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000 B000000 12/31/1998
000 C000000 0000894351
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001 A000000 MUNICIPAL PARTNERS FUND INC.
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002 A000000 7 WORLD TRADE CENTER
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008 B000001 A
008 C000001 801-32046
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008 D030001 10048
008 A000002 VALUE ADVISORS LLC
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011 A000001 OPPENHEIMER & CO., INC.
011 B000001 8-18333
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
011 A000002 SALOMON BROTHERS INC
011 B000002 8-26920
<PAGE> PAGE 2
011 C010002 NEW YORK
011 C020002 NY
011 C030002 10048
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 84-0000
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012 C020001 MA
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<PAGE> PAGE 3
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SIGNATURE ANTHONY PACE
TITLE ASSISTANT CONTROLLER
[ARTICLE] 6
[CIK] 0000894351
[NAME] MUNICIPAL PARTNERS FUND INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 116,214,677
[INVESTMENTS-AT-VALUE] 123,977,580
[RECEIVABLES] 1,977,751
[ASSETS-OTHER] 87,783
[OTHER-ITEMS-ASSETS] 20,153
[TOTAL-ASSETS] 126,063,267
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 158,222
[TOTAL-LIABILITIES] 158,222
[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] 268,992
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1,806,121
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 7,762,903
[NET-ASSETS] 85,905,045
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 7,080,630
[OTHER-INCOME] 0
[EXPENSES-NET] 1,098,535
[NET-INVESTMENT-INCOME] 5,982,095
[REALIZED-GAINS-CURRENT] 494,761
[APPREC-INCREASE-CURRENT] 49,447
[NET-CHANGE-FROM-OPS] 6,526,303
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 6,107,129
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 419,174
[ACCUMULATED-NII-PRIOR] 394,026
[ACCUMULATED-GAINS-PRIOR] 2,300,882
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 753,309
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,098,535
[AVERAGE-NET-ASSETS] 85,610,271
[PER-SHARE-NAV-BEGIN] 14.85
[PER-SHARE-NII] 01.04
[PER-SHARE-GAIN-APPREC] 00.09
[PER-SHARE-DIVIDEND] 01.06
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.92
[EXPENSE-RATIO] 01.28
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Directors of
Municipal Partners Fund Inc.
In planning and performing our audit of the financial
statements of Municipal Partners Fund Inc. (the "Fund") for the
year ended December 31, 1998, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud 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 internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of
management and the Board of Directors of the Fund and the
Securities and Exchange Commission.
February 22, 1999
To the Shareholders and Board of Directors of
Municipal Partners Fund Inc.
(2)
