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SALOMON BROTHERS INSTITUTIONAL INVESTMENT SERIES
7 WORLD TRADE CENTER
NEW YORK, NEW YORK 10048
(800) SALOMON
(800) 725-6666
SUPPLEMENT DATED OCTOBER 29, 1997
TO PROSPECTUS
DATED APRIL 29, 1997
The following information supplements and should be read in conjunction with the
section of the current Prospectus of Salomon Brothers Institutional Investment
Series (the 'Series') entitled 'Management:'
'On September 24, 1997, Travelers Group Inc. ('Travelers') and Salomon Inc
('Salomon'), the ultimate parent company of Salomon Brothers Asset
Management Inc ('SBAM') and Salomon Brothers Asset Management Asia Pacific
Limited ('SBAM AP'), announced their agreement to merge Salomon with and
into Smith Barney Holdings Inc., a subsidiary of Travelers, to form a new
company expected to be called Salomon Smith Barney Holdings Inc. (the
'Transaction'). Upon consummation of the Transaction, Travelers will
become the ultimate parent of SBAM and SBAM AP, which will continue to
serve as the investment adviser and sub-adviser, respectively, to the
Series. Travelers is a diversified financial services company engaged in
investment services, asset management, consumer finance and life and
property casualty insurance services.
Under certain interpretations, the Transaction might be deemed to
create an 'assignment,' as defined in the Investment Company Act of 1940,
as amended, of the Management Contracts with SBAM and the Subadvisory
Agreements between SBAM and SBAM AP with regard to certain of the
Funds, which, if so interpreted, would result in the termination
of such contracts and agreements. Accordingly, at a Special Meeting of
the Board of Directors held on October 28, 1997, the Board approved new
management contracts and subadvisory agreements for the Funds identical
in all material respects to the existing contracts and agreements, to be
presented to stockholders for approval.
The Transaction is expected to be completed by the end of
November 1997, subject to a number of conditions,
including the receipt of U.S. and foreign
regulatory approvals and the approval of Salomon stockholders.'
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Effective June 1, 1997, First Data Investor Services Group, Inc. ('FDISG')
replaced Investors Bank & Trust Company ('IBT') as the transfer agent for
the funds comprising the Series. Accordingly, the following supplements
the information contained in the sections of the Series's current
Prospectus referenced below.
The second paragraph under the section entitled 'Purchase and Redemption
of Shares -- Purchase Procedures' is hereby replaced with the following
paragraph:
'Shares may be purchased by completing a Purchase Application and mailing
it, together with your check payable to Salomon Brothers Funds, to:
(Name of Fund)
c/o FDISG
P.O. Box 5127
Westborough, MA 01581-5127'
The fifth paragraph under this section is hereby replaced with the following
paragraph:
'Initial and subsequent investments may also be made by wire transfer. The
investor should instruct the wiring bank to transmit the specified amount
in federal funds to:
Boston Safe Deposit and Trust Company
Boston, MA
ABA No. 011-001-234
Account #142743
Attn: (Name of Fund)
Name of Account:
Account # (As assigned):'
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The back cover of the Prospectus is amended by removing the reference 'IBT' as
transfer agent and dividend disbursing agent and inserting the following:
'TRANSFER AGENT AND DIVIDEND DISBURSING AGENT
First Data Investor Services Group, Inc.
P.O. Box 5127
Westborough, Massachusetts 01581-5127'
In addition, all references in the Prospectus to 'IBT' as transfer agent should
now be read as 'FDISG.'
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SALOMON BROTHERS INSTITUTIONAL INVESTMENT SERIES
7 WORLD TRADE CENTER
NEW YORK, NEW YORK 10048
(800) SALOMON
(800) 725-6666
SUPPLEMENT DATED OCTOBER 29, 1997
TO STATEMENT OF ADDITIONAL INFORMATION
DATED APRIL 29, 1997
The following information supplements and should be read in conjunction with the
section of the current Statement of Additional Information of Salomon Brothers
Institutional Investment Series (the 'Series') entitled 'Investment Manager:'
'On September 24, 1997, Travelers Group Inc. ('Travelers') and Salomon Inc
('Salomon'), the ultimate parent company of Salomon Brothers Asset
Management Inc ('SBAM') and Salomon Brothers Asset Management Asia Pacific
Limited ('SBAM AP'), announced their agreement to merge Salomon with and
into Smith Barney Holdings Inc., a subsidiary of Travelers, to form a new
company expected to be called Salomon Smith Barney Holdings Inc. (the
'Transaction'). Upon consummation of the Transaction, Travelers will
become the ultimate parent of SBAM and SBAM AP, which will continue to
serve as the investment adviser and sub-adviser, respectively, to the
Series. Travelers is a diversified financial services company
engaged in investment services, asset management, consumer finance and
life and property casualty insurance services.
Under certain interpretations, the Transaction might be deemed to
create an 'assignment,' as defined in the Investment Company Act of 1940,
as amended, of the Management Contracts with SBAM and the Subadvisory
Agreements between SBAM and SBAM AP with regard to certain of the
Funds, which, if so interpreted, would result in the termination
of such contracts and agreements. Accordingly, at a Special Meeting of
the Board of Directors held on October 28, 1997, the Board approved new
management contracts and subadvisory agreements for the Funds identical
in all material respects to the existing contracts and agreements, to be
presented to stockholders for approval.
The Transaction is expected to be completed by the end of
November 1997, subject to a number of conditions, including
the receipt of U.S. and foreign regulatory approvals and
the approval of Salomon stockholders.'
-----------------------------
Effective June 1, 1997, First Data Investor Services Group, Inc. ('FDISG')
replaced Investors Bank & Trust Company ('IBT') as the transfer agent for
the funds comprising the Series. Accordingly, all references to 'IBT' as
transfer agent contained in the Series's Statement of Additional Information
should now be read as 'FDISG.'
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