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


                                October 21, 1997
                         -------------------------------
                                 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 Haverty's Furniture Store,  located in Plano, Texas, on October 21,
         1997.

TERMS OF ORIGINAL ACQUISITION

On December 22, 1994 the Registrant acquired Haverty's Furniture Store in Plano,
Texas for $4,083,000 including  acquisition fees and other miscellaneous closing
costs. An additional $3,000 of costs were capitalized subsequent to acquisition.

TERMS OF DISPOSITION AND FINANCING

The Registrant sold Haverty's Furniture Store on October 21, 1997. The net sales
price was $4,425,000.  After payment of estimated expenses of sale, the proceeds
to the Registrant approximated $4,231,000.

CARRYING AMOUNT AT DATE OF SALE

The carrying  amount of the land and  improvements  approximated  $3,822,000 and
$3,869,000 on a book basis and tax basis, respectively.


GAIN ON SALE

The gain  recognized  on the sale  approximated  $409,000 and $362,000 on a book
basis and tax basis, respectively.

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 Haverty's Furniture 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/ William A. Finelli
                                                     ---------------------------
                                                     William A. Finelli
                                                     Chief Financial Officer


                                            Date:          November 3, 1997
                                                     ---------------------------