<PAGE>
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending:
or fiscal year ending: 12/31/97
Is this a transition report?: (Y/N) N
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Is this an amendment to a previous filing? (Y/N) N
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Those items or sub-items with a box "[/]" after the item number should be
completed only if the answer has changed from the previous filing on this form.
1. A. Registrant Name: METROPOLITAN TOWER SEPARATE ACCOUNT ONE
B. File Number: 811-3617
C. Telephone Number: (212) 578-7360
C/O METROPOLITAN LIFE INSURANCE COMPANY
2. A. Street: ONE MADISON AVE.
B. City: NEW YORK C. State: NY D. Zip Code 10010 Zip Ext: 3690
E. Foreign Country:
3. Is this the first filing on this form by Registrant? (Y/N) N
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4. Is this the last filing on this form by Registrant? (Y/N) N
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5. Is Registrant a small business investment company (SBIC)?(Y/N) N
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[If answer is "Y" (Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)?(Y/N) Y
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[If answer is "Y" (Yes) complete only items 111 through 132.]
7. A. Is Registrant a series or multiple portfolio company?(Y/N) -
[If answer is "N" (No), go to item 8.]
B. How many separate series or portfolios did Registrant
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have at the end of the period
SCREEN NUMBER: 01 PAGE NUMBER: 01 SEC2100(5/90)
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For period ending 12/31/97 If filing more than one
-------- Page 47, "X" box: [ ]
File number 811 3617
UNIT INVESTMENT TRUSTS
111. A. [/] Depositor Name: METROPOLITAN TOWER LIFE INSURANCE COMPANY
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B. [/] File Number (If any):
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C. [/] City: NEW YORK State: NY Zip Code: 10010
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Zip Ext.: 3690
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111. A. [/] Depositor Name:
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B. [/] File Number (If any):
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C. [/] City: State: Zip Code:
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Zip Ext.:
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112. A. [/] Sponsor Name: METROPOLITAN TOWER LIFE INSURANCE COMPANY
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B. [/] File Number (If any):
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C. [/] City: NEW YORK State: NY Zip Code: 10010
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Zip Ext.: 3690
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112. A. [/] Sponsor Name:
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B. [/] File Number (If any):
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C. [/] City: State: Zip Code:
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Zip Ext.:
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SCREEN NUMBER: 55 PAGE NUMBER: 47 SEC2100(5/90)
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For period ending 12/31/97
If filing more than one
File number 811 3617 Page 48, "X" box: [ ]
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113. A. [/] Trustee Name:
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B. [/] City: State: Zip Code:
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Zip Ext.:
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[/] Foreign Country: Foreign Postal Code:
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113. A. [/] Trustee Name:
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B. [/] City: State: Zip Code:
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Zip Ext.:
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[/] Foreign Country: Foreign Postal Code:
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114. A. [/] Principal Underwriter Name: METROPOLITAN LIFE INSURANCE
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COMPANY
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B. [/] File Number: 8-14901
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C. [/] City: NEW YORK State: NY Zip Code: 10010
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Zip Ext.: 3690
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[/] Foreign Country: Foreign Postal Code:
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114. A. [/] Principal Underwriter Name:
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B. [/] File Number: 8-
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C. [/] City: State: Zip Code:
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Zip Ext.:
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[/] Foreign Country: Foreign Postal Code:
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115. A. [/] Independent Public Accountant Name: DELOITTE & TOUCHE LLP
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B. [/] City: NEW YORK State: NY Zip Code: 10281
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Zip Ext.:
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[/] Foreign Country: Foreign Postal Code:
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115. A. [/] Independent Public Accountant Name:
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B. [/] City: State: Zip Code:
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Zip Ext.:
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[/] Foreign Country: Foreign Postal Code:
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SCREEN NUMBER: 56 PAGE NUMBER: 48 SEC2100(5/90)
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For period ending 12/31/97
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If filing more than one
File number 811 3617 Page 49, "X" box: [ ]
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116. Family of investment companies information:
A. [/] Is Registrant part of a family of
investment companies?(Y/N) N
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Y/N
B. [/] Identify the family in 10 letters
(NOTE:In filing this form, use this identification
consistently for all investment companies in family.
This designation is for purposes of this form only.)
117. A. [/] Is Registrant a separate account of an insurance
company?(Y/N) Y
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Y/N
If answer is "Y"(Yes), are any of the following types of contracts
funded by the Registrant?:
B. [/] Variable annuity contracts?(Y/N) N
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Y/N
C. [/] Scheduled premium variable life contracts?(Y/N) Y
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Y/N
D. [/] Flexible premium variable life contracts?(Y/N) N
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Y/N
E. [/] Other types of insurance products registered
under the Securities Act of 1933?(Y/N) N
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Y/N
118: [/] State the number of series existing at the end
of the period that had securities registered
under the Securities Act of 1933 1
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119. [/] State the number of new series for which
registration statements under the Securities
Act of 1933 became effective during the period 0
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120. [/] State the total value of the portfolio
securities on the date of deposit for the
new series included in item 119($000's omitted) $
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121. [/] State the number of series for which a current
prospectus was in existence at the end of the period 1
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122. [/] State the number of existing series for which
additional units were registered under the
Securities Act of 1933 during the current period 0
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SCREEN NUMBER: 57 PAGE NUMBER: 49 SEC2100(5/90)
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For period ending 12/31/97
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If filing more than one
File number 811 3617 Page 50, "X" box: [ ]
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123. [/] State the total value of the additional units
considered in answering item 122($000's omitted)
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124. [/] State the total value of units of prior series
that were placed in the portfolios of subsequent
series during the current period (the value of
these units is to be measured on the date they were
placed in the subsequent series)($000's omitted)
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125. [/] State the total dollar amount of sales loads
collected (before reallowances to other brokers
or dealers) by Registrant's principal underwriter
and any underwriter which is an affiliated person
of the principal underwriter during the current
period solely from the sale of units of all series
of Registrant ($000's omitted) $20
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126. Of the amount shown in item 125, state the total dollar
amount of sales loads collected from secondary market
operations in Registrant's units (include the sales loads,
if any, collected on units of a prior series placed in
the portfolio of a subsequent series.) ($000's omitted) $0
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127. List opposite the appropriate description below the number of
series whose portfolios are invested primarily (based upon a
percentage of NAV) in each type of security shown, the aggregate
total assets at market value as of a date at or near the end of
the current period of each such group of series and the total
income distributions made by each such group of series during
the current period (excluding distributions of realized gains, if any):
<TABLE>
<CAPTION>
Number of Total Assets Total Income
Series ($000's Distributions
Investing omitted) omitted)
--------------- --------------- -------------
<S> <C> <C> <C> <C>
A. U.S. Treasury direct issue $ $
----- ------------ -----------
B. U.S. Government agency $ $
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C. State and municipal tax-free $ $
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D. Public utility debt $ $
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E. Brokers or dealers debt or debt
of brokers' or dealers' parent $ $
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F. All other corporate intermed.
& long-term debt $ $
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G. All other corporate short-term debt $ $
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H. Equity securities of brokers or dealers
or parents of brokers or dealers $ $
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I. Investment company equity securities $ $
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J. All other equity securities 1 $7,260 $
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K. Other securities $ $
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L. Total assets of all series of registrant 1 $7,260
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</TABLE>
SCREEN NUMBER: 58 PAGE NUMBER: 50 SEC2100(5/90)
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For period ending 12/31/97
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If filing more than one
File number 811 3617 Page 51, "X" box: [ ]
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128. [/] Is the timely payment of principal and interest on any
of the portfolio securities held by any of Registrant's
series at the end of the current period insured or
guaranteed by an entity other than the issuer?(y/N) N
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Y/N
[If answer is "N"(No), go to item 131.]
129. [/] Is the issuer of any instrument covered in item 128
delinquent or in default as to payment of principal
or interest at the end of the current period?(Y/N) ------
Y/N
[If answer is "N" (No), go to item 131.]
130. [/] In computations of NAV or offering price per unit,
is any part of the value attributed to instruments
identified in item 129 derived from insurance or
guarantees?(Y/N) ------
Y/N
131. [/] Total expenses incurred by all series of Registrant
during the current reporting period ($000's omitted) $34
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132. [/] List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this
filing:
811-3617 811- 811- 811- 811-
---- ---- ---- ---- -----
811- 811- 811- 811- 811-
---- ---- ---- ---- -----
811- 811- 811- 811- 811-
---- ---- ---- ---- -----
811- 811- 811- 811- 811-
---- ---- ---- ---- -----
811- 811- 811- 811- 811-
---- ---- ---- ---- -----
811- 811- 811- 811- 811-
---- ---- ---- ---- -----
811- 811- 811- 811- 811-
---- ---- ---- ---- -----
811- 811- 811- 811- 811-
---- ---- ---- ---- -----
SCREEN NUMBER: 59 PAGE NUMBER: 51 SEC2100(5/90)
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Signature Page
The following form of signature shall follow items 79, 85, 88, 104, 110 or 132
as appropriate.
This report is signed on behalf of the registrant (or depositor or trustee).
City of: New York State of: New York Date: Februarly 26, 1998
Name of Registrant, Depositor, or Trustee: Metropolitan Tower Separate
Account One
/s/ Susan M. Ende /s/ Robin M. Wagner
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By (Name and Title): Witness (Name and Title):
Susan M. Ende Robin M. Wagner
Vice-President and Actuary Assistant Secretary
Metropolitan Tower Life Metropolitan Tower Life
Insurance Company Insurance Company
PAGE NUMBER: 52 SEC2100(5/90)