FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
September 26, 1997
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Date of Report
(Date of earliest event reported)
Metric Income Trust Series, Inc.
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(Exact name of registrant as
specified in its charter)
0-18294 California 94-3087630
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(Registration (State or Other (IRS Employer
File Jurisdiction of Identification
Number) Incorporation Number)
One California Street, San Francisco, California 94111-5415
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(415) 678-2000
(800) 347-6707 Watts line for all states
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
(a) The Registrant was organized to acquire, hold for investment, manage,
and ultimately sell income-producing real properties and investments in
securities. Pursuant to its liquidation strategy, the Registrant sold
the remainder of its investments in mortgage-backed securities,
comprising approximately 24% of total assets, on September 26, and
September 30, 1997.
TERMS OF ORIGINAL ACQUISITION
Beginning on August 31, 1989, the Registrant acquired mortgage-backed securities
("MBS") guaranteed as to payment of interest and principal by the US Government,
by a US Government Agency or instrumentality, or by a federally chartered
corporation. The Registrant held these securities as available-for-sale
investments. During the regular course of business, the Registrant sold and
reinvested in pools to adjust the cash flow from these investments. Principal
repayments were either reinvested or used to support regular quarterly
dividends. Discounts and premiums were amortized over the terms of the related
securities using the interest method.
TERMS OF DISPOSITION
The Registrant sold all remaining MBS on September 26, and September 30, 1997.
The sales price was $6,669,000 After payment of sale expenses, the proceeds to
the Registrant are $6,668,000.
AMORTIZED COST BASIS AT DATES OF SALE
At the dates of sale, the amortized cost basis of the MBS was $6,479,000.
NET GAIN ON SALE
The net realized gain recognized in the third quarter of 1997 from the sale is
$189,000.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits.
Not applicable
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
METRIC INCOME TRUST SERIES, INC.,
a California Corporation
By: /s/ William A. Finelli
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William A. Finelli
Chief Financial Officer
Date: October 10, 1997
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