SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-K/A
                                 Amendment No. 1


(Mark One)

/ x /  Annual report pursuant to section 13 or 15(d) of the Securities
       Exchange Act of 1934 for the fiscal year ended December 31, 1997

/   /  Transition report pursuant to section 13 or 15(d) of the Securities
       Exchange Act of 1934

Commission File No.:  333-22559-07



                     Salomon Brothers Mortgage Securities VII, Inc.,
             Asset-Backed Floating Rate Certificates, Series 1997-LB4 Trust
                 (Exact name of registrant as specified in its charter)

NY                                   52-2057992     52-2057993     52-2057994
(State or other jurisdiction                        (I.R.S. Employer
of incorporation or organization)                   Identification No.)


c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD                                        21044
(Address of principal executive                     (Zip Code)
offices)

Registrant's telephone number, including area code (410) 884-2000



Securities registered pursuant to Section 12(b) of the Act:  NONE

Securities registered pursuant to Section 12(g) of the Act:  NONE



     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

Yes    X                No__


This Amendment No.1 on Form 10-K/A amends Item 14 of the original Annual
Report on Form 10-K (the  "Original Form 10-K") filed on March 26, 1998, on
behalf Salomon Brothers  Mortgage  Securities VII, Inc.,  Asset-Backed  Floating
Rate Certificates,  Series 1997-LB4 Trust (the "Trust"), established pursuant to
a Pooling and Servicing  Agreement among Salomon  Brothers  Mortgage  Securities
VII, Inc., as Depositor (the "Company"),  Long Beach Mortgage Company,  as
Master Servicer,  and Norwest Bank Minnesota, National Association,  as Trustee,
pursuant to which the Salomon  Brothers  Mortgage  Securities  VII,  Inc.,
Asset-Backed  Floating Rate Certificates, Series 1997-LB4 registered under the
Securities Act of 1933 (the "Certificates") were issued.

Item 14 of the Original Form 10-K is amended to read in its entirety as
follows:

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

     (a)  Exhibits

          99.1  Annual Independent  Accountants'  Servicing  Reports  concerning
                servicing activities for the year ended December 31, 1997.

               (a) Ameriquest Mortgage Company, as Subservicer<F1>

          99.2  Report of Management  as to  Compliance  with Minimum  Servicing
                Standards for the year ended  December 31, 1997.

               (a) Ameriquest Mortgage Company, as Subservicer<F1>

          99.3  Annual Statements of Compliance  under the Pooling and Servicing
                Agreements for the year ended  December 31, 1997.

               (a) Ameriquest Mortgage Company, as Subservicer<F1>

          99.4  Aggregate Statement of Principal and Interest
                Distributions to Certificate Holders.<F2>

          On October 9, 1997, November 10, 1997, and December 9, 1997, reports
          on Form 8-K were filed by the  Company  in  order to  provide  the
          statements  for the monthly distributions to holders of the
          Certificates.  No other reports on Form 8-K have been  filed  during
          the last  quarter  of the period covered by this report.

     (c)  Not applicable.

     (d)  Omitted.

<F1>  Filed herewith.

<F2> Previously filed.





                                    SIGNATURE

Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized:


Salomon Brothers Mortgage Securities VII, Inc.,
Asset-Backed Floating Rate Certificates, Series 1997-LB4 Trust

Signed     NORWEST BANK MINNESOTA, N.A.,
           as Trustee
By:        /s/Sherri J. Sharps

By:        Sherri J. Sharps
Title:     Vice President -- Securities Administration Services
Dated:     December 1, 1999




EXHIBIT INDEX

Exhibit No.

99.1 Annual  Independent  Accountants'  Servicing Reports  concerning  servicing
     activities for the year ended December 31, 1997.

     (a) Ameriquest Mortgage Company, as Subservicer<F1>

99.2 Report of Management as to Compliance with Minimum Servicing  Standards for
     the year ended December 31, 1997.

     (a) Ameriquest Mortgage Company, as Subservicer<F1>

99.3 Annual Statements of Compliance for the year ended December 31, 1997.

     (a) Ameriquest Mortgage Company, as Subservicer<F1>

99.4 Aggregate Statement of Principal and Interest  Distributions to
     Certificate Holders<F2>

<F1> Filed herewith.

<F2> Previously filed.