GREENWICH STREET SERIES FUND
on behalf of the
TOTAL RETURN PORTFOLIO
Supplement dated October 24, 1997
to the Prospectus dated April 29, 1997
The following information supplements the information set
forth in the Prospectus under "Additional Investments."
Real Estate Investment Trusts
The Portfolio may invest in real estate
investment trusts ("REITs"). REITs are entities which
either own properties or make construction or mortgage
loans. Equity trusts own real estate directly and the
value of, and income earned by, the trust depends upon
the income of the underlying properties and the rental
income they earn. Equity trusts may also include
operating or finance companies. Equity trusts can
also realize capital gains by selling properties that
have appreciated in value. A mortgage trust can make
construction, development or long-term mortgage loans,
and are sensitive to the credit quality of the
borrower. Mortgage trusts derive their income from
interest payments. Hybrid trusts combine the
characteristics of both equity and mortgage trusts,
generally by holding both ownership interests and
mortgage interests in real estate. The value of
securities issued by REITs are affected by tax and
regulatory requirements and by perceptions of
management skill. They are also subject to heavy cash
flow dependency, defaults by borrowers or tenants,
self-liquidation, the possibility of failing to
qualify for tax-free status under the Internal Revenue
Code of 1986, as amended, and failing to maintain
exemption from the Investment Company Act of 1940, as
amended.
FD 1340
