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