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


                                November 12, 1996
                        ---------------------------------
                                 Date of Report
                        (Date of earliest event reported)



                        Metric Income Trust Series, Inc.
                        ---------------------------------
                          (Exact name of registrant as
                            specified in its charter)




                  0-18294           California          94-3087630
                  -------           ----------          ----------
              (Registration       (State or Other     (IRS Employer
                   File           Jurisdiction of     Identification
                  Number)          Incorporation)         Number)






           One California Street, San Francisco, California 94111-5415
           -----------------------------------------------------------
               (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






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.  In the normal course of its business,  the registrant sold
         the  Rancho  Cucamonga  Circle  K store  (the  "Property"),  leased  to
         National Convenience Stores.

TERMS OF ORIGINAL ACQUISITION

On November 30, 1989 the Registrant  acquired Stop N Go store #674 (now operated
as  Circle  K)  in  Rancho  Cucamonga,  California  for  $1,122,000,   including
acquisition fees and other miscellaneous closing costs.


TERMS OF DISPOSITION AND FINANCING

The Registrant  sold the Rancho  Cucamonga  Circle K store on November 12, 1996.
The net sales price was $1,650,000. After payment of estimated expenses of sale,
the proceeds to the Registrant are approximately $1,547,000.


CARRYING AMOUNT AT DATE OF SALE

At the date of sale,  the  carrying  amount  of the  land and  improvements  and
deferred  rental income  receivable was  approximately  $1,038,000 for financial
statement  purposes.  The  carrying  amount  of the  land and  improvements  was
approximately $1,026,000 for tax reporting purposes.

GAIN ON SALE

Under the accrual method of  accounting,  the estimated gain to be recognized in
the  fourth  quarter  of 1996  from the sale of the  Property  is  approximately
$509,000.   Under  the  tax  method  of   accounting,   the  estimated  gain  is
approximately $521,000.

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(a)      Financial statements
         Not applicable.

(b)      Pro Forma Financial Information
         Not applicable

(c)      Exhibits.
         Upon their receipt,  Registrant  will amend its Form 8-K to include the
         disposition documents for the Rancho Cucamonga Circle K store.





                                    SIGNATURE

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/ Margot M. Giusti
                                                        ------------------------
                                                        Margot M. Giusti
                                                        Chief Financial Officer.


                                               Date:    November 22, 1996
                                                        ------------------------