Mobil Corp.	2,576,722		241,413,085
Hess Corp.	131,071		13,219,821
Marathon Oil Corp.	334,978		20,386,761
Murphy Oil Corp.	88,723		7,527,260
Noble Energy, Inc.	80,959		6,437,860
Occidental Petroleum Corp.	390,777		30,085,921
Peabody Energy Corp.	124,883		7,697,788
Range Resources Corp.	70,362		3,613,792
Spectra Energy Corp.	298,200		7,699,524
Sunoco, Inc.	55,453		4,017,015
Tesoro Corp.	64,603		3,081,563
The Williams Cos., Inc.	279,915		10,015,359
Valero Energy Corp.	259,593		18,179,298
XTO Energy, Inc.	228,048		11,712,545
			625,103,573
Paper & Forest Products—0.3%
International Paper Co. (a)	201,915		6,538,008
MeadWestvaco Corp. (a)	87,128		2,727,106
Weyerhaeuser Co.	98,819		7,286,913
			16,552,027

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Personal Products—0.2%
Avon Products, Inc.	202,352	$	7,998,975
The Estee Lauder Cos., Inc. (Class A)	53,702		2,341,944
			10,340,919
Pharmaceuticals—6.3%
Abbott Laboratories	728,772		40,920,548
Allergan, Inc.	144,772		9,300,153
Barr Pharmaceuticals, Inc. (b)	50,817		2,698,383
Bristol-Myers Squibb Co.	933,093		24,745,626
Eli Lilly & Co.	465,413		24,848,400
Forest Laboratories, Inc. (b)	147,076		5,360,920
Johnson & Johnson	1,349,641		90,021,054
King Pharmaceuticals, Inc. (b)	115,278		1,180,447
Merck & Co., Inc.	1,026,499		59,649,857
Mylan Laboratories, Inc. (a)	142,612		2,005,125
Pfizer, Inc.	3,221,030		73,214,012
Schering-Plough Corp.	763,883		20,349,843
Watson Pharmaceuticals, Inc. (b)	48,872		1,326,386
Wyeth	631,557		27,908,504
			383,529,258
Real Estate Investment Trusts—1.0%
Apartment Investment & Management Co. (Class A) (a)	45,078		1,565,559
AvalonBay Communities, Inc.	37,141		3,496,454
Boston Properties, Inc.	56,247		5,164,037
Developers Diversified Realty Corp.	57,942		2,218,599
Equity Residential	127,836		4,662,179
General Growth Properties, Inc.	114,985		4,735,082
Host Hotels & Resorts, Inc.	246,369		4,198,128
Kimco Realty Corp. (a)	119,181		4,338,188
Plum Creek Timber Co., Inc.	81,248		3,740,658
ProLogis	121,454		7,697,755
Public Storage, Inc. (a)	58,720		4,310,635
Simon Property Group, Inc.	105,173		9,135,327
Vornado Realty Trust	63,193		5,557,824
			60,820,425
Real Estate Management & Development—0.0%
CB Richard Ellis Group, Inc. (a) (b)	93,339		2,011,455
Road & Rail—0.8%
Burlington Northern Santa Fe Corp.	140,558		11,698,642
CSX Corp.	198,278		8,720,267
Norfolk Southern Corp.	182,628		9,211,756
Ryder System, Inc.	27,367		1,286,523
Union Pacific Corp.	123,857		15,558,916
			46,476,104
Semiconductors & Semiconductor Equipment—2.7%
Advanced Micro Devices, Inc. (a) (b)	284,686		2,135,145
Altera Corp. (b)	158,399		3,060,269
Analog Devices, Inc.	143,066		4,535,192
Applied Materials, Inc.	649,933		11,542,810
Broadcom Corp. (b)	221,892		5,800,257

Security Description	Shares	Value*
Semiconductors & Semiconductor Equipment—(Continued)
Intel Corp.	2,757,526	$	73,515,643
KLA-Tencor Corp. (a)	85,903		4,137,089
Linear Technology Corp. (a)	105,395		3,354,723
LSI Logic Corp. (a) (b)	332,923		1,767,821
MEMC Electronic Materials, Inc. (b)	108,053		9,561,610
Microchip Technology, Inc. (a)	101,039		3,174,646
Micron Technology, Inc. (a) (b)	358,621		2,600,002
National Semiconductor Corp.	110,813		2,508,806
Novellus Systems, Inc. (a) (b)	54,775		1,510,147
NVIDIA Corp. (b)	262,014		8,913,716
Teradyne, Inc. (b)	81,891		846,753
Texas Instruments, Inc.	659,413		22,024,394
Xilinx, Inc.	138,652		3,032,319
			164,021,342
Software—3.7%
Adobe Systems, Inc. (b)	270,606		11,562,994
Autodesk, Inc.	108,896		5,418,665
BMC Software, Inc. (b)	92,346		3,291,211
CA, Inc. (a)	184,807		4,610,935
Citrix Systems, Inc. (b)	89,467		3,400,641
Compuware Corp. (b)	134,977		1,198,596
Electronic Arts, Inc. (b)	148,546		8,676,572
Intuit, Inc. (b)	156,914		4,960,051
Microsoft Corp.	3,794,453		135,082,527
Novell, Inc. (b)	164,995		1,133,516
Oracle Corp. (b)	1,859,766		41,993,516
Symantec Corp. (b)	409,020		6,601,583
			227,930,807
Specialty Retail—1.5%
Abercrombie & Fitch Co. (Class A)	40,631		3,249,261
AutoNation, Inc. (a) (b)	65,069		1,018,981
AutoZone, Inc. (b)	20,818		2,496,286
Bed Bath & Beyond, Inc. (a) (b)	124,893		3,670,605
Best Buy Co., Inc. (a)	165,505		8,713,838
Circuit City Stores, Inc. (a)	79,495		333,879
GameStop Corp. (Class A) (b)	75,006		4,658,623
Limited Brands, Inc.	146,561		2,774,400
Lowe’s Cos., Inc.	689,783		15,602,891
Office Depot, Inc. (b)	128,716		1,790,440
OfficeMax, Inc.	35,558		734,628
RadioShack Corp. (a)	61,822		1,042,319
Staples, Inc.	333,479		7,693,360
The Gap, Inc.	219,652		4,674,195
The Home Depot, Inc.	795,903		21,441,627
The Sherwin-Williams Co. (a)	49,171		2,853,885
Tiffany & Co.	63,971		2,944,585
TJX Cos., Inc.	206,103		5,921,339
			91,615,142
Textiles, Apparel & Luxury Goods—0.4%
Coach, Inc. (b)	173,618		5,309,238
Jones Apparel Group, Inc. (a)	40,209		642,942
Liz Claiborne, Inc. (a)	46,917		954,761

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Textiles, Apparel & Luxury Goods—(Continued)
Nike, Inc.	181,114	$	11,634,763
Polo Ralph Lauren Corp.	27,772		1,716,032
VF Corp.	41,519		2,850,695
			23,108,431
Thrifts & Mortgage Finance—0.7%
Countrywide Financial Corp. (a)	272,922		2,439,923
Federal Home Loan Mortgage Corp.	311,998		10,629,772
Federal National Mortgage Association	461,317		18,443,454
Hudson City Bancorp, Inc. (a)	245,439		3,686,494
MGIC Investment Corp. (a)	38,574		865,215
Sovereign Bancorp, Inc.	169,979		1,937,760
Washington Mutual, Inc. (a)	409,701		5,576,030
			43,578,648
Tobacco—1.4%
Altria Group, Inc.	993,370		75,078,905
Reynolds American, Inc. (a)	80,693		5,322,510
UST, Inc. (a)	73,878		4,048,514
			84,449,929
Trading Companies & Distributors—0.1%
W.W. Grainger, Inc. (a)	31,767		2,780,248
Wireless Telecommunication Services—0.4%
American Tower Corp. (Class A) (b)	190,881		8,131,531
Sprint Nextel Corp. (a)	1,341,317		17,611,492
			25,743,023
Total Common Stock (Identified Cost $4,751,493,866)			6,081,355,488

Short Term Investments—3.5%
Security Description	Face Amount/Shares		Value*
Discount Notes—0.4%
Federal Home Loan Bank 4.15%, 01/14/08	$	25,200,000	$	25,170,425
Mutual Funds—3.1%
State Street Navigator Securities Lending Prime Portfolio (d)		188,534,748		188,534,748
Total Short Term Investments (Identified Cost $213,705,173)				213,705,173
Total Investments—103.1% (Identified Cost $4,965,199,039) (e)				6,295,060,661
Liabilities in excess of other assets				(188,846,332	)
Total Net Assets—100%			$	6,106,214,329

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $207,060,986 and the collateral received consisted of cash in the amount of $188,534,748 and non cash collateral with a value of $24,433,751. 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.

(b) Non-Income Producing.

(c) Affiliated Issuer. See below.

(d) Represents investment of cash collateral received from securities lending transactions.

(e) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $4,987,627,880 and the composition of unrealized appreciation and depreciation of investment securities was $1,728,369,108 and $(420,936,327), respectively.

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts	Contract Amount		Valuation as of 12/31/2007		Net Unrealized Depreciation
S&P 500 Index Futures	3/19/2008	38	$	14,525,690	$	14,033,400	($	492,290	)

Affliliated Issuer

Security Description	Number of Shares Held at 12/31/2006	Shares Purchased Since 12/31/2006	Shares Sold Since 12/31/2006		Number of Shares Held on 12/31/2007	Realized Gain on Shares Sold		Income For Year Ended 12/31/2007
MetLife, Inc.	320,806	45,946	(17,477	)	349,275	$	569,551	$	250,706

*See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	6,295,060,661
Cash				115,054
Receivable for:
Securities sold				5,234,142
Fund shares sold				2,329,250
Accrued interest and dividends				8,932,800
Total Assets				6,311,671,907
Liabilities
Payable for:
Securities purchased	$	12,166,020
Fund shares redeemed		3,058,929
Futures variation margin		78,850
Collateral for securities loaned		188,534,748
Accrued expenses:
Management fees		1,271,051
Service and distribution fees		269,265
Other expenses		78,715
Total Liabilities				205,457,578
Net Assets			$	6,106,214,329
Net assets consists of:
Capital paid in			$	4,492,369,532
Undistributed net investment income				95,281,650
Accumulated net realized gains				189,193,815
Unrealized appreciation on investments and futures contracts				1,329,369,332
Net Assets			$	6,106,214,329
Computation of offering price:
Class A
Net asset value and redemption price per share ($4,733,145,211 divided by 127,921,688 shares outstanding)			$	37.00
Class B
Net asset value and redemption price per share ($1,092,993,291 divided by 30,306,108 shares outstanding)			$	36.07
Class E
Net asset value and redemption price per share ($280,075,827 divided by 7,608,261 shares outstanding)			$	36.81
(a) Identified cost of investments			$	4,965,199,039

(b) Includes cash collateral for securities loaned of $188,534,748.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	115,239,516
Interest					1,049,250	(a)
					116,288,766
Expenses
Management fees	$	14,763,665
Service and distribution fees—Class B		2,669,744
Service and distribution fees—Class E		437,624
Directors’ fees and expenses		23,668
Custodian		432,712
Audit and tax services		31,737
Legal		65,480
Printing		1,577,204
Insurance		62,521
Miscellaneous		86,516
Total expenses		20,150,871
Management fee waivers		(413,383	)		19,737,488
Net Investment Income					96,551,278
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		200,037,930
Futures contracts—net		822,487			200,860,417
Change in unrealized depreciation on:
Investments—net		(16,494,506	)
Futures contracts—net		(522,463	)		(17,016,969	)
Net gain					183,843,448
Net Increase in Net Assets From Operations				$	280,394,726

(a) Includes net income on securities loaned of $509,083.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	96,551,278		$	80,719,566
Net realized gain		200,860,417			172,963,623
Unrealized appreciation (depreciation)		(17,016,969	)		485,911,309
Increase in net assets from operations		280,394,726			739,594,498
From Distributions to Shareholders
Net investment income
Class A		(43,678,879	)		(80,522,773	)
Class B		(8,803,969	)		(14,529,078	)
Class E		(2,690,749	)		(5,220,974	)
		(55,173,597	)		(100,272,825	)
Net realized gain
Class A		(84,906,392	)		(137,410,085	)
Class B		(21,923,608	)		(29,305,249	)
Class E		(6,012,759	)		(9,828,692	)
		(112,842,759	)		(176,544,026	)
Total distributions		(168,016,356	)		(276,816,851	)
Increase (decrease) in net assets from capital share transactions		585,539,125			(49,958,395	)
Total increase in net assets		697,917,495			412,819,252
Net Assets
Beginning of the period		5,408,296,834			4,995,477,582
End of the period	$	6,106,214,329		$	5,408,296,834
Undistributed Net Investment Income
End of the period	$	95,281,650		$	55,170,891

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	34,990,203		$	1,297,764,619		14,718,341		$	499,114,494
Shares issued through acquisition	0			0		94,991			3,147,991
Reinvestments	3,487,531			128,585,271		6,624,099			217,932,858
Redemptions	(24,307,503	)		(904,992,455	)	(26,428,343	)		(892,484,688	)
Net increase (decrease)	14,170,231		$	521,357,435		(4,990,912	)	$	(172,289,345	)
Class B
Sales	8,914,415		$	322,546,020		11,622,143		$	381,456,330
Reinvestments	853,544			30,727,577		1,363,008			43,834,327
Redemptions	(7,494,071	)		(271,598,959	)	(8,569,124	)		(281,262,304	)
Net increase	2,273,888		$	81,674,638		4,416,027		$	144,028,353
Class E
Sales	593,708		$	21,859,230		792,149		$	26,626,818
Reinvestments	237,024			8,703,508		459,111			15,049,666
Redemptions	(1,297,297	)		(48,055,686	)	(1,881,032	)		(63,373,887	)
Net decrease	(466,565	)	$	(17,492,948	)	(629,772	)	$	(21,697,403	)
Increase (decrease) derived from capital share transactions			$	585,539,125				$	(49,958,395	)

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	36.26		$	33.20		$	32.27		$	29.45		$	23.41
Income From Investment Operations
Net investment income		0.63	(a)		0.58			0.55			0.54			0.38
Net realized and unrealized gain on investments		1.26			4.37			0.90			2.54			6.11
Total from investment operations		1.89			4.95			1.45			3.08			6.49
Less Distributions
Distributions from net investment income		(0.39	)		(0.70	)		(0.52	)		(0.26	)		(0.45	)
Distributions from net realized capital gains		(0.76	)		(1.19	)		0.00			0.00			0.00
Total distributions		(1.15	)		(1.89	)		(0.52	)		(0.26	)		(0.45	)
Net Asset Value, End of Period	$	37.00		$	36.26		$	33.20		$	32.27		$	29.45
Total Return (%)		5.2			15.5			4.6			10.5			28.2
Ratio of operating expenses to average net assets (%)		0.28			0.30			0.29			0.30			0.31
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.29			0.31			0.29			N/A			N/A
Ratio of net investment income to average net assets (%)		1.69			1.63			1.59			1.73			1.48
Portfolio turnover rate (%)		12			9			8			3			1
Net assets, end of period (000)	$	4,733,145		$	4,125,102		$	3,942,484		$	4,139,893		$	3,931,839
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	35.38		$	32.41		$	31.52		$	28.80		$	22.92
Income From Investment Operations
Net investment income		0.52	(a)		0.47			0.39			0.41			0.34
Net realized and unrealized gain on investments		1.24			4.28			0.95			2.53			5.95
Total from investment operations		1.76			4.75			1.34			2.94			6.29
Less Distributions
Distributions from net investment income		(0.31	)		(0.59	)		(0.45	)		(0.22	)		(0.41	)
Distributions from net realized capital gains		(0.76	)		(1.19	)		0.00			0.00			0.00
Total distributions		(1.07	)		(1.78	)		(0.45	)		(0.22	)		(0.41	)
Net Asset Value, End of Period	$	36.07		$	35.38		$	32.41		$	31.52		$	28.80
Total Return (%)		5.0			15.2			4.4			10.3			27.9
Ratio of operating expenses to average net assets (%)		0.53			0.55			0.54			0.55			0.56
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.54			0.56			0.54			N/A			N/A
Ratio of net investment income to average net assets (%)		1.43			1.38			1.36			1.59			1.24
Portfolio turnover rate (%)		12			9			8			3			1
Net assets, end of period (000)	$	1,092,993		$	991,777		$	765,425		$	508,908		$	251,793

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	36.09		$	33.04		$	32.11		$	29.33		$	23.34
Income From Investment Operations
Net investment income		0.57	(a)		0.52			0.47			0.47			0.40
Net realized and unrealized gain on investments		1.25			4.35			0.93			2.56			6.02
Total from investment operations		1.82			4.87			1.40			3.03			6.42
Less Distributions
Distributions from net investment income		(0.34	)		(0.63	)		(0.47	)		(0.25	)		(0.43	)
Distributions from net realized capital gains		(0.76	)		(1.19	)		0.00			0.00			0.00
Total distributions		(1.10	)		(1.82	)		(0.47	)		(0.25	)		(0.43	)
Net Asset Value, End of Period	$	36.81		$	36.09		$	33.04		$	32.11		$	29.33
Total Return (%)		5.1			15.3			4.5			10.4			28.0
Ratio of operating expenses to average net assets (%)		0.43			0.45			0.44			0.45			0.46
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.44			0.46			0.44			N/A			N/A
Ratio of net investment income to average net assets (%)		1.53			1.48			1.44			1.67			1.34
Portfolio turnover rate (%)		12			9			8			3			1
Net assets, end of period (000)	$	280,076		$	291,417		$	287,568		$	293,266		$	142,284

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MetLife Stock Index Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-16

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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

MSF-17

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$57,542,999	$	103,997,904	$	110,473,357	$	172,818,947	$	—	$	—	$	168,016,356	$	276,816,851

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$97,037,207	$	209,114,940	$	1,307,432,781	$	—	$	1,613,584,928

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	1,084,052,120	$	0	$	736,019,865

MSF-18

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.25% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2007 were $14,763,665.

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

Effective April 30, 2007, MetLife Advisers entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MLIAC”) with respect to the Portfolio. MetLife Advisers pays MLIAC an investment subadvisory fee for the Portfolio equal to the costs incurred by MLIAC in providing subadvisory services to the Portfolio. Fees earned by MLIAC with respect to the Portfolio for the period ended December 31, 2007 were $946,783. Prior to April 30, 2007, MetLife served as the subadviser to the Portfolio and for the period January 1, 2007 through April 30, 2007, fees earned by MetLife were $411,474.

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio at the annual rate of 0.007% of average daily net assets. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

Substitution:

On November 9, 2007, the MetLife Stock Index Portfolio received and recorded a share subscription for 4,653,274 shares of Class A amounting to $169,984,087 from various shareholder accounts previously invested in the MetLife Investment Funds, Inc. (“MLIF”), an affiliated investment company of the Fund. A portion of the assets received from MLIF were investment securities with a market value of $157,388,958, and transferred in-kind pursuant to a substitution order received from the Securities and Exchange Commission. The balance of the assets was paid in cash. This transaction resulted from the planned liquidation of MLIF, pursuant to a Plan of Liquidation approved by the MLIF Board of Directors on August 16, 2007. The securities received were recorded at value and have been excluded from the calculation of portfolio turnover reported in the Portfolio’s financial highlights. The shares issued in this transaction are included in Sales in the Capital Shares schedule on the Statements of Changes in Net Assets.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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

MSF-19

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

deliver, by the close of business on the following business day, an additional amount of collateral, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-20

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Stock Index Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Stock Index Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-21

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-22

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-23

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-24

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-25

Metropolitan Series Fund, Inc.

MetLife Stock Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-26

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-27

Metropolitan Series Fund, Inc. MFS Total Return Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the MFS Total Return Portfolio returned 4.4%, compared to its benchmark, a blend of the Standard & Poor’s 500 Index¹ (60%) and the Lehman Brothers Aggregate Bond Index² (40%), which returned 6.2%. The average return of its peer group, the Lipper Variable Insurance Products Mixed-Asset Target Allocation Moderate Funds Universe³, was 6.2% over the same period.

PORTFOLIO REVIEW

As 2007 drew to a close, global financial markets were enmeshed in another period of volatility driven by the ongoing credit crisis and the uncertainty about the effect that the slowing of the U.S. economy could have on the global economies. The crisis in the U.S. subprime market was in full force by year-end. The crisis erupted in the third quarter as rising interest rates spurred defaults on U.S. subprime loans. Fears of more bad loans, combined with the slowing in the U.S. housing market, sparked a global liquidity crunch. In response, central banks around the world injected billions of dollars to keep financial systems liquid and help ease investor worries. Investor fears were heightened in November as the severity of the credit crisis became more apparent as did the toll it had wrought on banks’ balance sheets. Globally, banks were hit by losses from mortgage bets gone bad, and some of the world’s largest banks, such as Citigroup and UBS, agreed to capital infusions from sovereign wealth funds in the Middle East.

In mid-December several of the world’s central banks announced a joint plan to ease the liquidity squeeze in global markets by broadening the range of collateral against which banks can borrow. As part of the plan, the U.S. Federal Reserve Board introduced a monetary tool, the “term-auction facility,” and temporary swap lines with the European Central Bank and the Swiss National Bank. Investor fears and the ensuing volatility have also been driven by the possibility of an impending recession in the United States and the effect such a drastic slowdown could have on the rest of the world. Exporting countries have become especially concerned that a decline in U.S. consumer demand will cut into their own growth. In its annual report, the International Monetary Fund said that the risk of a severe global slowdown is stronger than at any time since the 2001 terror attacks in the United States. Recession concerns have been exacerbated by the high cost of oil, bad mortgage bets, and a glut of empty homes. Retail sales have stalled, corporate earnings likely have peaked, and consumer confidence is falling. In line with slowing in the United States, we have begun to see signs that other developed markets have entered a slowing phase as the financial crisis spreads to real economies. Housing demand is falling in the United Kingdom, retail sales have slowed in the eurozone, and, globally, industrial production has retreated.

At the same time, some measures of consumer inflation are being nudged upward in line with higher oil and food prices. These higher prices have created a conflict for central bankers, who also are confronting the pressures of slowing growth and financial market turmoil. Overall, expectations have risen that global monetary policies will remain on hold or loosen until the credit crunch passes. Meanwhile, central banks have assured markets that they are ready to inject liquidity should the banking system need it.

Within the equity portion of the Portfolio, an overweighted position in the poor-performing financial services sector held back performance relative to the Standard & Poor’s 500 Stock Index (S&P 500 Index). Insurance companies, Genworth Financial, Conseco, and Allstate, and mortgage lending firm Countrywide Financial (which was sold during the year) were among the Portfolio’s top detractors.

Stock selection and an underweighted position in the technology sector also dampened relative performance. Telecommunications equipment manufacturer Nortel Networks was a top detractor. We believe Nortel’s weaker-than-expected fundamentals and management’s inability to turn the business around contributed to the decline of the company’s stock price. Not holding strong-performing computer company Apple also hurt investment results. Security selection in the health care sector detracted from relative performance. However, no individual securities within the health care sector were among the Portfolio’s top detractors for the year. Elsewhere, retailer Macy’s, home improvement products maker Masco, media titan The New York Times, and newsprint maker AbitibiBowater held back relative performance. Masco’s shares were hurt by the deterioration of the housing markets and the company’s pessimistic guidance that cited decreased housing starts.

Within the fixed income portion of the Portfolio, our exposure to bonds in the financial sector and to structured products, particularly commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS), held back performance relative to the Lehman Brothers Aggregate Bond Index (Lehman Index) as these securities suffered from the recent turmoil in the subprime market. Credit quality, particularly holdings of lower-quality “BBB”(s) rated securities, detracted from performance as credit spreads widened over the reporting period.

Within the equity portion of the Portfolio, stock selection and an overweighted position in the strong-performing energy sector boosted relative performance. Global integrated energy company Hess, and oil and gas producers, Anadarko Petroleum, Devon Energy, and Apache, were all strong contributors over the reporting period. The surge of Hess’s shares in recent months was due largely to hopes that an oil field discovery off the coast of Brazil could nearly double Hess reserves.

A strong showing in the basic materials sector was principally due to positive stock selection. Packaging manufacturer Owens-Illinois was a top contributor within this sector. The company reported quarterly earnings that exceeded consensus expectations. The firm attributed the positive results to better operating performance in its glass factories and improved pricing and product sales mix.

Elsewhere, agricultural equipment manufacturer Deere & Co. and global financial services provider Bank of New York Mellon were top contributors. Deere & Co’s stock price gain was driven by strong capital management and better-than-expected results throughout the period, which pushed its shares up in excess of the market. Not holding poor-performing benchmark constituents, financial services firm Wachovia and cable services provider Comcast, benefited results, while our small, underweight positioning in insurance company American International Group, which struggled during the reporting period, also helped.

Within the fixed income portion of the Portfolio, our defensive positioning in shorter duration corporate bond holdings, relative to the Lehman Index, and our positioning in U.S. Treasury securities, boosted relative performance as credit spreads widened. The Portfolio’s fixed income segment generated a higher level of income than the index over the reporting period, which also benefited relative results.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

² Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

³ The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO

THE S&P 500 INDEX AND THE LEHMAN BROTHERS

AGGREGATE BOND INDEX

Average Annual Returns as of December 31, 2007

	MFS Total Return Portfolio								Lehman Brothers Aggregate Bond Index		S&P 500 Index
	Class A		Class B		Class E		Class F
1 Year	4.4	%	4.1	%	4.2	%	4.2	%	7.0	%	5.5	%
5 Year	9.5		9.2		—		—		4.4		12.8
10 Year	6.2		—		—		—		6.0		5.9
Since Inception	—		6.5		7.5		7.3		—		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B, Class E and Class F shares are: 5/1/87, 5/1/02, 4/26/04 and 5/2/06, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Federal National Mortgage Association	12.1%
U.S. Treasury Notes	10.1%
Federal Home Loan Mortgage Corp.	4.2%
General Electric Co.	2.1%
Exxon Mobil Corp.	2.0%
Altria Group, Inc.	1.8%
JPMorgan Chase Commercial Mortgage Securities Corp.	1.6%
Lockheed Martin Corp.	1.5%
Bank of America Corp.	1.3%
The Allstate Corp.	1.2%

Top Equity Sectors

	% of Equity Market Value
Financials	25.2%
Energy	14.9%
Consumer Staples	11.8%
Industrials	10.7%
Health Care	9.7%
Top Fixed Income Sectors
	% of Fixed Income Market Value
Mortgage-Backed	37.4%
U.S. Treasury	25.2%
High Grade Corporates	22.6%
Commercial Mortgage-Backed	5.3%
U.S. Government Agencies	4.0%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
MFS Total Return—Class A	Actual	0.59	%	$	1,000.00	$	985.10	$	2.95
	Hypothetical	0.59	%	$	1,000.00	$	1,022.20	$	3.01
MFS Total Return—Class B	Actual	0.84	%	$	1,000.00	$	983.80	$	4.20
	Hypothetical	0.84	%	$	1,000.00	$	1,020.92	$	4.28
MFS Total Return—Class E	Actual	0.74	%	$	1,000.00	$	984.30	$	3.70
	Hypothetical	0.74	%	$	1,000.00	$	1,021.43	$	3.77
MFS Total Return—Class F	Actual	0.79	%	$	1,000.00	$	984.10	$	3.95
	Hypothetical	0.79	%	$	1,000.00	$	1,021.18	$	4.02

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—58.7% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—2.7%
Lockheed Martin Corp.	268,939	$	28,308,519
Northrop Grumman Corp.	79,706		6,268,080
Raytheon Co.	15,340		931,138
United Technologies Corp.	200,700		15,361,578
			50,869,315
Air Freight & Logistics—0.2%
United Parcel Service, Inc. (Class B)	53,170		3,760,182
Auto Components—0.4%
Johnson Controls, Inc.	212,770		7,668,231
Automobiles—0.2%
Bayerische Motoren Werke AG(EUR)	30,170		1,860,291
Harley-Davidson, Inc. (a)	57,850		2,702,174
			4,562,465
Beverages—1.0%
Diageo, Plc.(GBP)	510,946		10,904,063
PepsiCo, Inc.	102,735		7,797,586
			18,701,649
Biotechnology—0.4%
Amgen, Inc. (b)	77,820		3,613,961
Genzyme Corp. (b)	54,740		4,074,845
			7,688,806
Building Products—0.3%
Masco Corp. (a)	267,050		5,770,950
Capital Markets—4.9%
E*TRADE Financial Corp. (a) (b)	451,670		1,603,429
Franklin Resources, Inc.	63,050		7,214,811
Legg Mason, Inc.	38,640		2,826,516
Lehman Brothers Holdings, Inc.	154,340		10,100,010
Merrill Lynch & Co., Inc.	128,026		6,872,436
State Street Corp.	97,140		7,887,768
The Bank of New York Mellon Corp.	443,734		21,636,470
The Bear Stearns Co., Inc. (a)	88,500		7,810,125
The Goldman Sachs Group, Inc.	68,310		14,690,065
UBS AG(CHF)	129,142		5,992,250
UBS AG	102,080		4,695,680
			91,329,560
Chemicals—1.2%
Air Products & Chemicals, Inc.	68,904		6,796,002
PPG Industries, Inc.	156,610		10,998,720
Praxair, Inc.	22,510		1,996,862
Syngenta AG(CHF)	4,187		1,061,457
The Dow Chemical Co.	31,048		1,223,912
			22,076,953
Commercial Banks—1.2%
Huntington Bancshares, Inc. (a)	107,310		1,583,896
PNC Financial Services Group, Inc.	146,230		9,599,999

Security Description	Shares	Value*
Commercial Banks—(Continued)
SunTrust Banks, Inc.	163,180	$	10,197,118
			21,381,013
Communications Equipment—0.2%
Motorola, Inc.	100,160		1,606,567
Nortel Networks Corp. (a) (b)	88,236		1,331,481
			2,938,048
Computers & Peripherals—1.3%
Hewlett-Packard Co.	181,090		9,141,423
International Business Machines Corp.	138,770		15,001,037
			24,142,460
Consumer Finance—0.4%
American Express Co.	140,490		7,308,290
Containers & Packaging—0.0%
Smurfit-Stone Container Corp. (b)	57,905		611,477
Diversified Financial Services—3.0%
Bank of America Corp.	521,304		21,509,003
Citigroup, Inc.	518,288		15,258,399
JPMorgan Chase & Co.	391,360		17,082,864
KKR Private Equity Investors, L.P. (b)	40,863		743,513
KKR Private Equity Investors, L.P. (RDU) (b)	65,160		1,166,364
			55,760,143
Diversified Telecommunication Services—2.7%
AT&T, Inc.	445,894		18,531,355
Embarq Corp.	222,085		10,999,870
Qwest Communications International, Inc. (a)	1,425,110		9,990,021
Telus Corp.(CAD)	55,270		2,765,738
Telus Corp.(Non-Voting Shares)(CAD)	72,462		3,521,154
Verizon Communications, Inc.	92,977		4,062,165
			49,870,303
Electric Utilities—1.4%
American Electric Power Co., Inc.	88,670		4,128,475
DPL, Inc. (a)	133,810		3,967,467
Entergy Corp.	26,368		3,151,503
FPL Group, Inc.	172,560		11,696,117
Pepco Holdings, Inc.	78,860		2,312,964
PPL Corp.	24,256		1,263,495
			26,520,021
Electrical Equipment—0.1%
Rockwell Automation, Inc. (a)	36,510		2,517,730
Electronic Equipment & Instruments—0.3%
Flextronics International, Ltd. (b)	249,590		3,010,055
Samsung Electronics Co., Ltd. (U.S. Traded Shares) (144A) (GDR)	6,064		1,775,236
			4,785,291

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Energy Equipment & Services—0.2%
Halliburton Co.	50,550	$	1,916,351
Noble Corp.	44,220		2,498,872
			4,415,223
Food & Staples Retailing—1.4%
CVS Caremark Corp.	267,993		10,652,722
Safeway, Inc.	173,390		5,931,672
The Kroger Co.	105,890		2,828,322
Wal-Mart Stores, Inc.	73,760		3,505,813
Walgreen Co.	91,840		3,497,267
			26,415,796
Food Products—1.7%
General Mills, Inc.	187,560		10,690,920
Kellogg Co.	130,550		6,844,736
Nestle S.A.(CHF)	28,687		13,133,754
			30,669,410
Health Care Equipment & Supplies—0.4%
Advanced Medical Optics, Inc. (a) (b)	77,500		1,901,075
Boston Scientific Corp. (b)	310,220		3,607,859
The Cooper Cos., Inc. (a)	34,050		1,293,900
			6,802,834
Health Care Providers & Services—1.3%
DaVita, Inc. (b)	32,300		1,820,105
Omnicare, Inc. (a)	40,310		919,471
UnitedHealth Group, Inc.	120,380		7,006,116
WellPoint, Inc. (b)	165,790		14,544,757
			24,290,449
Hotels, Restaurants & Leisure—0.6%
Royal Caribbean Cruises, Ltd. (a)	270,900		11,496,996
Household Durables—0.7%
D.R. Horton, Inc. (a)	278,570		3,668,767
Jarden Corp. (a) (b)	110,880		2,617,877
Toll Brothers, Inc. (a) (b)	212,260		4,257,935
Whirlpool Corp. (a)	22,460		1,833,410
			12,377,989
Household Products—1.1%
Procter & Gamble Co.	204,590		15,020,998
The Clorox Co.	83,150		5,418,885
			20,439,883
Independent Power Producers & Energy Traders—0.3%
NRG Energy, Inc. (a) (b)	127,950		5,545,353
Industrial Conglomerates—0.9%
3M Co.	48,240		4,067,597
General Electric Co.	362,265		13,429,163
			17,496,760

Security Description	Shares	Value*
Insurance—4.2%
AMBAC Financial Group, Inc. (a)	63,320	$	1,631,756
American International Group, Inc.	40,590		2,366,397
Conseco, Inc. (a) (b)	313,360		3,935,801
Genworth Financial, Inc. (Class A)	669,240		17,032,158
Max Capital Group, Ltd.	105,080		2,941,189
MBIA, Inc. (a)	52,490		977,889
Principal Financial Group, Inc.	29,470		2,028,715
Prudential Financial, Inc.	29,800		2,772,592
The Allstate Corp.	428,016		22,355,276
The Chubb Corp.	57,500		3,138,350
The Hartford Financial Services Group, Inc.	168,577		14,698,229
The Travelers Cos., Inc.	89,290		4,803,802
			78,682,154
Internet Software & Services—0.1%
Yahoo!, Inc. (b)	37,930		882,252
IT Services—0.4%
Accenture, Ltd. (Class A)	120,149		4,328,968
Automatic Data Processing, Inc.	24,160		1,075,845
Fidelity National Information Services, Inc.	63,200		2,628,488
			8,033,301
Leisure Equipment & Products—0.1%
Polaris Industries, Inc. (a)	40,290		1,924,653
Machinery—0.9%
Deere & Co.	50,740		4,724,909
Eaton Corp.	12,850		1,245,808
Kennametal, Inc.	47,980		1,816,523
Pall Corp.	59,170		2,385,734
Timkin Co.	184,530		6,061,810
			16,234,784
Media—1.0%
Citadel Broadcasting Corp. (a)	4,163		8,576
E.W. Scripps Co. (Class A) (a)	74,040		3,332,540
Omnicom Group, Inc.	109,490		5,204,060
The New York Times Co. (Class A) (a)	86,910		1,523,532
The Walt Disney Co.	87,290		2,817,721
Time Warner Cable, Inc. (Class A) (a) (b)	180,840		4,991,184
WPP Group, Plc.(GBP)	121,170		1,546,628
			19,424,241
Metals & Mining—0.3%
Allegheny Technologies, Inc.	21,630		1,868,832
BHP Billiton, Plc.(GBP)	79,120		2,429,703
Century Aluminum Co. (a) (b)	35,220		1,899,767
			6,198,302
Multi-Utilities—1.4%
Dominion Resources, Inc.	96,272		4,568,106
PG&E Corp.	123,400		5,317,306
Public Service Enterprise Group, Inc.	101,440		9,965,466
Sempra Energy	105,300		6,515,964
			26,366,842

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Multiline Retail—0.8%
Macy’s, Inc.	552,970	$	14,305,334
Oil, Gas & Consumable Fuels—8.5%
Anadarko Petroleum Corp.	128,240		8,424,086
Apache Corp.	136,450		14,673,833
Chevron Corp.	70,006		6,533,660
ConocoPhillips	58,910		5,201,753
Consol Energy, Inc.	14,500		1,037,040
Devon Energy Corp.	142,740		12,691,013
EOG Resources, Inc.	34,880		3,113,040
Exxon Mobil Corp.	406,044		38,042,262
Hess Corp.	219,740		22,162,977
Marathon Oil Corp.	139,510		8,490,579
Royal Dutch Shell, Plc. (ADR) (A Shares)	25,720		2,165,624
Sunoco, Inc.	50,580		3,664,015
The Williams Cos., Inc.	231,640		8,288,079
Total S.A. (ADR)	271,340		22,412,684
Ultra Petroleum Corp. (b)	25,380		1,814,670
			158,715,315
Paper & Forest Products—0.3%
AbitibiBowater, Inc. (a)	57,567		1,186,456
MeadWestvaco Corp. (a)	110,880		3,470,544
			4,657,000
Pharmaceuticals—3.6%
Abbott Laboratories	42,078		2,362,680
Eli Lilly & Co.	54,540		2,911,891
GlaxoSmithKline, Plc.(GBP)	76,960		1,947,113
Johnson & Johnson	284,548		18,979,352
Merck & Co., Inc.	251,073		14,589,852
Merck KGaA(EUR)	23,790		3,051,552
Pfizer, Inc.	77,290		1,756,802
Warner Chilcott, Ltd.	82,890		1,469,640
Wyeth	440,340		19,458,624
			66,527,506
Road & Rail—0.5%
Burlington Northern Santa Fe Corp.	65,925		5,486,938
Norfolk Southern Corp.	62,410		3,147,960
			8,634,898
Semiconductors & Semiconductor Equipment—0.6%
Intel Corp.	409,410		10,914,871
Software—0.5%
Oracle Corp. (b)	423,420		9,560,824
Specialty Retail—0.6%
Advance Auto Parts, Inc.	21,050		799,690
Lowe’s Cos., Inc.	23,950		541,749
Staples, Inc.	354,600		8,180,622
The Sherwin-Williams Co.	27,310		1,585,072
			11,107,133

Security Description	Shares		Value*
Textiles, Apparel & Luxury Goods—0.6%
Nike, Inc.		162,110	$	10,413,946
Thrifts & Mortgage Finance—1.1%
Federal Home Loan Mortgage Corp.		87,750		2,989,643
Federal National Mortgage Association		277,528		11,095,569
New York Community Bancorp, Inc. (a)		381,200		6,701,496
				20,786,708
Tobacco—1.8%
Altria Group, Inc.		433,580		32,769,976
Trading Companies & Distributors—0.6%
W.W. Grainger, Inc. (a)		80,360		7,033,107
WESCO International, Inc. (a)		102,490		4,062,704
				11,095,811
Wireless Telecommunication Services—0.3%
Sprint Nextel Corp.		172,555		2,265,647
Vodafone Group, Plc. (ADR)		107,863		4,025,447
				6,291,094
Total Common Stock (Identified Cost $1,009,971,428)				1,091,740,525
Fixed Income—39.8%
Security Description	Face Amount		Value*
Aerospace & Defense—0.1%
BAE Systems Holdings, Inc. (144A) 5.200%, 08/15/15	$	1,718,000		1,668,221
Asset Backed—0.4%
AESOP Funding, LLC (144A) 2.860%, 08/20/09		220,000		218,219
Bayview Financial (144A) 5.655%, 12/28/40 (c)		1,510,000		1,208,000
Capital Trust, Ltd. 5.160%, 06/25/35		1,600,000		1,503,750
Connecticut RRB Special Purpose Trust 6.210%, 12/30/11 (c)		300,000		314,211
Countrywide Asset-Backed Certificates 4.575%, 07/25/35		5,677		5,637
4.823%, 08/25/35		60,107		59,714
5.689%, 10/25/36		930,000		867,133
GMAC Mortgage Corp. Loan Trust 5.805%, 10/25/36 (c)		1,077,000		878,243
Jet Equipment Trust (144A) 11.440%, 11/01/14 (d) (e) (f)		300,000		0
Residential Asset Mortgage Products, Inc. 4.109%, 01/25/29		103,126		102,274
4.971%, 09/25/34		752,000		718,904
Residential Funding Mortgage Securities II, Inc. 5.320%, 12/25/35		1,190,000		1,092,308
				6,968,393

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Auto Components—0.1%
Johnson Controls, Inc. 5.500%, 01/15/16	$	1,408,000	$	1,387,356
Beverages—0.4%
Diageo, Plc. 5.500%, 04/01/13		2,140,000		2,171,131
Miller Brewing Co. (144A) 5.500%, 08/15/13		2,921,000		2,959,843
The Coca-Cola Co. 5.350%, 11/15/17		1,730,000		1,772,458
				6,903,432
Capital Markets—0.5%
Lehman Brothers Holdings, Inc. 6.500%, 07/19/17		1,960,000		1,983,240
Merrill Lynch & Co., Inc. 6.050%, 05/16/16		1,384,000		1,359,878
6.110%, 01/29/37		1,270,000		1,121,651
Morgan Stanley 5.750%, 10/18/16		1,156,000		1,140,703
6.750%, 04/15/11		1,180,000		1,236,807
The Goldman Sachs Group, Inc. 5.625%, 01/15/17		1,972,000		1,925,808
				8,768,087
Commercial Banks—0.8%
Bank One Corp. 8.000%, 04/29/27		100,000		116,845
HSBC Finance Corp. 5.250%, 01/14/11		1,300,000		1,299,561
Nordea Bank (144A) 5.424%, 12/29/49 (c)		610,000		551,506
Royal Bank of Scotland Group, Plc. (144A) 6.990%, 10/29/49 (c)		690,000		687,924
U.S. Bancorp 7.500%, 06/01/26		400,000		456,007
Unicredito Italiano Capital Trust (144A) 9.200%, 10/05/49 (c)		1,412,000		1,538,751
Wachovia Corp. 5.250%, 08/01/14		3,334,000		3,259,772
Wells Fargo Bank, N.A. 4.750%, 02/09/15		1,950,000		1,862,476
5.750%, 05/16/16		2,430,000		2,465,441
WOORI Bank 6.125%, 05/03/16 (c)		2,620,000		2,633,485
				14,871,768
Commercial Mortgage-Backed Securities—2.3%
Banc of America Commercial Mortgage, Inc. 5.482%, 01/15/17 (c)		272,233		268,406
BlackRock Capital Finance, L.P. 7.750%, 09/25/26		102,546		96,496
Bruce Mansfield Unit 6.850%, 06/01/34		2,390,000		2,461,987

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
Chase Commercial Mortgage Securities Corp. 7.543%, 07/15/32	$	116,362	$	117,523
Countrywide Commercial Mortgage Trust 5.478%, 02/12/39 (c)		560,000		557,264
Credit Suisse Mortgage Capital Certificates 5.343%, 12/15/39		880,078		854,801
Criimi Mae Commercial Mortgage Trust (144A) 7.000%, 06/02/33		235,951		235,361
Falcon Franchise Loan, LLC (144A) 7.382%, 05/05/10		35,317		34,932
GE Capital Commercial Mortgage Corp. 5.339%, 03/10/44 (c)		1,000,000		985,260
General Electric Capital Assurance Co. (144A) 5.743%, 05/12/35		35,000		36,865
Greenwich Capital Commercial Funding Corp. 4.305%, 08/10/42		326,945		322,889
4.915%, 01/05/36 (c)		500,000		499,359
5.317%, 06/10/36 (c)		1,341,434		1,365,140
5.475%, 02/10/17		3,025,000		2,971,864
JPMorgan Chase Commercial Mortgage Securities Corp. 4.780%, 07/15/42		1,384,000		1,302,438
4.948%, 09/12/37 (c)		1,400,000		1,333,638
5.038%, 03/15/46		480,060		466,570
5.210%, 05/15/41 (c)		1,292,933		1,313,999
5.475%, 04/15/43 (c)		2,260,000		2,285,436
5.532%, 06/12/47 (c)		867,919		713,484
5.552%, 05/12/45		949,000		962,916
5.855%, 06/12/43 (c)		2,170,000		2,196,505
5.875%, 04/15/45 (c)		2,260,000		2,351,445
Merrill Lynch Mortgage Trust 5.829%, 07/12/17 (c)		929,000		832,567
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.378%, 01/12/17 (c)		5,800,000		5,801,079
Morgan Stanley Capital I, Inc. 5.150%, 06/13/41		250,000		252,246
5.168%, 01/14/42		199,571		195,740
Morgan Stanley Capital I, Inc. (144A) 0.523%, 11/15/30 (c) (g)		29,703,217		251,378
Multi-Family Capital Access One, Inc. 6.650%, 01/15/24		161,198		161,710
Spirit Master Funding, LLC (144A) 5.050%, 07/20/23		1,337,492		1,312,106
Structured Asset Securities Corp. 4.670%, 03/25/35		504,972		504,244
The Bear Stearns Commercial Mortgage Securities, Inc. 4.680%, 08/13/39		150,000		148,094
Wachovia Bank Commercial Mortgage Trust 4.847%, 10/15/41		2,245,000		2,164,269
5.083%, 03/15/42 (c)		1,748,241		1,707,991
5.466%, 01/15/45 (c)		2,039,000		2,014,787
5.513%, 12/15/43 (c)		612,500		534,871
5.777%, 04/15/47 (c)		1,098,000		909,345

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
Wachovia Bank Commercial Mortgage Trust 5. 795%, 07/15/45 (c)	$	1,360,000	$	1,365,433
5.962%, 06/15/45 (c)		1,530,000		1,567,198
				43,457,636
Commercial Services & Supplies—0.2%
The Western Union Co. 5.400%, 11/17/11		2,140,000		2,156,373
Waste Management, Inc. 7.375%, 08/01/10		1,061,000		1,120,732
				3,277,105
Construction & Engineering—0.1%
CRH America, Inc. 6.950%, 03/15/12		1,409,000		1,489,894
Consumer Finance—0.2%
American Express Co. 5.500%, 09/12/16		2,170,000		2,157,238
Capital One Financial Corp. 6.150%, 09/01/16		1,330,000		1,180,176
Dean Witter Discover & Co. 6.750%, 01/01/16		260,000		271,561
				3,608,975
Diversified Financial Services—1.7%
Bank of America Corp. 5.300%, 03/15/17		1,300,000		1,264,089
Bank of America Corp. (144A) 5.490%, 03/15/19		696,000		665,079
Capmark Financial Group, Inc. 5.875%, 05/10/12		1,760,000		1,393,153
CIT Group, Inc. 6.100%, 03/15/67 (c)		180,000		130,698
Citigroup, Inc. 5.000%, 09/15/14		1,105,000		1,052,893
Covidien International Finance S.A. 6.000%, 10/15/17		630,000		651,882
6.550%, 10/15/37		380,000		394,644
DBS Capital Funding Corp. (144A) 7.657%, 03/31/49 (c)		1,190,000		1,271,580
Deutsche Telekom International Finance BV 5.750%, 03/23/16		1,949,000		1,950,826
Duke Capital, LLC 8.000%, 10/01/19		1,253,000		1,443,499
Enel Finance International S.A. 6.250%, 09/15/17		1,920,000		1,942,875
ERP Operating, L.P. 5.750%, 06/15/17		1,900,000		1,809,284
General Electric Capital Corp. 5.250%, 12/06/17		660,000		658,592
5.375%, 10/20/16 (a)		685,000		693,741
5.450%, 01/15/13		572,000		589,543
8.500%, 07/24/08		553,000		563,679

Security Description	Face Amount		Value*
Diversified Financial Services—(Continued)
MidAmerican Funding, LLC 6.927%, 03/01/29	$	699,000	$	770,649
Mizuho, Ltd. (144A) 6.686%, 03/31/49 (c)		2,240,000		2,095,811
MUFG Capital Finance 6.346%, 07/29/49 (c)		1,711,000		1,620,546
Natexis AMBS Company, LLC (144A) 8.440%, 12/29/49 (c)		280,000		285,700
ORIX Corp. 5.480%, 11/22/11		2,170,000		2,169,931
PNC Funding Corp. 5.625%, 02/01/17		1,080,000		1,051,115
Telecom Italia Capital S.A. 5.250%, 11/15/13		753,000		744,212
UBS Preferred Funding Trust V 6.243%, 05/12/49 (c)		1,930,000		1,858,318
UFJ Finance Aruba AEC 6.750%, 07/15/13		1,320,000		1,434,008
Unicredit Luxembourg Finance S.A. 6.000%, 10/31/17		1,520,000		1,504,981
ZFS Finance USA Trust I (144A) 5.875%, 05/09/32 (c)		500,000		466,065
6.500%, 05/09/37 (c)		1,950,000		1,800,217
				32,277,610
Diversified Telecommunication Services—0.4%
AT&T, Inc. 6.500%, 09/01/37		1,507,000		1,575,837
BellSouth Corp. 6.550%, 06/15/34		1,212,000		1,253,576
Telus Corp. 8.000%, 06/01/11		1,918,000		2,078,093
Verizon New York, Inc. 6.875%, 04/01/12		3,102,000		3,291,244
				8,198,750
Electric Utilities—0.8%
Entergy Louisiana, LLC 8.090%, 01/02/17		699,383		699,656
Exelon Generation Co., LLC 6.200%, 10/01/17		860,000		854,693
6.950%, 06/15/11		2,478,000		2,585,468
FirstEnergy Corp. 6.450%, 11/15/11		1,926,000		1,988,819
Hydro-Quebec 6.300%, 05/11/11		1,600,000		1,713,312
MidAmerican Energy Holdings Co. 3.500%, 05/15/08		694,000		689,440
5.875%, 10/01/12		768,000		796,022
6.125%, 04/01/36		602,000		600,566
Oncor Electric Delivery Co. 7.000%, 09/01/22		1,825,000		1,890,596
PPL Energy Supply, LLC 6.400%, 11/01/11		100,000		102,369

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Electric Utilities—(Continued)
PSE&G Power, LLC 5.500%, 12/01/15	$	977,000	$	956,504
6.950%, 06/01/12		560,000		597,020
System Energy Resources, Inc. (144A) 5.129%, 01/15/14		692,781		709,518
United Energy Distribution Holdings, Ltd. (144A) 5.450%, 04/15/16		50,000		51,254
				14,235,237
Electronic Equipment & Instruments—0.1%
Tyco Electronics Group S.A. 6.550%, 10/01/17		1,385,000		1,424,571
Energy Equipment & Services—0.1%
Kinder Morgan Energy Partners, L.P. 5.125%, 11/15/14		412,000		401,432
6.750%, 03/15/11		1,202,000		1,260,963
7.750%, 03/15/32		625,000		698,115
				2,360,510
Federal Agencies—16.4%
Federal Home Loan Mortgage Corp. 3.900%, 02/25/08		1,025,000		1,023,901
4.125%, 11/18/09		3,100,000		3,130,656
4.125%, 07/12/10 (a)		787,000		796,690
4.500%, 05/01/18		431,650		424,452
4.500%, 08/01/18		694,689		683,105
4.500%, 11/01/18		661,715		650,680
4.500%, 01/01/19		1,196,944		1,176,984
4.500%, 08/01/19		65,744		64,620
4.500%, 02/01/20		1,090,264		1,071,620
4.500%, 04/01/35		1,301,254		1,231,142
5.000%, 12/01/17		30,159		30,233
5.000%, 05/01/18		295,020		295,744
5.000%, 06/01/18		43,742		43,849
5.000%, 09/01/18		659,892		661,517
5.000%, 12/01/18		98,312		98,554
5.000%, 02/01/19		790,392		791,830
5.000%, 05/01/19		567,628		568,889
5.000%, 06/01/19		318,683		319,262
5.000%, 09/01/33		3,067,066		2,997,113
5.000%, 11/01/33		1,440,346		1,407,495
5.000%, 03/01/34		427,950		418,017
5.000%, 04/01/34		457,345		446,730
5.000%, 05/01/35		550,977		537,937
5.000%, 07/01/35		1,363,252		1,330,987
5.000%, 08/01/35		1,415,588		1,382,084
5.000%, 09/01/35		819,429		800,036
5.000%, 10/01/35		4,848,180		4,733,437
5.500%, 08/23/17		7,900,000		8,476,487
5.500%, 01/01/19		134,261		136,010
5.500%, 04/01/19		73,349		74,362
5.500%, 06/01/19		50,536		51,194
5.500%, 07/01/19		205,825		208,506
5.500%, 08/01/19		67,916		68,800

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
5.500%, 12/01/19	$	77,817	$	78,831
5.500%, 02/01/20		31,814		32,207
5.500%, 12/01/20		125,133		126,678
5.500%, 10/01/24		723,314		726,671
5.500%, 06/01/25		1,275,028		1,280,405
5.500%, 07/01/25		555,214		557,555
5.500%, 08/01/25		856,381		859,992
5.500%, 09/01/25		766,736		769,969
5.500%, 05/01/33		2,917,679		2,916,844
5.500%, 12/01/33		1,971,657		1,971,093
5.500%, 01/01/34		1,969,448		1,968,885
5.500%, 04/01/34		299,487		299,220
5.500%, 10/01/34		181,589		181,427
5.500%, 11/01/34		246,689		246,469
5.500%, 12/01/34		366,766		366,439
5.500%, 05/01/35		165,919		165,641
5.500%, 07/01/35		1,033,427		1,031,694
5.500%, 09/01/35		442,884		442,141
5.500%, 10/01/35		678,484		677,347
6.000%, 04/01/16		120,422		123,352
6.000%, 04/01/17		205,813		210,764
6.000%, 07/01/17		103,514		106,004
6.000%, 10/01/17		149,425		153,019
6.000%, 08/01/19		847,464		866,576
6.000%, 09/01/19		276,831		283,074
6.000%, 11/01/19		138,890		142,047
6.000%, 05/01/21		486,467		497,657
6.000%, 10/01/21		684,812		700,564
6.000%, 02/01/23		849,039		866,777
6.000%, 12/01/25		373,046		379,889
6.000%, 02/01/26		391,386		398,566
6.000%, 04/01/34		182,892		185,903
6.000%, 07/01/34		739,701		751,878
6.000%, 08/01/34		4,208,747		4,278,036
6.000%, 09/01/34		89,307		90,777
6.000%, 07/01/35		397,400		403,632
6.000%, 08/01/35		489,777		497,457
6.000%, 11/01/35		1,210,184		1,229,161
6.000%, 03/01/36		581,407		590,149
6.000%, 10/01/36		866,523		880,789
6.000%, 11/01/36		1,379,989		1,400,739
6.000%, 01/01/37		889,495		902,869
6.000%, 03/01/37		741,762		752,839
6.000%, 05/01/37		1,864,843		1,892,693
6.000%, 06/01/37		1,383,974		1,404,642
6.500%, 05/01/34		168,574		173,740
6.500%, 06/01/34		224,417		231,297
6.500%, 08/01/34		858,168		884,473
6.500%, 10/01/34		812,542		840,031
6.500%, 11/01/34		465,500		479,769
6.500%, 05/01/37		470,568		483,713
6.500%, 07/01/37		1,961,802		2,016,606
Federal National Mortgage Association 4.010%, 08/01/13 (c)		149,214		144,901
4.019%, 08/01/13 (c)		675,459		657,674
4.500%, 04/01/18		537,332		528,693

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Federal National Mortgage Association 4.500%, 06/01/18	$	1,165,996	$	1,147,250
4.500%, 07/01/18		1,473,076		1,449,393
4.500%, 03/01/19		758,636		746,143
4.500%, 06/01/19		2,698,553		2,654,114
4.500%, 04/01/20		632,191		621,780
4.500%, 05/01/20		260,444		256,085
4.500%, 07/01/20		341,277		335,657
4.500%, 11/01/20		787,970		774,783
4.500%, 02/01/35		491,956		465,828
4.500%, 03/01/35		2,016,316		1,909,387
4.500%, 09/01/35		751,843		711,972
4.548%, 05/01/14 (c)		981,572		974,739
4.630%, 04/01/14		370,236		368,734
4.700%, 03/01/15		619,329		615,774
4.751%, 04/01/13 (c)		79,635		80,164
4.839%, 08/01/14 (c)		1,002,125		1,008,765
4.845%, 06/01/13		93,205		94,064
4.871%, 02/01/14 (c)		662,836		668,590
4.880%, 03/01/20		470,125		472,115
4.926%, 04/01/15 (c)		2,346,478		2,364,331
4.940%, 08/01/15		50,000		50,768
5.000%, 11/01/17		801,341		803,270
5.000%, 02/01/18		3,165,843		3,173,468
5.000%, 11/01/18		60,187		60,338
5.000%, 12/01/18		2,015,929		2,020,969
5.000%, 06/01/19		1,433,330		1,435,973
5.000%, 07/01/19		1,293,937		1,296,324
5.000%, 09/01/19		854,383		855,959
5.000%, 11/01/19		221,407		221,815
5.000%, 12/01/19		64,526		64,645
5.000%, 01/01/20		71,037		71,107
5.000%, 03/01/20		309,705		310,008
5.000%, 05/01/20		556,390		556,936
5.000%, 07/01/20		1,754,631		1,756,353
5.000%, 08/01/20		375,999		376,368
5.000%, 11/01/33		1,506,446		1,472,105
5.000%, 03/01/34		1,468,953		1,435,311
5.000%, 04/01/34		460,685		450,003
5.000%, 05/01/34		466,689		455,869
5.000%, 06/01/34		461,517		450,817
5.000%, 08/01/34		509,364		497,554
5.000%, 09/01/34		1,776,821		1,735,626
5.000%, 11/01/34		296,560		289,685
5.000%, 12/01/34		215,928		210,922
5.000%, 03/01/35		822,392		803,791
5.000%, 06/01/35		2,179,435		2,127,722
5.000%, 07/01/35		8,365,369		8,166,879
5.000%, 08/01/35		2,765,893		2,700,264
5.000%, 08/01/36		537,780		525,020
5.370%, 02/01/13 (c)		386,635		398,690
5.471%, 11/01/15 (c)		448,358		464,751
5.500%, 11/01/17		1,262,188		1,281,272
5.500%, 12/01/17		218,948		222,258
5.500%, 01/01/18		813,935		826,241
5.500%, 02/01/18		689,739		699,990
5.500%, 12/01/18		310,277		314,888

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
5.500%, 06/01/19	$	1,194,659	$	1,211,383
5.500%, 07/01/19		1,516,530		1,537,760
5.500%, 08/01/19		429,973		435,993
5.500%, 09/01/19		976,006		989,669
5.500%, 11/01/19		190,499		193,165
5.500%, 12/01/19		218,847		221,911
5.500%, 01/01/21		579,702		587,437
5.500%, 03/01/21		833,432		844,340
5.500%, 05/01/22		466,750		472,806
5.500%, 05/01/25		721,958		725,420
5.500%, 06/01/25		494,263		496,633
5.500%, 02/01/33		715,188		715,718
5.500%, 04/01/33		257,514		257,705
5.500%, 05/01/33		60,540		60,585
5.500%, 06/01/33		4,508,794		4,512,138
5.500%, 07/01/33		2,771,640		2,773,694
5.500%, 11/01/33		1,688,206		1,689,459
5.500%, 12/01/33		335,597		335,846
5.500%, 01/01/34 (c)		486,278		486,638
5.500%, 01/01/34		736,897		737,443
5.500%, 02/01/34		1,814,585		1,815,652
5.500%, 03/01/34		214,262		214,348
5.500%, 04/01/34		625,847		625,939
5.500%, 05/01/34		2,459,670		2,459,806
5.500%, 06/01/34		3,289,718		3,289,900
5.500%, 07/01/34		2,865,139		2,865,299
5.500%, 08/01/34		1,235,262		1,235,331
5.500%, 09/01/34		6,480,917		6,481,276
5.500%, 10/01/34		5,360,937		5,361,234
5.500%, 11/01/34		9,058,418		9,058,918
5.500%, 12/01/34		4,438,770		4,439,015
5.500%, 01/01/35		7,298,705		7,299,568
5.500%, 02/01/35		2,107,721		2,107,043
5.500%, 03/01/35		4,328,343		4,325,703
5.500%, 04/01/35		2,033,856		2,032,615
5.500%, 05/01/35		121,655		121,581
5.500%, 07/01/35		993,768		993,162
5.500%, 08/01/35		3,524,768		3,523,440
5.500%, 09/01/35 (c)		1,647,785		1,646,779
5.500%, 09/01/35		805,320		804,830
5.500%, 10/01/35		276,713		276,544
5.500%, 12/01/35		2,430,385		2,428,902
5.500%, 04/01/36		1,636,683		1,635,685
5.500%, 10/01/36		478,234		477,717
5.500%, 11/01/36		395,482		395,054
5.500%, 03/01/37		676,033		675,303
6.000%, 05/15/08		4,179,000		4,200,167
6.000%, 05/15/11 (a)		1,473,000		1,580,685
6.000%, 07/01/16		435,835		446,702
6.000%, 01/01/17		558,117		572,138
6.000%, 02/01/17 (c)		499,921		512,386
6.000%, 07/01/17		773,013		792,288
6.000%, 08/01/17		83,728		85,831
6.000%, 09/01/17		419,227		429,758
6.000%, 03/01/18		68,511		70,232
6.000%, 11/01/18		423,460		434,019

*See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Federal National Mortgage Association 6.000%, 01/01/21	$	537,335	$	550,220
6.000%, 02/01/21		697,738		714,470
6.000%, 05/01/21		914,233		936,156
6.000%, 01/01/23		94,963		96,995
6.000%, 11/01/25		618,629		630,386
6.000%, 02/01/32		1,605,830		1,637,929
6.000%, 03/01/34		124,462		126,787
6.000%, 04/01/34		2,120,267		2,156,351
6.000%, 05/01/34		191,781		195,013
6.000%, 06/01/34		2,221,701		2,259,152
6.000%, 07/01/34		2,543,426		2,586,300
6.000%, 08/01/34		6,005,475		6,106,711
6.000%, 10/01/34		2,164,926		2,201,421
6.000%, 11/01/34		280,709		285,442
6.000%, 12/01/34		148,500		151,003
6.000%, 04/01/35		75,623		76,838
6.000%, 08/01/35		450,696		457,932
6.000%, 09/01/35 (c)		627,510		638,848
6.000%, 10/01/35		854,899		868,626
6.000%, 11/01/35		383,770		389,931
6.000%, 12/01/35		1,253,166		1,273,286
6.000%, 02/01/36		2,017,342		2,049,542
6.000%, 03/01/36		1,107,549		1,124,930
6.000%, 04/01/36		2,569,314		2,609,635
6.000%, 06/01/36		676,225		686,995
6.000%, 07/01/36		1,212,199		1,231,223
6.000%, 08/01/36		555,468		564,185
6.000%, 12/01/36		729,646		741,096
6.000%, 01/01/37		2,062,351		2,094,671
6.000%, 02/01/37		1,088,294		1,105,227
6.000%, 03/01/37		771,321		783,322
6.000%, 04/01/37		1,166,896		1,185,051
6.000%, 05/01/37		1,131,579		1,149,185
6.000%, 06/01/37		1,513,356		1,536,903
6.000%, 07/01/37		2,698,739		2,740,728
6.330%, 03/01/11 (c)		170,550		178,250
6.500%, 06/01/31		404,419		418,204
6.500%, 07/01/31		185,746		192,077
6.500%, 08/01/31		103,592		107,123
6.500%, 09/01/31		553,546		572,413
6.500%, 02/01/32		528,541		546,555
6.500%, 05/01/32		181,418		187,551
6.500%, 07/01/32		936,667		968,605
6.500%, 08/01/32		834,955		863,184
6.500%, 01/01/33		364,730		377,061
6.500%, 04/01/34		748,203		772,322
6.500%, 06/01/34		195,780		201,789
6.500%, 08/01/34		256,110		263,970
6.500%, 03/01/36		895,663		920,780
6.500%, 04/01/36		413,838		425,443
6.500%, 05/01/36		620,399		637,797
6.500%, 01/01/37		535,753		550,777
6.500%, 02/01/37		2,409,750		2,477,123
6.500%, 04/01/37		608,060		625,047
6.500%, 05/01/37		807,847		830,415
6.500%, 06/01/37		554,848		570,348

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
6.500%, 07/01/37	$	798,211	$	820,510
6.625%, 09/15/09 (a)		3,886,000		4,078,532
7.500%, 10/01/29		87,490		93,527
7.500%, 02/01/30		60,622		64,847
7.500%, 11/01/31		203,949		217,506
7.500%, 02/01/32		60,775		64,814
Government National Mortgage Association 4.500%, 07/20/33		141,049		133,801
4.500%, 09/15/33		574,374		550,063
4.500%, 09/20/33		72,171		68,462
4.500%, 12/20/34		73,169		69,404
4.500%, 03/20/35		357,112		338,795
5.000%, 07/20/33		276,937		270,547
5.000%, 03/15/34		263,282		259,519
5.000%, 06/15/34		438,154		431,891
5.000%, 12/15/34		269,704		265,849
5.000%, 06/15/35		95,692		94,321
5.500%, 11/15/32		808,959		815,786
5.500%, 08/15/33		3,184,608		3,209,489
5.500%, 12/15/33		1,160,530		1,169,717
5.500%, 09/15/34		1,061,272		1,069,338
5.500%, 02/15/35		98,156		98,903
5.500%, 10/15/35		597,351		601,899
6.000%, 12/15/28		203,891		209,501
6.000%, 12/15/31		209,100		214,585
6.000%, 03/15/32		11,345		11,636
6.000%, 10/15/32		841,579		863,170
6.000%, 01/15/33		145,784		149,439
6.000%, 02/15/33		6,739		6,908
6.000%, 04/15/33		822,602		843,224
6.000%, 08/15/33		8,498		8,711
6.000%, 07/15/34		625,567		641,105
6.000%, 09/15/34		518,484		531,362
6.000%, 01/20/35		449,333		458,807
6.000%, 02/20/35		506,041		516,711
6.000%, 04/20/35		276,839		282,676
6.500%, 11/20/35		400,286		413,935
6.500%, 02/20/36		268,942		277,733
				305,413,748
Food & Staples Retailing—0.2%
CVS Corp. 5.750%, 06/01/17		790,000		795,084
6.125%, 08/15/16		1,080,000		1,108,604
Wal-Mart Stores, Inc. 5.250%, 09/01/35		1,830,000		1,623,236
				3,526,924
Food Products—0.0%
The Kroger Co. 6.400%, 08/15/17		340,000		355,610
Foreign Government—0.2%
Egypt Government AID Bond 4.450%, 09/15/15		403,000		400,901

*See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Foreign Government—(Continued)
Israel Government International AID Bond 4.625%, 06/15/13	$	1,095,000	$	1,078,980
Province of Ontario Canada 5.000%, 10/18/11		2,170,000		2,242,456
				3,722,337
Government Agency—0.4%
Financing Corp. 9.650%, 11/02/18		430,000		612,497
Massachusetts Bay Transportation Authority (MBTA) 5.250%, 07/01/17		1,430,000		1,599,970
Small Business Administration Participation Certificates 4.350%, 07/01/23 (c)		1,553,633		1,516,926
4.770%, 04/01/24		79,740		79,349
4.950%, 03/01/25 (c)		496,826		488,811
4.990%, 09/01/24 (c)		268,613		270,047
5.090%, 10/01/25 (c)		594,476		598,948
5.110%, 08/01/25 (c)		662,893		669,045
5.180%, 05/01/24 (c)		129,506		131,275
5.390%, 12/01/25 (c)		819,472		836,225
5.520%, 06/01/24 (c)		430,451		442,372
U.S. Department of Housing & Urban Development 7.498%, 08/01/11		98,000		103,828
				7,349,293
Health Care Equipment & Supplies—0.1%
Baxter International, Inc. 5.900%, 09/01/16		1,496,000		1,554,402
Health Care Providers & Services—0.0%
HCA, Inc. 8.750%, 09/01/10		294,000		296,572
Hotels, Restaurants & Leisure—0.1%
Marriott International, Inc. 6.375%, 06/15/17		1,760,000		1,805,719
Wyndham Worldwide Corp. 6.000%, 12/01/16		1,077,000		1,021,427
				2,827,146
Household Durables—0.1%
Fortune Brands, Inc. 5.125%, 01/15/11		1,435,000		1,432,088
Insurance—0.4%
American International Group, Inc. 6.250%, 03/15/37		1,510,000		1,350,573
Chubb Corp. 6.375%, 03/29/67 (c)		2,110,000		2,058,119
Everest Reinsurance Holdings, Inc. 8.750%, 03/15/10		100,000		109,438

Security Description	Face Amount		Value*
Insurance—(Continued)
Fund American Cos., Inc. 5.875%, 05/15/13	$	735,000	$	736,586
ING Groep NV 5.775%, 12/29/49 (c)		2,310,000		2,135,586
The Allstate Corp. 5.550%, 05/09/35		1,326,000		1,179,562
				7,569,864
Machinery—0.1%
Kennametal, Inc. 7.200%, 06/15/12		1,284,000		1,395,346
Media—0.3%
CBS Corp. 6.625%, 05/15/11		1,485,000		1,540,285
Cox Communications, Inc. 4.625%, 06/01/13		1,473,000		1,409,234
Hearst-Argyle Television, Inc. 7.500%, 11/15/27		200,000		208,860
News America Holdings, Inc. 8.500%, 02/23/25		722,000		860,397
News America, Inc. 6.200%, 12/15/34		938,000		924,671
Time Warner Entertainment Co., L.P. 8.375%, 07/15/33		1,240,000		1,493,714
				6,437,161
Metals & Mining—0.1%
Vale Overseas, Ltd. 6.250%, 01/23/17		1,560,000		1,564,844
Multi-Utilities—0.2%
Centerpoint Energy Resources Corp. 7.875%, 04/01/13		1,293,000		1,419,697
Dominion Resources, Inc. 5.150%, 07/15/15		1,756,000		1,699,162
Pacific Gas & Electric Co. 4.800%, 03/01/14		397,000		385,968
				3,504,827
Office Electronics—0.1%
Xerox Corp. 5.500%, 05/15/12		820,000		833,626
6.400%, 03/15/16		440,000		450,244
				1,283,870
Oil, Gas & Consumable Fuels—0.4%
Ocean Energy, Inc. 7.250%, 10/01/11		2,215,000		2,407,269
Pemex Project Funding Master Trust 9.125%, 10/13/10		35,000		38,675
Ras Laffan Liquefied Natural Gas Co., Ltd. III 5.832%, 09/30/16		970,000		985,695

*See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Oil, Gas & Consumable Fuels—(Continued)
Valero Energy Corp. 6.875%, 04/15/12	$	2,023,000	$	2,158,648
Weatherford International, Inc. 6.350%, 06/15/17		480,000		496,155
XTO Energy, Inc. 5.650%, 04/01/16		1,830,000		1,843,000
				7,929,442
Paper & Forest Products—0.0%
MeadWestvaco Corp. 6.800%, 11/15/32		607,000		571,683
6.850%, 04/01/12		35,000		36,968
				608,651
Pharmaceuticals—0.2%
Allergen, Inc. 5.750%, 04/01/16		1,430,000		1,464,715
Cardinal Health, Inc. (144A) 6.300%, 10/15/16 (c)		793,000		812,770
Hospira, Inc. 5.550%, 03/30/12		530,000		538,943
6.050%, 03/30/17 (c)		1,847,000		1,855,871
				4,672,299
Real Estate Investment Trusts—0.4%
Boston Properties, Inc. 5.000%, 06/01/15		200,000		185,277
HRPT Properties Trust 6.250%, 08/15/16		1,776,000		1,688,280
Kimco Realty Corp. 5.783%, 03/15/16		1,040,000		1,004,072
Prologis 5.750%, 04/01/16 (a)		1,743,000		1,636,050
Simon Property Group, L.P. 5.100%, 06/15/15		2,102,000		1,976,277
5.875%, 03/01/17		1,328,000		1,273,018
Vornado Realty, L.P. 4.750%, 12/01/10		530,000		528,817
				8,291,791
Road & Rail—0.1%
CSX Corp. 6.750%, 03/15/11		574,000		602,330
7.900%, 05/01/17		1,120,000		1,254,849
Norfolk Southern Corp. 7.050%, 05/01/37		360,000		390,147
				2,247,326
Specialty Retail—0.1%
Federated Retail Holdings, Inc. 5.350%, 03/15/12		480,000		467,662
Home Depot, Inc. 5.875%, 12/16/36		1,310,000		1,105,510

Security Description	Face Amount		Value*
Specialty Retail—(Continued)
Limited Brands, Inc. 5.250%, 11/01/14	$	1,377,000	$	1,235,958
				2,809,130
Thrifts & Mortgage Finance—0.1%
Countrywide Financial Corp. 6.250%, 05/15/16 (a)		1,648,000		948,536
U.S. Treasury—10.1%
U.S. Treasury Bonds 4.500%, 02/15/36 (a)		5,612,000		5,640,498
5.375%, 02/15/31 (a)		12,741,000		14,354,533
6.000%, 02/15/26 (a)		5,369,000		6,353,879
6.250%, 08/15/23 (a)		3,748,000		4,487,353
6.750%, 08/15/26 (a)		10,508,000		13,450,240
U.S. Treasury Notes 3.875%, 02/15/13 (a)		9,213,000		9,397,260
4.000%, 06/15/09 (a)		203,000		205,649
4.000%, 11/15/12 (a)		3,625,000		3,722,705
4.250%, 08/15/13 (a)		9,273,000		9,611,316
4.500%, 03/31/09 (a)		3,276,000		3,330,771
4.750%, 11/15/08 (a)		10,722,000		10,842,622
4.875%, 08/15/09 (a)		6,716,000		6,901,738
4.875%, 08/15/16 (a)		6,300,000		6,708,517
5.125%, 06/30/11 (a)		3,496,000		3,714,227
5.500%, 02/15/08		753,000		754,941
5.625%, 05/15/08 (a)		53,503,000		53,933,539
6.500%, 02/15/10 (a)		31,404,000		33,580,203
				186,989,991
Wireless Telecommunication Services—0.3%
Cingular Wireless, LLC 6.500%, 12/15/11		900,000		947,490
France Telecom S.A. 7.750%, 03/01/11 (c)		346,000		371,889
Nextel Communications, Inc. 5.950%, 03/15/14		1,915,000		1,800,041
Telefonica Emisiones, S.A.U. 7.045%, 06/20/36		1,120,000		1,251,920
Telefonica Europe 7.750%, 09/15/10		650,000		695,730
				5,067,070
Yankee—1.2%
Atlas Copco AB 5.600%, 05/22/17		1,580,000		1,580,577
BNP Paribas (144A) 7.195%, 12/31/49 (c)		1,300,000		1,281,683
Commonwealth Bank of Australia (144A) 5.000%, 11/06/12 (a)		2,580,000		2,633,009
Consumers International, Inc. 10.250%, 04/01/49 (d) (e) (f)		50,000		0
EDP Finance BV 6.000%, 02/02/18		1,930,000		1,882,398

*See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Yankee—(Continued)
European Investment Bank 5.125%, 05/30/17	$	9,325,549	$	10,576,438
Nexen, Inc. 5.875%, 03/10/35		1,550,000		1,460,425
Norsk Hydro A/S 7.750%, 06/15/23		100,000		118,444
Vodafone Group, Plc. 5.625%, 02/27/17		1,961,000		1,952,674
				21,485,648
Total Fixed Income (Identified Cost $738,817,139)				740,181,461
Short Term Investments—15.0%
Security Description	Face Amount/ Shares		Value*
Commercial Paper—1.2%
General Electric Capital Corp. 4.150%, 01/02/08	$	22,039,000		22,036,460
Mutual Funds—13.8%
State Street Navigator Securities Lending Prime Portfolio (h)		255,664,311		255,664,311
Total Short Term Investments (Identified Cost $277,700,771)				277,700,771
Total Investments—113.5% (Identified Cost $2,026,489,338) (i)				2,109,622,757
Liabilities in excess of other assets				(250,456,999	)
Total Net Assets—100%			$	1,859,165,758

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $276,880,325 and the collateral received consisted of cash in the amount of $255,664,311 and non cash collateral with a value of $26,960,818. 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.

(b) Non-Income Producing.

(c) Variable or Floating Rate Security. Rate disclosed is as of December 31, 2007.

(d) Non-Income Producing; Defaulted Bond.

(e) Security was valued in good faith under procedures established by the Board of Directors.

(f) Zero Valued Security.

(g) Interest Only Certificate. This security receives monthly interest payments but is not entitled to principal payments.

(h) Represents investment of cash collateral received from securities lending transactions.

(i) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $2,043,480,152 and the composition of unrealized appreciation and depreciation of investment securities was $133,741,508 and $(67,598,903), respectively.

(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 December 31, 2007, the market value of 144A securities was $24,551,028, which is 1.3% of total 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.

(GDR)— Global Depository Receipt.

(RDU)— Restricted Depository Unit. Each restricted depository unit represents the right to receive one common unit that has been deposited with the depository bank, and any other securities, cash or property that the depository bank receives in respect of the common unit.

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

*See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	2,109,622,757
Cash				42,468
Foreign cash at value (b)				(192	)
Receivable for:
Securities sold				1,377,437
Fund shares sold				349,397
Accrued interest and dividends				8,954,053
Foreign taxes				43,360
Total Assets				2,120,389,280
Liabilities
Payable for:
Securities purchased	$	1,490,106
Fund shares redeemed		2,800,355
Withholding taxes		8,967
Collateral for securities loaned		255,664,311
Accrued expenses:
Management fees		837,419
Service and distribution fees		279,623
Deferred directors’ fees		60,054
Other expenses		82,687
Total Liabilities				261,223,522
Net Assets			$	1,859,165,758
Net assets consists of:
Capital paid in			$	1,647,739,362
Undistributed net investment income				54,123,170
Accumulated net realized gains				74,169,942
Unrealized appreciation on investments and foreign currency				83,133,284
Net Assets			$	1,859,165,758
Computation of offering price:
Class A
Net asset value and redemption price per share ($264,375,897 divided by 1,710,856 shares outstanding)			$	154.53
Class B
Net asset value and redemption price per share ($233,742,177 divided by 1,527,271 shares outstanding)			$	153.05
Class E
Net asset value and redemption price per share ($73,556,952 divided by 478,094 shares outstanding)			$	153.85
Class F
Net asset value and redemption price per share ($1,287,490,732 divided by 8,389,598 shares outstanding)			$	153.46
(a) Identified cost of investments			$	2,026,489,338
(b) Identified cost of foreign cash			$	(191	)

(c) Includes cash collateral for securities loaned of $255,664,311.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	23,388,290	(a)
Interest					42,821,611	(b)
					66,209,901
Expenses
Management fees	$	10,307,018
Service and distribution fees—Class B		569,398
Service and distribution fees—Class E		126,086
Service and distribution fees—Class F		2,743,930
Directors’ fees and expenses		26,188
Custodian		321,149
Audit and tax services		36,237
Legal		1,558
Printing		617,819
Insurance		21,980
Miscellaneous		22,495
Total expenses		14,793,858
Expense reductions		(146,755	)		14,647,103
Net Investment Income					51,562,798
Realized and Unrealized Gain (Loss)
Realized gain (loss) on:
Investments—net		109,964,869
Foreign currency transactions—net		(128,993	)		109,835,876
Change in unrealized depreciation on:
Investments—net		(78,817,633	)
Foreign currency transactions—net		(744	)		(78,818,377	)
Net gain					31,017,499
Net Increase in Net Assets From Operations				$	82,580,297

(a) Net of foreign taxes of $216,870.

(b) Includes net income on securities loaned of $840,177.

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	51,562,798		$	38,340,404
Net realized gain		109,835,876			77,104,353
Unrealized appreciation (depreciation)		(78,818,377	)		51,628,241
Increase in net assets from operations		82,580,297			167,072,998
From Distributions to Shareholders
Net investment income
Class A		(6,077,127	)		(9,353,948	)
Class B		(4,271,221	)		(5,663,220	)
Class E		(1,741,399	)		(3,000,726	)
Class F		(27,365,987	)		0
		(39,455,734	)		(18,017,894	)
Net realized gain
Class A		(9,194,580	)		(5,851,759	)
Class B		(7,330,189	)		(3,895,024	)
Class E		(2,813,723	)		(1,986,975	)
Class F		(46,173,029	)		0
		(65,511,521	)		(11,733,758	)
Total distributions		(104,967,255	)		(29,751,652	)
Increase (decrease) in net assets from capital share transactions		(92,438,567	)		1,325,851,593
Total increase (decrease) in net assets		(114,825,525	)		1,463,172,939
Net Assets
Beginning of the period		1,973,991,283			510,818,344
End of the period	$	1,859,165,758		$	1,973,991,283
Undistributed Net Investment Income
End of the period	$	54,123,170		$	39,299,175

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	285,406		$	44,679,626		350,649		$	51,588,250
Reinvestments	98,527			15,271,707		105,911			15,205,707
Redemptions	(460,811	)		(72,109,670	)	(436,903	)		(64,820,987	)
Net increase (decrease)	(76,878	)	$	(12,158,337	)	19,657		$	1,972,970
Class B
Sales	536,030		$	83,546,125		448,718		$	65,767,442
Reinvestments	75,442			11,601,410		67,075			9,558,244
Redemptions	(442,313	)		(68,803,892	)	(239,167	)		(35,203,038	)
Net increase	169,159		$	26,343,643		276,626		$	40,122,648
Class E
Sales	191,657		$	30,163,464		106,458		$	15,712,560
Reinvestments	29,485			4,555,122		34,840			4,987,701
Redemptions	(290,620	)		(45,525,263	)	(208,798	)		(30,778,276	)
Net decrease	(69,478	)	$	(10,806,677	)	(67,500	)	$	(10,078,015	)
Class F
Sales	529,936		$	82,534,533		1,418,148		$	206,416,218
Shares issued through acquisition	0			0		8,939,065			1,285,437,558
Reinvestments	477,092			73,539,016		0			0
Redemptions	(1,617,157	)		(251,890,745	)	(1,357,486	)		(198,019,786	)
Net increase (decrease)	(610,129	)	$	(95,817,196	)	8,999,727		$	1,293,833,990
Increase (decrease) derived from capital share transactions			$	(92,438,567	)			$	1,325,851,593

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	156.45		$	147.99		$	147.96		$	138.13		$	119.83
Income From Investment Operations
Net investment income		4.40	(a)		4.32			3.84			3.60			3.30
Net realized and unrealized gain on investments		2.49			13.06			0.46			11.53			16.79
Total from investment operations		6.89			17.38			4.30			15.13			20.09
Less Distributions
Distributions from net investment income		(3.51	)		(5.49	)		(2.61	)		(4.52	)		(1.79	)
Distributions from net realized capital gains		(5.30	)		(3.43	)		(1.66	)		(0.78	)		0.00
Total distributions		(8.81	)		(8.92	)		(4.27	)		(5.30	)		(1.79	)
Net Asset Value, End of Period	$	154.53		$	156.45		$	147.99		$	147.96		$	138.13
Total Return (%)		4.4			12.2			3.1			11.3			17.0
Ratio of operating expenses to average net assets before expense reductions (%)		0.58			0.59			0.66			0.64			0.69
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.57			0.58			0.65			0.63			0.69
Ratio of net investment income to average net assets (%)		2.80			2.74			2.53			2.60			2.55
Portfolio turnover rate (%)		58			55			47			89			62
Net assets, end of period (000)	$	264,376		$	279,698		$	261,653		$	268,870		$	148,601

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	155.02		$	146.58		$	146.59		$	136.93		$	119.01
Income From Investment Operations
Net investment income		3.97	(a)		3.71			2.75			3.64			2.53
Net realized and unrealized gain on investments		2.45			13.15			1.16			11.01			17.11
Total from Investment operations		6.42			16.86			3.91			14.65			19.64
Less Distributions
Distributions from net investment income		(3.09	)		(4.99	)		(2.26	)		(4.21	)		(1.72	)
Distributions from net realized capital gains		(5.30	)		(3.43	)		(1.66	)		(0.78	)		0.00
Total distributions		(8.39	)		(8.42	)		(3.92	)		(4.99	)		(1.72	)
Net Asset Value, End of Period	$	153.05		$	155.02		$	146.58		$	146.59		$	136.93
Total Return (%)		4.1			11.9			2.9			11.0			16.7
Ratio of operating expenses to average net assets before expense reductions (%)		0.83			0.84			0.91			0.89			0.94
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.82			0.83			0.90			0.88			0.94
Ratio of net investment income to average net assets (%)		2.56			2.50			2.29			2.39			2.30
Portfolio turnover rate (%)		58			55			47			89			62
Net assets, end of period (000)	$	233,742		$	210,529		$	158,528		$	103,373		$	29,582

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was April 26, 2004 and May 2, 2006 for Classes E and F, respectively.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004(c)
Net Asset Value, Beginning of Period	$	155.83		$	147.36		$	147.29		$	135.61
Income From Investment Operations
Net investment income		4.14	(a)		4.27			3.46			2.33
Net realized and unrealized gain on investments		2.46			12.81			0.60			9.35
Total from investment operations		6.60			17.08			4.06			11.68
Less Distributions
Distributions from net investment income		(3.28	)		(5.18	)		(2.33	)		0.00
Distributions from net realized capital gains		(5.30	)		(3.43	)		(1.66	)		0.00
Total distributions		(8.58	)		(8.61	)		(3.99	)		0.00
Net Asset Value, End of Period	$	153.85		$	155.83		$	147.36		$	147.29
Total Return (%)		4.2			12.0			3.0			8.6	(d)
Ratio of operating expenses to average net assets before expense reductions (%)		0.73			0.74			0.81			0.79	(e)
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.72			0.73			0.80			0.78	(e)
Ratio of net investment income to average net assets (%)		2.65			2.57			2.38			2.57	(e)
Portfolio turnover rate (%)		58			55			47			89
Net assets, end of period (000)	$	73,557		$	85,327		$	90,637		$	89,519

	Class F
	Year ended December 31,
	2007			2006(c)
Net Asset Value, Beginning of Period	$	155.39		$	143.80
Income From Investment Operations
Net investment income		4.08	(a)		2.69
Net realized and unrealized gain on investments		2.43			8.90
Total from investment operations		6.51			11.59
Less Distributions
Distributions from net investment income		(3.14	)		0.00
Distributions from net realized capital gains		(5.30	)		0.00
Total distributions		(8.44	)		0.00
Net Asset Value, End of Period	$	153.46		$	155.39
Total Return (%)		4.2			8.1	(d)
Ratio of operating expenses to average net assets before expense reductions (%)		0.78			0.79	(e)
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.77			0.78	(e)
Ratio of net investment income to average net assets (%)		2.60			2.67	(e)
Portfolio turnover rate (%)		58			55
Net assets, end of period (000)	$	1,287,491		$	1,398,437

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) Commencement of operations was April 26, 2004 and May 2, 2006 for Classes E and F, respectively.

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

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MFS Total Return Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B, Class E and Class F. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B, Class E and Class F shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-20

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 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

MSF-21

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

MSF-22

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Credit and Market Risk:

The Portfolio may invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield instruments reflect, among other things, perceived credit risk. The Portfolio’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/09		Total
$	10,856,151	$	10,856,151

The utilization of the capital loss carryforward acquired as part of a merger may be limited under Section 382 of the Internal Revenue Code.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$41,790,578	$	18,017,894	$	63,176,677	$	11,733,758	$	—	$	—	$	104,967,255	$	29,751,652

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards			Total
$70,071,514	$	108,490,971	$	66,142,470	$	(10,856,151	)	$	233,848,804

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$168,788,560	$	955,646,633	$	134,591,668	$	1,054,699,913

MSF-23

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	10,307,018	0.600%	Of the first $250 million
		0.550%	Of the next $500 million
		0.500%	On amounts in excess of $750 million

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Massachusetts Financial Services Co. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E and F shares. Under the Distribution and Service Plan, the Class B, E and F shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B, E and F shares. The fees under the Distribution and Service Plan for each applicable class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares, 0.15% per year for Class E shares and 0.20% per year for Class F shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9,

MSF-24

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes— an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-25

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MFS Total Return Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MFS Total Return Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 28, 2008

MSF-26

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-27

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-28

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-29

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-30

Metropolitan Series Fund, Inc.

MFS Total Return Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-31

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-32

Metropolitan Series Fund, Inc. MFS Value Portfolio
(formerly Harris Oakmark Large Cap Value Portfolio)   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Currently managed by Massachusetts Financial Services Company

Formerly managed by Harris Associates, L.P.*

Portfolio Manager Commentary*

Harris Associates L.P. (“Harris”), the Portfolio’s subadviser prior to January 7, 2008, prepared this commentary, which addresses the Portfolio’s performance for the one year period ended December 31, 2007. On January 7, 2008, Massachusetts Financial Services Company (“MFS”) succeeded Harris as the subadviser to the Portfolio and the name of the Portfolio was changed from the Harris Oakmark Large Cap Value Portfolio to the MFS Value Portfolio. This commentary and performance does not reflect the management of MFS.

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Portfolio returned -3.8%, compared to its benchmark, the Russell 1000 Value Index¹, which returned -0.2%. The average return of its peer group, the Lipper Variable Insurance Products Large Cap Value Funds Universe², was 1.7% over the same period.

PORTFOLIO REVIEW

The S&P 500 gained 5.5% in 2007, but a single number fails to describe the increasing divergence between the market’s winners and losers (the statistical performance spread between the top and bottom performers widened substantially in the past six months, frustrating value-minded investors who expect valuation excesses to eventually correct).

As of December 31, 2007, the Portfolio held 52 securities across a variety of industries. During the year, we initiated positions in Best Buy, Capital One Financial, FedEx Corporation, and Sprint Nextel Corporation. Other changes in the Portfolio during the year include Bank of New York’s acquisition of Mellon Financial. The resulting firm is now known as Bank of New York Mellon Corporation. Additionally, conglomerate holding Tyco International Ltd. spun off two business units. As a result the Portfolio now holds Covidien (formerly Tyco Healthcare Group) and Tyco Electronics. Tyco International, which retained its fire and security and engineered products and services businesses, also remains in the Portfolio. We eliminated several positions during the year: Coca-Cola, DIRECTV Group, EchoStar Communications, First Data, Gannett, Gap, Mattel, and MGIC Investment Corporation.

McDonald’s, Yum! Brands, and Intel Corporation had the most positive impact on performance during the period. McDonald’s produced solid earnings as it continued to successfully execute its strategy for operational improvements. The big drivers of future earnings will be menu-driven in the U.S. and kitchen-driven in Europe. In the U.S., the company will be rolling out its premium beverages along with new menu items, while in Europe the focus will be on kitchen remodels required for premium chicken products.

Yum! Brands continued to show strong international growth, especially in China. Management expects to increase franchise ownership in the U.S. to over 90% by 2010, which we think should increase overall growth for the company.

Intel delivered solid positive performance throughout the year. The firm consistently reported better than expected earnings during 2007, and in the most recent quarter reported strong quarterly earnings (up 41%) with gross margins expected to be around 52% for the full year. We believe Intel will benefit from the explosion of processor power needed at the client and the Internet service level. The trend toward mobile computing should also be a positive for the company.

Washington Mutual, Pulte, and Citigroup had the most negative impact on performance during the period. The deterioration in the housing market, coupled with significant loan write-offs, has injured Washington Mutual’s earnings power. While fundamentals have been hurt in this environment, we continue to feel that its retail banking franchise and mortgage business still have the potential to add value. We feel the sell off has been overdone and the stock looks very cheap, trading at just 4 times 2009 expected earnings.

The environment for home-builders remains challenging. Pulte has been forced to take write-offs, as business fundamentals weaken. However, with its stock trading at a significant discount to book value, we feel that the bad news is already factored into the share price.

Like other large financial institutions, Citigroup took a large write-down this past quarter relating to its Collateralized Debt Obligations (CDO) portfolio. Since then, the company has raised capital, replaced its Chief Executive Officer, and is making good progress in reducing Structured Investment Vehicle (SIV) exposure.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

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

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 1000 VALUE INDEX

Average Annual Returns as of December 31, 2007

	MFS Value Portfolio						Russell 1000 Value Index
	Class A		Class B		Class E
1 Year	-3.8	%	-4.0	%	-3.9	%	-0.2	%
5 Year	9.4		9.1		9.3		14.6
Since Inception	5.4		7.7		5.2		7.2

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 11/9/98, 7/30/02 and 5/1/01, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION as of December 31, 2007

Top Holdings

	% of Total Net Assets
Yum! Brands, Inc.	3.3%
Viacom, Inc. (Class B)	2.9%
Texas Instruments, Inc.	2.8%
Intel Corp.	2.5%
Abbott Laboratories	2.4%
McDonald’s Corp.	2.4%
Best Buy Co., Inc.	2.4%
Time Warner, Inc.	2.3%
InBev NV	2.3%
Bristol-Myers Squibb Co.	2.3%

Top Sectors

	% of Equity Market Value
Consumer Discretionary	35.6%
Information Technology	14.8%
Financials	14.1%
Consumer Staples	13.7%
Health Care	11.5%
Industrials	7.0%
Energy	1.7%
Telecommunication Services	1.6%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
MFS Value—Class A(a)	Actual	0.76	%	$	1,000.00	$	912.30	$	3.66
	Hypothetical	0.76	%	$	1,000.00	$	1,021.33	$	3.87
MFS Value—Class B(a)	Actual	1.01	%	$	1,000.00	$	911.30	$	4.87
	Hypothetical	1.01	%	$	1,000.00	$	1,020.05	$	5.14
MFS Value—Class E(a)	Actual	0.91	%	$	1,000.00	$	911.40	$	4.38
	Hypothetical	0.91	%	$	1,000.00	$	1,020.56	$	4.63

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Schedule of Investments as of December 31, 2007

Common Stock—93.2% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—3.4%
Honeywell International, Inc.	146,350	$	9,010,770
Raytheon Co.	172,300		10,458,610
			19,469,380
Air Freight & Logistics—1.3%
FedEx Corp.	80,800		7,204,936
Automobiles—1.8%
Harley-Davidson, Inc.	217,100		10,140,741
Beverages—6.6%
Anheuser-Busch Cos., Inc.	244,300		12,786,662
Diageo, Plc. (ADR)	138,000		11,844,540
InBev NV (EUR)	161,400		13,295,615
			37,926,817
Building Products—1.4%
Masco Corp.	372,800		8,056,208
Capital Markets—1.7%
The Bank of New York Mellon Corp.	199,717		9,738,201
Commercial Banks—2.1%
U.S. Bancorp	374,600		11,889,804
Computers & Peripherals—5.2%
Dell, Inc. (a)	455,200		11,156,952
Hewlett-Packard Co.	242,100		12,221,208
Sun Microsystems, Inc. (a)	365,275		6,622,436
			30,000,596
Consumer Finance—2.2%
Capital One Financial Corp.	263,200		12,438,832
Diversified Consumer Services—1.4%
H&R Block, Inc.	447,000		8,300,790
Diversified Financial Services—3.6%
Citigroup, Inc.	260,600		7,672,064
JPMorgan Chase & Co.	293,100		12,793,815
			20,465,879
Electronic Equipment & Instruments—0.4%
Tyco Electronics, Ltd.	69,425		2,577,750
Food & Staples Retailing—2.2%
Wal-Mart Stores, Inc.	271,400		12,899,642
Food Products—3.9%
General Mills, Inc.	190,600		10,864,200
H.J. Heinz Co.	244,250		11,401,590
			22,265,790

Security Description	Shares	Value*
Health Care Equipment & Supplies—3.9%
Baxter International, Inc.	162,700	$	9,444,735
Covidien, Ltd.	69,425		3,074,833
Medtronic, Inc.	200,800		10,094,216
			22,613,784
Hotels, Restaurants & Leisure—5.7%
McDonald’s Corp.	233,700		13,767,267
Yum! Brands, Inc.	488,800		18,706,376
			32,473,643
Household Durables—4.5%
Black & Decker Corp.	152,000		10,586,800
Fortune Brands, Inc.	152,000		10,998,720
Pulte Homes, Inc.	380,000		4,005,200
			25,590,720
Industrial Conglomerates—0.5%
Tyco International, Ltd.	69,425		2,752,701
Insurance—1.8%
Aflac, Inc.	168,300		10,540,629
Internet & Catalog Retail—1.3%
Liberty Media Interactive (Class A) (a)	401,725		7,664,913
IT Services—1.2%
The Western Union Co.	279,600		6,788,688
Media—11.3%
Comcast Corp. (Special Class A) (a)	392,500		7,112,100
Discovery Holding Co. (Class A) (a)	129,100		3,245,574
Liberty Media Capital (Series A) (a)	108,545		12,644,407
The Walt Disney Co.	358,300		11,565,924
Time Warner, Inc.	808,600		13,349,986
Viacom, Inc. (Class B) (a)	383,000		16,821,360
			64,739,351
Multiline Retail—1.8%
Kohl’s Corp. (a)	221,900		10,163,020
Office Electronics—1.6%
Xerox Corp.	572,500		9,268,775
Oil, Gas & Consumable Fuels—1.6%
ConocoPhillips	103,387		9,129,072
Pharmaceuticals—6.8%
Abbott Laboratories	248,300		13,942,045
Bristol-Myers Squibb Co.	488,600		12,957,672
Schering-Plough Corp.	450,000		11,988,000
			38,887,717
Semiconductors & Semiconductor Equipment—5.3%
Intel Corp.	541,800		14,444,388
Texas Instruments, Inc.	477,700		15,955,180
			30,399,568

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares		Value*
Specialty Retail—5.4%
Best Buy Co., Inc.		260,600	$	13,720,590
Limited Brands, Inc.		430,200		8,143,686
The Home Depot, Inc.		345,400		9,305,076
				31,169,352
Thrifts & Mortgage Finance—1.8%
Washington Mutual, Inc.		743,900		10,124,479
Wireless Telecommunication Services—1.5%
Sprint Nextel Corp.		636,600		8,358,558
Total Common Stock (Identified Cost $458,960,215)				534,040,336
Short Term Investments—6.6%
Security Description	Face Amount		Value*
Repurchase Agreement—6.6%
State Street Repurchase Agreement dated 12/31/07 at 1.200% to be repurchased at $37,829,522 on 1/02/08, collateralized by $31,235,000 U.S. Treasury Bond 7.500% due 11/15/16 with a value of $38,965,663.	$	37,827,000		37,827,000
Total Short Term Investments (Identified Cost $37,827,000)				37,827,000
Total Investments—99.8% (Identified Cost $496,787,215) (b)				571,867,336
Other assets less liabilities				901,848
Total Net Assets—100%			$	572,769,184

(a) Non-Income Producing.

(b) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $496,808,535 and the composition of unrealized appreciation and depreciation of investment securities was $115,314,878 and $(40,256,077), respectively.

(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.

(EUR)— Euro

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	571,867,336
Cash				89,208
Receivable for:
Fund shares sold				964,027
Accrued interest and dividends				666,747
Total Assets				573,587,318
Liabilities
Payable for:
Securities purchased	$	128,002
Fund shares redeemed		251,727
Accrued expenses:
Management fees		351,385
Service and distribution fees		48,840
Other expenses		38,180
Total Liabilities				818,134
Net Assets			$	572,769,184
Net assets consists of:
Capital paid in			$	431,943,111
Undistributed net investment income				6,159,427
Accumulated net realized gains				59,586,525
Unrealized appreciation on investments and foreign currency				75,080,121
Net Assets			$	572,769,184
Computation of offering price:
Class A
Net asset value and redemption price per share ($302,334,537 divided by 21,198,242 shares outstanding)			$	14.26
Class B
Net asset value and redemption price per share ($158,515,628 divided by 11,178,333 shares outstanding)			$	14.18
Class E
Net asset value and redemption price per share ($111,919,019 divided by 7,881,311 shares outstanding)			$	14.20
(a) Identified cost of investments			$	496,787,215

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	11,237,826	(a)
Interest					660,214
					11,898,040
Expenses
Management fees	$	4,792,627
Service and distribution fees—Class B		413,448
Service and distribution fees—Class E		192,470
Directors’ fees and expenses		23,669
Custodian		63,562
Audit and tax services		31,738
Legal		7,466
Printing		195,486
Insurance		7,095
Miscellaneous		15,347
Total expenses		5,742,908
Expense reductions		(7,024	)
Management fee waivers		(90,371	)		5,645,513
Net Investment Income					6,252,527
Realized and Unrealized Gain (Loss)
Realized gain (loss) on:
Investments—net		59,787,295
Foreign currency transactions—net		(4,679	)		59,782,616
Change in unrealized depreciation on:
Investments—net		(81,695,518	)
Foreign currency transactions—net		(717	)		(81,696,235	)
Net loss					(21,913,619	)
Net Decrease in Net Assets From Operations				$	(15,661,092	)

(a) Net of foreign taxes of $29,194.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	6,252,527		$	5,337,455
Net realized gain		59,782,616			22,785,696
Unrealized appreciation (depreciation)		(81,696,235	)		79,532,999
Increase (decrease) in net assets from operations		(15,661,092	)		107,656,150
From Distributions to Shareholders
Net investment income
Class A		(3,589,303	)		(2,908,650	)
Class B		(913,050	)		(650,225	)
Class E		(861,644	)		(857,581	)
		(5,363,997	)		(4,416,456	)
Net realized gain
Class A		(12,547,728	)		0
Class B		(4,490,931	)		0
Class E		(3,608,668	)		0
		(20,647,327	)		0
Total distributions		(26,011,324	)		(4,416,456	)
Increase (decrease) in net assets from capital share transactions		(103,575,641	)		13,117,750
Total increase (decrease) in net assets		(145,248,057	)		116,357,444
Net Assets
Beginning of the period		718,017,241			601,659,797
End of the period	$	572,769,184		$	718,017,241
Undistributed Net Investment Income
End of the period	$	6,159,427		$	5,282,600

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	6,983,800		$	106,401,516		8,376,893		$	116,488,433
Reinvestments	1,037,084			16,137,031		214,502			2,908,650
Redemptions	(14,734,597	)		(227,584,457	)	(7,853,759	)		(108,053,619	)
Net increase (decrease)	(6,713,713	)	$	(105,045,910	)	737,636		$	11,343,464
Class B
Sales	2,571,664		$	39,258,516		3,398,940		$	46,799,383
Reinvestments	348,644			5,403,981		48,094			650,225
Redemptions	(1,855,533	)		(28,197,343	)	(1,644,391	)		(22,600,352	)
Net increase	1,064,775		$	16,465,154		1,802,643		$	24,849,256
Class E
Sales	719,712		$	10,903,913		719,505		$	9,911,834
Reinvestments	288,221			4,470,312		63,431			857,581
Redemptions	(1,993,418	)		(30,369,110	)	(2,480,095	)		(33,844,385	)
Net decrease	(985,485	)	$	(14,994,885	)	(1,697,159	)	$	(23,074,970	)
Increase (decrease) derived from capital share transactions			$	(103,575,641	)			$	13,117,750

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.34		$	13.09		$	13.37		$	12.06		$	9.61
Income From Investment Operations
Net investment income		0.16	(a)		0.12			0.11			0.10			0.07
Net realized and unrealized gain (loss) of investments		(0.70	)		2.24			(0.30	)		1.27			2.38
Total from investment operations		(0.54	)		2.36			(0.19	)		1.37			2.45
Less Distributions
Distributions from net investment income		(0.12	)		(0.11	)		(0.09	)		(0.06	)		0.00
Distributions from net realized capital gains		(0.42	)		0.00			0.00			0.00			0.00
Total distributions		(0.54	)		(0.11	)		(0.09	)		(0.06	)		0.00
Net Asset Value, End of Period	$	14.26		$	15.34		$	13.09		$	13.37		$	12.06
Total Return (%)		(3.8	)		18.1			(1.4	)		11.4			25.5
Ratio of operating expenses to average net assets before expense reductions (%)		0.76			0.79			0.78			0.79			0.83
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.76			0.79			0.78			0.78			0.81
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.77			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		1.03			0.93			0.86			0.80			0.70
Portfolio turnover rate (%)		16			14			13			16			13
Net assets, end of period (000)	$	302,335		$	428,203		$	355,707		$	341,632		$	296,728

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.26		$	13.02		$	13.31		$	12.01		$	9.59
Income From Investment Operations
Net investment income		0.12	(a)		0.09			0.06			0.05			0.02
Net realized and unrealized gain (loss) of investments		(0.69	)		2.22			(0.28	)		1.29			2.40
Total from investment operations		(0.57	)		2.31			(0.22	)		1.34			2.42
Less Distributions
Distributions from net investment income		(0.09	)		(0.07	)		(0.07	)		(0.04	)		0.00
Distributions from net realized capital gains		(0.42	)		0.00			0.00			0.00			0.00
Total distributions		(0.51	)		(0.07	)		(0.07	)		(0.04	)		0.00
Net Asset Value, End of Period	$	14.18		$	15.26		$	13.02		$	13.31		$	12.01
Total Return (%)		(4.0	)		17.8			(1.7	)		11.2			25.2
Ratio of operating expenses to average net assets before expense reductions (%)		1.01			1.04			1.03			1.04			1.08
Ratio of operating expenses to average net assets after expense reductions (%) (b)		1.01			1.04			1.03			1.03			1.06
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		1.02			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		0.78			0.68			0.66			1.07			0.55
Portfolio turnover rate (%)		16			14			13			16			13
Net assets, end of period (000)	$	158,516		$	154,330		$	108,214		$	43,136		$	1,138

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.28		$	13.04		$	13.32		$	12.02		$	9.59
Income From Investment Operations
Net investment income		0.13	(a)		0.12			0.09			0.07			0.04
Net realized and unrealized gain (loss) of investments		(0.69	)		2.21			(0.30	)		1.28			2.39
Total from investment operations		(0.56	)		2.33			(0.21	)		1.35			2.43
Less Distributions
Distributions from net investment income		(0.10	)		(0.09	)		(0.07	)		(0.05	)		0.00
Distributions from net realized capital gains		(0.42	)		0.00			0.00			0.00			0.00
Total distributions		(0.52	)		(0.09	)		(0.07	)		(0.05	)		0.00
Net Asset Value, End of Period	$	14.20		$	15.28		$	13.04		$	13.32		$	12.02
Total Return (%)		(3.9	)		17.9			(1.5	)		11.3			25.3
Ratio of operating expenses to average net assets before expense reductions (%)		0.91			0.94			0.93			0.94			0.98
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.91			0.94			0.93			0.93			0.96
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.92			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		0.87			0.77			0.70			0.68			0.60
Portfolio turnover rate (%)		16			14			13			16			13
Net assets, end of period (000)	$	111,919		$	135,484		$	137,739		$	147,376		$	99,196

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The MFS Value Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-12

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

MSF-13

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$5,363,997	$	4,416,456	$	20,647,327	$	—	$	—	$	—	$	26,011,324	$	4,416,456

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$7,024,384	$	58,742,888	$	75,058,801	$	—	$	140,826,073

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	101,697,547	$	0	$	197,923,364

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	4,792,627	0.750%	Of the first $250 million
		0.700%	Of the next $2.25 billion
		0.675%	Of the next $2.5 billion
		0.650%	On amounts in excess of $5 billion

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

Management Fee Waivers:

Effective January 1, 2007 to January 6, 2008, a new subadvisory fee schedule was adopted for the Portfolio, under which the subadvisory fee for the Portfolio is calculated based on the combined average daily net assets for the Portfolio and the Harris

MSF-14

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

Oakmark Focused Value Portfolio (collectively, the “Harris Portfolios”). In connection with this change in the subadvisory fee schedule, MetLife Advisers agreed, pursuant to an expense agreement effective January 1, 2007 to January 6, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio by the following amount: the difference between (i) the subadvisory fee that MetLife Advisers actually pays Harris Associates, L.P. with respect to such class of the Portfolio; and (ii) the subadvisory fee that MetLife Advisers would pay Harris Associates, L.P. with respect to such class of the Portfolio after applying the new subadvisory fee schedule for the Portfolio that took effect January 1, 2007 but without combining the assets of the Harris Portfolios for purposes of calculating such fee. This combined fee schedule and corresponding fee waiver were discontinued effective January 7, 2008.

Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

7. SUBSEQUENT EVENTS:

On November 15, 2007, the Board of Directors of the Fund approved a new Subadvisory Agreement (the “Agreement”) with respect to the Portfolio between MetLife Advisers and Massachusetts Financial Services Company (“MFS”). The Agreement was not subject to shareholder approval and became effective January 7, 2008. The Advisory Agreement between the Fund, with respect to the Portfolio, and MetLife Advisers will remain in effect and fees payable thereunder to MetLife Advisers will not

MSF-15

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Notes to Financial Statements—December 31, 2007—(Continued)

change. Under the Agreement, MFS became subadviser to the Portfolio, succeeding Harris Associates, L.P., and became responsible for the day-to-day management of the Portfolio’s investment operations under the oversight of MetLife Advisers and the Board. The name of the Harris Oakmark Large Cap Value Portfolio was changed to the MFS Value Portfolio at the time the Agreement took effect.

On November 15, 2007, the Board approved the acquisition of the Met Investors Series Trust MFS Value Portfolio (“MIST MFS Value Portfolio”) by the Portfolio, subject to the approval of shareholders of MIST MFS Value Portfolio. On or about February 28, 2008, the shareholders of MIST MFS Value Portfolio will consider the approval of a proposed Agreement and Plan of Reorganization providing for the acquisition of all the assets of MIST MFS Value Portfolio by the Portfolio in exchange for shares of the Portfolio and the assumption by the Portfolio of the liabilities of MIST MFS Value Portfolio. If approved by shareholders, the reorganization will close on or about April 28, 2008.

MSF-16

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio), one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio) of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-19

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund, other than the MFS Value Portfolio (formerly known as the Harris Oakmark Large Cap Value Portfolio). The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-20

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-21

Metropolitan Series Fund, Inc.

MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio)

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

Certain Matters Relating to MFS Value Portfolio (formerly known as Harris Oakmark Large Cap Value Portfolio) (the “Value Portfolio”) and Harris Oakmark Focused Value Portfolio (the “Focused Value Portfolio”). At the November 15, 2007 Board meeting, the Board approved a change of subadviser for the Value Portfolio from Harris Associates L.P. (“Harris”) to Massachusetts Financial Services Company (“MFS”) and an amendment to the Subadvisory Agreement relating to the Focused Value Portfolio, each to be effective on January 7, 2008. The Board also approved a merger of the Value Portfolio with the MFS Value Portfolio, a series of the Met Investors Series Trust (“MIST”), to be effective on April 28, 2008 (the “Merger).

In making the determination to approve the change in subadviser for the Value Portfolio, the Board carefully considered those factors described above with respect to the continuation of the Continued Agreements, as relevant to both the existing Subadvisory Agreement with Harris and the proposed Subadvisory Agreement with MFS. In addition to these factors, the Board also considered as relevant:

• the experience, investment style and investment performance history of MFS as portfolio manager;

• that the form of the proposed Subadvisory Agreement with MFS was substantially similar to the Value Portfolio’s existing Subadvisory Agreement with Harris;

• that the subadvisory fee schedule for MFS set forth in the proposed Subadvisory Agreement was lower than the fee schedule in the existing Subadvisory Agreement and that MetLife Advisers had agreed to reduce its advisory fee, through a contractual fee waiver, by an amount corresponding to such savings;

• the expected transition costs of the change of subadviser and the fact that MetLife Advisers had agreed to pay a portion of those costs;

• the impact of the Merger on the Value Portfolio, including any potential costs savings;

• that the preferred date of the change of subadviser for the Value Portfolio was January 7, 2008 and the desirability, in order to facilitate an orderly transition of subadvising functions, of extending the existing Subadvisory Agreement with Harris from its scheduled expiration date of December 31, 2007 until January 7, 2008;

• that the existing Subadvisory Agreement with Harris for the Focused Value Portfolio contained a subadvisory fee schedule based on the combined average daily net assets for the Value Portfolio and the Focused Value Portfolio and that, as a result of the subadviser change for the Value Portfolio, the subadvisory fees for the Focused Value Portfolio may increase slightly; and

• that MetLife Adviser’s voluntary advisory fee waiver currently in effect with respect to the Focused Value Portfolio would be discontinued following the subadviser change and that, as a result, the advisory fees for the Focused Value Portfolio may increase slightly.

Following such consideration, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, unanimously voted to approve (i) the continuation of the existing Subadvisory Agreement relating to the Value Portfolio through January 7, 2008 (ii) an amendment to the Subadvisory Agreement relating to the Focused Value Portfolio, effective January 7, 2008, and (iii) the proposed Subadvisory Agreement relating to the Value Portfolio with MFS, effective January 7, 2008 through January 6, 2010.

MSF-22

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-23

Metropolitan Series Fund, Inc. Morgan Stanley EAFE Index Portfolio   Annual Report December 31, 2007  

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Managed by MetLife Investment Advisors Company, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Morgan Stanley EAFE Index Portfolio returned 10.8%, compared to its benchmark, the Morgan Stanley Capital International (MSCI) EAFE Index¹, which returned 11.2%. Dividend income accounted for 2.5% of this year’s total return. The Portfolio’s performance cannot exactly duplicate the MSCI EAFE Index’s return because of differences that primarily result from sampling, pricing, and transaction costs.

PORTFOLIO REVIEW

The MSCI EAFE Index began the year with six positive monthly returns in a row, up 10.7% through the month of June. However, four of the six months in the second half of 2007 had negative returns, resulting in a second half return of only 0.4%. The MSCI EAFE Index outperformed its U.S. domestic counterpart (the S&P 500 Index²) by 5.7%. The weakening U.S. Dollar positively impacted the U.S. investors’ MSCI EAFE Index return versus the local currency return by approximately 7%. The price of oil surged from $61 to $96 per barrel through December, up 57% from the beginning of the year. Increasing global demand, weakness in refinery utilization, and global geopolitical unrest contributed to supply concerns, increasing oil prices over the period. Some of the factors driving the foreign equity markets included geopolitical concerns, energy prices, foreign exchange rates, corporate earnings, and unemployment rates.

Eighteen of the twenty-one countries that comprise the MSCI EAFE Index had positive returns in 2007. Germany (7.4% beginning-of-year weight, up 36.0%) and United Kingdom (23.7% beginning weight, up 8.4%) had the largest positive impacts on the benchmark return. The best performing countries were; Finland (1.4% beginning weight, up 50.1%) and Hong Kong (1.8% beginning weight, up 41.3%). Japan (22.6% beginning weight, down 4.1%) had the largest negative impact on the benchmark return. The worst performing country was Ireland (0.9% beginning weight), down 19.2%.

The stocks with the largest positive impact on the benchmark return for the year were Rio Tinto, up 102.9%; Nokia Oyj, up 94.3%; and Vodafone Group, up 40.7%. The best performing stock was Leighton Holdings, up 246.8%, but the overall impact was negligible due to the company’s small size. The stocks with the largest negative impact were Royal Bank of Scotland Group, down 28.6%; UBS AG, down 21.5%; and Toyota Motor Corp, down 17.7%. The worst performing stock was Centro Properties Group, down 87.3%.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE Index”) is an unmanaged free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

² The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

MSF-2

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

A $10,000 INVESTMENT COMPARED TO

THE MSCI EAFE INDEX

Average Annual Returns as of December 31, 2007

	Morgan Stanley EAFE Index Portfolio						MSCI EAFE Index
	Class A		Class B		Class E
1 Year	10.8	%	10.5	%	10.6	%	11.2	%
5 Year	21.0		20.7		20.8		21.6
Since Inception	7.6		7.6		9.2		8.1

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 11/9/98, 1/2/01 and 5/1/01, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
iShares MSCI EAFE Index Fund	2.0%
BP, Plc.	1.6%
Vodafone Group, Plc.	1.4%
HSBC Holdings, Plc.	1.4%
Nestle S.A.	1.3%
Total S.A.	1.3%
Royal Dutch Shell, Plc. (Class A)	1.1%
Nokia Oyj	1.1%
Toyota Motor Corp.	1.0%
GlaxoSmithKline, Plc.	1.0%

Top Countries

	% of Total Net Assets
United Kingdom	21.6%
Japan	19.3%
France	9.7%
Germany	9.1%
Switzerland	6.5%
Australia	6.2%
Spain	4.3%
Italy	3.8%
Netherlands	2.9%
Hong Kong	1.9%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Morgan Stanley EAFE Index—Class A(a)	Actual	0.41	%	$	1,000.00	$	1,004.10	$	2.07
	Hypothetical	0.41	%	$	1,000.00	$	1,023.12	$	2.09
Morgan Stanley EAFE Index—Class B(a)	Actual	0.66	%	$	1,000.00	$	1,003.00	$	3.33
	Hypothetical	0.66	%	$	1,000.00	$	1,021.84	$	3.36
Morgan Stanley EAFE Index—Class E(a)	Actual	0.56	%	$	1,000.00	$	1,002.90	$	2.83
	Hypothetical	0.56	%	$	1,000.00	$	1,022.35	$	2.85

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—98.1% of Total Net Assets

Security Description	Shares	Value*
Australia—6.0%
AGL Energy, Ltd. (a)	27,513	$	321,247
Alumina, Ltd. (a)	77,975		431,974
Amcor, Ltd.	57,157		345,792
AMP, Ltd.	121,108		1,053,879
Ansell, Ltd.	1		11
Aristocrat Leisure, Ltd. (a)	23,455		230,732
Asciano Group, Ltd. (b)	33,157		202,958
ASX, Ltd.	11,184		591,357
Australia & New Zealand Banking Group, Ltd.	115,675		2,773,783
AXA Asia Pacific Holdings, Ltd.	50,272		324,045
Babcock & Brown, Ltd. (a)	14,021		330,713
Bendigo Bank, Ltd. (a)	16,859		256,241
BHP Billiton, Ltd. (a)	209,376		7,342,436
Billabong International, Ltd. (a)	11,340		149,257
BlueScope Steel, Ltd.	55,000		463,214
Boart Longyear Group (b)	89,441		189,266
Boral, Ltd. (a)	33,631		180,082
Brambles Ltd.	89,667		903,681
Caltex Australia, Ltd.	8,471		143,216
Coca-Cola Amatil, Ltd.	30,998		256,945
Cochlear, Ltd.	2,939		192,947
Commonwealth Bank of Australia	82,153		4,243,327
Computershare, Ltd.	29,681		257,168
Crown, Ltd. (a)	29,464		347,963
CSL, Ltd.	34,643		1,100,992
CSR, Ltd. (a)	79,151		214,823
DB RREEF Trust (REIT) (a)	188,026		328,932
Fairfax Media, Ltd. (a)	84,531		346,300
Fortescue Metals Group, Ltd.	82,630		537,555
Foster’s Group, Ltd.	137,610		789,708
Futuris Corp., Ltd.	1		2
Goodman Group (REIT) (a)	93,428		402,070
Harvey Norman Holdings, Ltd. (a)	38,269		227,565
Insurance Australia Group, Ltd. (a)	111,884		403,055
Leighton Holdings, Ltd. (a)	9,786		521,710
Lend Lease Corp., Ltd.	20,464		309,845
Lion Nathan, Ltd. (a)	21,432		180,347
Macquarie Airports	49,626		175,825
Macquarie Group, Ltd. (a)	17,263		1,144,185
Mirvac Group (REIT) (a)	76,884		404,225
National Australia Bank, Ltd.	101,103		3,335,360
Newcrest Mining, Ltd.	28,699		827,130
OneSteel, Ltd. (a)	41,427		222,761
Orica, Ltd. (a)	21,486		596,654
Origin Energy, Ltd.	51,589		399,706
Oxiana, Ltd. (a)	90,420		312,016
Paladin Resources Ltd. (a)	29,852		175,447
Perpetual Trustees Australia, Ltd. (a)	2,121		123,514
Qantas Airways, Ltd.	58,796		279,718
QBE Insurance Group, Ltd.	56,197		1,637,528
Rio Tinto, Ltd. (a)	17,460		2,038,455
Santos, Ltd.	36,830		457,105
Sonic Healthcare, Ltd. (a)	16,937		247,719
St. George Bank, Ltd. (a)	17,044		540,703
Suncorp-Metway, Ltd.	59,372		878,972
TABCORP Holdings, Ltd. (a)	29,263		378,843
Tattersall’s, Ltd. (a)	76,330		266,718

Security Description	Shares	Value*
Australia—(Continued)
Telstra Corp., Ltd. (a)	182,880	$	750,492
Telstra Corp., Ltd. (Receipt) (a)	103,969		288,039
Toll Holdings, Ltd. (a)	33,157		332,078
Transurban Group (a)	68,623		410,632
Wesfarmers, Ltd. (a)	32,926		1,166,660
Wesfarmers, Ltd. (Price Protected Shares) (b)	11,090		396,319
Westfield Group (REIT) (a)	113,589		2,081,281
Westpac Banking Corp.	114,691		2,794,647
Woodside Petroleum, Ltd.	31,206		1,372,444
Woolworths, Ltd.	75,638		2,245,142
WorleyParsoms, Ltd.	10,634		482,602
Zinifex, Ltd. (a)	31,103		335,372
			53,993,430
Austria—0.6%
Andritz AG	2,729		163,600
Erste Bank der oesterreichischen Sparkassen AG	12,016		854,036
Immoeast AG	28,570		305,131
IMMOFINANZ AG	26,048		262,480
Meinl European Land, Ltd.	22,315		308,275
OMV AG	11,202		901,374
Raiffeisen International Bank Holding AG (a)	2,179		328,298
Telekom Austria AG	23,294		645,540
Verbund-Oesterreichische Elektrizitaetswirtschafts AG (Class A) (a)	4,650		323,845
Voestalpine AG	7,335		525,148
Wiener Staedtische Versicherung AG	2,014		162,110
Wienerberger AG	4,887		269,958
			5,049,795
Belgium—1.2%
Belgacom S.A. (a)	10,680		523,870
Colruyt S.A. (a)	1,086		254,325
Delhaize Group	6,756		590,743
Dexia S.A.	37,577		944,433
Fortis	130,740		3,397,569
Fortis Bank S.A. (b) (c) (d)	5		0
Groupe Bruxelles Lambert S.A.	5,565		710,739
InBev NV	12,607		1,040,053
KBC Groep NV	11,188		1,562,581
Mobistar S.A.	2,918		264,450
Solvay S.A.	4,372		608,856
UCB S.A.	6,793		306,369
Umicore S.A.	1,777		438,247
			10,642,235
Bermuda—0.3%
Esprit Holdings, Ltd. (HKD)	65,100		964,192
Kerry Properties, Ltd. (HKD)	46,500		372,916
Li & Fung, Ltd. (HKD)	150,800		601,651
Pacific Basin Shipping, Ltd. (HKD)	108,000		221,612
SeaDrill, Ltd. (NOK)	18,268		439,839
Shangri-La Asia, Ltd. (HKD)	101,114		317,248
			2,917,458

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Cayman Islands—0.2%
Belle International Holdings, Ltd. (HKD)	172,483	$	258,628
Foxconn International Holdings, Ltd. (HKD) (a)	141,000		314,970
Kingboard Chemical Holdings, Ltd. (HKD)	45,000		262,982
Shui On Land, Ltd. (HKD)	163,000		200,682
Tencent Holdings, Ltd. (HKD)	68,000		514,611
Tingyi Cayman Islands Holding Corp. (HKD) (a)	143,840		227,521
			1,779,394
Cyprus—0.0%
ProSafe SE (a)	13,770		237,406
Denmark—0.9%
AP Moller-Maersk A/S (Series A)	19		200,053
AP Moller-Maersk A/S (Series B)	72		763,033
Carlsberg A/S (Class B)	1,953		234,948
Coloplast A/S (a)	2,044		175,447
Danisco A/S (a)	3,322		234,734
Danske Bank A/S	30,405		1,178,679
DSV A/S (a)	14,053		305,460
FLSmidth & Co. A/S	3,194		323,677
Jyske Bank A/S	3,993		312,353
Novo Nordisk A/S	29,900		1,951,784
Novozymes A/S (Series B) (a)	3,213		362,634
Sydbank A/S	4,663		198,133
Topdanmark A/S (a)	1,150		163,988
TrygVesta A/S (a)	2,044		154,290
Vestas Wind Systems A/S	11,881		1,270,097
William Demant Holding (a)	2,044		187,457
			8,016,767
Finland—1.8%
Elisa Oyj	11,157		340,425
Fortum Oyj	27,597		1,235,391
Kesko Oyj	4,472		245,387
Kone Oyj	5,140		357,196
Metso Oyj	8,217		443,461
Neste Oil Oyj	7,224		253,326
Nokia Oyj	246,457		9,489,690
Nokian Renkaat Oyj	8,240		287,041
Orion Oyj	6,644		154,933
Outokumpu Oyj	9,016		274,854
Rautaruukki Oyj	5,366		228,375
Sampo Oyj	27,863		728,717
Sanoma-WSOY Oyj	5,778		164,735
Stora Enso Oyj (a)	40,497		601,003
UPM-Kymmene Oyj	35,770		716,672
Wartsila Oyj	4,154		314,138
YIT Oyj	9,481		204,889
			16,040,233
France—9.7%
Accor S.A.	12,073		957,574
Aeroports de Paris (a)	2,209		224,706
Air France-KLM	7,711		268,878
Air Liquide (a)	14,827		2,196,879

Security Description	Shares	Value*
France—(Continued)
Alcatel-Lucent	146,253	$	1,063,264
Alstom	6,487		1,378,522
Atos Origin S.A.	3,727		191,116
AXA S.A.	98,691		3,929,514
BNP Paribas	53,053		5,702,931
Bouygues	13,864		1,149,498
Business Objects S.A.	5,473		333,726
Cap Gemini S.A.	9,532		592,340
Carrefour S.A.	36,744		2,848,683
Casino Guichard-Perrachon S.A. (a)	3,089		336,143
Christian Dior S.A.	1,765		230,855
Cie de Saint-Gobain	17,609		1,668,969
Cie Generale d’Optique Essilor International S.A.	12,229		778,273
Cie Generale de Geophysique-Veritas (b)	1,654		465,207
CNP Assurances (a)	2,630		341,007
Compagnie Générale des Etablissements Michelin (Class B)	9,437		1,081,896
Credit Agricole S.A.	40,631		1,362,997
Dassault Systemes S.A. (a)	4,077		240,114
Eiffage S.A.	1,236		120,944
Electricite de France	6,327		749,779
France Telecom S.A.	114,777		4,118,986
Gaz de France S.A. (a)	11,430		665,570
Gecina S.A. (REIT)	826		129,499
Groupe Danone	26,776		2,392,227
Hermes International (a)	4,408		561,248
ICADE	1,080		161,001
Imerys S.A. (a)	2,590		212,090
JC Decaux S.A.	4,355		170,635
Klepierre (REIT)	4,415		224,164
L’Oreal S.A. (a)	15,708		2,242,320
Lafarge S.A.	9,367		1,695,590
Lagardere S.C.A.	8,303		619,112
LVMH Moet Hennessy Louis Vuitton S.A.	15,517		1,864,994
Natixis (a)	11,841		231,220
Neopost S.A.	2,613		268,314
PagesJaunes Groupe S.A. (a)	6,661		133,068
Pernod-Ricard S.A.	5,601		1,289,996
Peugoet S.A. (a)	10,412		782,773
Pinault-Printemps-Redoute S.A.	4,886		781,167
Publicis Groupe	7,880		306,448
Renault S.A.	11,630		1,631,844
Safran S.A. (a)	14,320		291,633
Sanofi-Aventis (a)	64,536		5,898,621
Schneider Electric S.A.	14,039		1,877,181
Scor SE	11,686		296,891
Societe Des Autoroutes Paris-Rhin-Rhone (a)	1,450		141,784
Societe Television Francaise 1	9,194		244,877
Société Générale	23,082		3,298,762
Sodexho Alliance S.A.	6,815		417,790
Suez S.A. (a)	64,124		4,346,656
Technip S.A.	6,217		491,705
Thales S.A.	5,108		302,445
Thomson	13,742		194,211
Total S.A. (a)	134,679		11,176,957
Unibail-Rodamco (REIT)	4,107		893,985

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
France—(Continued)
Valeo S.A. (a)	3,767	$	154,261
Vallourec	3,026		814,612
Veolia Environnement S.A.	22,418		2,035,977
Vinci S.A. (a)	25,227		1,853,111
Vivendi	71,792		3,271,371
Wendel	1,074		154,566
Zodiac S.A. (a)	3,563		226,592
			87,080,069
Germany—8.7%
Adidas AG	12,448		926,837
Allianz SE	28,170		6,025,301
BASF AG	30,515		4,509,784
Bayer AG	44,970		4,100,118
Bayerische Motoren Werke AG	10,765		655,213
Beiersdorf AG	5,572		430,010
Bilfinger Berger AG	2,232		169,360
Celesio AG	5,284		325,877
Commerzbank AG	38,831		1,469,768
Continental AG	9,787		1,269,161
Daimler AG	59,628		5,775,707
Deutche Postbank AG	5,103		451,155
Deutsche Bank AG	32,093		4,151,247
Deutsche Boerse AG	13,005		2,566,939
Deutsche Lufthansa AG	17,254		456,911
Deutsche Post AG	51,998		1,777,194
Deutsche Telekom AG	179,266		3,920,792
E.ON AG	38,832		8,245,037
Fresenius Medical Care AG	13,721		733,943
GEA Group AG	10,696		385,635
Henkel KGaA	6,949		354,698
Hochtief AG	3,344		445,006
Hypo Real Estate Holding AG	12,973		674,905
Infineon Technologies AG (b)	48,636		568,692
IVG Immobilen AG	7,318		247,675
K&S AG	2,457		493,684
Linde AG	7,552		994,642
MAN AG	7,218		1,187,710
Merck KGaA	4,173		536,060
Metro AG	10,019		836,208
Müenchener Rüeckversicherungs AG	13,269		2,565,045
Puma AG Rudolf Dassler Sport	444		176,456
Q-Cells AG (b)	3,158		443,108
Rheinmetall AG	2,165		169,759
RWE AG	27,981		3,920,958
Salzgitter AG	2,440		359,233
SAP AG	55,251		2,854,640
Siemens AG	53,964		8,471,771
SolarWorld AG	4,671		280,354
ThyssenKrupp AG	22,242		1,241,369
TUI AG	13,050		362,429
Volkswagen AG (a)	10,188		2,317,727
			77,848,118
Greece—0.8%
Alpha Bank A.E.	25,417		927,989
Coca-Cola Hellenic Bottling Co. S.A.	11,079		477,962

Security Description	Shares	Value*
Greece—(Continued)
EFG Eurobank Ergasias S.A.	21,566	$	761,323
Hellenic Telecommunications Organization S.A.	19,354		711,287
National Bank of Greece S.A.	24,871		1,713,294
OPAP S.A.	15,100		602,866
Piraeus Bank S.A.	22,128		861,961
Public Power Corp. S.A.	7,286		382,363
Titan Cement Co. S.A.	3,910		177,732
			6,616,777
Hong Kong—1.9%
Bank of East Asia, Ltd.	101,200		684,528
BOC Hong Kong Holdings, Ltd.	253,965		701,854
Cathay Pacific Airways, Ltd. (a)	87,000		226,071
Cheung Kong Holdings, Ltd.	100,000		1,823,405
CLP Holdings, Ltd.	90,877		617,884
Hang Lung Group, Ltd.	37,000		210,686
Hang Lung Properties, Ltd.	160,000		733,674
Hang Seng Bank, Ltd.	49,400		1,009,469
Henderson Land Development Co., Ltd. (a)	63,000		584,772
Hong Kong & China Gas Co. (a)	257,450		784,772
Hong Kong Exchanges & Clearing, Ltd.	67,500		1,894,926
HongKong Electric Holdings	93,049		535,061
Hopewell Holdings	50,000		229,885
Hutchison Whampoa, Ltd.	141,000		1,586,705
MTR Corp. (a)	107,500		391,784
New World Development, Ltd.	174,354		614,198
PCCW, Ltd.	345,794		204,552
Sino Land Co. (a)	104,000		363,482
Sun Hung Kai Properties, Ltd.	91,000		1,912,090
Swire Pacific, Ltd.	58,317		799,190
The Link (REIT)	148,141		321,045
Wharf Holdings, Ltd. (a)	75,433		389,337
			16,619,370
Ireland—0.6%
Allied Irish Banks, Plc.	60,464		1,389,413
Anglo Irish Bank Corp., Plc.	26,064		413,136
Bank of Ireland	71,813		1,064,638
CRH, Plc.	34,755		1,206,716
Elan Corp., Plc.	32,780		708,602
Kerry Group, Plc.	13,480		426,062
Kingspan Group, Plc.	14,152		213,286
			5,421,853
Italy—3.8%
Alleanza Assicurazioni S.p.A. (a)	25,301		325,137
Assicuraziono Generali S.p.A.	67,450		3,023,682
Atlantia S.p.A.	16,870		637,956
Banca Monte dei Paschi di Siena S.p.A. (a)	75,717		400,158
Banca Popolare di Milano Scarl	27,586		372,895
Banco Popolare Scarl	42,175		927,052
Bulgari S.p.A.	11,847		164,832
Enel S.p.A.	271,529		3,204,874
Eni S.p.A.	163,906		5,972,181
FIAT S.p.A. (a)	45,156		1,160,586

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Italy—(Continued)
Finmeccanica S.p.A. (a)	21,168	$	670,948
Fondiaria-Sai S.p.A.	4,556		188,135
Intesa Sanpaolo S.p.A.	484,200		3,797,572
Intesa Sanpaolo S.p.A.—RNC	56,998		410,761
Italcementi S.p.A.	1		21
Lottomatica S.p.A. (a) (b)	3,732		135,342
Luxottica Group S.p.A. (a)	9,343		295,617
Mediaset S.p.A.	51,298		515,781
Mediobanca S.p.A.	36,157		741,879
Parmalat S.p.A. (a) (b)	100,163		387,222
Pirelli & Co. S.p.A.	175,429		192,332
Prysmian S.p.A. (b)	9,888		242,119
Saipem S.p.A.	9,129		363,222
Snam Rete Gas S.p.A.	75,100		476,874
Telecom Italia S.p.A.	678,837		2,101,870
Telecom Italia S.p.A.—RNC	396,854		932,864
Terna Rete Elettrica Nazionale S.p.A. (a)	106,289		426,351
UniCredito Italiano S.p.A.	587,857		4,892,410
Unione di Banche Italiane SCPA (a)	42,560		1,171,531
			34,132,204
Japan—19.3%
Advantest Corp. (a)	11,800		332,422
Aeon Co., Ltd.	40,400		589,713
Aisin Seiki Co., Ltd.	11,400		473,993
Ajinomoto Co., Inc.	46,000		520,693
All Nippon Airways Co., Ltd.	40,000		147,439
Alps Electric Co., Ltd.	13,600		175,909
Amada Co., Ltd.	27,000		237,947
Asahi Breweries, Ltd. (a)	27,900		472,768
Asahi Glass Co., Ltd. (a)	60,000		795,657
Asahi Kasei Corp.	79,000		526,593
Asics Corp.	13,000		186,605
Astellas Pharma, Inc.	31,600		1,378,617
Benesse Corp.	5,000		212,541
Bridgestone Corp. (a)	38,000		669,272
Canon, Inc.	67,300		3,074,958
Casio Computer Co., Ltd.	18,100		210,657
Central Japan Railway Co.	105		893,201
Chubu Electric Power Co., Inc.	43,800		1,143,665
Chugai Pharmaceutical Co., Ltd. (a)	22,400		319,996
Chuo Mitsui Trust Holdings, Inc.	60,262		467,071
Citizen Holdings Co., Ltd. (a)	26,900		261,524
Cosmo Oil Co., Ltd.	43,000		160,841
Credit Saison Co., Ltd.	10,500		286,510
Dai Nippon Printing Co., Ltd.	40,000		582,690
Daido Steel Co., Ltd. (a)	25,893		193,646
Daiichi Sankyo Co., Ltd.	44,700		1,373,347
Daikin Industries, Ltd.	16,800		937,948
Dainippon Ink & Chemicals, Inc.	52,000		259,817
Daito Trust Construction Co., Ltd.	6,400		355,102
Daiwa House Industry Co., Ltd.	40,000		514,558
Daiwa Securities Group, Inc.	87,000		801,593
Denki Kagaku Kogyo K.K.	38,000		164,068
Denso Corp.	30,100		1,223,305
Dentsu, Inc.	142		372,898

Security Description	Shares	Value*
Japan—(Continued)
East Japan Railway Co.	210	$	1,724,446
Eisai Co., Ltd.	16,600		654,554
Electric Power Development Co., Ltd.	12,200		452,701
Elpida Memory, Inc. (a)	6,300		217,455
Fanuc, Ltd.	12,600		1,229,214
Fast Retailing Co., Ltd.	4,500		320,152
FUJIFILM Holdings Corp.	32,600		1,381,851
Fujitsu, Ltd.	131,000		876,644
Fukuoka Financial Group, Inc.	53,000		316,112
Hankyu Hanshin Holdings, Inc.	76,000		327,890
Haseko Corp.	83,500		143,388
Hirose Electric Co., Ltd. (a)	2,200		254,883
Hitachi Chemical Co., Ltd.	8,000		183,675
Hitachi Construction Machinary Co., Ltd.	6,400		190,851
Hitachi, Ltd.	214,000		1,567,882
Hokkaido Electric Power Co., Inc.	13,800		299,145
Hokuhoku Financial Group, Inc.	76,000		218,279
Honda Motor Co., Ltd.	98,800		3,266,466
Hoya Corp.	26,300		839,367
Ibiden Co., Ltd.	8,100		559,480
Idemitsu Kosan Co., Ltd.	1,600		168,876
Ihi Corp. (a)	99,000		205,597
Inpex Holdings, Inc.	53		570,112
Isetan Co., Ltd. (a)	13,200		178,528
Isuzu Motors, Ltd.	54,000		241,478
Itochu Corp.	101,000		981,421
J Front Retailing Co., Ltd.	30,400		267,032
Japan Airlines Corp.	71,000		160,961
Japan Petroleum Exploration Co.	2,200		159,952
Japan Prime Realty Investment Corp. (REIT) (a)	44		175,338
Japan Real Estate Investment Corp. (REIT) (a)	27		333,715
Japan Retail Fund Investment Corp. (REIT) (a)	23		161,941
Japan Tobacco, Inc.	287		1,701,741
JFE Holding, Inc.	36,300		1,829,180
JGC Corp.	13,000		223,260
JS Group Corp.	22,100		353,917
JSR Corp.	11,300		292,314
JTEKT Corp.	12,600		225,770
Kajima Corp.	74,000		242,328
Kaneka Corp.	20,000		166,009
Kao Corp.	33,000		992,980
Kawasaki Heavy Industries, Ltd. (a)	80,000		235,756
Kawasaki Kisen Kaisha, Ltd. (a)	41,000		400,888
KDDI Corp.	165		1,225,169
Keihin Electric Express Railway Co., Ltd. (a)	25,000		152,964
Keio Corp.	32,000		194,429
Keyence Corp.	2,100		514,460
Kintetsu Corp. (a)	102,120		316,764
Kirin Holdings Co., Ltd. (a)	54,000		791,382
Kobe Steel, Ltd.	177,000		573,675
Komatsu, Ltd.	57,100		1,543,871
Konami Corp.	8,300		270,978
Konica Minolta Holdings, Inc.	35,000		616,033
Kubota Corp.	75,000		513,401
Kuraray Co., Ltd.	24,500		295,774
Kurita Water Industries, Ltd. (a)	7,100		215,922
Kyocera Corp.	11,300		988,726

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Japan—(Continued)
Kyowa Hakko Kogyo Co., Ltd. (a)	20,000	$	213,103
Kyushu Electric Power Co., Inc.	25,800		635,790
Lawson, Inc.	4,900		173,485
Leopalace21 Corp.	8,500		227,970
Makita Corp.	9,400		392,786
Marubeni Corp.	112,000		786,666
Marui Group Co., Ltd. (a)	27,500		271,913
Matsushita Electric Industrial Co., Ltd.	127,000		2,598,213
Matsushita Electric Works, Ltd.	24,000		266,092
Mazda Motor Corp.	36,000		180,257
Millea Holdings, Inc. (d)	48,800		1,649,378
Minebea Co., Ltd.	28,000		179,003
Mitsubishi Chemical Holdings Corp.	88,000		674,514
Mitsubishi Corp.	85,900		2,339,837
Mitsubishi Electric Corp.	122,000		1,259,998
Mitsubishi Estate Co., Ltd.	75,000		1,797,817
Mitsubishi Gas & Chemical Co., Inc.	26,000		253,307
Mitsubishi Heavy Industries, Ltd.	204,000		873,013
Mitsubishi Materials Corp.	65,000		276,453
Mitsubishi Motors Corp. (a) (b)	132,000		223,720
Mitsubishi Rayon Co., Ltd.	44,000		212,988
Mitsubishi UFJ Financial Group, Inc.	546,868		5,090,147
Mitsui & Co., Ltd.	106,317		2,255,627
Mitsui Chemicals, Inc.	52,000		340,367
Mitsui Engineering & Shipbuilding Co., Ltd. (a)	54,000		209,409
Mitsui Fudosan Co., Ltd.	56,000		1,210,268
Mitsui Mining & Smelting Co., Ltd.	38,000		151,937
Mitsui OSK Lines, Ltd.	75,000		952,719
Mitsui Sumitomo Insurance Co., Ltd.	83,000		810,116
Mitsumi Electric Co., Ltd.	5,700		190,228
Mizuho Financial Group, Inc.	621		2,946,053
Murata Manufacturing Co., Ltd.	14,100		820,021
Namco Bandai Holdings, Inc.	12,500		197,963
NEC Corp.	144,000		665,238
NGK Insulators, Ltd.	17,000		458,691
NGK Spark Plug Co., Ltd. (a)	10,000		174,574
Nidec Corp.	7,100		527,084
Nikko Cordial Corp. (a)	27,500		412,355
Nikon Corp. (a)	23,000		784,585
Nintendo Co., Ltd.	6,200		3,764,316
Nippon Building Fund, Inc. (REIT)	29		405,992
Nippon Electric Glass Co., Ltd.	23,000		373,563
Nippon Express Co., Ltd.	48,000		245,434
Nippon Mining Holdings, Inc.	71,000		456,103
Nippon Oil Corp.	90,000		733,207
Nippon Paper Group, Inc.	63		189,308
Nippon Sheet Glass Co., Ltd.	35,000		176,098
Nippon Steel Corp.	368,000		2,266,230
Nippon Telephone & Telegraph Corp.	345		1,707,390
Nippon Yusen K.K.	75,000		597,148
NIPPONKOA Insurance Co., Ltd.	26,000		235,746
Nissan Motor Co., Ltd.	146,500		1,586,203
Nisshin Steel Co., Ltd. (a)	68,000		238,011
Nissin Food Products Co., Ltd. (a)	6,400		206,833
Nitto Denko Corp. (a)	10,100		533,252
NOK Corp.	8,900		187,603
Nomura Holdings, Inc.	109,200		1,825,456

Security Description	Shares	Value*
Japan—(Continued)
Nomura Real Estate Office Fund, Inc. (REIT)	18	$	169,287
Nomura Research Institute, Ltd.	9,600		315,229
NSK, Ltd.	37,000		384,040
NTN Corp. (a)	25,000		216,747
NTT Data Corp. (a)	80		356,447
NTT DoCoMo, Inc.	990		1,640,304
NTT Urban Development Corp.	89		141,761
Obayashi Corp. (a)	51,000		256,983
Odakyu Electric Railway Co., Ltd. (a)	51,000		325,048
OJI Paper Co., Ltd.	63,000		309,316
Olympus Corp.	16,000		655,542
Omron Corp.	13,600		321,904
Ono Pharmaceutical Co., Ltd.	3,700		173,058
Oriental Land Co., Ltd. (a)	3,400		205,228
ORIX Corp.	5,960		996,666
Osaka Gas Co., Ltd.	134,000		528,126
Rakuten, Inc. (a)	385		187,190
Resona Holdings, Inc. (a)	377		689,694
Ricoh Co., Ltd.	45,000		827,639
Rohm Co., Ltd.	7,200		626,677
Sankyo Co., Ltd.	3,600		166,902
Sanyo Electric Co., Ltd. (a)	110,000		151,935
Sapporo Hokuyo Holdings, Inc.	20		179,643
SBI Holdings, Inc. (a)	686		186,525
Secom Co., Ltd.	13,500		739,083
Sega Sammy Holdings, Inc. (a)	14,600		182,267
Seiko Epson Corp. (a)	8,600		186,976
Sekisui Chemical Co., Ltd.	38,000		256,466
Sekisui House, Ltd.	38,000		411,598
Seven & I Holdings Co., Ltd.	54,600		1,587,793
Sharp Corp. (a)	65,000		1,164,480
Shikoku Electric Power Co., Inc.	7,000		187,329
Shimamura Co., Ltd. (a)	1,700		143,630
Shimano, Inc. (a)	5,500		198,019
Shimizu Corp.	37,000		161,059
Shin-Etsu Chemical Co., Ltd.	26,300		1,644,346
Shinko Securities Co., Ltd.	37,000		153,383
Shinsei Bank, Ltd. (a)	100,000		367,645
Shionogi & Co., Ltd.	19,000		335,036
Shiseido Co., Ltd.	21,000		497,530
Showa Denko K.K. (a)	65,000		233,110
Showa Shell Sekiyu K.K. (a)	12,600		140,343
SMC Corp.	4,000		476,070
Softbank Corp. (a)	48,100		990,058
Sojitz Corp.	70,500		253,928
Sompo Japan Insurance, Inc.	64,000		576,550
Sony Corp.	63,000		3,418,889
Sony Financial Holdings, Inc.	64		243,245
Stanley Electric Co., Ltd.	11,800		293,882
Sumco Corp.	8,200		234,768
Sumitomo Chemical Co., Ltd.	100,000		889,346
Sumitomo Corp.	67,700		964,001
Sumitomo Electric Industries, Ltd.	51,134		814,518
Sumitomo Heavy Industries, Ltd.	46,000		422,642
Sumitomo Metal Industries, Ltd.	264,000		1,219,103
Sumitomo Metal Mining Co., Ltd.	34,000		582,235
Sumitomo Mitsui Financial Group, Inc. (a)	414		3,080,625

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Japan—(Continued)
Sumitomo Realty & Development Co., Ltd.	25,000	$	614,908
Suzuken Co., Ltd.	5,574		198,622
Suzuki Motor Corp.	12,200		366,924
T&D Holdings, Inc.	12,400		641,831
Taisei Corp.	79,000		212,926
Taisho Pharmaceutical Co., Ltd.	10,000		192,581
Taiyo Nippon Sanso Corp.	18,000		168,184
Takashimaya Co., Ltd. (a)	17,000		204,854
Takeda Pharmaceutical Co., Ltd.	54,400		3,180,079
Takefuji Corp.	7,440		178,627
TDK Corp.	9,100		674,905
Teijin, Ltd.	66,000		282,113
Terumo Corp.	11,900		626,914
The 77 Bank, Ltd.	20,000		124,804
The Bank of Kyoto, Ltd.	22,000		259,946
The Bank of Yokohama, Ltd.	83,000		586,918
The Chiba Bank, Ltd.	47,000		380,789
The Chugoku Electric Power Co., Inc. (a)	10,300		200,224
The Furukawa Electric Co., Ltd.	38,000		146,919
The Gunma Bank, Ltd.	26,000		174,027
The Hachijuni Bank, Ltd.	30,000		201,730
The Hiroshima Bank, Ltd.	38,000		205,360
The Japan Steel Works, Ltd.	21,000		307,610
The Joyo Bank, Ltd.	40,000		223,016
The Kansai Electric Power Co., Inc.	51,500		1,201,576
The Shizuoka Bank, Ltd.	41,000		451,063
The Sumitomo Trust & Banking Co., Ltd.	81,000		539,303
The Suruga Bank, Ltd. (a)	17,000		184,459
The Tokyo Electric Power Co., Inc.	77,400		2,004,951
THK Co., Ltd.	7,700		155,599
Tobu Railway Co., Ltd. (a)	52,000		243,241
Toho Co., Ltd. (a)	9,467		212,073
Tohoku Electric Power Co., Inc.	26,200		590,454
Tokuyama Corp. (a)	22,000		220,112
Tokyo Electron, Ltd.	11,400		696,356
Tokyo Gas Co., Ltd.	150,000		700,330
Tokyo Tatemono Co., Ltd. (a)	19,000		178,853
Tokyu Corp.	76,000		500,908
Tokyu Land Corp.	29,000		248,182
TonenGeneral Sekiyu K.K. (a)	27,000		266,128
Toppan Printing Co., Ltd.	42,000		413,726
Toray Industries, Inc. (a)	83,000		644,857
Toshiba Corp. (a)	198,000		1,476,480
Tosoh Corp.	34,000		145,915
Toyo Seikan Kaisha, Ltd.	10,200		180,584
Toyoda Gosei Co., Ltd.	5,100		179,694
Toyota Industries Corp.	12,600		513,831
Toyota Motor Corp.	169,800		9,139,506
Toyota Tsusho Corp. (a)	14,200		383,690
Trend Micro, Inc.	9,000		322,622
Ube Industries, Ltd.	53,000		180,164
Unicharm Corp.	3,100		195,187
Urban Corp.	12,900		171,614
Ushio, Inc.	8,700		190,948
West Japan Railway Co.	126		621,200
Yahoo! Japan Corp. (a)	900		401,646
Yakult Honsha Co., Ltd. (a)	9,000		207,615

Security Description	Shares	Value*
Japan—(Continued)
Yamada Denki Co., Ltd. (a)	6,020	$	685,214
Yamaha Corp.	11,500		262,424
Yamaha Motor Co., Ltd. (a)	13,100		317,793
Yamato Holdings Co., Ltd.	27,000		389,749
Yaskawa Electric Corp.	17,000		229,112
Yokogawa Electric Corp. (a)	14,600		160,130
			172,460,163
Luxembourg—0.6%
Acergy S.A. (a)	12,330		271,640
ArcelorMittal	57,095		4,390,089
Millicom International Cellular S.A. (SEK) (b)	2,100		239,123
SES (FDR)	9,743		255,481
			5,156,333
Netherlands—2.9%
Aegon NV	94,540		1,658,649
Akzo Nobel NV	17,317		1,379,025
ASML Holding NV (b)	24,137		758,506
Corio NV (REIT)	3,133		252,182
European Aeronautic Defense & Space Co. NV (a)	21,349		677,745
Fugro NV	3,571		273,721
Heineken Holding NV	3,702		208,572
Heineken NV	16,152		1,040,267
ING Groep NV	118,498		4,625,281
James Hardie Industries NV (AUD) (a)	34,811		196,099
Koninklijke Ahold NV	81,255		1,128,237
Koninklijke DSM NV	10,570		494,171
Koninklijke Philips Electronics NV	70,981		3,076,164
Randstad Holding NV (a)	3,422		135,876
Reed Elsevier NV (a)	45,759		907,780
Royal KPN NV	118,971		2,151,640
SBM Offshore NV	9,817		307,929
STMicroelectronics NV (a)	44,693		636,241
TNT NV (b)	24,488		1,019,009
TomTom NV (b)	3,347		250,143
Unilever NV	105,906		3,877,498
Vedior NV	11,155		278,474
Wolters Kluwer NV	17,885		584,330
			25,917,539
New Zealand—0.1%
Auckland International Airport, Ltd. (a)	114,386		255,350
Fletcher Building, Ltd. (a)	50,819		448,964
Telecom Corp. of New Zealand, Ltd. (a)	138,544		462,336
			1,166,650
Norway—0.9%
Aker Kvaerner ASA	10,348		272,917
DnB NOR ASA	48,456		734,884
Lighthouse Caledonia ASA (a) (b)	700		665
Norsk Hydro ASA	45,479		642,958
Orkla ASA	54,230		1,044,691
Petroleum Geo-Services ASA (a)	12,801		368,097
Renewable Energy Corp. ASA (a) (b)	11,753		587,548

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Norway—(Continued)
StatoilHydro ASA	79,549	$	2,459,592
Storebrand ASA (a)	29,064		300,994
Telenor ASA	56,338		1,331,775
Yara International ASA	12,775		586,626
			8,330,747
Portugal—0.4%
Banco Comercial Portugues S.A. (a)	122,688		520,921
Banco Espirito Santo S.A. (a)	13,155		287,241
Brisa-Auto Estradas de Portugal S.A. (a)	24,915		364,653
Energias de Portugal S.A.	142,218		924,502
Portugal Telecom, SGPS, S.A.	52,727		684,744
PT Multimedia Servicos de Telecomunicacoes e Multimedia, SGPS, S.A.	17,901		249,182
Sonae, SGPS, S.A.	37,542		107,982
			3,139,225
Singapore—1.1%
CapitaLand, Ltd.	116,000		498,754
CapitaMall Trust (REIT) (a)	98,000		233,038
City Developments, Ltd.	40,000		389,501
ComfortDelGro Corp., Ltd.	184,000		231,508
Cosco Corp Singapore, Ltd.	71,517		281,379
DBS Group Holdings, Ltd.	74,978		1,062,563
Fraser & Neave, Ltd.	58,000		234,851
Keppel Corp., Ltd.	79,000		707,186
Oversea-Chinese Banking Corp.	170,880		986,070
SembCorp Industries, Ltd.	89,000		355,524
Sembcorp Marine	79,685		222,175
Singapore Airlines, Ltd.	40,940		490,029
Singapore Exchange, Ltd. (a)	54,000		493,614
Singapore Press Holdings, Ltd.	117,250		365,564
Singapore Technologies Engineering, Ltd.	135,000		349,722
Singapore Telecommunications, Ltd.	546,820		1,500,586
United Overseas Bank, Ltd.	83,392		1,154,273
			9,556,337
Spain—4.2%
Abertis Infraestructuras S.A. (a)	16,853		539,908
Acciona S.A.	1,646		517,355
Acerinox S.A. (a)	12,363		302,079
ACS Actividades de Construccion y Servicios S.A.	13,005		766,091
Altadis S.A.	15,935		1,157,945
Banco Bilbao Vizcaya Argentaria S.A.	234,707		5,764,681
Banco de Sabadell S.A. (a)	31,632		340,737
Banco Popular Espanol S.A. (a)	54,939		927,014
Banco Santander S.A.	390,782		8,442,540
Bankinter S.A. (a)	9,284		168,729
Cintra Concesiones de Infraestructuras de Transporte S.A. (a)	13,160		197,411
Fomento de Construcciones y Contratas S.A. (a)	3,072		228,948
Gamesa Corp. Tecnologica S.A.	10,521		486,774
Gas Natural SDG S.A.	7,593		442,213
Gestevision Telecino S.A. (a)	7,207		182,301
Grupo Ferrovial S.A. (a)	4,336		302,757

Security Description	Shares	Value*
Spain—(Continued)
Iberdrola S.A. (a) (b)	236,442	$	3,579,279
Iberia Lineas Aereas de Espana	35,252		152,596
Inditex S.A. (a)	13,792		838,581
Indra Sistemas S.A. (a)	9,459		254,140
Mapfre S.A. (a)	30,960		135,449
Red Electrica de Espana	6,962		437,533
Repsol YPF S.A.	48,301		1,722,294
Sacyr Vallehermoso S.A. (a)	5,904		227,117
Sociedad General de Aguas de Barcelona S.A. (a)	4,432		178,131
Telefonica S.A.	268,833		8,687,932
Union Fenosa S.A.	6,520		437,310
Zardoya Otis S.A. (a)	7,249		204,121
			37,621,966
Sweden—2.2%
Alfa Laval AB	6,515		362,423
Assa Abloy AB (Series B)	20,057		399,033
Atlas Copco AB (Series A)	45,479		671,423
Atlas Copco AB (Series B)	26,061		351,792
Boliden AB	18,652		231,020
Electrolux AB	17,118		285,244
Getinge AB (Class B)	12,136		324,109
Hennes & Mauritz AB (Series B)	30,251		1,828,352
Husqvarna AB	17,118		202,037
Investor AB	15,800		355,549
Lundin Petroleum AB (a)	16,352		169,094
Modern Times Group AB	3,130		218,437
Nordea Bank AB	131,570		2,182,596
Sandvik AB	61,232		1,040,764
Scania AB	26,572		628,097
Securitas AB	21,462		296,676
Skandinaviska Enskilda Banken AB	29,510		746,317
Skanska AB	25,167		470,037
SKF AB	28,872		483,680
SSAB Svenskt Stal AB (Series A)	11,498		308,639
Svenska Cellulosa AB	34,876		613,323
Svenska Handelsbanken AB	35,259		1,118,372
Swedbank AB	12,400		347,402
Swedish Match AB	18,278		434,914
Tele2 AB	23,123		459,915
Telefonaktiebolaget LM Ericsson (Class B)	940,902		2,199,787
TeliaSonera AB	147,300		1,369,908
Volvo AB (Series A)	32,832		540,571
Volvo AB (Series B)	69,624		1,153,877
			19,793,388
Switzerland—6.2%
ABB, Ltd.	136,348		3,931,178
Actelion, Ltd. (a) (b)	6,285		278,402
Adecco S.A.	8,604		461,373
Ciba Specialty Chemicals AG	4,529		208,539
Credit Suisse Group	65,575		3,942,854
Geberit AG	2,351		320,522
Givaudan AG	405		389,123
Holcim, Ltd.	13,815		1,467,900
Julius Baer Holding AG	6,779		573,025

*See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Switzerland—(Continued)
Kuehne & Nagel International AG	3,252	$	310,041
Lindt & Spruengli AG	55		182,661
Logitech International S.A.	10,725		389,404
Lonza Group AG (a)	2,935		353,027
Nestle S.A.	24,590		11,267,473
Nobel Biocare Holding AG	1,606		424,847
Novartis AG	144,728		7,884,526
Roche Holding AG	43,848		7,552,878
SGS S.A.	302		355,787
Sonova Holding AG	2,594		290,165
Straumann Holding AG	534		150,934
Sulzer AG	196		284,553
Swatch Group AG (Class A)	4,566		266,943
Swatch Group AG (Class B)	2,093		627,502
Swiss Life Holding	2,159		534,482
Swiss Reinsurance	22,569		1,583,159
Swisscom AG	1,500		582,731
Syngenta AG	6,723		1,705,795
UBS AG	129,760		6,025,978
Unaxis Holdings AG	425		194,828
Zurich Financial Services AG	8,914		2,623,261
			55,163,891
United Kingdom—21.6%
3i Group, Plc.	28,037		557,209
Alliance & Leicester, Plc.	12,993		165,486
AMEC, Plc.	25,228		418,473
Anglo American, Plc.	83,031		5,032,001
Antofagasta, Plc.	13,127		185,529
ARM Holdings, Plc. (a)	70,619		173,123
Associated British Foods, Plc.	11,767		209,505
AstraZeneca, Plc.	91,973		3,951,943
Aviva, Plc.	165,050		2,192,222
BAE Systems, Plc.	218,107		2,136,063
Balfour Beatty, Plc.	30,333		297,402
Barclays, Plc.	427,844		4,333,863
Barratt Developments, Plc.	18,894		172,696
BG Group, Plc.	213,112		4,906,566
BHP Billiton, Plc.	144,308		4,444,967
BP, Plc.	1,192,234		14,580,523
British Airways, Plc.	41,370		252,653
British America Tobacco, Plc.	95,291		3,752,272
British Energy Group, Plc.	64,769		702,990
British Land Co., Plc. (REIT)	36,770		685,386
British Sky Broadcasting, Plc.	73,950		906,506
BT Group, Plc.	504,528		2,722,539
Bunzl, Plc.	22,401		314,057
Burberry Group, Plc.	26,876		302,554
Cable & Wireless, Plc.	157,710		581,940
Cadbury Schweppes, Plc.	135,855		1,693,492
Capita Group, Plc.	39,413		551,123
Carnival, Plc.	11,804		518,174
Centrica, Plc.	226,177		1,607,361
Cobham, Plc.	90,123		372,434
Compass Group, Plc.	128,562		783,877
Daily Mail & General Trust	23,944		234,564

Security Description	Shares	Value*
United Kingdom—(Continued)
Diageo, Plc.	164,623	$	3,523,831
DSG International, Plc.	124,943		243,851
EMAP, Plc. (a)	17,862		324,681
Enterprise Inns, Plc.	31,243		300,962
Experian Group, Ltd.	59,983		476,715
FirstGroup, Plc.	30,753		496,355
Friends Provident, Plc.	122,735		396,790
G4S, Plc.	83,089		401,373
GKN, Plc.	50,689		282,350
GlaxoSmithKline, Plc.	353,125		8,961,193
Hammerson, Plc. (REIT)	17,590		357,796
Hays, Plc.	89,608		204,835
HBOS, Plc.	235,004		3,407,722
Home Retail Group, Plc. (b)	67,711		435,241
HSBC Holdings, Plc.	733,916		12,311,110
ICAP, Plc.	36,213		521,212
IMI, Plc.	24,507		190,280
Imperial Chemical Industries, Plc.	75,167		1,002,504
Imperial Tobacco Group, Plc.	43,373		2,361,414
Inchcape, Plc.	34,970		261,294
Intercontinental Hotels Group, Plc.	21,687		378,532
International Power, Plc.	93,731		841,397
Invensys, Plc.	47,928		213,710
Investec, Plc.	26,347		239,901
J. Sainsbury Co.	101,545		854,609
Johnson Matthey, Plc.	14,556		542,101
Kazakhmys, Plc.	6,841		184,769
Kelda Group, Plc.	18,730		403,061
Kesa Electricals, Plc.	35,058		161,570
Kingfisher, Plc.	152,400		438,848
Ladbrokes, Plc.	47,638		304,246
Land Securities Group, Plc. (REIT)	28,545		848,842
Legal & General Group, Plc.	409,084		1,058,300
Liberty International, Plc. (REIT)	16,665		354,662
Lloyds TSB Group, Plc.	351,482		3,277,344
LogicaCMG, Plc.	90,803		211,717
London Stock Exchange Group, Plc.	11,107		435,577
Lonmin, Plc.	5,054		311,814
Man Group, Plc.	100,310		1,153,820
Marks & Spencer Group, Plc.	113,023		1,251,936
Meggitt, Plc.	42,619		280,512
Mitchells & Butlers, Plc.	20,913		175,187
Mondi, Plc.	23,534		197,434
National Express Group, Plc.	7,087		173,093
National Grid, Plc.	167,651		2,771,809
Next, Plc.	13,648		437,762
Old Mutual, Plc.	340,234		1,128,073
Pearson, Plc.	55,668		808,961
Persimmon, Plc.	19,800		315,314
Prudential, Plc.	151,315		2,126,940
Punch Taverns, Plc.	19,122		289,451
Reckitt Benckiser Group, Plc.	37,679		2,176,675
Reed Elsevier, Plc.	80,370		1,081,364
Rentokil Initial, Plc.	138,654		331,140
Resolution, Plc.	42,579		602,480
Reuters Group, Plc.	79,333		1,000,904
Rexam, Plc.	42,308		350,052

*See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
United Kingdom—(Continued)
Rio Tinto, Plc.	62,082	$	6,504,184
Rolls-Royce Group, Plc.	114,239		1,234,779
Royal Bank of Scotland Group, Plc. (a)	631,583		5,678,015
Royal Dutch Shell, Plc. (Class A) (a)	227,319		9,576,469
Royal Dutch Shell, Plc. (Class B)	171,621		7,177,792
SABMiller, Plc.	57,485		1,617,398
Sage Group, Ltd.	78,702		358,414
Schroders, Plc.	5,949		153,075
Scottish & Newcastle, Plc.	48,226		710,508
Scottish & Southern Energy, Plc.	54,779		1,779,371
Segro, Plc. (REIT)	25,798		239,551
Serco Group, Plc.	34,317		313,693
Severn Trent, Plc.	14,349		433,938
Shire, Plc.	17,927		411,855
Signet Group, Plc.	115,653		159,202
Smith & Nephew, Plc.	56,488		649,441
Smiths Group, Plc.	25,680		514,780
Stagecoach Group, Plc.	36,523		204,762
Standard Chartered, Plc.	41,969		1,524,177
Standard Life, Plc.	141,054		717,343
Tate & Lyle, Plc.	33,442		293,476
Taylor Wimpey, Plc.	76,505		305,811
Tesco, Plc.	495,654		4,680,308
The Carphone Warehouse, Plc. (a)	23,467		160,077
Thomas Cook Group, Plc.	33,377		186,055
Tomkins, Plc.	54,938		194,218
Travis Perkins, Plc.	9,603		228,577
TUI Travel, Plc.	44,767		259,494
Tullow Oil, Plc.	45,822		591,226
Unilever, Plc.	82,194		3,082,429
United Business Media, Plc.	20,280		260,026
United Utilities, Plc.	60,703		908,883
Vendeta Resources, Plc.	4,774		192,207
Vodafone Group, Plc.	3,314,325		12,352,526
Whitbread, Plc.	14,040		389,123
William Hill, Plc.	21,132		219,165
WM Morrison Supermarkets, Plc.	77,336		498,825
Wolseley, Plc.	43,462		637,254
WPP Group, Plc.	74,431		952,918
Xstrata, Plc.	39,366		2,772,011
Yell Group, Plc.	44,982		356,616
			193,394,881
United States—2.1%
iShares MSCI EAFE Index Fund (a)	234,400		18,400,400
Synthes, Inc. (CHF) (b)	3,629		448,564
			18,848,964
Total Common Stock (Identified Cost $645,759,682)			876,945,193

Preferred Stock—0.5%
Security Description	Shares	Value*
Australia—0.1%
GPT Group (REIT)	121,164	$	427,755
Macquarie Infrastructure Group (a)	183,237		485,516
			913,271
Germany—0.4%
Fresenius SE	2,720		224,688
Henkel KGaA	10,747		602,426
Porsche AG	561		1,130,525
RWE AG	2,982		361,443
Volkswagen AG	6,775		983,936
			3,303,018
Italy—0.0%
Unipol Gruppo Finanziario S.p.A.	57,044		179,581
Switzerland—0.0%
Schindler Holding AG	4,477		286,185
Total Preferred Stock (Identified Cost $2,987,518)			4,682,055
Units—0.4%
Australia—0.1%
Centro Properties Group (REIT) (a)	62,280		54,761
CFS Retail Property Trust (REIT) (a)	65,218		133,613
Macquarie Office Trust (REIT) (a)	135,057		166,312
Stockland (REIT) (a)	92,213		678,767
			1,033,453
Switzerland—0.3%
Compagnie Financière Richemont S.A.	32,172		2,194,915
United Kingdom—0.0%
Berkeley Group Holdings, Plc.	5,136		139,154
Total Units (Identified Cost $2,193,567)			3,367,522
Rights—0.0%
Hong Kong—0.0%
Wharf Holdings, Ltd. (a)	9,429		12,940
Japan—0.0%
Dowa Mining Co., Ltd.	16,000		5,607
Total Rights (Identified Cost $0)			18,547

*See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Schedule of Investments as of December 31, 2007

Short Term Investments—10.8%

Security Description	Face Amount/Shares		Value*
United States—10.8%
Federal Home Loan Bank 4.150%, 01/14/08	$	1,850,000	$	1,847,829
State Street Navigator Securities Lending Prime Portfolio (e)		95,025,043		95,025,043
Total Short Term Investments (Identified Cost $96,872,872)				96,872,872
Total Investments—109.8% (Identified Cost $747,813,639) (f)				981,886,189
Liabilities in excess of other assets				(87,785,534	)
Total Net Assets—100%			$	894,100,655

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $94,313,789 and the collateral received consisted of cash in the amount of $95,025,043 and non cash collateral with a value of $3,427,179. 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.

(b) Non-Income Producing.

(c) Zero Valued Security.

(d) Security was valued in good faith under procedures established by the Board of Directors.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $757,006,731 and the composition of unrealized appreciation and depreciation of investment securities was $234,793,406 and $(9,913,948), respectively.

(FDR)— Fudiciary Depository Receipt

(REIT)— A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

(AUD)— Australian Dollar

(CHF)— Swiss Franc

(HKD)— Hong Kong Dollar

(NOK)— Norwegian Krone

(SEK)— Swedish Krona

Ten Largest Industries as of December 31, 2007	Percentage of Total Net Assets
Commercial Banks	14.7%
Oil, Gas & Consumable Fuels	7.4%
Metals & Mining	5.4%
Pharmaceuticals	5.2%
Insurance	4.6%
Diversified Telecommunication Services	4.1%
Automobiles	3.3%
Electric Utilities	3.3%
Food Products	2.9%
Chemicals	2.9%

*See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	981,886,189
Cash				130,192
Foreign cash at value (b)				7,439,103
Receivable for:
Securities sold				116,917
Fund shares sold				698,208
Accrued interest and dividends				2,424,017
Foreign taxes				69,548
Total Assets				992,764,174
Liabilities
Payable for:
Securities purchased	$	1,785,967
Fund shares redeemed		1,282,732
Withholding taxes		118,212
Collateral for securities loaned		95,025,043
Accrued expenses:
Management fees		223,959
Service and distribution fees		74,163
Other expenses		153,443
Total Liabilities				98,663,519
Net Assets			$	894,100,655
Net assets consists of:
Capital paid in			$	619,160,962
Undistributed net investment income				16,995,755
Accumulated net realized gains				23,872,672
Unrealized appreciation on investments and foreign currency				234,071,266
Net Assets			$	894,100,655
Computation of offering price:
Class A
Net asset value and redemption price per share ($511,802,825 divided by 29,774,343 shares outstanding)			$	17.19
Class B
Net asset value and redemption price per share ($297,897,580 divided by 17,604,286 shares outstanding)			$	16.92
Class E
Net asset value and redemption price per share ($84,400,250 divided by 4,933,628 shares outstanding)			$	17.11
(a) Identified cost of investments			$	747,813,639
(b) Identified cost of foreign cash			$	7,462,828

(c) Includes cash collateral for securities loaned of $95,025,043.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	21,705,320	(a)
Interest					824,701	(b)
					22,530,021
Expenses
Management fees	$	2,173,284
Service and distribution fees—Class B		671,301
Service and distribution fees—Class E		128,126
Directors’ fees and expenses		23,669
Custodian		537,287
Audit and tax services		36,237
Legal		8,407
Printing		201,864
Insurance		7,048
Miscellaneous		14,951
Total expenses		3,802,174
Management fee waivers		(50,710	)		3,751,464
Net Investment Income					18,778,557
Realized and Unrealized Gain
Realized gain on:
Investments—net		27,166,461
Reimbursement received from affiliate		149,126
Foreign currency transactions—net		80,827			27,396,414
Change in unrealized appreciation (depreciation) on:
Investments—net		19,832,270
Foreign currency transactions—net		(17,539	)		19,814,731
Net gain					47,211,145
Net Increase in Net Assets From Operations				$	65,989,702

(a) Net of foreign taxes of $1,721,129.

(b) Includes net income on securities loaned of $731,604.

See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	18,778,557		$	12,612,701
Net realized gain		27,396,414			8,969,491
Unrealized appreciation		19,814,731			101,925,592
Increase in net assets from operations		65,989,702			123,507,784
From Distributions to Shareholders
Net investment income
Class A		(6,957,555	)		(4,873,215	)
Class B		(4,654,053	)		(2,705,444	)
Class E		(1,623,651	)		(1,274,235	)
		(13,235,259	)		(8,852,894	)
Net realized gain
Class A		(3,710,696	)		0
Class B		(2,816,927	)		0
Class E		(930,691	)		0
		(7,458,314	)		0
Total distributions		(20,693,573	)		(8,852,894	)
Increase in net assets from capital share transactions		214,083,082			57,877,999
Total increase in net assets		259,379,211			172,532,889
Net Assets
Beginning of the period		634,721,444			462,188,555
End of the period	$	894,100,655		$	634,721,444
Undistributed Net Investment Income
End of the period	$	16,995,755		$	11,063,229

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	14,171,371		$	244,141,099		5,399,575		$	77,553,018
Reinvestments	634,637			10,668,251		337,714			4,873,215
Redemptions	(5,081,003	)		(85,752,377	)	(4,423,246	)		(63,386,502	)
Net increase	9,725,005		$	169,056,973		1,314,043		$	19,039,731
Class B
Sales	6,004,028		$	99,957,475		6,399,548		$	90,433,197
Reinvestments	450,602			7,470,980		189,989			2,705,444
Redemptions	(3,507,476	)		(57,974,664	)	(3,298,139	)		(46,325,751	)
Net increase	2,947,154		$	49,453,791		3,291,398		$	46,812,890
Class E
Sales	743,690		$	12,495,190		777,439		$	11,099,892
Reinvestments	152,498			2,554,342		88,612			1,274,235
Redemptions	(1,162,298	)		(19,477,214	)	(1,442,564	)		(20,348,749	)
Net decrease	(266,110	)	$	(4,427,682	)	(576,513	)	$	(7,974,622	)
Increase derived from capital share transactions			$	214,083,082				$	57,877,999

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	16.00		$	12.95		$	11.64		$	9.80		$	7.26
Income From Investment Operations
Net investment income		0.46	(a)		0.35	(a)		0.25			0.21			0.14
Net realized and unrealized gain on investments		1.26			2.95			1.26			1.70			2.54
Total from investment operations		1.72			3.30			1.51			1.91			2.68
Less Distributions
Distributions from net investment income		(0.35	)		(0.25	)		(0.20	)		(0.07	)		(0.14	)
Distributions from net realized capital gains		(0.18	)		0.00			0.00			0.00			0.00
Total distributions		(0.53	)		(0.25	)		(0.20	)		(0.07	)		(0.14	)
Net Asset Value, End of Period	$	17.19		$	16.00		$	12.95		$	11.64		$	9.80
Total Return (%)		10.8			25.7			13.2			19.6			37.6
Ratio of operating expenses to average net assets (%)		0.41			0.49			0.51			0.59			0.71
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.41			0.50			0.51			N/A			N/A
Ratio of net investment income to average net assets (%)		2.69			2.46			2.19			2.01			1.85
Portfolio turnover rate (%)		24			18			22			38			43
Net assets, end of period (000)	$	511,803		$	320,845		$	242,623		$	210,034		$	176,835

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.76		$	12.76		$	11.48		$	9.68		$	7.18
Income From Investment Operations
Net investment income		0.41	(a)		0.31	(a)		0.19			0.12			0.11
Net realized and unrealized gain on investments		1.23			2.91			1.27			1.74			2.51
Total from investment operations		1.64			3.22			1.46			1.86			2.62
Less Distributions
Distributions from net investment income		(0.30	)		(0.22	)		(0.18	)		(0.06	)		(0.12	)
Distributions from net realized capital gains		(0.18	)		0.00			0.00			0.00			0.00
Total distributions		(0.48	)		(0.22	)		(0.18	)		(0.06	)		(0.12	)
Net Asset Value, End of Period	$	16.92		$	15.76		$	12.76		$	11.48		$	9.68
Total Return (%)		10.5			25.5			12.9			19.3			37.2
Ratio of operating expenses to average net assets (%)		0.66			0.74			0.76			0.84			0.96
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.66			0.75			0.76			N/A			N/A
Ratio of net investment income to average net assets (%)		2.46			2.18			1.86			1.60			1.45
Portfolio turnover rate (%)		24			18			22			38			43
Net assets, end of period (000)	$	297,898		$	231,042		$	145,077		$	73,707		$	27,933

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.93		$	12.90		$	11.59		$	9.77		$	7.25
Income From Investment Operations
Net investment income		0.43	(a)		0.33	(a)		0.26			0.19			0.13
Net realized and unrealized gain on investments		1.25			2.94			1.23			1.70			2.52
Total from investment operations		1.68			3.27			1.49			1.89			2.65
Less Distributions
Distributions from net investment income		(0.32	)		(0.24	)		(0.18	)		(0.07	)		(0.13	)
Distributions from net realized capital gains		(0.18	)		0.00			0.00			0.00			0.00
Total distributions		(0.50	)		(0.24	)		(0.18	)		(0.07	)		(0.13	)
Net Asset Value, End of Period	$	17.11		$	15.93		$	12.90		$	11.59		$	9.77
Total Return (%)		10.6			25.6			13.0			19.4			37.3
Ratio of operating expenses to average net assets (%)		0.56			0.64			0.66			0.74			0.86
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.56			0.65			0.66			N/A			N/A
Ratio of net investment income to average net assets (%)		2.57			2.32			2.05			1.91			1.42
Portfolio turnover rate (%)		24			18			22			38			43
Net assets, end of period (000)	$	84,400		$	82,835		$	74,489		$	73,449		$	54,269

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Morgan Stanley EAFE Index Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-19

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-20

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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, or 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received for the option.

The main risk associated with purchasing options 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 position increases and the option is exercised. The risk in writing put options is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Fund Concentration:

The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market

MSF-21

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$14,775,563	$	8,852,894	$	5,918,010	$	—	$	—	$	—	$	20,693,573	$	8,852,894

As of December 31, 2006, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$23,873,802	$	26,187,716	$	224,878,174	$	—	$	274,939,692

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	294,805,000	$	0	$	173,615,029

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.30% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2007 were $2,173,284.

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

Effective April 30, 2007, MetLife Advisers entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MLIAC”) with respect to the Portfolio. MetLife Advisers pays MLIAC an investment subadvisory fee for the Portfolio equal to the costs incurred by MLIAC in providing subadvisory services to the Portfolio. Fees earned by MLIAC with respect to the Portfolio for the period ended December 31, 2007 were $116,765. Prior to April 30, 2007, MetLife served as the subadviser to the Portfolio and for the period January 1, 2007 through April 30, 2007, fees earned by MetLife were $49,854.

MSF-22

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio at the annual rate of 0.007% of average daily net assets. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

Substitution:

On November 9, 2007, the Morgan Stanley EAFE Index Portfolio received and recorded a share subscription for 9,043,463 shares of Class A amounting to $157,446,695 from various shareholder accounts previously invested in the MetLife Investment Funds, Inc. (“MLIF”), an affiliated investment company of the Fund. A portion of the assets received from MLIF were investment securities with a market value of $82,605,776, and transferred in-kind pursuant to a substitution order received from the Securities and Exchange Commission. The balance of the assets was paid in cash. This transaction resulted from the planned liquidation of MLIF, pursuant to a Plan of Liquidation approved by the MLIF Board of Directors on August 16, 2007. The securities received were recorded at value and have been excluded from the calculation of portfolio turnover reported in the Portfolio’s financial highlights. The shares issued in this transaction are included in Sales in the Capital Shares schedule on the Statements of Changes in Net Assets.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of

MSF-23

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-24

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Morgan Stanley EAFE Index Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Morgan Stanley EAFE Index Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-25

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-26

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-27

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-28

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-29

Metropolitan Series Fund, Inc.

Morgan Stanley EAFE Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-30

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-31

Metropolitan Series Fund, Inc. Neuberger Berman Mid Cap Value Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Managed by Neuberger Berman Management, Inc.

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Neuberger Berman Mid Cap Value Portfolio returned 3.4%, compared to its benchmark, the Russell Midcap Value Index¹, which returned -1.4%. The average return of the Portfolio’s peer group, the Lipper Variable Insurance Products Mid-Cap Value Funds Universe², was 2.8% over the same period.

PORTFOLIO REVIEW

The year 2007 was volatile for the equity markets, but most major indices advanced. In the first half, the strength of earnings and stable interest rate policy lifted stocks, but during the summer concern over the impact of subprime mortgage defaults spread to the credit markets, causing a liquidity crunch and dampening enthusiasm for equities. The Federal Reserve stepped in to ease monetary conditions, which helped revive stocks in the fall. However, concern about economic weakness, reflected in slowing retail sales, caused pessimism and stock declines in the fourth quarter. For the year, large-cap issues finished modestly ahead of mid-caps, while small-caps declined. Within the Russell Midcap Value Index, the Energy sector provided the most substantial gains, followed distantly by Materials and Utilities. Financials and Consumer Discretionary suffered substantial losses.

For the year, the Portfolio posted a positive return, outperforming the Russell Midcap Value Index. Energy had the most favorable impact on total return, followed by Materials and Industrials. Consumer Discretionary was the worst laggard, followed by Financials. Relative to the Index, the Portfolio’s overweight in Energy provided the most favorable impact. Stock selection in Materials and Industrials were also considerable positives, with overweights in these sectors also contributing to results, but more modestly.

Our assessment of the credit crunch led us to the view that the recovery in housing was likely to be more protracted than we had anticipated. As such, in the third quarter, we made the decision to exit the bulk of our homebuilding (in Consumer Discretionary) and mortgage-related stocks (in Financials), reinvesting the proceeds in Retail, Energy and Industrials. By the fourth quarter, this change paid significant dividends as we limited our exposure to continued trauma in these areas. However, for the year, Consumer Discretionary and Financials had the worst impact on relative results.

Over the course of the year, problems in the housing and subprime mortgage markets morphed from seemingly narrow issues to factors affecting the broad financial markets and the economy as a whole. Now, it’s clear from a variety of metrics that economic growth has decelerated substantially. Although the Federal Reserve was slow to grasp the breadth and depth of the current problem, it has taken a number of steps to ease credit conditions.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Russell Midcap^® Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and higher forecasted growth values.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL MIDCAP VALUE INDEX

Average Annual Returns as of December 31, 2007

	Neuberger Berman Mid Cap Value Portfolio						Russell MidCap Value Index
	Class A		Class B		Class E
1 Year	3.4	%	3.2	%	3.3	%	-1.4	%
5 Year	16.8		16.5		16.6		17.9
Since Inception	13.1		10.1		10.3		11.0

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 11/9/98, 5/1/01 and 5/1/01, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Chicago Bridge & Iron Co., NV	2.9%
Terex Corp.	2.4%
Freeport-McMoRan Copper & Gold, Inc.	2.4%
Canadian Natural Resources, Ltd.	2.3%
Noble Corp.	2.2%
FirstEnergy Corp.	2.2%
DPL, Inc.	2.1%
Assurant, Inc.	2.1%
Constellation Energy Group	2.1%
United States Steel Corp.	2.0%

Top Sectors

	% of Total Market Value
Industrials	16.4%
Energy	13.1%
Financials	13.1%
Consumer Discretionary	12.9%
Utilities	10.6%
Information Technology	9.2%
Materials	8.6%
Health Care	8.2%
Consumer Staples	6.5%
Cash	1.5%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Neuberger Berman Mid Cap Value—Class A	Actual	0.69	%	$	1,000.00	$	945.30	$	3.38
	Hypothetical	0.69	%	$	1,000.00	$	1,021.69	$	3.52
Neuberger Berman Mid Cap Value—Class B	Actual	0.94	%	$	1,000.00	$	943.90	$	4.61
	Hypothetical	0.94	%	$	1,000.00	$	1,020.41	$	4.79
Neuberger Berman Mid Cap Value—Class E	Actual	0.84	%	$	1,000.00	$	944.20	$	4.12
	Hypothetical	0.84	%	$	1,000.00	$	1,020.92	$	4.28

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—96.9% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—3.3%
L-3 Communications Holdings, Inc.	185,400	$	19,641,276
Spirit Aerosystems Holdings, Inc.	690,100		23,808,450
			43,449,726
Auto Components—1.2%
WABCO Holdings, Inc.	321,200		16,088,908
Automobiles—1.2%
Harley-Davidson, Inc.	333,800		15,591,798
Beverages—1.8%
Constellation Brands, Inc. (a) (b)	996,000		23,545,440
Capital Markets—5.2%
Jefferies Group, Inc.	821,500		18,935,575
Legg Mason, Inc.	92,000		6,729,800
Morgan Stanley	405,800		21,552,038
The Bear Stearns Co., Inc. (a)	242,000		21,356,500
			68,573,913
Communications Equipment—1.0%
Arris Group, Inc. (b)	1,328,700		13,260,426
Construction & Engineering—3.3%
Chicago Bridge & Iron Co., NV	623,800		37,702,471
The Shaw Group, Inc. (b)	92,000		5,560,480
			43,262,951
Electric Utilities—6.0%
DPL, Inc. (a)	940,200		27,876,930
FirstEnergy Corp.	395,600		28,617,704
PPL Corp.	433,100		22,560,179
			79,054,813
Electronic Equipment & Instruments—1.5%
Avnet, Inc.	555,000		19,408,350
Energy Equipment & Services—5.5%
National Oilwell Varco, Inc. (b)	363,300		26,688,018
Noble Corp.	517,700		29,255,227
Oceaneering International, Inc. (b)	247,900		16,696,065
			72,639,310
Food Products—3.1%
ConAgra Foods, Inc.	908,200		21,606,078
Smithfield Foods, Inc. (a) (b)	639,500		18,494,340
			40,100,418
Health Care Equipment & Supplies—0.7%
Covidien, Ltd.	211,400		9,362,906
Health Care Providers & Services—4.4%
Aetna, Inc.	404,800		23,369,104
CIGNA Corp.	401,800		21,588,714

Security Description	Shares	Value*
Health Care Providers & Services—(Continued)
Coventry Health Care, Inc. (b)	224,850	$	13,322,362
			58,280,180
Household Durables—3.0%
NVR, Inc. (a) (b)	46,200		24,208,800
Whirlpool Corp. (a)	191,200		15,607,656
			39,816,456
Independent Power Producers & Energy Traders—4.6%
Constellation Energy Group	265,500		27,221,715
Mirant Corp. (b)	365,200		14,235,496
NRG Energy, Inc. (a) (b)	444,000		19,242,960
			60,700,171
Industrial Conglomerates—1.9%
McDermott International, Inc. (b)	433,800		25,607,214
Insurance—3.9%
Assurant, Inc. (a)	410,160		27,439,704
Endurance Specialty Holdings, Ltd. (a)	183,300		7,649,109
StanCorp Financial Group, Inc.	314,800		15,859,624
			50,948,437
IT Services—1.7%
Affiliated Computer Services, Inc. (Class A) (b)	496,000		22,369,600
Machinery—5.3%
Eaton Corp.	223,600		21,678,020
Joy Global, Inc.	255,700		16,830,174
Terex Corp.	480,400		31,499,828
			70,008,022
Marine—1.1%
Eagle Bulk Shipping, Inc. (a)	543,300		14,424,615
Media—1.3%
The McGraw-Hill Cos., Inc.	382,900		16,774,849
Metals & Mining—8.6%
Cleveland-Cliffs, Inc. (a)	195,400		19,696,320
Freeport-McMoRan Copper & Gold, Inc.	302,200		30,957,369
Sterlite Industries India, Ltd. (ADR) (a) (b)	572,900		14,935,503
Teck Cominco, Ltd. (Class B) (CAD)	570,100		20,358,271
United States Steel Corp.	221,100		26,733,201
			112,680,664
Multiline Retail—3.1%
J.C. Penney Co., Inc.	430,400		18,933,296
Macy’s, Inc.	589,813		15,258,462
Saks, Inc. (a) (b)	306,400		6,360,864
			40,552,622

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Oil, Gas & Consumable Fuels—7.5%
Canadian Natural Resources, Ltd.	407,700	$	29,819,178
Denbury Resources, Inc. (b)	705,000		20,973,750
Ship Finance International, Ltd. (a)	482,013		13,356,580
Southwestern Energy Co. (b)	252,000		14,041,440
Talisman Energy, Inc.	504,615		9,345,470
XTO Energy, Inc.	216,010		11,094,274
			98,630,692
Personal Products—1.6%
NBTY, Inc. (b)	774,015		21,208,011
Pharmaceuticals—3.0%
Endo Pharmaceuticals Holdings, Inc. (b)	674,600		17,991,582
Shire, Plc. (ADR)	319,700		22,043,315
			40,034,897
Real Estate Investment Trusts—4.0%
Annaly Capital Management, Inc.	719,120		13,073,602
Developers Diversified Realty Corp.	187,600		7,183,204
First Industrial Realty Trust, Inc. (a)	224,100		7,753,860
iStar Financial, Inc. (a)	424,700		11,063,435
Ventas, Inc.	286,000		12,941,500
			52,015,601
Semiconductors & Semiconductor Equipment—1.6%
International Rectifier Corp. (a) (b)	604,700		20,541,659
Software—3.4%
Activision, Inc. (b)	346,900		10,302,930
Check Point Software Technologies, Ltd. (b)	519,106		11,399,568
Take-Two Interactive Software, Inc. (a) (b)	1,255,500		23,163,975
			44,866,473
Specialty Retail—2.3%
Abercrombie & Fitch Co. (Class A)	113,900		9,108,583
Aeropostale, Inc. (b)	247,000		6,545,500
TJX Cos., Inc.	510,300		14,660,919
			30,315,002
Textiles, Apparel & Luxury Goods—0.8%
Liz Claiborne, Inc. (a)	495,800		10,089,530
Total Common Stock (Identified Cost $1,125,785,908)			1,274,203,654
Preferred Stock—1.3%
Aerospace & Defense—1.3%
Empresa Brasileira de Aeronautica S.A. (ADR)	372,500		16,982,275
Total Preferred Stock (Identified Cost $14,998,533)			16,982,275

Short Term Investments—14.9%
Security Description	Shares/ Face Amount		Value*
Mutual Funds—12.9%
State Street Navigator Securities Lending Prime Portfolio (c)		168,835,271	$	168,835,271
Repurchase Agreement—2.0%
State Street Corp. Repurchase Agreement dated 12/31/07 at 1.20% to be repurchased at $26,794,786 on 1/02/08, collateralized by $23,440,000 U.S. Treasury Bond 6.00% due 2/15/26 with a value of $27,600,600.	$	26,793,000		26,793,000
Total Short Term Investments (Identified Cost $195,628,271)				195,628,271
Total Investments—113.1% (Identified Cost $1,336,412,712) (d)				1,486,814,200
Liabilities in excess of other assets				(171,907,482	)
Total Net Assets—100%			$	1,314,906,718

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $206,801,017 and the collateral received consisted of cash in the amount of $168,835,271 and non cash collateral with a value of $43,499,632. 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.

(b) Non-Income Producing.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,336,188,518 and the composition of unrealized appreciation and depreciation of investment securities was $220,810,654 and $(70,184,972), respectively.

(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.

(CAD)— Canadian Dollar

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	1,486,814,200
Cash				31
Receivable for:
Securities sold				1,301,094
Fund shares sold				655,954
Accrued interest and dividends				1,436,120
Foreign taxes				160
Total Assets				1,490,207,559
Liabilities
Payable for:
Securities purchased	$	4,547,933
Fund shares redeemed		1,009,448
Withholding taxes		68,877
Collateral for securities loaned		168,835,271
Accrued expenses:
Management fees		708,130
Service and distribution fees		86,961
Other expenses		44,221
Total Liabilities				175,300,841
Net Assets			$	1,314,906,718
Net assets consists of:
Capital paid in			$	1,161,542,036
Undistributed net investment income				9,312,085
Accumulated net realized losses				(6,354,786	)
Unrealized appreciation on investments and foreign currency				150,407,383
Net Assets			$	1,314,906,718
Computation of offering price:
Class A
Net asset value and redemption price per share ($871,569,426 divided by 40,994,300 shares outstanding)			$	21.26
Class B
Net asset value and redemption price per share ($361,252,039 divided by 17,177,459 shares outstanding)			$	21.03
Class E
Net asset value and redemption price per share ($82,085,253 divided by 3,876,450 shares outstanding)			$	21.18
(a) Identified cost of investments			$	1,336,412,712

(b) Includes cash collateral for securities loaned of $168,835,271.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	20,356,136	(a)
Interest					1,751,939	(b)
					22,108,075
Expenses
Management fees	$	7,500,564
Service and distribution fees—Class B		881,384
Service and distribution fees—Class E		133,977
Directors’ fees and expenses		23,669
Custodian		98,096
Audit and tax services		31,737
Legal		13,405
Printing		317,355
Insurance		11,226
Miscellaneous		16,291
Total expenses		9,027,704
Expense reductions		(248,309	)		8,779,395
Net Investment Income					13,328,680
Realized and Unrealized Gain (Loss)
Realized loss on:
Investments—net		(10,328,331	)
Futures contracts—net		(178,304	)
Foreign currency transactions—net		(1,975	)		(10,508,610	)
Change in unrealized appreciation on:
Investments—net		23,260,412
Foreign currency transactions—net		6,041			23,266,453
Net gain					12,757,843
Net Increase in Net Assets From Operations				$	26,086,523

(a) Net of foreign taxes of $176,635.

(b) Includes net income on securities loaned of $1,173,368.

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	13,328,680		$	6,365,226
Net realized gain (loss)		(10,508,610	)		31,895,557
Unrealized appreciation		23,266,453			52,306,093
Increase in net assets from operations		26,086,523			90,566,876
From Distributions to Shareholders
Net investment income
Class A		(3,653,118	)		(2,278,227	)
Class B		(1,085,328	)		(662,115	)
Class E		(369,343	)		(335,325	)
		(5,107,789	)		(3,275,667	)
Net realized gain
Class A		(19,661,495	)		(41,155,752	)
Class B		(10,264,105	)		(22,662,908	)
Class E		(2,686,871	)		(8,496,351	)
		(32,612,471	)		(72,315,011	)
Total distributions		(37,720,260	)		(75,590,678	)
Increase in net assets from capital share transactions		381,397,860			199,126,077
Total increase in net assets		369,764,123			214,102,275
Net Assets
Beginning of the period		945,142,595			731,040,320
End of the period	$	1,314,906,718		$	945,142,595
Undistributed Net Investment Income
End of the period	$	9,312,085		$	5,438,013

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	20,952,460		$	455,646,071		9,832,182		$	200,950,338
Reinvestments	1,038,513			23,314,613		2,095,223			43,433,979
Redemptions	(6,570,813	)		(142,938,314	)	(6,802,398	)		(138,222,422	)
Net increase	15,420,160		$	336,022,370		5,125,007		$	106,161,895
Class B
Sales	4,778,926		$	103,820,476		6,271,533		$	127,421,240
Reinvestments	510,087			11,349,433		1,135,038			23,325,023
Redemptions	(2,939,477	)		(63,331,566	)	(2,658,825	)		(53,486,709	)
Net increase	2,349,536		$	51,838,343		4,747,746		$	97,259,554
Class E
Sales	612,491		$	13,516,410		801,181		$	16,648,526
Reinvestments	136,560			3,056,214		427,270			8,831,676
Redemptions	(1,066,379	)		(23,035,477	)	(1,469,228	)		(29,775,574	)
Net decrease	(317,328	)	$	(6,462,853	)	(240,777	)	$	(4,295,372	)
Increase derived from capital share transactions			$	381,397,860				$	199,126,077

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	21.27		$	20.97		$	20.67		$	17.35		$	12.76
Income From Investment Operations
Net investment income		0.27	(a)		0.18	(a)		0.12			0.07			0.06
Net realized and unrealized gain on investments		0.50			2.18			2.08			3.82			4.58
Total from investment operations		0.77			2.36			2.20			3.89			4.64
Less Distributions
Distributions from net investment income		(0.12	)		(0.11	)		(0.06	)		(0.05	)		(0.05	)
Distributions from net realized capital gains		(0.66	)		(1.95	)		(1.84	)		(0.52	)		0.00
Total distributions		(0.78	)		(2.06	)		(1.90	)		(0.57	)		(0.05	)
Net Asset Value, End of Period	$	21.26		$	21.27		$	20.97		$	20.67		$	17.35
Total Return (%)		3.4			11.5			12.3			22.9			36.5
Ratio of operating expenses to average net assets before expense reductions (%)		0.69			0.73			0.76			0.76			0.80
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.67			0.70			0.75			0.73			0.77
Ratio of net investment income to average net assets (%)		1.24			0.86			0.67			0.43			0.41
Portfolio turnover rate (%)		60			47			90			55			61
Net assets, end of period (000)	$	871,569		$	544,070		$	428,897		$	327,782		$	222,050

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	21.05		$	20.78		$	20.51		$	17.23		$	12.69
Income From Investment Operations
Net investment income		0.21	(a)		0.12	(a)		0.07			0.03			0.03
Net realized and unrealized gain on investments		0.50			2.16			2.06			3.79			4.55
Total from investment operations		0.71			2.28			2.13			3.82			4.58
Less Distributions
Distributions from net investment income		(0.07	)		(0.06	)		(0.02	)		(0.02	)		(0.04	)
Distributions from net realized capital gains		(0.66	)		(1.95	)		(1.84	)		(0.52	)		0.00
Total distributions		(0.73	)		(2.01	)		(1.86	)		(0.54	)		(0.04	)
Net Asset Value, End of Period	$	21.03		$	21.05		$	20.78		$	20.51		$	17.23
Total Return (%)		3.2			11.2			11.9			22.7			36.2
Ratio of operating expenses to average net assets before expense reductions (%)		0.94			0.98			1.01			1.01			1.05
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.92			0.95			0.99			0.98			1.02
Ratio of net investment income to average net assets (%)		0.97			0.61			0.46			0.17			0.18
Portfolio turnover rate (%)		60			47			90			55			61
Net assets, end of period (000)	$	361,252		$	312,192		$	209,448		$	93,366		$	27,173

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	21.19		$	20.90		$	20.61		$	17.31		$	12.74
Income From Investment Operations
Net investment income		0.23	(a)		0.15	(a)		0.10			0.05			0.05
Net realized and unrealized gain on investments		0.51			2.17			2.06			3.81			4.57
Total from investment operations		0.74			2.32			2.16			3.86			4.62
Less Distributions
Distributions from net investment income		(0.09	)		(0.08	)		(0.03	)		(0.04	)		(0.05	)
Distributions from net realized capital gains		(0.66	)		(1.95	)		(1.84	)		(0.52	)		0.00
Total distributions		(0.75	)		(2.03	)		(1.87	)		(0.56	)		(0.05	)
Net Asset Value, End of Period	$	21.18		$	21.19		$	20.90		$	20.61		$	17.31
Total Return (%)		3.3			11.3			12.1			22.8			36.4
Ratio of operating expenses to average net assets before expense reductions (%)		0.84			0.88			0.91			0.91			0.95
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.82			0.85			0.90			0.88			0.92
Ratio of net investment income to average net assets (%)		1.06			0.72			0.52			0.28			0.29
Portfolio turnover rate (%)		60			47			90			55			61
Net assets, end of period (000)	$	82,085		$	88,880		$	92,695		$	72,652		$	28,400

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Neuberger Berman Mid Cap Value Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-11

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at

MSF-12

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$10,970,152	$	10,651,798	$	26,750,108	$	64,938,880	$	—	$	—	$	37,720,260	$	75,590,678

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$8,556,613	$	12,894,163	$	150,631,577	$	—	$	172,082,353

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	1,031,778,078	$	0	$	673,215,138

MSF-13

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$7,500,564	0.650%	Of the first $1.0 billion
	0.600%	On amounts in excess of $1.0 billion

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Neuberger Berman Management, Inc. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. The Portfolio’s outstanding loans at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American

MSF-14

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-15

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Neuberger Berman Mid Cap Value Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Neuberger Berman Mid Cap Value Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-16

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-18

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-19

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-20

Metropolitan Series Fund, Inc.

Neuberger Berman Mid Cap Value Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-21

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-22

Metropolitan Series Fund, Inc. Oppenheimer Global Equity Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Managed by OppenheimerFunds, Inc.

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Oppenheimer Global Equity Portfolio returned 6.5%, compared to its benchmark, the Morgan Stanley Capital International (MSCI) World Index¹, which returned 9.0%. The average return of its peer group, the Lipper Variable Insurance Products Global Growth Funds Universe², was 13.2% over the same period.

PORTFOLIO REVIEW

Global markets were highly volatile during the year, as market fears about continued fall-out from the turmoil in the credit markets, the rising price of oil and the falling dollar were somewhat offset by the easing of the U.S. monetary policy. The past year has in fact been a period of unprecedented high oil prices and very high prices of commodities, both hard and soft, especially compared to the last twenty years. The U.S. housing market has been tumultuous, with significant concerns in the sub-prime and near-prime mortgage markets leading to a substantial tightening of credit and a consequential decline in housing prices. Inflation, while relatively subdued in much of the world, also began to show incipient signs of creeping back in a number of countries.

The most significant contribution to the underperformance of the Portfolio was the Portfolio’s lack of holdings of metals and materials stocks and its relative underweight in energy and utilities stocks. Its substantial position in technology stocks hurt its relative performance too. Our relative underweight in stocks in the financial sector, especially U.S.-based companies, helped returns, as we partially anticipated a more difficult economic environment for financial stocks.

Given the strategic orientation of the Portfolio, which focuses on long-term sustainable competitive advantage and away from commodities, the past year’s environment was somewhat unfavorable for our long-term strategy. We had some success in the past year from our investments in our second-largest holding Siemens AG, the German conglomerate, where restructuring continues to deliver value. Also, Nintendo Co. Ltd., which had a blockbuster release of its new Wii gaming platform and continued its dominance of the handheld electronic games business, more than doubled in the past year. Juniper Networks, Inc., one of the world’s leading network equipment providers, gained as evidence of the need to increase network capacity in telecom networks mounted. Among our long-term holdings, Vodafone Group, Plc, our third-largest holding, and Porsche AG, also had good years. Our lack of oil orientation notwithstanding, our investments in the increased complexity of the oil business also proved to be excellent investments. Transocean, Inc., the world’s largest driller and Hyundai Heavy Industries, the world’s largest shipbuilder (whose stock we sold and took profits), both had stellar years.

Our largest holding as of December 31, 2007, Telefonaktiebolaget LM Ericsson, the leading wireless network equipment producer in the world had a terrible year, falling considerably, as order shortfalls played havoc with the stock price. We believed that its world leading technology, significant barriers to entry, and a compelling valuation presage excellent long term prospects for the company. Japan was the location of many of our poor performers. The lack of growth in the Japanese domestic economy hurt our holdings of Japanese banks. A dramatic reduction in the maximum interest chargeable by finance companies in Japan through a change in regulation hurt our holding in Credit Saison Co., Ltd. Regulatory changes in gaming laws affected the sales of pachinko and pachislot machines which substantially reduced Sega Sammy Holdings, Inc.’s profit and stock price. One of our most trying holdings has been Advanced Micro Devices, Inc., which declined sharply as a result of missteps and delays.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Morgan Stanley Capital International (MSCI) World^® Index is a capitalization weighted index that measures performance of stocks from around the world.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

A $10,000 INVESTMENT COMPARED TO

THE MSCI WORLD INDEX

Average Annual Returns as of December 31, 2007

	Oppenheimer Global Equity Portfolio						MSCI World Index
	Class A		Class B		Class E
1 Year	6.5	%	6.3	%	6.3	%	9.0	%
5 Year	17.0		—		16.8		17.0
10 Year	8.2		—		—		7.0
Since Inception	—		13.9		7.5		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable

annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 3/3/97, 4/26/04 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Telefonaktiebolaget LM Ericsson	2.8%
Siemens AG	2.5%
Vodafone Group, Plc.	2.4%
Microsoft Corp.	1.9%
Hennes & Mauritz AB (Series B)	1.8%
Juniper Networks, Inc.	1.8%
Sony Corp.	1.7%
eBay, Inc.	1.6%
LVMH Moet Hennessy Louis Vuitton S.A.	1.5%
Credit Suisse Group	1.4%

Top Countries

	% of Total Net Assets
United States	40.9%
United Kingdom	12.3%
Japan	11.3%
Germany	7.2%
Sweden	6.5%
France	5.6%
India	3.1%
Netherlands	2.9%
Mexico	2.8%
Switzerland	2.8%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Oppenheimer Global Equity—Class A	Actual	0.61	%	$	1,000.00	$	980.40	$	3.04
	Hypothetical	0.61	%	$	1,000.00	$	1,022.10	$	3.11
Oppenheimer Global Equity—Class B	Actual	0.86	%	$	1,000.00	$	979.20	$	4.29
	Hypothetical	0.86	%	$	1,000.00	$	1,020.82	$	4.38
Oppenheimer Global Equity—Class E	Actual	0.76	%	$	1,000.00	$	979.80	$	3.79
	Hypothetical	0.76	%	$	1,000.00	$	1,021.33	$	3.87

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—95.9% of Total Net Assets

Security Description	Shares	Value*
Australia—0.0%
Aristocrat Leisure, Ltd. (a)	49,000	$	481,667
Canada—1.3%
Husky Energy, Inc.	281,800		12,718,079
Cayman Islands—2.4%
ACE, Ltd.	100,970		6,237,926
Transocean, Inc.	88,758		12,705,708
XL Capital, Ltd. (Class A) (a)	82,810		4,166,171
			23,109,805
Finland—1.0%
Fortum Oyj	210,680		9,417,310
France—5.6%
BNP Paribas (a)	32,510		3,489,524
LVMH Moet Hennessy Louis Vuitton S.A. (a)	119,561		14,348,957
NicOx S.A. (a) (b)	51,405		817,238
Sanofi-Aventis	115,482		10,539,592
Société Générale	57,449		8,198,250
Technip S.A.	129,570		10,232,670
Total S.A.	72,158		5,979,560
			53,605,791
Germany—6.1%
Allianz SE	59,420		12,690,701
Bayerische Motoren Werke AG	159,535		9,836,977
SAP AG	229,360		11,832,866
Siemens AG	156,468		24,527,690
			58,888,234
India—3.1%
Dish TV India, Ltd. (b)	597,114		1,538,627
Hindustan Lever, Ltd.	1,028,800		5,550,841
ICICI Bank, Ltd. (ADR)	58,630		3,605,745
Infosys Technologies, Ltd.	261,126		11,662,222
Wire & Wireless India, Ltd. (b)	556,330		1,402,399
Zee Telefilms, Ltd.	731,560		6,100,212
			29,860,046
Italy—0.9%
Bulgari S.p.A.	335,700		4,663,850
Tod’s S.p.A. (a)	60,600		4,219,444
			8,883,294
Japan—11.3%
Chugai Pharmaceutical Co., Ltd. (a)	166,100		2,372,618
Credit Saison Co., Ltd.	176,200		4,807,474
Fanuc, Ltd.	27,300		2,663,058
Hoya Corp.	214,800		6,854,753
KDDI Corp.	1,376		10,216,256
Keyence Corp.	20,900		5,119,639
Kyocera Corp.	52,200		4,566,981
Mitsubishi Electric Corp.	368,000		3,800,310

Security Description	Shares	Value*
Japan—(Continued)
Murata Manufacturing Co., Ltd.	130,300	$	7,577,248
Nidec Corp.	36,000		2,672,302
Nintendo Co., Ltd.	9,800		5,949,515
Secom Co., Ltd.	105,000		5,747,909
Sega Sammy Holdings, Inc. (a)	131,700		1,644,001
Seven & I Holdings Co., Ltd.	108,891		3,166,317
Shionogi & Co., Ltd.	436,000		7,687,517
Sony Corp.	301,628		16,367,307
Sony Financial Holdings, Inc.	390		1,482,143
Square Enix Co., Ltd. (a)	140,400		4,302,649
Sumitomo Mitsui Financial Group, Inc. (a)	755		5,617,544
Toyota Motor Corp.	115,200		6,200,099
			108,815,640
Mexico—2.1%
Fomento Economico Mexicano S.A. de C.V. (a)	1,876,860		7,177,935
Grupo Modelo S.A. de C.V. (a)	864,910		4,118,110
Grupo Televisa S.A. (ADR)	388,870		9,243,440
			20,539,485
Netherlands—2.9%
European Aeronautic Defense & Space Co. NV (a)	312,957		9,920,526
Koninklijke Philips Electronics NV	287,048		12,421,753
TNT NV (b)	124,000		5,152,373
			27,494,652
Norway—0.5%
Tandberg ASA	255,970		5,270,135
Panama—1.2%
Carnival Corp. (a)	262,370		11,672,841
South Korea—1.5%
Samsung Electronics Co., Ltd.	8,471		4,979,189
SK Telecom Co., Ltd. (ADR) (a)	310,340		9,260,546
			14,239,735
Spain—1.0%
Inditex S.A. (a)	154,790		9,397,698
Sweden—6.5%
Assa Abloy AB (Series B)	518,300		10,317,464
Hennes & Mauritz AB (Series B)	289,110		17,483,637
Investor AB	328,957		7,406,781
Telefonaktiebolaget LM Ericsson (Class B)	11,700,680		27,371,335
			62,579,217
Switzerland—2.8%
Basilea Pharmaceuticals	5,416		1,047,582
Credit Suisse Group	230,719		13,860,903
Roche Holding AG (b)	67,758		11,661,622
			26,570,107

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Taiwan—1.8%
MediaTek, Inc.	717,455	$	9,232,584
Taiwan Semiconductor Manufacturing Co., Ltd.	2,921,217		5,555,782
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	236,676		2,357,293
			17,145,659
United Kingdom—12.3%
3i Group, Plc.	116,230		2,302,998
BP, Plc. (ADR)	111,250		8,140,163
Burberry Group, Plc.	338,803		3,802,542
Cadbury Schweppes, Plc.	798,931		9,929,004
Diageo, Plc.	237,532		5,069,154
Experian Group, Ltd.	308,498		2,444,398
HSBC Holdings, Plc.	530,857		8,875,246
Pearson, Plc.	275,262		3,988,020
Prudential, Plc.	625,772		8,769,567
Reckitt Benckiser Group, Plc.	220,388		12,693,193
Royal Bank of Scotland Group, Plc.	1,213,716		10,878,574
RT Group, Plc. (c) (d) (e)	282,264		0
Smith & Nephew, Plc.	421,628		4,832,830
Tesco, Plc.	1,011,829		9,525,587
Vodafone Group, Plc.	6,232,941		23,160,210
WPP Group, Plc.	350,345		4,471,843
			118,883,329
United States—31.6%
3M Co.	117,070		9,871,342
Acadia Pharmaceuticals, Inc. (a) (b)	75,300		833,571
Adobe Systems, Inc. (b)	277,370		11,852,020
Advanced Micro Devices, Inc. (a) (b)	601,610		4,512,075
Aflac, Inc.	120,600		7,553,178
Altera Corp. (b)	302,230		5,839,084
American International Group, Inc.	159,400		9,293,020
Automatic Data Processing, Inc.	249,010		11,088,415
Boeing Co.	52,760		4,614,390
Chevron Corp.	90,070		8,406,233
Cisco Systems, Inc. (b)	160,410		4,342,299
Coach, Inc. (b)	74,680		2,283,714
Colgate-Palmolive Co.	112,800		8,793,888
Corning, Inc. (b)	466,610		11,193,974
Cree, Inc. (a) (b)	201,140		5,525,316
eBay, Inc. (b)	464,030		15,401,156
Emerson Electric Co.	217,500		12,323,550
Genentech, Inc. (b)	48,540		3,255,578
Gilead Sciences, Inc. (b)	209,360		9,632,654
Hospira, Inc. (b)	25,800		1,100,112
InterMune, Inc. (a) (b)	68,300		910,439
International Game Technology	143,670		6,311,423
Intuit, Inc. (b)	348,220		11,007,234
Johnson & Johnson	36,950		2,464,565
Juniper Networks, Inc. (b)	518,800		17,224,160
Linear Technology Corp. (a)	124,910		3,975,885
Lockheed Martin Corp.	58,980		6,208,235
Maxim Integrated Products, Inc.	278,590		7,377,063
McDonald’s Corp.	140,500		8,276,855
Microsoft Corp.	511,360		18,204,416

Security Description	Shares	Value*
United States—(Continued)
Nektar Therapeutics (a) (b)	68,770	$	461,447
Northern Trust Corp.	147,360		11,284,829
Northrop Grumman Corp.	65,430		5,145,415
Pharmion Corp. (b)	22,500		1,414,350
Praxair, Inc.	37,600		3,335,496
Raytheon Co.	108,150		6,564,705
Regeneron Pharmaceuticals, Inc. (a) (b)	43,890		1,059,943
Seattle Genetics, Inc. (a) (b)	104,026		1,185,896
Shuffle Master, Inc. (a) (b)	72,900		874,071
Sirius Satellite Radio, Inc. (a) (b)	2,356,460		7,140,074
The Walt Disney Co. (a)	304,760		9,837,653
Theravance, Inc. (a) (b)	104,580		2,039,310
Tiffany & Co. (a)	196,500		9,044,895
United Parcel Service, Inc. (Class B)	32,800		2,319,616
Wal-Mart Stores, Inc.	188,910		8,978,892
Xilinx, Inc. (a)	201,990		4,417,521
			304,779,957
Total Common Stock (Identified Cost $819,351,970)			924,352,681
Preferred Stock—2.8%
Brazil—1.0%
Empresa Brasileira de Aeronautica S.A. (ADR)	209,410		9,547,002
Germany—1.1%
Bayerische Motoren Werke AG	50,509		2,666,881
Porsche AG	3,712		7,469,410
			10,136,291
Mexico—0.7%
Companhia de Bebidas das Americas (ADR)	100,150		7,113,655
Total Preferred Stock (Identified Cost $18,181,751)			26,796,948

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Schedule of Investments as of December 31, 2007

Short Term Investments—9.3%

Security Description	Shares/ Face Amount		Value*
United States—9.3%
State Street Navigator Securities Lending Prime Portfolio (f)		78,969,766	$	78,969,766
State Street Corp. Repurchase Agreement dated 12/31/07 at 1.20% to be repurchased at $10,555,704 on 1/02/08, collateralized by $7,700,000 U.S. Treasury Bond 8.50% due 2/15/20 with a value of $10,770,375.	$	10,555,000		10,555,000
Total Short Term Investments (Identified Cost $89,524,766)				89,524,766
Total Investments—108.0% (Identified Cost $927,058,487) (g)				1,040,674,395
Liabilities in excess of other assets				(76,854,060	)
Total Net Assets—100%			$	963,820,335

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $108,743,276 and the collateral received consisted of cash in the amount of $ 78,969,766 and non cash collateral with a value of $34,210,119. 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.

(b) Non-Income Producing.

(c) Non-Income Producing; issuer filed under Chapter 11 of the Federal Bankruptcy Code.

(d) Zero Valued Security.

(e) Security was valued in good faith under procedures established by the Board of Directors.

(f) Represents investment of cash collateral received from securities lending transactions.

(g) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $931,361,273 and the composition of unrealized appreciation and depreciation of investment securities was $161,183,416 and $(51,870,294), respectively.

(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.

Ten Largest Industries as of December 31, 2007	Percentage of Total Net Assets
Software	6.7%
Communications Equipment	6.2%
Semiconductors & Semiconductor Equipment	5.6%
Insurance	5.2%
Oil, Gas & Consumable Fuels	4.6%
Media	4.5%
Wireless Telecommunication Services	4.4%
Aerospace & Defense	4.4%
Commercial Banks	4.2%
Specialty Retail	3.7%

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	1,040,674,395
Cash				741
Foreign cash at value (b)				2,008,180
Receivable for:
Fund shares sold				193,307
Accrued interest and dividends				966,467
Foreign taxes				43,874
Total Assets				1,043,886,964
Liabilities
Payable for:
Fund shares redeemed	$	363,626
Withholding taxes		142,573
Collateral for securities loaned		78,969,766
Accrued expenses:
Management fees		421,595
Service and distribution fees		64,055
Other expenses		105,014
Total Liabilities				80,066,629
Net Assets			$	963,820,335
Net assets consists of:
Capital paid in			$	810,630,194
Undistributed net investment income				12,317,160
Accumulated net realized gains				27,369,848
Unrealized appreciation on investments and foreign currency				113,503,133
Net Assets			$	963,820,335
Computation of offering price:
Class A
Net asset value and redemption price per share ($653,909,844 divided by 37,361,082 shares outstanding)			$	17.50
Class B
Net asset value and redemption price per share ($285,117,715 divided by 16,348,494 shares outstanding)			$	17.44
Class E
Net asset value and redemption price per share ($24,792,776 divided by 1,421,356 shares outstanding)			$	17.44
(a) Identified cost of investments			$	927,058,487
(b) Identified cost of foreign cash			$	1,995,763

(c) Includes cash collateral for securities loaned of $78,969,766.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	16,638,794	(a)
Interest					973,134	(b)
					17,611,928
Expenses
Management fees	$	5,003,683
Service and distribution fees—Class B		701,610
Service and distribution fees—Class E		37,285
Directors’ fees and expenses		23,669
Custodian		492,043
Audit and tax services		36,237
Legal		11,128
Printing		339,813
Insurance		10,032
Miscellaneous		16,653
Total expenses					6,672,153
Net Investment Income					10,939,775
Realized and Unrealized Gain
Realized gain on:
Investments—net		28,799,323
Foreign currency transactions—net		2,735,522			31,534,845
Change in unrealized appreciation (depreciation) on:
Investments—net		16,715,818
Foreign currency transactions—net		(22,791	)		16,693,027
Net gain					48,227,872
Net Increase in Net Assets From Operations				$	59,167,647

(a) Net of foreign taxes of $1,300,013.

(b) Includes net income on securities loaned of $912,585.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	10,939,775		$	8,353,873
Net realized gain		31,534,845			13,346,068
Unrealized appreciation		16,693,027			61,071,625
Increase in net assets from operations		59,167,647			82,771,566
From Distributions to Shareholders
Net investment income
Class A		(7,335,264	)		(6,101,747	)
Class B		(2,440,729	)		(1,075,045	)
Class E		(241,497	)		(559,487	)
		(10,017,490	)		(7,736,279	)
Net realized gain
Class A		(9,569,355	)		(4,715,671	)
Class B		(4,046,887	)		(926,967	)
Class E		(358,756	)		(454,856	)
		(13,974,998	)		(6,097,494	)
Total distributions		(23,992,488	)		(13,833,773	)
Increase (decrease) in net assets from capital share transactions		(4,231,804	)		589,438,114
Total increase in net assets		30,943,355			658,375,907
Net Assets
Beginning of the period		932,876,980			274,501,073
End of the period	$	963,820,335		$	932,876,980
Undistributed Net Investment Income
End of the period	$	12,317,160		$	8,353,803

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	4,194,704		$	73,742,074		28,196,746		$	445,346,815
Reinvestments	967,637			16,904,619		687,257			10,817,418
Redemptions	(6,228,657	)		(109,336,843	)	(5,417,003	)		(83,897,755	)
Net increase (decrease)	(1,066,316	)	$	(18,690,150	)	23,467,000		$	372,266,478
Class B
Sales	3,442,632		$	60,341,810		15,166,597		$	239,200,993
Reinvestments	371,996			6,487,616		127,354			2,002,012
Redemptions	(2,968,518	)		(52,002,112	)	(1,637,262	)		(25,211,269	)
Net increase	846,110		$	14,827,314		13,656,689		$	215,991,736
Class E
Sales	267,137		$	4,723,139		421,002		$	6,535,337
Reinvestments	34,438			600,253		64,608			1,014,343
Redemptions	(326,485	)		(5,692,360	)	(412,215	)		(6,369,780	)
Net increase (decrease)	(24,910	)	$	(368,968	)	73,395		$	1,179,900
Increase (decrease) derived from capital share transactions			$	(4,231,804	)			$	589,438,114

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	16.86		$	15.11		$	13.09		$	11.43		$	8.98
Income From Investment Operations
Net investment income		0.21	(a)		0.21	(a)		0.12			0.11			0.14
Net realized and unrealized gain on investments		0.89			2.26			1.98			1.74			2.52
Total from investment operations		1.10			2.47			2.10			1.85			2.66
Less Distributions
Distributions from net investment income		(0.20	)		(0.41	)		(0.08	)		(0.19	)		(0.21	)
Distributions from net realized capital gains		(0.26	)		(0.31	)		0.00			0.00			0.00
Total distributions		(0.46	)		(0.72	)		(0.08	)		(0.19	)		(0.21	)
Net Asset Value, End of Period	$	17.50		$	16.86		$	15.11		$	13.09		$	11.43
Total Return (%)		6.5			16.6			16.2			16.4			30.5
Ratio of operating expenses to average net assets (%)		0.61			0.66			0.93			0.81			0.84
Ratio of net investment income to average net assets (%)		1.19			1.37			0.87			0.95			1.35
Portfolio turnover rate (%)		17			73			115			79			65
Net assets, end of period (000)	$	653,910		$	648,024		$	226,037		$	195,181		$	179,334

	Class B
	Year ended December 31,
	2007			2006			2005			2004(b)
Net Asset Value, Beginning of Period	$	16.81		$	15.06		$	13.04		$	11.59
Income From Investment Operations
Net investment income		0.16	(a)		0.17	(a)		0.05			0.02
Net realized and unrealized gain on investments		0.89			2.25			2.02			1.43
Total from investment operations		1.05			2.42			2.07			1.45
Less Distributions
Distributions from net investment income		(0.16	)		(0.36	)		(0.05	)		0.00
Distributions from net realized capital gains		(0.26	)		(0.31	)		0.00			0.00
Total distributions		(0.42	)		(0.67	)		(0.05	)		0.00
Net Asset Value, End of Period	$	17.44		$	16.81		$	15.06		$	13.04
Total Return (%)		6.3			16.4			16.0			12.5	(c)
Ratio of operating expenses to average net assets (%)		0.86			0.91			1.18			1.06	(d)
Ratio of net investment income to average net assets (%)		0.94			1.09			0.53			0.54	(d)
Portfolio turnover rate (%)		17			73			115			79
Net assets, end of period (000)	$	285,118		$	260,542		$	27,790		$	3,646

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

(b) Commencement of operations was April 26, 2004 for Class B.

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

(d) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	16.81		$	15.06		$	13.04		$	11.40		$	8.96
Income From Investment Operations
Net investment income		0.18	(a)		0.18	(a)		0.11			0.11			0.13
Net realized and unrealized gain on investments		0.88			2.27			1.97			1.71			2.52
Total from investment operations		1.06			2.45			2.08			1.82			2.65
Less Distributions
Distributions from net investment income		(0.17	)		(0.39	)		(0.06	)		(0.18	)		(0.21	)
Distributions from net realized capital gains		(0.26	)		(0.31	)		0.00			0.00			0.00
Total distributions		(0.43	)		(0.70	)		(0.06	)		(0.18	)		(0.21	)
Net Asset Value, End of Period	$	17.44		$	16.81		$	15.06		$	13.04		$	11.40
Total Return (%)		6.3			16.5			16.1			16.1			30.4
Ratio of operating expenses to average net assets (%)		0.76			0.81			1.08			0.96			0.99
Ratio of net investment income to average net assets (%)		1.04			1.13			0.71			0.81			1.08
Portfolio turnover rate (%)		17			73			115			79			65
Net assets, end of period (000)	$	24,793		$	24,311		$	20,674		$	15,303		$	10,515

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

(b) Commencement of operations was April 26, 2004 for Class B.

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

(d) Computed on an annualized basis.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Oppenheimer Global Equity Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-12

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”) who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-13

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Fund Concentration:

The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market

MSF-14

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$13,497,645	$	7,736,279	$	10,494,843	$	6,097,494	$	—	$	—	$	23,992,488	$	13,833,773

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$16,214,234	$	27,775,562	$	109,200,347	$	—	$	153,190,143

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	164,029,531	$	0	$	187,618,220

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	5,003,683	0.900%	Of the first $ 50 million
		0.550%	Of the next $50 million
		0.500%	Of the next $400 million
		0.475%	On amounts in excess of $500 million

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

MSF-15

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. OppenheimerFunds, Inc. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-16

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Oppenheimer Global Equity Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Oppenheimer Global Equity Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-17

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-19

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-20

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-21

Metropolitan Series Fund, Inc.

Oppenheimer Global Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-22

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-23

Metropolitan Series Fund, Inc. Russell 2000 Index Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Managed by MetLife Investment Advisors Company, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Russell 2000 Index Portfolio returned -1.6%, compared to its benchmark, the Russell 2000 Index¹, which returned -1.6%. The Portfolio’s performance cannot exactly duplicate the Russell 2000 Index’s return because of differences that primarily result from sampling, pricing, and transaction costs.

PORTFOLIO REVIEW

The Russell 2000 small capitalization benchmark had a negative annual return for the first time in five years. During the first half of 2007, the Russell 2000 Index returned positive 6.4% despite mixed earnings and macroeconomic reports. However, during the second half of the year, the Russell 2000 Index returned -7.5%. This second half decline was largely attributable to the subprime mortgage crisis. The subprime contagion contributed to the weakening housing market, a liquidity crisis, lender bankruptcies, and large write-downs at several major financial institutions. During the first half of 2007, the Federal Reserve maintained the Fed Funds Rate at 5.25%. However, during the second half of 2007, the Federal Reserve began lowering the Fed Funds Rate, dropping the target by 100 basis points to 4.25% at year-end. The Federal Reserve lowered the Fed Funds Rate primarily due to concerns that the risk of slower economic growth outweighed the risk of inflation. The price of oil surged from $61 to $96 per barrel through December, up 57% from the beginning of the year. Increasing global demand, weakness in refinery utilization, and global geopolitical unrest contributed to supply concerns, increasing oil prices over the period. Some of the factors driving the equity markets included geopolitical concerns, energy prices, Federal Reserve interest rate policy, corporate earnings, employment data, and the U.S. Dollar.

Eight of the twelve sectors comprising the Russell 2000 Index experienced positive returns for the year. Health Care, which had a beginning-of-year weight of 11.3%, up 13.7%, had the largest positive impact on the benchmark return. The best-performing sectors were Other Energy (4.6% beginning weight, up 17.9%), Materials & Processing (9.3% beginning weight, up 13.1%), and Consumer Staples (2.1% beginning weight, up 7.7%). Financial Services (the largest sector with a beginning weight of 24.0%), down 16.7%, was the worst-performing sector and had the largest negative impact on the benchmark return.

The stocks with the largest positive impact on the benchmark return for the year were CF Industries Holdings, up 330.0%; Terra Industries, up 298.7%; and Aquantive (acquired during the year by Microsoft), up 156.5%. The stocks with the largest negative impact were American Home Mortgage Investment Corp, down 98.9%; RAIT Investment Trust, down 70.8%; and JetBlue Airways Corp, down 58.5%.

On June 29, 2007 Frank Russell underwent their annual reconstitution. In total, 235 companies were added to the Russell 2000 Index and 191 were deleted. The difference of 44 names is due to attrition throughout the period between annual reconstitutions. The annual Russell 2000 reconstitution generated approximately 19% turnover.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Russell 2000^® Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000^® Index.

MSF-2

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

A $10,000 INVESTMENT COMPARED TO

THE RUSSELL 2000 INDEX

Average Annual Returns as of December 31, 2007

	Russell 2000 Index Portfolio						Russell 2000 Index
	Class A		Class B		Class E
1 Year	-1.6	%	-1.8	%	-1.7	%	-1.6	%
5 Year	15.9		15.5		15.7		16.2
Since Inception	8.4		8.1		7.7		8.7

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 11/9/98, 1/2/01 and 5/1/01, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
iShares Russell 2000 Index Fund	2.1%
Hologic, Inc.	0.6%
CF Industries Holdings, Inc.	0.5%
Exterran Holdings, Inc.	0.4%
Terra Industries, Inc.	0.4%
Priceline.com, Inc.	0.3%
FLIR Systems, Inc.	0.3%
Chipotle Mexican Grill, Inc.	0.3%
Bucyrus International, Inc.	0.3%
BioMarin Pharmaceutical, Inc.	0.3%

Top Sectors

	% of Equity Market Value
Financial Services	20.4%
Consumer Discretionary	17.4%
Technology	14.2%
Health Care	13.9%
Materials & Processing	9.9%
Producer Durables	7.6%
Other Energy	5.8%
Utilities	4.3%
Auto & Transportation	3.6%
Consumer Staples	2.2%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Russell 2000 Index—Class A(a)	Actual	0.32	%	$	1,000.00	$	925.00	$	1.55
	Hypothetical	0.32	%	$	1,000.00	$	1,023.58	$	1.63
Russell 2000 Index—Class B(a)	Actual	0.57	%	$	1,000.00	$	923.80	$	2.76
	Hypothetical	0.57	%	$	1,000.00	$	1,022.30	$	2.91
Russell 2000 Index—Class E(a)	Actual	0.47	%	$	1,000.00	$	924.00	$	2.28
	Hypothetical	0.47	%	$	1,000.00	$	1,022.81	$	2.40

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—96.6% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—1.6%
AAR Corp. (a) (b)	21,637	$	822,855
American Science & Engineering, Inc. (a)	5,154		292,490
Argon, Inc. (a) (b)	6,788		125,985
Ceradyne, Inc. (a) (b)	16,320		765,898
Cubic Corp.	9,190		360,248
Curtiss Wright Corp.	28,142		1,412,728
DynCorp. International, Inc. (b)	15,363		412,957
Esterline Technologies Corp. (b)	17,279		894,188
GenCorp, Inc. (a) (b)	39,139		456,361
HEICO Corp. (Class A)	371		15,805
HEICO Corp. (Class B) (a)	15,158		825,808
Hexcel Corp. (b)	59,259		1,438,809
Innovative Solutions & Support (a) (b)	8,015		77,665
Ladish, Inc. (a) (b)	8,706		376,012
Moog, Inc. (b)	22,893		1,048,728
Orbital Sciences Corp. (b)	36,263		889,169
Taser International, Inc. (a) (b)	44,282		637,218
Teledyne Technologies, Inc. (b)	20,430		1,089,532
TransDigm Group, Inc. (b)	5,892		266,142
Triumph Group, Inc. (a)	10,004		823,829
			13,032,427
Air Freight & Logistics—0.3%
ABX Air, Inc. (a) (b)	31,360		131,085
Atlas Air Worldwide Holdings, Inc. (a) (b)	8,084		438,315
Dynamex, Inc. (a) (b)	6,006		162,522
Forward Air Corp. (a)	18,684		582,380
HUB Group, Inc. (Class A) (b)	25,072		666,414
Pacer International, Inc. (a)	22,347		326,266
			2,306,982
Airlines—0.4%
AirTran Holdings, Inc. (a) (b)	59,266		424,344
Alaska Air Group, Inc. (a) (b)	23,300		582,733
ExpressJet Holdings, Inc. (a) (b)	39,869		98,875
JetBlue Airways Corp. (a) (b)	112,271		662,399
Midwest Air Group, Inc. (a) (b)	15,135		223,998
Pinnacle Airlines Corp. (a) (b)	12,112		184,708
Republic Airways Holdings, Inc. (b)	23,593		462,187
SkyWest, Inc.	38,881		1,043,955
			3,683,199
Auto Components—0.9%
Aftermarket Technology Corp. (b)	13,111		357,406
American Axle & Manufacturing Holdings, Inc.	31,250		581,875
Amerigon, Inc. (a) (b)	13,318		281,542
ArvinMeritor, Inc. (a)	40,778		478,326
Cooper Tire & Rubber Co.	36,658		607,790
Drew Industries, Inc. (a) (b)	10,890		298,386
Exide Technologies (a) (b)	44,313		354,504
GenTek, Inc. (a) (b)	5,631		164,819
Hayes Lemmerz International, Inc. (a) (b)	57,979		264,964
Lear Corp. (b)	49,919		1,380,759
Modine Manufacturing Co. (a)	20,814		343,639
Noble International, Ltd. (a)	7,044		114,888

Security Description	Shares	Value*
Auto Components—(Continued)
Raser Technologies, Inc. (a) (b)	9,432	$	140,065
Sauer-Danfoss, Inc.	7,791		195,165
Spartan Motors, Inc. (a)	19,530		149,209
Standard Motor Products, Inc.	16,871		137,667
Superior Industries International, Inc. (a)	13,180		239,481
Tenneco, Inc. (b)	28,545		744,168
Visteon Corp. (a) (b)	75,405		331,028
			7,165,681
Automobiles—0.1%
Fleetwood Enterprises, Inc. (a) (b)	35,502		212,302
Monaco Coach Corp. (a)	17,964		159,521
Winnebago Industries, Inc. (a)	20,312		426,958
			798,781
Beverages—0.2%
Boston Beer, Inc. (a) (b)	7,145		269,009
Central European Distribution Corp. (a) (b)	21,208		1,231,761
Coca-Cola Bottling Co.	3,137		184,707
Jones Soda Co. (a) (b)	13,932		103,654
			1,789,131
Biotechnology—3.6%
Acadia Pharmaceuticals, Inc. (a) (b)	19,354		214,249
Acorda Therapeutics, Inc. (a) (b)	13,375		293,715
Alexion Pharmaceuticals, Inc. (a) (b)	23,760		1,782,713
Alkermes, Inc. (b)	60,343		940,747
Allos Therapeutics, Inc. (a) (b)	27,209		171,145
Alnylam Pharmaceuticals, Inc. (a) (b)	21,839		635,078
Altus Pharmaceuticals, Inc. (a) (b)	13,707		71,002
Applera Corp.—Celera Genomics (b)	46,793		742,605
Arena Pharmaceuticals, Inc. (b)	35,841		280,635
Ariad Pharmaceuticals, Inc. (a) (b)	35,921		152,664
Arqule, Inc. (a) (b)	21,164		122,751
Array Biopharma, Inc. (a) (b)	31,105		261,904
BioMarin Pharmaceutical, Inc. (b)	63,670		2,253,918
Cell Genesys, Inc. (a) (b)	38,976		89,645
Cepheid, Inc. (a) (b)	33,061		871,157
Cubist Pharmaceuticals, Inc. (b)	35,783		733,909
CV Therapeutics, Inc. (b)	35,967		325,501
CytRx Corp. (a) (b)	55,366		157,239
Dendreon Corp. (a) (b)	66,216		411,864
Enzon Pharmaceuticals, Inc. (a) (b)	24,485		233,342
Genomic Health, Inc. (a) (b)	7,389		167,287
Geron Corp. (a) (b)	45,239		256,958
GTx, Inc. (a) (b)	10,111		145,093
Halozyme Therapeutics, Inc. (a) (b)	39,723		282,431
Human Genome Sciences, Inc. (a) (b)	81,158		847,290
Immunomedics, Inc. (a) (b)	55,067		127,755
Incyte Corp. (a) (b)	59,640		599,382
Indevus Pharmaceuticals, Inc. (a) (b)	36,580		254,231
InterMune, Inc. (a) (b)	17,950		239,273
Isis Pharmaceuticals, Inc. (a) (b)	52,045		819,709
Keryx Biopharmaceuticals, Inc. (a) (b)	25,445		213,738
Kosan Biosciences, Inc. (a) (b)	27,535		99,126

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Biotechnology—(Continued)
Lifecell Corp. (a) (b)	19,808	$	853,923
Ligand Pharmaceuticals, Inc. (a) (b)	55,630		268,693
MannKind Corp. (a) (b)	25,880		206,005
Martek Biosciences Corp. (b)	19,372		573,024
Medarex, Inc. (a) (b)	74,829		779,718
Metabolix, Inc. (a) (b)	9,209		219,174
Momenta Pharmaceuticals, Inc. (a) (b)	13,287		94,869
Myriad Genetics, Inc. (a) (b)	25,833		1,199,168
Nabi Biopharmaceuticals (a) (b)	32,116		115,939
Neurocrine Biosciences, Inc. (a) (b)	21,044		95,540
Neurogen Corp. (a) (b)	29,096		100,381
Omrix Biopharmaceuticals, Inc. (a) (b)	8,576		297,930
Onyx Pharmaceuticals, Inc. (b)	32,330		1,798,195
OSI Pharmaceuticals, Inc. (b)	36,987		1,794,239
Pharmion Corp. (b)	16,848		1,059,065
Progenics Pharmaceuticals, Inc. (a) (b)	15,213		274,899
Protalix Bio Therapeutics, Inc. (b)	1,183		4,022
Regeneron Pharmaceuticals, Inc. (a) (b)	38,704		934,702
Rigel Pharmaceuticals, Inc. (a) (b)	15,241		386,969
Savient Pharmaceuticals, Inc. (a) (b)	33,200		762,604
Seattle Genetics, Inc. (a) (b)	29,265		333,621
Senomyx, Inc. (a) (b)	17,202		128,843
United Therapeutics Corp. (b)	13,840		1,351,476
Vanda Pharmaceuticals, Inc. (a) (b)	16,466		113,286
XOMA, Ltd. (b)	82,412		279,377
Zymogenetics, Inc. (a) (b)	26,358		307,598
			29,131,316
Building Products—0.5%
AAON, Inc.	7,694		152,495
American Woodmark Corp. (a)	8,732		158,748
Ameron International Corp.	5,465		503,600
Apogee Enterprises, Inc.	17,370		297,201
Builders Firstsource, Inc. (a) (b)	16,682		120,444
Gibraltar Industries, Inc. (a)	13,753		212,071
Goodman Global, Inc. (b)	22,982		563,978
Griffon Corp. (a) (b)	18,603		231,607
Insteel Industries, Inc. (a)	8,244		96,702
NCI Building Systems, Inc. (b)	12,366		356,017
Simpson Manufacturing Co. , Inc. (a)	24,267		645,260
Trex Co., Inc. (a) (b)	12,252		104,265
Universal Forest Products, Inc. (a)	10,348		304,852
			3,747,240
Capital Markets—1.7%
Apollo Investment Corp. (a)	66,511		1,134,013
Ares Capital Corp. (a)	42,109		616,055
Calamos Asset Management, Inc.	15,750		469,035
Capital Southwest Corp. (a)	1,881		222,710
Cohen & Steers, Inc. (a)	10,675		319,930
Cowen Group, Inc. (a) (b)	10,041		95,490
Evercore Partners, Inc. (a)	5,609		120,874
FBR Capital Markets Corp. (b)	18,665		178,811
FCStone Group, Inc. (b)	5,535		254,776
GAMCO Investors, Inc. (a)	3,447		238,532
GFI Group, Inc. (a) (b)	9,719		930,303

Security Description	Shares	Value*
Capital Markets—(Continued)
Gladstone Capital Corp. (a)	8,551	$	145,367
GLG Partners, Inc. (b)	2,000		27,200
Greenhill & Co., Inc. (a)	11,430		759,866
Hercules Technology Growth Capital, Inc. (a)	18,966		235,558
HFF, Inc. (b)	10,010		77,477
KBW, Inc. (a) (b)	17,828		456,218
Knight Capital Group, Inc. (b)	61,855		890,712
Kohlberg Capital Corp.	9,110		109,320
LaBranche & Co., Inc. (a) (b)	36,996		186,460
Ladenburg Thalmann Financial Services, Inc. (a) (b)	62,538		132,581
MCG Capital Corp.	37,963		439,991
MVC Capital, Inc.	15,052		242,939
optionsXpress Holdings, Inc. (a)	26,495		896,061
Patriot Capital Funding, Inc. (a)	11,637		117,417
PennantPark Investment Corp. (a)	12,678		127,034
Penson Worldwide, Inc. (b)	9,106		130,671
Piper Jaffray Co. (b)	12,145		562,556
Prospect Capital Corp. (a)	12,494		163,047
Sanders Morris Harris Group, Inc. (a)	11,996		122,959
Stifel Financial Corp. (a)	8,833		464,351
SWS Group, Inc.	16,924		214,427
Thomas Weisel Partners Group, Inc. (a) (b)	13,512		185,520
TICC Capital Corp. (a)	13,071		120,645
TradeStation Group, Inc. (a) (b)	14,831		210,748
U.S. Global Investors, Inc. (a)	7,498		124,917
Waddell & Reed Financial, Inc. (Class A)	55,373		1,998,412
WP Stewart & Co., Ltd.	14,158		72,347
			13,795,330
Chemicals—2.6%
A. Schulman, Inc.	16,618		358,118
American Vanguard Corp.	13,990		242,726
Arch Chemicals, Inc.	14,370		528,097
Balchem Corp. (a)	10,704		239,556
Calgon Carbon Corp. (a) (b)	24,329		386,588
CF Industries Holdings, Inc.	35,824		3,942,789
Ferro Corp.	27,506		570,199
Flotek Industries, Inc. (a) (b)	11,318		407,901
Georgia Gulf Corp. (a)	22,956		151,969
H.B. Fuller Co.	36,393		817,023
Hercules, Inc.	76,861		1,487,260
Innophos Holdings, Inc. (a)	13,189		196,252
Innospec, Inc.	17,009		291,874
Koppers Holdings, Inc.	10,804		467,165
Landec Corp. (b)	13,828		185,295
LSB Industries, Inc. (a) (b)	9,300		262,446
Minerals Technologies, Inc.	11,572		774,745
NewMarket Corp.	11,150		620,943
Olin Corp.	44,757		865,153
OM Group, Inc. (b)	17,381		1,000,103
PolyOne Corp. (b)	55,802		367,177
Rockwood Holdings, Inc. (b)	20,873		693,401
Sensient Technologies Corp.	28,200		797,496
Spartech Corp.	20,427		288,021
Symyx Technologies, Inc. (a) (b)	18,026		138,440
Terra Industries, Inc. (b)	61,135		2,919,808

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Chemicals—(Continued)
Tronox, Inc.	21,926	$	189,660
W.R. Grace & Co. (a) (c)	44,416		1,162,811
ZEP, Inc. (b)	14,264		197,842
Zoltek Companies, Inc. (a) (b)	14,802		634,562
			21,185,420
Commercial Banks—5.1%
1st Source Corp.	6,693		115,856
Alabama National Bancorp (a)	11,115		864,858
Amcore Financial, Inc. (a)	13,549		307,562
Americanwest Bancorp (a)	10,312		181,801
Ameris Bancorp (a)	8,404		141,607
Bancfirst Corp. (a)	5,056		216,650
Banco Latinoamericano de Exportaciones S.A.	16,812		274,204
Bank of the Ozarks, Inc. (a)	7,390		193,618
BankFinancial Corp. (a)	11,879		187,926
Banner Corp. (a)	9,004		258,685
Boston Private Financial Holdings, Inc.	21,774		589,640
Capital City Bank Group, Inc. (a)	7,854		221,640
Capital Corp. of the West (a)	6,934		134,728
Capitol Bancorp, Ltd. (a)	7,793		156,795
Cascade Bancorp. (a)	13,690		190,565
Cathay General Bancorp (a)	31,566		836,183
Centennial Bank Holdings, Inc. (a) (b)	31,105		179,787
Central Pacific Financial Corp. (a)	19,720		364,031
Chemical Financial Corp. (a)	17,023		404,977
Citizens Banking Corp. (a)	46,095		668,838
City Bank (a)	8,842		198,238
City Holdings Co.	9,914		335,490
Cobiz, Inc. (a)	11,639		173,072
Columbia Banking Systems, Inc.	10,169		302,324
Community Bancorp (a) (b)	7,584		131,734
Community Bank Systems, Inc. (a)	16,595		329,743
Community Trust Bancorp, Inc. (a)	9,791		269,546
CVB Financial Corp. (a)	38,519		398,286
Enterprise Financial Services Corp. (a)	4,811		114,550
F.N.B. Corp. (a)	35,581		523,041
First Bancorp (a)	6,830		129,019
First Bancorp (Puerto Rico)	54,770		399,273
First Charter Corp. (a)	21,094		629,867
First Commonwealth Financial Corp. (a)	47,267		503,394
First Community Bancorp, Inc. (a)	15,528		640,375
First Community Bancshares, Inc. (a)	6,026		192,169
First Financial Bancorp (a)	17,408		198,451
First Financial Bankshares, Inc. (a)	13,236		498,335
First Financial Corp. (a)	6,809		192,967
First Indiana Corp.	8,521		272,672
First Merchants Corp.	11,118		242,817
First Midwest Bancorp, Inc.	31,239		955,913
First South BanCorp, Inc. (a)	4,540		100,743
First State Bancorp	12,708		176,641
FirstMerit Corp. (a)	46,811		936,688
Frontier Financial Corp. (a)	25,853		480,090
Glacier Bancorp, Inc. (a)	32,876		616,096
Great Southern Bancorp, Inc. (a)	7,749		170,168
Greene County Bancshares, Inc. (a)	6,640		127,488

Security Description	Shares	Value*
Commercial Banks—(Continued)
Hancock Holding Co. (a)	17,503	$	668,615
Hanmi Financial Corp. (a)	27,683		238,627
Harleysville National Corp. (a)	15,148		220,706
Heartland Financial USA, Inc. (a)	7,703		143,045
Heritage Commerce Corp.	8,026		147,598
Home Bancshares, Inc. (a)	6,644		139,325
Horizon Financial Corp. (a)	7,025		122,516
IBERIABANK Corp.	6,673		311,963
Independent Bank Corp. (a)	12,902		122,569
Independent Bank Corp. (Massachusetts)	10,279		279,794
Integra Bank Corp. (a)	12,892		181,906
International Bancshares Corp.	30,207		632,535
Investors Bancorp, Inc. (b)	34,761		491,521
Irwin Financial Corp. (a)	14,305		105,142
Lakeland Bancorp, Inc. (a)	12,623		146,301
Lakeland Financial Corp. (a)	7,109		148,578
Macatawa Bank Corp. (a)	8,564		73,565
Mainsource Financial Group, Inc. (a)	9,884		153,795
MB Financial, Inc. (a)	22,095		681,189
Midwest Banc Holdings, Inc. (a)	9,773		121,381
Nara Bancorp, Inc. (a)	15,312		178,691
National Penn Bancshares, Inc. (a)	27,387		414,639
NBT Bancorp, Inc. (a)	20,656		471,370
Old National Bancorp (a)	43,737		654,305
Old Second Bancorp, Inc. (a)	7,369		197,415
Omega Financial Corp. (a)	8,619		252,192
Oriental Financial Group, Inc.	14,047		188,370
Pacific Capital Bancorp	29,016		584,092
Park National Corp. (a)	6,924		446,598
People’s Bancorp, Inc.	5,816		144,760
Pinnacle Financial Partners, Inc. (a) (b)	9,322		236,965
Preferred Bank (Los Angeles, CA) (a)	5,780		150,396
PrivateBancorp, Inc. (a)	10,384		339,038
Prosperity Bancshares, Inc.	22,146		650,871
Provident Bankshares Corp.	19,334		413,554
Renasant Corp. (a)	12,711		274,176
S&T Bancorp, Inc. (a)	16,636		459,819
S.Y. Bancorp, Inc. (a)	7,249		173,541
Sandy Spring Bancorp, Inc. (a)	9,035		251,354
SCBT Financial Corp.	5,080		160,884
Seacoast Banking Corp. (a)	10,259		105,463
Security Bank Corp. (a)	10,720		97,981
Signature Bank (b)	19,686		664,402
Simmons First National Corp. (a)	8,478		224,667
Southside Bancshares, Inc. (a)	5,529		113,123
Southwest Bancorp, Inc. (Oklahoma)	10,385		190,357
Sterling Bancorp (a)	13,033		177,770
Sterling Bancshares, Inc.	42,923		479,021
Sterling Financial Corp. (Pennsylvania) (a) (b)	16,721		274,559
Sterling Financial Corp. (Washington)	29,125		489,009
Suffolk Bancorp (a)	5,413		166,233
Sun Bancorp, Inc. (New Jersey) (a) (b)	7,876		124,283
Superior Bancorp (a)	21,831		117,232
Susquehanna Bancshares, Inc. (a)	53,865		993,271
SVB Financial Group (a) (b)	22,783		1,148,263
Texas Capital Bancshares, Inc. (b)	13,432		245,134
The Bancorp, Inc. (b)	5,606		75,457

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Commercial Banks—(Continued)
The South Financial Group, Inc. (a)	44,741	$	699,302
Tompkins Trustco, Inc. (a)	4,886		189,577
TriCo Bancshares (a)	7,390		142,627
Trustmark Corp. (a)	31,258		792,703
UCBH Holdings, Inc. (a)	60,126		851,384
UMB Financial Corp. (a)	21,357		819,254
Umpqua Holdings Corp. (a)	37,028		568,009
Union Bankshares Corp. (a)	7,036		148,741
United Bankshares, Inc.	24,546		687,779
United Community Bank, Inc. (a)	24,941		394,068
Univest Corp. (a)	7,788		164,405
Virginia Commerce Bancorp (a) (b)	11,846		138,954
W Holding Co., Inc. (a)	70,473		85,272
Washington Trust Bancorp, Inc. (a)	6,459		162,961
WesBanco, Inc. (a)	11,956		246,294
West Coast Bancorp	9,015		166,777
WestAmerica Bancorp (a)	18,288		814,730
Western Alliance BanCorp (a) (b)	10,257		192,524
Wintrust Financial Corp. (a)	16,617		550,521
			42,004,949
Commercial Services & Supplies—4.3%
ABM Industries, Inc.	27,860		568,065
Acco Brands Corp. (a) (b)	32,678		524,155
Administaff, Inc.	14,105		398,889
American Ecology Corp.	10,910		256,167
American Reprographics Co. (a) (b)	18,156		299,211
Bowne & Co., Inc.	20,659		363,598
Brady Corp.	30,399		1,066,701
Casella Waste Systems, Inc. (b)	15,671		204,350
CBIZ, Inc. (a) (b)	32,679		320,581
CDI Corp. (a)	7,746		187,918
Cenveo, Inc. (a) (b)	31,208		545,204
Clean Harbors, Inc. (b)	10,307		532,872
Comfort Systems USA, Inc.	24,012		306,873
COMSYS IT Partners, Inc. (b)	9,602		151,520
Consolidated Graphics, Inc. (b)	7,858		375,770
Cornell Companies, Inc. (a) (b)	7,626		177,838
CoStar Group, Inc. (a) (b)	11,684		552,069
CRA International, Inc. (a) (b)	6,375		303,514
Deluxe Corp.	36,692		1,206,800
Diamond Management & Technology, Inc.	16,170		117,556
EnergySolutions, Inc.	14,500		391,355
Ennis, Inc.	15,615		281,070
Exponent, Inc. (b)	12,020		325,021
FTI Consulting, Inc. (b)	28,177		1,736,830
Fuel Tech, Inc. (a) (b)	10,672		241,721
G&K Services, Inc.	12,200		457,744
GeoEye, Inc. (b)	10,978		369,410
Healthcare Services Group, Inc. (a)	28,064		594,395
Heidrick & Struggles International, Inc.	11,860		440,125
Herman Miller, Inc.	41,240		1,335,764
Hudson Highland Group, Inc. (b)	14,268		119,994
Huron Consulting Group, Inc. (b)	11,643		938,775
IHS, Inc. (b)	19,044		1,153,305
IKON Office Solutions, Inc. (a)	66,461		865,322

Security Description	Shares	Value*
Commercial Services & Supplies—(Continued)
Innerworkings, Inc. (a) (b)	14,610	$	252,169
Interface, Inc.	33,244		542,542
Kelly Services, Inc. (Class A)	14,642		273,220
Kenexa Corp. (a) (b)	15,403		299,126
Kforce, Inc. (b)	18,129		176,758
Knoll, Inc.	30,139		495,184
Korn/Ferry International (b)	26,919		506,616
Layne Christensen Co. (b)	9,885		486,441
LECG Corp. (b)	14,501		218,385
M&F Worldwide Corp. (a) (b)	8,341		449,163
McGrath Rentcorp (a)	15,045		387,409
Mine Safety Appliances Co. (a)	18,278		948,080
Mobile Mini, Inc. (b)	23,164		429,460
Navigant Consulting, Inc. (a) (b)	35,278		482,250
Odyssey Marine Exploration, Inc. (a) (b)	25,579		158,334
On Assignment, Inc. (b)	20,637		144,665
PeopleSupport, Inc. (a) (b)	13,989		191,369
PHH Corp. (b)	34,498		608,545
Pike Electric Corp. (a) (b)	10,661		178,678
Resources Connection, Inc. (b)	30,533		554,479
Rollins, Inc.	24,760		475,392
RSC Holdings, Inc. (a) (b)	20,756		260,488
Schawk, Inc. (a)	10,309		159,996
School Specialty, Inc. (a) (b)	13,686		472,851
Spherion Corp. (b)	36,226		263,725
Team, Inc. (a)	8,561		313,161
TeleTech Holdings, Inc. (b)	25,316		538,471
Tetra Technologies, Inc. (b)	34,691		745,856
The Advisory Board Co. (b)	11,952		767,199
The Geo Group, Inc. (a) (b)	30,521		854,588
TrueBlue, Inc. (b)	30,139		436,413
United Stationers, Inc. (b)	16,799		776,282
Viad Corp.	14,216		448,941
Volt Information Sciences, Inc. (b)	7,738		141,296
Waste Connections, Inc. (b)	45,821		1,415,869
Watson Wyatt & Co. Holdings	28,868		1,339,764
			34,903,647
Communications Equipment—2.4%
3Com Corp. (b)	237,144		1,071,891
Acme Packet, Inc. (a) (b)	15,723		197,953
Adtran, Inc.	35,649		762,176
Anaren, Inc. (b)	13,662		225,286
Arris Group, Inc. (b)	94,592		944,028
Avanex Corp. (a) (b)	116,708		116,708
Avocent Corp. (b)	31,883		743,193
Bel Fuse, Inc. (Class B) (a)	7,133		208,783
Black Box Corp.	12,292		444,602
Blue Coat Systems, Inc. (b)	17,843		586,499
Comtech Group, Inc. (a) (b)	10,935		176,163
Comtech Telecommunications Corp. (b)	14,811		799,942
Digi International, Inc. (b)	18,330		260,103
Ditech Networks, Inc. (a) (b)	23,945		83,089
Dycom Industries, Inc. (b)	26,092		695,352
EMS Technologies, Inc. (b)	8,296		250,871
Extreme Networks, Inc. (b)	65,514		231,920

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Communications Equipment—(Continued)
Finisar Corp. (a) (b)	163,124	$	236,530
Foundry Networks, Inc. (b)	93,327		1,635,089
Harmonic, Inc. (b)	50,535		529,607
Harris Stratex Networks, Inc. (a) (b)	13,458		224,749
Hughes Communications, Inc. (a) (b)	4,058		221,607
InterDigital, Inc. (a) (b)	30,258		705,919
Ixia (b)	26,295		249,277
Loral Space & Communications, Inc. (a) (b)	6,397		219,097
MasTec, Inc. (b)	25,880		263,200
MRV Communications, Inc. (a) (b)	90,098		209,027
Netgear, Inc. (b)	21,529		767,939
Network Equipment Technologies, Inc. (b)	16,985		143,014
Nextwave Wireless, Inc. (a) (b)	17,365		93,424
Oplink Communications, Inc. (b)	14,091		216,297
OpNext, Inc. (b)	18,542		164,097
Orbcomm, Inc. (a) (b)	16,019		100,759
Packeteer, Inc. (a) (b)	25,147		154,905
Plantronics, Inc.	29,185		758,810
Polycom, Inc. (b)	61,112		1,697,691
Powerwave Technologies, Inc. (a) (b)	73,012		294,238
Sonus Networks, Inc. (a) (b)	159,961		932,573
Sycamore Networks, Inc. (b)	115,462		443,374
Symmetricom, Inc. (a) (b)	28,539		134,419
Tekelec, Inc. (b)	37,743		471,787
UTStarcom, Inc. (a) (b)	77,850		214,087
ViaSat, Inc. (b)	14,912		513,420
			19,393,495
Computers & Peripherals—0.9%
Adaptec, Inc. (b)	71,017		240,037
Avid Technology, Inc. (a) (b)	24,962		707,423
Cray, Inc. (b)	20,991		125,736
Electronics for Imaging, Inc. (b)	33,985		763,983
Emulex Corp. (b)	51,645		842,846
Hutchinson Technology, Inc. (a) (b)	16,128		424,489
Hypercom Corp. (a) (b)	27,716		138,026
Imation Corp. (a)	21,384		449,064
Immersion Corp. (a) (b)	16,446		212,976
Intermec, Inc. (a) (b)	36,682		745,011
Intevac, Inc. (b)	14,334		208,416
Novatel Wireless, Inc. (a) (b)	18,653		302,179
Palm, Inc. (a) (b)	62,480		396,123
Quantum Corp. (b)	116,270		312,766
Rackable Systems, Inc. (a) (b)	18,071		180,710
Rimage Corp. (b)	6,386		165,717
Stratasys, Inc. (a) (b)	11,733		303,181
Synaptics, Inc. (a) (b)	15,310		630,160
			7,148,843
Construction & Engineering—0.5%
Aecom Technology Corp. (a) (b)	25,729		735,078
EMCOR Group, Inc. (b)	38,577		911,574
Granite Construction, Inc.	21,617		782,103
Insituform Technologies, Inc. (a) (b)	18,179		269,049
Integrated Electrical Services, Inc. (a) (b)	8,328		156,483
Michael Baker Corp. (b)	4,608		189,389

Security Description	Shares	Value*
Construction & Engineering—(Continued)
Northwest Pipe Co. (a) (b)	5,677	222,198
Perini Corp. (b)	16,122	667,773
		3,933,647
Construction Materials—0.2%
Headwaters, Inc. (a) (b)	23,430	275,068
Texas Industries, Inc. (a)	16,438	1,152,304
U.S. Concrete, Inc. (a) (b)	19,458	64,795
		1,492,167
Consumer Finance—0.3%
Advance America Cash Advance Centers, Inc.	43,274	439,664
Advanta Corp. (Class B)	22,458	181,236
Cash America International, Inc.	17,989	581,045
CompuCredit Corp. (a) (b)	11,875	118,512
Dollar Financial Corp. (b)	9,938	304,997
EzCorp., Inc. (b)	20,427	230,621
First Cash Financial Services (b)	15,881	233,133
Nelnet, Inc. (a)	10,868	138,132
World Acceptance Corp. (a) (b)	12,260	330,775
		2,558,115
Containers & Packaging—0.6%
AEP Industries, Inc. (b)	4,294	137,451
AptarGroup, Inc.	45,183	1,848,436
Chesapeake Corp. (b)	14,739	76,495
Graphic Packaging Corp. (a) (b)	41,742	154,028
Greif, Inc.	19,842	1,297,072
Myers Industries, Inc.	18,955	274,279
Rock Tennessee Co.	20,366	517,500
Silgan Holdings, Inc.	14,320	743,781
		5,049,042
Distributors—0.2%
Building Materials Holdings Corp. (a)	17,215	95,199
Core-Mark Holding Co., Inc. (a) (b)	5,639	161,952
LKQ Corp. (b)	70,158	1,474,721
		1,731,872
Diversified Consumer Services—1.5%
Bright Horizons Family Solutions, Inc. (b)	17,548	606,108
Capella Education Co. (b)	6,686	437,666
Coinstar, Inc. (a) (b)	16,369	460,787
Corinthian Colleges, Inc. (a) (b)	50,281	774,327
CPI Corp.	3,276	77,150
DeVry, Inc.	40,323	2,095,183
INVESTools, Inc. (a) (b)	39,002	691,895
Jackson Hewitt Tax Service, Inc. (a)	21,669	687,991
Matthews International Corp.	20,673	968,944
PrePaid Legal Services, Inc.	4,860	269,001
Regis Corp.	29,631	828,483
Sotheby’s Holdings, Inc. (Class A) (a)	45,005	1,714,690
Steiner Leisure, Ltd. (b)	10,437	460,898
Stewart Enterprises, Inc. (a)	70,035	623,311

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Diversified Consumer Services—(Continued)
Strayer Education, Inc.	9,629	$	1,642,515
Universal Technical Institute, Inc. (a) (b)	14,118		240,006
			12,578,955
Diversified Financial Services—0.5%
Aldabra 2 Acquisition Corp. (a)	12,563		122,364
Alternative Asset Management Aquisition Corp.	12,563		115,077
Asset Acceptence Capital Corp. (a) (b)	15,616		162,563
ASTA Funding, Inc. (a)	6,497		171,781
Compass Diversified Trust (a)	14,166		211,073
Financial Federal Corp. (a)	16,143		359,827
Heckmann Corp. (b)	26,000		191,100
Hicks Acquisition Co. I, Inc. (a) (b)	26,700		245,373
Interactive Brokers Group, Inc. (a) (b)	24,288		784,988
Marathon Aquisition Corp. (a) (b)	44,481		346,062
MarketAxess Holdings, Inc. (a) (b)	22,737		291,716
NRDC Acquisition Corp. (b)	20,000		183,400
Pico Holdings, Inc. (a) (b)	9,148		307,556
Portfolio Recovery Associates, Inc. (a) (b)	10,501		416,575
Primus Guaranty, Ltd. (a) (b)	27,878		195,425
Resource America, Inc. (a)	8,256		121,115
Triplecrown Acquisition Corp. (b)	23,200		212,048
			4,438,043
Diversified Telecommunication Services—1.1%
Alaska Communication Systems, Inc.	23,688		355,320
Atlantic Tele-Network, Inc.	5,823		196,701
Cbeyond, Inc. (a) (b)	12,633		492,561
Cincinnati Bell, Inc. (b)	150,258		713,726
Cogent Communications Group, Inc. (b)	30,249		717,204
Consolidated Communications Holdings, Inc.	12,371		246,183
Fairpoint Communications, Inc. (a)	21,144		275,295
General Communication, Inc. (b)	33,319		291,541
Global Crossing, Ltd. (a) (b)	14,700		324,135
Golden Telecom, Inc.	9,502		959,227
IDT Corp. (Class B) (a)	29,001		245,059
Iowa Telecommunications Services, Inc. (a)	19,030		309,428
North Pittsburgh Systems, Inc. (a)	8,876		201,396
NTELOS Holdings Corp.	16,786		498,376
PAETEC Holding Corp. (a) (b)	42,483		414,209
Premiere Global Services, Inc. (b)	37,778		561,003
Shenandoah Telecommunications Co. (a)	14,453		346,583
SureWest Communications (a)	9,472		161,971
Time Warner Telecom, Inc. (Class A) (a) (b)	92,349		1,873,761
			9,183,679
Electric Utilities—1.2%
Allete, Inc.	16,309		645,510
Central Vermont Public Service	6,238		192,380
Cleco Corp.	35,817		995,713
El Paso Electric Co. (b)	30,498		779,834
Empire District Electric Co.	18,221		415,074
IDACORP, Inc. (a) (b)	26,307		926,532
ITC Holdings Corp.	28,013		1,580,493
MGE Energy, Inc. (a)	12,048		427,343

Security Description	Shares	Value*
Electric Utilities—(Continued)
Otter Tail Corp. (a)	17,338	$	599,895
Portland General Electric Co.	18,293		508,180
UIL Holdings Corp. (a)	14,601		539,507
Unisource Energy Corp.	21,167		667,819
Westar Energy, Inc.	63,101		1,636,840
			9,915,120
Electrical Equipment—1.8%
A.O. Smith Corp. (a)	13,278		465,394
Acuity Brands, Inc.	28,529		1,283,805
American Superconductor Corp. (a) (b)	23,917		653,891
AZZ, Inc. (a) (b)	7,338		208,032
Baldor Electric Co.	27,117		912,758
Belden, Inc. (a)	29,488		1,312,216
Coleman Cable, Inc. (a) (b)	8,447		79,824
Encore Wire Corp. (a)	12,689		202,009
Energy Conversion Devices, Inc. (a) (b)	23,146		778,863
EnerSys (b)	13,372		333,765
Evergreen Solar, Inc. (a) (b)	57,975		1,001,228
Franklin Electric, Inc. (a)	12,359		472,979
FuelCell Energy, Inc. (a) (b)	41,421		410,896
GrafTech International, Ltd. (b)	65,425		1,161,294
II-VI, Inc. (b)	16,368		500,043
LSI Industries, Inc. (a)	16,398		298,444
Medis Technologies, Ltd. (a) (b)	11,847		182,799
Powell Industries, Inc. (b)	4,404		194,084
Power-One, Inc. (a) (b)	46,502		185,543
Regal Beloit Corp.	19,177		862,006
Superior Essex, Inc. (a) (b)	12,255		294,120
The Genlyte Group, Inc. (b)	17,069		1,624,969
Vicor Corp. (a)	15,700		244,763
Woodward Governor Co.	18,675		1,268,966
			14,932,691
Electronic Equipment & Instruments—2.6%
Acacia Research Corp. (a) (b)	16,062		144,237
Agilysys, Inc.	20,665		312,455
Anixter International, Inc. (a) (b)	20,208		1,258,352
Benchmark Electronics, Inc. (b)	43,585		772,762
Brightpoint, Inc. (b)	30,518		468,756
Checkpoint Systems, Inc. (b)	26,372		685,145
Cogent, Inc. (a) (b)	24,218		270,031
Cognex Corp.	27,796		560,089
CTS Corp. (a)	24,167		239,978
Daktronics, Inc. (a)	24,015		542,019
DTS, Inc. (a) (b)	13,103		335,044
Echelon Corp. (a) (b)	22,668		467,867
Electro Scientific Industries, Inc. (b)	17,241		342,234
Excel Technology, Inc. (b)	6,734		182,491
FARO Technologies, Inc. (a) (b)	9,100		247,338
FLIR Systems, Inc. (a) (b)	84,398		2,641,657
Gerber Scientific, Inc. (a) (b)	12,272		132,538
Insight Enterprises, Inc. (b)	31,718		578,536
Itron, Inc. (a) (b)	19,429		1,864,601
Kemet Corp. (b)	47,399		314,255
L-1 Identity Solutions, Inc. (a) (b)	39,104		701,917

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Electronic Equipment & Instruments—(Continued)
Littelfuse, Inc. (b)	13,779	$	454,156
LoJack Corp. (a) (b)	15,167		254,957
Measurement Specialties, Inc. (a) (b)	10,016		221,354
Mercury Computer Systems, Inc. (b)	12,071		194,464
Methode Electronics, Inc.	22,249		365,774
MTS Systems Corp.	11,959		510,291
Newport Corp. (a) (b)	26,749		342,120
OSI Systems, Inc. (a) (b)	10,131		268,168
OYO Geospace Corp. (a) (b)	2,297		173,102
Park Electrochemical Corp.	12,787		361,105
Plexus Corp. (b)	31,220		819,837
RadiSys Corp. (a) (b)	14,648		196,283
Rofin-Sinar Technologies, Inc. (b)	19,918		958,255
Rogers Corp. (a) (b)	11,170		484,443
ScanSource, Inc. (a) (b)	16,538		535,004
Smart Modular Technologies, Inc. (b)	30,764		313,177
SYNNEX Corp. (b)	9,776		191,610
Technitrol, Inc.	27,072		773,718
TTM Technologies, Inc. (b)	26,267		306,273
Universal Display Corp. (a) (b)	15,842		327,454
X-Rite, Inc. (b)	15,649		181,841
Zygo Corp. (a) (b)	9,717		121,074
			21,416,762
Energy Equipment & Services—2.4%
Allis-Chalmers Energy, Inc. (a) (b)	16,875		248,906
Atwood Oceanics, Inc. (b)	17,041		1,708,190
Basic Energy Services, Inc. (a) (b)	24,942		547,477
Bristow Group, Inc. (a)	14,137		800,861
Bronco Drilling Co., Inc. (a) (b)	16,422		243,867
Cal Dive International, Inc. (a) (b)	26,651		352,859
CARBO Ceramics, Inc. (a)	12,789		475,751
Complete Production Services, Inc. (a) (b)	26,058		468,262
Dawson Geophysical Co. (a) (b)	4,314		308,279
Dril-Quip, Inc. (b)	16,221		902,861
Exterran Holdings, Inc. (a) (b)	37,973		3,106,191
Grey Wolf, Inc. (a) (b)	111,714		595,436
Gulf Island Fabrication, Inc.	6,921		219,465
Gulfmark Offshore, Inc. (b)	13,789		645,187
Hercules Offshore, Inc. (b)	55,077		1,309,731
Hornbeck Offshore Services, Inc. (a) (b)	15,736		707,333
ION Geophysical Corp. (a) (b)	44,587		703,583
Lufkin Industries, Inc.	8,679		497,220
Matrix Service Co. (b)	18,598		405,808
NATCO Group, Inc. (b)	10,702		579,513
Newpark Resources, Inc. (b)	50,255		273,890
Oil States International, Inc. (b)	32,934		1,123,708
Parker Drilling Co. (a) (b)	67,944		512,977
PHI, Inc. (a) (b)	7,353		228,090
Pioneer Drilling Co. (b)	30,616		363,718
RPC, Inc. (a)	23,695		277,469
Superior Well Services, Inc. (a) (b)	10,288		218,311
Trico Marine Services, Inc. (a) (b)	6,649		246,146
W-H Energy Services, Inc. (b)	19,242		1,081,593
Willbros Group, Inc. (b)	17,359		664,676
			19,817,358

Security Description	Shares	Value*
Food & Staples Retailing—0.9%
Casey’s General Stores, Inc.	29,357	$	869,261
Great Atlantic & Pacific Tea Co., Inc. (a) (b)	15,655		490,471
Ingles Markets, Inc. (a)	7,334		186,210
Longs Drug Stores Corp.	22,066		1,037,102
Nash Finch Co. (a)	9,613		339,147
Performance Food Group Co. (b)	21,973		590,414
Pricesmart, Inc. (a)	8,493		255,300
Ruddick Corp.	25,820		895,179
Spartan Stores, Inc.	12,461		284,734
The Andersons, Inc.	10,048		450,150
The Pantry, Inc. (a) (b)	14,653		382,883
United Natural Foods, Inc. (a) (b)	26,341		835,536
Weis Markets, Inc.	7,822		312,411
Winn-Dixie Stores, Inc. (a) (b)	21,026		354,709
			7,283,507
Food Products—1.1%
Chiquita Brands International, Inc. (a)	24,548		451,438
Darling International, Inc. (b)	48,525		560,949
Flowers Foods, Inc.	52,138		1,220,550
Fresh Del Monte Produce, Inc. (a) (b)	17,433		585,400
Green Mountain Coffee Roasters, Inc. (a) (b)	10,328		420,350
Hain Celestial Group, Inc. (a) (b)	24,296		777,472
Imperial Sugar Co. (a)	6,849		128,556
J&J Snack Foods Corp.	7,714		241,294
Lancaster Colony Corp.	17,199		682,800
Lance, Inc.	19,320		394,514
Pilgrim’s Pride Corp. (a)	24,334		704,469
Ralcorp Holdings, Inc. (b)	15,749		957,382
Reddy Ice Holdings, Inc. (a)	13,615		344,596
Sanderson Farms, Inc. (a)	9,546		322,464
Seabord Corp.	219		321,930
Tootsie Roll Industries, Inc. (a)	22,736		623,421
Treehouse Foods, Inc. (b)	18,656		428,901
			9,166,486
Gas Utilities—0.9%
Energysouth, Inc. (a)	4,257		246,906
Laclede Group, Inc. (a)	12,890		441,354
New Jersey Resources Corp. (a)	16,619		831,282
Nicor, Inc. (a)	28,093		1,189,739
Northwest Natural Gas Co. (a)	16,676		811,454
Piedmont Natural Gas Co. (a)	50,197		1,313,153
South Jersey Industries, Inc. (a)	18,897		681,993
Southwest Gas Corp.	24,831		739,219
WGL Holdings, Inc.	29,240		957,902
			7,213,002
Health Care Equipment & Supplies—3.6%
Abaxis, Inc. (b)	12,540		449,684
ABIOMED, Inc. (a) (b)	19,560		303,962
Accuray, Inc. (b)	9,517		144,849
Align Technology, Inc. (a) (b)	35,857		598,095
American Medical Systems Holdings, Inc. (a) (b)	40,831		590,416
Analogic Corp.	9,258		626,952

*See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Health Care Equipment & Supplies—(Continued)
Angiodynamics, Inc. (b)	12,607	$	240,037
ArthroCare Corp. (a) (b)	17,369		834,580
Aspect Medical Systems, Inc. (a) (b)	9,240		129,360
Conceptus, Inc. (a) (b)	18,228		350,707
Conmed Corp. (b)	16,200		374,382
Cutera, Inc. (a) (b)	8,601		135,036
Cyberonics, Inc. (a) (b)	16,539		217,653
Cynosure, Inc. (a) (b)	4,867		128,781
Datascope Corp.	9,172		333,861
ev3, Inc. (a) (b)	33,522		426,065
Greatbatch, Inc. (a) (b)	14,650		292,853
Haemonetics Corp. (b)	17,070		1,075,751
Hologic, Inc. (a) (b)	71,228		4,889,090
I Flow Corp. (a) (b)	19,111		301,572
ICU Medical, Inc. (a) (b)	9,981		359,416
Immucor, Inc. (b)	48,668		1,654,225
Integra LifeSciences Holdings (a) (b)	11,261		472,174
Invacare Corp. (a)	18,340		462,168
Inverness Medical Innovations, Inc. (b)	36,370		2,043,267
Kensey Nash Corp. (b)	8,837		264,403
Masimo Corp. (a) (b)	4,159		164,073
Medical Action Industries, Inc. (b)	8,826		184,022
Mentor Corp. (a)	22,570		882,487
Meridian Bioscience, Inc.	24,310		731,245
Merit Medical Systems, Inc. (b)	18,475		256,802
Micrus Endovascular Corp. (a) (b)	9,469		186,350
Minrad International, Inc. (a) (b)	30,250		98,312
Natus Medical, Inc. (a) (b)	11,359		219,797
Northstar Neuroscience, Inc. (a) (b)	12,720		118,296
NuVasive, Inc. (b)	20,591		813,756
NxStage Medical, Inc. (a) (b)	13,074		198,333
OraSure Technologies, Inc. (a) (b)	34,671		308,225
Orthofix International NV (b)	10,154		588,627
Palomar Medical Technologies, Inc. (a) (b)	11,206		171,676
Quidel Corp. (a) (b)	19,051		370,923
Regeneration Technologies, Inc. (b)	18,890		163,965
Sirona Dental Systems, Inc. (a) (b)	10,033		335,905
Sonic Innovations, Inc. (a) (b)	17,151		132,406
SonoSite, Inc. (b)	10,253		345,218
Spectranetics Corp. (a) (b)	19,194		294,244
Stereotaxis, Inc. (a) (b)	20,830		254,543
STERIS Corp.	39,327		1,134,191
SurModics, Inc. (a) (b)	9,719		527,450
Symmetry Medical, Inc. (b)	19,457		339,135
Thoratec Corp. (a) (b)	34,557		628,592
TomoTherapy, Inc. (a) (b)	7,004		136,998
Vital Signs, Inc.	6,688		341,891
Volcano Corp. (b)	17,311		216,561
West Pharmaceutical Services, Inc. (a)	19,799		803,641
Wright Medical Group, Inc. (b)	22,902		668,051
Zoll Medical Corp. (b)	11,101		296,619
			29,611,673
Health Care Providers & Services—2.7%
Air Methods Corp. (b)	6,724		333,981
Alliance Imaging, Inc. (b)	16,629		159,971

Security Description	Shares	Value*
Health Care Providers & Services—(Continued)
Amedisys, Inc. (a) (b)	14,858	$	720,910
American Dental Partners, Inc. (a) (b)	7,963		79,869
AMERIGROUP Corp. (b)	31,664		1,154,153
AMN Healthcare Services, Inc. (b)	21,359		366,734
AmSurg Corp. (b)	20,671		559,357
Apria Healthcare Group, Inc. (b)	26,027		561,402
Assisted Living Concepts, Inc. (b)	51,522		386,415
athenahealth, Inc. (b)	3,400		122,400
BIO-Reference Laboratories, Inc. (a) (b)	6,543		213,825
Capital Senior Living Corp. (b)	17,540		174,172
Centene Corp. (b)	26,172		718,160
Chemed Corp.	15,280		853,846
Cross Country Healthcare, Inc. (b)	22,155		315,487
CryoLife, Inc. (b)	14,371		114,249
Emergency Medical Services Corp. (a) (b)	5,882		172,225
Gentiva Health Services, Inc. (b)	18,854		358,980
HealthExtras, Inc. (a) (b)	18,671		486,940
Healthsouth Corp. (a) (b)	47,674		1,001,154
Healthspring, Inc. (b)	29,248		557,174
Healthways, Inc. (a) (b)	21,297		1,244,597
HMS Holdings Corp. (b)	13,181		437,741
Hythiam, Inc. (a) (b)	26,423		77,419
inVentiv Health, Inc. (b)	18,678		578,271
Kindred Healthcare, Inc. (b)	18,529		462,854
Landauer, Inc.	5,855		303,582
LCA-Vision, Inc. (a)	12,447		248,567
LHC Group, Inc. (a) (b)	8,704		217,426
Magellan Health Services, Inc. (b)	24,247		1,130,638
Matria Healthcare, Inc. (b)	12,568		298,741
MedCath Corp. (b)	5,739		140,950
Molina Healthcare, Inc. (a) (b)	8,197		317,224
MWI Veterinary Supply, Inc. (b)	5,393		215,720
National Healthcare Corp. (a)	3,588		185,500
Nighthawk Radiology Holdings, Inc. (a) (b)	13,278		279,502
Odyssey Healthcare, Inc. (b)	25,972		287,250
Owens & Minor, Inc.	24,307		1,031,346
PharMerica Corp. (a) (b)	16,146		224,107
Providence Service Corp. (a) (b)	9,010		253,541
PSS World Medical, Inc. (b)	42,327		828,339
Psychiatric Solutions, Inc. (b)	37,105		1,205,913
Radiation Therapy Services, Inc. (a) (b)	8,837		273,152
RehabCare Group, Inc. (b)	10,778		243,152
Res-Care, Inc. (b)	14,684		369,449
Skilled Healthcare Group, Inc. (b)	14,177		207,410
Sun Healthcare Group, Inc. (b)	26,563		456,087
Sunrise Senior Living, Inc. (a) (b)	28,803		883,676
			21,813,558
Health Care Technology—0.4%
Allscripts Heathcare Solutions, Inc. (a) (b)	33,557		651,677
Computer Programs & Systems, Inc. (a)	5,856		133,165
Eclipsys Corp. (b)	29,942		757,832
Omnicell, Inc. (b)	20,699		557,424
Phase Forward, Inc. (b)	25,352		551,406
The TriZetto Group, Inc. (b)	28,410		493,482
Vital Images, Inc. (a) (b)	10,111		182,706
			3,327,692

*See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Hotels, Restaurants & Leisure—2.7%
AFC Enterprises, Inc. (b)	19,632	$	222,234
Ambassadors Group, Inc. (a)	11,473		210,071
Ambassadors Intenational, Inc. (a)	6,497		94,726
Ameristar Casinos, Inc.	16,928		466,197
Bally Technologies, Inc. (a) (b)	32,474		1,614,607
BJ’s Restaurants, Inc. (a) (b)	10,206		165,950
Bluegreen Corp. (a) (b)	14,301		102,824
Bob Evans Farms, Inc.	23,317		627,927
Buffalo Wild Wings, Inc. (a) (b)	11,369		263,988
California Pizza Kitchen, Inc. (a) (b)	16,897		263,086
CBRL Group, Inc.	14,976		485,073
CEC Entertainment, Inc. (b)	19,645		509,984
Chipotle Mexican Grill, Inc. (a) (b)	20,951		2,578,021
Churchill Downs, Inc.	5,549		299,480
CKE Restaurants, Inc. (a)	41,454		547,193
Denny’s Corp. (b)	67,630		253,613
Domino’s Pizza, Inc. (a) (b)	26,291		347,830
Gaylord Entertainment Co. (a) (b)	26,984		1,092,042
Great Wolf Resorts, Inc. (a) (b)	18,410		180,602
IHOP Corp. (a)	10,820		395,796
Isle of Capri Casinos, Inc. (a) (b)	8,638		118,945
Jack in the Box, Inc. (b)	41,664		1,073,681
Jamba, Inc. (a) (b)	32,282		119,443
Krispy Kreme Doughnuts, Inc. (a) (b)	38,377		121,271
Landry’s Restaurants, Inc. (a)	8,548		168,396
Life Time Fitness, Inc. (a) (b)	19,048		946,305
Lodgian, Inc. (b)	12,497		140,716
Marcus Corp. (a)	11,284		174,338
McCormick & Schmick’s Seafood Restaurants, Inc. (b)	8,788		104,841
Monarch Casino & Resort, Inc. (a) (b)	6,371		153,414
Morgans Hotel Group Co. (b)	13,254		255,537
MTR Gaming Group, Inc. (a) (b)	13,571		92,147
Multimedia Games, Inc. (a) (b)	17,111		142,706
O’Charleys, Inc. (a)	16,600		248,668
P.F. Chang’s China Bistro, Inc. (a) (b)	16,111		367,975
Papa John’s International, Inc. (b)	13,676		310,445
Peet’s Coffee & Tea, Inc. (a) (b)	8,820		256,397
Pinnacle Entertainment, Inc. (b)	36,031		848,890
Premier Exhibitions, Inc. (a) (b)	18,145		198,506
Red Robin Gourmet Burgers, Inc. (b)	9,999		319,868
Riviera Holdings Corp. (a) (b)	6,475		199,430
Ruby Tuesday, Inc. (a)	35,010		341,348
Ruth’s Chris Steak House, Inc. (a) (b)	10,533		94,165
Shuffle Master, Inc. (a) (b)	20,839		249,860
Six Flags, Inc. (a) (b)	53,836		109,287
Sonic Corp. (a) (b)	41,985		919,471
Speedway Motorsports, Inc.	8,883		276,084
Texas Roadhouse, Inc. (a) (b)	31,607		349,573
The Steak N Shake Co. (a) (b)	15,973		174,106
Town Sports International Holdings, Inc. (a) (b)	10,287		98,344
Triarc Cos., Inc. (a)	38,211		334,728
Trump Entertainment Resorts, Inc. (a) (b)	17,059		73,354
Vail Resorts, Inc. (a) (b)	21,308		1,146,583
WMS Industries, Inc. (a) (b)	23,739		869,797
			22,119,863

Security Description	Shares	Value*
Household Durables—1.1%
American Greetings Corp. (Class A)	32,419	$	658,106
Avatar Holding, Inc. (a) (b)	3,358		140,432
Beazer Homes USA, Inc. (a)	23,725		176,277
Blyth, Inc.	18,566		407,338
Brookfield Homes Corp. (a)	8,314		131,361
Champion Enterprises, Inc. (a) (b)	51,174		482,059
CSS Industries, Inc. (a)	4,704		172,637
Ethan Allen Interiors, Inc. (a)	17,544		500,004
Furniture Brands International, Inc. (a)	29,013		291,871
Helen of Troy, Ltd. (b)	18,491		316,936
Hooker Furniture Corp. (a)	7,384		148,418
Hovnanian Enterprises, Inc. (Class A) (a) (b)	22,223		159,339
iRobot Corp. (a) (b)	12,683		229,309
Kimball International, Inc. (Class B) (a)	17,331		237,435
La-Z-Boy, Inc. (a)	32,284		256,012
Libbey, Inc.	9,115		144,382
M/I Schottenstein Homes, Inc. (a)	14,145		148,522
Meritage Homes Corp. (a) (b)	14,229		207,316
National Presto Industries, Inc.	2,609		137,390
Russ Berrie & Co., Inc. (a)	10,539		172,418
Sealy Corp. (a)	27,397		306,572
Standard-Pacific Corp. (a)	39,264		131,534
Syntax-Brillian Corp. (a) (b)	36,580		112,666
Tempur-Pedic International, Inc. (a)	53,514		1,389,759
Tupperware Corp.	37,995		1,254,975
Universal Electronics, Inc. (b)	10,896		364,362
WCI Communities, Inc. (a) (b)	20,664		78,110
			8,755,540
Household Products—0.1%
Central Garden and Pet Co. (a) (b)	43,733		234,409
Spectrum Brands, Inc. (a) (b)	34,225		182,419
WD-40 Co.	10,145		385,206
			802,034
Independent Power Producers & Energy Traders—0.1%
Ormat Technologies, Inc. (a)	8,116		446,461
Industrial Conglomerates—0.2%
Raven Industries, Inc. (a)	9,918		380,752
Standex International Corp.	6,527		113,896
Tredegar Industries, Inc. (a)	22,277		358,214
Walter Industries, Inc.	33,396		1,199,919
			2,052,781
Insurance—3.5%
Alfa Corp.	17,983		389,692
American Equity Investment Life Holding Co. (a)	36,575		303,207
American Physicians Capital, Inc.	6,414		265,924
Amerisafe, Inc. (b)	11,822		183,359
Amtrust Financial Services, Inc. (a)	15,935		219,425
Argo Group International Holdings, Ltd.	16,949		714,061
Aspen Insurance Holdings, Ltd.	57,655		1,662,770
Assured Guaranty, Ltd.	48,852		1,296,532
Citizens, Inc. (a) (b)	22,172		122,611

*See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Insurance—(Continued)
CNA Surety Corp. (a) (b)	9,923	$	196,376
Commerce Group, Inc.	33,605		1,209,108
Delphi Financial Group, Inc.	25,658		905,214
eHealth, Inc. (b)	8,024		257,651
Employers Holdings, Inc.	33,650		562,292
Enstar Group, Ltd. (a) (b)	4,274		523,223
FBL Financial Group, Inc.	8,813		304,313
First Mercury Financial Corp. (b)	6,912		168,653
FPIC Insurance Group, Inc. (a) (b)	5,920		254,442
Harleysville Group, Inc.	9,700		343,186
Hilb, Rogal & Hamilton Co.	21,750		882,398
Horace Mann Educators Corp.	26,595		503,709
Infinity Property & Casualty Corp.	13,290		480,168
IPC Holdings, Ltd.	38,356		1,107,338
Landamerica Financial Group, Inc. (a)	11,411		381,698
Max Capital Group, Ltd.	36,394		1,018,668
Meadowbrook Insurance Group, Inc. (b)	19,234		180,992
Midland Co.	6,919		447,590
Montpelier Re Holdings, Ltd.	67,329		1,145,266
National Financial Partners Corp. (a)	22,215		1,013,226
National Western Life Insurance Co.	1,512		313,543
NYMAGIC, Inc.	4,986		115,326
Odyssey Re Holdings Corp.	17,162		630,017
Phoenix Cos., Inc.	69,794		828,455
Platinum Underwriters Holdings, Ltd.	39,512		1,405,047
PMA Capital Corp. (b)	17,258		141,861
Presidential Life Corp.	15,310		268,078
ProAssurance Corp. (b)	23,170		1,272,496
RAM Holdings, Ltd. (a) (b)	11,524		56,929
RLI Corp.	12,921		733,784
Safety Insurance Group, Inc.	10,092		369,569
Scottish Re Group, Ltd. (b)	42,773		31,010
SeaBright Insurance Holdings, Inc. (b)	12,481		188,213
Security Capital Assurance, Ltd. (a)	14,591		56,759
Selective Insurance Group, Inc.	35,452		815,041
State Auto Financial Corp.	9,434		248,114
Stewart Information Services Corp.	11,597		302,566
The Navigators Group, Inc. (b)	8,311		540,215
Tower Group, Inc.	12,792		427,253
United America Indemity, Ltd. (b)	15,178		302,346
United Fire & Casualty Co.	14,209		413,340
Universal American Financial Corp. (b)	28,541		730,364
Validus Holdings, Ltd. (b)	4,797		124,626
Zenith National Insurance Corp.	23,688		1,059,564
			28,417,608
Internet & Catalog Retail—0.7%
Blue Nile, Inc. (a) (b)	7,985		543,459
FTD Group, Inc.	11,480		147,862
Gaiam, Inc. (a) (b)	9,847		292,259
GSI Commerce, Inc. (b)	12,450		242,775
Netflix, Inc. (a) (b)	29,185		776,905
Orbitz Worldwide, Inc. (b)	20,423		173,595
Overstock.com, Inc. (a) (b)	10,438		162,102
PetMed Express, Inc. (a) (b)	11,525		139,453
Priceline.com, Inc. (a) (b)	24,176		2,776,855

Security Description	Shares	Value*
Internet & Catalog Retail—(Continued)
Shutterfly, Inc. (b)	9,219	$	236,191
Stamps.com, Inc. (a) (b)	10,227		124,565
ValueVision Media, Inc. (a) (b)	21,714		136,581
			5,752,602
Internet Software & Services—2.5%
Ariba, Inc. (a) (b)	51,204		570,925
Art Technology Group, Inc. (a) (b)	76,761		331,608
Asiainfo Holdings, Inc. (a) (b)	20,202		222,222
Bankrate, Inc. (a) (b)	7,602		365,580
Chordiant Software, Inc. (b)	17,666		151,044
CMGI, Inc. (b)	29,234		382,673
CNET Networks, Inc. (a) (b)	92,673		847,031
DealerTrack Holdings, Inc. (b)	20,263		678,203
Digital River, Inc. (a) (b)	24,214		800,757
DivX, Inc. (b)	14,635		204,890
EarthLink, Inc. (a) (b)	77,790		549,975
Equinix, Inc. (a) (b)	21,465		2,169,468
Greenfield Online, Inc. (b)	13,708		200,274
iBasis, Inc. (a) (b)	20,983		107,643
Imergent, Inc. (a)	7,829		82,909
InfoSpace, Inc. (a) (b)	18,952		356,298
Internap Network Services Corp. (a) (b)	30,035		250,192
Internet Capital Group, Inc. (a) (b)	29,139		342,092
Interwoven, Inc. (b)	24,116		342,929
iPass, Inc. (a) (b)	32,314		131,195
j2 Global Communications, Inc. (b)	29,625		627,161
Keynote Systems, Inc. (b)	10,145		142,537
LivePerson, Inc. (b)	23,764		126,900
LoopNet, Inc. (a) (b)	16,690		234,494
Marchex, Inc. (a)	16,789		182,329
Mercadolibre, Inc. (b)	9,665		714,050
NIC, Inc. (a) (b)	24,542		207,134
Omniture, Inc. (b)	19,205		639,334
On2 Technologies, Inc. (a) (b)	111,400		113,628
Online Resources Corp. (a) (b)	13,918		165,903
Openwave Systems, Inc. (a) (b)	55,156		143,406
Perficient, Inc. (b)	18,068		284,390
RealNetworks, Inc. (a) (b)	66,317		403,871
S1 Corp. (b)	34,158		249,353
SAVVIS, Inc. (a) (b)	16,648		464,646
Sohu.com, Inc. (a) (b)	16,791		915,445
SonicWall, Inc. (b)	35,830		384,098
Terremark Worldwide, Inc. (a) (b)	29,552		192,088
The Knot, Inc. (a) (b)	17,057		271,889
TheStreet.com, Inc. (a)	13,342		212,405
United Online, Inc.	40,507		478,793
ValueClick, Inc. (b)	69,016		1,511,450
Vignette Corp. (b)	18,591		271,614
VistaPrint, Ltd. (a) (b)	26,050		1,116,242
Visual Sciences, Inc. (b)	11,535		213,167
Vocus, Inc. (b)	8,193		282,904
Websense, Inc. (b)	26,527		450,428
			20,087,567

*See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
IT Services—1.7%
BearingPoint, Inc. (a) (b)	121,992	$	345,237
CACI International, Inc. (Class A) (b)	18,545		830,260
Ciber, Inc. (b)	32,578		199,052
CSG Systems International, Inc. (b)	30,519		449,240
Cybersource Corp. (a) (b)	37,634		668,756
Euronet Worldwide, Inc. (a) (b)	27,740		832,200
ExlService Holdings, Inc. (a) (b)	14,049		324,251
Forrester Research, Inc. (b)	8,982		251,676
Gartner, Inc. (Class A) (b)	41,669		731,708
Gevity HR, Inc. (a)	14,918		114,719
Global Cash Access, Inc. (a) (b)	27,053		163,941
Heartland Payment Systems, Inc. (a)	10,165		272,422
Information Services Group, Inc. (b)	19,555		133,952
InfoUSA, Inc.	24,161		215,758
Integral Systems, Inc. (a)	6,666		155,051
Lionbridge Technologies, Inc. (a) (b)	44,502		157,982
Mantech International Corp. (b)	12,046		527,856
MAXIMUS, Inc. (a)	14,829		572,548
MPS Group, Inc. (b)	63,807		698,048
Ness Technologies, Inc. (a) (b)	20,490		189,123
Perot Systems Corp. (Class A) (b)	52,731		711,868
RightNow Technologies, Inc. (b)	10,146		160,814
Safeguard Scientifics, Inc. (a) (b)	66,647		119,965
SAIC, Inc. (a) (b)	99,730		2,006,568
Sapient Corp. (b)	48,288		425,417
SI International, Inc. (b)	9,254		254,207
SRA International, Inc. (b)	24,074		708,979
Sykes Enterprises, Inc. (b)	20,294		365,292
Syntel, Inc. (a)	7,885		303,730
TNS, Inc. (b)	13,033		231,336
Wright Express Corp. (b)	24,854		882,068
			14,004,024
Leisure Equipment & Products—0.4%
Arctic Cat, Inc. (a)	8,298		99,078
Callaway Golf Co.	48,207		840,248
JAKKS Pacific, Inc. (a) (b)	16,889		398,749
Leapfrog Enterprises, Inc. (b)	17,489		117,701
MarineMax, Inc. (a) (b)	9,671		149,901
Nautilus Group, Inc. (a)	20,664		100,220
Polaris Industries, Inc. (a)	21,479		1,026,052
RC2 Corp. (b)	14,177		397,948
Smith & Wesson Holding Corp. (a) (b)	16,594		101,224
Steinway Musical Instruments, Inc. (b)	4,118		113,533
Sturm Ruger & Co., Inc. (a) (b)	14,288		118,305
			3,462,959
Life Sciences Tools & Services —1.6%
Affymetrix, Inc. (a) (b)	42,415		981,483
Albany Molecular Research, Inc. (b)	13,735		197,509
AMAG Pharmaceuticals, Inc. (b)	9,916		596,249
Bio-Rad Laboratories, Inc. (b)	10,911		1,130,598
Bruker Biosciences Corp. (b)	40,189		534,514
Cambrex Corp.	14,910		124,946
Dionex Corp. (b)	12,610		1,044,865
Enzo Biochem, Inc. (a) (b)	17,301		220,415

Security Description	Shares	Value*
Life Sciences Tools & Services—(Continued)
eResearch Technology, Inc. (a) (b)	26,533	$	313,620
Exelixis, Inc. (b)	61,683		532,324
Illumina, Inc. (a) (b)	36,156		2,142,605
Kendle International, Inc. (b)	7,432		363,573
Luminex Corp. (a) (b)	21,359		346,870
Medivation, Inc. (a)	13,412		193,133
Nektar Therapeutics (a) (b)	54,733		367,258
Parexel International Corp. (b)	17,516		846,023
Pharmanet Development Group, Inc. (b)	11,199		439,113
Varian, Inc. (b)	19,748		1,289,544
Ventana Medical Systems, Inc. (b)	18,644		1,626,316
			13,290,958
Machinery—3.0%
3D Systems Corp. (a) (b)	11,338		175,059
Accuride Corp. (b)	12,273		96,466
Actuant Corp. (a)	34,670		1,179,127
Albany International Corp. (Class A) (a)	17,773		659,378
American Railcar Industries, Inc. (a)	5,293		101,890
AMPCO Pittsburgh Corp.	4,198		160,070
Astec Industries, Inc. (b)	11,497		427,573
ASV, Inc. (a) (b)	11,690		161,907
Badger Meter, Inc. (a)	9,649		433,723
Barnes Group, Inc.	27,847		929,811
Blount International, Inc. (b)	20,226		248,982
Briggs & Stratton Corp. (a)	28,901		654,897
Bucyrus International, Inc.	24,253		2,410,506
Cascade Corp. (a)	8,261		383,806
Chart Industries, Inc. (b)	8,169		252,422
Circor International, Inc.	9,447		437,963
CLARCOR, Inc.	31,113		1,181,361
Columbus McKinnon Corp. (b)	11,301		368,639
Commercial Vehicle Group, Inc. (b)	11,473		166,358
Dynamic Materials Corp. (a)	7,259		427,555
Enpro Industries, Inc. (b)	12,182		373,378
ESCO Technologies, Inc. (a) (b)	16,183		646,349
Federal Signal Corp. (a)	27,166		304,803
Flow International Corp. (b)	23,138		215,646
Force Protection, Inc. (a) (b)	41,101		192,353
FreightCar America, Inc. (a)	7,047		246,645
Gehl Co. (a) (b)	5,715		91,669
Gorman-Rupp Co. (a)	9,576		298,771
Hardinge, Inc.	6,954		116,688
Hurco Cos., Inc.	3,576		156,092
Kadant, Inc. (b)	8,363		248,130
Kaydon Corp. (a)	17,350		946,269
LB Foster Co. (a) (b)	6,186		320,002
Lindsay Manufacturing Co. (a)	6,983		493,628
Miller Industries, Inc. (b)	9,123		124,894
Mueller Industries, Inc.	22,661		656,942
Mueller Water Products, Inc. (a)	69,188		658,670
NACCO Industries, Inc.	3,492		348,117
Nordson Corp.	20,342		1,179,022
RBC Bearings, Inc. (b)	12,744		553,854
Robbins & Myers, Inc.	8,450		639,073
Sun Hydraulics Corp.	7,039		177,594

*See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Machinery—(Continued)
Tennant Co.	10,316	$	456,896
The Greenbrier Cos., Inc. (a)	9,593		213,540
The Middleby Corp. (a)	8,794		673,796
Titan International, Inc. (a)	14,345		448,425
Turbochef Technologies, Inc. (a) (b)	11,797		194,650
Twin Disc, Inc.	2,881		203,888
Valmont Industries, Inc. (a)	11,905		1,060,974
Wabash National Corp. (a)	17,632		135,590
Wabtec Corp.	33,052		1,138,311
Watts Industries, Inc. (a)	19,051		567,720
			24,939,872
Marine—0.3%
American Commercial Lines, Inc. (a) (b)	36,170		587,401
Eagle Bulk Shipping, Inc. (a)	27,758		736,975
Genco Shipping & Trading, Ltd. (a)	10,777		590,148
Horizon Lines, Inc. (a)	20,292		378,243
Ultrapetrol Bahamas, Ltd. (a) (b)	16,410		279,134
			2,571,901
Media—1.7%
Arbitron, Inc. (a)	18,068		751,087
Belo Corp. (Class A)	51,102		891,219
Carmike Cinemas, Inc. (a)	6,657		48,330
Charter Communications, Inc. (a) (b)	245,494		287,228
Cinemark Holdings, Inc. (a)	17,343		294,831
Citadel Broadcasting Corp. (a)	117,847		242,765
CKX, Inc. (a) (b)	27,632		331,584
Courier Corp.	5,405		178,419
Cox Radio, Inc. (Class A) (a) (b)	24,285		295,063
Cumulus Media, Inc. (a) (b)	29,033		233,425
DG FastChannel, Inc. (b)	8,430		216,145
Emmis Communications Corp. (Class A) (a) (b)	17,821		68,611
Entercom Communications Corp. (a)	18,287		250,349
Entravision Communications Corp. (Class A) (b)	38,327		300,100
Fisher Communications, Inc. (b)	3,926		149,031
GateHouse Media, Inc. (a)	13,401		117,661
Gemstar-TV Guide International, Inc. (a) (b)	147,815		703,599
Global Sources, Ltd. (a) (b)	10,947		308,930
Gray Television, Inc. (a)	22,092		177,178
Harris Interactive, Inc. (b)	29,643		126,279
Interactive Data Corp.	23,903		789,038
Journal Communications, Inc.	28,263		252,671
Knology, Inc. (a) (b)	16,245		207,611
Lee Enterprises, Inc. (a)	28,447		416,749
LIN TV Corp. (a) (b)	16,477		200,525
Live Nation, Inc. (a) (b)	39,075		567,369
LodgeNet Entertainment Corp. (a) (b)	12,212		212,977
Martha Stewart Living Omnimedia, Inc. (a) (b)	17,104		158,554
Marvel Entertainment, Inc. (a) (b)	32,800		876,088
Media General, Inc. (a)	12,942		275,018
Mediacom Communications Corp. (a) (b)	34,201		156,983
Morningstar, Inc. (a) (b)	7,761		603,418
National CineMedia, Inc.	24,826		625,863
Playboy Enterprises, Inc. (Class B) (a) (b)	13,665		124,625
Primedia, Inc. (a) (b)	26,996		229,466

Security Description	Shares	Value*
Media—(Continued)
Radio One, Inc. (Class D) (b)	43,485	$	103,059
RCN Corp. (a) (b)	18,924		295,025
Scholastic Corp. (a) (b)	20,130		702,336
Sinclair Broadcast Group, Inc. (a)	27,921		229,231
Sun Times Media Croup, Inc. (a) (b)	41,861		92,094
TiVo, Inc. (a) (b)	61,206		510,458
Valassis Communications, Inc. (a) (b)	28,156		329,144
Westwood One, Inc. (a) (b)	73,299		145,865
World Wrestling Entertainment, Inc.	13,534		199,762
			14,275,763
Metals & Mining—1.6%
A.M. Castle & Co.	8,171		222,169
AMCOL International Corp. (a)	15,760		567,833
Apex Silver Mines, Ltd. (b)	35,539		541,614
Brush Engineered Material, Inc. (a) (b)	12,873		476,558
Century Aluminum Co. (b)	17,432		940,282
Coeur D’Alene Mines Corp. (a)	268,852		1,328,129
Compass Minerals International, Inc. (a)	21,163		867,683
Esmark, Inc. (a) (b)	6,594		93,173
General Moly, Inc. (a) (b)	30,689		358,141
Haynes International, Inc. (b)	7,082		492,199
Hecla Mining Co. (a) (b)	72,011		673,303
Kaiser Aluminum Corp.	9,158		727,878
Metal Management, Inc.	16,920		770,368
Olympic Steel, Inc.	5,096		161,594
Quanex Corp. (a)	22,520		1,168,788
Royal Gold, Inc. (a)	14,314		436,863
RTI International Metals, Inc. (b)	14,086		970,948
Schnitzer Steel Industries, Inc.	13,177		910,926
Stillwater Mining Co. (a) (b)	29,045		280,575
U.S. Gold Corp. (b)	29,552		87,474
Universal Stainless & Alloy (b)	4,250		151,172
Worthington Industries, Inc. (a)	43,979		786,345
			13,014,015
Multi-Utilities—0.6%
Aquila, Inc. (b)	224,670		838,019
Avista Corp.	30,935		666,340
Black Hills Corp. (a)	22,635		998,204
CH Energy Group, Inc. (a)	9,850		438,719
NorthWestern Corp.	21,562		636,079
PNM Resources, Inc.	50,750		1,088,587
			4,665,948
Multiline Retail—0.1%
99 Cents Only Stores (a) (b)	27,759		220,962
Fred’s, Inc. (a)	22,728		218,871
Retail Ventures, Inc. (a) (b)	17,215		87,624
The Bon-Ton Stores, Inc. (a)	6,370		60,451
Tuesday Morning Corp. (a)	18,418		93,379
			681,287
Mutual Funds—2.1%
iShares Russell 2000 Index Fund (a)	223,800		16,990,896

*See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Oil, Gas & Consumable Fuels—3.8%
Alon USA Energy, Inc. (a)	8,071	$	219,370
Alpha Natural Resources, Inc. (a) (b)	39,880		1,295,302
Arena Resources, Inc. (b)	18,278		762,375
Arlington Tankers, Ltd. (a)	8,166		180,714
Atlas America, Inc.	13,915		823,490
ATP Oil & Gas Corp. (b)	13,166		665,410
Aventine Renewable Energy Holdings, Inc. (a) (b)	16,611		211,956
Berry Petroleum Co. (a)	23,954		1,064,755
Bill Barrett Corp. (a) (b)	18,955		793,646
Bois d’Arc Energy, Inc. (a) (b)	10,923		216,821
BPZ Energy, Inc. (a) (b)	29,482		329,609
Brigham Exploration Co. (b)	27,172		204,333
Callon Petroleum Co. (b)	10,848		178,450
Carrizo Oil & Gas, Inc. (b)	14,570		797,707
Comstock Resources, Inc. (b)	26,648		906,032
Concho Resources, Inc. (b)	6,996		144,188
Contango Oil & Gas Co. (b)	8,216		418,112
Crosstex Energy, Inc. (a)	22,126		823,972
CVR Energy, Inc. (b)	9,700		241,918
Delek U.S. Holdings, Inc.	7,579		153,323
Delta Petroleum Corp. (a) (b)	39,218		739,259
Double Hull Tankers, Inc. (a)	13,136		160,785
Edge Petroleum Corp. (b)	17,960		106,503
Encore Aquisition Co. (b)	33,227		1,108,785
Energy Partners, Ltd. (b)	21,596		255,049
Evergreen Energy, Inc. (a) (b)	49,607		110,624
EXCO Resources, Inc. (b)	37,568		581,553
FX Energy, Inc. (a) (b)	22,765		129,305
General Maritime Corp. (a)	17,335		423,841
GMX Resources, Inc. (a) (b)	6,752		217,954
Golar LNG, Ltd. (a)	21,224		469,475
Goodrich Petroleum Corp. (a) (b)	8,943		202,291
Gulfport Energy Corp. (a) (b)	12,572		229,565
Harvest Natural Resources, Inc. (a) (b)	22,532		281,650
International Coal Group, Inc. (a) (b)	80,605		432,043
Kayne Anderson Energy Development Co.	6,396		146,532
Knightbridge Tankers, Ltd. (a)	10,435		252,005
Mariner Energy, Inc. (b)	52,599		1,203,465
Markwest Hydrocarbon, Inc.	3,821		239,386
McMoran Exploration Co. (a) (b)	17,241		225,685
Meridian Resource Corp. (a) (b)	42,979		77,792
NGP Capital Resources Co. (a)	10,468		163,615
Nordic American Tanker Shipping (a)	17,812		584,590
Oilsands Quest, Inc. (a) (b)	69,900		285,192
Pacific Ethanol, Inc. (a) (b)	22,411		183,994
Parallel Petroleum Corp. (a) (b)	22,143		390,381
Penn Virginia Corp.	22,558		984,205
PetroHawk Energy Corp. (a) (b)	109,569		1,896,639
Petroleum Development Corp. (a) (b)	8,492		502,132
PetroQuest Energy, Inc. (a) (b)	28,823		412,169
Rentech, Inc. (a) (b)	133,219		241,126
Rosetta Resources, Inc. (b)	32,454		643,563
Ship Finance International, Ltd. (a)	19,039		527,571
Stone Energy Corp. (b)	16,789		787,572
Swift Energy Co. (b)	17,689		778,847
Toreador Resources Corp. (a) (b)	10,538		73,661
TXCO Resources, Inc. (a) (b)	20,226		243,925

Security Description	Shares	Value*
Oil, Gas & Consumable Fuels—(Continued)
Uranium Resources, Inc. (a) (b)	32,142	$	401,132
USEC, Inc. (a) (b)	63,645		572,805
Vaalco Energy, Inc. (a) (b)	34,324		159,607
Venoco, Inc. (a) (b)	8,154		162,509
VeraSun Energy Corp. (a) (b)	20,803		317,870
Warren Resources, Inc. (b)	34,497		487,443
Whiting Petroleum Corp. (b)	25,051		1,444,441
World Fuel Services Corp.	17,110		496,703
			30,766,722
Paper & Forest Products—0.3%
AbitibiBowater, Inc. (a)	31,843		656,284
Buckeye Technologies, Inc. (b)	26,263		328,287
Deltic Timber Corp.	6,297		324,233
Glatfelter	26,773		409,895
Mercer International, Inc. (a) (b)	19,123		149,733
Neenah Paper, Inc. (a)	10,748		313,304
Schweitzer-Mauduit International, Inc.	12,493		323,694
Wausau-Mosinee Paper Corp.	26,829		241,193
			2,746,623
Personal Products—0.3%
American Oriental Bioengineering, Inc. (b)	31,524		349,286
Chattem, Inc. (b)	11,061		835,548
Elizabeth Arden, Inc. (b)	14,516		295,400
Mannatech, Inc. (a)	21,927		138,579
NU Skin Enterprises, Inc.	33,522		550,766
Prestige Brands Holdings, Inc. (a) (b)	23,318		174,419
Revlon, Inc. (a) (b)	120,243		141,887
USANA Health Sciences, Inc. (a) (b)	5,737		212,728
			2,698,613
Pharmaceuticals—1.7%
Adams Respiratory Therapeutics, Inc. (a) (b)	21,574		1,288,831
Akorn, Inc. (a) (b)	33,037		242,492
Alpharma, Inc. (b)	27,114		546,347
Auxilium Pharmaceuticals, Inc. (a) (b)	20,238		606,938
Beijing Med-Pharm Corp. (a) (b)	17,491		192,051
Bentley Pharmaceuticals, Inc. (b)	12,414		187,327
Bradley Pharmaceuticals, Inc. (a) (b)	8,703		171,449
Cypress Biosciences, Inc. (b)	22,201		244,877
Discovery Laboratories, Inc. (a) (b)	54,214		116,560
Durect Corp., Inc. (a) (b)	41,647		267,790
Javelin Pharmaceuticals, Inc. (a) (b)	27,296		102,087
KV Pharmaceutical Co. (a) (b)	25,617		731,109
Medicis Pharmaceutical Corp. (a) (b)	33,392		867,190
MGI Pharma, Inc. (b)	48,053		1,947,588
Nastech Pharmaceutical, Inc. (a) (b)	17,753		67,461
Noven Pharmaceuticals, Inc. (a) (b)	17,432		241,956
Pain Therapeutics, Inc. (a) (b)	19,603		207,792
Par Pharmaceutical Companies, Inc. (a) (b)	19,985		479,640
Penwest Pharmaceuticals Co. (a) (b)	14,685		85,907
Perrigo Co.	48,543		1,699,491
Pozen, Inc. (a) (b)	15,141		181,692
Salix Pharmaceuticals, Ltd. (a) (b)	27,105		213,587

*See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Pharmaceuticals—(Continued)
Santarus, Inc. (a) (b)	43,882	$	120,676
Sciele Pharma, Inc. (b)	21,586		441,434
Supergen, Inc. (a) (b)	30,336		110,726
The Medicines Co. (a) (b)	30,908		592,197
Valeant Pharmaceuticals International, Inc.	57,024		682,577
ViroPharma, Inc. (a) (b)	44,265		351,464
Vivus, Inc. (b)	37,397		193,717
Xenoport, Inc. (a) (b)	12,803		715,432
			13,898,385
Real Estate Investment Trusts—5.5%
Acadia Realty Trust	18,744		480,034
Agree Realty Corp. (a)	4,326		130,213
Alesco Financial, Inc. (a)	34,321		112,573
Alexander’s, Inc. (a) (b)	1,300		459,225
Alexandria Real Estate Equities, Inc.	18,979		1,929,595
American Campus Communities, Inc.	15,926		427,613
American Financial Realty Trust	77,553		621,975
American Home Mortgage Investment Corp. (a) (c)	22,105		376
Anthracite Capital, Inc. (a)	39,169		283,584
Anworth Mortgage Asset Corp.	27,885		230,330
Arbor Realty Trust, Inc. (a)	7,348		118,376
Ashford Hospitality Trust, Inc.	64,189		461,519
Associated Estates Realty Corp.	10,121		95,542
BioMed Realty Trust, Inc.	42,940		994,920
Capital Lease Funding, Inc. (a)	26,965		227,045
Capital Trust, Inc. (a)	7,775		238,304
CBRE Realty Finance, Inc. (a)	29,225		156,062
Cedar Shopping Centers, Inc.	28,436		290,900
Chimera Investment Corp.	16,100		287,868
Corporate Office Properties Trust	23,558		742,077
Cousins Properties, Inc. (a)	24,120		533,052
Crystal River Capital, Inc. (a)	15,330		221,365
DCT Industrial Realty Trust, Inc.	105,805		985,045
Deerfield Capital Corp. (a)	33,570		268,560
Diamondrock Hospitality Co.	57,049		854,594
Digital Realty Trust, Inc.	35,419		1,359,027
DuPont Fabros Technology, Inc.	16,900		331,240
EastGroup Properties, Inc.	13,883		581,004
Education Realty Trust, Inc.	15,360		172,646
Entertainment Properties Trust	16,641		782,127
Equity Lifestyle Properties, Inc.	12,948		591,335
Equity One, Inc. (a)	24,905		573,562
Extra Space Storage, Inc.	37,255		532,374
FelCor Lodging Trust, Inc.	36,854		574,554
First Industrial Realty Trust, Inc. (a)	27,374		947,140
First Potomac Realty Trust	16,284		281,550
Franklin Street Properties Corp. (a)	36,824		544,995
Friedman Billings Ramsey Group, Inc. (a)	98,047		307,868
Getty Realty Corp.	9,654		257,569
Glimcher Realty Trust (a)	22,979		328,370
GMH Communities Trust (a)	20,937		115,572
Gramercy Capital Corp. (a)	13,048		317,197
Healthcare Realty Trust, Inc. (a)	30,414		772,211
Hersha Hospitality Trust	25,342		240,749
Highwoods Properties, Inc.	40,416		1,187,422
Home Properties of New York, Inc.	20,060		899,691

Security Description	Shares	Value*
Real Estate Investment Trusts—(Continued)
IMPAC Mortage Holdings, Inc. (a) (b)	80,057	$	44,832
Inland Real Estate Corp. (a)	36,358		514,829
Investors Real Estate Trust	26,423		237,014
JER Investors Trust, Inc. (a)	13,786		148,475
Kite Realty Group Trust	14,565		222,408
LaSalle Hotel Properties	24,950		795,905
Lexington Corporate Properties Trust	43,043		625,845
LTC Properties, Inc.	15,049		376,977
Luminent Mortgage Capital, Inc. (a) (b)	101,272		78,992
Maguire Properties, Inc. (a)	22,799		671,887
Medical Properties Trust, Inc. (a)	30,496		310,754
MFA Mortgage Investment, Inc.	60,506		559,681
Mid-America Apartment Communities, Inc.	15,879		678,827
Mission West Properties	12,528		119,141
National Health Investors, Inc. (a)	13,381		373,330
National Retail Properties, Inc.	42,663		997,461
Nationwide Health Properties, Inc.	58,078		1,821,907
Newcastle Investment Corp. (a)	25,148		325,918
NorthStar Realty Finance Corp. (a)	35,021		312,387
Omega Healthcare Investors, Inc.	40,810		655,000
Parkway Properties, Inc. (a)	9,472		350,275
Pennsylvania Real Estate Investment Trust	19,441		577,009
Post Properties, Inc. (a)	26,881		944,061
Potlatch Corp.	23,039		1,023,853
PS Business Parks, Inc.	9,502		499,330
RAIT Investment Trust (a)	39,676		342,007
Ramco-Gershenson Property Trust	11,167		238,639
Realty Income Corp. (a)	65,128		1,759,759
Redwood Trust, Inc. (a)	11,590		396,842
Resource Capital Corp. (a)	13,847		128,916
Saul Centers, Inc.	7,327		391,482
Senior Housing Properties Trust	50,455		1,144,319
Sovran Self Storage, Inc.	12,354		495,395
Strategic Hotel Capital, Inc.	44,618		746,459
Sun Communities, Inc.	12,799		269,675
Sunstone Hotel Investors, Inc.	37,671		689,003
Tanger Factory Outlet Centers, Inc. (a)	18,763		707,553
U-Store-It Trust	31,251		286,259
Universal Health Realty Income Trust, Inc. (a)	8,355		296,101
Urstadt Biddle Properties, Inc.	12,686		196,633
Washington Real Estate Investment Trust (a)	28,245		887,175
Winthrop Realty Trust	31,903		168,767
			45,260,032
Real Estate Management & Development—0.1%
Consolidated Tomoka Land Co. (a)	3,138		196,690
Hilltop Holdings, Inc. (a) (b)	28,463		310,816
Meruelo Maddux Properties, Inc. (b)	28,654		114,616
Move, Inc. (a) (b)	69,308		169,804
Tejon Ranch Co. (a) (b)	5,919		241,791
Thomas Properties Group, Inc.	14,851		160,094
			1,193,811
Road & Rail—0.5%
Amerco, Inc. (a) (b)	6,294		413,390
Arkansas Best Corp. (a)	15,099		331,272

*See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Road & Rail—(Continued)
Celadon Group, Inc. (b)	13,384	$	122,598
Dollar Thrifty Automotive Group, Inc. (b)	15,896		376,417
Genesee & Wyoming, Inc. (b)	22,578		545,710
Heartland Express, Inc. (a)	37,668		534,132
Knight Transportation, Inc. (a)	34,955		517,684
Marten Transport, Ltd. (a) (b)	7,808		108,922
Old Dominion Freight Line, Inc. (a) (b)	19,138		442,279
Saia, Inc. (b)	8,130		108,129
Werner Enterprises, Inc. (a)	33,940		577,998
			4,078,531
Semiconductors & Semiconductor Equipment—3.5%
Actel Corp. (b)	13,736		187,634
Advanced Analogic Technologies, Inc. (a) (b)	24,209		273,078
Advanced Energy Industries, Inc. (b)	23,757		310,742
AMIS Holdings, Inc. (b)	40,861		409,427
Amkor Technology, Inc. (a) (b)	64,880		553,426
Anadigics, Inc. (a) (b)	36,036		416,936
Applied Micro Circuits Corp. (b)	42,638		372,656
Asyst Technologies, Inc. (b)	26,557		86,576
Atheros Communications, Inc. (b)	32,346		987,847
ATMI, Inc. (b)	22,055		711,274
Axcelis Technologies, Inc. (b)	55,347		254,596
Brooks Automation, Inc. (b)	47,372		625,784
Cabot Microelectronics Corp. (a) (b)	14,624		525,148
Cirrus Logic, Inc. (b)	52,948		279,565
Cohu, Inc. (a)	16,023		245,152
Conexant Systems, Inc. (a) (b)	293,509		243,612
Credence Systems Corp. (b)	75,148		181,858
Cymer, Inc. (a) (b)	23,064		897,881
Diodes, Inc. (a) (b)	20,159		606,181
DSP Group, Inc. (b)	17,234		210,255
Entegris, Inc. (a) (b)	80,270		692,730
Exar Corp. (a) (b)	26,962		214,887
FEI Co. (a) (b)	23,419		581,494
Formfactor, Inc. (b)	32,888		1,088,593
Genesis Microchip, Inc. (a) (b)	19,110		163,773
Hittite Microwave Corp. (b)	10,071		480,991
IXYS Corp. (a) (b)	21,409		171,700
Kulicke & Soffa Industries, Inc. (a) (b)	32,332		221,798
Lattice Semiconductor Corp. (a) (b)	63,675		206,944
LTX Corp. (a) (b)	33,422		106,282
Mattson Technology, Inc. (b)	29,202		249,969
Micrel, Inc. (a)	45,136		381,399
Microsemi Corp. (a) (b)	44,890		993,865
Microtune, Inc. (a) (b)	32,159		209,998
MIPS Technologies, Inc. (a) (b)	33,240		164,870
MKS Instruments, Inc. (b)	30,616		585,990
Monolithic Power Systems (a) (b)	17,526		376,283
NetLogic Microsystems, Inc. (a) (b)	9,879		318,104
OmniVision Technologies, Inc. (a) (b)	33,553		525,104
ON Semiconductor Corp. (a) (b)	156,175		1,386,834
PDF Solutions, Inc. (a) (b)	13,806		124,392
Pericom Semiconductor Corp. (b)	16,354		305,820
Photronics, Inc. (b)	26,378		328,934
PLX Technology, Inc. (b)	14,095		131,083

Security Description	Shares	Value*
Semiconductors & Semiconductor Equipment—(Continued)
PMC-Sierra, Inc. (a) (b)	129,140	$	844,576
RF Micro Devices, Inc. (a) (b)	162,114		925,671
Rudolph Technologies, Inc. (b)	18,029		204,088
Semtech Corp. (b)	42,758		663,604
Sigma Designs, Inc. (a) (b)	16,526		912,235
Silicon Image, Inc. (b)	51,588		233,178
Silicon Storage Technology, Inc. (b)	66,738		199,547
SiRF Technology Holdings, Inc. (a) (b)	30,930		777,271
Skyworks Solutions, Inc. (b)	97,006		824,551
Spansion, Inc. (Class A) (a) (b)	54,773		215,258
Standard Microsystems Corp. (b)	14,611		570,852
Supertex, Inc. (a) (b)	6,854		214,462
Tessera Technologies, Inc. (b)	28,758		1,196,333
Trident Microsystems, Inc. (a) (b)	33,467		219,544
TriQuint Semiconductor, Inc. (b)	86,708		574,874
Ultra Clean Holdings (b)	12,131		147,998
Ultratech Stepper, Inc. (a) (b)	12,277		139,221
Veeco Instruments, Inc. (a) (b)	18,697		312,240
Volterra Semiconductor Corp. (a) (b)	12,770		140,853
Zoran Corp. (b)	29,361		660,916
			28,368,737
Software—3.9%
ACI Worldwide, Inc. (a) (b)	22,537		429,104
Actuate Corp. (b)	36,338		282,346
Advent Software, Inc. (a) (b)	12,161		657,910
Ansoft Corp. (b)	12,283		317,516
ANSYS, Inc. (b)	50,372		2,088,423
Aspen Technology, Inc. (b)	53,444		866,862
Blackbaud, Inc.	27,827		780,269
Blackboard, Inc. (b)	16,794		675,959
Borland Software Corp. (a) (b)	47,333		142,472
Bottomline Technologies, Inc. (b)	12,369		173,166
Commvault Systems, Inc. (b)	21,874		463,291
Concur Technologies, Inc. (b)	25,154		910,826
Epicor Software Corp. (b)	37,761		444,825
EPIQ System, Inc. (b)	16,229		282,547
FalconStor Software, Inc. (a) (b)	30,124		339,196
i2 Technologies, Inc. (a) (b)	8,649		108,977
Informatica Corp. (b)	50,800		915,416
Interactive Intelligence, Inc. (b)	8,397		221,261
Intervoice, Inc. (b)	23,310		186,247
Jack Henry & Associates, Inc.	54,675		1,330,790
JDA Software Group, Inc. (b)	21,699		443,962
Lawson Software, Inc. (b)	74,434		762,204
Macrovision Corp. (b)	32,000		586,560
Magma Design Automation, Inc. (b)	24,388		297,777
Manhattan Associates, Inc. (b)	15,513		408,923
Mentor Graphics Corp. (b)	53,271		574,261
MICROS Systems, Inc. (b)	26,633		1,868,571
MicroStrategy, Inc. (Class A) (b)	6,205		590,096
MSC.Software Corp. (b)	27,127		352,380
Net 1 UEPS Technologies, Inc. (a) (b)	29,781		874,370
Nuance Communications, Inc. (a) (b)	97,610		1,823,355
Parametric Technology Corp. (b)	67,494		1,204,768
Progress Software Corp. (b)	26,687		898,818

*See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Software—(Continued)
Quality Systems, Inc. (a)	9,392	$	286,362
Quest Software, Inc. (b)	40,243		742,081
Radiant Systems, Inc. (a) (b)	15,752		271,407
Secure Computing Corp. (a) (b)	39,694		381,062
Smith Micro Software, Inc. (a) (b)	18,686		158,270
Solera Holdings, Inc. (b)	16,246		402,576
Sonic Solutions (a) (b)	16,198		168,297
SourceForge, Inc. (a) (b)	75,477		184,919
SPSS, Inc. (a) (b)	10,624		381,508
Sybase, Inc. (b)	60,313		1,573,566
Synchronoss Technologies, Inc. (a) (b)	11,423		404,831
Take-Two Interactive Software, Inc. (a) (b)	44,011		812,003
Taleo Corp. (b)	10,434		310,725
The Ultimate Software Group, Inc. (b)	16,554		520,954
THQ, Inc. (b)	42,100		1,186,799
TIBCO Software, Inc. (b)	125,508		1,012,850
Tyler Technologies, Inc. (a)	23,370		301,239
Vasco Data Security International, Inc. (b)	14,994		418,632
Wind River Systems, Inc. (b)	48,121		429,721
			32,251,250
Specialty Retail—2.2%
A.C. Moore Arts & Crafts, Inc. (a) (b)	12,632		173,690
Aaron Rents, Inc. (Class B) (a)	27,193		523,193
Aeropostale, Inc. (b)	46,697		1,237,470
Asbury Automotive Group, Inc.	15,742		236,917
Bebe Stores, Inc. (a)	14,075		181,005
Big 5 Sporting Goods Corp. (a)	15,464		222,991
Blockbuster, Inc. (a) (b)	121,924		475,504
Books-A-Million, Inc. (a)	8,899		106,076
Borders Group, Inc. (a)	37,348		397,756
Buckle, Inc.	8,427		278,091
Build-A-Bear-Workshop, Inc. (b)	8,177		114,069
Cabelas, Inc. (a) (b)	23,327		351,538
Casual Male Retail Group, Inc. (a) (b)	22,096		114,457
Cato Corp.	20,861		326,683
Charlotte Russe Holding, Inc. (b)	15,539		250,955
Charming Shoppes, Inc. (a) (b)	74,119		400,984
Christopher & Banks Corp. (a)	19,581		224,202
Citi Trends, Inc. (a) (b)	8,551		132,027
Collective Brands, Inc. (b)	39,343		684,175
Conn’s, Inc. (a) (b)	7,311		125,091
CSK Auto Corp. (a) (b)	26,489		132,710
DSW, Inc. (Class A) (a) (b)	9,118		171,054
Eddie Bauer Holdings, Inc. (a) (b)	19,007		120,694
Genesco, Inc. (a) (b)	13,502		510,376
Group 1 Automotive, Inc. (a)	15,023		356,796
Haverty Furniture Cos., Inc. (a)	14,903		133,978
Hibbett Sports, Inc. (a) (b)	20,742		414,425
Hot Topic, Inc. (b)	28,681		166,923
J. Crew Group, Inc. (a) (b)	23,470		1,131,489
Jo-Ann Stores, Inc. (a) (b)	17,237		225,460
JoS. A. Bank Clothiers, Inc. (a) (b)	10,071		286,520
Lithia Motors, Inc. (a)	10,432		143,231
Midas, Inc. (b)	12,016		176,155
Monro Muffler Brake, Inc.	11,587		225,831

Security Description	Shares	Value*
Specialty Retail—(Continued)
New York & Co., Inc. (b)	27,444	$	175,093
Pacific Sunwear of California, Inc. (b)	41,245		581,967
Pep Boys-Manny Moe & Jack (a)	25,683		294,841
Pier 1 Imports, Inc. (a) (b)	55,682		291,217
Rent-A-Center, Inc. (a) (b)	43,057		625,188
Sally Beauty Holdings, Inc. (a) (b)	57,066		516,447
Select Comfort Corp. (a) (b)	32,528		228,021
Shoe Carnival, Inc. (a) (b)	8,573		120,965
Sonic Automotive, Inc.	19,007		367,976
Stage Stores, Inc. (a)	24,947		369,216
Stein Mart, Inc. (a)	15,704		74,437
The Children’s Place Retail Stores, Inc. (a) (b)	13,501		350,081
The Dress Barn, Inc. (b)	30,389		380,166
The Finish Line, Inc. (Class A) (b)	29,843		72,220
The Gymboree Corp. (b)	19,498		593,909
The Men’s Wearhouse, Inc.	35,036		945,271
The Talbots, Inc. (a)	15,495		183,151
Tween Brands, Inc. (b)	18,948		501,743
Wet Seal, Inc. (a) (b)	49,181		114,592
Zale Corp. (a) (b)	28,025		450,082
Zumiez, Inc. (a) (b)	10,595		258,094
			18,247,193
Textiles, Apparel & Luxury Goods—1.4%
Brown Shoe Co., Inc.	26,195		397,378
Carter’s, Inc. (b)	35,318		683,403
Cherokee, Inc. (a)	3,788		122,239
Columbia Sportswear Co. (a)	8,790		387,551
Deckers Outdoor Corp. (a) (b)	7,496		1,162,330
Fossil, Inc. (b)	26,121		1,096,560
Iconix Brand Group, Inc. (b)	30,427		598,195
K-Swiss, Inc. (a)	14,921		270,070
Kellwood Co. (a)	14,012		233,160
Kenneth Cole Productions, Inc. (a)	5,987		104,713
Luluemon Athletica, Inc. (a) (b)	10,951		518,749
Maidenform Brands, Inc. (a) (b)	14,280		193,208
Movado Group, Inc.	10,013		253,229
Oxford Industries, Inc. (a)	8,566		220,746
Perry Ellis International, Inc. (b)	6,720		103,354
Quiksilver, Inc. (a) (b)	72,330		620,591
Skechers U. S. A., Inc. (b)	12,549		244,831
Steven Madden, Ltd. (b)	13,172		263,440
The Warnaco Group, Inc. (b)	27,189		946,177
Timberland Co. (Class A) (b)	28,756		519,908
True Religion Apparel, Inc. (a) (b)	8,724		186,257
Under Armour, Inc. (a) (b)	14,724		642,997
UniFirst Corp. (a)	8,591		326,458
Volcom, Inc. (a) (b)	7,844		172,803
Wolverine World Wide, Inc.	35,799		877,792
			11,146,139
Thrifts & Mortgage Finance—1.1%
Anchor Bancorp Wisconsin, Inc. (a)	13,639		320,789
Bank Mutual Corp.	43,000		454,510
BankAtlantic Bancorp, Inc. (Class A) (a)	30,322		124,320
BankUnited Financial Corp. (a)	18,035		124,442

*See accompanying notes to financial statements.

MSF-20

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Thrifts & Mortgage Finance—(Continued)
Berkshire Hill Bancorp, Inc. (a)	4,386	$	114,036
Brookline Bancorp, Inc.	41,732		423,997
Centerline Holding Co. (a)	32,116		244,724
Corus Bankshares, Inc. (a)	22,730		242,529
Dime Community Bancorp, Inc. (a)	17,298		220,895
Downey Financial Corp. (a)	12,930		402,252
Federal Agricultural Mortage Corp. (a)	7,740		203,717
First Busey Corp. (a)	14,750		292,935
First Financial Holdings, Inc. (a)	6,397		175,406
First Niagara Financial Group, Inc.	65,452		788,042
First Place Financial Corp. (a)	9,007		126,008
FirstFed Financial Corp. (a) (b)	9,423		337,532
Flagstar Bancorp, Inc. (a)	23,560		164,213
Flushing Financial Corp.	12,920		207,366
Franklin Bank Corp. (a) (b)	13,649		58,827
Fremont General Corp. (a)	41,423		144,981
Imperial Capital Bancorp, Inc.	4,760		87,108
Kearny Financial Corp. (a)	11,434		136,179
KNBT Bancorp. (a)	14,978		230,961
NewAlliance Bancshares, Inc. (a)	70,024		806,677
NexCen Brands, Inc. (a) (b)	26,031		125,990
Northwest Bancorp, Inc. (a)	11,002		292,323
Novastar Financial, Inc. (a) (b)	10,253		29,631
Ocwen Financial Corp. (a) (b)	21,044		116,584
PFF Bancorp, Inc. (a)	16,606		199,936
Provident Bancorp, Inc. (a)	23,182		299,511
Provident Financial Services, Inc.	37,874		546,143
TierOne Corp.	11,318		250,694
Triad Guaranty, Inc. (a) (b)	6,298		61,720
TrustCo Bank Corp. (a)	45,076		447,154
United Community Financial Corp. (a)	15,799		87,211
WSFS Financial Corp.	3,267		164,003
			9,053,346
Tobacco—0.2%
Alliance One International, Inc. (b)	57,683		234,770
Universal Corp. (a)	16,420		841,032
Vector Group, Ltd. (a)	25,754		516,625
			1,592,427
Trading Companies & Distributors—0.6%
Applied Industrial Technologies, Inc.	27,967		811,602
Beacon Roofing Supply, Inc. (a) (b)	29,180		245,696
Electro Rent Corp. (a)	8,653		128,497
H&E Equipment Services, Inc. (b)	11,032		208,284
Houston Wire & Cable Co. (a)	10,450		147,763
Interline Brands, Inc. (b)	16,945		371,265
Kaman Corp.	14,481		533,046
NuCo2, Inc. (a) (b)	8,604		214,240
Rush Enterprises, Inc. (a) (b)	19,917		362,091
TAL International Group, Inc.	8,589		195,571
UAP Holdings Corp. (a)	32,146		1,240,836
Watsco, Inc. (a)	13,865		509,677
			4,968,568

Security Description	Shares		Value*
Water Utilities—0.2%
American State Water Co.		10,318	$	388,782
Cadiz, Inc. (a) (b)		7,581		159,201
California Water Service Group (a)		11,744		434,763
Consolidated Water Co., Inc. (a)		8,783		221,244
SJW Corp. (a)		10,058		348,711
Southwest Water Co. (a)		15,204		190,354
				1,743,055
Wireless Telecommunication Services—0.2%
Fibertower Corp. (a) (b)		64,566		147,211
ICO Global Communications Holdings (a) (b)		62,811		199,739
iPCS, Inc. (b)		11,024		396,754
Rural Cellular Corp. (b)		7,433		327,721
Syniverse Holdings, Inc. (b)		16,623		258,986
USA Mobility, Inc. (b)		15,317		219,033
				1,549,444
Total Common Stock (Identified Cost $747,600,727)				791,444,765
Rights—0.0%
Electrical Equipment—0.0%
Medis Technologies, Ltd. (a)		1,184		18,269
Thrifts & Mortgage Finance—0.0%
BankUnited Financial Corp. (d) (e)		4,713		0
Total Rights (Identified Cost $1,603)				18,269
Short Term Investments—28.5%
Security Description	Face Amount/ Shares		Value*
Discount Notes—3.2%
Federal Home Loan Bank 4.15%, 01/14/08	$	26,125,000		26,094,339
Mutual Funds—25.3%
State Street Navigator Securities Lending Prime Portfolio (f)		207,333,953		207,333,953
Total Short Term Investments (Identified Cost $233,428,292)				233,428,292
Total Investments—125.1% (Identified Cost $981,030,622) (g)				1,024,891,326
Liabilities in excess of other assets				(206,337,429	)
Total Net Assets—100%			$	818,553,897

*See accompanying notes to financial statements.

MSF-21

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Schedule of Investments as of December 31, 2007

(a) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $200,363,820 and the collateral received consisted of cash in the amount of $207,333,953 and non cash collateral with a value of $358,212. 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.

(b) Non-Income Producing.

(c) Non-Income Producing; issuer filed under Chapter 11 of the Federal Bankruptcy Code.

(d) Zero Valued Security.

(e) Security was valued in good faith under procedures established by the Board of Directors.

(f) Represents investment of cash collateral received from securities lending transactions.

(g) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $981,166,569 and the composition of unrealized appreciation and depreciation of investment securities was $126,535,147 and $(82,810,390), respectively.

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts	Contract Amount		Valuation as of 12/31/2007		Net Unrealized Depreciation
Russell 2000 Index Futures	3/19/2008	65	$	25,949,950	$	25,096,500	$	(853,450	)

*See accompanying notes to financial statements.

MSF-22

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	1,024,891,326
Cash				888,568
Receivable for:
Securities sold				3,187,009
Fund shares sold				1,021,934
Accrued interest and dividends				1,123,918
Total Assets				1,031,112,755
Liabilities
Payable for:
Securities purchased	$	4,396,924
Fund shares redeemed		525,492
Futures variation margin		35,750
Withholding taxes		308
Collateral for securities loaned		207,333,953
Accrued expenses:
Management fees		170,299
Service and distribution fees		40,423
Other expenses		55,709
Total Liabilities				212,558,858
Net Assets			$	818,553,897
Net assets consists of:
Capital paid in			$	732,125,321
Undistributed net investment income				8,346,869
Accumulated net realized gains				35,074,453
Unrealized appreciation on investments and futures contracts				43,007,254
Net Assets			$	818,553,897
Computation of offering price:
Class A
Net asset value and redemption price per share ($610,844,182 divided by 43,115,686 shares outstanding)			$	14.17
Class B
Net asset value and redemption price per share ($160,848,896 divided by 11,543,541 shares outstanding)			$	13.93
Class E
Net asset value and redemption price per share ($46,860,819 divided by 3,323,553 shares outstanding)			$	14.10
(a) Identified cost of investments			$	981,030,622

(b) Includes cash collateral for securities loaned of $207,333,953.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	9,188,161	(a)
Interest					2,454,150	(b)
					11,642,311
Expenses
Management fees	$	1,645,583
Service and distribution fees—Class B		421,001
Service and distribution fees—Class E		80,137
Directors’ fees and expenses		23,669
Custodian		112,697
Audit and tax services		31,737
Legal		7,468
Printing		251,498
Insurance		6,242
Miscellaneous		20,908
Total expenses		2,600,940
Management fee waivers		(46,076	)		2,554,864
Net Investment Income					9,087,447
Realized and Unrealized Gain (Loss)
Realized gain (loss) on:
Investments—net		35,143,945
Futures contracts—net		(852,105	)		34,291,840
Change in unrealized depreciation on:
Investments—net		(59,890,953	)
Futures contracts—net		(708,270	)		(60,599,223	)
Net loss					(26,307,383	)
Net Decrease in Net Assets From Operations				$	(17,219,936	)

(a) Net of foreign taxes of $2,696.

(b) Includes net income on securities loaned of $1,138,452.

See accompanying notes to financial statements.

MSF-23

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	9,087,447		$	5,426,129
Net realized gain		34,291,840			42,312,347
Unrealized appreciation (depreciation)		(60,599,223	)		31,029,317
Increase (decrease) in net assets from operations		(17,219,936	)		78,767,793
From Distributions to Shareholders
Net investment income
Class A		(3,188,576	)		(2,492,950	)
Class B		(1,196,833	)		(779,273	)
Class E		(431,556	)		(362,193	)
		(4,816,965	)		(3,634,416	)
Net realized gain
Class A		(26,094,268	)		(11,542,164	)
Class B		(12,971,085	)		(4,927,018	)
Class E		(4,153,294	)		(2,009,144	)
		(43,218,647	)		(18,478,326	)
Total distributions		(48,035,612	)		(22,112,742	)
Increase in net assets from capital share transactions		338,031,175			64,478,331
Total increase in net assets		272,775,627			121,133,382
Net Assets
Beginning of the period		545,778,270			424,644,888
End of the period	$	818,553,897		$	545,778,270
Undistributed Net Investment Income
End of the period	$	8,346,869		$	4,790,491

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	26,866,189		$	396,007,191		7,058,753		$	104,860,923
Reinvestments	1,931,586			29,282,844		927,022			14,035,114
Redemptions	(6,831,606	)		(103,249,575	)	(5,975,413	)		(88,805,816	)
Net increase	21,966,169		$	322,040,460		2,010,362		$	30,090,221
Class B
Sales	3,050,121		$	45,954,278		4,054,683		$	59,147,033
Reinvestments	948,321			14,167,918		381,947			5,706,291
Redemptions	(2,751,410	)		(41,002,941	)	(2,058,160	)		(30,081,414	)
Net increase	1,247,032		$	19,119,255		2,378,470		$	34,771,910
Class E
Sales	479,620		$	7,307,786		719,276		$	10,559,339
Reinvestments	303,632			4,584,850		157,042			2,371,337
Redemptions	(996,313	)		(15,021,176	)	(908,461	)		(13,314,476	)
Net decrease	(213,061	)	$	(3,128,540	)	(32,143	)	$	(383,800	)
Increase derived from capital share transactions			$	338,031,175				$	64,478,331

See accompanying notes to financial statements.

MSF-24

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.68		$	13.92		$	14.01		$	11.95		$	8.25
Income From Investment Operations
Net investment income		0.22	(a)		0.18	(a)		0.14			0.12			0.08
Net realized and unrealized gain (loss) of investments		(0.38	)		2.30			0.40			2.00			3.69
Total from investment operations		(0.16	)		2.48			0.54			2.12			3.77
Less Distributions
Distributions from net investment income		(0.15	)		(0.13	)		(0.11	)		(0.06	)		(0.07	)
Distributions from net realized capital gains		(1.20	)		(0.59	)		(0.52	)		0.00			0.00
Total distributions		(1.35	)		(0.72	)		(0.63	)		(0.06	)		(0.07	)
Net Asset Value, End of Period	$	14.17		$	15.68		$	13.92		$	14.01		$	11.95
Total Return (%)		(1.6	)		18.0			4.5			17.8			46.1
Ratio of operating expenses to average net assets (%)		0.31			0.35			0.35			0.37			0.47
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.32			0.36			0.36			N/A			N/A
Ratio of net investment income to average net assets (%)		1.47			1.21			1.10			0.97			0.89
Portfolio turnover rate (%)		37			44			39			39			42
Net assets, end of period (000)	$	610,844		$	331,568		$	266,467		$	254,898		$	216,744

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.44		$	13.73		$	13.82		$	11.80		$	8.16
Income From Investment Operations
Net investment income		0.18	(a)		0.14	(a)		0.10			0.08			0.05
Net realized and unrealized gain (loss) of investments		(0.38	)		2.25			0.41			1.98			3.65
Total from investment operations		(0.20	)		2.39			0.51			2.06			3.70
Less Distributions
Distributions from net investment income		(0.11	)		(0.09	)		(0.08	)		(0.04	)		(0.06	)
Distributions from net realized capital gains		(1.20	)		(0.59	)		(0.52	)		0.00			0.00
Total distributions		(1.31	)		(0.68	)		(0.60	)		(0.04	)		(0.06	)
Net Asset Value, End of Period	$	13.93		$	15.44		$	13.73		$	13.82		$	11.80
Total Return (%)		(1.8	)		17.6			4.3			17.4			45.7
Ratio of operating expenses to average net assets (%)		0.56			0.60			0.60			0.62			0.72
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.57			0.61			0.61			N/A			N/A
Ratio of net investment income to average net assets (%)		1.17			0.97			0.87			0.77			0.64
Portfolio turnover rate (%)		37			44			39			39			42
Net assets, end of period (000)	$	160,849		$	159,003		$	108,689		$	76,322		$	39,911

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-25

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.61		$	13.87		$	13.95		$	11.92		$	8.23
Income From Investment Operations
Net investment income		0.19	(a)		0.16	(a)		0.13			0.09			0.07
Net realized and unrealized gain (loss) of investments		(0.37	)		2.28			0.40			1.99			3.69
Total from investment operations		(0.18	)		2.44			0.53			2.08			3.76
Less Distributions
Distributions from net investment income		(0.13	)		(0.11	)		(0.09	)		(0.05	)		(0.07	)
Distributions from net realized capital gains		(1.20	)		(0.59	)		(0.52	)		0.00			0.00
Total distributions		(1.33	)		(0.70	)		(0.61	)		(0.05	)		(0.07	)
Net Asset Value, End of Period	$	14.10		$	15.61		$	13.87		$	13.95		$	11.92
Total Return (%)		(1.7	)		17.7			4.4			17.5			46.0
Ratio of operating expenses to average net assets (%)		0.46			0.50			0.50			0.52			0.62
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%) (b)		0.47			0.51			0.51			N/A			N/A
Ratio of net investment income to average net assets (%)		1.27			1.05			0.95			0.82			0.74
Portfolio turnover rate (%)		37			44			39			39			42
Net assets, end of period (000)	$	46,861		$	55,208		$	49,489		$	51,061		$	38,059

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

(b) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-26

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Russell 2000 Index Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-27

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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

MSF-28

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$8,404,113	$	4,357,208	$	39,631,499	$	17,755,534	$	—	$	—	$	48,035,612	$	22,112,742

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$14,859,478	$	27,844,341	$	43,724,757	$	—	$	86,428,576

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	474,245,166	$	0	$	234,616,202

MSF-29

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rate of 0.25% of average daily net assets. Fees earned by MetLife Advisers with respect to the Portfolio for the year ended December 31, 2007 were $1,645,583.

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

Effective April 30, 2007, MetLife Advisers entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MLIAC”) with respect to the Portfolio. MetLife Advisers pays MLIAC an investment subadvisory fee for the Portfolio equal to the costs incurred by MLIAC in providing subadvisory services to the Portfolio. Fees earned by MLIAC with respect to the Portfolio for the period ended December 31, 2007 were $108,696. Prior to April 30, 2007, MetLife served as the subadviser to the Portfolio and for the period January 1, 2007 through April 30, 2007, fees earned by MetLife were $42,698.

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio at the annual rate of 0.007% of average daily net assets. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

Substitution:

On November 9, 2007, the Russell 2000 Index Portfolio received and recorded a share subscription for 11,343,919 shares of Class A amounting to $161,764,288 from various shareholder accounts previously invested in the MetLife Investment Funds, Inc. (“MLIF”), an affiliated investment company of the Fund. A portion of the assets received from MLIF were investment securities with a market value of $57,343,367, and transferred in-kind pursuant to a substitution order received from the Securities and Exchange Commission. The balance of the assets was paid in cash. This transaction resulted from the planned liquidation of MLIF, pursuant to a Plan of Liquidation approved by the MLIF Board of Directors on August 16, 2007. The securities received were recorded at value and have been excluded from the calculation of portfolio turnover reported in the Portfolio’s financial highlights. The shares issued in this transaction are included in Sales in the Capital Shares schedule on the Statements of Changes in Net Assets.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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

MSF-30

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-31

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Russell 2000 Index Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Russell 2000 Index Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-32

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-33

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-34

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-35

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-36

Metropolitan Series Fund, Inc.

Russell 2000 Index Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-37

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-38

Metropolitan Series Fund, Inc. T. Rowe Price Large Cap Growth Portfolio   Annual Report   December 31, 2007  

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the T. Rowe Price Large Cap Growth Portfolio returned 9.4%, compared to its benchmark, the Standard & Poor’s 500 Index¹, which returned 5.5%. The average return of its peer group, the Lipper Variable Insurance Products Large-Cap Growth Funds Universe², was 12.8% over the same period.

PORTFOLIO REVIEW

The Portfolio delivered solid returns and soundly outperformed the benchmark Standard & Poor’s 500 Index for the 12-month period, primarily behind good stock selection. Financials, information technology, and telecommunication services sectors were the leading sources of relative outperformance. The energy and utilities sectors were major detractors from relative results for the year.

U.S. stocks generally delivered positive returns for the period, amid extreme volatility in the second half of 2007. The S&P 500 was led by the energy sector on higher oil prices and materials on global commodity demand. Financials was the worst performing sector along with consumer discretionary, as the ripple effects of the subprime lending fallout spread widely and crimped the credit markets, while dampening consumer spending optimism. Among major market indexes, growth stocks substantially outpaced value stocks for the period, and large-caps surpassed small-caps, which sustained their first annual loss since 2002.

Although financials was the worst performing sector in the benchmark during 2007, it was the Portfolio’s strongest relative outperformer, lifted by stock selection and a beneficial underweight. Stock selection in the capital markets holdings made a strong contribution. State Street Corp., a leader in trust services and asset management, continued to perform well despite fallout from the subprime mortgage contraction. Charles Schwab, the brokerage and financials services firm, saw an increase in client assets despite notable market volatility. Northern Trust, a provider of banking and asset management to wealthier clients, was able to avoid much of the credit crunch issues due to higher quality credit ratings of clients. While overweight in capital markets stocks, the Portfolio eliminated several positions with credit concerns.

The telecommunication services sector delivered outperformance based on stock selection and a significant overweight relative to the benchmark. The major driver was stock selection in the wireless telecommunication industry. America Movil (Mexico) continues to grow on increased subscriber bases in Latin America, market share gains, and higher average user revenues. Rogers Communications (Canada) also demonstrated growth in market share and average user revenues, increasing free cash flow that is being used to repurchase shares.

Information technology was the Portfolio’s largest absolute sector as of December 31, 2007 and the largest relative overweight. Results benefited from the notable overweight and from stock selection in the Internet software and services industry and the communications equipment industry. Google, the global targeted-advertising and Internet search company, further increased its market share at a remarkable rate, led by domestic revenue acceleration and strong international growth. Shares of Juniper Networks surged after a strong earnings report by the maker of service provider and enterprise networking equipment.

The Portfolio’s overall underweight in energy was the largest detractor from relative performance. The Portfolio concentration in energy equipment and services was the major source of weakness. Baker Hughes slumped amid unexpected international startup costs, but we believe the oilfield services firm should gain from new contracts in countries where it did not previously have a presence. Total, a leading multinational energy company, slid as it reduced production targets and increased its longer-term pricing assumptions.

A considerable underweight position to utilities also detracted from relative performance. The Portfolio is typically underweight in this sector, but the climate of economic uncertainty made utilities attractive for worried investors. Improving fundamentals and credit ratings buoyed the sector. Our holding in AES, one of the world’s largest power companies, was hurt by accounting issues, although we believe it exhibits good free cash flow and offers significant global growth opportunities.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO

THE S&P 500 INDEX

Average Annual Returns as of December 31, 2007

	T. Rowe Price Large Cap Growth Portfolio						S&P 500 Index
	Class A		Class B		Class E
1 Year	9.4	%	9.2	%	9.3	%	5.5	%
5 Year	13.7		13.5		13.5		12.8
Since Inception	6.4		12.2		4.8		4.5

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable

annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 11/9/98, 7/30/02 and 5/1/01, respectively. Index since inception return is based on the Class A inception date.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
General Electric Co.	3.8%
Google, Inc. (Class A)	3.2%
Microsoft Corp.	2.7%
Schlumberger, Ltd.	2.6%
Apple, Inc.	2.5%
CVS Caremark Corp.	2.4%
Danaher Corp.	2.0%
WellPoint, Inc.	1.8%
Nintendo Co., Ltd.	1.7%
State Street Corp.	1.6%

Top Sectors

	% of Total Market Value
Information Technology	23.4%
Health Care	16.1%
Industrials & Business Services	11.7%
Financials	10.5%
Consumer Discretionary	10.2%
Consumer Staples	8.7%
Energy	7.4%
Telecommunication Services	5.4%
Materials	3.3%
Utilities	0.7%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
T. Rowe Price Large Cap Growth—Class A	Actual	0.67	%	$	1,000.00	$	1,008.00	$	3.39
	Hypothetical	0.67	%	$	1,000.00	$	1,021.79	$	3.41
T. Rowe Price Large Cap Growth—Class B	Actual	0.92	%	$	1,000.00	$	1,006.80	$	4.65
	Hypothetical	0.92	%	$	1,000.00	$	1,020.51	$	4.69
T. Rowe Price Large Cap Growth—Class E	Actual	0.82	%	$	1,000.00	$	1,007.40	$	4.15
	Hypothetical	0.82	%	$	1,000.00	$	1,021.02	$	4.18

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—97.3% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—0.9%
General Dynamics Corp.	92,900	$	8,267,171
Air Freight & Logistics—0.5%
Expeditors International of Washington, Inc.	106,200		4,745,016
Airlines—0.7%
Southwest Airlines Co.	535,900		6,537,980
Beverages—1.3%
InBev NV (EUR)	52,200		4,300,069
PepsiCo, Inc.	93,800		7,119,420
			11,419,489
Biotechnology—2.6%
Celgene Corp. (a)	49,200		2,273,532
Genentech, Inc. (a)	134,400		9,014,208
Gilead Sciences, Inc. (a)	240,200		11,051,602
			22,339,342
Capital Markets—5.4%
BlackRock, Inc. (b)	19,600		4,249,280
Franklin Resources, Inc.	70,500		8,067,315
Morgan Stanley	52,600		2,793,586
Northern Trust Corp.	66,600		5,100,228
State Street Corp.	174,900		14,201,880
The Charles Schwab Corp.	292,000		7,460,600
The Goldman Sachs Group, Inc.	25,500		5,483,775
			47,356,664
Chemicals—1.4%
Monsanto Co.	77,000		8,600,130
Praxair, Inc.	45,800		4,062,918
			12,663,048
Commercial Banks—0.6%
Erste Bank der oesterreichischen Sparkassen AG (EUR)	68,400		4,854,374
Communications Equipment—3.9%
Cisco Systems, Inc. (a)	407,000		11,017,490
Corning, Inc. (a)	350,800		8,415,692
Juniper Networks, Inc. (a)	214,300		7,114,760
QUALCOMM, Inc.	195,500		7,692,925
			34,240,867
Computers & Peripherals—3.6%
Apple, Inc. (a)	112,100		22,204,768
Dell, Inc. (a)	194,700		4,772,097
EMC Corp. (a)	254,600		4,717,738
			31,694,603
Construction & Engineering—1.2%
Foster Wheeler, Ltd.	66,000		10,231,320

Security Description	Shares	Value*
Consumer Finance—0.5%
American Express Co.	79,100	$	4,114,782
Diversified Financial Services—2.7%
Bovespa Holding S.A. (BRL) (a)	477,500		9,201,264
CME Group, Inc.	9,700		6,654,200
Moody’s Corp. (b)	217,447		7,762,858
			23,618,322
Electrical Equipment—0.9%
Schneider Electric S.A. (EUR)	58,200		7,770,591
Electronic Equipment & Instruments—0.7%
Hon Hai Precision Industry Co., Ltd. (GDR)	26,900		333,560
Hon Hai Precision Industry Co., Ltd. (GDR) (London Traded Shares)	451,660		5,568,358
			5,901,918
Energy Equipment & Services—3.8%
Baker Hughes, Inc.	126,900		10,291,590
Schlumberger, Ltd.	231,200		22,743,144
			33,034,734
Food & Staples Retailing—5.4%
Costco Wholesale Corp.	126,100		8,796,736
CVS Caremark Corp.	518,290		20,602,028
Sysco Corp.	192,400		6,004,804
Walgreen Co.	165,400		6,298,432
Whole Foods Market, Inc. (b)	135,700		5,536,560
			47,238,560
Food Products—0.4%
Groupe Danone (EUR)	39,700		3,541,672
Health Care Equipment & Supplies—4.7%
Alcon, Inc.	37,100		5,306,784
Becton, Dickinson & Co.	70,600		5,900,748
Covidien, Ltd.	134,950		5,976,936
Medtronic, Inc.	220,000		11,059,400
St. Jude Medical, Inc. (a)	91,100		3,702,304
Stryker Corp.	71,300		5,327,536
Zimmer Holdings, Inc. (a)	62,000		4,101,300
			41,375,008
Health Care Providers & Services—6.5%
Aetna, Inc.	217,200		12,538,956
CIGNA Corp.	97,200		5,222,556
Humana, Inc. (a)	60,700		4,571,317
Laboratory Corp. of America Holdings (a)	97,100		7,333,963
McKesson Corp.	74,300		4,867,393
Medco Health Solutions, Inc. (a)	67,600		6,854,640
WellPoint, Inc. (a)	180,700		15,852,811
			57,241,636

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Hotels, Restaurants & Leisure—3.0%
International Game Technology	149,600	$	6,571,928
Las Vegas Sands Corp. (a)	49,900		5,142,195
Marriott International, Inc.	118,660		4,055,799
MGM Mirage (a)	16,600		1,394,732
Yum! Brands, Inc.	236,000		9,031,720
			26,196,374
Household Durables—0.9%
Harman International Industries, Inc.	39,000		2,874,690
TomTom NV (EUR) (a)	68,435		5,107,075
			7,981,765
Household Products—1.6%
Procter & Gamble Co.	153,105		11,240,969
Reckitt Benckiser Group, Plc. (GBP)	51,200		2,948,852
			14,189,821
Independent Power Producers & Energy Traders—0.7%
The AES Corp. (a)	282,300		6,038,397
Industrial Conglomerates—4.3%
General Electric Co.	903,900		33,507,573
McDermott International, Inc. (a)	77,100		4,551,213
			38,058,786
Insurance—1.4%
Assurant, Inc.	66,600		4,455,540
Prudential Financial, Inc.	79,900		7,433,896
			11,889,436
Internet & Catalog Retail—2.0%
Amazon.com, Inc. (a)	102,500		9,495,600
B2W Companhia Global do Varejo (BRL)	53,900		2,132,009
Expedia, Inc. (a)	198,345		6,271,669
			17,899,278
Internet Software & Services—4.8%
Google, Inc. (Class A) (a)	40,900		28,281,532
VeriSign, Inc. (a) (b)	281,500		10,587,215
Yahoo!, Inc. (a)	123,300		2,867,958
			41,736,705
IT Services—2.9%
Accenture, Ltd. (Class A)	262,200		9,447,066
Automatic Data Processing, Inc.	205,400		9,146,462
Infosys Technologies Ltd. (ADR) (b)	99,100		4,495,176
Redecard S.A. (BRL)	141,200		2,260,699
			25,349,403
Machinery—2.8%
Danaher Corp.	201,500		17,679,610
Deere & Co.	43,400		4,041,408
Joy Global, Inc.	43,800		2,882,916
			24,603,934

Security Description	Shares	Value*
Media—2.7%
EchoStar Communications Corp. (Class A) (a)	59,500	$	2,244,340
Naspers, Ltd. (ZAR)	233,400		5,471,876
Shaw Communications, Inc.	195,800		4,636,544
The McGraw-Hill Cos., Inc.	264,400		11,583,364
			23,936,124
Metals & Mining—1.8%
BHP Billiton, Ltd. (AUD)	299,000		10,477,622
Freeport-McMoRan Copper & Gold, Inc.	55,500		5,685,420
			16,163,042
Multiline Retail—1.2%
Kohl’s Corp. (a)	110,100		5,042,580
Lojas Renner S.A. (BRL)	112,500		2,251,509
Target Corp.	60,300		3,015,000
			10,309,089
Oil, Gas & Consumable Fuels—3.6%
EOG Resources, Inc.	71,800		6,408,150
Exxon Mobil Corp.	95,316		8,930,156
Murphy Oil Corp.	52,200		4,428,648
Total S.A. (EUR)	146,300		12,123,530
			31,890,484
Pharmaceuticals—2.4%
Allergan, Inc.	127,600		8,197,024
Merck & Co., Inc.	74,100		4,305,951
Roche Holding AG (CHF)	21,100		3,631,456
Schering-Plough Corp.	169,100		4,504,824
			20,639,255
Semiconductors & Semiconductor Equipment—1.5%
Intel Corp.	179,100		4,774,806
Marvell Technology Group, Ltd. (a)	409,500		5,724,810
Maxim Integrated Products, Inc.	89,600		2,372,608
			12,872,224
Software—6.1%
Amdocs, Ltd. (a)	161,300		5,560,011
Electronic Arts, Inc. (a)	146,005		8,528,152
Microsoft Corp.	675,200		24,037,120
Nintendo Co., Ltd. (JPY)	24,800		15,055,914
			53,181,197
Specialty Retail—0.3%
Bed Bath & Beyond, Inc. (a)	95,200		2,797,928
Trading Companies & Distributors—0.2%
Fastenal Co. (b)	49,400		1,996,748
Wireless Telecommunication Services—5.4%
American Tower Corp. (Class A) (a)	241,700		10,296,420
América Movil S.A. de C.V. (ADR)	202,800		12,449,892
Crown Castle International Corp. (a)	272,000		11,315,200

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Wireless Telecommunication Services—(Continued)
Leap Wireless International, Inc. (a) (b)	41,900	$	1,954,216
MetroPCS Communications, Inc. (a)	81,700		1,589,065
Rogers Communications, Inc. (Class B)	210,800		9,538,700
			47,143,493
Total Common Stock (Identified Cost $748,898,921)			853,060,580
Short Term Investments—6.0%
Mutual Funds—6.0%
State Street Navigator Securities Lending Prime Portfolio (c)	27,150,483		27,150,483
T. Rowe Price Reserve Investment Fund (d)	25,468,225		25,468,225
Total Short Term Investments (Identified Cost $52,618,708)			52,618,708
Total Investments—103.3% (Identified Cost $801,517,629) (e)			905,679,288
Liabilities in excess of other assets			(29,050,736	)
Total Net Assets—100%		$	876,628,552

(a) Non-Income Producing.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $26,312,259 and the collateral received consisted of cash in the amount of $27,150,483. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) Affiliated Issuer. See below.

(e) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $804,710,197 and the composition of unrealized appreciation and depreciation of investment securities was $126,211,577 and $(25,242,486), respectively.

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

(GDR)— Global Depository Receipt.

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(ZAR)— South African Rand

Affiliated Issuer

Security Description	Number of Shares Held at 12/31/2006	Shares Purchased Since 12/31/2006	Shares Sold Since 12/31/2006		Number of Shares Held at 12/31/2007	Realized Gain/Loss on Shares Sold		Income for Year Ended 12/31/2007
T. Rowe Price Reserve Investment Fund	27,238,060	228,049,800	(229,819,635	)	25,468,225	$	0	$	1,209,686

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	905,679,288
Cash				10,192
Foreign cash at value (b)				762,204
Receivable for:
Securities sold				1,568,140
Fund shares sold				489,634
Accrued interest and dividends				821,018
Foreign taxes				14,815
Total Assets				909,345,291
Liabilities
Payable for:
Securities purchased	$	4,533,468
Fund shares redeemed		456,228
Withholding taxes		6,988
Collateral for securities loaned		27,150,483
Accrued expenses:
Management fees		434,978
Service and distribution fees		66,317
Other expenses		68,277
Total Liabilities				32,716,739
Net Assets			$	876,628,552
Net assets consists of:
Capital paid in			$	731,464,896
Undistributed net investment income				3,618,628
Accumulated net realized gains				37,375,223
Unrealized appreciation on investments and foreign currency				104,169,805
Net Assets			$	876,628,552
Computation of offering price:
Class A
Net asset value and redemption price per share ($552,460,460 divided by 33,530,794 shares outstanding)			$	16.48
Class B
Net asset value and redemption price per share ($292,019,053 divided by 17,808,072 shares outstanding)			$	16.40
Class E
Net asset value and redemption price per share ($32,149,039 divided by 1,957,953 shares outstanding)			$	16.42
(a) Identified cost of investments			$	801,517,629
(b) Identified cost of foreign cash			$	755,575

(c) Includes cash collateral for securities loaned of $27,150,483.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	8,897,574	(a)
Interest					1,240,281	(b)
					10,137,855
Expenses
Management fees	$	4,714,924
Service and distribution fees—Class B		713,660
Service and distribution fees—Class E		47,110
Directors’ fees and expenses		23,669
Custodian		201,484
Audit and tax services		31,737
Legal		8,920
Printing		265,686
Insurance		7,814
Miscellaneous		14,433
Total expenses		6,029,437
Expense reductions		(26,866	)
Management fee waivers		(131,936	)		5,870,635
Net Investment Income					4,267,220
Realized and Unrealized Gain
Realized gain (loss) on:
Investments—net		40,004,302
Futures contracts—net		550,621
Foreign currency transactions—net		(362,900	)		40,192,023
Change in unrealized appreciation on:
Investments—net		21,451,180
Foreign currency transactions—net		4,982			21,456,162
Net gain					61,648,185
Net Increase in Net Assets From Operations				$	65,915,405

(a) Net of foreign taxes of $256,557.

(b) Includes net income on securities loaned of $32,640.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	4,267,220		$	2,730,623
Net realized gain		40,192,023			29,235,537
Unrealized appreciation		21,456,162			36,515,240
Increase in net assets from operations		65,915,405			68,481,400
From Distributions to Shareholders
Net investment income
Class A		(2,029,262	)		(937,824	)
Class B		(535,551	)		(122,146	)
Class E		(92,499	)		(58,204	)
		(2,657,312	)		(1,118,174	)
Net realized gain
Class A		(4,030,340	)		0
Class B		(2,470,445	)		0
Class E		(275,570	)		0
		(6,776,355	)		0
Total distributions		(9,433,667	)		(1,118,174	)
Increase in net assets from capital share transactions		136,440,858			245,680,812
Total increase in net assets		192,922,596			313,044,038
Net Assets
Beginning of the period		683,705,956			370,661,918
End of the period	$	876,628,552		$	683,705,956
Undistributed Net Investment Income
End of the period	$	3,618,628		$	2,611,080

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	18,615,964		$	299,429,944		12,750,061		$	182,472,112
Reinvestments	381,587			6,059,602		66,797			937,824
Redemptions	(8,709,171	)		(140,654,691	)	(6,976,649	)		(98,380,759	)
Net increase	10,288,380		$	164,834,855		5,840,209		$	85,029,177
Class B
Sales	4,092,070		$	65,765,107		19,382,686		$	271,687,508
Reinvestments	189,773			3,005,996		8,725			122,146
Redemptions	(6,126,259	)		(96,631,962	)	(7,620,165	)		(109,090,213	)
Net increase (decrease)	(1,844,416	)	$	(27,860,859	)	11,771,246		$	162,719,441
Class E
Sales	620,754		$	10,039,787		470,996		$	6,622,128
Reinvestments	23,222			368,069		4,157			58,204
Redemptions	(679,344	)		(10,940,994	)	(629,144	)		(8,748,138	)
Net decrease	(35,368	)	$	(533,138	)	(153,991	)	$	(2,067,806	)
Increase derived from capital share transactions			$	136,440,858				$	245,680,812

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.27		$	13.53		$	12.77		$	11.64		$	8.91
Income From Investment Operations
Net investment income		0.10	(a)		0.09	(a)		0.05			0.08			0.03
Net realized and unrealized gain on investments		1.32			1.70			0.78			1.07			2.71
Total from investment operations		1.42			1.79			0.83			1.15			2.74
Less Distributions
Distributions from net investment income		(0.07	)		(0.05	)		(0.07	)		(0.02	)		(0.01	)
Distributions from net realized capital gains		(0.14	)		0.00			0.00			0.00			0.00
Total distributions		(0.21	)		(0.05	)		(0.07	)		(0.02	)		(0.01	)
Net Asset Value, End of Period	$	16.48		$	15.27		$	13.53		$	12.77		$	11.64
Total Return (%)		9.4			13.2			6.6			9.9			30.8
Ratio of operating expenses to average net assets before expense reductions (%)		0.66			0.68			0.71			0.74			0.79
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.65			0.68			0.70			0.73			0.77
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.67			0.70			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		0.64			0.65			0.44			0.68			0.28
Portfolio turnover rate (%)		61			55			35			37			37
Net assets, end of period (000)	$	552,460		$	354,798		$	235,513		$	198,913		$	172,315

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.19		$	13.47		$	12.72		$	11.60		$	8.88
Income From Investment Operations
Net investment income		0.06	(a)		0.05	(a)		0.01			0.05			0.01
Net realized and unrealized gain on investments		1.32			1.68			0.79			1.08			2.72
Total from investment operations		1.38			1.73			0.80			1.13			2.73
Less Distributions
Distributions from net investment income		(0.03	)		(0.01	)		(0.05	)		(0.01	)		(0.01	)
Distributions from net realized capital gains		(0.14	)		0.00			0.00			0.00			0.00
Total distributions		(0.17	)		(0.01	)		(0.05	)		(0.01	)		(0.01	)
Net Asset Value, End of Period	$	16.40		$	15.19		$	13.47		$	12.72		$	11.60
Total Return (%)		9.2			12.9			6.3			9.7			30.8
Ratio of operating expenses to average net assets before expense reductions (%)		0.91			0.93			0.96			0.99			1.04
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.90			0.93			0.95			0.98			1.02
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.92			0.95			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		0.39			0.34			0.20			0.93			0.06
Portfolio turnover rate (%)		61			55			35			37			37
Net assets, end of period (000)	$	292,019		$	298,582		$	106,181		$	48,955		$	325

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.21		$	13.49		$	12.73		$	11.61		$	8.90
Income From Investment Operations
Net investment income		0.08	(a)		0.07	(a)		0.04			0.06			0.01
Net realized and unrealized gain on investments		1.32			1.68			0.77			1.08			2.71
Total from investment operations		1.40			1.75			0.81			1.14			2.72
Less Distributions
Distributions from net investment income		(0.05	)		(0.03	)		(0.05	)		(0.02	)		(0.01	)
Distributions from net realized capital gains		(0.14	)		0.00			0.00			0.00			0.00
Total distributions		(0.19	)		(0.03	)		(0.05	)		(0.02	)		(0.01	)
Net Asset Value, End of Period	$	16.42		$	15.21		$	13.49		$	12.73		$	11.61
Total Return (%)		9.3			13.0			6.4			9.8			30.6
Ratio of operating expenses to average net assets before expense reductions (%)		0.81			0.83			0.86			0.89			0.94
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.80			0.83			0.85			0.88			0.92
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.82			0.85			N/A			N/A			N/A
Ratio of net investment income to average net assets (%)		0.50			0.51			0.29			0.56			0.14
Portfolio turnover rate (%)		61			55			35			37			37
Net assets, end of period (000)	$	32,149		$	30,325		$	28,968		$	27,341		$	16,646

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The T. Rowe Price Large Cap Growth Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-12

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-13

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

MSF-14

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$2,657,312	$	1,118,174	$	6,776,355	$	—	$	—	$	—	$	9,433,667	$	1,118,174

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$11,906,813	$	34,021,160	$	100,977,239	$	—	$	146,905,212

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	589,657,084	$	0	$	461,803,132

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$4,714,924	0.650%	Of the first $50 million
	0.600%	On amounts in excess of $50 million

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

MSF-15

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Management Fee Waivers:

Pursuant to an expense agreement, MetLife Advisers has agreed, for the period May 1, 2007 to April 30, 2008, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio at the annual rate of 0.015% of the first $50 million of the Portfolio’s average daily net assets. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations.

Effective February 17, 2005, T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Fund and Met Investor Series Trust (“MIST”), in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Fund and MIST in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by MetLife Advisers by 5% for combined Fund and MIST average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. Any amounts waived pursuant to this subadvisory fee waiver will be allocated with respect to the Fund and MIST portfolios in proportion to such portfolios’ net assets. MetLife Advisers has voluntarily agreed to reduce its advisory fee for T. Rowe Price Large Cap Growth and T. Rowe Price Small Cap Growth by the amount waived (if any) by T. Rowe Price for the relevant Portfolio(s) pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and MetLife Advisers at any time. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations of the respective Portfolios.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American

MSF-16

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-17

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the T. Rowe Price Large Cap Growth Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the T. Rowe Price Large Cap Growth Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-18

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-19

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-20

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-21

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-22

Metropolitan Series Fund, Inc.

T. Rowe Price Large Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-23

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-24

Metropolitan Series Fund, Inc. T. Rowe Price Small Cap Growth Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the T. Rowe Price Small Cap Growth Portfolio returned 9.9%, compared to its benchmark, the Morgan Stanley Capital International (MSCI) Small Cap Growth Index¹, which returned 9.7%. The average return of its peer group, the Lipper Variable Insurance Products Small-Cap Growth Funds Universe², was 9.1% over the same period.

PORTFOLIO REVIEW

The Portfolio modestly outperformed the MSCI Small Cap Growth Index in 2007. Relative to the index, outperformance was largely a result of stock selection among financial shares; information technology, healthcare, and consumer discretionary shares were other notable contributors. Stock selection in the industrials and business services sector was by far the leading detractor from relative results.

Stocks hit record highs during 2007, before the housing, credit, and liquidity crises ultimately brought the market rally to a halt. For the year, small-cap stocks generally produced negative returns and lagged large and mid-cap stocks, while growth beat value across all capitalization ranges. In the MSCI Small Cap Growth Index, the materials sector performed best (up 39%), followed by energy (up 28%). Utilities also put up excellent returns (gaining 23%), but since it makes up less than 1% of the index, its impact was small. The financial sector (down 14%) was by far the worst performer for the year. Consumer discretionary (down about 4%) was the only other sector to have negative returns.

Stock selection among financials shares was the key source of strength for the Portfolio, led by holdings in diversified financial services firms and commercial banks. In addition, it helped to be underweight in consumer finance and real estate investment trusts. The leading contributors in this area were asset manager Affiliated Managers Group and energy trader IntercontinentalExchange. These stocks benefited from the gains and volatility of 2007 in financial and commodity markets, respectively.

Good stock selection drove relative results in the information technology sector, led by holdings in the IT services and electronic equipment industry segments. In IT services, electronic payments processor CyberSource was a leading contributor as a result of soaring revenues, a positive outlook, and the expected divestiture of an underperforming business unit. That said, the largest contributor in the sector was in the electronic equipment segment. Here FLIR Systems, a maker of infrared camera equipment used by the military, beat estimates and provided a positive outlook. Software firm Taleo was another notable contributor, reporting rapid growth and profit gains in its corporate recruiting and tracking software business.

In the consumer discretionary sector, stock picks helped most in the specialty retail, internet & catalog retail and media segments. A leading contributor in this space was priceline.com, which enjoyed growth in its international business and acquired overseas assets. Electronic game retailer GameStop was the overall top contributor on the strength of an increase in sales driven by new hardware and software gaming cycles.

Within the industrials and business services sector; stock picks in the commercial services and supplies and airfreight and logistics industries were leading sources of weakness. In the commercial services industry, overweight positions in Corporate Executive Board, Resources Connection and Kenexa detracted because slower economic growth and a more difficult business environment took the wind out of the sails of corporate consulting firms. These stocks were the largest detractors for the entire Portfolio for the year. In addition, freight logistics company UTi Worldwide saw its stock fall to a three-year low late in 2007 after losing Wal-Mart as a customer. UTi was the number-two detractor for the year.

An underweight position in materials stocks, the best-performing segment of the benchmark, also detracted from relative returns. Telecommunication services was the only other sector to detract from relative results, due to stock selection. In this sector, Leap Wireless International was the leading detractor from relative performance after restating earnings and giving poor guidance, while rejecting the buyout offer of MetroPCS.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Morgan Stanley Capital International (MSCI) Small Cap Growth Index represents the growth companies of the MSCI Small Cap 1750 Index. (The MSCI US Small Cap 1750 Index represents the universe of small capitalization companies in the US equity market).

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO

THE MSCI SMALL CAP GROWTH INDEX

Average Annual Returns as of December 31, 2007

	T. Rowe Price Small Cap Growth Portfolio						MSCI Small Cap Growth Index
	Class A		Class B		Class E
1 Year	9.9	%	9.5	%	9.7	%	9.7	%
5 Year	14.7		14.5		14.5		18.5
10 Year	4.8		—		—		8.5
Since Inception	—		13.1		5.1		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 3/3/97, 7/30/02 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
FLIR Systems, Inc.	1.1%
Actuant Corp.	1.1%
Stericycle, Inc.	1.0%
Affiliated Managers Group, Inc.	1.0%
Respironics, Inc.	0.9%
SBA Communications Corp.	0.8%
Priceline.com, Inc.	0.8%
Informatica Corp.	0.8%
Mettler-Toledo International, Inc.	0.8%
Cabot Oil & Gas Corp.	0.7%

Top Sectors

	% of Total Market Value
Information Technology	24.6%
Health Care	19.1%
Industrials & Business Services	16.0%
Consumer Discretionary	14.0%
Energy	10.5%
Materials	5.0%
Financials	4.9%
Consumer Staples	2.8%
Telecommunication Services	2.1%
Cash/Other	1.0%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
T. Rowe Price Small Cap Growth—Class A	Actual	0.59	%	$	1,000.00	$	980.70	$	2.95
	Hypothetical	0.59	%	$	1,000.00	$	1,022.20	$	3.01
T. Rowe Price Small Cap Growth—Class B	Actual	0.84	%	$	1,000.00	$	979.10	$	4.19
	Hypothetical	0.84	%	$	1,000.00	$	1,020.92	$	4.28
T. Rowe Price Small Cap Growth—Class E	Actual	0.74	%	$	1,000.00	$	979.80	$	3.69
	Hypothetical	0.74	%	$	1,000.00	$	1,021.43	$	3.77

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

MSF-4

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—99.0% of Total Net Assets

Security Description	Shares	Value*
Aerospace & Defense—2.0%
Alliant Techsystems, Inc. (a)	13,300	$	1,513,008
BE Aerospace, Inc. (a)	19,500		1,031,550
Ceradyne, Inc. (a) (b)	37,800		1,773,954
DRS Technologies, Inc.	17,079		926,877
Teledyne Technologies, Inc. (a)	28,200		1,503,906
TransDigm Group, Inc. (a)	15,800		713,686
			7,462,981
Air Freight & Logistics—0.8%
HUB Group, Inc. (Class A) (a)	26,300		699,054
UTi Worldwide, Inc.	116,200		2,277,520
			2,976,574
Airlines—0.2%
SkyWest, Inc.	27,400		735,690
Auto Components—0.4%
Drew Industries, Inc. (a) (b)	19,100		523,340
Gentex Corp. (b)	56,100		996,897
			1,520,237
Automobiles—0.4%
Thor Industries, Inc. (b)	34,900		1,326,549
Beverages—0.6%
Boston Beer, Inc. (a) (b)	31,900		1,201,035
Hansen Natural Corp. (a) (b)	26,400		1,169,256
			2,370,291
Biotechnology—4.8%
Acadia Pharmaceuticals, Inc. (a) (b)	14,900		164,943
Alexion Pharmaceuticals, Inc. (a) (b)	21,000		1,575,630
Alkermes, Inc. (a)	50,800		791,972
Alnylam Pharmaceuticals, Inc. (a) (b)	7,900		229,732
Array Biopharma, Inc. (a) (b)	16,200		136,404
BioMarin Pharmaceutical, Inc. (a)	62,400		2,208,960
Cubist Pharmaceuticals, Inc. (a)	19,500		399,945
deCODE genetics, Inc. (a) (b)	72,600		267,168
Human Genome Sciences, Inc. (a) (b)	52,200		544,968
Incyte Corp. (a) (b)	88,000		884,400
Isis Pharmaceuticals, Inc. (a) (b)	10,800		170,100
Lexicon Pharmaceuticals, Inc. (a)	44,400		134,532
Lifecell Corp. (a) (b)	9,500		409,545
Martek Biosciences Corp. (a) (b)	10,200		301,716
Medarex, Inc. (a) (b)	49,400		514,748
Myriad Genetics, Inc. (a) (b)	20,200		937,684
Onyx Pharmaceuticals, Inc. (a)	23,800		1,323,756
OSI Pharmaceuticals, Inc. (a) (b)	22,300		1,081,773
PDL BioPharma, Inc. (a)	81,800		1,433,136
Pharmion Corp. (a)	13,900		873,754
Regeneron Pharmaceuticals, Inc. (a) (b)	25,800		623,070
Rigel Pharmaceuticals, Inc. (a) (b)	29,500		749,005
Seattle Genetics, Inc. (a) (b)	25,300		288,420
Senomyx, Inc. (a) (b)	58,200		435,918

Security Description	Shares	Value*
Biotechnology—(Continued)
Theravance, Inc. (a) (b)	17,300	$	337,350
United Therapeutics Corp. (a)	8,400		820,260
			17,638,889
Capital Markets—2.3%
Affiliated Managers Group, Inc. (a) (b)	32,249		3,787,968
Cohen & Steers, Inc. (b)	9,500		284,715
GFI Group, Inc. (a) (b)	9,100		871,052
Greenhill & Co., Inc. (b)	32,600		2,167,248
Knight Capital Group, Inc. (a)	26,600		383,040
optionsXpress Holdings, Inc. (b)	23,800		804,916
Penson Worldwide, Inc. (a)	15,400		220,990
			8,519,929
Chemicals—2.9%
Airgas, Inc.	35,200		1,834,272
CF Industries Holdings, Inc.	17,000		1,871,020
Hercules, Inc.	44,500		861,075
Koppers Holdings, Inc.	19,900		860,476
Nalco Holding Co.	86,100		2,081,898
Terra Industries, Inc. (a)	42,500		2,029,800
The Scotts Miracle-Gro Co.	25,300		946,726
			10,485,267
Commercial Banks—0.8%
Boston Private Financial Holdings, Inc.	28,100		760,948
Pinnacle Financial Partners, Inc. (a) (b)	11,000		279,620
SVB Financial Group (a) (b)	13,900		700,560
UCBH Holdings, Inc. (b)	71,800		1,016,688
			2,757,816
Commercial Services & Supplies—4.6%
Administaff, Inc. (b)	21,000		593,880
ChoicePoint, Inc. (a)	29,633		1,079,234
Heidrick & Struggles International, Inc.	17,800		660,558
Huron Consulting Group, Inc. (a)	6,700		540,221
IHS, Inc. (a)	17,700		1,071,912
Kenexa Corp. (a) (b)	37,800		734,076
Knoll, Inc.	15,500		254,665
Korn/Ferry International (a)	25,600		481,792
Navigant Consulting, Inc. (a) (b)	22,700		310,309
Resources Connection, Inc. (a)	81,600		1,481,856
Stericycle, Inc. (a)	64,200		3,813,480
The Advisory Board Co. (a) (b)	35,400		2,272,326
The Corporate Executive Board Co. (b)	30,300		1,821,030
Waste Connections, Inc. (a)	57,300		1,770,570
			16,885,909
Communications Equipment—3.3%
Adtran, Inc.	43,100		921,478
Avocent Corp. (a)	19,025		443,473
Blue Coat Systems, Inc. (a)	18,300		601,521
CommScope, Inc. (a)	38,600		1,899,506
Comtech Telecommunications Corp. (a)	37,000		1,998,370

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Communications Equipment—(Continued)
Dycom Industries, Inc. (a) (b)	22,300	$	594,295
F5 Networks, Inc. (a)	69,700		1,987,844
Foundry Networks, Inc. (a)	66,700		1,168,584
Netgear, Inc. (a) (a)	18,300		652,761
Plantronics, Inc. (b)	25,700		668,200
Polycom, Inc. (a)	41,493		1,152,675
			12,088,707
Computers & Peripherals—0.2%
Intermec, Inc. (a) (b)	13,800		280,278
Palm, Inc. (a) (b)	84,000		532,560
			812,838
Construction & Engineering—1.0%
Foster Wheeler, Ltd.	10,400		1,612,208
Perini Corp. (a)	11,400		472,188
Quanta Services, Inc. (a) (b)	59,224		1,554,038
			3,638,434
Construction Materials—0.2%
Eagle Materials, Inc. (b)	17,200		610,256
Containers & Packaging—0.7%
Crown Holdings, Inc.	68,400		1,754,460
Greif, Inc.	12,500		817,125
			2,571,585
Diversified Consumer Services—2.5%
Bright Horizons Family Solutions, Inc. (a)	45,000		1,554,300
DeVry, Inc.	45,200		2,348,592
ITT Educational Services, Inc. (a)	27,400		2,336,398
Matthews International Corp.	22,600		1,059,262
Sotheby’s Holdings, Inc. (Class A) (b)	30,200		1,150,620
Steiner Leisure, Ltd. (a) (b)	12,700		560,832
			9,010,004
Diversified Financial Services—0.1%
MSCI, Inc. (a)	8,800		337,920
Diversified Telecommunication Services—0.7%
Cbeyond, Inc. (a)	23,900		931,861
Cogent Communications Group, Inc. (a)	22,700		538,217
Time Warner Telecom, Inc. (Class A) (a) (b)	60,600		1,229,574
			2,699,652
Electrical Equipment—1.9%
Ametek, Inc. (a)	44,100		2,065,644
General Cable Corp. (b)	26,100		1,912,608
II-VI, Inc. (a) (b)	43,300		1,322,815
Thomas & Betts Corp. (a)	30,300		1,485,912
			6,786,979

Security Description	Shares	Value*
Electronic Equipment & Instruments—4.0%
CyberOptics Corp. (a) (b)	103,937	$	1,247,244
Dolby Laboratories, Inc. (Class A) (a)	43,600		2,167,792
FLIR Systems, Inc. (a) (b)	130,000		4,069,000
Itron, Inc. (a) (b)	13,500		1,295,595
Mettler-Toledo International, Inc. (a)	25,700		2,924,660
Orbotech, Ltd. (a)	31,900		559,845
Rofin-Sinar Technologies, Inc. (a)	17,600		846,736
Trimble Navigation, Ltd. (a)	23,100		698,544
TTM Technologies, Inc. (a)	57,400		669,284
			14,478,700
Energy Equipment & Services—6.3%
Atwood Oceanics, Inc. (a)	14,800		1,483,552
Core Laboratories NV (a) (b)	21,500		2,681,480
Dresser-Rand Group, Inc. (a)	41,900		1,636,195
Global Industries, Inc. (a)	90,500		1,938,510
Helix Energy Solutions Group, Inc. (a) (b)	56,300		2,336,450
Helmerich & Payne, Inc.	48,600		1,947,402
ION Geophysical Corp. (a) (b)	49,200		776,376
NATCO Group, Inc. (a)	18,700		1,012,605
Oceaneering International, Inc. (a)	22,800		1,535,580
Oil States International, Inc. (a)	67,900		2,316,748
SEACOR Holdings, Inc. (a) (b)	9,000		834,660
Superior Energy Services, Inc. (a)	42,800		1,473,176
Tetra Technologies, Inc. (a) (b)	60,600		943,542
Unit Corp. (a)	16,000		740,000
W-H Energy Services, Inc. (a)	26,700		1,500,807
			23,157,083
Food & Staples Retailing—0.2%
The Pantry, Inc. (a) (b)	21,200		553,956
Food Products—0.3%
Ralcorp Holdings, Inc. (a)	9,600		583,584
SunOpta, Inc. (a) (b)	39,400		525,990
			1,109,574
Health Care Equipment & Supplies—5.7%
American Medical Systems Holdings, Inc. (a) (b)	28,500		412,110
ArthroCare Corp. (a) (b)	23,200		1,114,760
Edwards Lifesciences Corp. (a)	31,300		1,439,487
Gen-Probe, Inc. (a)	40,900		2,573,837
Hologic, Inc. (a)	22,220		1,525,181
IDEXX Laboratories, Inc. (a)	29,400		1,723,722
Immucor, Inc. (a)	60,650		2,061,493
Integra LifeSciences Holdings (a) (b)	8,500		356,405
Mentor Corp. (b)	11,200		437,920
Meridian Bioscience, Inc.	70,200		2,111,616
ResMed, Inc. (b)	31,000		1,628,430
Respironics, Inc. (a)	50,300		3,293,644
Stereotaxis, Inc. (a) (b)	26,000		317,720
STERIS Corp.	29,700		856,548
Thoratec Corp. (a) (b)	48,300		878,577
			20,731,450

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Health Care Providers & Services—4.0%
Air Methods Corp. (a)	14,500	$	720,215
Amedisys, Inc. (a) (b)	19,033		923,481
Centene Corp. (a)	43,700		1,199,128
Chemed Corp.	26,300		1,469,644
Gentiva Health Services, Inc. (a)	35,500		675,920
HealthExtras, Inc. (a)	36,500		951,920
Healthspring, Inc. (a)	33,900		645,795
Healthways, Inc. (a) (b)	10,200		596,088
inVentiv Health, Inc. (a)	23,900		739,944
LCA-Vision, Inc. (b)	7,800		155,766
LifePoint Hospitals, Inc. (a)	21,900		651,306
Pediatrix Medical Group, Inc. (a)	28,300		1,928,645
PSS World Medical, Inc. (a)	35,400		692,778
Psychiatric Solutions, Inc. (a) (b)	31,700		1,030,250
Sunrise Senior Living, Inc. (a) (b)	19,100		585,988
VCA Antech, Inc. (a)	37,700		1,667,471
			14,634,339
Health Care Technology—0.6%
Cerner Corp. (a)	22,000		1,240,800
Computer Programs & Systems, Inc. (b)	17,900		407,046
Phase Forward, Inc. (a)	20,300		441,525
			2,089,371
Hotels, Restaurants & Leisure—2.7%
BJ’s Restaurants, Inc. (a) (b)	59,500		967,470
Burger King Holdings, Inc.	41,900		1,194,569
Chipotle Mexican Grill, Inc. (a) (b)	14,100		1,735,005
Choice Hotels International, Inc.	18,600		617,520
Monarch Casino & Resort, Inc. (a) (b)	19,000		457,520
Orient-Express Hotels, Ltd. (Class A)	16,800		966,336
Sonic Corp. (a) (b)	67,162		1,470,848
WMS Industries, Inc. (a) (b)	66,750		2,445,720
			9,854,988
Household Durables—0.6%
iRobot Corp. (a) (b)	13,300		240,464
Jarden Corp. (a) (b)	37,800		892,458
Tempur-Pedic International, Inc. (b)	39,500		1,025,815
			2,158,737
Household Products—0.5%
Church & Dwight Co., Inc.	35,000		1,892,450
Insurance—1.5%
HCC Insurance Holdings, Inc.	48,900		1,402,452
Max Capital Group, Ltd.	25,900		724,941
Philadelphia Consolidated Holding Corp. (a)	34,800		1,369,380
StanCorp Financial Group, Inc.	36,600		1,843,908
			5,340,681
Internet & Catalog Retail—1.2%
Blue Nile, Inc. (a) (b)	15,700		1,068,542
Nutri/System, Inc. (a) (b)	16,800		453,264
priceline.com, Inc. (a) (b)	26,100		2,997,846
			4,519,652

Security Description	Shares	Value*
Internet Software & Services—2.2%
CNET Networks, Inc. (a) (b)	139,400	$	1,274,116
DealerTrack Holdings, Inc. (a)	27,700		927,119
Digital River, Inc. (a) (b)	22,500		744,075
j2 Global Communications, Inc. (a) (b)	43,200		914,544
SINA Corp. (a) (b)	26,700		1,183,077
ValueClick, Inc. (a)	55,700		1,219,830
Visual Sciences, Inc. (a) (b)	45,000		831,600
Websense, Inc. (a) (b)	63,500		1,078,230
			8,172,591
IT Services—3.4%
CACI International, Inc. (Class A) (a)	30,000		1,343,100
Cybersource Corp. (a) (b)	100,200		1,780,554
Global Payments, Inc.	40,320		1,875,686
Heartland Payment Systems, Inc. (b)	44,500		1,192,600
NCI, Inc. (Class A) (a)	105,200		1,799,972
NeuStar, Inc. (Class A) (a)	26,500		760,020
Perot Systems Corp. (Class A) (a)	83,200		1,123,200
RightNow Technologies, Inc. (a) (b)	76,100		1,206,185
SRA International, Inc. (a)	48,700		1,434,215
			12,515,532
Leisure Equipment & Products—0.5%
Polaris Industries, Inc. (b)	28,600		1,366,222
Pool Corp. (b)	20,625		408,994
			1,775,216
Life Sciences Tools & Services—2.6%
Affymetrix, Inc. (a)	28,100		650,234
Dionex Corp. (a) (b)	5,900		488,874
Exelixis, Inc. (a) (b)	62,700		541,101
Illumina, Inc. (a) (b)	24,500		1,451,870
Invitrogen Corp. (a)	25,100		2,344,591
Parexel International Corp. (a)	26,600		1,284,780
Techne Corp. (a)	23,600		1,558,780
Varian, Inc. (a)	18,300		1,194,990
			9,515,220
Machinery—4.7%
Actuant Corp. (b)	113,600		3,863,536
Bucyrus International, Inc.	15,800		1,570,362
Chart Industries, Inc. (a)	16,200		500,580
Gardner Denver, Inc. (a)	19,200		633,600
Graco, Inc.	26,000		968,760
Kaydon Corp. (b)	33,800		1,843,452
Kennametal, Inc.	22,200		840,492
RBC Bearings, Inc. (a)	27,100		1,177,766
The Manitowoc Co., Inc.	39,800		1,943,434
The Middleby Corp. (b)	12,200		934,764
The Toro Co. (b)	34,900		1,899,956
Wabtec Corp.	25,600		881,664
			17,058,366
Marine—0.1%
Horizon Lines, Inc. (b)	23,000		428,720

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Media—0.7%
Interactive Data Corp.	23,800	$	785,638
John Wiley & Sons, Inc.	21,800		933,912
Marvel Entertainment, Inc. (a) (b)	30,300		809,313
			2,528,863
Metals & Mining—1.2%
Carpenter Technology Corp.	22,400		1,683,808
Cleveland-Cliffs, Inc. (b)	24,100		2,429,280
Steel Dynamics, Inc.	6,600		393,162
			4,506,250
Multiline Retail—0.5%
Big Lots, Inc. (a) (b)	48,300		772,317
Saks, Inc. (a) (b)	44,400		921,744
			1,694,061
Oil, Gas & Consumable Fuels—4.2%
Bill Barrett Corp. (a) (b)	23,700		992,319
Cabot Oil & Gas Corp.	66,900		2,700,753
Denbury Resources, Inc. (a)	40,600		1,207,850
Foundation Coal Holdings, Inc.	36,100		1,895,250
Frontier Oil Corp.	43,500		1,765,230
Mariner Energy, Inc. (a) (b)	51,336		1,174,568
Penn Virginia Corp.	37,800		1,649,214
PetroHawk Energy Corp. (a)	63,400		1,097,454
Plains Exploration & Production Co. (a)	26,400		1,425,600
St. Mary Land & Exploration Co.	33,200		1,281,852
			15,190,090
Personal Products—1.2%
Alberto-Culver Co.	54,200		1,330,068
Chattem, Inc. (a) (b)	14,300		1,080,222
Herbalife, Ltd.	24,800		998,944
NBTY, Inc. (a)	30,800		843,920
			4,253,154
Pharmaceuticals—1.4%
Medicis Pharmaceutical Corp. (a) (b)	55,500		1,441,335
MGI Pharma, Inc. (a)	27,300		1,106,469
Sciele Pharma, Inc. (a)	16,800		343,560
The Medicines Co. (a)	20,300		388,948
Valeant Pharmaceuticals International, Inc.	52,800		632,016
ViroPharma, Inc. (a) (b)	23,300		185,002
Xenoport, Inc. (a)	16,600		927,608
			5,024,938
Real Estate Investment Trusts—0.0%
PS Business Parks, Inc.	2,800		147,140
Real Estate Management & Development—0.3%
Jones Lang LaSalle, Inc.	14,000		996,240
Road & Rail—0.4%
Landstar System, Inc.	31,500		1,327,725

Security Description	Shares	Value*
Semiconductors & Semiconductor Equipment—5.0%
Advanced Energy Industries, Inc. (a)	80,400	$	1,051,632
ATMI, Inc. (a)	33,500		1,080,375
Cabot Microelectronics Corp. (a) (b)	13,400		481,194
Cohu, Inc. (b)	40,000		612,000
Cymer, Inc. (a) (b)	42,700		1,662,311
Diodes, Inc. (a) (b)	25,700		772,799
Entegris, Inc. (a)	94,600		816,398
Exar Corp. (a) (b)	38,700		308,439
Integrated Device Technology, Inc. (a)	95,350		1,078,408
Intersil Corp.	41,064		1,005,247
Micrel, Inc. (b)	69,600		588,120
ON Semiconductor Corp. (a) (b)	272,600		2,420,688
Pericom Semiconductor Corp. (a)	27,400		512,380
PMC-Sierra, Inc. (a) (b)	99,900		653,346
Semtech Corp. (a)	70,800		1,098,816
Standard Microsystems Corp. (a)	12,200		476,654
Varian Semiconductor Equipment Associates, Inc. (a)	62,250		2,303,250
Verigy, Ltd. (a)	38,200		1,037,894
Virage Logic Corp. (a)	57,900		483,465
			18,443,416
Software—6.4%
Actuate Corp. (a)	136,800		1,062,936
Ansoft Corp. (a)	34,300		886,655
ANSYS, Inc. (a)	49,400		2,048,124
Blackboard, Inc. (a)	24,000		966,000
Epicor Software Corp. (a) (b)	51,200		603,136
FactSet Research Systems, Inc.	33,900		1,888,230
Fair Isaac Corp. (b)	37,419		1,203,021
Informatica Corp. (a)	165,700		2,985,914
Jack Henry & Associates, Inc.	34,000		827,560
Lawson Software, Inc. (a)	64,600		661,504
Macrovision Corp. (a) (b)	46,400		850,512
MICROS Systems, Inc. (a)	18,000		1,262,880
MicroStrategy, Inc. (Class A) (a)	6,300		599,130
Parametric Technology Corp. (a)	26,100		465,885
Progress Software Corp. (a)	19,800		666,864
Quest Software, Inc. (a)	45,600		840,864
SPSS, Inc. (a) (b)	22,500		807,975
Synopsys, Inc. (a)	32,300		837,539
Taleo Corp. (a)	62,400		1,858,272
THQ, Inc. (a) (b)	41,100		1,158,609
TIBCO Software, Inc. (a)	70,600		569,742
Wind River Systems, Inc. (a)	46,200		412,566
			23,463,918
Specialty Retail—2.9%
A.C. Moore Arts & Crafts, Inc. (a) (b)	74,350		1,022,312
Aeropostale, Inc. (a)	37,650		997,725
GameStop Corp. (Class A) (a)	23,700		1,472,007
Guess?, Inc.	20,100		761,589
Hibbett Sports, Inc. (a) (b)	43,250		864,135
J. Crew Group, Inc. (a)	20,200		973,842
JoS. A. Bank Clothiers, Inc. (a) (b)	12,600		358,470
The Dress Barn, Inc. (a)	26,600		332,766

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares	Value*
Specialty Retail—(Continued)
The Gymboree Corp. (a)	52,100	$	1,586,966
Tractor Supply Co. (a) (b)	26,600		956,004
Zumiez, Inc. (a) (b)	56,800		1,383,648
			10,709,464
Textiles, Apparel & Luxury Goods—1.7%
Deckers Outdoor Corp. (a) (b)	8,800		1,364,528
Fossil, Inc. (a)	34,749		1,458,763
Hanesbrands, Inc. (a)	44,100		1,198,197
Iconix Brand Group, Inc. (a)	49,800		979,068
The Warnaco Group, Inc. (a)	33,200		1,155,360
			6,155,916
Trading Companies & Distributors—0.3%
Beacon Roofing Supply, Inc. (a) (b)	28,200		237,444
MSC Industrial Direct Co., Inc. (Class A)	24,200		979,374
			1,216,818
Wireless Telecommunication Services—1.3%
Leap Wireless International, Inc. (a) (b)	29,000		1,352,560
SBA Communications Corp. (a)	90,700		3,069,288
Syniverse Holdings, Inc. (a)	31,300		487,654
			4,909,502
Total Common Stock (Identified Cost $308,596,772)			361,790,628

Short Term Investments—24.0%
Security Description	Shares	Value*
Mutual Funds—24.0%
State Street Navigator Securities Lending Prime Portfolio (c)	83,992,756	$	83,992,756
T. Rowe Price Reserve Investment Fund (d)	3,756,232		3,756,232
Total Short Term Investments (Identified Cost $87,748,988)			87,748,988
Total Investments—123.0% (Identified Cost $396,345,760) (e)			449,539,616
Liabilities in excess of other assets			(84,067,744	)
Total Net Assets—100%		$	365,471,872

(a) Non-Income Producing.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $ 85,139,164 and the collateral received consisted of cash in the amount of $83,992,756 and non cash collateral with a value of $4,168,255. 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.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) Affiliated Issuer. See below.

(e) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $396,562,614 and the composition of unrealized appreciation and depreciation of investment securities was $77,245,576 and $(24,268,574), respectively.

Affiliated Issuer

Security Description	Number of Shares Held at 12/31/2006	Shares Purchased Since 12/31/2006	Shares Sold Since 12/31/2006		Number of Shares Held at 12/31/2007	Realized Gain/Loss on Shares Sold		Income For Year Ended 12/31/2007
T. Rowe Price Reserve Investment Fund	7,589,435	96,639,712	(100,472,915	)	3,756,232	$	0	$	220,729

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (b)			$	449,539,616
Receivable for:
Fund shares sold				244,489
Accrued interest and dividends				64,991
Total Assets				449,849,096
Liabilities
Payable for:
Fund shares redeemed	$	177,578
Collateral for securities loaned		83,992,756
Accrued expenses:
Management fees		154,725
Service and distribution fees		13,643
Other expenses		38,522
Total Liabilities				84,377,224
Net Assets			$	365,471,872
Net assets consists of:
Capital paid in			$	252,459,069
Accumulated net realized gains				59,818,947
Unrealized appreciation on investments				53,193,856
Net Assets			$	365,471,872
Computation of offering price:
Class A
Net asset value and redemption price per share ($294,458,426 divided by 17,055,492 shares outstanding)			$	17.26
Class B
Net asset value and redemption price per share ($54,366,087 divided by 3,218,276 shares outstanding)			$	16.89
Class E
Net asset value and redemption price per share ($16,647,359 divided by 979,287 shares outstanding)			$	17.00
(a) Identified cost of investments			$	396,345,760

(b) Includes cash collateral for securities loaned of $83,992,756.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	1,195,394
Interest					600,932	(a)
					1,796,326
Expenses
Management fees	$	2,017,686
Service and distribution fees—Class B		125,842
Service and distribution fees—Class E		26,759
Directors’ fees and expenses		23,669
Custodian		70,375
Audit and tax services		31,738
Legal		4,400
Printing		163,244
Insurance		5,758
Miscellaneous		14,065
Total expenses		2,483,536
Expense reductions		(2,988	)
Management fee waivers		(66,136	)		2,414,412
Net Investment Loss					(618,086	)
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		71,699,895
Futures contracts—net		86,360			71,786,255
Change in unrealized depreciation on:
Investments—net					(31,913,290	)
Net gain					39,872,965
Net Increase in Net Assets From Operations				$	39,254,879

(a) Includes net income on securities loaned of $377,817.

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment loss	$	(618,086	)	$	(897,570	)
Net realized gain		71,786,255			17,806,736
Unrealized depreciation		(31,913,290	)		(3,516,615	)
Increase in net assets from operations		39,254,879			13,392,551
Increase (decrease) in net assets from capital share transactions		(86,751,199	)		30,463,297
Total increase (decrease) in net assets		(47,496,320	)		43,855,848
Net Assets
Beginning of the period		412,968,192			369,112,344
End of the period	$	365,471,872		$	412,968,192

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	2,902,264		$	48,368,155		5,525,628		$	86,189,244
Redemptions	(8,064,495	)		(136,495,142	)	(4,375,585	)		(67,461,408	)
Net increase (decrease)	(5,162,231	)	$	(88,126,987	)	1,150,043		$	18,727,836
Class B
Sales	995,536		$	16,637,781		1,667,737		$	25,431,636
Redemptions	(709,679	)		(11,749,801	)	(775,310	)		(11,646,238	)
Net increase	285,857		$	4,887,980		892,427		$	13,785,398
Class E
Sales	148,888		$	2,517,344		334,736		$	5,152,126
Redemptions	(362,938	)		(6,029,536	)	(473,521	)		(7,202,063	)
Net decrease	(214,050	)	$	(3,512,192	)	(138,785	)	$	(2,049,937	)
Increase (decrease) derived from capital share transactions			$	(86,751,199	)			$	30,463,297

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.72		$	15.13		$	13.63		$	12.27		$	8.71
Income From Investment Operations
Net investment loss		(0.02	)(a)		(0.03	)		(0.02	)		(0.04	)		(0.04	)
Net realized and unrealized gain on investments		1.56			0.62			1.52			1.40			3.60
Total from investment operations		1.54			0.59			1.50			1.36			3.56
Net Asset Value, End of Period	$	17.26		$	15.72		$	15.13		$	13.63		$	12.27
Total Return (%)		9.9			3.9			11.0			11.1			40.9
Ratio of operating expenses to average net assets before expense reductions (%)		0.57			0.59			0.60			0.60			0.63
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.57			0.59			0.59			0.60			0.63
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.59			0.60			N/A			N/A			N/A
Ratio of net investment loss to average net assets (%)		(0.12	)		(0.19	)		(0.14	)		(0.31	)		(0.39	)
Portfolio turnover rate (%)		51			38			31			28			25
Net assets, end of period (000)	$	294,458		$	349,258		$	318,845		$	312,834		$	297,728

	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.42		$	14.88		$	13.44		$	12.11		$	8.59
Income From Investment Operations
Net investment loss		(0.06	)(a)		(0.05	)		(0.04	)		(0.03	)		(0.01	)
Net realized and unrealized gain on investments		1.53			0.59			1.48			1.36			3.53
Total from investment operations		1.47			0.54			1.44			1.33			3.52
Net Asset Value, End of Period	$	16.89		$	15.42		$	14.88		$	13.44		$	12.11
Total Return (%)		9.5			3.6			10.7			11.0			41.0
Ratio of operating expenses to average net assets before expense reductions (%)		0.82			0.84			0.84			0.85			0.88
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.82			0.84			0.84			0.85			0.88
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.84			0.85			N/A			N/A			N/A
Ratio of net investment loss to average net assets (%)		(0.36	)		(0.44	)		(0.40	)		(0.52	)		(0.59	)
Portfolio turnover rate (%)		51			38			31			28			25
Net assets, end of period (000)	$	54,366		$	45,213		$	30,357		$	15,516		$	152

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	15.50		$	14.95		$	13.49		$	12.15		$	8.64
Income From Investment Operations
Net investment loss		(0.04	)(a)		(0.06	)		(0.04	)		(0.05	)		(0.03	)
Net realized and unrealized gain on investments		1.54			0.61			1.50			1.39			3.54
Total from investment operations		1.50			0.55			1.46			1.34			3.51
Net Asset Value, End of Period	$	17.00		$	15.50		$	14.95		$	13.49		$	12.15
Total Return (%)		9.7			3.7			10.8			11.0			40.6
Ratio of operating expenses to average net assets before expense reductions (%)		0.72			0.74			0.74			0.75			0.78
Ratio of operating expenses to average net assets after expense reductions (%) (b)		0.72			0.74			0.74			0.75			0.78
Ratio of operating expenses to average net assets without giving effect to the management fee waiver would have been (%) (c)		0.74			0.75			N/A			N/A			N/A
Ratio of net investment loss to average net assets (%)		(0.26	)		(0.35	)		(0.30	)		(0.45	)		(0.52	)
Portfolio turnover rate (%)		51			38			31			28			25
Net assets, end of period (000)	$	16,647		$	18,497		$	19,910		$	18,321		$	11,353

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

(b) The Portfolio has entered into arrangements with certain brokers who paid a portion of the Portfolio’s expenses.

(c) See Note 4 in the Notes to Financial Statements.

See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The T. Rowe Price Small Cap Growth Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-14

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-15

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received for the option.

The main risk is 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

MSF-16

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

As of December 31, 2007, the Portfolio had no capital loss carryovers.

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Loss Carryforwards		Total
$—	$	60,035,800	$	52,977,002	$	—	$	113,012,802

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 capital.

Expense Reductions:

Certain Portfolio trades are directed to brokers who paid a portion of the Portfolio’s expenses. Amounts paid for the Portfolio are shown as expense reductions in the Statement of Operations.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$0	$	196,617,561	$	0	$	280,832,013

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007		Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$	2,017,686	0.550%	Of the first $100 million
		0.500%	Of the next $300 million
		0.450%	On amounts in excess of $400 million

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

MSF-17

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Management Fee Waivers:

Effective February 17, 2005, T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Fund and Met Investor Series Trust (“MIST”), in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Fund and MIST in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by MetLife Advisers by 5% for combined Fund and MIST average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. Any amounts waived pursuant to this subadvisory fee waiver will be allocated with respect to the Fund and MIST portfolios in proportion to such portfolios’ net assets. MetLife Advisers has voluntarily agreed to reduce its advisory fee for T. Rowe Price Large Cap Growth and T. Rowe Price Small Cap Growth by the amount waived (if any) by T. Rowe Price for the relevant Portfolio(s) pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and MetLife Advisers at any time. Amounts waived for the year ended December 31, 2007 are shown as management fee waivers in the Statement of Operations of the respective Portfolios.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at June 30, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

MSF-18

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-19

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the T. Rowe Price Small Cap Growth Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the T. Rowe Price Small Cap Growth Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-20

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-21

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-22

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-23

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-24

Metropolitan Series Fund, Inc.

T. Rowe Price Small Cap Growth Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-25

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-26

Metropolitan Series Fund, Inc. Western Asset Management Strategic Bond Opportunities Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Western Asset Management Strategic Bond Opportunities Portfolio returned 4.0%, compared to its benchmark, the Lehman Brothers Aggregate Bond Index¹, which returned 7.0%. The average return of its peer group, the Lipper Variable Insurance Products General Bond Funds Universe², was 5.5% over the same period.

PORTFOLIO REVIEW

The last six months of 2007 largely defined the year as a whole: crisis in the fixed-income markets. The TED spread, a measure of systemic risk, rose four-fold. Since June 30, the yield on the two-year Treasury declined 181 basis points (1.81%), driving a powerful rally in the Treasury market. Investors began to suspect that the Federal Reserve had reached the end of its tightening cycle and would need to begin easing (lowering) interest rates. These expectations were subsequently validated by the Fed’s decision to cut the funds rate by a total of 100 basis points, or 1.00%, at the final three FOMC meetings of the year. Short-term interest rates fell especially sharply—partly a result of the flight to quality—though long-term rates declined as well. Core inflation measures were tame, but the Fed showed signs of hesitation in the use of monetary stimulus as headline measures of prices such as the Consumer Price Index (CPI) remained uncomfortably high. Home prices declined and housing market indicators deteriorated markedly as the year progressed. Despite the ongoing weakness in residential construction and the collapse of the subprime lending market, economic growth picked up in the second and third quarters, thanks largely to a boom in nonresidential construction and net exports. Credit spreads widened significantly with most of the losses coming in the second half of the year. Rising uncertainty over the degree of subprime losses forced swap spreads sharply higher, negatively affecting mortgage-backed securities. Treasury Inflation Protected Securities, or TIPS, outperformed their nominal counterparts on strong CPI accretion and a decline in real yields.

In 2007, the Portfolio trailed its benchmark, the Lehman Brothers Aggregate Bond Index. Overweight exposure to the mortgage-backed sector detracted significantly from relative returns as spreads widened and volatility surged. An emphasis on lower quality credits was also a large negative factor as spreads spiked higher in the wake of the subprime lending crisis. A modest exposure to U.S. dollar-denominated emerging market debt subtracted from returns as spreads widened. Non-U.S. dollar bond markets exposure generally underperformed relative to their domestic counterparts. On the positive side, a tactically driven duration posture contributed modestly to returns as bond yields oscillated in a relatively flat trend during the period. A curve-steepening strategy had a positive impact on performance as the spread between the two- and ten-year yields widened in the latter part of the period.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ Lehman Brothers^® Aggregate Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations, most publicly issued investment grade corporate bonds and most bonds backed by mortgage pools of GNMA, FNMA and FHLMC.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

MSF-2

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO

THE LEHMAN BROTHERS AGGREGATE BOND INDEX

Average Annual Returns as of December 31, 2007

	Western Asset Management Strategic Bond Opportunities Portfolio						Lehman Brothers Aggregate Bond Index
	Class A		Class B		Class E
1 Year	4.0	%	3.7	%	3.9	%	7.0	%
5 Year	6.2		5.9		6.0		4.4
10 Year	5.8		—		—		6.0
Since Inception	—		7.2		6.5		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 10/31/94, 7/30/02 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Federal National Mortgage Association	20.8%
U.S. Treasury Notes	6.9%
Federal Home Loan Bank	6.4%
Government National Mortgage Association	6.2%
Federal Home Loan Mortgage Corp.	4.7%
WaMu Mortgage Pass-Through Certificates	2.5%
Prime Mortgage Trust	1.7%
Harborview Mortgage Loan Trust	1.6%
Bear Stearns Asset Backed Securities Trust	1.5%
U.S. Treasury Inflation Indexed Bonds	1.1%

Top Sectors

	% of Total Market Value
Residential Mortgage-Backed	45.9%
Short Term Investments	16.7%
Investment Grade	16.0%
Government	8.2%
High Yield	7.8%
Commercial Mortgage-Backed	2.9%
Index-Linked	2.4%
Asset Backed	0.1%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Western Asset Mgt. Strategic Bond Opportunities—Class A	Actual	0.66	%	$	1,000.00	$	1,036.70	$	3.39
	Hypothetical	0.66	%	$	1,000.00	$	1,021.84	$	3.36
Western Asset Mgt. Strategic Bond Opportunities—Class B	Actual	0.91	%	$	1,000.00	$	1,035.20	$	4.67
	Hypothetical	0.91	%	$	1,000.00	$	1,020.56	$	4.63
Western Asset Mgt. Strategic Bond Opportunities—Class E	Actual	0.81	%	$	1,000.00	$	1,035.90	$	4.16
	Hypothetical	0.81	%	$	1,000.00	$	1,021.08	$	4.13

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—97.3% of Total Net Assets

Security Description	Face Amount		Value*
Aerospace & Defense—0.1%
DRS Technologies, Inc. 6.875%, 11/01/13	$	375,000	$	373,125
L-3 Communications Corp. 6.375%, 10/15/15		250,000		246,250
7.625%, 06/15/12		400,000		409,500
				1,028,875
Airlines—0.3%
Continental Airlines, Inc. 6.541%, 09/15/08		11,456		11,370
Delta Air Lines, Inc. (144A) 6.821%, 08/10/22		1,000,000		990,000
Northwest Airlines, Inc. 5.699%, 05/20/14 (a)		2,142,705		2,103,536
				3,104,906
Asset Backed—7.2%
ACE Securities Corp. 4.995%, 02/25/31 (a)		3,101,222		2,981,785
Amortizing Residential Collateral Trust 6.065%, 08/25/32 (a)		119,242		21,791
Argent Securities, Inc. 4.925%, 05/25/36 (a)		444,683		443,514
Asset Backed Securities Corp. 7.878%, 04/15/33 (a)		65,574		61,343
Bear Stearns Asset Backed Securities Trust 5.235%, 01/25/34 (a)		101,022		96,835
6.000%, 10/25/36		6,188,723		5,918,276
6.115%, 08/25/37 (a)		4,166,170		4,065,182
6.500%, 10/25/36		6,171,598		6,208,627
Countrywide Asset Backed Certificates 6.068%, 06/25/34 (a)		610,989		495,139
Countrywide Home Equity Loan Trust 5.168%, 12/25/31 (a)		3,388,533		3,216,750
Ellington Loan Acquisition Trust (144A) 5.865%, 05/25/37 (a)		4,259,451		4,131,156
6.115%, 05/25/37 (a)		4,400,000		3,959,516
First Franklin Mortgage Loan Asset Backed Cettificates 5.265%, 12/25/32 (a)		18,702		18,680
GMAC Mortgage Corp. Loan Trust 5.075%, 11/25/36 (a)		10,955,837		9,602,011
Green Tree Financial Corp. 7.070%, 01/15/29		409,783		429,526
GSAMP Trust 4.955%, 07/05/36 (a)		1,669,605		1,345,052
GSAMP Trust (144A) 4.975%, 05/25/36 (a)		3,543,475		2,984,917
GSRPM Mortgage Loan Trust (144A) 5.165%, 03/25/35 (a)		2,617,075		2,335,661
Indymac Seconds Asset Backed Trust 4.995%, 06/25/36 (a)		3,176,827		1,667,547
Lehman XS Trust 4.909%, 06/25/37 (a)		2,643,616		2,634,230
4.995%, 06/25/37 (a)		7,055,719		7,015,606

Security Description	Face Amount		Value*
Asset Backed—(Continued)
Long Beach Mortgage Loan Trust 5.005%, 11/25/35 (a)	$	1,655,233	$	1,645,132
5.452%, 01/21/31 (a)		56,947		54,134
Merrill Lynch Mortgage Investors NIM Trust (144A) 5.000%, 09/25/35		6,965		6,776
Mid-State Trust 7.340%, 07/01/35		554,464		593,186
Morgan Stanley IXIS Real Estate Capital Trust 4.895%, 07/25/36 (a)		1,632,001		1,616,644
RAAC Series (144A) 5.115%, 08/25/35 (a)		3,053,927		2,799,565
SACO I Trust 4.995%, 06/25/36 (a)		2,942,829		1,213,635
Sail Net Interest Margin Notes (144A) 5.500%, 03/27/34		35,690		2,363
7.750%, 04/27/33		783		56
SLM Student Loan Trust 5.074%, 07/25/17 (a)		3,634,301		3,633,469
5.084%, 04/25/18 (a)		480,281		480,286
Structured Asset Securities Corp. (144A) 4.975%, 02/25/36 (a)		3,273,995		1,168,317
Varick Structured Asset Fund, Ltd. (144A) 6.291%, 11/01/35 (b) (c) (d)		1,202,498		0
Washington Mutual Master Note Trust (144A) 5.058%, 09/16/13 (a)		4,150,000		4,102,721
				76,949,428
Auto Components—0.0%
Visteon Corp. 8.250%, 08/01/10 (e)		280,000		247,800
Automobiles—0.4%
DaimlerChrysler North America Holdings Corp. 4.050%, 06/04/08		2,053,000		2,045,096
Ford Motor Co. 6.625%, 10/01/28		135,000		89,775
7.450%, 07/16/31 (e)		2,045,000		1,518,412
8.900%, 01/15/32		105,000		81,375
General Motors Corp. 8.250%, 07/15/23 (e)		685,000		544,575
8.375%, 07/15/33 (e)		35,000		28,175
				4,307,408
Building Products—0.0%
Norcraft Holdings, L.P. 0/9.750%, 09/01/12 (f)		225,000		202,500
Capital Markets—1.4%
JPMorgan Chase & Co. 5.125%, 09/15/14		2,740,000		2,685,690
5.150%, 10/01/15		1,430,000		1,379,224
6.625%, 03/15/12		70,000		73,813

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Capital Markets—(Continued)
Lehman Brothers Holdings Capital Trust V 5.857%, 11/29/49 (a)	$	3,780,000	$	3,368,925
Lehman Brothers Holdings, Inc. 4.500%, 07/26/10		3,050,000		3,015,834
Morgan Stanley 3.625%, 04/01/08		365,000		363,455
5.625%, 01/09/12		1,290,000		1,312,249
5.659%, 10/18/16 (a)		490,000		457,168
The Bear Stearns Cos., Inc. 5.550%, 01/22/17 (e)		1,130,000		1,012,721
The Goldman Sachs Group, L.P. 4.500%, 06/15/10		1,110,000		1,106,349
				14,775,428
Chemicals—0.0%
Georgia Gulf Corp. 9.500%, 10/15/14 (e)		100,000		79,750
Key Plastics, LLC (144A) 10.250%, 03/15/17		250,000		250
				80,000
Commercial Banks—2.3%
BAC Capital Trust XIV 5.630%, 12/31/49 (a)		2,520,000		2,236,273
Bank of America Corp. 5.420%, 03/15/17		1,700,000		1,642,710
Capital One Bank 5.750%, 09/15/10		50,000		50,012
Glitnir Banki Hf (144A) 6.330%, 07/28/11		720,000		703,876
6.693%, 06/15/16 (a)		1,400,000		1,410,339
HSBC Finance Corp. 4.625%, 01/15/08		2,700,000		2,699,560
ICICI Bank, Ltd. 6.375%, 04/30/22 (a)		939,000		839,812
ICICI Bank, Ltd. (144A) 6.375%, 04/30/22 (a)		844,000		764,003
Kaupthing Bank Hf (144A) 5.750%, 10/04/11		350,000		329,175
5.938%, 04/12/11 (a)		2,040,000		1,989,973
7.125%, 05/19/16		450,000		412,539
Landsbanki Islands Hf (144A) 6.100%, 08/25/11		2,000,000		1,971,118
Royal Bank of Scotland Group, Plc. 7.640%, 03/31/49 (a)		500,000		514,047
Royal Bank of Scotland Group, Plc. (144A) 6.990%, 10/29/49 (a)		790,000		787,624
Santander Issuances S.A. Unipersonal (144A) 5.805%, 06/20/16 (a)		1,180,000		1,204,225
Shinsei Finance Cayman, Ltd. (144A) 6.418%, 01/29/49 (a)		1,100,000		933,915
TuranAlem Finance BV 8.250%, 01/22/37		1,620,000		1,381,050
TuranAlem Finance BV (144A) 8.250%, 01/22/37		1,870,000		1,598,850

Security Description	Face Amount		Value*
Commercial Banks—(Continued)
Wachovia Corp. 5.250%, 08/01/14	$	3,110,000	$	3,040,759
				24,509,860
Commercial Mortgage-Backed Securities—18.8%
American Home Mortgage Investment Trust 5.294%, 06/25/45		4,082,105		4,072,667
Banc of America Funding Corp. 5.119%, 05/20/36 (a)		1,840,140		1,763,800
Banc of America Mortgage Securities, Inc. 4.802%, 09/25/35 (a)		4,838,476		4,801,872
Bear Stearns Structured Products, Inc. (144A) 6.021%, 09/25/37 (a)		8,959,132		8,778,874
Bear Sterns Adjustable Rate Mortgage Trust 4.650%, 10/25/35 (a)		2,700,000		2,670,690
Citigroup Mortgage Loan Trust, Inc. 5.671%, 12/25/35 (a)		6,742,704		6,755,015
Commercial Mortgage Asset Trust 7.350%, 01/17/32		475,000		531,060
Commercial Mortgage Pass-Through Certificates (144A) 5.447%, 07/16/34		640,440		651,502
Countrywide Alternative Loan Trust 5.065%, 05/25/36 (a)		2,980,683		2,823,170
5.118%, 11/20/35 (a)		5,220,068		4,881,105
5.149%, 07/25/36 (a)		4,055,641		3,666,617
Credit Suisse Mortgage Capital Certificates 5.555%, 02/15/39 (a)		3,270,000		3,319,561
Crusade Global Trust 5.156%, 09/18/34 (a)		613,497		612,379
EMC Mortgage Loan Trust (144A) 5.770%, 05/25/43		3,490,370		3,001,858
6.020%, 01/25/41		700,000		589,225
First Union National Bank Commercial Mortgage 0.530%, 05/17/32 (a) (g)		10,912,908		193,018
Greenpoint Mortgage Funding Trust 4.945%, 03/25/37 (a)		6,449,627		6,237,870
GSMPS Mortgage Loan Trust (144A) 5.246%, 01/25/35 (a)		1,766,585		1,744,738
GSR Mortgage Loan Trust 4.986%, 10/25/35 (a)		1,233,100		1,241,058
5.180%, 01/25/36 (a)		4,118,424		4,102,555
Harborview Mortgage Loan Trust 5.185%, 06/25/37 (a)		7,792,199		7,347,721
5.215%, 01/19/36 (a)		2,601,632		2,483,322
5.873%, 08/19/37 (a)		7,777,851		7,685,606
Impac Secured Assets CMN Owner Trust 5.185%, 03/25/36 (a)		3,214,450		3,063,593
Indymac INDA Mortgage Loan Trust 6.287%, 11/25/37 (a)		4,437,764		4,466,520
Indymac Index Mortgage Loan Trust 5.225%, 01/25/35 (a)		2,236,181		2,090,028
5.339%, 03/25/35 (a)		2,056,377		2,039,207

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
JPMorgan Chase Commercial Mortgage Securities Corp. 5.814%, 06/12/43	$	4,960,000	$	5,127,621
LB-UBS Commercial Mortgage Trust 5.430%, 02/15/40		7,970,000		8,005,122
Luminent Mortgage Trust 5.055%, 05/25/46 (a)		3,553,784		3,344,277
Mastr Seasoned Securities Trust 6.755%, 10/25/32 (a)		971,552		970,551
Merit Securities Corp. (144A) 6.355%, 09/28/32 (a)		887,867		818,535
Merrill Lynch Mortgage Investors, Inc. 5.028%, 05/25/34 (a)		1,274,053		1,243,280
Merrill Lynch Mortgage Trust 5.659%, 05/12/39 (a)		1,890,000		1,945,978
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.485%, 03/12/51 (a)		2,070,000		2,083,236
5.750%, 06/12/50 (a)		6,940,000		7,129,801
Morgan Stanley Capital I 5.692%, 04/15/49		2,240,000		2,283,187
Morgan Stanley Mortgage Loan Trust 5.015%, 03/25/36 (a)		2,183,815		1,736,732
5.467%, 06/26/36 (a)		3,969,563		3,917,125
Novastar Mortgage-Backed Notes 5.055%, 06/25/36 (a)		3,327,462		3,167,057
Prime Mortgage Trust (144A) 6.000%, 05/25/35		1,474,632		1,479,956
6.000%, 11/25/36		5,710,874		5,698,367
Prime Mortgage Trust (Class 1) (144A) 5.500%, 05/25/35		3,344,823		3,283,679
Prime Mortgage Trust (Class 2) (144A) 5.500%, 05/25/35		7,980,645		7,920,790
Structured Adjustable Rate Mortgage Loan Trust 5.198%, 01/25/35 (a)		2,115,756		2,125,222
Structured Asset Mortgage Investments, Inc. 7.568%, 08/25/35 (a)		403,661		406,402
Thornburg Mortgage Securities Trust 5.065%, 12/25/35 (a)		7,068,277		7,053,883
5.095%, 12/25/35 (a)		2,180,872		2,175,635
WaMu Mortgage Pass-Through Certificates 5.135%, 12/25/45 (a)		5,305,264		5,001,678
5.145%, 11/25/45 (a)		3,719,056		3,488,454
5.155%, 07/25/45 (a)		75,610		71,572
5.155%, 10/25/45 (a)		2,175,435		2,044,060
5.358%, 08/25/36		7,321,087		7,287,337
5.503%, 04/25/37 (a)		3,009,957		3,029,025
5.670%, 03/25/37 (a)		3,489,508		3,504,341
5.943%, 09/25/36 (a)		1,945,018		1,965,342
Wells Fargo Mortgage Backed Securities Trust 4.527%, 06/25/35 (a)		627,136		620,925
4.540%, 02/25/35 (a)		5,715,017		5,674,899
5.241%, 05/25/36 (a)		1,461,230		1,457,933

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
Zuni Mortgage Loan Trust 4.995%, 06/25/36 (a)	$	2,640,654	$	2,524,942
				200,201,575
Commercial Services & Supplies—0.3%
Allied Waste North America, Inc. 6.375%, 04/15/11		100,000		99,000
7.250%, 03/15/15		275,000		273,625
7.875%, 04/15/13		75,000		76,687
Corrections Corp. of America 6.250%, 03/15/13		150,000		147,750
6.750%, 01/31/14		275,000		276,031
Hertz Corp. 8.875%, 01/01/14		205,000		207,819
10.500%, 01/01/16 (e)		115,000		119,025
Interface, Inc. 10.375%, 02/01/10		150,000		157,125
Safety-Kleen Services, Inc. 9.250%, 06/01/08 (c)		250,000		250
Service Corp. International 7.500%, 04/01/27		330,000		303,600
7.625%, 10/01/18		125,000		125,625
Waste Management, Inc. 6.375%, 11/15/12		1,290,000		1,363,942
				3,150,479
Communications Equipment—0.0%
Intelsat Corp. 9.000%, 08/15/14		81,000		81,405
9.000%, 06/15/16		155,000		156,163
				237,568
Consumer Finance—0.8%
American Express Co. 6.800%, 09/01/66 (a)		3,550,000		3,599,572
SLM Corp. 5.000%, 10/01/13		1,565,000		1,371,735
5.000%, 04/15/15		60,000		51,169
5.050%, 11/14/14		310,000		267,947
5.375%, 05/15/14		2,955,000		2,627,211
5.625%, 08/01/33		295,000		228,016
				8,145,650
Containers & Packaging—0.1%
Graham Packaging Co., Inc. 8.500%, 10/15/12		280,000		261,800
9.875%, 10/15/14 (e)		120,000		110,400
Graphic Packaging International Corp. 9.500%, 08/15/13		300,000		296,250
Owens-Illinois, Inc. 7.350%, 05/15/08		275,000		275,687
Plastipak Holdings, Inc. (144A) 8.500%, 12/15/15		200,000		200,000

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Containers & Packaging—(Continued)
Radnor Holdings Corp. 11.000%, 03/15/10 (c)	$	175,000	$	1,313
				1,145,450
Diversified Financial Services—5.4%
AGFC Capital Trust I (144A) 6.000%, 01/15/67 (a)		815,000		739,086
Aiful Corp. (144A) 5.000%, 08/10/10		800,000		785,126
Airplane Pass Through Trust 10.875%, 03/15/19 (b) (c) (d)		246,925		0
American General Finance Corp. 6.900%, 12/15/17		610,000		610,610
Anadarko Finance Co. 7.500%, 05/01/31		1,500,000		1,686,475
Basell AF SCA (144A) 8.375%, 08/15/15		230,000		185,725
Chukchansi Economic Development Authority (144A) 8.000%, 11/15/13		100,000		97,500
Credit Suisse Guernsey, Ltd. 5.860%, 05/29/49 (a)		500,000		447,599
Deutsche Telekom International Finance BV 5.750%, 03/23/16 (e)		820,000		820,768
Devon Financing Corp., U.L.C. 6.875%, 09/30/11		3,680,000		3,940,879
El Paso Performance-Linked Trust (144A) 7.750%, 07/15/11		1,940,000		1,990,886
European Investment Bank 3.500%, 03/21/12 (e)		870,000		890,880
FMC Finance III S.A. (144A) 6.875%, 07/15/17		750,000		750,000
Ford Motor Credit Co. 7.375%, 10/28/09		5,150,000		4,847,417
7.875%, 06/15/10		1,975,000		1,822,267
10.241%, 06/15/11 (a) (e)		904,000		857,025
General Electric Capital Corp. 6.375%, 11/15/67 (a)		6,110,000		6,308,465
GMAC, LLC 5.125%, 05/09/08 (e)		260,000		257,127
5.625%, 05/15/09		1,410,000		1,330,287
5.850%, 01/14/09		370,000		353,844
6.625%, 05/15/12		5,090,000		4,231,407
6.750%, 12/01/14		670,000		540,388
6.875%, 09/15/11		1,325,000		1,133,530
7.250%, 03/02/11		40,000		35,062
8.000%, 11/01/31 (e)		1,650,000		1,384,144
Goldman Sachs Capital II 5.793%, 12/29/49 (a)		3,880,000		3,454,461
HSBC Finance Capital Trust IX 5.911%, 11/30/35 (a)		50,000		46,264
ILFC E-Capital Trust II (144A) 6.250%, 12/21/65 (a)		330,000		315,382

Security Description	Face Amount		Value*
Diversified Financial Services—(Continued)
Intergas Finance BV 6.375%, 05/14/17	$	2,450,000	$	2,198,875
International Lease Finance Corp. 5.875%, 05/01/13		50,000		50,828
KAC Aquisition Co. (144A) Zero Coupon, 04/26/26 (d)		3,316		0
Level 3 Financing, Inc. 9.250%, 11/01/14 (e)		295,000		266,975
NXP Funding, LLC 9.500%, 10/15/15 (e)		205,000		187,831
Petrobras International Finance Co. 6.125%, 10/06/16		1,190,000		1,213,800
Residential Capital, LLC 6.000%, 02/22/11		5,030,000		3,131,175
6.500%, 06/01/12		20,000		12,300
7.615%, 05/22/09 (a)		470,000		333,700
7.814%, 04/17/09 (a)		160,000		113,600
RSHB Capital S.A. for OJSC Russian Agricultural Bank (144A) 6.299%, 05/15/17		570,000		540,075
Sprint Capital Corp. 6.900%, 05/01/19		30,000		29,801
8.375%, 03/15/12		1,725,000		1,868,216
8.750%, 03/15/32		160,000		180,352
SunTrust Capital VIII 6.100%, 12/01/66 (a)		650,000		540,944
Telecom Italia Capital S.A. 5.250%, 10/01/15		2,100,000		2,045,923
TNK-BP Finance S.A. 7.500%, 07/18/16		108,000		106,865
7.875%, 03/13/18		2,440,000		2,409,500
TNK-BP Finance S.A. (144A) 6.625%, 03/20/17		670,000		611,375
7.500%, 07/18/16		1,080,000		1,046,250
Wells Fargo Capital X 5.950%, 12/15/36 (e)		930,000		867,944
				57,618,933
Diversified Telecommunication Services—0.9%
America Movil SAB de C.V. 5.625%, 11/15/17		880,000		859,844
Citizens Communications Co.
7.125%, 03/15/19		165,000		156,750
7.875%, 01/15/27		250,000		238,125
Embarq Corp. 6.738%, 06/01/13		3,550,000		3,672,038
Qwest Communications International, Inc. (Series B) 7.500%, 02/15/14		303,000		302,242
Qwest Corp. 8.875%, 03/15/12		275,000		294,250
Royal KPN NV 8.000%, 10/01/10		990,000		1,061,741
Verizon Florida, Inc. 6.125%, 01/15/13		70,000		72,258

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount			Value*
Diversified Telecommunication Services—(Continued)
Verizon New York, Inc. 6.875%, 04/01/12 (e)	$	1,820,000		$	1,931,033
Windstream Corp. 8.625%, 08/01/16		450,000			472,500
					9,060,781
Electric Utilities—1.9%
Dominion Resources, Inc. 5.700%, 09/17/12		1,350,000			1,386,269
Edison Mission Energy 7.000%, 05/15/17		390,000			383,175
7.200%, 05/15/19		520,000			510,900
7.625%, 05/15/27		190,000			178,600
Energy Future Holdings Corp. 10.875%, 11/01/17		1,560,000			1,567,800
11.250%, 11/01/17		8,730,000			8,882,775
Exelon Corp. 5.625%, 06/15/35		595,000			531,358
FirstEnergy Corp. 6.450%, 11/15/11		770,000			795,114
7.375%, 11/15/31		1,645,000			1,804,957
Williams Cos., Inc. 7.125%, 09/01/11		50,000			52,813
7.500%, 01/15/31		925,000			994,375
7.625%, 07/15/19		125,000			135,469
7.750%, 06/15/31		1,410,000			1,543,950
7.875%, 09/01/21		1,091,000			1,209,646
8.750%, 03/15/32		455,000			556,237
					20,533,438
			��
Energy Equipment & Services—0.3%
Compagnie Generale de Geophysique-Veritas 7.500%, 05/15/15		115,000			116,437
7.750%, 05/15/17		480,000			484,800
Kinder Morgan Energy Partners, L.P. 6.000%, 02/01/17		1,410,000			1,409,920
6.300%, 02/01/09		200,000			202,587
6.750%, 03/15/11		870,000			912,677
6.950%, 01/15/38		50,000			52,475
7.125%, 03/15/12		20,000			21,379
SemGroup, L.P. (144A) 8.750%, 11/15/15		75,000			71,250
					3,271,525
Federal Agencies—37.8%
Farmer Mac Guaranteed Notes Trust 5.125%, 04/19/17		3,400,000			3,493,126
Federal Home Loan Bank 5.000%, 12/21/15 (e)		3,660,000			3,837,137
5.000%, 12/01/34		145,168			141,799
5.500%, 10/01/35		1,511,618			1,509,083

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
5.500%, 07/15/36 (e)	$	2,690,000	$	2,945,364
5.500%, 07/01/37		1,987,109		1,983,007
5.500%, 12/01/37		4,000,000		3,991,919
5.553%, 11/01/37 (a)		11,140,000		11,221,779
6.000%, 10/01/37		1,405,421		1,426,409
6.000%, 12/01/37		40,600,000		41,206,308
Federal Home Loan Mortgage Corp. 5.365%, 02/01/36 (a)		2,576,134		2,596,720
5.500%, 12/01/36		29,759,960		29,702,269
5.814%, 02/01/37 (a)		1,282,384		1,304,262
5.959%, 05/01/37 (a)		3,472,869		3,521,019
6.000%, 09/01/37		6,663,350		6,762,858
6.022%, 05/01/37 (a)		2,765,954		2,810,373
11.565%, 06/15/21 (a) (g)		1		1
Federal National Mortgage Association 5.000%, 08/01/34		344,778		336,785
5.000%, 03/01/35		297,779		290,875
5.000%, 05/01/35		774,008		755,642
5.000%, 08/01/35		240,971		235,230
5.000%, 02/01/36		16,178,963		15,795,075
5.000%, TBA		88,500,000		86,342,812
5.112%, 10/01/35 (a)		1,211,107		1,231,044
5.500%, 04/01/36		9,014,709		8,914,404
5.500%, 11/01/36		4,563,055		4,558,125
5.500%, 01/01/37		7,420,316		7,412,299
5.500%, 08/01/37		2,977,490		2,973,652
5.500%, TBA		29,800,000		30,164,924
5.513%, 02/01/37 (a)		7,562,388		7,654,327
6.000%, 10/01/36		15,482,294		15,725,267
6.000%, 07/01/37		997,534		1,013,054
6.000%, 12/01/37		6,000,000		6,093,352
6.000%, TBA		4,900,000		4,981,279
6.500%, 03/01/26		19,038		19,780
6.500%, 03/01/36		971,319		998,557
6.500%, 08/01/36		926,677		952,663
6.500%, 10/01/36		616,321		633,604
6.500%, 12/01/36		918,034		943,778
6.500%, 05/01/37		999,010		1,026,918
6.500%, 07/01/37		998,614		1,026,511
6.500%, 08/01/37		499,610		513,567
6.500%, 09/01/37		2,369,145		2,435,329
6.500%, 10/01/37		2,969,293		3,052,243
6.500%, TBA		12,540,000		12,888,762
7.000%, 05/01/26		3,613		3,786
7.500%, 12/01/29		6,007		6,353
7.500%, 06/01/30		10,634		11,236
7.500%, 08/01/30		1,193		1,261
7.500%, 11/01/30		46,213		49,326
7.500%, 02/01/31		1,946		2,077
8.000%, 08/01/27		4,654		4,987
8.000%, 01/01/31		215,281		230,920
8.500%, 08/01/19		103,646		110,858
10.400%, 04/25/19		4,030		4,374

*See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Government National Mortgage Association 5.500%, TBA	$	9,800,000	$	9,835,219
6.000%, TBA		54,700,000		55,995,219
				403,678,907
Food & Staples Retailing—0.2%
CVS Caremark Corp. 6.943%, 01/10/30		2,130,000		2,136,305
Safeway, Inc. 7.250%, 02/01/31		50,000		54,195
				2,190,500
Food Products—0.0%
Dole Food Co., Inc. 7.250%, 06/15/10		285,000		259,350
8.750%, 07/15/13 (a) (e)		125,000		115,000
8.875%, 03/15/11		150,000		138,750
				513,100
Foreign Government—0.5%
Mexico Government International Bond 5.625%, 01/15/17		1,260,000		1,277,010
5.875%, 01/15/14 (e)		760,000		790,400
6.750%, 09/27/34		851,000		939,930
10.375%, 02/17/09		238,000		252,994
Region of Lombardy Italy 5.804%, 10/25/32		925,000		993,930
Russian Federation 7.500%, 03/31/30 (a)		31,680		36,293
11.000%, 07/24/18		950,000		1,362,157
				5,652,714
Gas Utilities—0.1%
El Paso Natural Gas Co. 8.375%, 06/15/32		590,000		691,125
Government Agency—0.7%
Tennessee Valley Authority 5.980%, 04/01/36		2,320,000		2,637,984
Virginia Housing Development Authority 6.000%, 06/25/34		4,470,411		4,470,858
				7,108,842
Health Care Providers & Services—0.4%
Community Health Systems, Inc. 8.875%, 07/15/15		500,000		509,375
DaVita, Inc. 6.625%, 03/15/13		405,000		402,975
HCA, Inc. 6.250%, 02/15/13		543,000		475,125
6.375%, 01/15/15		275,000		232,375
6.500%, 02/15/16 (e)		494,000		417,430

Security Description	Face Amount		Value*
Health Care Providers & Services—(Continued)
HCA, Inc.
9.125%, 11/15/14	$	90,000	$	93,600
9.250%, 11/15/16		690,000		724,500
9.625%, 11/15/16		132,000		139,590
IASIS Healthcare, LLC 8.750%, 06/15/14		350,000		350,000
Tenet Healthcare Corp. 6.875%, 11/15/31		95,000		70,775
7.375%, 02/01/13		325,000		284,375
Vanguard Health Holdings Co. I, LLC 0/11.250%, 10/01/15 (e) (f)		210,000		155,400
Vanguard Health Holdings Co. II, LLC 9.000%, 10/01/14		580,000		558,250
WellPoint, Inc. 5.875%, 06/15/17		130,000		130,884
				4,544,654
Hotels, Restaurants & Leisure—0.2%
Boyd Gaming Corp. 6.750%, 04/15/14		100,000		95,250
Caesars Entertainment, Inc. 8.125%, 05/15/11 (e)		50,000		46,500
Carrols Corp. 9.000%, 01/15/13		205,000		186,550
Inn of the Mountain Gods Resort & Casino 12.000%, 11/15/10 (e)		110,000		114,400
Las Vegas Sands Corp. 6.375%, 02/15/15		225,000		211,500
MGM Mirage 6.750%, 09/01/12		320,000		311,600
7.625%, 01/15/17 (e)		435,000		429,563
Station Casinos, Inc. 6.500%, 02/01/14		125,000		93,750
7.750%, 08/15/16		500,000		451,250
Turning Stone Casino Resort Enterprise (144A) 9.125%, 12/15/10		275,000		277,750
				2,218,113
Independent Power Producers & Energy Traders—0.6%
Duke Energy Corp. 4.200%, 10/01/08		50,000		49,686
5.625%, 11/30/12		370,000		384,017
NRG Energy, Inc. 7.250%, 02/01/14		155,000		151,125
7.375%, 02/01/16		715,000		697,125
The AES Corp. 7.750%, 03/01/14		35,000		35,263
7.750%, 10/15/15		520,000		527,800
8.000%, 10/15/17		2,850,000		2,914,125
8.875%, 02/15/11 (e)		150,000		156,375
9.375%, 09/15/10		403,000		423,150
9.500%, 06/01/09		100,000		103,500

*See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Independent Power Producers & Energy Traders—(Continued)
TXU Corp. 5.550%, 11/15/14	$	420,000	$	335,237
6.500%, 11/15/24		490,000		357,411
6.550%, 11/15/34		1,040,000		752,656
				6,887,470
Industrial Conglomerates—0.6%
Corporacion Andina de Fomento 6.875%, 03/15/12		2,900,000		3,094,370
Tyco International Group S.A. 6.000%, 11/15/13		2,660,000		2,734,054
6.125%, 11/01/08		50,000		50,430
				5,878,854
Insurance—0.5%
American International Group, Inc. 5.850%, 01/16/18		350,000		352,292
6.250%, 03/15/37		760,000		679,758
The Travelers Cos., Inc. 6.250%, 03/15/67 (a)		4,400,000		4,126,263
				5,158,313
IT Services—0.2%
Electronic Data Systems Corp. 7.125%, 10/15/09		1,270,000		1,311,053
SunGard Data Systems, Inc. 9.125%, 08/15/13		280,000		284,900
				1,595,953
Leisure Equipment & Products—0.1%
Herbst Gaming, Inc. 8.125%, 06/01/12		225,000		146,813
Pinnacle Entertainment, Inc. 8.750%, 10/01/13		375,000		381,562
Seneca Gaming Corp. 7.250%, 05/01/12		225,000		226,688
				755,063
Machinery—0.0%
Terex Corp. 8.000%, 11/15/17 (e)		170,000		172,125
Media—1.5%
CCH I Holdings, LLC 11.000%, 10/01/15 (e)		984,000		801,960
Clear Channel Communications, Inc. 6.250%, 03/15/11		1,130,000		1,022,650
Comcast Cable Communications Holdings, Inc. 8.375%, 03/15/13		50,000		56,094
8.875%, 05/01/17		600,000		715,393
Comcast Corp. 5.875%, 02/15/18		170,000		169,488
6.500%, 01/15/15		1,890,000		1,972,759
6.500%, 01/15/17		130,000		135,545

Security Description	Face Amount		Value*
Media—(Continued)
CSC Holdings, Inc. 6.750%, 04/15/12	$	350,000	$	334,687
8.125%, 08/15/09		200,000		203,500
Dex Media West, LLC 9.875%, 08/15/13		267,000		277,680
Dex Media, Inc. 0/9.000%, 11/15/13 (e) (f)		295,000		268,450
DirecTV Holdings, LLC 8.375%, 03/15/13		162,000		168,480
EchoStar DBS Corp. 6.625%, 10/01/14		845,000		840,775
Idearc, Inc. 8.000%, 11/15/16		580,000		532,150
Lamar Media Corp. 6.625%, 08/15/15		455,000		442,487
Liberty Media, LLC 7.875%, 07/15/09		2,540,000		2,578,710
News America, Inc. 6.650%, 11/15/37		100,000		103,148
R.H. Donnelley Corp. 6.875%, 01/15/13		225,000		201,375
8.875%, 01/15/16		225,000		210,375
Time Warner Cable, Inc. 5.850%, 05/01/17		2,650,000		2,656,540
Time Warner Entertainment Co., L.P. 8.375%, 07/15/33		510,000		614,350
Time Warner, Inc. 6.875%, 05/01/12		1,270,000		1,337,321
7.625%, 04/15/31		50,000		55,331
7.700%, 05/01/32		120,000		133,327
TL Acquisitions, Inc. (144A) 10.500%, 01/15/15		220,000		211,475
Videotron Ltee 6.375%, 12/15/15		250,000		234,688
				16,278,738
Metals & Mining—0.4%
Freeport-McMoRan Copper & Gold, Inc. 8.375%, 04/01/17		630,000		675,675
Steel Dynamics, Inc. 7.375%, 11/01/12		180,000		180,900
Steel Dynamics, Inc. (144A) 6.750%, 04/01/15		370,000		357,050
Vale Overseas, Ltd. 6.875%, 11/21/36		2,740,000		2,771,814
8.250%, 01/17/34		60,000		69,470
				4,054,909
Multi-Utilities—0.3%
Dynegy Holdings, Inc. 7.125%, 05/15/18		115,000		101,775
7.750%, 06/01/19		585,000		539,663
Pacific Gas & Electric Co. 5.625%, 11/30/17		1,480,000		1,484,481
5.800%, 03/01/37		430,000		414,633
6.050%, 03/01/34		770,000		768,720
				3,309,272

*See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Multiline Retail—0.0%
The Neiman Marcus Group, Inc. 10.375%, 10/15/15 (e)	$	155,000	$	161,394
Office Electronics—0.0%
Xerox Corp. 6.400%, 03/15/16		360,000		368,382
Oil, Gas & Consumable Fuels—2.5%
Anadarko Petroleum Corp. 6.450%, 09/15/36		1,140,000		1,160,903
Apache Corp. 5.250%, 04/15/13		1,000,000		1,023,553
5.625%, 01/15/17 (e)		2,620,000		2,669,138
Chesapeake Energy Corp. 6.250%, 01/15/18		25,000		24,000
6.375%, 06/15/15		425,000		411,188
6.500%, 08/15/17		450,000		434,250
ConocoPhillips Holding Co. 6.950%, 04/15/29		1,230,000		1,404,776
El Paso Corp. 7.000%, 06/15/17		2,410,000		2,412,499
7.375%, 12/15/12		50,000		51,190
7.750%, 01/15/32		179,000		181,699
7.800%, 08/01/31		45,000		45,669
7.875%, 06/15/12 (e)		575,000		597,257
Exco Resources, Inc. 7.250%, 01/15/11		465,000		447,562
Gaz Capital for Gazprom (144A) 6.212%, 11/22/16		1,880,000		1,803,672
6.510%, 03/07/22		1,220,000		1,159,854
8.625%, 04/28/34		800,000		1,000,000
Hess Corp. 6.650%, 08/15/11		2,330,000		2,459,168
7.300%, 08/15/31		1,060,000		1,190,667
7.875%, 10/01/29		140,000		165,706
Kerr-McGee Corp. 6.950%, 07/01/24		500,000		534,099
7.875%, 09/15/31		2,270,000		2,706,673
OPTI Canada, Inc. 7.875%, 12/15/14		430,000		420,325
OPTI Canada, Inc. (144A) 8.250%, 12/15/14		310,000		306,900
Peabody Energy Corp. 6.875%, 03/15/13		120,000		120,600
Pemex Project Funding Master Trust 6.625%, 06/15/35 (e)		260,000		274,049
6.625%, 06/15/35		150,000		158,105
Quicksilver Resources, Inc. 7.125%, 04/01/16		250,000		245,625
Valero Energy Corp. 4.750%, 06/15/13		50,000		48,479
Whiting Peteroleum Corp. 7.000%, 02/01/14		205,000		202,950
7.250%, 05/01/12		50,000		49,250

Security Description	Face Amount		Value*
Oil, Gas & Consumable Fuels—(Continued)
XTO Energy, Inc. 5.650%, 04/01/16	$	2,190,000	$	2,205,558
6.250%, 08/01/17		20,000		20,982
7.500%, 04/15/12		390,000		426,327
				26,362,673
Paper & Forest Products—0.1%
Appleton Papers, Inc. 9.750%, 06/15/14		150,000		148,500
Weyerhaeuser Co. 6.750%, 03/15/12		680,000		714,095
				862,595
Pharmaceuticals—0.4%
Abbott Laboratories 5.600%, 11/30/17		3,150,000		3,236,376
Wyeth 5.500%, 03/15/13 (a)		50,000		51,426
5.950%, 04/01/37		1,190,000		1,193,157
				4,480,959
Real Estate Investment Trusts—0.1%
Boston Properties, L.P. 6.250%, 01/15/13		65,000		65,286
Host Marriott, L.P. 6.375%, 03/15/15		350,000		341,250
iStar Financial, Inc. 5.150%, 03/01/12 (e)		50,000		43,211
Realogy Corp. (144A) 12.375%, 04/15/15 (e)		1,400,000		882,000
				1,331,747
Semiconductors & Semiconductor Equipment—0.0%
Freescale Semiconductor, Inc. 8.875%, 12/15/14		120,000		107,100
Specialty Retail—0.0%
NEBCO Evans Holdings Co. 12.375%, 07/15/07 (b) (c) (d)		350,000		0
The Limited, Inc. 6.950%, 03/01/33		60,000		52,570
				52,570
Textiles, Apparel & Luxury Goods—0.0%
Oxford Industries, Inc. 8.875%, 06/01/11		120,000		119,400
Thrifts & Mortgage Finance—0.1%
Countrywide Financial Corp. 5.076%, 06/18/08 (a)		570,000		504,218
5.384%, 01/05/09 (a)		460,000		364,442
Countrywide Home Loans, Inc. 4.000%, 03/22/11 (e)		75,000		54,154
				922,814

*See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Tobacco—0.2%
Altria Group, Inc. 7.000%, 11/04/13	$	1,100,000	$	1,230,170
Reynolds American, Inc. 6.750%, 06/15/17		575,000		585,651
				1,815,821
Trading Companies & Distributors—0.0%
The Holt Group, Inc. 9.750%, 01/15/49 (b) (c) (d)		200,000		0
U.S. Treasury—9.3%
U.S. Treasury Bonds 4.750%, 02/15/37 (e)		370,000		387,228
5.500%, 08/15/28		500,000		566,172
6.125%, 11/15/27		200,000		242,203
8.875%, 08/15/17(e)		340,000		467,819
U.S. Treasury Inflation Indexed Bonds (TII) 2.000%, 01/15/26 (e)		1,484,194		1,478,165
2.375%, 01/15/27 (e)		4,232,019		4,475,360
2.500%, 07/15/16 (e)		693,122		739,149
2.625%, 07/15/17 (e)		10,937,126		11,800,983
U.S. Treasury Inflation Indexed Notes (TII) 0.875%, 04/15/10 (e)		584,489		582,526
2.000%, 01/15/16 (e)		4,305,217		4,418,229
2.375%, 04/15/11 (e)		778,902		811,884
U.S. Treasury Notes 2.375%, 01/15/17 (e)		507,635		535,674
3.500%, 02/15/10 (e)		6,930,000		6,990,097
4.000%, 04/15/10 (e)		12,500,000		12,753,900
4.125%, 08/31/12 (e)		39,690,000		40,865,181
4.500%, 03/31/09 (e)		6,560,000		6,669,677
4.500%, 03/31/12 (e)		670,000		700,255
4.625%, 10/31/11 (e)		130,000		136,236
4.625%, 07/31/12 (e)		1,890,000		1,984,500
4.750%, 08/15/17 (e)		40,000		42,247
4.875%, 05/31/11 (e)		2,890,000		3,045,788
				99,693,273
Wireless Telecommunication Services—0.2%
American Tower Corp. 7.500%, 05/01/12		150,000		154,500
Cingular Wireless Services, Inc. 8.750%, 03/01/31		50,000		64,799
Nextel Communications, Inc.
6.875%, 10/31/13		1,295,000		1,275,733
7.375%, 08/01/15		800,000		787,695
				2,282,727
Yankee—0.1%
Methanex Corp. 8.750%, 08/15/12		225,000		241,313
Morgan Stanley Bank AG for OAO Gazprom 9.625%, 03/01/13		170,000		192,668

Security Description	Face Amount		Value*
Yankee—(Continued)
Rogers Cable, Inc. 8.750%, 05/01/32	$	375,000	$	471,279
Smurfit Capital Funding, Plc. 7.500%, 11/20/25		275,000		259,875
				1,165,135
Total Fixed Income (Identified Cost $1,054,130,073)				1,038,986,846
Preferred Stock—0.7%
Security Description	Shares		Value*
Diversified Financial Services—0.1%
Resona Preferred Global Securities Cayman, Ltd. (144A) (a)		770,000		764,023
TCR Holdings (Class B) (d) (h)		840		1
TCR Holdings (Class C) (b) (d) (h)		462		0
TCR Holdings (Class D) (d) (h)		1,219		1
TCR Holdings (Class E) (d) (h)		2,521		3
				764,028
Thrifts & Mortgage Finance—0.6%
Federal Home Loan Mortgage Corp.		135,000		3,530,250
Federal National Mortgage Association (e)		95,000		2,446,250
Federal National Mortgage Association (144A)		3,400		156,719
				6,133,219
Total Preferred Stock (Identified Cost $6,727,306)				6,897,247
Term Loans—0.2%
Security Description	Face Amount		Value*
IT Services—0.2%
First Data Corp. 7.960%, 09/24/14 (a)	$	2,400,000		2,279,455
Total Term Loans (Identified Cost $2,304,000)				2,279,455
Common Stock—0.0%
Security Description	Shares		Value*
Chemicals—0.0%
Applied Extrusion Technologies, Inc. (Class B) (h)		2,424		16,968
Diversified Financial Services—0.0%
ContiFinancial Corp. (Liquidating Unit Trust) (i)		234,073		73

*See accompanying notes to financial statements.

MSF-13

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Common Stock—(Continued)

Security Description	Shares		Value*
Household Products—0.0%
Home Interiors & Gifts, Inc. (Restricted Shares) (d) (h)		674,618	$	6,746
Total Common Stock (Identified Cost $364,358)				23,787
Escrow Shares—0.0%
Textiles, Apparel & Luxury Goods—0.0%
Pillowtex Corp. (b) (d) (h)		250,000		0
Total Escrow Shares (Identified Cost $0)				0
Warrants—0.0%
Foreign Government—0.0%
Republic of Venezuela (d) (h)		3,750		140,625
Household Durables—0.0%
Winsloew Furniture, Inc. (144A) (d) (h)		200		2
Textiles, Apparel & Luxury Goods—0.0%
Pillowtex Corp. (b) (d) (h)		1,701		0
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc. (144A) (b) (d) (h)		125		0
Total Warrants (Identified Cost $43,682)				140,627
Fixed Income—Convertible—0.0%
Security Description	Face Amount		Value*
Automobiles—0.0%
Ford Motor Co. 4.250%, 12/15/36 (e)	$	170,000		168,937
Total Fixed Income—Convertible (Identified Cost $170,000)				168,937
Short Term Investments—30.6%
Discount Notes—19.6%
Federal Home Loan Bank 3.250%, 01/02/08		205,900,000		205,879,410
Federal National Mortgage Association 5.000%, 03/17/08		3,500,000		3,462,982
				209,342,392
Mutual Funds—10.8%
State Street Navigator Securities Lending Prime Portfolio (j)		115,277,525		115,277,525

Security Description	Face Amount		Value*
Repurchase Agreement—0.2%
Merrill Lynch Repurchase Agreement dated 12/31/07 at 4.050% to be repurchased at $2,400,540 on 1/02/08 collateralized by $1,895,000 Tennessee Valley Authority 7.125% due 5/01/30 with a value of $2,448,000.	$	2,400,000	$	2,400,000
Total Short Term Investments (Identified Cost $327,019,917)				327,019,917
Total Investments—128.8% (Identified Cost $1,390,759,336) (k)				1,375,516,816
Liabilities in excess of other assets				(308,747,481	)
Total Net Assets—100%			$	1,066,769,335

(a) Variable or Floating Rate Security. Rate disclosed is as of December 31, 2007.

(b) Zero Valued Security.

(c) Non-Income Producing; Defaulted Bond.

(d) Security was valued in good faith under procedures established by the Board of Directors.

(e) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $116,484,026 and the collateral received consisted of cash in the amount of $115,277,525 and non cash collateral with a value of $3,010,504. 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.

(f) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date.

(g) Interest Only Certificate. This security receives monthly interest payments but is not entitled to principal payments.

(h) Non-Income Producing.

(i) Non-Income Producing; issuer filed under Chapter 11 of the Federal Bankruptcy Code.

(j) Represents investment of cash collateral received from securities lending transactions.

(k) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $1,391,773,445 and the composition of unrealized appreciation and depreciation of investment securities was $10,658,386 and $(26,915,015), respectively.

(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 December 31, 2007, the market value of 144A securities was $82,806,562, which is 7.8% of total net assets.

(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.

(TII)— A Treasury Inflation Index is a security with a fixed interest rate and the principal is adjusted for inflation. At maturity, the security will be redeemed at the greater of the inflation adjusted principal or par amount at original issue.

*See accompanying notes to financial statements.

MSF-14

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of December 31, 2007

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts		Contract Amount			Valuation as of 12/31/2007			Unrealized Appreciation/ Depreciation
Euribor Futures	6/16/2008	262		$	91,614,016		$	91,387,388		$	(226,628	)
Eurodollar Futures	3/17/2008	125			29,880,675			29,926,562			45,887
Eurodollar Futures	6/16/2008	109			25,843,933			26,229,488			385,555
Eurodollar Futures	9/15/2008	204			49,154,695			49,220,100			65,405
Eurodollar Futures	12/15/2008	10			2,407,450			2,415,750			8,300
Eurodollar Futures	3/16/2009	10			2,405,945			2,415,750			9,805
Eurodollar Futures	6/15/2009	10			2,402,700			2,412,750			10,050
Eurodollar Futures	9/14/2009	10			2,399,325			2,408,750			9,425
German Treasury Bonds 10 Year Futures	3/6/2008	236			39,858,973			38,970,536			(888,437	)
U.S. Treasury Bond Futures	3/19/2008	451			53,019,605			52,485,125			(534,480	)
U.S. Treasury Notes 2 Year Futures	3/31/2008	22			4,624,860			4,625,500			640
U.S. Treasury Notes 5 Year Futures	3/31/2008	743			81,596,793			81,938,969			342,176
Futures Contracts—Short
U.S. Treasury Notes 10 Year Futures	3/19/2008	(489	)		(55,535,165	)		(55,448,016	)		87,149
Net Unrealized Depreciation										$	(685,153	)

Options Written

Options Written—Calls	Expiration Date	Number of Contracts		Premiums Received			Valuation as of 12/31/2007			Unrealized Appreciation/ Depreciation
U.S. Treasury Note 10 Year Futures 111 Call	2/22/2008	(332	)	$	(231,059	)	$	(944,125	)	$	(713,066	)
U.S. Treasury Note 10 Year Futures 112 Call	2/22/2008	(44	)		(39,655	)		(94,188	)		(54,533	)
Options Written—Puts
U.S. Treasury Note 10 Year Futures 107 Put	2/22/2008	(105	)		(88,256	)		(4,922	)		83,334
U.S. Treasury Note 10 Year Futures 112 Put	2/22/2008	(220	)		(177,650	)		(165,000	)		12,650
Net Unrealized Depreciation										$	(671,615	)

*See accompanying notes to financial statements.

MSF-15

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (c)			$	1,375,516,816
Receivable for:
Securities sold				28,696,896
Fund shares sold				804,130
Accrued interest and dividends				7,583,588
Foreign taxes				4,683
Futures variation margin				1,098,644
Total Assets				1,413,704,757
Liabilities
Payable for:
Securities purchased	$	228,155,268
Fund shares redeemed		781,612
Withholding taxes		1,988
Collateral for securities loaned		115,277,525
Due to custodian bank		839,451
Options written, at fair value (b)		1,208,235
Accrued expenses:
Management fees		535,214
Service and distribution fees		67,342
Deferred directors’ fees		13,321
Other expenses		55,466
Total Liabilities				346,935,422
Net Assets			$	1,066,769,335
Net assets consists of:
Capital paid in			$	1,036,895,443
Undistributed net investment income				41,173,287
Accumulated net realized gains				5,299,893
Unrealized depreciation on investments, futures contracts, foreign currency and options				(16,599,288	)
Net Assets			$	1,066,769,335
Computation of offering price:
Class A
Net asset value and redemption price per share ($696,191,155 divided by 54,797,568 shares outstanding)			$	12.70
Class B
Net asset value and redemption price per share ($241,183,886 divided by 19,064,111 shares outstanding)			$	12.65
Class E
Net asset value and redemption price per share ($129,394,294 divided by 10,213,106 shares outstanding)			$	12.67
(a) Identified cost of investments			$	1,390,759,336
(b) Premiums received on written options			$	(536,620)

(c) Includes cash collateral for securities on loan of $115,277,525.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends				$	29,621
Interest					48,708,149	(a)
					48,737,770
Expenses
Management fees	$	5,212,322
Service and distribution fees—Class B		550,386
Service and distribution fees—Class E		200,421
Directors’ fees and expenses		24,185
Custodian		129,273
Audit and tax services		36,237
Legal		11,112
Printing		217,805
Insurance		8,379
Miscellaneous		15,156
Total expenses					6,405,276
Net Investment Income					42,332,494
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net		4,459,583
Futures contracts—net		553,329
Foreign currency transactions—net		23,401
Options—net		790,540			5,826,853
Change in unrealized appreciation (depreciation) on:
Investments—net		(14,233,546	)
Futures contracts—net		(431,056	)
Foreign currency transactions—net		127,854
Options—net		(690,897	)		(15,227,645	)
Net loss					(9,400,792	)
Net Increase in Net Assets From Operations				$	32,931,702

(a) Includes income on securities loaned of $185,863.

See accompanying notes to financial statements.

MSF-16

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	42,332,494		$	28,294,830
Net realized gain		5,826,853			2,721,118
Unrealized depreciation		(15,227,645	)		(695,446	)
Increase in net assets from operations		32,931,702			30,320,502
From Distributions to Shareholders
Net investment income
Class A		(12,132,873	)		(12,580,267	)
Class B		(5,326,759	)		(7,306,479	)
Class E		(3,551,481	)		(7,255,957	)
		(21,011,113	)		(27,142,703	)
Net realized gain
Class A		(418,375	)		(2,004,980	)
Class B		(202,282	)		(1,240,035	)
Class E		(129,537	)		(1,203,427	)
		(750,194	)		(4,448,442	)
Total distributions		(21,761,307	)		(31,591,145	)
Increase in net assets from capital share transactions		352,934,887			217,558,252
Total increase in net assets		364,105,282			216,287,609
Net Assets
Beginning of the period		702,664,053			486,376,444
End of the period	$	1,066,769,335		$	702,664,053
Undistributed Net Investment Income
End of the period	$	42,183,643		$	20,862,262

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	32,064,594		$	402,583,204		15,850,028		$	196,471,815
Shares issued through acquisition	0			0		984,206			11,895,886
Reinvestments	1,006,516			12,551,248		1,223,595			14,585,247
Redemptions	(7,446,566	)		(93,255,284	)	(5,706,228	)		(70,429,737	)
Net increase	25,624,544		$	321,879,168		12,351,601		$	152,523,211
Class B
Sales	6,040,423		$	75,317,405		7,929,484		$	98,102,344
Reinvestments	444,814			5,529,041		718,798			8,546,514
Redemptions	(3,276,505	)		(40,875,803	)	(2,319,695	)		(28,470,172	)
Net increase	3,208,732		$	39,970,643		6,328,587		$	78,178,686
Class E
Sales	1,544,488		$	19,309,344		1,629,882		$	20,205,861
Reinvestments	295,902			3,681,018		710,873			8,459,384
Redemptions	(2,551,275	)		(31,905,286	)	(3,397,895	)		(41,808,890	)
Net decrease	(710,885	)	$	(8,914,924	)	(1,057,140	)	$	(13,143,645	)
Increase derived from capital share transactions			$	352,934,887				$	217,558,252

See accompanying notes to financial statements.

MSF-17

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.58		$	12.72		$	13.04		$	12.61		$	11.44
Income From Investment Operations
Net investment income		0.63	(a)		0.38			0.36			0.46			0.51
Net realized and unrealized gain (loss) of investments		(0.15	)		0.22			(0.01	)		0.35			0.92
Total from investment operations		0.48			0.60			0.35			0.81			1.43
Less Distributions
Distributions from net investment income		(0.35	)		(0.64	)		(0.41	)		(0.38	)		(0.26	)
Distributions from net realized capital gains		(0.01	)		(0.10	)		(0.26	)		0.00			0.00
Total distributions		(0.36	)		(0.74	)		(0.67	)		(0.38	)		(0.26	)
Net Asset Value, End of Period	$	12.70		$	12.58		$	12.72		$	13.04		$	12.61
Total Return (%)		4.0			5.1			2.8			6.6			12.6
Ratio of operating expenses to average net assets (%)		0.66			0.72			0.75			0.77			0.81
Ratio of net investment income to average net assets (%)		5.03			4.91			4.11			3.79			4.66
Portfolio turnover rate (%)		504			700			507			393			329
Net assets, end of period (000)	$	696,191		$	366,984		$	213,906		$	164,213		$	153,549
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.53		$	12.66		$	12.99		$	12.58		$	11.41
Income From Investment Operations
Net investment income		0.59	(a)		0.54			0.40			0.39			0.23
Net realized and unrealized gain (loss) of investments		(0.14	)		0.03			(0.08	)		0.38			1.19
Total from investment operations		0.45			0.57			0.32			0.77			1.42
Less Distributions
Distributions from net investment income		(0.32	)		(0.60	)		(0.39	)		(0.36	)		(0.25	)
Distributions from net realized capital gains		(0.01	)		(0.10	)		(0.26	)		0.00			0.00
Total distributions		(0.33	)		(0.70	)		(0.65	)		(0.36	)		(0.25	)
Net Asset Value, End of Period	$	12.65		$	12.53		$	12.66		$	12.99		$	12.58
Total Return (%)		3.7			4.8			2.6			6.3			12.6
Ratio of operating expenses to average net assets (%)		0.91			0.97			1.00			1.02			1.06
Ratio of net investment income to average net assets (%)		4.77			4.66			3.92			3.66			3.95
Portfolio turnover rate (%)		504			700			507			393			329
Net assets, end of period (000)	$	241,184		$	198,632		$	120,590		$	36,346		$	268

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

See accompanying notes to financial statements.

MSF-18

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.55		$	12.68		$	13.00		$	12.58		$	11.42
Income From Investment Operations
Net investment income		0.61	(a)		0.62			0.50			0.38			0.42
Net realized and unrealized gain (loss) of investments		(0.15	)		(0.03	)		(0.17	)		0.41			0.99
Total from investment operations		0.46			0.59			0.33			0.79			1.41
Less Distributions
Distributions from net investment income		(0.33	)		(0.62	)		(0.39	)		(0.37	)		(0.25	)
Distributions from net realized capital gains		(0.01	)		(0.10	)		(0.26	)		0.00			0.00
Total distributions		(0.34	)		(0.72	)		(0.65	)		(0.37	)		(0.25	)
Net Asset Value, End of Period	$	12.67		$	12.55		$	12.68		$	13.00		$	12.58
Total Return (%)		3.9			4.9			2.7			6.5			12.5
Ratio of operating expenses to average net assets (%)		0.81			0.87			0.90			0.92			0.96
Ratio of net investment income to average net assets (%)		4.87			4.75			3.95			3.64			4.34
Portfolio turnover rate (%)		504			700			507			393			329
Net assets, end of period (000)	$	129,394		$	137,048		$	151,881		$	144,605		$	96,026

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

See accompanying notes to financial statements.

MSF-19

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Western Asset Management Strategic Bond Opportunities Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-20

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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 sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in the exchange rate.

MSF-21

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Forward Foreign Currency Exchange Contracts:

The Portfolio may enter into forward foreign currency exchange contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed 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 foreign exchange rates at the dates of entry into the contracts and the forward rates at the settlement date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. 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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

Mortgage Dollar Rolls:

The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells 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. Dollar rolls are accounted for as purchase and sale transactions; gain/loss is recognized at the end of the term of the dollar roll. The average monthly balance of dollar rolls outstanding during the year ended December 31, 2007 was $643,425,694 for the Portfolio.

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 under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for 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.

MSF-22

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Credit and Market Risk:

The Portfolio may invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield instruments reflect, among other things, perceived credit risk. The Portfolio’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

Credit Risk:

The Portfolio invests 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. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Portfolio. At December 31, 2007, the Portfolio held securities of issuers that hold mortgage and asset backed securities and direct investments in mortgage and asset backed securities with an aggregate value of $277,151,003 (representing 26.0% of the Portfolio’s total assets).

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had no capital loss carryovers.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain		Return of Capital		Total
2007	2006		2007	2006	2007	2006	2007	2006
$21,761,307	$	29,358,699	$—	$2,232,446	$—	$—	$21,761,307	$31,591,145

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Depreciation			Loss Carryforwards		Total
$45,540,754	$	1,845,715	$	(17,371,693	)	$	—	$	30,014,776

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 capital.

MSF-23

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$4,683,594,092	$	301,311,308	$	4,572,499,566	$	72,425,291

Options Written:

The Portfolio transactions in options written during the year ended December 31, 2007 were as follows:

Call Options	Number of contracts		Premiums received
Options outstanding December 31, 2006	177		$	47,662
Options written	1,155			492,607
Options closed	(431	)		(104,907	)
Options expired	(525	)		(164,648	)
Options outstanding December 31, 2007	376		$	270,714

Put Options	Number of contracts		Premiums received
Options outstanding December 31, 2006	351		$	105,964
Options written	1,757			841,183
Options closed	(1,783	)		(681,241	)
Options expired	0			0
Options outstanding December 31, 2007	325		$	265,906

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$5,212,322	0.650%	Of the first $500 million
	0.550%	On amounts in excess of $500 million

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Western Asset Management Co. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to

MSF-24

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-25

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Western Asset Management Strategic Bond Opportunities Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Western Asset Management Strategic Bond Opportunities Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 28, 2008

MSF-26

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-27

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-28

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-29

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-30

Metropolitan Series Fund, Inc.

Western Asset Management Strategic Bond Opportunities Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-31

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-32

Metropolitan Series Fund, Inc. Western Asset Management U.S.
Government Portfolio   Annual Report   December 31, 2007  

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Western Asset Management U.S. Government Portfolio returned 4.4%, compared to its benchmark, the Lehman Brothers Intermediate Government Bond Index¹, which returned 8.5%. The average return of its peer group, a universe of short-term and intermediate term government bond funds (mutual and variable) tracked by Morningstar, was 6.0% over the same period.

PORTFOLIO REVIEW

The last six months of 2007 largely defined the year as a whole: crisis in the fixed-income markets. The TED spread, a measure of systemic risk, rose four-fold. Since June 30, the yield on the two-year Treasury declined 181 basis points (1.81%), driving a powerful rally in the Treasury market. Investors began to suspect that the Federal Reserve had reached the end of its tightening cycle and would need to begin easing (lowering) interest rates. These expectations were subsequently validated by the Fed’s decision to cut the funds rate by a total of 100 basis points, or 1.00%, at the final three FOMC meetings of the year. Short-term interest rates fell especially sharply—partly a result of the flight to quality—though long-term rates declined as well. Core inflation measures were tame, but the Fed showed signs of hesitation in the use of monetary stimulus as headline measures of prices such as the Consumer Price Index (CPI) remained uncomfortably high. Home prices declined and housing market indicators deteriorated markedly as the year progressed. Despite the ongoing weakness in residential construction and the collapse of the subprime lending market, economic growth picked up in the second and third quarters, thanks largely to a boom in nonresidential construction and net exports. Credit spreads widened significantly with most of the losses coming in the second half of the year. Rising uncertainty over the degree of subprime losses forced swap spreads sharply higher, negatively affecting mortgage-backed securities. Treasury Inflation Protected Securities or TIPS outperformed their nominal counterparts on strong CPI accretion and a decline in real yields.

In 2007, the Portfolio trailed its benchmark, the Lehman Brothers Intermediate Government Bond Index. Overweight exposure to the agency mortgage-backed sector detracted significantly from returns as spreads widened and volatility surged. More importantly, non-agency mortgage-backed securities traded poorly given fears of higher delinquencies and losses on the part of homeowners. On the positive side, a tactically driven duration posture contributed modestly to returns as bond yields oscillated in a relatively flat trend during the period. A curve-steepening strategy had a positive impact on performance as the spread between the two- and ten-year yields widened in the latter part of the period.

* The views expressed above are those of the subadvisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Lehman Brothers Intermediate Government Bond Index^® includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations having maturities between one to ten years.

MSF-2

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

A $10,000 INVESTMENT COMPARED TO

THE LEHMAN BROTHERS INTERMEDIATE

U.S. GOVERNMENT BOND INDEX

Average Annual Returns as of December 31, 2007

	Western Asset Management U.S. Government Portfolio						Lehman Brothers Intermediate U.S. Government Bond Index
	Class A		Class B		Class E
1 Year	4.4	%	4.0	%	4.1	%	8.5	%
5 Year	3.0		2.7		2.8		3.7
10 Year	4.7		—		—		5.5
Since Inception	—		3.2		3.9		—

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

Inception dates of the Class A, Class B and Class E shares are: 10/31/94, 7/30/02 and 5/1/01, respectively.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Federal National Mortgage Association	41.9%
Federal Home Loan Bank	13.6%
U.S. Treasury Notes	11.4%
Government National Mortgage Association	2.1%
U.S. Treasury Bonds	1.8%
U.S. Treasury Inflation Indexed Bonds (TII)	1.6%
Federal Home Loan Mortgage Corp.	1.2%
Master Adjustable Rate Mortgages Trust	1.2%
JPMorgan Chase Commercial Mortgage Securities Corp.	0.9%
Countrywide Alternative Loan Trust	0.8%

Top Sectors

	% of Total Market Value
Residential Mortgage-Backed	73.2%
Government	19.0%
Commercial Mortgage-Backed	3.0%
Short Term Investments	2.1%
Index-Linked	2.1%
Investment Grade	0.6%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Western Asset Mgt. U.S. Government—Class A	Actual	0.54	%	$	1,000.00	$	1,037.40	$	2.77
	Hypothetical	0.54	%	$	1,000.00	$	1,022.45	$	2.75
Western Asset Mgt. U.S. Government—Class B	Actual	0.79	%	$	1,000.00	$	1,035.80	$	4.05
	Hypothetical	0.79	%	$	1,000.00	$	1,021.18	$	4.02
Western Asset Mgt. U.S. Government—Class E	Actual	0.69	%	$	1,000.00	$	1,035.80	$	3.54
	Hypothetical	0.69	%	$	1,000.00	$	1,021.69	$	3.52

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MSF-4

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—116.3% of Total Net Assets

Security Description	Face Amount		Value*
Asset Backed—4.3%
AAMES Mortgage Investment Trust (144A) 5.015%, 08/25/35 (a)	$	205,887	$	201,904
ACE Securities Corp. 4.995%, 02/25/31 (a)		5,453,874		5,243,829
Bayview Financial Aquisition Trust 5.012%, 08/28/44 (a)		74,319		73,557
Bayview Financial Asset Trust (144A) 5.465%, 12/25/39 (a)		916,334		851,925
Bear Stearns Asset Backed Securities, Inc. 4.975%, 10/25/36 (a)		1,837,168		1,804,661
Compucredit Aquired Portfolio Voltage Master Trust (144A) 5.198%, 09/15/18 (a)		5,036,234		4,934,048
Countrywide Home Equity Loan Trust 5.168%, 12/25/31 (a)		6,017,567		5,712,505
5.398%, 12/15/28 (a)		721,535		705,860
EMC Mortgage Loan Trust (144A) 5.315%, 12/25/42 (a)		248,978		219,168
GMAC Mortgage Corp. Loan Trust 4.935%, 07/25/36 (a)		800,000		795,385
5.075%, 11/25/36 (a)		9,898,694		8,675,501
GSAMP Trust 4.955%, 07/05/36 (a)		2,570,662		2,070,953
GSR Mortgage Loan Trust 5.135%, 11/25/30 (a)		2,000,000		1,810,820
Indymac Seconds Asset Backed Trust 4.995%, 06/25/36 (a)		5,629,115		2,954,777
Lehman XS Trust 4.909%, 06/25/37 (a)		2,114,893		2,107,384
4.955%, 02/25/37 (a)		3,588,530		3,409,722
Morgan Stanley IXIS Real Estate Capital Trust 4.895%, 07/25/36 (a)		2,926,346		2,898,810
Option One Mortgage Loan Trust 5.155%, 06/25/33 (a)		251,993		237,528
SACO I Trust 4.995%, 06/25/36 (a)		5,214,486		2,150,475
5.015%, 04/25/36 (a)		1,318,548		814,451
5.115%, 07/25/35 (a)		179,834		178,559
5.125%, 06/25/36 (a)		79,671		73,504
SLM Student Loan Trust 5.074%, 07/25/17 (a)		6,454,016		6,452,539
5.094%, 10/25/17 (a)		1,623,890		1,624,433
Structured Asset Securities Corp. (144A) 4.975%, 02/25/36 (a)		5,193,234		1,853,193
				57,855,491
Commercial Mortgage-Backed Securities—13.3%
American Home Mortgage Assets 5.055%, 11/25/36 (a)		9,688,515		9,143,345
Banc of America Funding Corp. 5.791%, 10/25/36 (a)		322,764		323,395
Banc of America Mortgage Securities 5.012%, 07/25/35 (a)		529,279		527,402
Bear Stearns Mortgage Funding Trust 5.025%, 12/25/36 (a)		766,618		728,198

Security Description	Face Amount		Value*
Commercial Mortgage-Backed Securities—(Continued)
Bear Stearns Structured Products, Inc. (144A) 5.139%, 12/31/37 (a)	$	11,909,952	$	11,818,841
Countrywide Alternative Loan Trust 5.149%, 07/25/36 (a)		7,284,345		6,278,357
5.149%, 07/25/36 (a)		7,507,132		6,787,035
5.179%, 07/20/35 (a)		2,103,720		1,983,966
Credit Suisse Mortgage Capital Certificates 5.311%, 12/15/39		10,200,000		10,164,527
CS First Boston Mortgage Securities Corp. 4.889%, 11/15/37 (a)		4,280,000		4,004,651
GE Capital Commercial Mortgage Corp. 5.333%, 11/10/45 (a)		3,000,000		3,014,036
GMAC Mortgage Corp. Loan Trust 5.016%, 11/19/35 (a)		2,405,768		2,391,057
Granite Mortgages, Plc. 5.370%, 01/20/20 (a)		42,213		41,976
Impac Secured Assets CMN Owner Trust 5.185%, 03/25/36 (a)		5,652,998		5,387,697
JPMorgan Chase Commercial Mortgage Securities Corp. 4.951%, 01/12/37 (a)		4,950,000		4,656,337
4.999%, 10/15/42 (a)		3,100,000		2,963,814
5.420%, 01/15/49		1,280,000		1,281,186
5.429%, 12/12/43		9,530,000		9,582,911
LB-UBS Commercial Mortgage Trust 4.858%, 12/15/39 (a)		5,500,000		5,149,747
Luminent Mortgage Trust 5.055%, 05/25/46 (a)		6,249,758		5,881,314
Master Adjustable Rate Mortgages Trust 5.065%, 05/25/47 (a)		11,971,093		11,339,030
5.733%, 12/25/46 (a)		10,726,343		10,074,825
Morgan Stanley Mortgage Loan Trust 4.935%, 06/25/36 (a)		4,486,520		4,438,804
4.985%, 10/25/36 (a)		4,485,697		4,461,640
5.015%, 03/25/36 (a)		3,840,502		3,054,252
5.469%, 06/26/36 (a)		7,005,110		6,912,573
Novastar Mortgage-Backed Notes 5.055%, 06/25/36 (a)		5,851,744		5,569,652
Ownit Mortgage Loan Asset Backed Certificates 5.290%, 12/25/36 (a)		3,400,000		3,307,608
Provident Funding Mortgage Loan Trust 4.146%, 05/25/35 (a)		8,936,952		8,876,675
4.345%, 10/25/35 (a)		916,995		909,756
Residential Accredit Loans, Inc. 4.955%, 10/25/46 (a)		8,181,826		7,894,394
Residential Funding Mortgage Securities I, Inc. 4.750%, 12/25/18		4,094,004		4,036,434
Thornburg Mortgage Securities Trust 4.975%, 06/25/36 (a)		4,675,094		4,648,990
5.035%, 01/25/36 (a)		86,601		83,771
5.115%, 07/25/45 (a)		7,029,578		7,027,492
WaMu Mortgage Pass-Through Certificates 5.135%, 12/25/45 (a)		4,822,505		4,566,058
Zuni Mortgage Loan Trust 4.995%, 08/25/36 (a)		364,228		348,268
				179,660,014

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—77.2%
Federal Home Loan Bank 5.000%, 12/01/34	$	362,920	$	354,497
5.250%, 12/11/20 (b)		12,000,000		12,602,220
5.500%, 10/01/35		7,784,831		7,771,778
5.500%, 07/01/37		3,984,007		3,975,783
5.500%, 12/01/37		133,300,000		133,030,805
6.000%, 10/01/37		7,286,262		7,395,073
6.000%, 12/01/37		76,300,000		77,439,441
Federal Home Loan Mortgage Corp. 4.000%, 05/01/19		153,116		146,997
4.500%, 04/15/32		182,747		165,857
4.500%, 04/01/33		2,036,293		1,926,802
4.500%, 04/01/35		1,610,663		1,523,369
5.000%, 12/01/18		1,583,961		1,587,863
5.000%, 08/01/19		2,319,424		2,323,644
5.000%, 10/01/35		8,819,153		8,610,428
5.500%, 01/15/23 (c)		490,878		4,193
5.500%, 07/01/35		2,265,126		2,261,328
5.881%, 01/01/37 (a)		2,333,393		2,379,067
6.000%, 10/01/10		180		183
6.000%, 10/01/28		78,058		79,773
6.000%, 11/01/28		98,145		100,301
6.500%, 08/01/13		15,956		16,410
6.500%, 03/01/26		2,069		2,150
6.500%, 07/01/26		41,860		43,493
7.000%, 07/01/11		6,847		7,080
7.500%, 05/01/32		241,618		257,364
8.000%, 12/01/19		11,649		12,228
8.000%, 07/01/20		29,934		31,572
8.000%, 09/01/30		20,750		22,222
8.500%, 06/15/21		172,895		172,563
9.000%, 10/01/17		5,017		5,093
Federal National Mortgage Association 3.895%, 02/17/09 (a) (b)		2,000,000		1,986,040
4.000%, 08/01/19		99,941		95,862
4.000%, 08/01/20		1,155,894		1,106,906
4.000%, 05/01/33		901,088		831,743
4.500%, 05/01/19		1,196,356		1,176,654
4.500%, 09/01/19		2,725,504		2,680,621
4.500%, 03/01/20		482,351		474,278
4.500%, 04/01/20		19,496		19,169
4.750%, 11/19/12 (b)		25,450,000		26,337,340
4.875%, 01/11/08		12,300,000		12,300,615
5.000%, 10/01/17		2,716,545		2,723,085
5.000%, 12/01/17		14,508,126		14,543,054
5.000%, 02/01/18		3,071,160		3,078,674
5.000%, 03/01/18		2,534,268		2,540,625
5.000%, 04/01/18		3,837,040		3,846,632
5.000%, 05/01/18		1,112,640		1,115,421
5.000%, 06/01/18		3,480,243		3,488,943
5.000%, 11/01/18		3,887,134		3,896,852
5.000%, 10/01/20		2,139,895		2,141,994
5.000%, 11/01/33		10,238,986		10,005,578
5.000%, 08/01/34		1,103,290		1,077,711
5.000%, 03/01/35		818,893		799,907

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
5.000%, 08/01/35	$	8,174,619	$	7,980,590
5.000%, 09/01/35		3,367,911		3,287,999
5.000%, 11/01/36		2,727,454		2,662,738
5.000%, TBA		241,200,000		235,194,277
5.500%, 09/01/24		3,412,547		3,431,289
5.500%, 04/01/35		3,376,598		3,374,539
5.500%, 09/01/35		10,914,714		10,908,056
5.500%, 12/01/35		880,829		880,292
5.500%, 11/01/36		23,820,236		23,794,499
5.500%, 08/01/37		14,887,449		14,868,258
5.500%, TBA		97,210,000		97,887,209
5.770%, 08/01/37 (a)		12,204,193		12,427,522
6.000%, 04/01/35		7,907,728		8,044,094
6.000%, 10/01/36		13,850,796		14,068,165
6.000%, 11/01/36		12,855,340		13,057,087
6.000%, 10/01/37		27,328,112		27,753,302
6.000%, 11/01/37		73,437,673		74,580,269
6.000%, TBA		1,400,000		1,432,375
6.354%, 07/01/37 (a)		17,190,210		17,748,723
6.363%, 01/25/43 (a)		950,906		961,130
6.500%, 06/01/08		1,071		1,078
6.500%, 12/01/10		2,389		2,441
6.500%, 04/01/13		49,620		51,082
6.500%, 07/01/13		28,621		29,662
6.500%, 06/01/17		564,492		583,948
6.500%, 03/01/26		5,472		5,685
6.500%, 12/01/27		55,725		57,895
6.500%, 04/01/29		261,822		270,973
6.500%, 05/01/32		489,791		502,760
6.500%, 07/01/32		2,852,359		2,972,891
6.500%, TBA		62,800,000		64,546,594
7.000%, 12/01/14		28,187		29,356
7.000%, 07/01/15		5,276		5,493
7.000%, 11/01/23		5,397		5,654
7.000%, 02/01/28		19,652		20,654
7.000%, 10/01/28		130,533		137,335
7.000%, 11/01/28		8,732		9,186
7.000%, 02/01/29		35,002		36,866
7.000%, 01/01/30		13,317		14,046
7.000%, 01/01/34		729,592		765,474
7.500%, 02/01/16		88,408		92,041
7.500%, 11/01/29		69,717		74,527
7.500%, 11/01/30		34,660		36,995
7.500%, 01/01/31		13,538		14,450
8.000%, 05/01/28		11,071		11,872
8.000%, 07/01/30		842		899
8.000%, 08/01/30		10,105		10,788
8.000%, 10/01/30		12,773		13,637
8.000%, 02/01/31		294,160		315,542
8.000%, 07/01/32		1,382		1,476
11.500%, 09/01/19		611		689
12.000%, 10/01/15		37,698		43,643
12.000%, 01/15/16		1,857		2,161
12.500%, 09/20/15		2,942		3,364
12.500%, 01/15/16		22,998		26,229

*See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2007

Fixed Income—(Continued)

Security Description	Face Amount		Value*
Federal Agencies—(Continued)
Government National Mortgage Association 5.500%, 09/15/34	$	2,229,073	$	2,246,015
5.500%, 06/15/35		720,395		725,880
5.500%, 12/15/35		5,125,557		5,164,582
6.000%, TBA		27,800,000		28,452,438
6.500%, 08/15/34		696,640		721,182
7.500%, 01/15/29		14,299		15,259
7.500%, 09/15/29		14,646		15,630
7.500%, 02/15/30		19,516		20,693
7.500%, 04/15/30		30,675		32,525
7.500%, 05/15/30		13,494		14,395
7.500%, 09/15/30		27,264		29,085
8.500%, 05/15/18		24,047		26,082
8.500%, 06/15/25		132,510		144,555
9.000%, 08/15/08		426		432
9.000%, 09/15/08		1,021		1,034
9.000%, 10/15/08		6,096		6,175
9.000%, 12/15/08		4,052		4,104
9.000%, 01/15/09		6,062		6,236
9.000%, 02/15/09		741		763
9.000%, 03/15/09		2,729		2,808
9.000%, 04/15/09		8,702		8,934
9.000%, 05/15/09		3,584		3,688
9.000%, 09/15/09		5,020		5,165
9.000%, 12/15/16		11,267		12,128
				1,043,216,868
Government Agency—1.4%
Financing Corp. (FICO) Strips Zero Coupon, 06/27/11		13,949,000		12,378,342
National Archives Facility Trust 8.500%, 09/01/19		4,995,704		6,182,784
				18,561,126
U.S. Treasury—20.1%
U.S. Treasury Bond Strips Zero Coupon, 11/15/09		7,500,000		7,087,433
U.S. Treasury Bonds 7.125%, 02/15/23 (b)		25,600,000		33,036,006
U.S. Treasury Inflation Indexed Bonds (TII) 2.000%, 01/15/26 (b)		17,831,383		17,758,952
2.375%, 01/15/27 (b)		9,986,944		10,561,193
U.S. Treasury Notes
4.000%, 08/31/09 (b)		14,790,000		15,007,236
4.000%, 04/15/10 (b)		112,360,000		114,642,256
4.625%, 07/31/12 (b)		26,220,000		27,531,000
4.750%, 08/15/17 (b)		20,000		21,123
5.000%, 07/31/08 (b)		45,300,000		45,696,375
				271,341,574
Total Fixed Income (Identified Cost $1,576,721,179)				1,570,635,073

Preferred Stock—0.6%
Security Description	Shares		Value*
Thrifts & Mortgage Finance—0.6%
Federal Home Loan Mortgage Corp. (b)		173,000	$	4,523,950
Federal National Mortgage Association (b)		122,000		3,141,500
Total Preferred Stock (Identified Cost $7,375,000)				7,665,450
Short Term Investments—36.8%
Security Description	Face Amount/ Shares		Value*
Discount Notes—0.3%
Federal Home Loan Bank 4.18%, 03/14/08	$	1,000,000		991,483
Federal National Mortgage Association 5.15%, 03/17/08		2,295,000		2,270,994
4.50%, 03/19/08		600,000		594,169
				3,856,646
Mutual Funds—22.4%
State Street Navigator Securities Lending Prime Portfolio (d)		302,820,054		302,820,054
Repurchase Agreement—14.1%
Deutsche Bank Repurchase Agreement dated 12/31/07 at 4.15% to be repurchased at $191,044,036 on 1/02/08, collateralized by $191,579,000 Federal National Mortgage Association 5.15% due 3/08/12 with a value of $194,819,942.		191,000,000		191,000,000
Total Short Term Investments (Identified Cost $497,676,700)				497,676,700
Total Investments—153.7% (Identified Cost $2,081,772,879) (e)				2,075,977,223
Liabilities in excess of other assets				(725,593,485	)
Total Net Assets—100%			$	1,350,383,738

(a) Variable or Floating Rate Security. Rate disclosed is as of December 31, 2007.

(b) A portion or all of the security was held on loan. As of December 31, 2007, the market value of securities loaned was $313,046,373 and the collateral received consisted of cash in the amount of $302,820,054 and non cash collateral with a value of $15,402,233. 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.

(c) Interest Only Certificate. This security receives monthly interest payments but is not entitled to principal payments.

(d) Represents investment of cash collateral received from securities lending transactions.

*See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of December 31, 2007

(e) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $2,084,523,326 and the composition of unrealized appreciation and depreciation of investment securities was $15,535,080 and $(24,081,183), respectively.

(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 December 31, 2007, the market value of 144A securities was $19,879,079, which is 1.5% of total net assets.

(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.

(TII)— A Treasury Inflation Index is a security with a fixed interest rate and the principal is adjusted for inflation. At maturity, the security will be redeemed at the greater of the inflation adjusted principal or par amount at original issue.

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts		Contract Amount			Valuation as of 12/31/2007			Unrealized Appreciation/ Depreciation
Eurodollar Futures	3/17/2008	2,765		$	660,522,538		$	661,975,563		$	1,453,025
U.S. Treasury Notes 2 Year Futures	3/31/2008	173			36,326,459			36,373,250			46,791
U.S. Treasury Notes 10 Year Futures	3/19/2008	425			48,203,766			48,191,016			(12,750	)
Futures Contracts—Short
Eurodollar Futures	12/15/2008	(352	)		(84,421,040	)		(85,034,400	)		(613,360	)
U.S. Treasury Bond Futures	3/19/2008	(8	)		(936,968	)		(931,000	)		5,968
U.S. Treasury Notes 5 Year Futures	3/31/2008	(1,884	)		(207,235,783	)		(207,769,875	)		(534,092	)
Net Unrealized Appreciation										$	345,582

Options Written

Options Written—Calls	Expiration Date	Number of Contracts		Premiums Received			Valuation as of 12/31/2007			Unrealized Appreciation
U.S. Treasury Note 10 Year Futures 114.5 Call	1/25/2008	(758	)	$	(542,085	)	$	(426,375	)	$	115,710
Options Written—Puts
U.S. Treasury Note 10 Year Futures 109.5 Put	1/25/2008	(758	)		(375,210	)		(35,531	)		339,679
Net Unrealized Appreciation										$	455,389

*See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a) (d)			$	1,884,977,223
Repurchase agreements at value (c)				191,000,000
Cash				309,000
Receivable for:
Fund shares sold				805,094
Accrued interest				7,489,741
Total Assets				2,084,581,058
Liabilities
Payable for:
Securities purchased	$	428,584,025
Fund shares redeemed		1,473,102
Futures variation margin		179,028
Collateral for securities loaned		302,820,054
Options written, at fair value (b)		461,906
Accrued expenses:
Management fees		555,197
Service and distribution fees		59,608
Deferred directors’ fees		10,943
Other expenses		53,457
Total Liabilities				734,197,320
Net Assets			$	1,350,383,738
Net assets consists of:
Capital paid in			$	1,312,641,926
Undistributed net investment income				58,910,311
Accumulated net realized losses				(16,173,814	)
Unrealized depreciation on investments, futures contracts and options				(4,994,685	)
Net Assets			$	1,350,383,738
Computation of offering price:
Class A
Net asset value and redemption price per share ($1,032,046,921 divided by 82,665,780 shares outstanding)			$	12.48
Class B
Net asset value and redemption price per share ($226,693,352 divided by 18,238,190 shares outstanding)			$	12.43
Class E
Net asset value and redemption price per share ($91,643,465 divided by 7,366,492 shares outstanding)			$	12.44
(a) Identified cost of investments			$	1,890,772,879
(b) Premiums received on written options			$	(917,295	)
(c) Amortized cost of repurchase agreements			$	191,000,000

(d) Includes cash collateral for securities loaned of $302,820,054.

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Interest				$	65,566,682	(a)
Expenses
Management fees	$	6,179,307
Service and distribution fees—Class B		526,878
Service and distribution fees—Class E		146,242
Directors’ fees and expenses		24,125
Custodian		130,040
Audit and tax services		36,237
Legal		4,660
Printing		364,005
Insurance		13,424
Miscellaneous		18,474
Total expenses					7,443,392
Net Investment Income					58,123,290
Realized and Unrealized Gain (Loss)
Realized gain (loss) on:
Investments—net		11,243,830
Futures contracts—net		(16,883,583	)
Options—net		376,069			(5,263,684	)
Change in unrealized appreciation (depreciation) on:
Investments—net		(475,497	)
Futures contracts—net		797,478
Options—net		455,389			777,370
Net loss					(4,486,314	)
Net Increase in Net Assets From Operations				$	53,636,976

(a) Includes net income on securities loaned of $566,441.

See accompanying notes to financial statements.

MSF-9

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	58,123,290		$	41,804,080
Net realized gain (loss)		(5,263,684	)		1,889,513
Unrealized appreciation		777,370			581,436
Increase in net assets from operations		53,636,976			44,275,029
From Distributions to Shareholders
Net investment income
Class A		(25,701,258	)		(17,449,874	)
Class B		(5,038,642	)		(4,169,148	)
Class E		(2,574,347	)		(3,561,866	)
Total distributions		(33,314,247	)		(25,180,888	)
Increase in net assets from capital share transactions		158,560,156			446,036,846
Total increase in net assets		178,882,885			465,130,987
Net Assets
Beginning of the period		1,171,500,853			706,369,866
End of the period	$	1,350,383,738		$	1,171,500,853
Undistributed Net Investment Income
End of the period	$	58,910,311		$	32,927,922

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Class A
Sales	25,944,586		$	318,487,141		24,941,485		$	300,895,828
Shares issued through acquisition	0			0		20,242,397			238,253,010
Reinvestments	2,110,120			25,701,258		1,486,361			17,449,874
Redemptions	(17,495,862	)		(214,420,714	)	(13,148,680	)		(158,120,192	)
Net increase	10,558,844		$	129,767,685		33,521,563		$	398,478,520
Class B
Sales	7,713,101		$	94,310,450		7,693,574		$	92,633,136
Reinvestments	414,703			5,038,642		356,033			4,169,148
Redemptions	(4,789,601	)		(58,633,913	)	(2,789,188	)		(33,543,923	)
Net increase	3,338,203		$	40,715,179		5,260,419		$	63,258,361
Class E
Sales	1,092,215		$	13,418,398		1,027,782		$	12,399,242
Reinvestments	211,880			2,574,347		304,173			3,561,866
Redemptions	(2,277,527	)		(27,915,453	)	(2,629,747	)		(31,661,143	)
Net decrease	(973,432	)	$	(11,922,708	)	(1,297,792	)	$	(15,700,035	)
Increase derived from capital share transactions			$	158,560,156				$	446,036,846

See accompanying notes to financial statements.

MSF-10

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Financial Highlights

	Class A
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.30		$	12.22		$	12.43		$	12.34		$	12.34
Income From Investment Operations
Net investment income		0.57	(a)		0.46			0.19			0.20			0.18
Net realized and unrealized gain (loss) of investments		(0.05	)		0.03			0.01			0.18			0.02
Total from investment operations		0.52			0.49			0.20			0.38			0.20
Less Distributions
Distributions from net investment income		(0.34	)		(0.41	)		(0.17	)		(0.16	)		(0.08	)
Distributions from net realized capital gains		0.00			0.00			(0.24	)		(0.13	)		(0.12	)
Total distributions		(0.34	)		(0.41	)		(0.41	)		(0.29	)		(0.20	)
Net Asset Value, End of Period	$	12.48		$	12.30		$	12.22		$	12.43		$	12.34
Total Return (%)		4.4			4.2			1.7			3.0			1.7
Ratio of operating expenses to average net assets (%)		0.54			0.58			0.61			0.64			0.65
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			N/A			N/A			0.64			0.65
Ratio of net investment income to average net assets (%)		4.66			4.36			3.00			1.56			1.22
Portfolio turnover rate (%)		685			835			964			977			882
Net assets, end of period (000)	$	1,032,047		$	886,805		$	471,703		$	148,047		$	154,010
	Class B
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.25		$	12.16		$	12.38		$	12.31		$	12.31
Income From Investment Operations
Net investment income		0.54	(a)		0.44			0.25			0.16			0.06
Net realized and unrealized gain (loss) of investments		(0.05	)		0.02			(0.08	)		0.17			0.14
Total from investment operations		0.49			0.46			0.17			0.33			0.20
Less Distributions
Distributions from net investment income		(0.31	)		(0.37	)		(0.15	)		(0.13	)		(0.08	)
Distributions from net realized capital gains		0.00			0.00			(0.24	)		(0.13	)		(0.12	)
Total distributions		(0.31	)		(0.37	)		(0.39	)		(0.26	)		(0.20	)
Net Asset Value, End of Period	$	12.43		$	12.25		$	12.16		$	12.38		$	12.31
Total Return (%)		4.0			3.9			1.4			2.7			1.6
Ratio of operating expenses to average net assets (%)		0.79			0.83			0.86			0.89			0.90
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			N/A			N/A			0.89			0.90
Ratio of net investment income to average net assets (%)		4.41			4.08			2.76			1.81			0.79
Portfolio turnover rate (%)		685			835			964			977			882
Net assets, end of period (000)	$	226,693		$	182,472		$	117,258		$	35,073		$	347

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

See accompanying notes to financial statements.

MSF-11

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Financial Highlights

	Class E
	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	12.26		$	12.18		$	12.38		$	12.31		$	12.32
Income From Investment Operations
Net investment income		0.55	(a)		0.54			0.34			0.17			0.12
Net realized and unrealized gain (loss) of investments		(0.05	)		(0.07	)		(0.15	)		0.17			0.07
Total from investment operations		0.50			0.47			0.19			0.34			0.19
Less Distributions
Distributions from net investment income		(0.32	)		(0.39	)		(0.15	)		(0.14	)		(0.08	)
Distributions from net realized capital gains		0.00			0.00			(0.24	)		(0.13	)		(0.12	)
Total distributions		(0.32	)		(0.39	)		(0.39	)		(0.27	)		(0.20	)
Net Asset Value, End of Period	$	12.44		$	12.26		$	12.18		$	12.38		$	12.31
Total Return (%)		4.1			4.0			1.6			2.8			1.5
Ratio of operating expenses to average net assets (%)		0.69			0.73			0.76			0.79			0.80
Ratio of operating expenses to average net assets without giving effect to the contractual expense agreement would have been (%)		N/A			N/A			N/A			0.79			0.80
Ratio of net investment income to average net assets (%)		4.51			4.13			2.74			1.42			1.03
Portfolio turnover rate (%)		685			835			964			977			882
Net assets, end of period (000)	$	91,643		$	102,223		$	117,409		$	123,455		$	114,450

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

See accompanying notes to financial statements.

MSF-12

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Western Asset Management U.S. Government Portfolio (the “Portfolio”) is a diversified series of the Fund. Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although the Portfolio is not available to all such separate accounts. The Portfolio’s shares may be divided into different classes. Currently, the classes being offered by the Portfolio are named Class A, Class B and Class E. The classes of the Portfolio’s shares are identical, except that certain additional charges (Rule 12b-1 fees) are made against Class B and Class E shares. 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 total net assets of the Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Investment Valuation:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When the Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

The Portfolio expects to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Portfolio may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

MSF-13

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Portfolio values its securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Portfolio values its securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Portfolio assets to the subadviser of the Portfolio, who values such assets as described above and operates under procedures approved by the Board.

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.

Repurchase Agreements:

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% on all other repurchase agreements. The Portfolio’s subadviser is responsible for determining that the value of the collateral is at all times at least equal to the repurchase price. 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.

Futures Contracts:

The Portfolio may buy and sell futures contracts (on recognized exchanges) as a hedge or to enhance return. Futures contracts are agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other contracts not calling for physical delivery, for a set price in the future. The Portfolio must post an amount equal to a portion of the total market value of the futures contract as futures variation margin, which is returned when the Portfolio’s obligations under the contract have been satisfied. From time to time thereafter, the Portfolio may have to post variation margin to maintain this amount as the market value of the contract fluctuates. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.

Options:

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends

MSF-14

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

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 to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market, or if the counterparty is unable to perform. The maximum loss for purchased options is limited to the premium initially paid for the option. For options written by the Portfolio, the maximum loss is not limited to the premium initially received 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 position increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying position decreases and the option is exercised. 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.

Mortgage Dollar Rolls:

The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells 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. Dollar rolls are accounted for as purchase and sale transactions; gain/loss is recognized at the end of the term of the dollar roll. The average monthly balance of dollar rolls outstanding during the year ended December 31, 2007 was $662,527,667 for the Portfolio.

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 under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for 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.

“When-Issued” Securities:

Purchasing securities “when-issued” is a forward commitment by the Portfolio to buy a security. The estimated amount of the Portfolio’s payment obligation and the security’s interest rate are determined when the commitment is made, even though no interest accrues until the security is issued, which is generally 15 to 120 days later. The Portfolio will segregate liquid assets with its custodian sufficient at all times to satisfy these commitments. If the value of the security is less when delivered than when the commitment was made, the Portfolio will suffer a loss.

Credit Risk:

The Portfolio invests 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. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Portfolio. At December 31, 2007, the Portfolio held securities of issuers that hold mortgage and asset backed securities and direct investments in mortgage and asset backed securities with an aggregate value of $237,515,505 (representing 17.6% of the Portfolio’s total assets).

Federal Income Taxes:

It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Portfolio had capital loss carryovers as follows:

Expiring 12/31/15	Expiring 12/31/14	Expiring 12/31/13		Total
$1,601,118	$2,179,549	$	5,101,186	$	8,881,853

MSF-15

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

The utilization of the capital loss carryforward acquired as part of a merger may be limited under section 382 of the Internal Revenue Code.

The tax character of distributions paid for the periods ended December 31, 2007 and 2006 was as follows:

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$33,314,247	$	25,180,888	$	—	$	—	$	—	$	—	$	33,314,247	$	25,180,888

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized (Depreciation)			Loss Carryforwards			Total
$58,923,283	$	—	$	(8,546,103	)	$	(8,881,853	)	$	41,495,327

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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of securities (excluding short term investments) for the Portfolio were as follows:

Purchases			Sales
U.S. Government	Other		U.S. Government		Other
$9,636,899,555	$	105,654,561	$	9,328,425,057	$	4,203,487

Options Written:

The Portfolio transactions in options written during the year ended December 31, 2007 were as follows:

Call Options	Number of contracts	Premiums received
Options outstanding December 31, 2006	0	$	0
Options written	758		542,085
Options closed	0		0
Options expired	0		0
Options outstanding December 31, 2007	758	$	542,085

Put Options	Number of contracts		Premiums received
Options outstanding December 31, 2006	0		$	0
Options written	2,398			990,104
Options closed	(1,640	)		(614,894	)
Options expired	0			0
Options outstanding December 31, 2007	758		$	375,210

MSF-16

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Portfolio. The Fund has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2007	Annual percentage rates paid to MetLife Advisers	Based on Portfolios average daily net asset levels
$6,179,307	0.550%	Of the first $500 million
	0.450%	On amounts in excess of $500 million

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

MetLife Advisers has entered into an investment subadvisory agreement with respect to the Portfolio. Western Asset Management Co. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Service and Distribution Fees:

The Fund has adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E shares. Under the Distribution and Service Plan, the Class B and E shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing, the Class B and E shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares and 0.15% per year for Class E shares. Amounts paid by the Portfolio for the year ended December 31, 2007 are shown as Service and Distribution fees in the Statement of Operations.

5. SECURITIES LENDING:

The Fund has entered into a securities lending arrangement with the Fund’s custodian, State Street Bank and Trust Company (the “custodian”). Under the agreement, the custodian is authorized to loan securities on the Portfolios’ 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 securities), at each loan’s inception. Collateral must be maintained at least at 100% of the market value of the loaned securities for the duration of the loan. The cash collateral is invested in the Navigator Securities Lending Prime Portfolio, an affiliate of the custodian, 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, equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Portfolio receives 80% of the annual net income from securities lending transactions, which is included in interest income of the Portfolio. The remaining 20% is paid to the custodian as compensation for its securities lending services. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Any outstanding loans by the Portfolio at December 31, 2007 are footnoted in the Schedule of Investments.

6. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American

MSF-17

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

7. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-18

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Western Asset Management U.S. Government Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Western Asset Management U.S. Government Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 28, 2008

MSF-19

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-20

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-21

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio of the Fund. The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of

MSF-22

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

MSF-23

Metropolitan Series Fund, Inc.

Western Asset Management U.S. Government Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-24

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-25

Metropolitan Series Fund, Inc. Zenith Equity Portfolio   Annual Report December 31, 2007

Letter from the President

February 1, 2008

Letter to Policy Holders:

2007 was a tumultuous year in the financial markets driven by concerns in the credit markets surrounding sub-prime mortgages and fears of recession in the U.S. Economy. The broad markets were mixed, with the Dow Jones Industrial Average up 8.9% and the MSCI EAFE Index, which measures the performance of international equities, up 11.2% for the year, while the Russell 2000 Index, which measures the performance of small capitalization stocks, was down 1.6%.

In the fixed income markets, credit spreads increased as a result of the pressure from sub-prime mortgage crisis and the Federal Reserve lowered interest rates by a total of 1% during the year. The Lehman Brothers Aggregate Bond Index posted a 7.0% return for the year.

On the following pages, you will find a complete review of your Portfolio and its investment performance.

MetLife is committed to building your financial freedom. We appreciate your trust and will continue to focus our efforts on meeting your investment needs.

Sincerely,

Elizabeth Forget

President, Metropolitan Series Fund, Inc.

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PORTFOLIO PERFORMANCE

For the year ended December 31, 2007, the Class A shares of the Zenith Equity Portfolio returned 5.3%, compared to its benchmark, the Standard & Poor’s 500 Index¹, which returned 5.5%. The average return of its peer group, the Lipper Variable Insurance Products Large-Cap Core Funds Universe², was 5.8% over the same period.

PORTFOLIO REVIEW

Concerns about subprime mortgages and the strength of the overall economy initially surfaced in the first half of 2007, but they were mostly brushed off. It was not until the second half of the year that those concerns intensified. Most economic statistics at the end of 2007 indicated a weakening economy: a sharp decrease in New and Existing Home Sales, a drop in Consumer Confidence, a rise in the Unemployment Rate, and a decline in the Purchasing Managers Index.

During 2007, large cap stocks, as measured by the Standard & Poor’s 500 Index return of 5.5%, did better than small cap stocks, as measured by the -1.6% return of the Russell 2000 Index³. Growth style stocks generally held up better than value style stocks. There was a wide dispersion among the various sectors of the S&P 500 Index: Energy and Materials were up 34% and 22% respectively, while Financials (-19%) and Consumer Discretionary (-13%) were down sharply. On a local basis, foreign stocks were also up modestly for the year, but US based investors benefited from a weak dollar to receive an 11.2% return as measured by the MSCI EAFE Index⁴.

The Zenith Equity Portfolio is a “fund of funds” that invests in other Portfolios of the Metropolitan Series Fund, Inc. Currently, MetLife Advisers invests the assets of Zenith Equity Portfolio equally among the Capital Guardian U.S. Equity Portfolio, the FI Value Leaders Portfolio, and the Jennison Growth Portfolio (the Underlying Portfolios). Of its three Underlying Portfolios, Capital Guardian was the weakest performer with a -0.1% return for the year ending December 31, 2007; the FI Value Leaders component returned 4.2%; and Jennison, in line with the large cap growth indices, returned 11.7%.

For more information on the Underlying Portfolios, please see the individual report pertaining to each of the Underlying Portfolios.

* The views expressed above are those of the advisory firm as of December 31, 2007 and are subject to change based on market and other conditions. Information about the Portfolio’s holdings, asset allocation, industry allocation, or country diversification is historical and is not an indication of future Portfolio composition, which will vary. 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. Direct investment in the Index is not possible.

¹ The Standard & Poor’s (S&P) 500^® Stock Index is an unmanaged index representing the performance of 500 major companies, most of which are listed on the New York Stock Exchange.

² The Lipper Variable Insurance Products Fund Average is an average of the total return performance (calculated on the basis of net asset value) of variable product funds with similar investment objectives to those of the subject Portfolio as calculated by Lipper Analytical Services, an independent mutual fund ranking service.

³The Russell 2000^® Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000^® Index.

⁴The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE Index”) is an unmanaged free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

MSF-2

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

A $10,000 INVESTMENT COMPARED TO

THE S&P 500 INDEX

Average Annual Returns as of December 31, 2007

	Zenith Equity Portfolio		S&P 500 Index
1 Year	5.3	%	5.5	%
5 Year	12.9		12.8
10 Year	5.9		5.9

Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.

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

PORTFOLIO COMPOSITION

as of December 31, 2007

Top Holdings

	% of Total Net Assets
Metropolitan Series Fund, Inc.—Jennison Growth Portfolio, (Class A)	34.0%
Metropolitan Series Fund, Inc.—FI Value Leaders Portfolio, (Class A)	33.7%
Metropolitan Series Fund, Inc.—Capital Guardian U.S. Equity Portfolio, (Class A)	32.3%

MSF-3

Metropolitan Series Fund, Inc.

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, July 1, 2007 through December 31, 2007.

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.

Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2007		Ending Account Value December 31, 2007		Expenses Paid During Period* July 1, 2007 to December 31, 2007
Zenith Equity(a)	Actual	0.71	%	$	1,000.00	$	987.00	$	3.56
	Hypothetical	0.71	%	$	1,000.00	$	1,021.59	$	3.62

* 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 in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Zenith Equity Portfolio and the underlying Portfolios in which it invests.

MSF-4

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Schedule of Investments as of December 31, 2007

Mutual Funds—100.0%

Security Description	Shares	Value*
Affiliated Investment Companies—100.0%
Metropolitan Series Fund, Inc.—Capital Guardian U.S. Equity Portfolio, (Class A)	22,154,374	$	275,600,413
Metropolitan Series Fund, Inc.—FI Value Leaders Portfolio, (Class A)	1,467,259		287,832,240
Metropolitan Series Fund, Inc.—Jennison Growth Portfolio, (Class A)	21,266,895		289,655,114
Total Mutual Funds (Identified Cost $680,664,772)			853,087,767
Total Investments—100.0% (Identified Cost $680,664,772) (a)			853,087,767
Liabilities less other assets			(110,648	)
Total Net Assets—100%		$	852,977,119

(a) The aggregate cost of investments for federal income tax purposes as of December 31, 2007 was $688,446,175 and the unrealized appreciation on investment securities was $164,641,592.

*See accompanying notes to financial statements.

MSF-5

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Statement of Assets & Liabilities

December 31, 2007

Assets
Investments at value (a)			$	853,087,767
Receivable for:
Securities sold				863,893
Fund shares sold				22,090
Total Assets				853,973,750
Liabilities
Payable for:
Fund shares redeemed	$	885,983
Due to custodian bank		825
Accrued expenses:
Deferred directors’ fees		85,267
Other expenses		24,556
Total Liabilities				996,631
Net Assets			$	852,977,119
Net assets consists of:
Capital paid in			$	665,618,544
Undistributed net investment income				18,091,157
Accumulated net realized losses				(3,155,577	)
Unrealized appreciation on investments				172,422,995
Net Assets			$	852,977,119
Computation of offering price:
Class A
Net asset value and redemption price per share ($852,977,119 divided by 1,818,970 shares outstanding)			$	468.93
(a) Identified cost of investments			$	680,664,772

Statement of Operations

For the Year Ended December 31, 2007

Investment Income
Dividends from Underlying Portfolios		$	5,755,477
Interest			111
			5,755,588
Expenses
Directors’ fees and expenses	4,798
Custodian	32,123
Audit and tax services	18,574
Legal	9,971
Miscellaneous	9,538
Total expenses			75,004
Net Investment Income			5,680,584
Realized and Unrealized Gain (Loss)
Realized gain on:
Investments—net	41,679,353
Capital gain distributions from Underlying Portfolios	57,453,234		99,132,587
Change in unrealized depreciation on:
Investments—net			(55,905,944	)
Net gain			43,226,643
Net Increase in Net Assets From Operations		$	48,907,227

See accompanying notes to financial statements.

MSF-6

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Statements of Changes in Net Assets

	Year ended December 31, 2007			Year ended December 31, 2006
From Operations
Net investment income	$	5,680,584		$	6,930,597
Net realized gain		99,132,587			49,310,064
Unrealized appreciation (depreciation)		(55,905,944	)		19,077,888
Increase in net assets from operations		48,907,227			75,318,549
From Distributions to Shareholders
Net Investment Income		(6,947,399	)		(5,148,684	)
Total distributions		(6,947,399	)		(5,148,684	)
Decrease in net assets from capital share transactions		(126,957,251	)		(129,049,996	)
Total decrease in net assets		(84,997,423	)		(58,880,131	)
Net Assets
Beginning of the period		937,974,542			996,854,673
End of the period	$	852,977,119		$	937,974,542
Undistributed Net Investment Income
End of the period	$	18,091,157		$	6,875,406

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year ended December 31, 2007					Year ended December 31, 2006
	Shares		$			Shares		$
Sales	186,558		$	87,294,647		239,084		$	101,838,553
Reinvestments	14,827			6,947,399		11,885			5,148,684
Redemptions	(472,139	)		(221,199,297	)	(553,641	)		(236,037,233	)
Net decrease	(270,754	)	$	(126,957,251	)	(302,672	)	$	(129,049,996	)

See accompanying notes to financial statements.

MSF-7

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Financial Highlights

	Year ended December 31,
	2007			2006			2005			2004			2003
Net Asset Value, Beginning of Period	$	448.85		$	416.68		$	381.97		$	345.68		$	263.54
Income From Investment Operations
Net investment income		2.91	(a)		3.40			2.29			3.44			1.57
Net realized and unrealized gain on investments		20.66			31.01			35.94			34.45			81.36
Total from investment operations		23.57			34.41			38.23			37.89			82.93
Less Distributions
Distributions from net investment income		(3.49	)		(2.24	)		(3.52	)		(1.60	)		(0.79	)
Total distributions		(3.49	)		(2.24	)	��	(3.52	)		(1.60	)		(0.79	)
Net Asset Value, End of Period	$	468.93		$	448.85		$	416.68		$	381.97		$	345.68
Total Return (%)		5.3			8.3			10.2			11.0			31.5
Ratio of operating expenses to average net assets (%)		0.01	(b)		0.01	(b)		0.01	(b)		0.01	(b)		0.01	(b)
Ratio of net investment income to average net assets (%)		0.62			0.72			0.52			0.91			0.50
Portfolio turnover rate (%)		11			6			5			4			6
Net assets, end of period (000)	$	852,977		$	937,975		$	996,855		$	1,029,383		$	1,042,983

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

(b) The ratio of operating expenses to average net assets does not include expenses of investment companies in which the Portfolio invests.

See accompanying notes to financial statements.

MSF-8

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Notes to Financial Statements—December 31, 2007

1. ORGANIZATION:

Metropolitan Series Fund, Inc. (the “Fund”) is organized as a corporation under the laws of Maryland pursuant to Articles of Incorporation filed on November 23, 1982, as amended, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Fund is a “series” type of mutual fund, which issues separate series of stock. Each series represents an interest in a separate portfolio of Fund investments. The Zenith Equity Portfolio (the “Asset Allocation Portfolio”) is a non-diversified series of the fund. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by MetLife Advisers, LLC (“MetLife Advisers”) or its affiliates (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Fund are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”), New England Life Insurance Company, General American Life Insurance Company (“General American”), The MetLife Investors Group of Insurance Companies, MetLife Insurance Company of Connecticut and other affiliated insurance companies (collectively, the “Insurance Companies”), as an investment vehicle for variable life insurance, group annuity or variable annuity products, although not all Portfolios are available to all such separate accounts.

2. SIGNIFICANT ACCOUNTING POLICIES:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements. The policies are in conformity with GAAP.

Investment Valuation:

The net asset value of the Asset Allocation Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Asset Allocation Portfolio invests. The Underlying Portfolios that are Series of the Fund will use fair value pricing in the circumstances and manner described below.

The Underlying Portfolios are valued as follows:

Debt securities (other than short term obligations with a remaining maturity of sixty days or less) are valued by independent pricing services selected by the relevant subadviser pursuant to authorization of the Board of Directors of the Fund (the “Board” or “Directors”). Short term obligations with a remaining maturity of sixty days or less are valued at amortized cost which approximates fair market value.

Equity securities traded on a national securities exchange or exchanges are valued at their last sale price on the principal trading market. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (the “NOCP”). The NOCP is the last sale price if it falls between the spread of the last reported bid and asked prices. If the last reported bid and asked prices are above the last reported sale price, the NOCP will be the last reported bid price. If the last reported bid and asked prices are below the last reported sale price, the NOCP will be the last reported asked price. Equity securities traded on a national securities exchange or exchanges or on the NASDAQ National Market System 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 by using the last reported bid price. Equity securities traded over-the-counter are valued at the last reported sales price.

If no current market value quotation is readily available or reliable for a portfolio security, fair value will be determined in accordance with procedures established by and under the general supervision of the Board. When an Underlying Portfolio uses fair value pricing, it may take into account any factors it deems appropriate. 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.

MSF-9

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

The Underlying Portfolios expect to use fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. For example, the Underlying Portfolios may use fair value pricing if the exchange on which a security is traded closes early or trading in the security is suspended.

Securities traded primarily on an exchange outside of the United States which closes before the close of the New York Stock Exchange will be valued at the last sales price on that non-U.S. exchange. Securities traded primarily on an exchange outside of the United States for which there is no reported sale during the day are valued at the mean between the last reported bid and asked prices. However, because most foreign markets close well before the Underlying Portfolios value their securities (typically at 4 p.m. Eastern Time), the earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign markets close but before the Underlying Portfolios value their securities. To account for this, the Underlying Portfolios may frequently value many of the Underlying Portfolios’ foreign equity securities using fair value prices based on third party vendor modeling tools.

Forward foreign currency exchange contracts are valued based on the mean between closing bid and asked prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer.

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 mean between the bid and asked prices. Options on currencies are valued at the spot price each day.

The value of futures contracts will be the sum of the margin deposit plus or minus the difference between the value of the futures contract on each day the net asset value is calculated and the value on the date the futures contract originated, value being that established on a recognized commodity exchange, or by reference to other customary sources, with gain or loss being realized when the futures contract closes or expires.

Subject to the Board’s oversight, the Board has delegated day-to-day responsibility for valuing Underlying Portfolio assets to MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), who values such assets as described above and operates under procedures approved by the Board.

Investment Transactions and Related Investment Income:

Portfolio 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.

Federal Income Taxes:

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2007, the Asset Allocation Portfolio had no capital loss carryovers.

Ordinary Income			Long Term Gain				Return of Capital				Total
2007	2006		2007		2006		2007		2006		2007		2006
$6,947,399	$	5,148,684	$	—	$	—	$	—	$	—	$	6,947,399	$	5,148,684

As of December 31, 2007, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long Term Gain		Unrealized Appreciation		Total
$18,151,802	$	4,625,826	$	164,641,592	$	187,419,220

MSF-10

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

Dividends and Distributions to Shareholders:

The Asset Allocation 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 capital.

3. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2007, purchases and sales of Underlying Portfolios by the Zenith Equity Portfolio were $98,428,721 and $169,210,977, respectively.

4. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:

Investment Management Agreement:

MetLife Advisers, LLC (“MetLife Advisers”) is the investment adviser to the Asset Allocation Portfolio. The Asset Allocation Portfolio does not directly pay MetLife Advisers an investment advisory fee for its services, but indirectly pays MetLife Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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

5. REGULATORY MATTERS:

As previously reported, in May 2004, General American received a Wells Notice stating that the SEC staff was considering recommending that the SEC bring a civil action alleging violations of the U.S. securities laws against General American with respect to market timing and late trading in a limited number of privately-placed variable insurance contracts that were sold through General American. General American responded to the SEC staff and cooperated with the investigation. On August 9, 2007, the SEC announced that it had settled an enforcement action regarding late trading against General American with, among other things, General American agreeing to pay a civil penalty and to comply with certain undertakings. General American consented to the SEC’s order without admitting or denying the findings. MetLife Advisers has also advised the Fund’s Board of Directors that, while certain exceptions to the Fund’s policies have been noted, no situations have been identified that would have a material impact on the financial position of the Fund.

6. RECENT ACCOUNTING PRONOUNCEMENTS:

Effective June 29, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended December 31, 2004 through December 31, 2006.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

MSF-11

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Notes to Financial Statements—December 31, 2007—(Continued)

7. OTHER:

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by the Asset Allocation 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 year ended December 31, 2007 in which the Asset Allocation Portfolio had ownership of at least 5% of the outstanding voting securities during the period are as follows:

Underlying Portfolio (Class A)	Beginning Shares as of 12/31/2006		Shares Purchased during Period		Shares Sold during Period		Ending Shares as of 12/31/2007
Metropolitan Series Fund, Inc.—Capital Guardian U.S. Equity		23,400,657		2,457,379		3,703,662		22,154,374
Metropolitan Series Fund, Inc.—FI Value Leaders		1,506,632		231,327		270,700		1,467,259
Metropolitan Series Fund, Inc.—Jennison Growth		24,622,035		1,622,223		4,977,363		21,266,895
Underlying Portfolio (Class A)	Realized Gain during Period		Capital Gains Distributions during Period		Dividend Income during Period		Ending Value as of 12/31/2007
Metropolitan Series Fund, Inc.—Capital Guardian U.S. Equity	$	11,982,101	$	18,464,868	$	1,484,386	$	275,600,414
Metropolitan Series Fund, Inc.—FI Value Leaders		14,652,256		27,767,396		2,933,025		287,832,240
Metropolitan Series Fund, Inc.—Jennison Growth		15,044,913		11,220,971		1,338,066		289,655,114

MSF-12

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of the Metropolitan Series Fund, Inc.:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Zenith Equity Portfolio, one of the portfolios constituting the Metropolitan Series Fund, Inc. (the “Fund”) as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2007, by correspondence with the custodian and transfer agent; where replies were not received from the transfer agent, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Zenith Equity Portfolio of the Metropolitan Series Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2008

MSF-13

Metropolitan Series Fund, Inc.

Directors and Officers

The Fund’s Directors review actions of the Fund’s investment adviser and subadvisers, and decide upon matters of general policy. The Fund’s officers supervise the daily business operations of the Fund. The Board of Directors and the Fund’s officers are listed below. Each Director is responsible for overseeing all 36 Portfolios of the Fund. There is no limit to the term a Director may serve. Directors serve until their resignation, retirement or removal in accordance with the Fund’s organizational documents and policies adopted by the Board from time to time. Officers hold office at the pleasure of the Board or until the election or appointment and the qualification of a successor. The address of the directors and officers is c/o Metropolitan Series Fund, Inc., 501 Boylston Street, Boston, MA 02116.

Interested Directors⁽¹⁾

Each Director below is an “interested person” (as defined by the 1940 Act) with respect to the Fund in that Ms. Forget is an employee of MetLife and Mr. Typermass is a former employee of MetLife and owns securities issued by MetLife, Inc., the ultimate parent company of MetLife Advisers.

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Elizabeth M. Forget Age: 41	Director, Chairman of the Board, President and Chief Executive Officer	2006	Senior Vice President (since 2007), MetLife, Inc.; President, Met Investors Advisory, LLC (“MIA”); Trustee and President, Met Investors Series Trust (“MIST”); Executive Vice President, MetLife Investors Group, Inc.; President (since 2006), MetLife Advisers.	81
Arthur G. Typermass Age: 70	Director	1998	Formerly, Senior Vice President and Treasurer, MetLife.	37

Non-Interested Directors⁽¹⁾

Each Director below is not an “interested person” (as defined by the 1940 Act) with respect to the Fund (collectively, the “Independent Directors”).

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
Steve A. Garban† Age: 70	Director	1985	Formerly, Chief Financial Officer, Senior Vice President Finance and Operations and Treasurer (Emeritus), The Pennsylvania State University.	37
Linda B. Strumpf Age: 60	Director	2000	Vice President and Chief Investment Officer, Ford Foundation.	37
Michael S. Scott Morton† Age: 70	Director	1993	Jay W. Forrester Professor of Management (Emeritus) at Sloan School of Management, MIT.	37
H. Jesse Arnelle Age: 74	Director	2001	Formerly, Counsel, Womble Carlyle Sandrie & Rice; Director, Textron Inc. (global multi-industry company)*; formerly, Director, Gannet Co. Inc. (diversified news and information company)*; formerly, Director, Eastman Chemical Company (global chemical company)*; formerly, Director, Waste Management, Inc.*; formerly, Director, Armstrong Holdings Inc. (parent company of floor and ceiling products business)*; formerly, Director, FPL Group Inc. (public utility holding company)*; Director, URS Corporation (engineering design services firm)*.	37
Nancy Hawthorne Age: 56	Director	2003	Director, Avid Technologies (computer software company)*; formerly, Chairman of the Board of Avid Technologies; formerly, Board of Advisors, L. Knife & Sons, Inc. (beverage distributor); Chief Executive Officer, Clerestory LLC (corporate financial advisor); formerly, Trustee, New England Zenith Fund (“Zenith Fund”)**; formerly, Chief Executive Officer and Managing Partner, Hawthorne, Krauss and Associates (corporate financial advisor); formerly, Chief Financial Officer and Executive Vice President, Continental Cablevision, subsequently renamed MediaOne (cable television company); formerly, Director, Life F/X, Inc.; formerly, Chairman of the Board, WorldClinic (distance medicine company); formerly, Director, Perini Corporation (construction company)*; formerly, Director, CGU (property and casualty insurance company); formerly, Director, Beacon Power Corporation (energy company )*.	37

MSF-14

Metropolitan Series Fund, Inc.

Directors and Officers—(Continued)

Name, Address and Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years, including other directorships(2)	Number of Portfolios in Fund Complex Overseen by Director(3)
John T. Ludes Age: 71	Director	2003	President, LFP Properties (consulting firm); Formerly, Trustee, Zenith Fund**; formerly, Vice Chairman, President and Chief Operating Officer, Fortune Brands/American Brands (global conglomerate); formerly, President and CEO, Acushnet Company (athletic equipment company).	37

Officers⁽¹⁾

Name and address	Age	Current position(s) with Fund	Position(s) held since	Principal occupations over past five years(2)
Jeffrey P. Halperin	40	Chief Compliance Officer	2006	Vice President (since 2006), Corporate Ethics and Compliance Department, MetLife, Inc.; Chief Compliance Officer (since 2006), MetLife Advisers, MIA and MIST.
John F. Guthrie, Jr.	64	Senior Vice President	2002	Manager and Senior Vice President, MetLife Advisers; Vice President, MetLife; Vice President (since 2003), MetLife Group, Inc.; Vice President, NELICO; Vice President (since 2005), MIA; formerly, Senior Vice President, Zenith Fund**.
Alan C. Leland	55	Senior Vice President	2005	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Treasurer (since 2005), Met Investors Advisory, LLC; Vice President (since 2004), MIA; Vice President (since 2003), MetLife Group, Inc.; Vice President, MetLife; Senior Vice President, NELICO
Peter Duffy	52	Vice President and Treasurer	2000	Senior Vice President, MetLife Advisers (since 1998); Second Vice President (since 2003), NELICO; Vice President, MetLife (since 2004); Vice President (since 2004), MetLife Group, Inc.; formerly, Vice President and Treasurer, Zenith Fund**.
Thomas M. Lenz	49	Vice President and Secretary	2002	General Counsel and Secretary, MetLife Advisers; Assistant General Counsel, MetLife; formerly, Vice President and Secretary, Zenith Fund**.

* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

** The Zenith Fund deregistered with the Securities and Exchange Commission (“SEC”) in 2004.

(†) Served as a trustee, director and/or officer of one or more of the following companies, each of which had a direct or indirect advisory relationship with MetLife Advisers or its affiliates prior to January 31, 2005: State Street Research Financial Trust, State Street Research Income Trust, State Street Research Money Market Trust, State Street Research Institutional Funds, State Street Research Capital Trust, State Street Research Master Investment Trust, State Street Research Equity Trust, State Street Research Securities Trust and State Street Research Exchange Trust (collectively, the “State Street Research Funds”).

(1) Each Director of the Fund also serves as trustee of Metropolitan Series Fund II (“Met Series Fund II”), a registered investment company advised by MetLife Advisers. Each officer of the Fund serves in the same position with Met Series Fund II, which consists of one portfolio.

(2) Previous positions during the past five years with the Fund, MIST, MetLife, MetLife Advisers, MIA, Zenith Fund, NELICO or New England Securities Corporation are omitted if not materially different.

(3) The Fund Complex includes the Fund (36 portfolios), Met Series Fund II (1 portfolio) and MIST (44 portfolios)

MSF-15

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements

The Fund’s Contract Review Committees of the Board of Directors (the “Board”) typically meet in early fall to review the Portfolios’ advisory agreements (the “Advisory Agreements”) and subadvisory agreements (collectively, the “Subadvisory Agreements,” and, together with the Advisory Agreements, the “Agreements”) and determine whether to recommend that the full Board approve the continuation of the Agreements for an additional one-year period. (Following the initial approval of an Agreement for a new Portfolio or with a new adviser or subadviser, such annual reviews are not required until 2 years following the execution of such Agreement.) After each Committee has made its recommendations, the full Board, including the Independent Directors, determines whether to approve the continuation of each of the Agreements. In addition, the Board, including the Independent Directors, considers matters bearing on the Agreements at most of its other meetings throughout the year and regularly interviews various individuals at MetLife Advisers responsible for the management of the Portfolios. The Directors also interview selected investment managers and other professionals at the subadvisers at various times throughout the year.

The Directors receive all materials that they or MetLife Advisers, the Fund’s investment adviser, and the subadvisers believe to be reasonably necessary for the Directors to evaluate the Agreements and determine whether to approve the continuation of the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Portfolios and the performance of peer groups of funds and the Portfolios’ performance benchmarks, (ii) information on the Portfolios’ advisory and subadvisory fees and other expenses, including information comparing the Portfolios’ expenses to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data, (iv) information related to the profitability of the Agreements to MetLife Advisers and the subadvisers, and potential “fall-out” or ancillary benefits that MetLife Advisers, the subadvisers or their affiliates may receive as a result of their relationships with the Fund and (v) information obtained through the subadvisers’ responses to certain requests from MetLife Advisers and the Directors and MetLife Advisers’ responses to requests from the Directors. The Directors may also consider other information such as (vi) MetLife Advisers’ and the subadvisers’ financial results and condition, (vii) each Portfolio’s investment objectives and strategies and the size, education and experience of the investment staffs of MetLife Advisers and the relevant subadvisers and their use of technology and external research, (viii) the allocation of the Portfolios’ brokerage, if any, including allocations to brokers affiliated with the subadvisers and the use of “soft” commission dollars to pay Portfolio expenses and to pay for research and other similar services, (ix) the resources devoted to, and the record of compliance with, the Portfolios’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (x) the responses of MetLife Advisers, the subadvisers and/or their affiliates to certain legal and regulatory proceedings and (xi) the economic outlook generally and for the mutual fund industry in particular. Throughout the process, the Directors have the opportunity to ask questions of and request additional materials from MetLife Advisers and the subadvisers.

Following meetings of each Contract Review Committee on September 12, 2007, the Board, at its November 15, 2007 meeting, approved the continuation through December 31, 2008 of the Advisory Agreements for each Portfolio of the Fund and the Subadvisory Agreements for each Portfolio other than the Zenith Equity Portfolio (which does not have a subadviser). The Agreements approved for continuation are referred to below as the “Continued Agreements.”

In considering whether to approve the continuation of the Continued Agreements, the Directors, including the Independent Directors, did not identify any single factor as determinative, and each weighed the various factors as he or she deemed appropriate. The Directors considered the following matters in connection with their approval of the Continued Agreements:

The nature, extent and quality of the services provided to the relevant Portfolios under the Continued Agreements. The Directors considered the nature, extent and quality of the services provided by MetLife Advisers, the relevant subadvisers (if any) and their affiliates (each, an “Adviser,” and, collectively, the “Advisers”) to the relevant Portfolios pursuant to the Continued Agreements and the resources dedicated to these Portfolios by the Advisers. In particular, the Directors considered the Advisers’ abilities to attract and retain highly qualified investment professionals. With respect to MetLife Advisers, the Directors considered (for each Portfolio other than Zenith Equity) that MetLife Advisers is (i) ultimately responsible for the performance of such Portfolios; (ii) ultimately responsible for the establishment of the investment strategies of each such Portfolio, primarily through its recommendations to the Board regarding the hiring and selection of subadvisers; (iii) responsible for the hiring and selection, subject to Board approval, of subadvisers; and (iv) responsible for maintaining a program of Subadviser oversight reasonably designed to ensure that the subadvisers have reasonable compliance policies and procedures in place. The Directors also considered that MetLife Advisers provides a full range of day-to-day administrative services for the Portfolios involving all aspects of such Portfolios’ day-to-day operations (other than portfolio management). With respect to Zenith Equity, the Directors considered both the portfolio management services and the administrative services provided by MetLife Advisers. After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the nature, extent and quality of services provided supported the renewal of these Agreements.

MSF-16

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Investment performance of the relevant Portfolios. The Directors reviewed information about the performance of the relevant Portfolios over various time periods, including information prepared by an independent third party that compared the performance of the Portfolios to the performance of peer groups of funds and performance benchmarks. The Directors also reviewed a description of the third party’s methodology for identifying a Portfolio’s peer group(s) for purposes of performance and expense comparisons.

In the case of each relevant Portfolio that had performance that lagged its peer group(s) for certain periods, the Directors concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant renewal of the Continued Agreements relating to such Portfolio. These factors varied from Portfolio to Portfolio, but included one or more of the following: (i) that such Portfolio’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Portfolio’s investment objective(s) and policies and that the Portfolio was performing within the range of reasonable expectations, given market conditions and the Portfolio’s investment objective(s) and policies; (iii) that the Portfolio’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that MetLife Advisers and/or the relevant subadviser (if any) had taken or was taking steps designed to help improve the Portfolio’s investment performance.

The Directors also considered the investment performance of the Advisers and their reputations generally, the historical responsiveness of the Advisers to Director concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the investment performance of each relevant Portfolio and Adviser was sufficient, in light of other considerations, to warrant the renewal of the Continued Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their relationships with the Portfolios. The Directors considered the fees charged by MetLife Advisers to the Portfolios for advisory services and, with respect to the subadvised Portfolios, by such subadvisers to MetLife Advisers for subadvisory services (such advisory and subadvisory fees (if any), collectively, “Fees”), as well as the total expense levels of the Portfolios. This information included comparisons (provided by an independent third party) of the Portfolios’ advisory fees and total expense levels to those of their peer groups. In evaluating Fees for the relevant Portfolios, the Directors also took into account the demands, complexity and quality of the investment management services provided to each Portfolio. The Directors considered MetLife Advisers’ recommendations regarding reductions in Fee rates, implementation of Fee breakpoints and institution of Fee waivers and expense caps.

The Directors also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the relevant Portfolios. The Directors reviewed information relating to the profits received by MetLife Advisers, certain of the subadvisers and their affiliates as a result of their relationships with the relevant Portfolios, and information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Directors also considered the performance of the relevant Portfolios, the expense levels of such Portfolios and whether the relevant Advisers had implemented breakpoints, fee waivers and/or expense caps with respect to such Portfolios.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the Fees charged to each of the relevant Portfolios were fair and reasonable, and that the information provided regarding costs of these services generally, and the related profitability (if known) to the relevant Advisers of their relationships with the relevant Portfolios, supported the renewal of the Continued Agreements.

Economies of Scale. The Directors considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the relevant Portfolios through breakpoints in their advisory fees or other means, such as expense caps, fee waivers or relatively low levels of fees. The Directors noted that most of the relevant Portfolios benefited or will benefit from breakpoints, expense caps and/or fee waivers with respect to their advisory fees. In considering these issues, the Directors also took into consideration information relating to the costs of the services provided and the profitability to MetLife Advisers, the relevant subadvisers (if any) and each of their affiliates of their relationships with the relevant Portfolios, as discussed above.

After reviewing these and related factors, the Directors concluded, within the context of their overall conclusions regarding each of the Continued Agreements, that the extent to which economies of scale were shared with the relevant Portfolios supported the renewal of such Agreements.

MSF-17

Metropolitan Series Fund, Inc.

Zenith Equity Portfolio

Board Approval of Advisory and Subadvisory Agreements—(Continued)

Other Factors. The Directors also considered other factors, which included but were not limited to the following:

• the extent to which each relevant Portfolio operated in accordance with its investment objective, and its record of compliance with its investment restrictions and the compliance programs of the Fund and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates provide to the relevant Portfolios;

• the nature, quality, cost and extent of administrative and shareholder services performed by MetLife Advisers and its affiliates under the Advisory Agreements; and

• so-called “fall-out benefits” to the Advisers, such as the engagement of their affiliates to provide distribution, brokerage and transfer agency services to the Portfolios, and the benefits of research made available to the relevant Advisers by reason of brokerage commissions generated by the relevant Portfolios’ securities transactions. The Directors also considered the possible conflicts of interest associated with these fall-out and other benefits, and the reporting and other processes in place to disclose and monitor these possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that each of the Continued Agreements should be continued through December 31, 2008.

MSF-18

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, 2007 is available (i) without charge, upon request, by calling (800) 638-7732 and (ii) on the SEC’s website at http://www.sec.gov.

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

MSF-19

Item 2. Code of Ethics.

As of December 31, 2007 the registrant has adopted a “code of ethics” (as such term is defined in the instructions to Item 2 of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial and accounting officer. There were no substantive amendments or waivers to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Steve A. Garban, John T. Ludes and Linda B. Strumpf are “audit committee financial experts” (as such term is defined in the instructions to Item 3 of Form N-CSR). Each of these individuals is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)

Fees for Services Rendered to the Registrant

Fiscal Year	Audit Fees		Audit-Related Fees		Tax Fees		All Other Fees
2006	$	859,460	$	83,026	$	114,000	$	0
2007	$	902,800	$	36,000	$	111,000	$	0

Audit-Related Fees represent fees for services rendered to the registrant (i) for security valuation testing in connection with the registrant’s semi-annual report for the periods ended June 30, 2006 and June 30, 2007 respectively; and (ii) related to reorganizations involving certain portfolios of the registrant (in the case of (ii), such fees were paid by the registrant’s investment adviser).

Tax Fees represent fees for services rendered to the registrant for tax return preparation and review of and participation in determining required income and capital gains distributions.

There were no fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(e)(1) The registrant’s Audit Committee has established pre-approval procedures pursuant to paragraph (c)(7)(i)(B) of Rule 2-01 of Regulation S-X, which include regular pre-approval procedures and interim pre-approval procedures. Under the regular pre-approval procedures, the Audit Committee pre-approves at its regularly scheduled meetings audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. Under the interim pre-approval procedures, any member of the Audit Committee who is an independent Director is authorized to pre-approve proposed services that arise between regularly scheduled Audit Committee meetings and that need to commence prior to the next regularly scheduled Audit Committee meeting. Such Audit Committee member must report to the Audit Committee at its next regularly scheduled meeting on the pre-approval decision.

(e)(2) Not applicable.

(f) Not applicable.

(g)

Fiscal Year	Aggregate Non-Audit Fees
2006	$	7,800,000
2007	$	4,700,000

The amounts set out above represent the aggregate non-audit fees billed by the registrant’s accountant to MetLife, Inc., and include, among other non-audit fees, non-audit fees for services rendered to the registrant and rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The Audit Committee of the registrant’s Board of Directors considered the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

Included in reports to stockholders under Item 1.

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.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Directors since the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this 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) Code of Ethics (as defined in Item 2(b) of Form N-CSR).

(2) Certifications required by Rule 30a-2(a) under the Act.

(3) Not applicable.

(b) Certification required by Rule 30a-2(b) under the Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

METROPOLITAN SERIES FUND, INC.

By:	/s/ Elizabeth Forget
Name:	Elizabeth Forget
Title:	President
Date:	February 28, 2008

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 Forget
Name:	Elizabeth Forget
Title:	President
Date:	February 28, 2008

By:	/s/ Peter H. Duffy
Name:	Peter H. Duffy
Title:	Treasurer
Date:	February 28, 2008

EXHIBIT LIST

Exhibit 12(a)(1):	Code of Ethics
Exhibit 12(a)(2)(a):	Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Act
Exhibit 12(a)(2)(b):	Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Act
Exhibit 12(b):	Certification required by Rule 30a-2(b) under the Act