GREENWICH STREET SERIES FUND
on behalf of the
TOTAL RETURN PORTFOLIO and the
DIVERSIFIED STRATEGIC INCOME 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 Total Return 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.
The following information supplements, and to the extent
inconsistent therewith, supersedes, the information set forth in
the Prospectus under "Certain Investment Guidelines."
The Diversified Strategic Income Portfolio may invest
up to 15% of its total assets in securities with
contractual or other restrictions on resale and other
instruments that are not readily marketable, including
(a) repurchase agreements with maturities greater than
seven days, (b) futures contracts and related options
for which a liquid secondary market does not exist and
(c) time deposits maturing in more than seven calendar
days. The above restriction does not apply to
securities subject to Rule 144A of the Securities Act
of 1933, as amended. ("Rule 144A Securities").
Rule 144A Securities are unregistered securities
restricted to purchase by "qualified institutional
buyers" pursuant to Rule 144A under Securities Act of
1933. Because Rule 144A Securities are freely
transferable among qualified institutional buyers, a
liquid market may exist among such buyers. The Board
of Trustees has adopted guidelines and delegated to
management the daily function of determining and
monitoring the liquidity of Rule 144A Securities.
However, the Board of Trustees maintains sufficient
oversight and is ultimately responsible for the
liquidity determinations. Investments in restricted
securities such as Rule 144A Securities could have the
effect of increasing the level of illiquidity in the
Portfolio to the extent that there is temporarily no
market for these securities among qualified
institutional buyers.
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FD 1340
