<PAGE>
- -----------------------------------------------------------------------------
GREENWICH STREET MUNICIPAL
FUND INC.
QUARTERLY REPORT
FEBRUARY 28, 1995
[LOGO]
- ------------------------------------------------------------------------------
LARGE BOX BELOW FUND NAME SHOWING CASH/STOCK CERTIFICATES AND A
NEWSPAPER
LISTING OF STOCKS AS WELL AS A BOX IN THE CENTER OF PICTURE SHOWING BUILDINGS
IN
NEW YORK.
<PAGE>
GREENWICH STREET MUNICIPAL
FUND INC.
FEBRUARY 28, 1995
DEAR SHAREHOLDER:
The quarter ended February 28, 1995 saw a significant rebound in prices
for municipal bonds (and a corresponding decline in yields) from the low
point reached in mid-November. The market subsequently began to realize that
its fear of significant inflation and a much more stringent Federal Reserve
Board policy which would drive interest rates higher was severely
exaggerated. The economic numbers began to gradually ease and the
possibility of that elusive "soft landing" has become more realistic.
This change in attitude has had a profound impact on the municipal
marketplace. It went from a tax-loss driven wave of selling in mid-November
to a market that is now performing brilliantly and starved for new issuance.
We expect this tight supply condition to be with us for the next several
years and contributed to strong relative performance by the municipal
market.
The recent rally vindicates the investment strategy that we have been
pursuing. As the market weakened, we used the selloff to reposition the Fund
with maturities that were somewhat longer, and to increase its holding of
discount coupons (bonds that are selling below their redemption value). In a
market rally, discount-coupon bonds provide two important features: They
will clearly be the best-performing asset class in an up market and also
provide a great deal of call protection, which reduces the chance of having
bonds called away as interest rates decline. Until we see real inflationary
trends or a significant pickup in economic activity, we will maintain this
strategy of investing in high-quality, discount bonds.
CONTINUED
- --------------------------- 1
------------------------------
<PAGE>
We have attempted to position the Fund in essential service revenue
bonds with a preference for credits rated AA or higher. At the end of this
quarter, over 75% of the Fund's assets were rated AA or AAA. Orange County
has once again pointed out that there are still risks in the municipal
market to be avoided, and that the real value is found in the highest
quality, not the highest yields.
The Fund's investment performance in the latest quarter was what we had
anticipated it would be in a better market environment. The net asset value
of the Fund increased by $1.23 per share during the past three months, to
$12.35 from $11.12. We would expect the net asset value to continue to
improve if the Federal Reserve Board is successful in engineering a "soft
landing."
We look forward to reporting to you in May in the Fund's annual report
to investors. Should you have any questions about your investment in the
Fund, please call The Shareholder Services Group at (800) 331-1710.
Sincerely,
Heath B. McLendon Joseph P. Deane
CHAIRMAN OF THE BOARD VICE PRESIDENT AND
INVESTMENT OFFICER
April 3, 1995
JOE DEANE WILL BE APPEARING AS A SPECIAL GUEST ON
WALL $TREET WEEK WITH LOUIS RUKEYSER
ON MAY 5TH, ON THE PBS TELEVISION NETWORK.
CHECK YOUR LOCAL LISTINGS FOR TIME AND CHANNEL.
- ------------------------------ 2
------------------------------
<PAGE>
Unaudited Financial Data
Per Share of Common Stock
<TABLE>
<CAPTION>
CAPITAL
NYSE NET GAINS DIVIDEND
RECORD PAY CLOSING ASSET DIVIDEND DIVIDEND REINVESTMENT
DATE DATE PRICE* VALUE* PAID PAID PRICE
-------- ---------- ------- ------- ------- ------- ------
<C> <S> <C> <C> <C> <C> <C>
9/23/94 9/30/94 $11.250 $11.93 $0.060 -- $11.50
10/24/94 10/31/94 11.125 11.63 0.060 -- 10.91
11/22/94 11/30/94 10.375 10.81 0.060 -- 10.57
12/22/94 12/30/94 10.125 11.33 0.060 -- 10.47
1/24/95 1/31/95 10.875 11.63 0.060 -- 11.15
2/21/95 2/28/95 11.500 12.19 0.060 -- 11.60
Dividend Data**
For the Period Ended February 28, 1995
<CAPTION>
EQUIVALENT TAXABLE DISTRIBUTION RATE
--------------------------------------------------
ASSUMING
PER SHARE ANNUALIZED ASSUMING ASSUMING ASSUMING 39.6%
DIVIDEND DISTRIBUTION 28% FEDERAL 31% FEDERAL 36% FEDERAL FEDERAL
DISTRIBUTIONS RATE TAX BRACKET TAX BRACKET TAX BRACKET TAX BRACKET
------------ ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
$0.060 5.83% 8.10% 8.45% 9.11% 9.65%
<FN>
--------------
* As of record date.
** Based on February 28, 1995 net asset value of $12.35 per share.
</TABLE>
Each registered shareholder is considered a participant in the Fund's Dividend
Reinvestment Plan, unless the shareholder elects to receive all dividends and
distributions in cash, or unless the shareholder's shares are registered in
the name of a broker, bank or nominee (other than Smith Barney Inc.) which
does not provide the service. Questions and correspondence concerning the
Dividend Reinvestment Plan should be directed to The Shareholder Services
Group, Inc., P.O. Box 1376, Boston, Massachusetts 02104.
- ---------------------------------- 3
------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED)
<TABLE>
<S> <C> <C> <C>
KEY TO INSURANCE ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GNMA -- Government National Mortgage Association
MBIA -- Municipal Bond Investors Assurance
</TABLE>
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
<C> <S> <C> <C> <C>
- --------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES -- 100.3%
ALASKA -- 4.6%
Valdez, Alaska, Marine Terminal Revenue:
$ 1,000,000 (Mobil Alaska Pipeline),
5.750% due 11/1/28 Aa2 AA $ 913,750
4,400,000 Series A, (BP Pipeline Project),
5.850% due 8/1/25 A1 AA- 4,009,500
7,000,000 Series C, (BP Pipeline Project),
5.650% due 12/1/28 A1 AA- 6,168,750
CALIFORNIA -- 22.3%
9,000,000 California State, Department of Water Revenue, Series L,
5.750% due 12/1/19 Aa AA 8,527,500
Los Angeles, California:
4,000,000 Convention & Exhibition Center Authority, Lease Revenue,
(MBIA insured),
5.125% due 8/15/21 Aaa AAA 3,460,000
4,000,000 Transportation Authority Revenue, Sales Tax Revenue,
(MBIA insured),
6.000% due 7/1/23 Aaa AAA 3,935,000
10,000,000 Wastewater Systems Revenue, (MBIA insured),
5.875% due 6/1/24 Aaa AAA 9,675,000
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 4
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
CALIFORNIA (CONTINUED)
$ 3,000,000 Los Angeles County, California, Transportation Authority
Revenue, (MBIA insured),
5.625% due 7/1/18 Aaa AAA $ 2,801,250
10,000,000 Poway, California, Redevelopment Agency Tax Revenue,
(FGIC insured),
5.500% due 12/15/23 Aaa AAA 9,112,500
3,975,000 Sacramento, California, Municipal Utilities District,
Series D, (MBIA insured),
5.250% due 11/15/20 Aaa AAA 3,507,938
San Francisco, California, City and County Sewer Revenue,
(FGIC insured):
5,000,000 5.375% due 10/1/16 Aaa AAA 4,525,000
3,000,000 5.375% due 10/1/22 Aaa AAA 2,681,250
2,000,000 San Pablo, California, Redevelopment Agency Subtax
Allocation, (FGIC insured),
5.250% due 12/1/23 Aaa AAA 1,752,500
2,000,000 Southern California, Public Power Authority Revenue,
Transmission Project Revenue, Subseries A, (MBIA
insured),
5.000% due 7/1/22 Aaa AAA 1,692,500
2,500,000 West & Central Basin, California, Financing Authority,
(AMBAC insured),
5.000% due 8/1/16 Aaa AAA 2,156,250
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 5
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
FLORIDA -- 6.5%
Florida State Board of Education, Unlimited Tax General
Obligation Bonds, Series D:
$ 1,915,000 5.125% due 6/1/22 Aa AA $ 1,661,263
11,650,000 5.200% due 6/1/23 Aa AA 10,208,312
3,500,000 Martin County, Florida, Industrial Development Revenue,
(Indiantown Cogeneration),
7.875% due 12/15/25 Baa3 BBB- 3,714,375
GEORGIA -- 0.1%
2,500,000 Colquitt County, Georgia, Development Authority Revenue,
Escrowed in 100% Treasuries,
Zero Coupon due 12/1/21 Aaa NR 371,875
ILLINOIS -- 9.5%
Illinois Health Facilities Authority Revenue:
9,500,000 (Ingalls Health System Project), (MBIA insured),
6.250% due 5/15/24 Aaa AAA 9,428,750
2,575,000 (Rush Presbyterian Project), (MBIA insured),
5.500% due 11/15/25 Aaa AAA 2,278,875
10,000,000 Illinois Municipal Electric Agency Revenue, (AMBAC
insured),
5.750% due 2/1/21 Aaa AAA 9,375,000
2,000,000 Metropolitan Pier & Exposition Authority, Illinois,
Dedicated State Tax Revenue, (MBIA insured),
6.000% due 6/15/27 Aaa AAA 1,917,500
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 6
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
INDIANA -- 1.1%
$ 2,500,000 Petersburg, Indiana, Industrial Pollution Control
Revenue, Indianapolis Power & Light Corporation,
6.625% due 12/1/24 Aa2 AA- $ 2,565,625
KENTUCKY -- 0.5%
1,445,000 Boone County, Kentucky, Pollution Control Revenue, Gas &
Electrical, (MBIA insured),
5.500% due 1/1/24 Aaa AAA 1,302,306
MARYLAND -- 4.7%
11,000,000 Maryland State, Energy Financing Administration Revenue,
Solid Waste Disposal Revenue,
9.000% due 10/15/16 NR NR 11,371,250
MASSACHUSETTS -- 6.7%
2,000,000 Massachusetts State Health & Education Revenue, (MBIA
insured),
5.375% due 7/1/24 Aaa AAA 1,765,000
10,000,000 Massachusetts State Industrial Financing Agency Revenue,
Massachusetts Recycling Association,
9.000% due 8/1/16 NR NR 10,412,500
4,000,000 Massachusetts State
Water Revenue, Series A,
(MBIA insured),
6.000% due 8/1/24 Aaa AAA 3,910,000
MICHIGAN -- 0.9%
2,000,000 Midland County, Michigan, Economic Development
Corporation, Pollution Control Revenue, Ltd. Obligation,
Series B,
9.500% due 7/23/09 NR NR 2,137,500
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 7
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MINNESOTA -- 5.3%
$ 4,000,000 St. Cloud, Minnesota, Hospital Facilities Revenue, Series
C, (AMBAC insured),
5.300% due 10/1/20 Aaa AAA $ 3,550,000
10,000,000 St. Paul, Minnesota, Housing & Redevelopment Authority
Revenue,
(Civic Center Project), (MBIA insured),
5.550% due 11/1/23 Aaa AAA 9,212,500
NEBRASKA -- 0.4%
1,000,000 Nebraska Investment Financing Authority Single Family
Housing Revenue, Series A, (GNMA insured),
6.700% due 9/1/26 NR AAA 1,010,000
NEW JERSEY -- 3.2%
3,750,000 New Jersey Building Authority,
5.000% due 6/15/18 Aa AA- 3,201,563
5,190,000 New Jersey Sports & Exposition, Series A,
5.200% due 1/1/20 Aa NR 4,599,637
NEW YORK -- 13.3%
Battery Park, New York, Revenue Authority, Series A:
4,650,000 Jr. Lien,
5.800% due 11/1/22 A A 4,208,250
4,000,000 Sr. Lien,
5.700% due 11/1/20 A1 AA 3,660,000
9,440,000 New York City Municipal Water Financing Authority
Revenue,
5.500% due 6/15/19 A A- 8,602,200
New York State Local Government Assistance:
5,000,000 5.250% due 4/1/19 A A 4,406,250
4,500,000 5.500% due 4/1/23 A A 4,078,125
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 8
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
NEW YORK (CONTINUED)
$ 4,690,000 New York State Medical Care Facilities, Healthcare
Project A,
5.850% due 2/15/33 Aa NR $ 4,379,288
1,545,000 New York State Thruway Authority, General Revenue, Series
B, (MBIA insured),
5.000% due 1/1/20 Aaa AAA 1,328,700
1,500,000 Niagara, New York, Transportation Authority Revenue,
(Greater Buffalo International Airport), (MBIA insured),
6.000% due 4/1/24 Aaa AAA 1,481,250
PENNSYLVANIA -- 1.9%
5,000,000 Allegheny County, Pennsylvania, Hospital Development
Revenue, (FGIC insured),
5.625% due 10/1/20 Aaa AAA 4,650,000
SOUTH CAROLINA -- 3.5%
10,000,000 South Carolina State Public Service Authority Revenue,
Series C, (FGIC insured),
5.000% due 1/1/25 Aaa AAA 8,350,000
TENNESSEE -- 0.8%
2,000,000 Loudon County, Tennessee, Industrial Development Board,
Solid Waste Disposal Revenue, (Kimberly Clark),
6.200% due 2/1/23 Aa2 AA 1,970,000
TEXAS -- 6.9%
5,000,000 Arlington, Texas, Independent School District Revenue,
5.750% due 2/15/21 Aaa NR 4,787,500
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 9
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
TEXAS (CONTINUED)
$ 2,500,000 Burleson, Texas, Independent School District Revenue,
6.750% due 8/1/24 Aaa NR $ 2,618,750
9,035,000 Texas State Veterans Housing, General Obligation, Series
B-4,
6.700% due 12/1/24 Aa AA 9,159,231
VIRGINIA -- 0.5%
1,250,000 Virginia College Building Authority Revenue,
5.750% due 4/1/14 NR A+ 1,170,312
WASHINGTON -- 3.8%
Washington State Public Power, Nuclear Project No. 3,
Series B:
6,000,000 5.625% due 7/1/12 Aa AA 5,520,000
4,250,000 5.500% due 7/1/18 Aa AA 3,745,313
WEST VIRGINIA -- 3.8%
10,000,000 Marion County, West Virginia, Community Solid Waste
Disposal Facilities Revenue, (American Paper Recycling
Project),
7.750% due 12/1/11 NR NR 9,250,000
- --------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS AND NOTES
(COST $234,838,555) $242,277,688
- --------------------------------------------------------------------------
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 10
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
SHORT-TERM TAX-EXEMPT INVESTMENTS -- 1.5%
CALIFORNIA -- 0.0%
$ 100,000 California Pollution Control Financing Authority Recovery
Revenue, (Delano Project),
3.900% due 8/1/19+ Aa1 NR $ 100,000
DELAWARE -- 0.2%
600,000 Delaware State, Economic Development Authority Revenue,
4.000% due 10/1/29+ A2 A 600,000
ILLINOIS -- 0.4%
900,000 Southwestern Illinois, Industrial Development Authority,
Solid Waste Disposal Revenue,
4.200% due 8/1/21+ Aa2 AAA 900,000
LOUISIANA -- 0.2%
400,000 East Baton Rouge Parish, Louisiana, Pollution Control
Revenue,
3.950% due 6/1/11+ Aa1 NR 400,000
100,000 Plaquemines Parish, Louisiana, Environmental Revenue,
4.250% due 10/1/24+ A1 AA- 100,000
MAINE -- 0.1%
200,000 Biddeford, Maine, Resources Recovery Revenue,
4.100% due 7/1/07+ Aa3 NR 200,000
MISSISSIPPI -- 0.1%
300,000 Jackson County, Mississippi, Port Facilities Revenue,
3.900% due 6/1/23+ Aa2 NR 300,000
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 11
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
SHORT-TERM TAX-EXEMPT INVESTMENTS (CONTINUED)
NEW YORK -- 0.2%
New York City, New York, General Obligation Bonds:
$ 200,000 Subseries A,
3.600% due 8/1/23+ A1 AA- $ 200,000
200,000 Subseries E6,
3.800% due 8/1/17+ A1 AA- 200,000
TEXAS -- 0.3%
200,000 El Paso, Texas, Health Facilities Revenue, Providence
Memorial Hospital,
3.750% due 5/15/19+ Aaa NR 200,000
500,000 Gulf Coast Waste Disposal Authority, Texas Pollution
Control Revenue, (Amoco Oil Company Project),
4.200% due 6/1/24+ Aa1 AAA 500,000
- --------------------------------------------------------------------------
TOTAL SHORT-TERM
TAX-EXEMPT INVESTMENTS
(COST $3,700,000) 3,700,000
- --------------------------------------------------------------------------
TOTAL INVESTMENTS (COST $238,538,555*) 101.8% 245,977,688
OTHER ASSETS AND
LIABILITIES (NET) (1.8) (4,486,227)
- --------------------------------------------------------------------------
NET ASSETS 100.0% $241,491,461
- --------------------------------------------------------------------------
<FN>
* Aggregate cost for Federal tax purposes.
+ Variable rate municipal bonds and notes are payable upon not more than one
business day's notice.
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 12
- ------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
SUMMARY OF MUNICIPAL BONDS BY COMBINED RATINGS
<TABLE>
<CAPTION>
STANDARD
& PERCENT
MOODY'S POOR'S OF VALUE
<S> <C> <C> <C>
Aaa or AAA 46.4 %
Aa AA 29.2
A A 9.4
Baa BBB 1.5
NR NR 13.5
---------
100.0 %
---------
---------
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
- ---------------------------------- 13
- ------------------------------
<PAGE>
NOTES TO PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICY
Greenwich Street Municipal Fund Inc. (the "Fund") was organized as a
corporation under the laws of the State of Maryland on February 19, 1993, and
changed its name on April 15, 1994, from Municipal Opportunity Fund Inc. to
its present name. The Fund is registered with the Securities and Exchange
Commission as a non-diversified, closed-end management investment company
under the Investment Company Act of 1940, as amended. The policies described
below are followed consistently by the Fund in the valuation of its portfolio.
PORTFOLIO VALUATION: Investments are valued by The Boston Company Advisors,
Inc. after consultation with an independent pricing service (the "Service")
approved by the Board of Directors. When, in the judgment of the Service,
quoted bid prices for investments are readily available and are representative
of the bid side of the market, these investments are valued at the mean
between the quoted bid prices and asked prices. Investments for which, in the
judgment of the Service, no readily obtainable market quotations are
available, are carried at fair value as determined by the Service, based on
methods that include consideration of: yields or prices of municipal
obligations of comparable quality, coupon, maturity and type; indications as
to values from dealers; and general market conditions. The Service may use
electronic data processing techniques and/or a matrix system to determine
valuations. Short-term investments that mature in fewer than 60 days are
valued at amortized cost.
- ------------------------------ 14
------------------------------
<PAGE>
NOTES TO PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
QUARTERLY RESULTS OF OPERATIONS
Net Increase/
Net Realized (Decrease)
and Unrealized in Net Assets
Investment Net Investment Gain/(Loss) on Resulting From
Income Income Investments Operations
<S> <C> <C> <C> <C> <C> <C><C>
- -----------------------------------------------------------------------------
<CAPTION>
QUARTER PER PER PER PER
ENDED TOTAL SHARE TOTAL SHARE TOTAL SHARE TOTAL SHARE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------
August 31,
1994*$2,522,206 $.13 $2,049,342 $.11 $4,076,999$ .20 $ 6,126,341 $ .31
November 30,
1994 3,946,853 .20 3,334,708 .17 (22,644,150)(1.16)(19,309,442) (.99)
February 28,
1995 3,990,277 .20 3,363,082 .17 24,095,398 1.23 27,458,480 1.40
----------------------------------------------------------------------
<FN>
* The Fund commenced operations on June 24, 1994.
</TABLE>
- ---------------------------------- 15
------------------------------
<PAGE>
GREENWICH STREET MUNICIPAL
FUND INC.
DIRECTORS
Charles F. Barber
Allan J. Bloostein
Martin Brody
Dwight B. Crane
Robert A. Frankel
Heath B. McLendon
OFFICERS
Heath B. McLendon
CHAIRMAN OF THE BOARD AND
INVESTMENT OFFICER
Jessica Bibliowicz
PRESIDENT
Joseph P. Deane
VICE PRESIDENT
AND INVESTMENT OFFICER
David Fare
INVESTMENT OFFICER
Lewis E. Daidone
SENIOR VICE PRESIDENT
AND TREASURER
Christina T. Sydor
SECRETARY
INVESTMENT ADVISER AND ADMINISTRATOR
Smith Barney Mutual Funds
Management Inc.
388 Greenwich Street
New York, New York 10013
SUB-ADMINISTRATOR
The Boston Company Advisors, Inc.
One Boston Place
Boston, Massachusetts 02108
AUDITORS AND COUNSEL
Coopers & Lybrand
One Post Office Square
Boston, Massachusetts 02109
Willkie Farr & Gallagher
153 East 53rd Street
New York, New York 10022
TRANSFER AGENT
The Shareholder Services Group, Inc.
Exchange Place
Boston, Massachusetts 02109
CUSTODIAN
Boston Safe Deposit and
Trust Company
One Boston Place
Boston, Massachusetts 02108
- ------------------------------ 16
------------------------------
<PAGE>
THIS REPORT IS TO THE SHAREHOLDERS OF
GREENWICH STREET MUNICIPAL FUND INC.
FOR THEIR INFORMATION. IT IS NOT A PROSPECTUS,
CIRCULAR OR REPRESENTATION INTENDED FOR USE IN THE
PURCHASE OR SALE OF SHARES OF THE PORTFOLIO OR ANY
SECURITIES MENTIONED IN THE REPORT.
FD 0881 D5
