GREENWICH STREET SERIES FUND
on behalf of the
Diversified Strategic Income Portfolio
Supplement dated July 22, 1998
to the Prospectus dated April 30, 1998
The following information supplements the information set forth
in the Prospectus under "Additional Investments."
Real Estate Investment Trusts
The Smith Barney High Income 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 01523
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