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SIGNATURE ALAN M. MANDEL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000894351
<NAME> MUNICIPAL PARTNERS FUND INC.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 114,949,867
<INVESTMENTS-AT-VALUE> 118,659,382
<RECEIVABLES> 1,957,514
<ASSETS-OTHER> 70,556
<OTHER-ITEMS-ASSETS> 29,303
<TOTAL-ASSETS> 120,716,755
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 163,835
<TOTAL-LIABILITIES> 163,835
<SENIOR-EQUITY> 40,000,000
<PAID-IN-CAPITAL-COMMON> 79,679,271
<SHARES-COMMON-STOCK> 5,757,094
<SHARES-COMMON-PRIOR> 5,757,094
<ACCUMULATED-NII-CURRENT> 376,222
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,212,088)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,709,515
<NET-ASSETS> 80,552,920<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,318,411
<OTHER-INCOME> 0
<EXPENSES-NET> 1,109,359
<NET-INVESTMENT-INCOME> 6,209,052
<REALIZED-GAINS-CURRENT> (52,016)
<APPREC-INCREASE-CURRENT> (1,292,674)
<NET-CHANGE-FROM-OPS> 4,864,362
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,008,945<F3>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,144,583)
<ACCUMULATED-NII-PRIOR> 176,115
<ACCUMULATED-GAINS-PRIOR> (3,160,072)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 715,126
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,109,359
<AVERAGE-NET-ASSETS> 79,246,224
<PER-SHARE-NAV-BEGIN> 14.19
<PER-SHARE-NII> 1.08
<PER-SHARE-GAIN-APPREC> (.24)
<PER-SHARE-DIVIDEND> 1.04<F4>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.99
<EXPENSE-RATIO> 1.40<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Applicable to Common Stock
<F2>Excluding Preferred Dividends of 1.86%
<F3>Including Preferred Dividends of $1,475,233
<F4>Including Preferred Dividends of $.25 Per Common Share
</FN>
</TABLE>
February 14, 1997
To the Board of Directors of
The Municipal Partners Fund Inc.
In planning and performing our audit of the financial
statements of The Municipal Partners Fund, Inc.(the "Fund")
for the year ended December 31, 1996, we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purposes of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from unauthorized
use or disposition and that transactions are executed in accordance
with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the risk
that errors or irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of December 31
, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/S/
PRICE WATERHOUSE LLP
