Miley Cyrus' parents aren't thrilled with the semi-topless shots of their 15-year-old daughter.

A source tells Usmagazine.com that Billy Ray Cyrus and his wife Tish were at the Vanity Fair shoot all day but decided to leave before the final, racy photo of Miley was snapped.

“They were happy with the photos taken earlier in the day, but they didn’t see the photo in question until now," the source says.

(In a statement, a Vanity Fair rep said, "Since the photo was taken digitally, they saw it on the shoot, and everyone thought it was a beautiful and natural portrait of Miley.")

So how is Miley — who is currently hiding out in Nashville — holding up?

“She’s embarrassed," the source says. "Her parents are really upset about the situation.”

On Monday, Bill O'Reilly blasted the "Achy Breaky Heart Singer" for allowing his teen daughter to pose for Vanity Fair in the first place.

"Vanity Fair ... is not her audience at all," he said, adding that he turned her into a "sex symbol" at 15.

He suggested she "do Oprah and say, 'We made a mistake, here's why and it won't happen again.'"