METLIFE STATE STREET FINANCIAL TRUST, N-30D, 1995-07-06

METLIFE STATE STREET FINANCIAL TRUST
N-30D, 1995-07-06

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[STATE STREET RESEARCH logo]

State Street Research
Government Income Fund

Semiannual Report

April 30, 1995

What's Inside

New and Improved:
A new design that's
easier to read

Investment Update:
About the Fund,
economy and markets

Fund Information:
Facts and Figures

Plus, Complete Portfolio Holdings
and Financial Statements

<PAGE>

State Street Research Government Income Fund
Investment Update

Investment Environment

The Economy
(bullet) The economy continues to show signs of slowing, and inflation
remains low.

(bullet) The U.S. dollar remains weak against the Japanese yen and German
mark.

The Markets
(bullet) Bonds have rallied over the past six months. The Merrill Lynch
Government Master Index provided a total return of +6.50% for the six months
ended April 30, 1995.(1)

(bullet) Long-term interest rates have fallen. Yields on 30-year U.S.
Treasury bonds were 7.97% on November 1, 1994, and 7.33% on April 30, 1995.

(bullet) The improved bond market helped stocks. The S&P 500 provided a total
return of +10.46% for the six months ended April 30, 1995.(1) So far in 1995,
through April 30, the S&P 500 provided a total return of +12.95%.(1)

The Fund

Over the past six months
(bullet) For the six months ended April 30, 1995, Government Income Fund's
Class A shares provided a total return of +6.70% (does not reflect sales
charge). The average total return for 153 funds in Lipper Analytical
Services' general U.S. government funds category was +6.34% (does not reflect
sales charge).

(bullet) As interest rates hit highs in late 1994, we reduced the Fund's
holdings in mortgage securities, which were less appropriate in an
environment of falling rates.

(bullet) We added to our holdings in U.S. Treasury securities, which we
correctly anticipated would respond well to falling interest rates.

Current strategy
(bullet) We continue to add to the portfolio's holdings in U.S. Treasury
securities and to reduce holdings in mortgage securities.

(bullet) The Fund's duration (a measure of how sensitive the Fund is to
interest rate changes) is slightly longer than the market average. This will
benefit the Fund if interest rates continue to fall, but hurt the Fund should
rates rise.

(bullet) We continue to be opportunistic in our investment
strategy--targeting sectors we believe offer attractive value and prepared to
add to duration should bond yields rise.

(1) The Standard & Poor's Composite Index (S&P 500) includes 500
widely-traded common stocks and is a commonly-used measure of U.S. stock
market performance. The Merrill Lynch Government Master Index is a
commonly-used measure of bond market performance. The indices are unmanaged
and do not take sales charges into account. Direct investment in the indices
is not possible; results are for illustrative purposes only.

(2) +6.32% for Class B shares; +6.93% for Class C shares; +6.32% for Class D
shares.

(3) All returns represent past performance, which is no guarantee of future
results. The investment return and principal value of an investment made in
the Fund will fluctuate and shares, when redeemed, may be worth more or less
than their original cost. All returns assume reinvestment of capital gain
distributions and income dividends.

(4) Shares of the Fund had no class designations until June 1, 1993, when
designations were assigned based on the pricing and 12b-1 fees applicable to
shares sold thereafter. Performance data for a specified class include
periods prior to the adoption of class designations. "A" share returns for
each of the periods reflect the maximum 4.5% sales charge. "B" share returns
for the 1- and 5-year periods reflect a 5% and a 2% contingent deferred sales
charge, respectively. "C" shares, offered without a sales charge, are
available only to certain employee benefit plans and large institutions. "D"
share return for the 1-year period reflects a 1% contingent deferred sales
charge. Performance for "B" and "D" shares prior to June 1, 1993, reflects
annual 12b-1 fees of .25% and performance thereafter reflects annual 12b-1
fees of 1%, which will reduce subsequent performance.

Fund Information (all data are for periods ended April 30, 1995, except for
SEC Average Annual Compound Rates of Return)

SEC Average Annual Compound Rates of
Return for periods ended March 31, 1995
(at maximum applicable sales charge)3,4
<TABLE>
<CAPTION>
- -------------------------------------------------------
Life of Fund
(since 3/23/87) 5 years 1 year
- -------------------------------------------------------
<S> <C> <C> <C>
Class A +7.07% +7.87% -0.63%
- -------------------------------------------------------
Class B +7.48% +8.24% -1.67%
- -------------------------------------------------------
Class C +7.74% +8.95% +4.23%
- -------------------------------------------------------
Class D +7.49% +8.54% +2.32%
- -------------------------------------------------------
</TABLE>

Cumulative Total Returns
(do not reflect sales charge)3
<TABLE>
<CAPTION>
- -------------------------------------------------------
Life of Fund
(since 3/23/87) 5 years 1 year
- -------------------------------------------------------
<S> <C> <C> <C>
Class A +83.58% +57.26% +6.15%
- -------------------------------------------------------
Class B +80.74% +54.83% +5.38%
- -------------------------------------------------------
Class C +84.46% +58.02% +6.42%
- -------------------------------------------------------
Class D +80.73% +54.82% +5.38%
- -------------------------------------------------------
</TABLE>

SEC Yield
- -------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Class A 6.34%
- ----------------------
Class B 5.90%
- ----------------------
Class C 6.90%
- ----------------------
Class D 5.90%
- ----------------------
</TABLE>

SEC yield is calculated according to Securities and Exchange Commission
requirements and is based on the net investment income produced for the
30 days ended April 30, 1995.

Asset Allocation
(by percentage of net assets)
U.S. Agency mortgage securities 35%
U.S. Treasury securities 42%
Trust certificates/other investments 17%
Foreign government bonds 5%
Cash 1%

<PAGE>
State Street Research Government Income Fund
Investment Portfolio
April 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Principal Maturity Value
Amount Date (Note 1)
- ---------------------------- ------------- ------------ ----------------
<S> <C> <C> <C>
U.S. Government Securities 78.3%
U.S. Treasury 42.0%
U.S. Treasury Bond, 10.75% $12,250,000 8/15/2005 $ 15,421,648
U.S. Treasury Bond, 9.25% 61,700,000 2/15/2016 73,249,623
U.S. Treasury Bond, 8.125% 47,550,000 8/15/2021 51,064,420
U.S. Treasury Note, 9.375% 38,000,000 4/15/1996 39,068,560
U.S. Treasury Note, 8.50% 48,650,000 5/15/1997 50,398,481
U.S. Treasury Note, 7.50% 12,100,000 11/15/2001 12,436,501
U.S. Treasury Note, 6.375% 26,075,000 8/15/2002 25,142,037
U.S. Treasury Note, 5.75% 13,900,000 8/15/2003 12,770,625
--------------
279,551,895
--------------
U.S. Agency Mortgage 35.2%
Federal Home Loan Mortgage
Corp. Gold, 6.50% 16,875,914 5/01/2009 16,174,382
Federal Home Loan Mortgage
Corp. FHA-VA, 9.00% 7,353,458 12/01/2009 7,567,590
Federal Home Loan Mortgage
Corp. Series 1547-P5 PAC,
6.60% 4,100,000 2/15/2022 3,801,438
Federal Home Loan Mortgage
Corp. Gold, 7.00% 18,606,500 12/01/2024 17,710,969
Federal Home Loan Mortgage
Corp. Gold, 7.50% 14,763,372 1/01/2025 14,421,895
Federal Home Loan Mortgage
Corp. Gold, 8.00%+ 15,200,000 6/13/2025 15,133,500
Federal Housing
Administration, 10.00% 4,978,917 3/01/2033 5,218,527
Federal Housing
Administration, 9.625% 8,475,970 12/01/2033 8,759,385
Federal National Mortgage
Association FHA-VA, 8.00% 5,472,322 4/01/2008 5,536,348
Federal National Mortgage
Association FHA-VA, 8.50% 9,825,733 2/01/2009 10,276,439
Federal National Mortgage
Association FHA-VA, 9.00% 18,776,977 5/01/2009 19,569,177
Federal National Mortgage
Association REMIC Series
93-121-PK PAC, 6.50% 11,000,000 10/25/2021 10,113,070
Federal National Mortgage
Association, 7.00% 14,556,603 6/01/2023 13,842,311
Government National Mortgage
Association, 10.00% 17,180,043 6/15/2023 17,942,322
Government National Mortgage 10/15/2009-
Association, 9.50% 18,424,210 11/15/2017 19,547,248
Government National Mortgage
Association, 9.00% 2,126,241 4/15/2017 2,218,753
Government National Mortgage 9/15/2021-
Association, 7.50% 31,687,480 4/15/2024 30,950,782
Government National Mortgage
Association, 6.50% 16,777,530 7/15/2024 15,351,440
--------------
234,135,576
--------------
U.S. Agency 1.1%
Federal National Mortgage
Association, 9.65% 7,000,000 8/10/2020 7,540,330
--------------
Total U.S. Government Securities (Cost $521,029,916) 521,227,801
--------------
OTHER INVESTMENTS 20.5%
Trust Certificates 11.7%
Cooperative Utility Trust
Certificates, 9.52% 23,525,000 3/15/2019 25,970,189
Government Backed Trust,
Class T-3, 9.625% 10,000,000 5/15/2002 10,801,000
Government Trust
Certificates, Class 2-D,
9.25% 15,791,105 11/15/1996 15,993,547
Government Trust
Certificates, Class 2-E,
9.40% 23,000,000 5/15/2002 24,792,850
--------------
77,557,586
--------------
Finance/Mortgage 3.9%
Prudential Home Mortgage
Series 93-29 A-6 PAC,
6.75% 10,797,426 8/25/2008 10,530,837
Prudential Home Mortgage
Series 93-54 A-2 PAC,
5.50% 4,500,000 1/25/2024 4,201,875
Residential Funding Corp.
Series 93-S95 A-1 PAC,
6.50% 11,791,293 7/25/2008 11,422,815
--------------
26,155,527
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.

2
<PAGE>
<TABLE>
<CAPTION>
Principal Maturity Value
Amount Date (Note 1)
---------------------------------- ------------------------------------ ------------ ----------------
<S> <C> <C> <C>
Foreign Government 4.9% Australian Dollar
Australian Government, 9.50% 9,000,000 8/15/2003 $ 6,498,080
Canadian Dollar
Canadian Government, 9.75% 850,000 12/01/2001 675,836
Canadian Government, 7.50% 2,500,000 12/01/2003 1,747,885
Danish Krone
Kingdom of Denmark, 8.00% 10,000,000 5/15/2003 1,778,864
Kingdom of Denmark, 7.00% 35,000,000 12/15/2004 5,765,599
Federal Republic of Germany, Deutsche Mark
6.625% 9,250,000 7/09/2003 6,515,635
Italian Lira
Republic of Italy, 8.50% 3,425,000,000 4/01/1999 1,803,164
Spanish Peseta
Government of Spain, 8.30% 175,000,000 12/15/1998 1,277,767
Government of Spain, 10.90% 220,000,000 8/30/2003 1,678,701
United Kingdom Treasury Stock, British Pounds
7.25% 350,000 3/30/1998 550,395
United Kingdom Treasury Stock,
9.75% 1,900,000 8/27/2002 3,260,179
United Kingdom Treasury Stock, British Pounds
8.00% 750,000 6/10/2003 $ 1,173,006
--------------
32,725,111
--------------
Total Other Investments (Cost $135,046,815) 136,438,224
--------------
SHORT-TERM OBLIGATIONS 2.6%
Federal Home Loan Mortgage Corp.,
5.85% $17,379,000 5/01/1995 17,379,000
--------------
Total Short-Term Obligations (Cost $17,379,000) 17,379,000
--------------
Total Investments (Cost $673,455,731)--101.4% 675,045,025
Cash and Other Assets, Less Liabilities--(1.4)% (9,023,172)
--------------
Net Assets--100.0% $666,021,853
==============
Federal Income Tax Information:
At April 30, 1995, the net unrealized appreciation of investments based on cost for
Federal income tax purposes of $673,871,387 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of
value over tax cost $ 10,151,533
Aggregate gross unrealized depreciation for all investments in which there is an excess of
tax cost over value (8,977,895)
--------------
$ 1,173,638
==============

</TABLE>

+Represents "TBA" (to be announced) purchase commitment to purchase
securities for a fixed unit price at a future date beyond customary
settlement time. Although the unit price has been established, the principal
value has not been finalized.

Forward currency exchange contracts outstanding at April 30, 1995 are as
follows:

<TABLE>
<CAPTION>
Unrealized
Appreciation Delivery
Total Value Contract Price (Depreciation) Date
- ------------------------------------ ------------------ -------------- -------------- ---------
<S> <C> <C> <C> <C>
Sell Australian dollars, buy U.S.
dollars 3,456,828 AUD .74490 AUD $ 59,709 5/16/95
Sell Australian dollars, buy U.S.
dollars 1,656,229 AUD .73610 AUD 13,810 5/24/95
Sell Australian dollars, buy U.S.
dollars 2,700,000 AUD .73580 AUD 19,103 7/13/95
Sell British pounds, buy U.S.
dollars 666,000 GBP 1.58860 GBP (12,887) 5/16/95
Sell British pounds, buy U.S.
dollars 368,000 GBP 1.58110 GBP (9,666) 5/24/95
Sell British pounds, buy U.S.
dollars 1,074,800 GBP 1.60800 GBP 3,343 6/22/95
Sell British pounds, buy U.S.
dollars 914,000 GBP 1.61180 GBP 8,934 7/24/95
Sell Canadian dollars, buy U.S.
dollars 2,213,000 CAD .70602 CAD (63,766) 5/16/95
Sell Canadian dollars, buy U.S.
dollars 712,249 CAD .72690 CAD (4,057) 7/24/95
Sell Danish krone, buy U.S. dollars 28,631,000 DKK .16720 DKK (471,299) 5/16/95
Sell Danish krone, buy U.S. dollars 9,707,000 DKK .18440 DKK 9,287 7/24/95
Sell Deutsche marks, buy U.S.
dollars 8,890,700 DEM .71721 DEM (44,625) 5/24/95
Sell Italian lira, buy U.S. dollars 768,021,970 ITL .00062 ITL 124,659 5/16/95
Sell Italian lira, buy U.S. dollars 2,058,185,095 ITL .00059 ITL (8,928) 5/16/95
Sell Spanish peseta, buy U.S.
dollars 166,015,000 ESP .00762 ESP (80,495) 5/16/95
Sell Spanish peseta, buy U.S.
dollars 193,500,000 ESP .00764 ESP (90,778) 5/16/95
------------
$(547,656)
============
</TABLE>
The accompanying notes are an integral part of the financial statements.

3
<PAGE>
Statement of Assets and Liabilities
April 30, 1995 (Unaudited)

<TABLE>
<CAPTION>
<S> <C>
Assets
Investments, at value (Cost $673,455,731) (Note 1) $ 675,045,025
Cash 20,781
Interest receivable 10,602,841
Receivable for fund shares sold 1,261,807
Receivable for open forward contracts 238,845
Foreign tax receivable 104,033
Other assets 57,427
---------------
687,330,759
Liabilities
Payable for securities purchased 15,169,283
Dividends payable 2,543,952
Payable for fund shares redeemed 1,886,817
Payable for open forward contracts 786,501
Accrued management fee (Note 2) 356,694
Accrued transfer agent and shareholder services (Note 2) 251,651
Accrued distribution fee (Note 3) 178,965
Accrued trustees' fees (Note 2) 13,458
Other accrued expenses 121,585
---------------
21,308,906
---------------
$ 666,021,853
===============
Net Assets
Net Assets consist of:
Distribution in excess of net investment income $ (1,055,917)
Unrealized appreciation of investments 1,589,294
Unrealized depreciation of forward contracts and foreign
currency (512,907)
Accumulated net realized loss (168,602,016)
Shares of beneficial interest 834,603,399
---------------
$ 666,021,853
===============
Net Asset Value and redemption price per share of Class A
shares ($595,793,485 (division sign) 49,444,461 shares of beneficial
interest) $12.05
======
Maximum Offering Price per share of Class A shares ($12.05
(division sign) .955) $12.62
======
Net Asset Value and offering price per share of Class B
shares ($57,299,665 (division sign) 4,763,500 shares of beneficial
interest)* $12.03
======
Net Asset Value, offering price and redemption price per
share of Class C shares ($1,799,395 (division sign) 149,370 shares of
beneficial interest) $12.05
======
Net Asset Value and offering price per share of Class D
shares ($11,129,308 (division sign) 924,787 shares of beneficial
interest)* $12.03
======
</TABLE>

*Redemption price per share for Class B and Class D is equal to net asset
value less any applicable contingent deferred sales charge.

Statement of Operations
For the six months ended April 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Interest, net of foreign taxes of $30,838 $27,740,260

Expenses
Management fee (Note 2) 2,175,681
Transfer agent and shareholder services (Note 2) 402,844
Custodian fee 121,312
Distribution fee--Class A (Note 3) 754,292
Distribution fee--Class B (Note 3) 267,440
Distribution fee--Class D (Note 3) 59,264
Reports to shareholders 29,936
Registration fees 26,394
Audit fee 22,513
Legal fees 16,075
Trustees' fees (Note 2) 12,933
Miscellaneous 24,944
---------------
3,913,628
---------------
Net investment income 23,826,632
---------------
Realized and Unrealized Gain (Loss) on Investments, Forward Contracts and
Foreign Currency
Net realized loss on investments (Notes 1 and 4) (9,445,226)
Net realized gain on forward contracts and foreign currency (Note 1) 20,951
---------------
Total net realized loss (9,424,275)
---------------
Net unrealized appreciation of investments 28,937,675
Net unrealized appreciation of forward contracts and foreign currency 137,899
---------------
Total net unrealized appreciation 29,075,574
---------------
Net gain on investments, forward contracts and foreign currency 19,651,299
---------------
Net increase in net assets resulting from operations $43,477,931
===============
</TABLE>

The accompanying notes are an integral part of the financial statements.

4
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six months
ended
April 30, 1995 Year Ended
(Unaudited) October 31, 1994
----------------------------------------------------- --------------- ------------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net investment income $ 23,826,632 $ 52,606,976
Net realized loss on investments, forward contracts
and foreign currency* (9,424,275) (21,739,334)
Net unrealized appreciation (depreciation) of
investments, forward contracts and foreign currency 29,075,574 (61,623,124)
------------- ----------------
Net increase (decrease) resulting from operations 43,477,931 (30,755,482)
------------- ----------------
Dividends from net investment income:
Class A (20,751,552) (48,427,740)
Class B (1,623,205) (2,547,889)
Class C (24,126) (10,996)
Class D (363,254) (791,104)
------------- ----------------
(22,762,137) (51,777,729)
------------- ----------------
Net decrease from fund share transactions (Note 6) (59,058,843) (120,373,081)
------------- ----------------
Total decrease in net assets (38,343,049) (202,906,292)

Net Assets
Beginning of period 704,364,902 907,271,194
------------- ----------------
End of period (including overdistributed net
investment income of $1,055,917 and $2,120,412,
respectively) $666,021,853 $ 704,364,902
============= ================
*Net realized loss for Federal income tax purposes
(Note 1) $ (9,027,596) $ (17,196,293)
============= ================
</TABLE>

The accompanying notes are an integral part of the financial statements.

Notes to Unaudited Financial Statements
April 30, 1995

Note 1

State Street Research Government Income Fund (the "Fund") is a series of
MetLife-State Street Financial Trust (the "Trust"), which was organized as a
Massachusetts business trust in November, 1986 and is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund commenced operations in March, 1987. The Trust
consists presently of four separate funds: State Street Research Government
Income Fund, State Street Research Strategic Portfolios: Moderate, State
Street Research Strategic Portfolios: Conservative and State Street Research
Strategic Portfolios: Aggressive.

The Fund offers four classes of shares. Class A shares are subject to an
initial sales charge of up to 4.50% and annual service fees of 0.25% of
average daily net assets. Class B shares are subject to a contingent deferred
sales charge on certain redemptions made within five years of purchase and
pay annual distribution and service fees of 1.00%. Class B shares
automatically convert into Class A shares (which pay lower ongoing expenses)
at the end of eight years after the issuance of the Class B shares. Class C
shares are only offered to certain employee benefit plans and large
institutions. No sales charge is imposed at the time of purchase or
redemption of Class C shares. Class C shares do not pay any distribution or
service fees. Class D shares are subject to a contingent deferred sales
charge of 1.00% on any shares redeemed within one year of their purchase.
Class D shares also pay annual distribution and service fees of 1.00%. The
Fund's expenses are borne pro-rata by each class, except that each class
bears expenses, and has exclusive voting rights with respect to provisions of
the Plan of Distribution, related specifically to that class. The Trustees
declare separate dividends on each class of shares.

The following significant accounting policies are consistently followed by
the Fund in preparing its financial statements, and such policies are in
conformity with generally accepted accounting principles for investment
companies.

A. Investment Valuation
Securities are valued by a pricing service, which utilizes market
transactions, quotations from dealers, and various relationships among
securities in determining value. Securities for which there is no such
valuation, if any, are valued at their fair value as determined in accordance
with established methods consistently applied. Short-term securities maturing
within sixty days are valued at amortized cost.

B. Security Transactions
Security transactions are accounted for on the trade date (date the order to
buy or sell is executed). Realized gains or losses are reported on the basis
of identified cost of securities delivered.

C. Net Investment Income
Net investment income is determined daily and consists of interest accrued
and discount earned, less the estimated daily expenses of the Fund. Interest
income is accrued daily as earned. Accretion of discount is computed under
the effective yield method. The Fund is charged for expenses directly
attributable to it, while indirect expenses are allocated among all funds in
the Trust.

5
<PAGE>
State Street Research Government Income Fund
Notes (cont'd)

D. Dividends
Dividends are declared daily based upon projected net investment income and
are paid or reinvested monthly. Net realized capital gains, if any, are
distributed annually, unless additional distributions are required for
compliance with applicable tax regulations.

Income dividends and capital gain distributions are determined in accordance
with Federal income tax regulations which may differ from generally accepted
accounting principles. The difference is primarily due to differing
treatments for foreign currency transactions and paydown gains and losses.

E. Federal Income Taxes
No provision for Federal income taxes is necessary because the Fund has
elected to qualify under Subchapter M of the Internal Revenue Code and its
policy is to distribute all of its taxable income, including net realized
capital gains, if any, within the prescribed time periods. At October 31,
1994, the Fund had a capital loss carryforward of $158,096,925 available, to
the extent provided in regulations, to offset future capital gains, if any,
of which $46,239,794, $29,348,263, $46,959,196, $18,353,379 and $17,196,293
expires on October 31, 1995, 1996, 1997, 1998 and 2002, respectively.

F. Forward Contracts and Foreign Currencies
A forward foreign currency exchange contract is an obligation by the Fund to
purchase or sell a specific currency at a future date, which may be any fixed
number of days from the origination date of the contract. Forward foreign
currency exchange contracts establish an exchange rate at a future date.
These contracts are transferable in the interbank market conducted directly
between currency traders (usually large commercial banks) and their
customers. The aggregate principal amount of forward currency exchange
contracts is recorded in the Fund's accounts. All commitments are
marked-to-market at the applicable transaction rates resulting in unrealized
gains or losses. The Fund records realized gains or losses at the time the
forward contracts are extinguished by entry into a closing contract or by
delivery of the currency. Neither spot transactions nor forward currency
exchange contracts eliminate fluctuations in the prices of the Fund's
portfolio securities or in foreign exchange rates, or prevent loss if the
price of these securities should decline.

Securities quoted in foreign currencies are translated into U.S. dollars at
the current exchange rate. Gains and losses that arise from changes in
exchange rates are not segregated from gains and losses that arise from
changes in market prices of investments.

Note 2
The Trust and State Street Research & Management Company (the "Adviser"), an
indirect wholly-owned subsidiary of Metropolitan Life Insurance Company
("Metropolitan"), have entered into an agreement under which the Adviser
earns monthly fees at an annual rate of 0.65% of the Fund's average daily net
assets. In consideration of these fees, the Adviser furnishes the Fund with
management, investment advisory, statistical and research facilities and
services. The Adviser also pays all salaries, rent and certain other expenses
of management. During the six months ended April 30, 1995, the fees pursuant
to such agreement amounted to $2,175,681.

The fees of the Trustees not currently affiliated with the Adviser amounted
to $12,933 during the six months ended April 30, 1995.

Note 3
The Trust has adopted a Plan of Distribution Pursuant to Rule 12b-1 (the
"Plan") under the Investment Company Act of 1940. Under the Plan, the Fund
pays annual service fees to the Distributor at a rate of 0.25% of average
daily net assets for Class A, Class B and Class D shares. In addition, the
Fund pays annual distribution fees of 0.75% of average daily net assets for
Class B and Class D shares. The Distributor uses such payments for personal
service and/or the maintenance of shareholder accounts, to reimburse
securities dealers for distribution and marketing services, to furnish
ongoing assistance to investors and to defray a portion of its distribution
and marketing expenses. For the six months ended April 30, 1995, fees
pursuant to such plan amounted to $754,292, $267,440 and $59,264 for Class A,
Class B and Class D, respectively.

The Fund has been informed that the Distributor and MetLife Securities, Inc.,
a wholly-owned subsidiary of Metropolitan, earned initial sales charges
aggregating $28,500 and $167,513, respectively, on sales of Class A shares of
the Fund during the six months ended April 30, 1995, and that MetLife
Securities, Inc. earned commissions aggregating $141,538 on sales of Class B
shares, and that the Distributor collected contingent deferred sales charges
aggregating $136,301 and $921 on redemptions of Class B and Class D shares,
respectively, during the same period.

Note 4
For the six months ended April 30, 1995, purchases and sales of securities,
exclusive of short-term obligations, aggregated $290,064,916 and $366,360,416
(including $280,857,030 and $318,051,961 of U.S. Government obligations),
respectively.
6
<PAGE>
State Street Research Government Income Fund
Notes (cont'd)

Note 5
On May 12, 1995, the Fund acquired the assets and liabilities of
MetLife-State Street Research Government Securities Fund (the "Acquired
Fund") in exchange for shares of each class of the Fund. The transaction was
approved by shareholders at a meeting held on April 21, 1995. The acquisition
was accounted for as a tax-free exchange of 6,442,754 Class A shares,
1,176,814 Class B shares, 17,825 Class C shares and 135,101 Class D shares of
the Fund for the net assets of the Acquired Fund which amounted to
$79,091,815, $14,418,139, $218,555 and $1,655,231 for Class A, Class B, Class
C and Class D shares, respectively. The net assets of the Acquired Fund
included $2,075,111 of unrealized appreciation at the close of business on
May 12, 1995.

Note 6
The Trustees have the authority to issue an unlimited number of shares of
beneficial interest, $.001 par value per share. At April 30, 1995, the
Distributor owned 8,200 Class A shares of the Fund.

Share transactions were as follows:

<TABLE>
<CAPTION>
Six months ended
April 30, 1995 Year ended
(Unaudited) October 31, 1994
-------------------------------- ----------------------------------
Class A Shares Amount Shares Amount
- ----------------------------------- ------------- --------------- -------------- ----------------
<S> <C> <C> <C> <C>
Shares sold 920,441 $ 10,922,925 6,170,905 $ 77,734,621
Issued upon reinvestment of
dividends 941,383 11,136,050 2,186,349 26,807,047
Shares repurchased (7,086,077) (83,305,273) (20,893,367) (258,154,243)
----------- ------------- ------------ --------------
Net decrease (5,224,253) $(61,246,298) (12,536,113) $(153,612,575)
=========== ============= ============ ==============
Class B Shares Amount Shares Amount
- ----------------------------------- ----------- ------------- ------------ --------------
Shares sold 820,975 $ 9,671,064 3,319,858 $ 41,105,768
Issued upon reinvestment of
dividends 87,754 1,036,580 132,376 1,596,624
Shares repurchased (632,999) (7,433,735) (1,023,504) (12,418,423)
----------- ------------- ------------ --------------
Net increase 275,730 $ 3,273,909 2,428,730 $ 30,283,969
=========== ============= ============ ==============
Class C Shares Amount Shares Amount
- ----------------------------------- ----------- ------------- ------------ --------------
Shares sold 133,388 $ 1,578,216 21,778 $ 271,759
Issued upon reinvestment of
dividends 1,684 20,179 642 7,829
Shares repurchased (3,047) (36,372) (7,886) (96,943)
----------- ------------- ------------ --------------
Net increase 132,025 $ 1,562,023 14,534 $ 182,645
=========== ============= ============ ==============
Class D Shares Amount Shares Amount
- ----------------------------------- ----------- ------------- ------------ --------------
Shares sold 109,830 $ 1,291,872 763,127 $ 9,504,246
Issued upon reinvestment of
dividends 22,298 263,237 47,389 577,618
Shares repurchased (358,485) (4,203,586) (596,772) (7,308,984)
----------- ------------- ------------ --------------
Net increase (decrease) (226,357) $ (2,648,477) 213,744 $ 2,772,880
=========== ============= ============ ==============
</TABLE>

7
<PAGE>
State Street Research Government Income Fund

Financial Highlights

For a share outstanding throughout each period.
<TABLE>
<CAPTION>
Class A
-------------------------------------------------------------------------
Six months
ended
April 30, 1995** _________________________________________________________
(Unaudited) 1994** 1993 1992 1991 1990
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $11.68 $12.92 $12.38 $12.14 $11.28 $11.63
Net investment income .42 .81 .84 .90 .93 .96
Net realized and unrealized gain
(loss) on investments, forward
contracts and foreign currency .35 (1.26) .56 .26 .84 (.35)
Dividends from net investment
income (.40) (.79) (.84) (.91) (.91) (.96)
Distributions from net realized
gains -- -- (.02) (.01) -- --
--------- ------- ------- ------- ------- --------
Net asset value, end of period $12.05 $11.68 $12.92 $12.38 $12.14 $11.28
========= ======= ======= ======= ======= ========
Total return 6.70%+++ (3.58)%+ 11.63%+ 9.86%+ 16.25%+ 5.54%+
Net assets at end of period (000s) $595,793 $638,418 $868,556 $798,705 $762,517 $894,074
Ratio of operating expenses to
average net assets 1.10%++ 1.07% 1.05% 1.05% 1.05% 1.03%
Ratio of net investment income to
average net assets 7.19%++ 6.54% 6.59% 7.25% 7.98% 8.53%
Portfolio turnover rate 43.19% 134.41% 103.49% 97.33% 29.20% 63.30%
</TABLE>

<TABLE>
<CAPTION>
Class B Class C
------------------------------------------ -------------------------------------------
Six Six
months June 1, 1993 months June 1, 1993
ended (Commencement of ended (Commencement of
April 30, Year ended Share Class April 30, Year ended Share Class
1995** October Designations) to 1995** October Designations) to
(Unaudited) 31, 1994** October 31, 1993 (Unaudited) 31, 1994** October 31, 1993
------------------ --------- ---------- ---------------- --------- ---------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $11.66 $12.91 $12.67 $11.67 $12.92 $12.67
Net investment
income .37 .72 .30 .44 .84 .19
Net realized and
unrealized gain
(loss) on
investments,
forward contracts
and foreign
currency .36 (1.27) .24 .35 (1.27) .42
Dividends from net
investment income (.36) (.70) (.30) (.41) (.82) (.36)
------- -------- -------------- ------- -------- ---------------
Net asset value,
end of period $12.03 $11.66 $12.91 $12.05 $11.67 $12.92
======= ======== ============== ======= ======== ===============
Total return 6.32%+++ (4.38)%+ 4.32%+++ 6.93%+++ (3.42)%+ 4.82%+++
Net assets at end
of period (000s) $57,300 $52,319 $26,578 $1,799 $203 $36
Ratio of operating
expenses to
average net
assets 1.85%++ 1.82% 1.81%++ 0.85%++ 0.82% 0.80%++
Ratio of net
investment income
to average net
assets 6.42%++ 5.86% 5.67%++ 7.22%++ 8.01% 6.59%++
Portfolio turnover
rate 43.19% 134.41% 103.49% 43.19% 134.41% 103.49%

++Annualized.
+ Total return figures do not reflect any front-end or contingent deferred sales charges.
+++Represents aggregate return for the period without annualization and does not reflect any front-end or
contingent deferred sales charges.
** Per-share figures have been calculated using the average shares method.
</TABLE>
8
<PAGE>
State Street Research Government Income Fund
For a share outstanding throughout each period.

<TABLE>
<CAPTION>
Class D
-----------------------------------------------------------
Six months June 1, 1993
ended (Commencement of
April 30, Share Class
1995** Year ended Designations) to
(Unaudited) October 31, 1994** October 31, 1993
- ------------------------------------- --------------- ------------------ ------------------
<S> <C> <C> <C>
Net asset value, beginning of period $11.66 $12.91 $12.67
Net investment income .38 .72 .30
Net realized and unrealized gain
(loss) on investments, forward
contracts and foreign currency .35 (1.27) .24
Dividends from net investment income (.36) (.70) (.30)
------------- --------------- ---------------
Net asset value, end of period $12.03 $11.66 $12.91
============= ================ ================
Total return 6.32%+++ (4.38)%+ 4.31%+++
Net assets at end of period (000s) $11,129 $13,425 $12,101
Ratio of operating expenses to
average net assets 1.84%++ 1.82% 1.88%++
Ratio of net investment income to
average net assets 6.45%++ 5.84% 5.59%++
Portfolio turnover rate 43.19% 134.41% 103.49%

++ Annualized.
+ Total return figures do not reflect any front-end or contingent deferred sales charges.
+++ Represents aggregate return for the period without annualization and does not reflect any front-end or
contingent deferred sales charges.
** Per-share figures have been calculated using the average shares method.
</TABLE>
9
<PAGE>
State Street Research Government Income Fund
Fund Information, Officers and Trustees of MetLife-State Street Financial Trust

Fund Information

State Street Research
Government Income Fund
One Financial Center
Boston, MA 02111

Investment Adviser
State Street Research &
Management Company
One Financial Center
Boston, MA 02111

Distributor
State Street Research
Investment Services, Inc.
One Financial Center
Boston, MA 02111

Shareholder Services
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408
1-800-562-0032

Custodian
State Street Bank and
Trust Company
225 Franklin Street
Boston, MA 02110

Legal Counsel
Goodwin, Procter & Hoar
Exchange Place
Boston, MA 02109

Officers

Ralph F. Verni
Chairman of the Board,
President and
Chief Executive Officer

John H. Kallis
Vice President

Thomas A. Shively
Vice President

Steven P. Somes
Vice President

Michael R. Yogg
Vice President

Gerard P. Maus
Treasurer

Joseph W. Canavan
Assistant Treasurer

Douglas A. Romich
Assistant Treasurer

Francis J. McNamara, III
Secretary and General Counsel

Darman A. Wing
Assistant Secretary and
Assistant General Counsel

Trustees

Ralph F. Verni
Chairman of the Board,
President, Chief Executive
Officer and Director,
State Street Research &
Management Company

Edward M. Lamont
Formerly in banking (Morgan
Guaranty Trust Company of New York);
presently engaged in private
investments and civic affairs

Robert A. Lawrence
Partner, Saltonstall & Co.

Dean O. Morton
Retired; formerly Executive
Vice President, Chief
Operating Officer and Director,
Hewlett-Packard Company

Thomas L. Phillips
Retired; formerly Chairman of
the Board and Chief Executive
Officer, Raytheon Company

Toby Rosenblatt
President, The Glen Ellen Company
Vice President,
Founders Investments Ltd.

Michael S. Scott Morton
Jay W. Forrester Professor of
Management, Sloan School
of Management, Massachusetts
Institute of Technology

Jeptha H. Wade
Retired; formerly Of Counsel, Choate, Hall & Stewart
aabb

<PAGE>

State Street Research Government Income Fund
One Financial Center
Boston, MA 02111

Bulk Rate
U.S. Postage
PAID
Brockton, MA
Permit No. 600

Questions? Comments?
Call us at 1-800-562-0032,
or write us at:
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408

[STATE STREET RESEARCH logo]

This report is prepared for the general information of current shareholders
only. It is not authorized for use as sales material with prospective investors.

CONTROL NUMBER: 2388-950622(0796)SSR-LD
Cover Illustration by Dorothy Cullinan GI-049E-695

<PAGE>

[FRONT COVER]

(State Street Research Logo) STATE STREET RESEARCH

STATE STREET RESEARCH
STRATEGIC PORTFOLIOS: MODERATE

SEMIANNUAL REPORT
April 30, 1995

WHAT'S INSIDE

New and Improved:
A new design that's
easier to read

Investment Update:
About the Fund,
economy and markets

Fund Information:
Facts and Figures

Plus, Complete Portfolio Holdings
and Financial Statements

<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE

Investment Update
Investment Environment

The Economy

* The economy continues to show signs of slowing, and inflation remains low.

* The U.S. dollar remains weak against the Japanese yen and German mark.

The Markets

* The stock market has surged over the past six months. The S&P 500 provided a
total return of +10.46% over this time period. So far in 1995, through April
30, the S&P 500 provided a total return of +12.95%.(1)

* Bonds have also rallied in 1995. The Lehman Brothers Government/Corporate
Bond Index provided a total return of +6.96% for the six months ended April
30, 1995.(1)

The Fund

Over the past six months

* For the six months ended April 30, 1995, Class C shares of Strategic
Portfolios: Moderate provided a total return of +5.57%. The average total
return for 167 funds in Lipper Analytical Services' balanced funds category
was +6.31% (does not reflect sales charge).

* The Fund's equity holdings--particularly small-capitalization and
international stocks--provided somewhat disappointing performance. Bonds have
performed consistently well for the portfolio over the past six months.

* In November, we shifted 5% of the Fund's assets out of equities and into
high-grade bonds.

Current strategy

* On April 30, 1995, the Fund held 48% of its assets in stocks, 47% in bonds
and 5% in cash.

* Most of the equity portion of the portfolio is invested in the stocks of
large U.S. companies. Approximately 5% of the portfolio is invested in small
company stocks, and nearly 8% in international stocks.

* The bonds in the portfolio are primarily high-quality government and
corporate bonds. The Fund holds approximately 5% of its assets in
international government bonds, and 5% in high-yield, high-risk bonds.

(1) The Standard & Poor's Composite Index (S&P 500) includes 500 widely-traded
common stocks and is a commonly-used measure of U.S. stock market performance.
The Lehman Brothers Government/Corporate Bond Index is a commonly-used measure
of bond market performance. The indices are unmanaged and do not take sales
charges into account. Direct investment in the indices is not possible; results
are for illustrative purposes only.

(2) All returns represent past performance, which is no guarantee of future
results. The investment return and principal value of an investment made in the
Fund will fluctuate and shares, when redeemed, may be worth more or less than
their original cost. All returns assume reinvestment of capital gain
distributions and income dividends. "C" shares, offered without a sales charge,
are available only to certain employee benefit plans and large institutions.

Fund Information (all data are for periods ended April 30, 1995, except for SEC
Average Annual Rates of Return)

SEC Average Annual Compound
Rates of Return for periods
ended March 31, 1995(2)

Life of Fund
(since 9/28/93) 1 year
Class C +1.05%/+0.48% +4.96%/+4.38%

Cumulative Total Returns(2)

Life of Fund
(since 9/28/93) 1 year Year-to-date
Class C +3.88%/+2.95% +7.09%/+6.51% +7.91%/+7.72%

[Pie chart]
Asset Allocation

(by percentage of net assets)

Stocks 48%
Bonds 47%
Cash 5%

Performance results for the Fund are increased by the distributor's voluntary
reduction of fees and expenses related to the Fund. The first figure reflects
expense reduction; the second shows what results would have been without
subsidization.

1
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE

Investment Portfolio
April 30, 1995 (Unaudited)

Value
Shares (Note 1)
EQUITY SECURITIES 48.2%
Basic Industries 10.2%
Chemical 2.1%
Atlantic Richfield Co. 5,300 $ 136,475
E.I. du Pont de Nemours & Co. 1,000 65,875
FMC Corp.* 1,500 92,063
Mitsui Petrochemical Co.* 12,000 113,666
Monsanto Co. 600 49,950
Potash Corp. of Saskatchewan Inc. 2,200 116,875
Rohm & Haas Co. 1,400 81,375
656,279
Diversified 1.5%
Cardo AB* 10,100 117,413
Coltec Industries, Inc.* 4,500 82,125
Corning, Inc. 3,000 100,125
Johnson Controls, Inc. 2,400 130,200
Mark IV Industries, Inc. 3,045 54,810
484,673
Electrical Equipment 0.4%
General Electric Co. 2,100 117,600

Forest Product 1.1%
Boise Cascade Corp. 1,800 58,950
Bowater, Inc. 1,400 53,550
Champion International Corp. 1,800 79,200
International Paper Co. 300 23,100
James River Corp. of Virginia 1,200 32,550
Westvaco Corp. 2,300 96,600
343,950
Machinery 3.0%
Black & Decker Corp. 1,400 42,000
CBI Industries, Inc. 6,000 148,500
Cincinnati Milacron, Inc. 3,700 98,975
Cooper Industries, Inc. 300 11,700
Fluor Corp. 1,400 72,100
Harsco Corp. 400 19,050
Linde AG* 255 146,318
Millipore Corp. 1,300 79,788
Pall Corp. 2,500 58,437
Shimizu Corp.* 12,000 128,803
Sundstrand Corp. 2,100 116,550
922,221
Metal & Mining 1.9%
Alumax, Inc.* 3,300 93,225
Bohler Uddeholm* 1,400 83,621
Cyprus Amax Minerals Co. 4,500 125,437
Hylsamex S.A. de C.V. ADR*++ 13,000 29,770
Metal & Mining (cont'd)
Mitsubishi Materials Co.* 20,000 $ 99,958
SGL Carbon A.G.* 2,600 103,715
Timken Co. 1,300 52,487
588,213
Railroad 0.1%
Southern Pacific Rail Corp.* 2,300 39,962

Trucker 0.1%
Arkansas Best Corp. 2,400 24,300
Total Basic Industries 3,177,198

Consumer Cyclical 9.1%
Airline 0.1%
Air Express International Corp. 600 14,100

Automotive 1.7%
Cooper Tire & Rubber Co. 1,400 34,300
Douglas & Lomason Co. 1,400 22,050
Ford Motor Co. 3,600 97,200
General Motors Corp. 1,500 67,687
Lear Seating Corp.* 8,800 169,400
Renault Group* 3,900 134,762
525,399
Building 0.5%
Cameron Ashley, Inc.* 500 5,625
Fleetwood Enterprises, Inc. 4,500 103,500
Hanson Trust ADR 2,500 47,500
156,625
Hotel & Restaurant 0.9%
Apple South, Inc. 600 8,700
Au Bon Pain Co., Inc.* 800 10,800
IHOP Corp.* 1,000 22,250
Mirage Resorts, Inc.* 800 24,000
Motel of America, Inc.*++ 75 5,250
Rio Hotel & Casino, Inc.* 200 3,050
Primadonna Resorts, Inc.* 900 22,275
Promus Companies, Inc.* 4,350 167,475
Station Casinos, Inc.* 2,800 34,300
298,100
Recreation 1.7%
Boomtown, Inc. Wts.* 85 43
Brunswick Corp. 3,900 83,362
Comcast Corp. Cl. A 2,400 37,350
Comcast Corp. Cl. A Special 1,100 17,325
Walt Disney Co. 1,800 99,675
Emmis Broadcasting Corp.* 200 4,250
Evergreen Media Corp. 100 1,863

The accompanying notes are an integral part of the financial statements.

2
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE
Investment Portfolio (cont'd)
Value
Shares (Note 1)
Recreation (cont'd)
Gaylord Entertainment Co. Cl. A 1,200 $ 28,350
Infinity Broadcasting Corp. Cl. A* 1,900 80,988
Mattel Inc. 2,250 53,437
Movie Gallery, Inc.* 300 9,375
Radica Games Ltd.* 400 1,200
Renaissance Communications Corp.* 700 19,250
Time Warner, Inc. 900 32,962
Viacom, Inc. Cl. A* 472 22,125
Viacom, Inc. Cl. B* 576 26,424
517,979
Retail Trade 4.0%
Bed Bath & Beyond, Inc.* 300 6,262
Central Rents, Inc. Wts.* 75 1,875
Department 56, Inc.* 700 25,900
Discount Auto Parts, Inc.* 300 7,238
Federated Department Stores, Inc.* 3,900 82,388
Gymboree Corp.* 1,100 25,850
Home Depot, Inc. 2,200 91,850
May Department Stores Co. 1,400 50,750
Office Depot, Inc.* 2,000 45,500
Penn Traffic Co.* 2,500 85,000
J.C. Penney, Inc. 5,500 240,625
Safety 1st, Inc.* 100 1,637
Sears, Roebuck & Co. 900 48,825
Stop & Shop Companies, Inc.* 3,000 79,875
Tandy Corp. 2,400 118,800
Toys 'R Us, Inc.* 2,100 53,025
Wal-Mart Stores, Inc. 6,000 142,500
Woolworth Corp. 7,900 126,400
1,234,300
Textile & Apparel 0.2%
Authentic Fitness Corp.* 1,800 29,700
Norton McNaughton, Inc.* 1,100 18,975
Warnaco Group, Inc. Cl. A* 1,700 29,113
77,788
Total Consumer Cyclical 2,824,291

Consumer Staple 6.8%
Business Service 0.5%
First Data Corp. 2,000 112,500
Franklin Quest Co.* 500 16,625
Viking Office Products, Inc.* 400 11,000
140,125
Container 0.2%
Ball Corp. 700 23,975
Owens-Illinois Inc. 2,100 24,938
48,913
Drug 1.2%
American Home Products Corp. 800 $ 61,700
Arris Pharmaceutical Corp.* 1,500 12,000
Cyto Therapeutics, Inc.* 1,200 7,800
Eli Lilly & Co. 800 59,800
Merck & Company, Inc. 2,800 120,050
Pfizer, Inc. 1,400 121,275
382,625
Food & Beverage 1.6%
Arnotts Ltd.* 20,000 120,736
Campbell Soup Co. 1,300 66,625
Coca-Cola Co. 1,200 69,750
Coca-Cola Enterprises, Inc. 1,900 42,512
LVMH Moet Hennessy Louis Vuitton ADR* 770 146,510
PepsiCo., Inc. 1,400 58,275
504,408
Hospital Supply 2.2%
Abbott Laboratories 3,900 153,563
Advocat, Inc.* 500 5,938
American Homepatient, Inc.* 100 3,137
Community Health Systems, Inc.* 1,000 34,750
Columbia/HCA Healthcare Corp.* 700 29,400
Genesis Health Ventures, Inc.* 700 19,075
GranCare, Inc.* 1,300 21,288
Healthcare Compare Corp.* 900 27,056
Healthsource Inc.* 500 17,937
Heart Technology, Inc.* 800 14,200
I Stat Corp.* 600 14,025
Johnson & Johnson 1,200 78,000
Mariner Health Group, Inc.* 800 11,700
Maxicare Health Plans, Inc.* 1,200 18,600
Multicare Companies, Inc.* 700 14,350
Pyxis Corp.* 800 15,900
Right Choice Managed Care, Inc. Cl. A* 600 7,800
Rotech Medical Corp.* 300 9,750
Sierra Healthcare Corp.* 800 21,700
United Healthcare Corp. 2,700 97,875
Vencor, Inc.* 1,050 32,550
Vivra, Inc.* 800 25,700
674,294
Personal Care 0.4%
Procter & Gamble Co. 1,900 132,762
Printing & Publishing 0.2%
Deluxe Corp. 200 6,175
News Corp. Ltd. ADR 2,900 56,550
62,725

The accompanying notes are an integral part of the financial statements.

3
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE
Value
Shares (Note 1)
Tobacco 0.5%
Philip Morris Cos., Inc. 2,400 $ 162,600
Total Consumer Staple 2,108,452

Energy 5.0%
Oil 4.2%
Anadarko Petroleum Corp. 1,400 57,575
Ashland, Inc. 900 33,300
Tom Brown, Inc.* 300 4,238
Exxon Corp. 1,600 111,400
Imperial Oil Ltd. 2,700 96,525
Louisiana Land & Exploration Co. 5,100 186,787
Mitchell Energy & Development Corp. Cl. B 1,800 32,400
Nuevo Energy Co.* 500 9,563
Phillips Petroleum Co. 3,400 119,000
Ranger Oil Ltd.* 2,200 16,225
Repsol S.A.* 3,500 111,431
Tosco Corp. 4,000 137,000
Total S.A. Cl. B* 2,000 125,030
Total S.A. ADR 2,000 62,750
Ultramar Corp. 900 23,513
Unocal Corp. 2,900 83,375
Woodside Petroleum Ltd. ADR* 25,000 102,190
1,312,302
Oil Service 0.8%
Coflexip* 2,300 139,011
Nowsco Well Service Ltd. 600 6,712
Rowan Companies, Inc.* 14,300 98,313
244,036
Total Energy 1,556,338

Finance 6.5%
Bank 1.7%
H.F. Ahmanson & Co. 2,700 56,700
BankAmerica Corp. 2,100 103,950
Chase Manhattan Corp. 1,800 78,750
Citicorp 3,000 139,125
Mellon Bank Corp. 600 23,550
NationsBank Corp. 1,300 65,000
West One Bancorp 2,100 58,013
525,088
Financial Service 1.8%
Federal Home Loan Mortgage Corp. 4,400 287,100
Federal National Mortgage Association 2,800 247,100
Money Store, Inc. 900 21,037
United Companies Financial Corp. 40 1,525
556,762
Insurance 3.0%
Ace Ltd. 4,200 $ 111,300
Ambac, Inc. 1,400 57,050
American International Group, Inc. 1,000 106,750
American Re Corp.* 3,000 114,000
Chubb Corp. 2,200 176,000
Equitable Companies, Inc. 5,000 118,750
General Re Corp. 400 50,950
Horace Mann Educators Corp. 300 6,188
Mutual Risk Management Ltd. 700 21,525
NAC Re Corp. 800 26,400
National Re Corp. 600 18,150
Progressive Corp. 400 15,100
SAFECO Corp. 2,000 113,000
20th Century Industries, Inc.* 1,100 13,337
948,500
Total Finance 2,030,350

Science & Technology 7.9%
Aerospace 1.4%
Boeing Co. 4,100 225,500
Raytheon Co. 1,600 116,400
Sequa Corp. Cl. A* 3,000 92,250
434,150
Computer Software & Service 2.0%
Alantec Corp.* 600 23,025
Computervision Corp.* 25,400 139,700
Dialogic Corp.* 100 2,312
FTP Software, Inc.* 1,000 26,250
General Motors Corp. Cl. E 2,000 86,500
Hyperion Software Corp.* 800 34,400
ITI Technologies, Inc.* 1,000 23,250
Informix Corp.* 700 27,563
Intersolv, Inc.* 900 12,375
Keane, Inc.* 700 17,675
Mattson Technologies, Inc.* 300 8,025
Microsoft Corp.* 1,100 90,063
Netcom On-Line Community Services, Inc.* 100 2,475
Network Express, Inc.* 200 2,875
Oracle Systems Corp.* 200 6,100
Parametric Technology Corp.* 700 33,250
Progress Software Corp.* 200 8,100
Softkey Software Products, Inc.* 1,000 24,500
Symantec Corp.* 1,500 34,875
TGV Software, Inc.* 300 5,625
Wonderware Corp.* 400 13,250
622,188

The accompanying notes are an integral part of the financial statements.

4
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE
Investment Portfolio (cont'd)
Value
Shares (Note 1)
Electronic 3.6%
AMP, Inc. 3,300 $ 141,075
Credence Systems Corp.* 400 14,500
Electroglas, Inc.* 700 30,450
L.M. Ericsson Telephone Co. Cl. B ADR* 1,300 87,181
L.M. Ericsson Telephone Co. Cl. B* 1,993 131,947
General Motors Corp. Cl. H 700 27,387
Intel Corp.* 800 81,900
Itron, Inc.* 800 20,200
Motorola, Inc. 700 39,812
Nokia Corp.* 3,360 137,207
Perkin-Elmer Corp. 6,900 214,763
Planar Systems, Inc.* 700 13,825
Tektronix, Inc. 2,800 127,400
Tencor Instruments Inc.* 400 27,100
Thomas & Betts Corp. 200 12,750
1,107,497
Office Equipment 0.9%
Chipcom Corp.* 400 13,100
Diebold, Inc. 100 4,150
International Business Machines Corp. 900 85,275
Sequent Computer Systems, Inc.* 900 14,906
Syquest Technology, Inc.* 1,200 13,500
Xerox Corp. 1,200 147,750
278,681
Total Science & Technology 2,442,516

Utility 2.7%
Electric 0.5%
Empresa Nacionale de Electricidad S.A. de C.V.
ADR* 3,000 141,807

Natural Gas 1.0%
Coastal Corp. 4,600 136,850
ENSERCH Corp. 6,500 112,125
TransTexas Gas Corp.* 4,900 64,925
313,900
Telephone 1.2%
AT&T Corp. 2,200 111,650
Airtouch Communications, Inc.* 3,800 102,125
Allen Group Inc. 800 18,100
Cidco, Inc.* 500 18,000
LDDS Communications Corp. Cl. A* 811 19,464
Southern New England Telecom Corp. 1,800 59,625
Sprint Corp.* 1,800 60,300
389,264
Total Utility 844,971
Total Equity Securities (Cost $13,774,400) 14,984,116

Principal Maturity Value
Amount Date (Note 1)

FIXED INCOME SECURITIES 47.4%
U.S. Treasury 15.1%
U.S. Treasury Bond, 8.125% $1,700,000 8/15/2021 $ 1,825,647
U.S. Treasury Note, 8.50% 350,000 5/15/1997 362,579
U.S. Treasury Note, 5.875% 450,000 3/31/1999 435,515
U.S. Treasury Note, 7.125% 925,000 9/30/1999 933,815
U.S. Treasury Note, 7.50% 475,000 11/15/2001 488,210
U.S. Treasury Note, 6.375% 200,000 8/15/2002 192,844
U.S. Treasury Note, 5.75% 500,000 8/15/2003 459,375
4,697,985
U.S. Agency 0.5%
Federal National Mortgage
Association, 5.41% 175,000 6/25/1998 167,818

U.S. Agency Mortgage 11.6%
Federal Home Loan Mortgage
Corp. Gold, 6.50% 207,702 2/01/2009 199,069
Federal Home Loan Mortgage
Corp. Gold, 6.50% 145,421 1/01/2010 139,376
Federal Home Loan Mortgage
Corp. Series 1547-PJ PAC,
6.60% 150,000 2/15/2022 139,077
Federal Home Loan Mortgage
Corp. Gold, 7.50% 76,013 8/01/2024 74,255
Federal Home Loan Mortgage
Corp. Gold, 7.00% 621,875 12/01/2024 591,944
Federal Home Loan Mortgage
Corp. Gold, 7.50% 346,160 2/01/2025 338,153
Federal Home Loan Mortgage
Corp. Gold, 8.00%+ 250,000 6/13/2025 248,906
Federal National Mortgage
Association FHA-VA, 7.00% 237,548 12/01/2007 239,164
Federal National Mortgage
Association FHA-VA, 8.00% 278,279 4/01/2008 281,536
Federal National Mortgage
Association REMIC Series
93-138-HA PAC, 6.75% 150,000 12/25/2021 140,202
Federal National Mortgage
Association, 7.00% 166,387 2/01/2024 158,223
Federal National Mortgage
Association, 7.00% 38,261 11/01/2024 36,384
Government National Mortgage
Association, 9.00% 160,974 2/15/2022 166,959
Government National Mortgage
Association, 8.00% 188,253 9/15/2022 188,135
Government National Mortgage
Association, 6.50% 98,267 12/15/2023 89,915

The accompanying notes are an integral part of the financial statements.

5
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE
<TABLE>
<CAPTION>
Principal Maturity Value
Amount Date (Note 1)
<S> <C> <C> <C>
U.S. Agency Mortgage (cont'd)
Government National Mortgage Association, 8.00% $ 81,416 2/15/2024 $ 81,366
Government National Mortgage Association, 6.50% 325,534 7/15/2024 297,864
Government National Mortgage Association, 7.00% 219,138 2/15/2025 207,428
3,617,956
Trust Certificates 0.5%
Cooperative Utility Trust Certificates, 10.70% 125,000 9/15/2017 139,630

Corporate 5.5%
American Home Products Corp., 7.70% 125,000 2/15/2000 127,058
Anacomp Inc. Sr. Sub. Note, 15.00% 100,000 11/01/2000 70,000
Bayou Steel Corp. First Mortgage Note, 10.25% 85,000 3/01/2001 78,200
Boomtown, Inc. First Mortgage Notes, 11.50% 85,000 11/01/2003 77,775
Central Rents, Inc. Sr. Units, 12.88%++ 75,000 12/15/2003 68,062
Chevron Corp. Note, 8.11% 100,000 12/01/2004 103,279
Crown Packaging, Inc. Sr. Notes Series B, 10.75% 75,000 11/01/2000 75,750
Farm Fresh Inc. Sr. Notes, 12.25% 100,000 10/01/2000 96,000
Grand Union Co. Sr. Sub. Notes, 12.25% # 75,000 7/15/2002 25,125
Granite Broadcasting Corp. Sr. Sub. Deb., 12.75% 85,000 9/01/2002 89,250
Haynes International Inc. Sr. Sec. Notes, 11.25% 100,000 6/15/1998 94,000
Horsehead Industries, Inc. Sub. Note, 14.00% 150,000 6/01/1999 153,375
K & F Industries, Inc. Sr. Sub. Deb. 13.75% 30,000 8/01/2001 29,700
Marcus Cable Capital Co. Sr. Disc. Note, 0.00% to
7/31/99, 13.50% from 8/1/99 to maturity 150,000 8/01/2004 89,250
Mobile Telecommunications, Inc. Sr. Sub. Disc Note,
13.50% 165,000 12/15/2002 176,550
Motels of America, Inc. Sr. Sub. Notes, 12.00% 75,000 4/15/2004 73,500
Corporate (cont'd)
Presidio Oil Co. Sr. Sec. Notes Series B, 11.50% $100,000 9/15/2000 $ 86,000
Rohr, Inc. Sub. Note, 7.75% 40,000 5/15/2004 50,000
Terex Corp. Units, 13.00%++ 50,000 8/01/1996 50,750
Trump Plaza Funding, Inc. First Mortgage Notes,
10.88% 75,000 6/15/2001 61,875
U.S.A. Mobile Communications, Inc. Sr. Note, 9.50% 35,000 2/01/2004 30,975
1,706,474
Finance/Mortgage 7.3%
ASFS Corp. Series 94-CZ, 8.00% 73,638 8/25/2010 74,122
American General Finance Corp. Notes, 8.00% 100,000 2/15/2000 102,139
Beneficial Corp. Note, 6.21% 150,000 9/11/1997 154,023
Capital One Bank Sr. Note, 8.125% 125,000 3/01/2000 126,580
Caterpillar Financial Services Co. Note, 6.03% 150,000 11/16/1995 149,505
Countrywide MBS Inc. Series 94-2 A-7 PAC, 6.50% 150,000 4/25/2008 146,202
Discover Credit Card Trust Series 1993-A, 6.25% 125,000 8/16/2000 122,226
First Chicago Credit Card Trust Series 91-D, 8.40% 100,000 6/15/1998 101,500
Ford Motor Credit Co. Note, 8.45% 75,000 12/30/1998 77,581
General Electric Capital Corp., 7.625% 150,000 7/24/1996 151,431
General Motors Acceptance Corp., 8.375% 200,000 5/01/1997 204,268
General Motors Acceptance Corp., 7.85% 50,000 11/17/1997 50,660
MBNA America Bank Note, 7.61% 50,000 11/15/2001 50,494
Prudential Home Mortgage Series 93-29 A-6, 6.75% 91,390 8/25/2008 89,134
Prudential Home Mortgage Series 93-57 A-1, 6.50% 354,088 12/25/2023 351,320
Prudential Home Mortgage Series 93-54 A-2, 5.50% 125,000 1/25/2024 116,719
Sears Credit Account Master Trust II 94-1, 7.00% 100,000 1/15/2004 103,406
Standard Credit Card Master Trust Series 93-3A, 5.50% 100,000 1/07/1999 94,500
2,265,810

The accompanying notes are an integral part of the financial statements.

6
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE
Investment Portfolio (cont'd)
Principal Maturity Value
Amount Date (Note 1)
<S> <C> <C> <C>
Canadian-Yankee 1.8%
British Columbia Hydroelectric Authority, 15.50% $ 130,000 7/15/2011 $ 150,216
Carter Holt Harvey Deb., 9.50% 50,000 12/01/2024 54,852
Hydro-Quebec Deb., 9.40% 150,000 2/01/2021 165,375
Laidlaw Inc. Deb., 8.75% 50,000 4/15/2025 49,793
Province of Manitoba Deb. Series CD, 9.25% 75,000 4/01/2020 84,714
Province of Ontario Global Bond, 7.50% 75,000 7/15/2023 67,678
572,628
Foreign Government 5.1% Canadian Dollar
Government of Canada, 9.75% 100,000 12/01/2001 79,510
Government of Canada, 7.50% 50,000 12/01/2003 34,958
Danish Krone
Kingdom of Denmark, 7.00% 2,200,000 12/15/2004 362,408
Spanish Peseta
Government of Spain, 11.30% 13,700,000 1/15/2002 107,185
Australian
Dollar
Government of Australia, 9.50% 300,000 8/15/2003 216,603
Deutsche Mark
Republic of Germany, 6.625% 800,000 7/09/2003 563,514
British Pound
United Kingdom Treasury Stock, 9.75% 75,000 8/27/2002 128,692
United Kingdom Treasury Stock, 8.00% 25,000 6/10/2003 39,100
Italian Lira
Republic of Italy, 8.50% 130,000,000 4/01/1999 68,441
1,600,411
Total Fixed Income Securities (Cost $14,665,008) 14,768,712

SHORT-TERM OBLIGATIONS 4.6%
Ford Motor Credit Co., 5.85% $1,136,000 5/03/1995 $ 1,136,000
Ford Motor Credit Co., 5.91% 301,000 5/03/1995 301,000
Total Short-Term Obligations (Cost $1,437,000) 1,437,000
Total Investments (Cost $29,876,408)--100.2% 31,189,828
Cash and Other Assets, Less Liabilities--(0.2)% (75,181)
Net Assets--100.0% $31,114,647

Federal Income Tax Information: At April 30, 1995, the net unrealized appreciation of
investments based on cost for Federal income tax purposes of $29,919,879 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of
value over tax cost $ 1,914,341
Aggregate gross unrealized depreciation for all investments in which there is an excess of
tax cost over value (644,392)
$ 1,269,949
</TABLE>
ADR stands for American Depositary Receipt, representing ownership of foreign
securities.
* Nonincome-producing securities.

+ Represents "TBA" (to be announced) purchase commitment to purchase
securities for a fixed unit price at a future date beyond customary settlement
time. Although the unit price has been established, the principal value has
not been finalized.

++ Security restricted in accordance with Rule 144A under the Securities Act
of 1933, which allows for the resale of such securities among certain
qualified buyers. The total cost and market value of Rule 144A securities
owned at April 30, 1995 were $169,241 and $153,832 (0.49% of net assets),
respectively.

# Security is in default.

7
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE

Forward currency exchange contracts outstanding at April 30, 1995 are as
follows:
<TABLE>
<CAPTION>
Unrealized
Contract Appreciation Delivery
Total Value Price (Depreciation) Date
<S> <C> <C> <C> <C>
Sell Australian dollars, buy U.S. dollars 110,788 AUD .74490 AUD $ 1,914 5/16/95
Sell Australian dollars, buy U.S. dollars 53,007 AUD .74361 AUD 442 5/24/95
Sell Australian dollars, buy U.S. dollars 96,000 AUD .73580 AUD 679 5/24/95
Sell Canadian dollars, buy U.S. dollars 91,000 CAD .71141 CAD (2,131) 5/16/95
Sell Canadian dollars, buy U.S. dollars 47,743 CAD .72643 CAD (295) 7/24/95
Sell Danish krone, buy U.S. dollars 484,000 DKK .17149 DKK (5,874) 5/24/95
Sell Danish krone, buy U.S. dollars 1,345,000 DKK .18452 DKK 1,447 7/24/95
Sell Deutsche mark, buy U.S. dollars 768,900 DEM .71721 DEM (3,859) 5/24/95
Sell Italian lira, buy U.S. dollars 107,271,790 ITL .00062 ITL 6,566 5/16/95
Sell Pound sterling, buy U.S. dollars 26,000 GBP 1.58110 GBP (683) 5/24/95
Sell Pound sterling, buy U.S. dollars 23,400 GBP 1.60800 GBP 73 6/22/95
Sell Pound sterling, buy U.S. dollars 50,800 GBP 1.61230 GBP 522 7/24/95
Sell Spanish peseta, buy U.S. dollars 12,760,000 ESP .00762 ESP (6,187) 5/16/95
$(7,386)
</TABLE>

The accompanying notes are an integral part of the financial statements.

8
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE

Statement of Assets and Liabilities
April 30, 1995 (Unaudited)

Assets
Investments, at value (Cost $29,876,408) (Note 1) $ 31,189,828
Cash 782
Receivable for securities sold 565,444
Interest and dividends receivable 282,940
Receivable for fund shares sold 19,900
Receivable from Distributor (Note 3) 15,458
Receivable for open forward contracts 11,643
Deferred organization costs and other assets (Note 1) 59,453
32,145,448
Liabilities
Payable for securities purchased 923,737
Payable for open forward contracts 19,029
Accrued management fee (Note 2) 16,376
Accrued trustees' fees (Note 2) 3,005
Accrued transfer agent and shareholder services
(Note 2) 1,008
Other accrued expenses 67,646
1,030,801
Net Assets $ 31,114,647

Net Assets consist of:
Undistributed net investment income $ 229,837
Unrealized appreciation of investments 1,313,420
Unrealized depreciation of forward contracts and
foreign currency (6,266)
Accumulated net realized loss (1,343,690)
Shares of beneficial interest 30,921,346
$ 31,114,647
Net Asset Value, offering price and redemption price
per share of Class C shares ($31,114,647 / 3,270,906
shares of beneficial interest) $9.51

Statement of Operations
For the six months ended April 30, 1995 (Unaudited)

Investment Income
Interest, net of foreign taxes of $240 $ 626,936
Dividends, net of foreign taxes of $1,653 117,148
744,084
Expenses
Management fee (Note 2) 95,504
Custodian fee 76,902
Transfer agent and shareholder services (Note 2) 24,165
Registration fees 23,914
Amortization of organization costs (Note 1) 19,320
Legal fees 9,353
Reports to shareholders 8,568
Audit fee 7,078
Trustees' fees (Note 2) 6,294
Miscellaneous 3,351
274,449
Expenses borne by the Distributor (Note 3) (126,115)
148,334
Net investment income 595,750

Realized and Unrealized Gain
(Loss) on Investments, Foreign
Currency and Forward Contracts
Net realized loss on investments (Note 1 and 4) (382,982)
Net realized loss on forward contracts and foreign
currency (Note 1) (50,456)
Total net realized loss (433,438)
Net unrealized appreciation of investments 1,541,090
Net unrealized appreciation of forward contracts and
foreign currency 21,097
Total net unrealized appreciation 1,562,187
Net gain on investments, foreign currency and forward
contracts 1,128,749
Net increase in net assets resulting from operations $1,724,499

The accompanying notes are an integral part of the financial statements.

9
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE

Statement of Changes in Net Assets
Six months
ended
April 30, 1995 Year ended
(Unaudited) October 31, 1994
Increase (Decrease) in Net Assets
Operations:
Net investment income $ 595,750 $ 814,856
Net realized loss on investments,
foreign currency and forward
contracts (433,438) (970,753)
Net unrealized appreciation
(depreciation) of investments,
foreign currency and forward
contracts 1,562,187 (241,253)
Net increase (decrease) resulting
from operations 1,724,499 (397,150)
Dividends from net investment
income--Class C (559,733) (614,662)
Class C share transactions (Note
6):
Proceeds from sale of shares 3,945,983 5,768,409
Net asset value of shares
issued in payment of
dividends 114,705 51,835
Cost of shares repurchased (2,604,759) (1,354,827)
Net increase from fund share
transactions 1,455,929 4,465,417
Total increase in net assets 2,620,695 3,453,605

Net Assets
Beginning of period 28,493,952 25,040,347
End of period (including
undistributed net investment
income of $229,837 and
$193,820, respectively) $ 31,114,647 $ 28,493,952
Number of Class C shares:
Sold 439,029 630,344
Issued upon reinvestment of
dividends 12,832 5,730
Repurchased (286,544) (148,286)
Net increase in fund shares 165,317 487,788
* Net realized loss for Federal
income tax purposes
(Note 1) $ (399,042) $ (824,458)

The accompanying notes are an integral part of the financial statements.

Notes to Unaudited Financial Statements
April 30, 1995

Note 1

State Street Research Strategic Portfolios: Moderate (the "Fund"), is a series
of MetLife-State Street Financial Trust (the "Trust"), which was organized as a
Massachusetts business trust in November, 1986 and is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund commenced operations in September, 1993. The Trust
consists presently of four separate funds: State Street Research Strategic
Portfolios: Moderate, State Street Research Government Income Fund, State
Street Research Strategic Portfolios: Conservative and State Street Research
Strategic Portfolios: Aggressive.

The Fund is authorized to issue four classes of shares. Only Class C shares are
presently available for purchase. Class A, Class B and Class D shares are not
being offered at this time. Class A shares will be subject to an initial sales
charge of up to 4.50% and annual service fees of 0.25% of average daily net
assets. Class B shares will be subject to a contingent deferred sales charge on
certain redemptions made within five years of purchase and pay annual
distribution and service fees of 1.00%. Class B shares automatically convert
into Class A shares (which pay lower ongoing expenses) at the end of eight
years after the issuance of the Class B shares. Class C shares are only offered
to certain employee benefit plans and large institutions. No sales charge is
imposed at the time of purchase or redemption of Class C shares. Class C shares
do not pay any distribution or service fees. Class D shares are subject to a
contingent deferred sales charge of 1.00% on any shares redeemed within one
year of their purchase. Class D shares also pay annual distribution and service
fees of 1.00%. The Fund's expenses are borne pro-rata by each class, except
that each class bears expenses, and has exclusive voting rights with respect to
provisions of the Plan of Distribution, related specifically to that class. The
Trustees declare separate dividends on each class of shares.

The following significant accounting policies are consistently followed by the
Fund in preparing its financial statements, and such policies are in conformity
with generally accepted accounting principles for investment companies.

A. Investment Valuation

Values for listed equity securities reflect final sales on national securities
exchanges quoted prior to the close of the New York Stock Exchange.
Over-the-counter securities quoted on the National Association of Securities
Dealers Automated Quotation ("NASDAQ") system are valued at closing prices
supplied through such system. If not quoted on the NASDAQ system, such
securities are valued at prices obtained from brokers. In the absence of
recorded sales, valuations are at the mean of the closing bid and asked
quotations. Fixed income securities are valued by a pricing service, which
utilizes market transactions, quotations from dealers, and various
relationships among securities in determining value. Short-term securities
maturing within sixty days are valued at amortized cost.

B. Security Transactions

Security transactions are accounted for on the trade date (date the order to
buy or sell is executed). Realized gains or losses are reported on the basis of
identified cost of securities delivered.

10
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE

Notes (cont'd)

C. Net Investment Income

Net investment income is determined daily and consists of interest and
dividends accrued and discount earned, less the estimated daily expenses of the
Fund. Interest income is accrued daily as earned. Dividend income is accrued on
the ex-dividend date. Discount on debt obligations is amortized under the
effective yield method. The Fund is charged for expenses directly attributable
to it, while indirect expenses are allocated among all funds in the Trust.

D. Dividends

Dividends from net investment income are declared and paid or reinvested
quarterly. Net realized capital gains, if any, are distributed annually, unless
additional distributions are required for compliance with applicable tax
regulations.

Income dividends and capital gain distributions are determined in accordance
with Federal income tax regulations which may differ from generally accepted
accounting principles.

E. Federal Income Taxes

No provision for Federal income taxes is necessary because the Fund intends to
qualify under Subchapter M of the Internal Revenue Code and its policy is to
distribute all of its taxable income, including net realized capital gains,
within the prescribed time periods. At October 31, 1994, the Fund had a capital
loss carryforward of $824,458 available, to the extent provided in regulations,
to offset future capital gains, if any, which expires on October 31, 2002.

F. Deferred Organization Costs

Certain costs incurred in the organization and registration of the Fund were
capitalized and are being amortized under the straight-line method over a
period of five years.

G. Forward Contracts and Foreign Currencies

A forward foreign currency exchange contract is an obligation by the Fund to
purchase or sell a specific currency at a future date, which may be any fixed
number of days from the origination date of the contract. Forward foreign
currency exchange contracts establish an exchange rate at a future date. These
contracts are transferable in the interbank market conducted directly between
currency traders (usually large commercial banks) and their customers. The
aggregate principal amount of forward currency exchange contracts is recorded
in the Fund's accounts. All commitments are marked-to-market at the applicable
transaction rates resulting in unrealized gains or losses. The Fund records
realized gains or losses at the time the forward contracts are extinguished by
entry into a closing contract or by delivery of the currency. Neither spot
transactions nor forward currency exchange contracts eliminate fluctuations in
the prices of the Fund's portfolio securities or in foreign exchange rates, or
prevent loss if the price of these securities should decline.

Securities quoted in foreign currencies are translated into U.S. dollars at the
current exchange rate. Gains and losses that arise from changes in exchange
rates are not segregated from gains and losses that arise from changes in
market prices of investments.

Note 2

The Trust and State Street Research & Management Company (the "Adviser"), an
indirect wholly-owned subsidiary of Metropolitan Life
Insurance Company ("Metropolitan"), have entered into an agreement under which
the Adviser earns monthly fees at an annual rate of 0.65% of the Fund's average
daily net assets. In consideration of these fees, the Adviser furnishes the
Fund with management, investment advisory, statistical and research facilities
and services. The Adviser also pays all salaries, rent and certain other
expenses of management. During the six months ended April 30, 1995, the fees
pursuant to such agreement amounted to $95,504.

State Street Research Shareholder Services, a division of State Street Research
Investment Services, Inc., the Trust's principal underwriter (the
"Distributor"), an indirect wholly-owned subsidiary of Metropolitan, provides
certain shareholder services to the Fund such as responding to inquiries and
instructions from investors with respect to the purchase and redemption of
shares of the Fund. In addition, Metropolitan receives a fee for maintenance of
the accounts of certain shareholders who are participants in sponsored
arrangements, employee benefit plans and similar programs or plans, through or
under which shares of the Fund may be purchased. During the six months ended
April 30, 1995, the amount of such expenses was $21,712.

The fees of the Trustees not currently affiliated with the Adviser amounted to
$6,294 during the six months ended April 30, 1995.

Note 3

The Distributor and its affiliates may from time to time and in varying amounts
voluntarily assume some portion of fees or expenses relating to the Fund.
During the six months ended April 30, 1995, the amount of such expenses assumed
by the Distributor and its affiliates was $126,115.

Note 4

For the six months ended April 30, 1995, purchases and sales of securities,
exclusive of short-term obligations, aggregated $19,727,159 and $17,498,657
(including $8,570,381 and $6,545,119 of U.S. Government securities),
respectively.

Note 5

The Trust has adopted a Plan of Distribution Pursuant to Rule 12b-1 (the
"Plan") under the Investment Company Act of 1940. Under the Plan, the Fund will
pay annual service fees to the Distributor at a rate of 0.25% of average daily
net assets for Class A, Class B and Class D shares. In addition, the Fund will
pay annual distribution fees of 0.75% of average daily net assets for Class B
and Class D shares. The Distributor uses such payments for personal service
and/or the maintenance of shareholder accounts, to reimburse securities dealers
for distribution and marketing services, to furnish ongoing assistance to
investors and to defray a portion of its distribution and marketing expenses.

Note 6

The Trustees have the authority to issue an unlimited number of shares of
beneficial interest, $.001 par value per share.

At April 30, 1995, Metropolitan owned 2,617,801 Class C shares of the Fund and
the Adviser owned one Class C share of the Fund.

11
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE

Financial Highlights
For a Class C share outstanding throughout each period:

Six months September 28, 1993
ended (Commencement
April 30, Year ended of Operations)
1995 October 31, to October 31,
(Unaudited) 1994 1993
Net asset value, beginning
of period $ 9.18 $ 9.57 $9.55
Net investment income* .18 .28 .02
Net realized and unrealized
gain (loss) on
investments, foreign
currency and forward
contracts .32 (.45) --
Dividends from net
investment income (.17) (.22) --
Net asset value, end of
period $ 9.51 $ 9.18 $9.57
Total return 5.57%+++ (1.81)%+ 0.21%+++
Net assets at end of period
(000s) $31,115 $28,494 $25,040
Ratio of operating expenses
to average net assets* 1.00%** 1.00% 1.00%**
Ratio of net investment
income to average net
assets* 4.05%** 3.05% 2.32%**
Portfolio turnover rate 62.87% 142.86% 0.00%

*Reflects voluntary
assumption of fees or
expenses per share in
each period (Note 3) $ .04 $ .05 $ .00

**Annualized

+Total return figures do not reflect any front-end or contingent deferred
sales charges. Total return would be lower if the Distributor and its
affiliates had not voluntarily assumed a portion of the Fund's expenses

+++Represents aggregate return for the period without annualization and does
not reflect any front-end or contingent deferred sales charges. Total return
would be lower if the Distributor and its affiliates had not voluntarily
assumed a portion of the Fund's expenses.

12
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE

Fund Information, Officers and Trustees of MetLife-State Street Financial Trust

Fund Information Douglas A. Romich
Assistant Treasurer
State Street Research
Strategic Portfolios: Moderate Francis J. McNamara, III
One Financial Center Secretary and General Counsel
Boston, MA 02111

Investment Adviser Darman A. Wing
State Street Research & Assistant Secretary and
Management Company Assistant General Counsel
One Financial Center
Boston, MA 02111 Trustees

Distributor Ralph F. Verni
State Street Research Chairman of the Board,
Investment Services, Inc. President, Chief Executive
One Financial Center Officer and Director,
Boston, MA 02111 State Street Research &
Management Company
Shareholder Services
State Street Research Edward M. Lamont
Shareholder Services Formerly in banking
P.O. Box 8408 (Morgan Guaranty Trust
Boston, MA 02266-8408 Company of New York);
1-800-562-0032 presently engaged in
private investments
Custodian and civic affairs
State Street Bank and
Trust Company Robert A. Lawrence
225 Franklin Street Partner, Saltonstall & Co.
Boston, MA 02110

Legal Counsel Dean O. Morton
Goodwin, Procter & Hoar Retired; formerly Executive
Exchange Place Vice President, Chief
Boston, MA 02109 Operating Officer and Director,
Hewlett-Packard Company
Officers
Thomas L. Phillips
Ralph F. Verni Retired; formerly
Chairman of the Board, Chairman of the Board
President and and Chief Executive Officer,
Chief Executive Officer Raytheon Company

John H. Kallis Toby Rosenblatt
Vice President President, The Glen Ellen
Company
Thomas A. Shively Vice President, Founder
Vice President Investments Ltd.

Steven P. Somes Michael S. Scott Morton
Vice President Jay W. Forrester Professor of
Management, Sloan School
Michael R. Yogg of Management, Massachusetts
Vice President Institute of Technolocy

Gerard P. Maus Jeptha H. Wade
Treasurer Retired, formerly Of Counsel, Choate,
Hall & Stewart
Joseph W. Canavan
Assistant Treasurer

<PAGE>
State Street Strategic Portfolios: Moderate
One Financial Center
Boston, MA 02111

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Questions? Comments?
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It is not authorized for use as sales material with prospective investors.

CONTROL NUMBER: 2392-950621(0796)SSR-LD
Cover Illustration by Dorothy Cullinan
SP-029E-695

<PAGE>

[FRONT COVER]

(State Street Research Logo) STATE STREET RESEARCH

STATE STREET RESEARCH
STRATEGIC PORTFOLIOS: AGGRESSIVE

SEMIANNUAL REPORT
April 30, 1995

[graphic] (person climbing towards the stars)

WHAT'S INSIDE

New and Improved:
A new design that's
easier to read

Investment Update:
About the Fund,
economy and markets

Fund Information:
Facts and Figures

Plus, Complete Portfolio Holdings
and Financial Statements

<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Investment Update
Investment Environment

The Economy
(bullet) The economy continues to show signs of slowing, and inflation remains
low.

(bullet) The U.S. dollar remains weak against the Japanese yen and German mark.

The Markets
(bullet) The stock market has surged over the past six months. The S&P 500
provided a total return of +10.46% over this time period. So far in 1995,
through April 30, the S&P 500 provided a total return of +12.95%.(1)

(bullet) Bonds have also rallied. The Lehman Brothers Government/Corporate Bond
Index provided a total return of +6.96% for the six months ended April 30,
1995.(1)

The Fund

Over the past six months
(bullet) For the six months ended April 30, 1995, Class A shares of Strategic
Portfolios: Conservative provided a total return of +3.98% (does not reflect
sales charge).(2) The average total return for 132 funds in Lipper Analytical
Services' flexible portfolio funds category was +6.52% (does not reflect sales
charge).

(bullet) The Fund's equity holdings--particularly small-capitalization and
international stocks--provided somewhat disappointing performance. Bonds have
performed consistently well for the portfolio over the past six months.

(bullet) In November, we shifted 5% of the Fund's assets out of equities and
into high-grade bonds.

Current strategy
(bullet) On April 30, 1995, the Fund held 71% of its assets in stocks, 24% in
bonds, and 5% in cash.

(bullet) Most of the equities in the portfolio are the stocks of large U.S.
companies. In addition, 16% of the portfolio is invested in
small-capitalization stocks, and 10% of the portfolio in international stocks.

(bullet) The bonds in the portfolio are primarily high-quality government and
corporate bonds. Approximately 8% of the portfolio is invested in high-yield,
high-risk bonds, and 5% is invested in international government bonds.

(1)The Standard & Poor's Composite Index (S&P 500) includes 500 widely-traded
common stocks and is a commonly-used measure of U.S. stock market performance.
The Lehman Brothers Government/Corporate Bond Index is a commonly-used measure
of bond market performance. The indices are unmanaged and do not take sales
charges into account. Direct investment in the indices is not possible; results
are for illustrative purposes only.

(2)+4.12% for Class C shares.

(3)All returns represent past performance, which is no guarantee of future
results. The investment return and principal value of an investment made in the
Fund will fluctuate and shares, when redeemed, may be worth more or less than
their original cost. All returns assume reinvestment of capital gain
distributions and income dividends.

(4)"A" share returns reflect the maximum 4.5% sales charge. "C" shares, offered
without a sales charge, are available only to certain employee benefit plans
and large institutions.

Fund Information (all data are for periods ended April 30, 1995)

Aggregate Total Returns
(at maximum applicable sales charge)(3),(4)

Life of Fund
(since 5/16/94)

Class A +1.70%/+1.44%
Class C +6.72%/+6.46%

Cumulative Total Returns
(do not reflect sales charge)(3)

Life of Fund
(since 5/16/94) Year-to-date

Class A +6.49%/+6.22% +7.85%/+7.76%
Class C +6.72%/+6.46% +7.92%/+7.83%

Asset Allocation
(by percentage of net assets)

[pie chart] Stocks 71%
Bonds 24%
Cash 5%

1
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Investment Portfolio
April 30, 1995 (Unaudited)

Value
Shares (Note 1)

Equity Securities 71.1%
Basic Industries 13.0%
Chemical 2.7%
Atlantic Richfield Co. 11,400 $ 293,550
E.I. du Pont de Nemours & Co. 2,100 138,338
FMC Corp.* 3,200 196,400
Mitsui Petrochemical Co.* 25,000 236,806
Monsanto Co. 1,800 149,850
Potash Corp. of Saskatchewan Inc. 4,800 255,000
Rohm & Haas Co. 3,700 215,061
1,485,005
Diversified 1.9%
Cardo AB* 20,000 232,500
Coltec Industries, Inc.* 9,800 178,850
Corning, Inc. 6,600 220,275
Johnson Controls, Inc. 5,200 282,100
Mark IV Industries, Inc. 6,715 120,870
1,034,595
Electrical Equipment 0.5%
General Electric Co. 5,300 296,800
Forest Product 1.4%
Boise Cascade Corp. 4,000 131,000
Bowater, Inc. 3,000 114,750
Champion International Corp. 3,900 171,600
International Paper Co. 700 53,900
James River Corp. of Virginia 2,700 73,237
Westvaco Corp. 4,900 205,800
750,287
Machinery 3.9%
Black & Decker Corp. 3,100 93,000
CBI Industries, Inc. 13,000 321,750
Cincinnati Milacron, Inc. 8,100 216,675
Cooper Industries, Inc. 700 27,300
Fluor Corp. 3,700 190,550
Harsco Corp. 900 42,862
Linde AG* 546 313,278
Millipore Corp. 3,300 202,537
Pall Corp. 7,300 170,638
Shimizu Corp.* 25,000 268,341
Sundstrand Corp. 4,700 260,850
2,107,781
Metal & Mining 2.3%
Alumax, Inc.* 7,000 197,750
Bohler Uddeholm* 3,100 185,160
Cyprus Amax Minerals Co. 9,700 270,387
Hylsamex S.A. de C.V. ADR++* 29,800 68,242
Mitsubishi Materials Co.* 40,000 199,916
SGL Carbon AG* 5,700 227,375
Timken Co. 2,900 117,088
1,265,918
Railroad 0.2%
Southern Pacific Rail Corp.* 5,000 86,875
Truckers 0.1%
Arkansas Best Corp. 5,200 52,650
Total Basic Industries 7,079,911
Consumer Cyclical 14.0%
Airline 0.2%
Air Express International Corp. 5,000 117,500
Automotive 2.3%
Cooper Tire & Rubber Co. 3,000 73,500
Douglas & Lomason Co. 3,000 47,250
Ford Motor Co. 3,100 83,700
Ford Motor Co. Series A Cv. Pfd. 2,500 220,313
General Motors Corp. 3,100 139,888
Lear Seating Corp.* 21,200 408,100
Renault Group* 9,000 310,989
1,283,740
Building 0.7%
Cameron Ashley, Inc.* 3,600 40,500
Fleetwood Enterprises, Inc. 9,800 225,400
Hanson Trust ADR 5,500 104,500
370,400
Hotel & Restaurant 1.8%
Apple South, Inc. 4,100 59,450
Au Bon Pain Company, Inc.* 4,500 60,750
IHOP Corp.* 6,000 133,500
Motel of America, Inc.*++ 175 12,250
Outback Steakhouse, Inc.* 300 7,575
Primadonna Resorts, Inc.* 6,500 160,875
Promus Companies, Inc.* 8,000 308,000
Rio Hotel & Casino, Inc.* 1,700 25,925
Station Casinos, Inc.* 15,600 191,100
959,425
Recreation 2.6%
Boomtown, Inc. Wts.* 165 83
Brunswick Corp. 8,500 181,688
Comcast Corp. Cl. A 9,300 144,731
Walt Disney Co. 3,900 215,963
Emmis Broadcasting Corp.* 900 19,125
Evergreen Media Corp. 500 9,313

The accompanying notes are an integral part of the financial statements.

2
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Investment Portfolio (cont'd)

Value
Shares (Note 1)

Recreation (cont'd)
Infinity Broadcasting Corp. Cl. A* 7,300 $ 311,163
Mattel Inc. 5,625 133,594
Movie Gallery, Inc.* 2,800 87,500
Radica Games Ltd.* 1,600 4,800
Renaissance Communications Corp.* 4,200 115,500
Time Warner, Inc. 1,800 65,925
Viacom, Inc. Cl. A* 944 44,250
Viacom, Inc. Cl. B* 1,652 75,786
1,409,421
Retail Trade 5.5%
Bed Bath & Beyond, Inc.* 2,600 54,275
Central Rents, Inc. Wts.* 175 4,375
Department 56, Inc.* 4,400 162,800
Discount Auto Parts, Inc.* 1,900 45,838
Federated Department Stores, Inc.* 8,500 179,563
Gymboree Corp.* 6,800 159,800
Home Depot, Inc. 5,000 208,750
May Department Stores Co. 3,100 112,375
Office Depot, Inc.* 4,700 106,925
Penn Traffic Co.* 5,400 183,600
J.C. Penney, Inc. 12,100 529,375
Safety 1st, Inc.* 200 3,275
Sears, Roebuck & Co. 1,900 103,075
Stop & Shop Companies, Inc.* 6,500 173,062
Tandy Corp.* 5,200 257,400
Toys 'R Us, Inc. 5,900 148,975
Wal-Mart Stores, Inc. 13,000 308,750
Woolworth Corp. 17,200 275,200
3,017,413
Textile & Apparel 0.9%
Authentic Fitness Corp.* 10,500 173,250
Norton McNaughton, Inc.* 5,800 100,050
Warnaco Group, Inc. Cl. A* 11,300 193,513
466,813
Total Consumer Cyclical 7,624,712
Consumer Staple 11.7%
Business Service 0.8%
First Data Corp. 5,000 281,250
Franklin Quest Co.* 2,900 96,425
Viking Office Products, Inc.* 2,600 71,500
449,175
Container 0.2%
Ball Corp. 1,600 54,800
Owens-Illinois Inc. 4,700 55,812
110,612
Drug 1.2%
American Home Products Corp. 2,100 $ 161,963
Arris Pharmaceutical Corp.* 5,600 44,800
CytoTherapeutics, Inc.* 4,300 27,950
Eli Lilly & Co. 2,100 156,975
Pfizer, Inc. 3,100 268,537
660,225
Food & Beverage 2.1%
Arnotts Ltd.* 38,000 229,398
Campbell Soup Co. 3,300 169,125
Coca-Cola Co. 1,900 110,437
Coca-Cola Enterprises, Inc. 4,100 91,737
LVMH Moet Hennessy Louis Vuitton ADR* 1,980 376,740
PepsiCo, Inc. 3,700 154,013
1,131,450
Hospital Supply 5.8%
Abbott Laboratories 10,300 405,563
Advocat, Inc.* 3,400 40,375
American Home Patient, Inc.* 1,100 34,513
Careline, Inc.* 300 2,100
Columbia/HCA Healthcare Corp.* 1,800 75,600
Community Health Systems, Inc.* 6,200 215,450
Genesis Health Ventures, Inc.* 7,500 204,375
GranCare, Inc.* 7,500 122,813
HealthCare Compare Corp.* 5,600 168,350
Healthsource Inc.* 2,400 86,100
Heart Technology, Inc.* 8,100 143,775
I Stat Corp.* 5,800 135,575
Johnson & Johnson 2,800 182,000
Mariner Health Group, Inc.* 5,200 76,050
Maxicare Health Plans, Inc.* 12,200 189,100
Multicare Cos., Inc.* 4,200 86,100
Pyxis Corp.* 4,200 83,475
Right Choice Managed Care, Inc. Cl. A* 3,200 41,600
Rotech Medical Corp.* 4,100 133,250
Sierra Health Services, Inc.* 5,100 138,338
United Healthcare Corp. 6,000 217,500
Vencor, Inc.* 6,800 210,800
Vivra, Inc.* 5,200 167,050
3,159,852
Personal Care 0.6%
Procter & Gamble Co. 5,000 349,375
Printing & Publishing 0.3%
Deluxe Corp. 400 12,350
News Corp. Ltd. 8,100 157,950
170,300

The accompanying notes are an integral part of the financial statements.

3
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Value
Shares (Note 1)

Tobacco 0.7%
Philip Morris Cos., Inc. 5,400 $ 365,850
Total Consumer Staple 6,396,839
Energy 6.5%
Oil 5.6%
Anadarko Petroleum Corp. 2,900 119,263
Ashland Oil, Inc. 1,800 66,600
Tom Brown, Inc.* 4,900 69,213
Exxon Corp. 3,800 264,575
Imperial Oil Ltd. 5,700 203,775
Louisiana Land & Exploration Co. 11,200 410,200
Mitchell Energy & Development Co. 3,700 66,600
Nuevo Energy Co.* 3,400 65,025
Phillips Petroleum Co. 7,400 259,000
Ranger Oil Ltd.* 17,200 126,850
Repsol S.A.* 7,000 222,863
Tosco Corp. 8,700 297,975
Total S.A. Cl. B 4,600 144,325
Total S.A.* 4,500 281,318
Ultramar Corp. 2,000 52,250
Unocal Corp. 5,900 169,625
Woodside Petroleum Ltd. ADR* 51,300 209,693
3,029,150
Oil Service 0.9%
Coflexip* 4,500 271,978
Nowsco Well Service Ltd. 4,400 49,225
Rowan Companies, Inc.* 27,700 190,437
511,640
Total Energy 3,540,790
Finance 9.1%
Bank 2.1%
H.F. Ahmanson & Co. 5,900 123,900
BankAmerica Corp. 3,500 173,250
Chase Manhattan Corp. 4,000 175,000
Citicorp 7,300 338,537
Mellon Bank Corp. 1,200 47,100
NationsBank Corp. 2,800 140,000
West One Bancorp 4,600 127,075
1,124,862
Financial Service 2.5%
Federal Home Loan Mortgage Corp. 9,800 639,450
Federal National Mortgage Association 6,200 547,150
Money Store, Inc. 6,000 140,250
United Cos. Financial Corp. 710 27,069
1,353,919
Insurance 4.5%
Ace Ltd. 9,100 $ 241,150
Ambac, Inc. 3,200 130,400
American International Group, Inc. 2,500 266,875
American Re Corp.* 6,600 250,800
Chubb Corp. 5,200 416,000
Equitable Companies, Inc. 12,600 299,250
General Re Corp. 1,100 140,112
Horace Mann Educators Corp. 600 12,375
Mutual Risk Management Ltd. 4,200 129,150
NAC Re Corp. 3,900 128,700
National Re Corp. 3,700 111,925
Progressive Corp. Ohio 900 33,975
Safeco Corp. 4,400 248,600
20th Century Industries, Inc. 6,500 78,813
2,488,125
Total Finance 4,966,906
Science & Technology 13.3%
Aerospace 1.9%
Boeing Co. 9,800 539,000
Raytheon Co. 3,500 254,625
Sequa Corp. Cl. A 7,900 242,925
1,036,550
Computer Software & Service 4.3%
Alantec Corp. 3.600 138,150
Computervision Corp. 68,100 374,550
Dialogic Corp. 800 18,500
FTP Software, Inc. 6,200 162,750
General Motors Corp. Cl. E 3,400 147,050
Hyperion Software Corp. 5,000 215,000
ITI Technologies, Inc. 6,500 151,125
Informix Corp. 2,000 78,750
Intersolv, Inc. 5,000 68,750
Keane, Inc. 5,200 131,300
Lotus Development Corp. 500 15,750
Mattson Technologies, Inc. 1,500 40,125
Microsoft Corp. 2,400 196,500
Netcom On-Line Community Services, Inc. 600 14,850
Network Express, Inc. 1,300 18,687
Oracle Systems Corp. 500 15,250
Parametric Technology Corp. 1,500 71,250
Progress Software Corp. 500 20,250
Softkey Software Products, Inc. 6,300 154,350
Symantec Corp. 9,300 216,225
TGV Software, Inc. 1,600 30,000
Wonderware Corp. 2,600 86,125
2,365,287

The accompanying notes are an integral part of the financial statements.

4
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Investment Portfolio (cont'd)

Value
Shares (Note 1)

Electronic 5.5%
AMP, Inc. 11,300 $ 483,075
Nokia Corp.* 6,800 277,681
Credence Systems Corp.* 2,800 101,500
Electroglas, Inc.* 4,500 195,750
L.M. Ericsson Telephone Co. ADR Cl. B* 3,000 201,187
L.M. Ericsson Telephone Co. Cl. B* 3,857 255,353
General Motors Corp. Cl. H 1,700 66,513
Intel Corp.* 2,100 214,987
Itron, Inc.* 4,500 113,625
Motorola, Inc. 1,100 62,563
Perkin-Elmer Corp. 15,200 473,100
Planar Systems, Inc.* 4,400 86,900
Tektronix, Inc. 6,200 282,100
Tencor Instruments, Inc.* 2,100 142,275
Thomas & Betts Co. 400 25,500
2,982,109
Office Equipment 1.6%
Chipcom Corp.* 2,900 94,975
Diebold, Inc. 300 12,450
International Business Machines Corp. 2,100 198,975
Sequent Computer Systems, Inc.* 5,000 82,813
Syquest Technology, Inc.* 8,100 91,125
Xerox Corp. 3,300 406,312
886,650
Total Science & Technology 7,270,596
Utility 3.5%
Electric 0.4%
Empresa Nacionale de Electricidad S.A. de
C.V. ADR* 5,000 236,345
Natural Gas 1.2%
Coastal Corp. 8,400 249,900
ENSERCH Corp. 14,100 243,225
TransTexas Gas Corp.* 10,600 140,450
633,575
Telephone 1.9%
AT&T Corp. 6,000 304,500
AirTouch Communications, Inc.* 9,000 241,875
Allen Group 4,500 101,812
Cidco, Inc.* 3,100 111,600
LDDS Communications Cl. A* 1,253 30,072
Southern New England Telecom Corp. 3,900 129,188
Sprint Corp.* 3,800 127,300
1,046,347
Total Utility 1,916,267
Total Equity Securities (Cost $35,871,372) 38,796,021

Principal Maturity Value
Amount Date (Note 1)

Fixed Income Securities 24.0%
U.S. Treasury 5.4%
U.S. Treasury Bond, 8.125% $1,075,000 8/15/2021 $ 1,154,453
U.S. Treasury Note, 5.875% 350,000 5/31/1996 348,085
U.S. Treasury Note, 5.875% 550,000 3/31/1999 532,296
U.S. Treasury Note, 7.125% 625,000 9/30/1999 630,956
U.S. Treasury Note, 5.75% 325,000 8/15/2003 298,594
2,964,384

U.S. Agency Mortgage 4.8%
Federal Home Loan Mortgage Corp.
Gold, 6.50% 150,733 7/01/2008 144,468
Federal Home Loan Mortgage Corp.
Series 1547-PJ PAC, 6.60% 100,000 2/15/2022 92,718
Federal Home Loan Mortgage Corp.
Gold, 7.00% 174,125 6/01/2024 165,745
Federal Home Loan Mortgage Corp.
Gold, 7.50% 173,080 2/01/2025 169,077
Federal Home Loan Mortgage Corp.
Gold, 8.00%+ 175,000 6/13/2025 174,234
Federal National Mortgage
Association, 6.75% 100,000 12/25/2021 93,468
Federal National Mortgage
Association, 7.00% 166,387 2/01/2024 158,223
Federal National Mortgage
Association, 7.00% 232,655 11/01/2024 221,239
Federal National Mortgage
Association, 8.00% 273,625 12/01/2024 260,455
Government National Mortgage
Association, 6.50% 310,446 4/15/2009 297,153
Government National Mortgage
Association, 6.50% 450,739 7/15/2024 412,427
Government National Mortgage
Association, 8.00% 271,332 7/15/2024 271,162
Government National Mortgage
Association, 7.00% 146,092 2/15/2025 138,285
2,598,654
U.S. Agency 0.2%
Federal National Mortgage
Association, 5.41% 125,000 6/25/1998 119,870
Canadian-Yankee 0.9%
Bell Telephone Co. Canada Deb.
Series DJ, 13.375% 75,000 10/15/2010 81,021

The accompanying notes are an integral part of the financial statements.

5
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Principal Maturity Value
Amount Date (Note 1)

Canadian-Yankee (cont'd)
British Columbia Hydroelectric
Authority Series FH, 15.50% $50,000 7/15/2011 $ 57,776
Carter Holt Harvey Deb., 9.50% 75,000 12/01/2024 82,277
Hydro-Quebec Deb. Series HS,
9.40% 75,000 2/01/2021 82,688
Laidlaw Inc., Deb., 8.75% 50,000 4/15/2025 49,794
Province of Manitoba Deb. Series
CD, 9.25% 50,000 4/01/2020 56,476
Province of Quebec Global Notes,
7.50% 75,000 7/15/2003 67,678
477,710
Trust Certificates 0.3%
Cooperative Utility Trust
Certificates, 10.70% 75,000 9/15/2007 83,778
Deseret Generation Cooperative
Trust Certificates, 10.11% 75,000 12/15/2017 82,690
166,468
Foreign Government 5.2% Canadian Dollar
Government of Canada, 9.75% 100,000 12/01/2001 79,510
Government of Canada, 7.50% 100,000 12/01/2003 69,915
Danish Krone
Kingdom of Denmark, 7.00% 2,900,000 12/15/2004 477,720
Spanish Peseta
Government of Spain, 11.30% 25,700,000 1/15/2002 201,070
Australian Dollar
Government of Australia, 9.50% 650,000 8/15/2003 469,306
Deutsche Mark
German Treuhandanstalt, 7.00% 2,900,000 12/15/2004 1,021,369
British Pound
United Kingdom Treasury Stock,
7.25% 25,000 3/30/1998 39,314
United Kingdom Treasury Stock,
9.75% 150,000 8/27/2002 257,383
United Kingdom Treasury Stock,
8.00% 50,000 6/10/2003 78,200
Italian Lira
Republic of Italy, 8.50% 2,450,000 4/01/1999 128,985
2,822,772
Finance/Mortgage 1.9%
Advanta Credit Card Master Trust
Series 1994-B, 6.405% $50,000 10/15/2000 49,969
ASFS Corp. Series 94-C2 SR A-1,
8.00% 49,092 8/25/2010 49,414
American General Finance Corp.
Notes, 8.00% 75,000 2/15/2000 76,604
Beneficial Corp. Mortgage Note,
8.17% $75,000 11/09/1999 $ 77,011
Capital One Bank Sr. Note,
8.125% 75,000 3/01/2000 75,948
Discover Credit Card Trust
Series 1993-A, 6.25% 75,000 8/15/2000 73,336
First Chicago Credit Trust
Series 91-D, 8.40% 50,000 6/15/1998 50,750
Ford Motor Credit Co. Note,
8.17% 75,000 12/01/1997 76,468
General Electric Capital Corp.
Note, 7.625% 100,000 7/24/1996 100,954
General Motors Acceptance Corp.
Note, 7.85% 100,000 11/17/1997 101,320
General Motors Acceptance Corp.
Deb., 8.625% 75,000 6/15/1999 77,864
Household Affinity Master Trust
Series 94-1A, 6.275% 50,000 5/15/2001 49,718
MBNA America Bank Mortgage Note,
7.65% 75,000 4/17/2002 75,857
Standard Credit Card Master
Trust Series 93-3A, 5.50% 75,000 1/07/1999 70,875
Tandy Master Trust Series
1991-A, 8.25% 28,744 4/15/1999 28,915
1,035,003
Corporate 5.3%
American Home Products Corp.
Notes, 7.70% 75,000 2/15/2000 76,235
Anacomp Inc. Sr. Sub. Note,
15.00% 100,000 11/01/2005 70,000
Bayou Steel Corp. First Mortgage
Note, 10.25% 165,000 3/01/2001 151,800
Boomtown, Inc. First Mortgage
Notes, 11.50% 165,000 11/01/2003 150,975
Central Rents, Inc. Sr. Units,
12.875%++ 175,000 12/15/2003 158,812
Chevron Corp. Profit Sharing
Note, 8.11% 75,000 12/01/2004 77,459
Crown Packaging, Inc. Sr. Note
Series B, 10.75% 175,000 11/01/2000 176,750
Farm Fresh, Inc. Sr. Notes
12.25% 150,000 10/01/2000 144,000
Grand Union Co. Sr. Sub. Notes,
12.25% |B( 175,000 7/15/2002 58,625
Granite Broadcasting Corp. Sr.
Sub. Debs., 12.75% 165,000 9/01/2002 173,250

The accompanying notes are an integral part of the financial statements.

6
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Investment Portfolio (cont'd)

Principal Maturity Value
Amount Date (Note 1)

Corporate (cont'd)
Haynes International Inc. Sr. Sec.
Notes, 11.25% $200,000 6/15/1998 $ 188,000
Horsehead Industries, Inc. Sub.
Note, 14.00% 250,000 6/01/1999 255,625
K & F Industries, Inc. Sr. Sub.
Deb., 13.75% 250,000 8/01/2001 247,500
Marcus Cable Capital Co.
Sr. Disc. Note, 0.00% to
7/31/99, 13.50% from
8/1/99 to maturity 250,000 8/01/2004 148,750
Mobile Telecommunications Tech. Sr.
Notes, 13.50% 85,000 2/15/2000 90,950
Motels of America, Inc. Sr. Sub.
Notes, 12.00% 175,000 4/15/2004 171,500
Presidio Oil Co. Sr. Sec. Notes
Series B, 11.50% 200,000 9/15/2000 172,000
Rohr, Inc. Sub. Note, 7.75% 86,000 5/15/2004 107,500
Terex Corp. Sr. Units, 13.00%++ 100,000 8/01/1996 101,500
Trump Plaza Funding, Inc. First
Mortgage Notes, 10.875% 175,000 6/15/2001 144,375
U.S.A. Mobile Communications, Inc.
Sr. Notes, 9.50% 65,000 2/01/2004 57,525
2,923,131
Total Fixed Income Securities (Cost $12,975,597) 13,107,992

Principal Maturity Value
Amount Date (Note 1)

Short-Term Obligations 5.1%
American Express Credit Corp.,
5.85% $1,519,000 5/1/1995 $ 1,519,000
American Express Credit Corp.,
5.88% 928,000 5/2/1995 928,000
Ford Motor Credit Co., 5.94% 120,000 5/3/1995 120,000
Ford Motor Credit Co., 5.93% 199,000 5/5/1995 199,000
Total Short-Term Obligations (Cost $2,766,000) 2,766,000
Total Investments (Cost $51,612,969)--100.2% 54,670,013
Cash and Other Assets, Less Liabilities--(0.2)% (113,496)
Net Assets--100.0% $54,556,517

Federal Income Tax Information:
At April 30, 1995, the net unrealized
appreciation of investments based on cost for
Federal income tax purposes of $51,621,527 was
as follows:
Aggregate gross unrealized appreciation for all
investments in which there is an excess of
value over tax cost $ 4,207,500
Aggregate gross unrealized depreciation for all
investments in which there is an excess of
value over tax cost (1,159,014)
$ 3,048,486

ADR stands for American Depositary Receipt, representing ownership of foreign
securities.
* Nonincome-producing securities.
+ Represents "TBA" (to be announced) purchase commitment to purchase securities
for a fixed unit price at a future date beyond customary settlement time.
Although the unit price has been established, the principal value has not been
finalized.
++ Security restricted in accordance with Rule 144A under the Securities Act of
1933, which allows for the resale of such securities among certain qualified
buyers. The total cost and market value of Rule 144A securities owned at April
30, 1995 were $365,594 and $340,804 (0.62% of net assets), respectively.
[ ] Security is in default.

The accompanying notes are an integral part of the financial statements.

7
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Forward currency exchange contracts outstanding at April 30, 1995 are as
follows:

<TABLE>
<CAPTION>
Unrealized
Contract Appreciation Delivery
Total Value Price (Depreciation) Date
<S> <C> <C> <C> <C>
Sell Australian dollars, buy U.S. dollars 256,223 AUD .74490 AUD $ 4,426 5/16/95
Sell Australian dollars, buy U.S. dollars 112,014 AUD .73610 AUD 934 5/24/95
Sell Australian dollars, buy U.S. dollars 195,000 AUD .73580 AUD 1,380 7/13/95
Sell Canadian dollars, buy U.S. dollars 168,000 CAD .71141 CAD (3,934) 5/16/95
Sell Canadian dollars, buy U.S. dollars 12,813 CAD .72690 CAD (73) 7/24/95
Sell Danish krone, buy U.S. dollars 968,000 DKK .17148 DKK (11,748) 5/24/95
Sell Danish krone, buy U.S. dollars 1,441,000 DKK .18439 DKK 1,379 7/24/95
Sell Deutsche mark, buy U.S. dollars 1,393,700 DEM .71720 DEM (6,995) 5/24/95
Sell Italian lira, buy U.S. dollars 202,166,759 ITL .00061 ITL 12,389 5/16/95
Sell Pound sterling, buy U.S. dollars 52,000 GBP 1.58110 GBP (1,366) 5/24/95
Sell Pound sterling, buy U.S. dollars 70,200 GBP 1.60799 GBP 218 6/22/95
Sell Pound sterling, buy U.S.dollars 101,500 GBP 1.61180 GBP 992 7/24/95
Sell Spanish peseta, buy U.S. dollars 23,940,000 ESP .00762 ESP (11,608) 5/16/95
$(14,006)

</TABLE>
The accompanying notes are an integral part of the financial statements.

8
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Statement of Assets and Liabilities
April 30, 1995 (Unaudited)

Assets
Investments, at value (Cost $51,612,969) (Note 1) $54,670,013
Cash 86,600
Receivable for securities sold 1,292,007
Interest and dividends receivable 324,017
Receivable for open forward contracts 21,718
Receivable from Distributor (Note 3) 15,228
Receivable for fund shares sold 3,097
Deferred organization costs and other assets (Note 1) 85,989
56,498,669
Liabilities
Payable for securities purchased 1,814,017
Payable for open forward contracts 35,724
Accrued management fee (Note 2) 33,218
Accrued distribution fee (Note 5) 7,350
Accrued transfer agent and shareholder services (Note
2) 3,845
Accrued trustees' fees (Note 2) 3,114
Other accrued expenses 44,884
1,942,152
Net Assets $54,556,517
Net Assets consist of:
Undistributed net investment income $ 144,038
Unrealized appreciation of investments 3,057,044
Unrealized depreciation of forward contracts and
foreign currency (12,294)
Accumulated net realized loss (726,740)
Shares of beneficial interest 52,094,469
$54,556,517
Net Asset Value and redemption price per share of Class
A shares ($36,177,134 / 3,619,245 shares of
beneficial interest) $10.00
Maximum Offering Price per share of Class A shares
($10.00 / .955) $10.47
Net Asset Value, offering price and redemption price
per share of Class C shares ($18,379,383 / 1,837,774
shares of beneficial interest) $10.00

Statement of Operations
For the six months ended April 30, 1995 (Unaudited)

Investment Income
Interest, net of foreign taxes of $1,186 $ 620,175
Dividends, net of foreign taxes of $3,496 312,602
932,777
Expenses
Management fee (Note 2) 190,359
Custodian fee 73,891
Distribution fee--Class A (Note 5) 48,834
Registration fees 12,488
Audit fee 8,536
Trustees' fees (Note 2) 6,057
Reports to shareholders 5,196
Amortization of organization costs (Note 1) 3,711
Legal fees 2,388
Transfer agent and shareholder services (Note 2) 1,305
Miscellaneous 3,859
356,624
Expenses borne by the Distributor (Note 3) (26,152)
330,472
Net investment income 602,305
Realized and Unrealized Gain
(Loss) on Investments, Foreign
Currency and Forward Contracts
Net realized loss on investments (Note 1 and 4) (312,505)
Net realized gain on forward contracts and foreign
currency (Note 1) 19,872
Total net realized loss (292,633)
Net unrealized appreciation of investments 1,759,635
Net unrealized appreciation of forward contracts and
foreign currency 48,313
Total net unrealized appreciation 1,807,948
Net gain on investments, foreign currency and forward
contracts 1,515,315
Net increase in net assets resulting from operations $ 2,117,620

The accompanying notes are an integral part of the financial statements.

9
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Statement of Changes in Net Assets

Six months May 16, 1994
ended (Commencement of
April 30, 1995 Operations) to
(Unaudited) October 31, 1994

Increase (Decrease) in Net Assets
Operations:
Net investment income $ 602,305 $ 466,725
Net realized loss on investments,
foreign currency and forward
contracts (292,633) (492,265)
Net unrealized appreciation of
investments, foreign currency
and forward contracts 1,807,948 1,236,802
Net increase resulting from
operations 2,117,620 1,211,262
Dividends from net investment
income:
Class A (563,618) (209,424)
Class C (93,279) (513)
(656,897) (209,937)
Net increase from fund share
transactions (Note 6) 1,994,459 50,100,010
Total increase in net assets 3,455,182 51,101,335
Net Assets
Beginning of period 51,101,335 --
End of period (including
undistributed net investment
income of $144,038, and
$198,630, respectively) $54,556,517 $ 51,101,335
* Net realized loss for Federal
income tax purposes
(Note 1) $ (345,356) $ (356,785)

Notes to Unaudited Financial Statements
April 30, 1995

Note 1
State Street Research Strategic Portfolios: Aggressive (the "Fund"), is a
series of MetLife-State Street Financial Trust (the "Trust"), which was
organized as a Massachusetts business trust in November, 1986 and is registered
under the Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund commenced operations in May, 1994. The Trust
consists presently of four separate funds: State Street Research Strategic
Portfolios: Aggressive, State Street Research Government Income Fund, State
Street Research Strategic Portfolios: Moderate and State Street Research
Strategic Portfolios: Conservative.

The Fund is authorized to issue four classes of shares. Only Class A and Class
C shares are presently available for purchase. Class B and Class D shares are
not being offered at this time. Class A shares are subject to an initial sales
charge of up to 4.50% and annual service fees of 0.25% of average daily net
assets. Class B shares will be subject to a contingent deferred sales charge on
certain redemptions made within five years of purchase and pay annual
distribution and service fees of 1.00%. Class B shares automatically convert
into Class A shares (which pay lower ongoing expenses) at the end of eight
years after the issuance of the Class B shares. Class C shares are only offered
to certain employee benefit plans and large institutions. No sales charge is
imposed at the time of purchase or redemption of Class C shares. Class C shares
do not pay any distribution or service fees. Class D shares are subject to a
contingent deferred sales charge of 1.00% on any shares redeemed within one
year of their purchase. Class D shares also pay annual distribution and service
fees of 1.00%. The Fund's expenses are borne pro-rata by each class, except
that each class bears expenses, and has exclusive voting rights with respect to
provisions of the Plan of Distribution, related specifically to that class. The
Trustees declare separate dividends on each class of shares.

The following significant accounting policies are consistently followed by the
Fund in preparing its financial statements, and such policies are in conformity
with generally accepted accounting principles for investment companies.

A. Investment Valuation
Values for listed equity securities reflect final sales on national securities
exchanges quoted prior to the close of the New York Stock Exchange.
Over-the-counter securities quoted on the National Association of Securities
Dealers Automated Quotation ("NASDAQ") system are valued at closing prices
supplied through such system. If not quoted on the NASDAQ system, such
securities are valued at prices obtained from brokers. In the absence of
recorded sales, valuations are at the mean of the closing bid and asked
quotations. Fixed income securities are valued by a pricing service, which
utilizes market transactions, quotations from dealers, and various
relationships among securities in determining value. Short-term securities
maturing within sixty days are valued at amortized cost.

The accompanying notes are an integral part of the financial statements.

10
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Notes (cont'd)

C. Net Investment Income
Net investment income is determined daily and consists of interest and
dividends accrued and discount earned, less the estimated daily expenses of the
Fund. Interest income is accrued daily as earned. Dividend income is accrued on
the ex-dividend date. Discount on debt obligations is amortized under the
effective yield method. The Fund is charged for expenses directly attributable
to it, while indirect expenses are allocated among all funds in the Trust.

Income dividends and capital gain distributions are determined in accordance
with Federal income tax regulations which may differ from generally accepted
accounting principles.

E. Federal Income Taxes
No provision for Federal income taxes is necessary because the Fund intends to
qualify under Subchapter M of the Internal Revenue Code and its policy is to
distribute all of its taxable income, including net realized capital gains,
within the prescribed time periods. At October 31, 1994, the Fund had a capital
loss carryforward of $356,785 available, to the extent provided in regulations,
to offset future capital gains, if any, which expires on October 31, 2002.

F. Deferred Organization Costs
Certain costs incurred in the organization and registration of the Fund were
capitalized and are being amortized under the straight-line method over a
period of five years.

G. Forward Contracts and Foreign Currencies
A forward foreign currency exchange contract is an obligation by the Fund to
purchase or sell a specific currency at a future date, which may be any fixed
number of days from the origination date of the contract. Forward foreign
currency exchange contracts establish an exchange rate at a future date. These
contracts are transferable in the interbank market conducted directly between
currency traders (usually large commercial banks) and their customers. The
aggregate principal amount of forward currency exchange contracts is recorded
in the Fund's accounts. All commitments are marked-to-market at the applicable
transaction rates resulting in unrealized gains or losses. The Fund records
realized gains or losses at the time the forward contracts are extinguished by
entry into a closing contract or by delivery of the currency. Neither spot
transactions nor forward currency exchange contracts eliminate fluctuations in
the prices of the Fund's portfolio securities or in foreign exchange rates, or
prevent loss if the price of these securities should decline.

Securities quoted in foreign currencies are translated into U.S. dollars at the
current exchange rate. Gains and losses that arise from changes in exchange
rates are not segregated from gains and losses that arise from changes in
market prices of investments.

Note 2
The Trust and State Street Research & Management Company (the "Adviser"), an
indirect wholly-owned subsidiary of Metropolitan Life
Insurance Company ("Metropolitan"), have entered into an agreement under which
the Adviser earns monthly fees at an annual rate of 0.75% of the Fund's average
daily net assets. In consideration of these fees, the Adviser furnishes the
Fund with management, investment advisory, statistical and research facilities
and services. The Adviser also pays all salaries, rent and certain other
expenses of management. During the six months ended April 30, 1995, the fees
pursuant to such agreement amounted to $190,359.

The fees of the Trustees not currently affiliated with the Adviser amounted to
$6,057 during the six months ended April 30, 1995.

Note 3
The Distributor and its affiliates may from time to time and in varying amounts
voluntarily assume some portion of fees or expenses relating to the Fund.
During the six months ended April 30, 1995, the amount of such expenses assumed
by the Distributor and its affiliates was $26,152.

Note 4
For the six months ended April 30, 1995, purchases and sales of securities,
exclusive of short-term obligations, aggregated $33,981,285 and $31,879,159
(including $5,951,335 and $4,738,371 of U.S.
Government securities), respectively.

Note 5
The Trust has adopted a Plan of Distribution Pursuant to Rule 12b-1 (the
"Plan") under the Investment Company Act of 1940. Under the Plan, the Fund will
pay annual service fees to the Distributor at a rate of 0.25% of average daily
net assets for Class A, Class B and Class D shares. In addition, the Fund will
pay annual distribution fees of 0.75% of average daily net assets for Class B
and Class D shares. The Distributor uses such payments for personal service
and/or the maintenance of shareholder accounts, to reimburse securities dealers
for distribution and marketing services, to furnish ongoing assistance to
investors and to defray a portion of its distribution and marketing expenses.
For the six months ended April 30, 1995, fees pursuant to such plan amounted to
$48,834 for Class A shares.

11
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Note 6
The Trustees have the authority to issue an unlimited number of shares of
beneficial interest, $.001 par value per share. At April 30, 1995, Metropolitan
owned 3,619,222 Class A shares and 1,625,110 Class C shares of the Fund and the
Adviser owned one Class A share of the Fund.

Share transactions were as follows:

<TABLE>
<CAPTION>
May 16, 1994
Six months ended (Commencement of
April 30, 1995 Operations) to
(Unaudited) October 31, 1994
Class A Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold 21 $ 191 5,235,603 $50,000,010
Shares repurchased (1,616,379) (15,000,000) -- --
Net increase (decrease) (1,616,358) $(14,999,809) 5,235,603 $50,000,010

<CAPTION>
Class C Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold 1,840,241 $ 17,117,867 10,471 $ 100,000
Issued upon reinvestment of dividends 914 8,411 -- --
Shares repurchased (13,852) (132,010) -- --
Net increase 1,827,303 $ 16,994,268 10,471 $ 100,000

</TABLE>
The accompanying notes are an integral part of the financial statements.

12
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Financial Highlights
For a share outstanding throughout each period.
<TABLE>
<CAPTION>
Class A Class C
May 16, 1994 May 16, 1994
Six months ended (Commencement of Six months ended (Commencement of
April 30, 1995 Operations) to April 30, 1995 Operations) to
(Unaudited) October 31, 1994 (Unaudited) October 31, 1994
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.74 $9.55 $ 9.74 $9.55
Net investment income* .11 .09 .11 .10
Net realized and unrealized gain on investments,
foreign currency and forward contracts .27 .14 .28 .14
Dividends from net investment income (.12) (.04) (.13) (.05)
Net asset value, end of period $10.00 $9.74 $10.00 $9.74
Total return+++ 3.98% 2.41% 4.12% 2.50%
Net assets at end of period (000s) $36,177 $50,999 $18,379 $102
Ratio of operating expenses to average net assets* 1.35%++ 1.35%++ 1.10%++ 1.10%++
Ratio of net investment income to average net
assets* 2.32%++ 2.01%++ 2.55%++ 2.26%++
Portfolio turnover rate 65.50% 37.75% 65.50% 37.75%
*Reflects voluntary assumption of fees or expenses
per share in each period (Note 3) $.00 $.01 $.00 $.01
</TABLE>

++ Annualized

13
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: AGGRESSIVE

Fund Information, Officers and Trustees of MetLife-State Street Financial Trust

Fund Information
State Street Research
Strategic Portfolios: Aggressive
One Financial Center
Boston, MA 02111

Investment Adviser
State Street Research &
Management Company
One Financial Center
Boston, MA 02111

Distributor
State Street Research
Investment Services, Inc.
One Financial Center
Boston, MA 02111

Shareholder Services
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408
1-800-562-0032

Custodian
State Street Bank and
Trust Company
225 Franklin Street
Boston, MA 02110

Legal Counsel
Goodwin, Procter & Hoar
Exchange Place
Boston, MA 02109

Officers

Ralph F. Verni
Chairman of the Board,
President and
Chief Executive Officer

John H. Kallis
Vice President

Thomas A. Shively
Vice President

Steven P. Somes
Vice President

Michael R. Yogg
Vice President

Gerard P. Maus
Treasurer

Joseph W. Canavan
Assistant Treasurer

Douglas A. Romich
Assistant Treasurer

Francis J. McNamara, III
Secretary and General Counsel

Darman A. Wing
Assistant Secretary and
Assistant General Counsel

Trustees

Ralph F. Verni
Chairman of the Board,
President, Chief Executive
Officer and Director,
State Street Research &
Management Company

Edward M. Lamont
Formerly in banking
(Morgan Guaranty Trust
Company of New York);
presently engaged in private
investments and civic affairs

Robert A. Lawrence
Partner, Saltonstall & Co.

Dean O. Morton
Retired; formerly Executive
Vice President, Chief
Operating Officer and Director,
Hewlett-Packard Company

Thomas L. Phillips
Retired; formerly Chairman of
the Board and Chief Executive
Officer, Raytheon Company

Toby Rosenblatt
President, The Glen Ellen
Company
Vice President, Founders
Investments Ltd.

Michael S. Scott Morton
Jay W. Forrester Professor of
Management, Sloan School
of Management, Massachusetts
Institute of Technology

Jeptha H. Wade
Retired; formerly Of Counsel,
Choate, Hall & Stewart
14
<PAGE>

State Street Research Strategic Portfolios: Aggressive
One Financial Center
Boston, MA 02111

Bulk Rate
U.S. Postage
PAID
Brockton, MA
Permit No. 600

Questions? Comments?
Call us at 1-800-562-0032,
or write us at:
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408

[logo of clock] State Street Research

This report is prepared for the general information of shareholders.
It is not authorized for distribution to prospective investors.

CONTROL NUMBER: 2393-950621(0796)SSR-LD
Cover Illustration by Dorothy Cullinan
SP-237E-695

[Logo STATE STREET RESEARCH & MANAGEMENT COMPANY]

<PAGE>
ONE FINANCIAL CENTER ((bullet)) BOSTON, MA 02111-2690
PHONE 617-357-1200

<PAGE>

[FRONT COVER]

(State Street Research Logo) STATE STREET RESEARCH

STATE STREET RESEARCH
STRATEGIC PORTFOLIOS: CONSERVATIVE

SEMIANNUAL REPORT
April 30, 1995

[graphic -- drawing of figure walking uphill]

WHAT'S INSIDE

New and Improved:
A new design that's
easier to read

Investment Update:
About the Fund,
economy and markets

Fund Information:
Facts and Figures

Plus, Complete Portfolio Holdings
and Financial Statements

<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Investment Update

Investment Environment

The Economy
(bullet) The economy continues to show signs of slowing, and inflation remains
low.

(bullet) The U.S. dollar remains weak against the Japanese yen and German mark.

(bullet) Bonds have also rallied. The Lehman Brothers Government/Corporate Bond
Index provided a total return of +6.96% for the six months ended April 30,
1995.((1))

The Fund

Over the past six months
(bullet) For the six months ended April 30, 1995, Class A shares of Strategic
Portfolios: Conservative provided a total return of +6.43% (does not reflect
sales charge).((2)) The average total return for 26 funds in Lipper Analytical
Services' flexible income funds category was +5.54% (does not reflect sales
charge).

(bullet) The Fund's holdings in high-quality bonds provided strong returns,
benefitting from the recent bond market rally. The Fund's stock holdings also
performed relatively well.

(bullet) In November 1994, we shifted 5% of the Fund's assets out of equities
and into high-grade bonds.

Current strategy
(bullet) On April 30, 1995, the Fund held 71% of its assets in bonds, 25% in
stocks, and 4% in cash.

(bullet) The bonds in the portfolio are primarily high-quality government and
corporate bonds. Nearly 6% of the portfolio is invested in international
government bonds.

(bullet) The equities in the portfolio are primarily the stocks of large U.S.
companies. In addition, just under 3% of the portfolio is invested in
international stocks.

((1))The Standard & Poor's Composite Index (S&P 500) includes 500 widely-traded
common stocks and is a commonly-used measure of U.S. stock market performance.
The Lehman Brothers Government/Corporate Bond Index is a commonly-used measure
of bond market performance. The indices are unmanaged and do not take sales
charges into account. Direct investment in the indices is not possible; results
are for illustrative purposes only.

((2))+6.57% for Class C shares.

((3))All returns represent past performance, which is no guarantee of future
results. The investment return and principal value of an investment made in the
Fund will fluctuate and shares, when redeemed, may be worth more or less than
their original cost. All returns assume reinvestment of capital gain
distributions and income dividends.

((4))"A" share returns reflect the maximum 4.5% sales charge. "C" shares,
offered without a sales charge, are available only to certain employee benefit
plans and large institutions.

Fund Information (all data are for periods ended April 30, 1995)

Aggregate Total Returns
(at maximum applicable sales charge)((3,4))

Life of Fund
(since 5/16/94)

Class A +2.82%/+2.05%
Class C +7.90%/+7.09%

Cumulative Total Returns
(do not reflect sales charge)((3))

Life of Fund
(since 5/16/94) Year-to-date

Class A +7.66%/+6.86% +7.33%/+7.06%
Class C +7.90%/+7.09% +7.39%/+7.13%

Asset Allocation
(by percentage of net assets)
[pie chart]
Bonds 71%
Stocks 25%
Cash 4%

1
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Investment Portfolio
April 30, 1995 (Unaudited)

Value
Shares (Note 1)

EQUITY SECURITIES 24.7%
Basic Industries 5.8%
Chemical 1.2%
Atlantic Richfield Co. 2,800 $ 72,100
E.I. du Pont de Nemours and Co. 500 32,938
FMC Corp.* 800 49,100
Mitsui Petrochemical Co.* 4,000 37,888
Monsanto Co. 500 41,625
Potash Corp. of Saskatchewan, Inc. 1,200 63,750
Rohm & Haas Co. 600 34,875
332,276
Diversified 1.0%
Cardo AB* 2,900 33,712
Coltec Industries, Inc.* 2,400 43,800
Corning, Inc. 3,100 103,463
Johnson Controls, Inc. 1,300 70,525
Mark IV Industries, Inc. 1,575 28,350
279,850
Electrical Equipment 0.2%
General Electric Co. 1,100 61,600
Forest Product 0.7%
Boise Cascade Corp. 1,000 32,750
Bowater, Inc. 800 30,600
Champion International Corp. 800 35,200
International Paper Co. 200 15,400
James River Corp. of Virginia 700 18,987
Westvaco Corp. 1,400 58,800
191,737
Machinery 1.5%
Black & Decker Corp. 800 24,000
CBI Industries Inc. 3,100 76,725
Cincinnati Milacron, Inc. 2,000 53,500
Cooper Industries, Inc. 200 7,800
Fluor Corp. 600 30,900
Harsco Corp. 200 9,525
Linde AG* 81 46,482
Millipore Corp. 500 30,687
Pall Corp. 1,100 25,713
Shimizu Corp.* 4,000 42,934
Sundstrand Corp. 1,200 66,600
414,866
Metal & Mining 1.0%
Alumax, Inc.* 1,700 $ 48,025
Bohler Uddeholm* 500 29,865
Cyprus Amax Minerals Co. 2,400 66,900
Hysalmex S.A. de C.V. ADR++* 7,700 17,633
Mitsubishi Materials Co.* 6,000 29,987
SGL Carbon AG* 1,000 39,890
Timken Co. 700 28,263
260,563
Railroad 0.1%
Southern Pacific Rail Corp.* 1,200 20,850
Truckers 0.1%
Arkansas Best Corp. 1,300 13,163
Total Basic Industries 1,574,905
Consumer Cyclical 4.6%
Automotive 1.0%
Cooper Tire & Rubber Co. 600 14,700
Douglas & Lomason Co. 700 11,025
Ford Motor Co. 800 21,600
Ford Motor Co. Series A Cv. Pfd. 600 52,875
General Motors Corp. 800 36,100
Lear Seating Corp.* 4,400 84,700
Renault Group* 1,100 38,009
259,009
Building 0.3%
Fleetwood Enterprises, Inc. 2,400 55,200
Hanson Trust ADR 1,400 26,600
81,800
Hotel & Restaurant 0.4%
Mirage Resorts, Inc.* 1,400 42,000
Promus Companies, Inc.* 1,600 61,600
103,600
Recreation 0.7%
Brunswick Corp. 2,100 44,888
Comcast Corp. Cl. A 1,600 24,900
Walt Disney Co. 900 49,837
Infinity Broadcasting Corp. Cl. A* 300 12,788
Mattel, Inc. 1,000 23,750
Time Warner, Inc. 800 29,300
Viacom, Inc. Cl. A* 192 9,000
Viacom, Inc. Cl. B* 254 11,652
206,115

The accompanying notes are an integral part of the financial statements.

2
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Investment Portfolio (cont'd)

Value
Shares (Note 1)

Retail Trade 2.2%
Federated Department Stores, Inc.* 2,100 $ 44,363
Home Depot, Inc. 1,100 45,925
May Department Stores Co. 800 29,000
Office Depot, Inc.* 1,000 22,750
Penn Traffic Co.* 1,300 44,200
J.C. Penney, Inc. 2,800 122,500
Sears, Roebuck & Co. 500 27,125
Spiegel, Inc. Cl. A 800 7,200
Stop & Shop Cos., Inc.* 1,600 42,600
Tandy Corp. 1,300 64,350
Toys 'R Us, Inc.* 1,000 25,250
Wal-Mart Stores, Inc. 2,100 49,875
Woolworth Corp. 4,200 67,200
592,338
Total Consumer Cyclical 1,242,862
Consumer Staple 3.0%
Business Service 0.2%
First Data Corp 900 50,625
Container 0.1%
Ball Corp. 700 23,975
Owens-Illinois Inc. 1,200 14,250
38,225
Drug 0.6%
American Home Products Corp. 400 30,850
Eli Lilly & Co. 400 29,900
Merck & Company, Inc. 1,300 55,737
Pfizer, Inc. 600 51,975
168,462
Food & Beverage 0.7%
Arnotts Ltd.* 6,000 36,220
Campbell Soup Co. 600 30,750
Coca-Cola Co. 400 23,250
Coca-Cola Enterprises, Inc. 1,000 22,375
LVMH Moet Hennessy Louis Vuitton ADR* 300 57,082
PepsiCo, Inc. 700 29,138
198,815
Hospital Supply 0.7%
Abbott Laboratories 1,900 74,813
Columbia/HCA Healthcare Corp.* 300 12,600
Healthsource, Inc.* 300 10,762
Johnson & Johnson 600 39,000
United Healthcare Corp. 1,200 43,500
180,675
Personal Care 0.3%
Procter & Gamble Co. 1,000 $ 69,875
Printing & Publishing 0.1%
Deluxe Corp. 100 3,088
News Corp. Ltd. ADR 1,400 27,300
30,388
Tobacco 0.3%
Philip Morris Cos., Inc. 1,100 74,525
Total Consumer Staple 811,590
Energy 2.4%
Oil 2.1%
Anadarko Petroleum Corp. 600 24,675
Ashland Oil, Inc. 500 18,500
Exxon Corp. 800 55,700
Imperial Oil Ltd. 850 30,388
Louisiana Land & Exploration Co. 2,600 95,225
Mitchell Energy & Development Corp. Cl. B 1,000 18,000
Phillips Petroleum Co. 1,800 63,000
Repsol S.A.* 1,500 47,756
Tosco Corp. 2,100 71,925
Total S.A. Cl. B* 700 43,760
Ultramar Corp. 600 15,675
Unocal Corp. 1,400 40,250
Woodside Petroleum Ltd. ADR* 7,700 31,475
556,329
Oil Service 0.3%
Coflexip* 700 42,307
Rowan Companies, Inc.* 5,500 37,813
80,120
Total Energy 636,449
Finance 3.7%
Bank 1.0%
H.F. Ahmanson & Co. 1,500 31,500
BankAmerica Corp. 800 39,600
Chase Manhattan Corp. 1,000 43,750
Citicorp 1,400 64,925
Mellon Bank Corp. 300 11,775
NationsBank Corp. 700 35,000
West One Bancorp 1,200 33,150
259,700

The accompanying notes are an integral part of the financial statements.

3
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Value
Shares (Note 1)

Financial Service 0.9%
Federal Home Loan Mortgage Corp. 2,200 $ 143,550
Federal National Mortgage Association 1,300 114,725
258,275
Insurance 1.8%
Ace Ltd. 2,200 58,300
Ambac, Inc. 800 32,600
American International Group, Inc. 500 53,375
American Re Corp.* 2,500 95,000
Chubb Corp. 1,200 96,000
Equitable Companies, Inc. 2,500 59,375
General Re Corp. 200 25,475
Progressive Corp. 200 7,550
SAFECO Corp. 1,100 62,150
489,825
Total Finance 1,007,800
Science & Technology 3.8%
Aerospace 0.8%
Boeing Co. 2,100 115,500
Raytheon Co. 500 36,375
Sequa Corp. Cl. A* 2,100 64,575
216,450
Computer Software & Service 0.8%
Computervision Corp.* 16,800 92,400
General Motors Corp. Cl. E 900 38,925
Informix Corp.* 400 15,750
Lotus Development Corp.* 100 3,150
Microsoft Corp.* 500 40,938
Oracle Systems Corp.* 100 3,050
Parametric Technology Corp.* 400 19,000
213,213
Electronic 1.8%
AMP, Inc. 2,600 111,150
General Motors Corp. Cl. H 400 15,650
Intel Corp.* 400 40,950
L.M. Ericsson Telephone Co. ADR Cl. B* 600 40,237
L.M. Ericsson Telephone Co. Cl. B* 561 37,141
Motorola, Inc. 400 22,750
Nokia Corp.* 960 39,202
Perkin-Elmer Corp. 3,400 105,825
Tektronix, Inc. 1,500 68,250
Thomas & Betts Corp. 100 6,375
487,530
Office Equipment 0.4%
Diebold, Inc. 100 $ 4,150
International Business Machines Corp. 400 37,900
Xerox Corp. 400 49,250
91,300
Total Science & Technology 1,008,493
Utility 1.4%
Electric 0.2%
Empresa Nacionale de Electricidad S.A. de
C.V. ADR* 1,000 47,269
Natural Gas 0.6%
Coastal Corp. 2,100 62,475
ENSERCH Corp. 3,500 60,375
TransTexas Gas Corp.* 2,600 34,450
157,300
Telephone 0.6%
AT&T Corp. 1,100 55,825
AirTouch Communications, Inc.* 1,700 45,688
LDDS Communications Corp. Cl. A* 230 5,520
Southern New England Telecom Corp. 1,000 33,125
Sprint Corp.* 1,000 33,500
173,658
Total Utility 378,227
Total Equity Securities (Cost $6,062,867) 6,660,326

Principal Maturity
Amount Date

FIXED INCOME SECURITIES 71.0%
U.S. Treasury 24.9%
U.S. Treasury Bond, 8.125% $2,425,000 8/15/2021 2,604,232
U.S. Treasury Note, 5.875% 550,000 5/31/1996 546,992
U.S. Treasury Note, 5.875% 1,400,000 3/31/1999 1,354,934
U.S. Treasury Note, 7.125% 725,000 9/30/1999 731,909
U.S. Treasury Note, 7.50% 550,000 11/15/2001 565,295
U.S. Treasury Note, 6.375% 250,000 8/15/2002 241,055
U.S. Treasury Note, 5.75% 725,000 8/15/2003 666,094
6,710,511
U.S. Agency 1.0%
Federal National Mortgage
Association, 5.41% 267,561 6/25/1996 256,581

The accompanying notes are an integral part of the financial statements.

4
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Investment Portfolio (cont'd)

Principal Maturity Value
Amount Date (Note 1)

U.S. Agency Mortgage 20.3%
Federal Home Loan
Mortgage Corp. Series
1547-PJ PAC, 6.60% $ 300,000 2/15/2022 $ 278,154
Federal Home Loan Mortgage
Corp. Gold, 7.00% 945,250 6/01/2024 899,756
Federal Home Loan Mortgage
Corp. Gold, 8.00% 102,597 7/01/2024 102,373
Federal Home Loan Mortgage
Corp. Gold, 7.50% 607,118 8/01/2024 593,076
Federal Home Loan Mortgage
Corp. Gold, 8.00%+ 400,000 6/13/2025 398,250
Federal National Mortgage
Association 93-138-HA PC,
6.75% 200,000 12/25/2021 186,936
Federal National Mortgage
Association, 7.00% 62,005 1/01/2024 58,963
Federal National Mortgage
Association, 7.00% 380,313 2/01/2024 361,652
Federal National Mortgage
Association, 7.00% 297,420 11/01/2024 282,826
Government National Mortgage
Association, 6.50% 1,064,455 4/15/2009 1,018,875
Government National Mortgage
Association, 6.50% 98,238 12/15/2023 89,889
Government National Mortgage
Association, 8.00% 408,680 7/15/2024 408,423
Government National Mortgage
Association, 6.50% 500,821 7/15/2024 458,252
Government National Mortgage
Association, 7.00% 365,231 2/15/2025 345,713
5,483,138
Canadian--Yankee 4.7%
Bell Telephone Co. Canada
Deb. Series DJ, 13.375% 225,000 10/15/2010 243,063
British Columbia
Hydroelectric Authority
Deb. Series FH, 15.50% 225,000 7/15/2011 259,990
Carter Holt Harvey Deb 9.50% 175,000 12/01/2024 191,980
Hydro-Quebec Deb. Series HS,
9.40% 225,000 2/01/2021 248,063
Laidlaw, Inc. Deb., 8.75% 100,000 4/15/2025 99,587
Province of Manitoba Deb.
Series CD, 9.25% 125,000 4/01/2020 141,190
Province of Quebec Global
Notes, 7.50% 100,000 7/15/2023 90,237
1,274,110
Trust Certificates 1.7%
Cooperative Utility Trust
Certificates, 10.70% $ 225,000 9/15/2017 $ 251,334
Rural Electric Cooperative
Grantor Trust Certificates,
10.11% 200,000 12/15/2017 220,506
471,840
Foreign Government 5.6% Canadian Dollar
Government of Canada, 9.75% 50,000 12/01/2001 39,755
Government of Canada, 7.50% 50,000 12/01/2003 34,958
Danish Krone
Kingdom of Denmark, 7.00% 1,350,000 12/15/2004 222,387
Spanish Peseta
Government of Spain, 11.30% 12,800,000 1/15/2002 100,144
Australian Dollar
Government of Australia,
9.50% 350,000 8/15/2003 252,703
Deutsche Mark
Government of Germany, 6.625% 900,000 7/09/2003 633,953
British Pound
United Kingdom Treasury
Stock, 9.75% 75,000 8/27/2002 128,691
United Kingdom Treasury Stock
8.00% 25,000 6/10/2003 39,100
Italian Lira
Republic of Italy, 8.50% 1,200,000 4/01/1999 63,176
1,514,867
Finance/Mortgage 11.1%
Advanta Credit Card Master
Trust Series 1994-B, 6.405% $ 175,000 10/01/2000 174,889
American General Finance
Corp. Notes, 8.00% 125,000 2/15/2000 127,674
ASFS Corp., Series 94-C2 A-1,
8.00% 122,730 8/25/2010 123,536
Beneficial Corp. Note, 8.17% 250,000 11/09/1999 256,705
Capital One Bank Sr. Note,
8.125% 200,000 3/01/2000 202,528
Discover Credit Card Trust
Series 1993-A, 6.25% 250,000 8/16/2000 244,452
First Chicago Credit Trust
Series 91-D, 8.40% 150,000 6/15/1998 152,250
Ford Motor Credit Co. Note,
8.00% 175,000 12/01/1997 178,425
General Electric Capital
Corp. Deb., 7.625% 225,000 7/24/1996 227,146
General Motors Acceptance
Corp. Note, 7.85% 325,000 11/17/1997 329,290

The accompanying notes are an integral part of the financial statements.

5
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Principal Maturity Value
Amount Date (Note 1)
Finance/Mortgage (cont'd)
Household Affinity Master
Trust Series 94-1A, 6.275% $ 175,000 5/15/2001 $ 174,016
MBNA America Bank Note, 7.65% 150,000 4/17/2002 151,715
Prudential Home Mortgage
Series 93-29 A-6 PAC, 6.75% 303,251 8/25/2008 295,764
Standard Credit Card Master
Trust Series 93-3A, 5.50% 275,000 1/07/1999 259,875
Tandy Master Trust Series
1991-A, 8.25% 100,604 4/15/1999 101,201
2,999,466
Corporate 1.7%
American Home Products Corp.
Notes, 7.70% 175,000 2/15/2000 177,881
Chevron Corp. Note, 8.11% 175,000 12/01/2001 180,738
Loews Corp. Sr. Notes, 7.00% 100,000 10/15/2023 84,014
Rohr, Inc. Cv. Sub. Note,
7.75% 22,000 5/15/2004 27,500
470,133
Total Fixed Income Securities (Cost $18,745,157) 19,180,646
SHORT-TERM OBLIGATIONS 4.1%
Chevron Oil Finance Co.,
5.93% $1,109,000 5/3/1995 $ 1,109,000
Total Short-Term Obligations (Cost $1,109,000) 1,109,000
Total Investments (Cost $25,917,024)--99.8% 26,949,972
Cash and Other Assets, Less Liabilities--0.2% 52,957
Net Assets--100.0% $27,002,929

Federal Income Tax Information:
At April 30, 1995, the net unrealized appreciation of
investments based on cost for Federal income tax
purposes of $25,921,965 was as follows:
Aggregate gross unrealized appreciation for all
investments in which there is an excess of value over
tax cost $ 1,208,369
Aggregate gross unrealized depreciation for all
investments in which there is an excess of tax cost
over value (180,362)
$ 1,028,007

ADR stands for American Depositary Receipt, representing ownership of foreign
securities.
* Nonincome-producing securities.
+ Represents "TBA" (to be announced) purchase commitment to purchase securities
for a fixed unit price at a future date beyond customary settlement time.
Although the unit price has been established, the principal value has not been
finalized.
++ Security restricted in accordance with Rule 144A under the Securities Act of
1933, which allows for the resale of such securities among certain qualified
institutional buyers. The total cost and market value of Rule 144A securities
owned at April 30, 1995 were $21,520 and $17,633 (0.07% of net assets),
respectively.

The accompanying notes are an integral part of the financial statements.

6
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Investment Portfolio (cont'd)

Forward currency exchange contracts outstanding at April 30, 1995 are as
follows:

<TABLE>
<CAPTION>
Unrealized
Contract Appreciation Delivery
Total Value Price (Depreciation) Date
<S> <C> <C> <C> <C>
Sell Australian dollars, buy U.S. dollars 139,418 AUD .74490 AUD $ 2,408 5/16/95
Sell Australian dollars, buy U.S. dollars 53,007 AUD .73610 AUD 442 5/24/95
Sell Australian dollars, buy U.S. dollars 111,000 AUD .73580 AUD 785 7/13/95
Sell Canadian dollars, buy U.S. dollars 185,000 CAD .71141 CAD (1,990) 5/16/95
Sell Canadian dollars, buy U.S. dollars 5,407 CAD .72690 CAD (30) 7/24/95
Sell Danish krone, buy U.S. dollars 242,000 DKK .17148 DKK (2,937) 5/24/95
Sell Danish krone, buy U.S. dollars 865,000 DKK .18439 DKK 827 7/24/95
Sell Deutsche mark, buy U.S. dollars 865,000 DEM .71720 DEM (4,341) 5/24/95
Sell Italian lira, buy U.S. dollars 99,020,393 ITL .00061 ITL 6,056 5/16/95
Sell Pound sterling, buy U.S. dollars 26,000 GBP 1.58110 GBP (682) 5/24/95
Sell Pound sterling, buy U.S. dollars 23,400 GBP 1.60799 GBP 72 6/22/95
Sell Pound sterling, buy U.S. dollars 50,800 GBP 1.61180 GBP 497 7/24/95
Sell Spanish peseta, buy U.S. dollars 11,925,000 ESP .00762 ESP (5,782) 5/16/95
$(4,675)
</TABLE>

The accompanying notes are an integral part of the financial statements.

7
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Statement of Assets and Liabilities
April 30, 1995 (Unaudited)

Assets
Investments, at value (Cost $25,917,024) (Note 1) $26,949,972
Cash 36,786
Interest and dividends receivable 274,360
Receivable for securities sold 195,191
Receivable from Distributor (Note 3) 15,436
Receivable for open forward contracts 11,087
Receivable for fund shares sold 706
Deferred organization costs and other assets (Note 1) 62,674
27,546,212
Liabilities
Payable for securities purchased 480,762
Payable for open forward contracts 15,762
Accrued management fee (Note 2) 13,204
Accrued distribution fee (Note 5) 5,276
Accrued transfer agent and shareholder services
(Note 2) 4,789
Accrued trustees' fees (Note 2) 3,871
Other accrued expenses 19,619
543,283
Net Assets $27,002,929
Net Assets consist of:
Undistributed net investment income $ 116,911
Unrealized appreciation of investments 1,032,948
Unrealized depreciation of forward contracts and
foreign currency (4,034)
Accumulated net realized loss (216,422)
Shares of beneficial interest 26,073,526
$27,002,929
Net Asset Value and redemption price per share of Class
A shares ($25,882,887 / 2,617,823 shares of
beneficial interest) $ 9.89
Maximum Offering Price per share of Class A shares
($9.89 / .955) $10.36
Net Asset Value, offering price and redemption price
per share of Class C shares ($1,120,042 / 113,266
shares of beneficial interest) $ 9.89

Statement of Operations
For the six months ended April 30, 1995 (Unaudited)

Investment Income
Interest, net of foreign taxes of $313 $ 711,811
Dividends, net of foreign taxes of $659 62,247
774,058
Expenses
Management fee (Note 2) 76,336
Custodian fee 37,422
Distribution fee--Class A (Note 5) 30,936
Legal fees 6,023
Audit fee 4,615
Trustees' fees (Note 2) 3,850
Amortization of organization costs (Note 1) 3,711
Reports to shareholders 3,275
Transfer agent and shareholder services (Note 2) 2,491
Registration fees 1,736
Miscellaneous 2,128
172,523
Expenses borne by the Distributor (Note 3) (27,217)
145,306
Net investment income 628,752
Realized and Unrealized Gain (Loss)
on Investments, Foreign Currency
and Forward Contracts
Net realized loss on investments (Notes 1 and 4) (156,680)
Net realized loss on forward contracts and foreign
currency (Note 1) (5,245)
Total net realized loss (161,925)
Net unrealized appreciation of investments 1,151,123
Net unrealized appreciation of forward contracts and
foreign currency 26,013
Total net unrealized appreciation 1,177,136
Net gain on investments, foreign currency and forward
contracts 1,015,211
Net increase in net assets resulting from operations $1,643,963

The accompanying notes are an integral part of the financial statements.

8
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Statement of Changes in Net Assets

Six months May 16, 1994
ended (Commencement of
April 30, 1995 Operations) to
(Unaudited) October 31, 1994

Increase (Decrease) in Net Assets
Operations:
Net investment income $ 628,752 $ 520,741
Net realized loss on investments,
foreign currency and forward
contracts (161,925) (95,181)
Net unrealized appreciation
(depreciation) of investments,
foreign currency and forward
contracts 1,177,136 (148,222)
Net increase resulting from
operations 1,643,963 277,338
Dividends from net investment income:
Class A (706,809) (261,780)
Class C (22,167) (1,142)
(728,976) (262,922)
Net increase from fund share
transactions (Note 6) 973,516 25,100,010
Total increase in net assets 1,888,503 25,114,426
Net Assets
Beginning of period 25,114,426 --
End of period (including
undistributed net investment
income of $116,911 and
$217,135, respectively) $27,002,929 $25,114,426
* Net realized loss for Federal
income tax purposes
(Note 1) $ (158,182) $ (50,922)

The accompanying notes are an integral part of the financial statements.

Notes to Unaudited Financial Statements
April 30, 1995

Note 1
State Street Research Strategic Portfolios: Conservative (the "Fund") is a
series of MetLife-State Street Financial Trust (the "Trust"), which was
organized as a Massachusetts business trust in November, 1986 and is registered
under the Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund commenced operations in May, 1994. The Trust
consists presently of four separate funds: State Street Research Strategic
Portfolios: Conservative, State Street Research Government Income Fund, State
Street Research Strategic Portfolios: Moderate and State Street Research
Strategic Portfolios: Aggressive.

The Fund is authorized to issue four classes of shares. Only Class A and Class
C shares are presently available for purchase. Class B and Class D shares are
not being offered at this time. Class A shares are subject to an initial sales
charge of up to 4.50% and annual service fees of 0.25% of average daily net
assets. Class B shares will be subject to a contingent deferred sales charge on
certain redemptions made within five years of purchase and pay annual
distribution and service fees of 1.00%. Class B shares automaticaly convert
into Class A shares (which pay lower ongoing expenses) at the end of eight
years after the issuance of the Class B shares. Class C shares are only offered
to certain employee benefit plans and large institutions. No sales charge is
imposed at the time of purchase or redemption of Class C shares. Class C shares
do not pay any distribution or service fees. Class D shares are subject to a
contingent deferred sales charge of 1.00% on any shares redeemed within one
year of their purchase. Class D shares also pay annual distribution and service
fees of 1.00%. The Fund's expenses are borne pro-rata by each class, except
that each class bears expenses, and has exclusive voting rights with respect to
provisions of the Plan of Distribution, related specifically to that class. The
Trustees declare separate dividends on each class of shares.

The following significant accounting policies are consistently followed by the
Fund in preparing its financial statements, and such policies are in conformity
with generally accepted accounting principles for investment companies.

9
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

D. Dividends
Dividends from net investment income are declared and paid or reinvested
quarterly. Net realized capital gains, if any, are distributed annually, unless
additional distributions are required for compliance with applicable tax
regulations. Income dividends and capital gain distributions are determined in
accordance with Federal income tax regulations which may differ from generally
accepted accounting principles.

E. Federal Income Taxes
No provision for Federal income taxes is necessary because the Fund intends to
qualify under Subchapter M of the Internal Revenue Code and its policy is to
distribute all of its taxable income, including net realized capital gains,
within the prescribed time periods. At October 31, 1994, the Fund had a capital
loss carryforward of $50,922 available, to the extent provided in regulations,
to offset future capital gains, if any, which expires on October 31, 2002.

G. Forward Contracts and Foreign Currencies
A forward foreign currency exchange contract is an obligation by the Fund to
purchase or sell a specific currency at a future date, which may be any fixed
number of days from the origination date of the contract. Forward foreign
currency exchange contracts establish an exchange rate at a future date. These
contracts are transferable in the interbank market conducted directly between
currency traders (usually large commmercial banks) and their customers. The
aggregate principal amount of forward currency exchange contracts is recorded
in the Fund's accounts. All commitments are marked-to-market at the applicable
transaction rates resulting in unrealized gains or losses. The Fund records
realized gains or losses at the time the forward contracts are extinguished by
entry into a closing contract or by delivery of the currency. Neither spot
transactions nor forward currency exchange contracts eliminate fluctuations in
the prices of the Fund's portfolio securities or in foreign exchange rates, or
prevent loss if the price of these securities should decline.

Securities quoted in foreign currencies are translated into U.S. dollars at the
current exchange rate. Gains and losses that arise from changes in exchange
rates are not segregated from gains and losses that arise from changes in
market prices of investments.

Note 2
The Trust and State Street Research & Management Company (the "Adviser"), an
indirect wholly-owned subsidiary of Metropolitan Life Insurance Company
("Metropolitan"), have entered into an agreement under which the Adviser earns
monthly fees at an annual rate of 0.60% of the Fund's average daily net assets.
In consideration of these fees, the Adviser furnishes the Fund with management,
investment advisory, statistical and research facilities and services. The
Adviser also pays all salaries, rent and certain other expenses of management.
During the six months ended April 30, 1995, the fees pursuant to such agreement
amounted to $76,336.

The fees of the Trustees not currently affiliated with the Adviser amounted to
$3,850 during the six months ended April 30, 1995.

Note 4
For the six months ended April 30, 1995, purchases and sales of securities,
exclusive of short-term obligations, aggregated $17,794,230 and $17,270,299
(including $11,791,624 and $10,940,638 of U.S. Government securities),
respectively.

10
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Notes (cont'd)

Note 6
The Trustees have the authority to issue an unlimited number of shares of
beneficial interest, $.001 par value per share. At April 30, 1995, Metropolitan
owned 2,617,801 Class A shares and 10,471 Class C shares of the Fund and the
Adviser owned one Class A share of the Fund.

Share transactions were as follows:

May 16, 1994
Six months ended (Commencement of
April 30, 1995 Operations) to
(Unaudited) October 31, 1994
Class A Shares Amount Shares Amount

Shares sold 21 $ 192 2,617,802 $25,000,010
Net increase 21 $ 192 2,617,802 $25,000,010
Class C Shares Amount Shares Amount
Shares sold 111,452 $1,056,229 10,471 $ 100,000
Issued upon reinvestment
of dividends 948 8,793 -- --
Shares repurchased (9,605) (91,698) -- --
Net increase 102,795 $ 973,324 10,471 $ 100,000

11
<PAGE>
STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Financial Highlights

For a share outstanding throughout each period:
<TABLE>
<CAPTION>
Class A Class C
Six months May 16, 1994 Six months May 16, 1994
ended (Commencement of ended (Commencement of
April 30, 1995 Operations) to April 30, 1995 Operations) to
(Unaudited) October 31, 1994 (Unaudited) October 31, 1994
<S> <C> <C> <C> <C>
Net asset value, beginning of period $9.56 $9.55 $9.56 $9.55
Net investment income* .23 .20 .25 .21
Net realized and unrealized gain
(loss) on investments, foreign
currency and forward contracts .37 (.09) .36 (.09)
Dividends from net investment income (.27) (.10) (.28) (.11)
Net asset value, end of period $9.89 $9.56 $9.89 $9.56
Total return+++ 6.43% 1.15% 6.57% 1.25%
Net assets at end of period (000s) $25,883 $25,014 $1,120 $100
Ratio of operating expenses to
average net assets* 1.15%++ 1.15%++ 0.90%++ 0.90%++
Ratio of net investment income to
average net assets* 4.94%++ 4.48%++ 5.09%++ 4.73%++
Portfolio turnover rate 69.99% 70.35% 69.99% 70.35%
*Reflects voluntary assumption of fees
or expenses per share in each period
(Note 3) $.01 $.03 $.01 $.03
</TABLE>

++Annualized

+++Represents aggregate return for the period without annualization and does
not reflect any front-end or contingent deferred sales charges.
Total return would be lower if the Distributor and its affiliates had not
voluntarily assumed a portion of the Fund's expenses.

12
<PAGE>

STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONSERVATIVE

Fund Information, Officers and Trustees of MetLife-State Street Financial Trust

Fund Information

State Street Research
Strategic Portfolios: Conservative
One Financial Center
Boston, MA 02111

Investment Adviser
State Street Research &
Management Company
One Financial Center
Boston, MA 02111

Distributor
State Street Research
Investment Services, Inc.
One Financial Center
Boston, MA 02111

Shareholder Services
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408
1-800-562-0032

Custodian
State Street Bank and
Trust Company
225 Franklin Street
Boston, MA 02110

Legal Counsel
Goodwin, Procter & Hoar
Exchange Place
Boston, MA 02109

Officers

Ralph F. Verni
Chairman of the Board,
President and
Chief Executive Officer

John H. Kallis
Vice President

Thomas A. Shively
Vice President

Steven P. Somes
Vice President

Michael R. Yogg
Vice President

Gerard P. Maus
Treasurer

Joseph W. Canavan
Assistant Treasurer

Douglas A. Romich
Assistant Treasurer

Francis J. McNamara, III
Secretary and General Counsel

Darman A. Wing
Assistant Secretary and
Assistant General Counsel

Trustees

Ralph F. Verni
Chairman of the Board,
President, Chief Executive
Officer and Director,
State Street Research &
Management Company

Edward M. Lamont
Formerly in banking
(Morgan Guaranty Trust
Company of New York);
presently engaged in private
investments and civic affairs

Robert A. Lawrence
Partner, Saltonstall & Co.

Dean O. Morton
Retired; formerly Executive
Vice President, Chief
Operating Officer and Director,
Hewlett-Packard Company

Thomas L. Phillips
Retired; formerly Chairman of
the Board and Chief Executive
Officer, Raytheon Company

Toby Rosenblatt
President, The Glen Ellen
Company
Vice President, Founders
Investments Ltd.

Michael S. Scott Morton
Jay W. Forrester Professor of
Management, Sloan School of
Management, Massachusetts
Institute of Technology

Jeptha H. Wade
Retired; formerly Of Counsel,
Choate, Hall & Stewart

<PAGE>

State Street Strategic Portfolios: Conservative
One Financial Center
Boston, MA 02111

Bulk Rate
U.S. Postage
PAID
Brockton, MA
Permit No. 600

Questions? Comments?
Call us at 1-800-562-0032,
or write us at:
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408

[logo of clock] State Street Research

This report is prepared for the general information of current shareholders
only.
It is not authorized for use as sales material with prospective investors.

CONTROL NUMBER: 2391-950621(0796)SSR-UD
Cover Illustration by Dorothy Cullinan
SP-236E-695