c34348_nq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-7812

Salomon Brothers Municipal Partners II Fund Inc.

(Exact name of registrant as specified in charter)

     125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.
Smith Barney Fund Management LLC
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)

Registrant's telephone number, including area code: 1-800-451-2010

     Date of fiscal year end: June 30
Date of reporting period: September 30, 2004

SALOMON BROTHERS
MUNICIPAL PARTNERS FUND II INC.

FORM N-Q
SEPTEMBER 30, 2004

ITEM 1. SCHEDULE OF INVESTMENTS

SALOMON BROTHERS MUNICIPAL PARTNERS FUND II INC.

Schedule of Investments (unaudited) 
September 30, 2004 
 
FACE 
         
AMOUNT  
 
RATING (a)
  
SECURITY 
VALUE 
MUNICIPAL BONDS & NOTES — 149.8%   
California — 7.8%       
$ 2,400,000    AAA    California Infrastructure & Economic Development Bank   
                 Revenue, (Workers Compensation Relief), Series A,   
                 AMBAC-Insured, 5.000% due 10/1/15  $ 2,631,264 
        California State GO:   
1,500,000    A             5.125% due 6/1/24  1,546,425 
2,400,000    AAA             FSA-Insured, 6.000% due 2/1/16  2,880,048 
          7,057,737 
District of Columbia — 2.4%   
2,000,000    AAA    District of Columbia Revenue, (American University),   
                 AMBAC-Insured, 5.625% due 10/1/26  2,122,440 
Florida — 1.3%       
1,000,000    AAA    St. Johns County, FL Water and Sewer Revenue,   
                 MBIA-Insured, 5.500% due 6/1/11  1,138,390 
Georgia — 0.0%       
20,000    AAA    Fulton County, GA Housing Authority, Single-Family   
                 Mortgage, Series A, GNMA-Collateralized,   
                 6.600% due 3/1/28  20,297 
Illinois — 19.7%       
         
Chicago, IL Board of Education GO, (Chicago School Reform),
   
                 AMBAC-Insured:   
100,000    AAA           5.750% due 12/1/27  109,744 
900,000    AAA   
         Pre-Refunded — Escrowed with state & local government 
 
       
         securities to 12/1/07 (Call @ 102), 5.750% due 12/1/27 
1,014,831 
500,000    AAA    Chicago, IL GO, Series A, FSA-Insured, 5.250% due 1/1/16  554,850 
1,750,000    AAA    Chicago, IL Midway Airport Revenue, Series B, MBIA-Insured, 
                 5.625% due 1/1/29  1,829,432 
1,000,000    AAA    Chicago, IL Public Building Commission, Building Revenue,   
                 (Chicago School Reform), Series B, FGIC-Insured,   
                 5.250% due 12/1/18  1,137,640 
250,000    AAA    Cook County, IL Refunding GO, Series A, MBIA-Insured,   
                 5.625% due 11/15/16  275,810 
2,000,000    Aaa *    Illinois Development Finance Authority, Revolving Fund   
                 Revenue, 5.250% due 9/1/12  2,248,000 
1,000,000    AA+    Illinois Educational Facilities Authority Revenue,   
                 (Northwestern University), 5.500% due 12/1/13  1,126,800 
        Illinois Health Facilities Authority Revenue:   
1,850,000    AAA             Refunding, (SSM Health Care), MBIA-Insured,   
                 6.550% due 6/1/13  2,231,322 
2,000,000    AAA             Servantcor Project, Series A, Escrowed to maturity with U.S.   
       
         government securities, FSA-Insured, 6.000% due 8/15/12 
2,336,840 
605,000    A             South Suburban Hospital Project, Escrowed to maturity with   
                 U.S. government securities, 7.000% due 2/15/18  754,538 
1,000,000    AAA    Illinois State GO, First Series, (Pre-refunded — Escrowed with U.S. 
         
         government securities to 6/1/10, Call @ 100), MBIA-Insured,
   
                 5.625% due 6/1/25  1,138,840 

See Notes to Schedule of Investments.

1

SALOMON BROTHERS MUNICIPAL PARTNERS FUND II INC.

Schedule of Investments (unaudited) (continued) 
September 30, 2004 
 
 
FACE 
       
 
AMOUNT 
  RATING (a)  
SECURITY 
VALUE 
Illinois — 19.7% (continued)   
$
2,645,000    AAA   Illinois State, Sales Tax Revenue, 5.500% due 6/15/16  $ 2,962,056 
          17,720,703 
Indiana — 3.2%
 
  400,000   
A-1+ 
  Indiana Health Facility Financing Authority, Hospital Revenue,   
                  (Clarian Health Obligation), Series B, 1.700% due 3/1/30 (b)  400,000 
  2,000,000    BBB+   Indiana State Development Finance Authority, Environmental   
                  Revenue, (USX Corp. Project), 5.250% due 12/1/22  2,200,700 
  250,000    AAA   Indiana State Revolving Fund Revenue, Series B,   
                  5.000% due 8/1/23  257,865 
          2,858,565 
Louisiana — 5.6%  
  5,000,000    BBB+   Louisiana Public Facilities Authority, Hospital Revenue   
                  Refunding, (Touro Infirmary Project), Series A,   
                  6.125% due 8/15/23  5,041,000 
Maryland — 6.6%  
        Maryland State Health & Higher Educational Facilities   
                  Authority Revenue:   
  1,500,000    Baa1 *             Carroll County General Hospital, 6.000% due 7/1/37  1,567,845 
  1,500,000    A             Suburban Hospital, Series A, 5.500% due 7/1/16  1,632,705 
  500,000    A  
         University of Maryland Medical Systems, 6.000% due 7/1/32 
532,425 
  2,000,000    Aaa *   Northeast Maryland Waste Disposal Authority, Solid Waste   
                  Revenue Refunding, AMBAC-Insured, 5.500% due 4/1/16  2,190,280 
          5,923,255 
Massachusetts — 4.5%  
  1,000,000    A   Massachusetts State Health & Educational Facilities Authority   
                  Revenue, (Dana Farber Cancer Project), Series G-1,   
         
         (Pre-refunded — Escrowed with state & local government
   
       
         securities to 12/1/05 Call @ 102), 6.250% due 12/1/22 
1,072,160 
        Massachusetts State Water Pollution Abatement Revenue, Series A: 
  2,125,000    AAA             5.750% due 8/1/29  2,348,189 
  525,000    AAA    Pre-Refunded — Escrowed with state & local government   
                  securities to 8/1/09 (Call @ 101), 5.750% due 8/1/29  602,170 
          4,022,519 
Michigan — 3.0%      
  1,000,000    AAA   Detroit, MI City School District GO, (School Building & Site   
                  Improvement), Series A, FGIC-Insured, 5.500% due 5/1/17  1,121,960 
  1,500,000    AA-   Michigan State Hospital Finance Authority, Revenue Refunding,   
                  (Trinity Health), Credit C, 5.375% due 12/1/30  1,540,275 
          2,662,235 
Missouri — 4.2%
     
         
Missouri State Environmental Improvement & Energy Resources
   
                  Authority:   
  2,500,000    AA  
         PCR Refunding, (Associated Electric Co-op Thomas Hill), 
 
                  5.500% due 12/1/10  2,700,700 
  1,000,000    Aaa *             Water Pollution Refunding, State Revolving Funds,   
                  Program A, 5.000% due 7/1/20  1,114,730 
          3,815,430 

See Notes to Schedule of Investments.

2

SALOMON BROTHERS MUNICIPAL PARTNERS FUND II INC.

Schedule of Investments (unaudited) (continued)
September 30, 2004 
 
 
FACE 
       
 
AMOUNT 
  RATING (a)   
SECURITY
VALUE 
Nevada — 4.7%     
         
Clark County, NV:
 
$
3,000,000    AAA   
          IDR Revenue Refunding, (Nevada Power Co. Project), Series C,
 
         
          AMBAC-Insured, 7.200% due 10/1/22
$ 3,119,400 
  1,000,000    AAA   
          Passenger Facility Revenue, (McCarran International Airport),
 
         
          Series A, MBIA-Insured, 5.750% due 7/1/23
1,040,510 
  75,000    AAA   
          Nevada Housing Division, Single-Family Program Revenue, Series C,
 
         
          AMBAC-Insured, 6.350% due 10/1/12
77,084 
         
4,236,994 
New Jersey — 10.4%   
 
         
New Jersey EDA:
 
  3,750,000    A+   
          School Facilities Construction Revenue, Series G, 5.000% due 9/1/11
4,144,575 
  2,500,000    AAA   
          Motor Vehicle Surcharges Revenue, Series A, MBIA-Insured
 
         
          5.250% due 7/1/16
2,801,625 
  1,000,000    AAA   
          Water Facilities Revenue, (New Jersey American Water Co., Inc.
 
         
          Project), Series A, FGIC-Insured, 6.875% due 11/1/34
1,024,250 
  1,265,000    A+   
New Jersey State Educational Facilities Authority Revenue, Higher
 
         
          Education Capital Improvement Fund, Series A,
 
         
          5.250% due 9/1/12
1,420,924 
         
9,391,374 
New Mexico — 6.8%   
 
  5,400,000    AAA   
New Mexico Finance Authority Revenue, (Public Project
 
         
          Revolving Fund), Series C, AMBAC-Insured, 5.250% due 6/1/14
6,110,586 
New York — 11.5%   
 
         
New York City, NY GO, Series A:
 
  180,000    A   
          6.000% due 5/15/30
199,429 
  820,000    A   
          Pre-Refunded — Escrowed with U.S. government securities to
 
         
          5/15/10 (Call @ 101), 6.000% due 5/15/30
 959,449 
  1,600,000    AA+   
New York City, NY Municipal Water Finance Authority, Water &
 
         
          Sewer System Revenue, Series A, 5.500% due 6/15/23
1,644,080 
  4,500,000    AA+   
New York City, NY Transitional Finance Authority Revenue,
 
         
          Series A, 5.500% due 11/15/17
5,026,905 
  1,000,000    AAA   
New York State Dormitory Authority Revenue, City University
 
         
          System Consolidated 2nd General Resolution, Series A,
 
         
          AMBAC-Insured, 6.125% due 7/1/12
1,163,720 
         
New York State Urban Development Corp. Revenue, Correctional
   
  1,300,000    AAA   
          Facilities, (Pre-Refunded — Escrowed with U.S. government
 
         
          securities to 1/1/06 Call @ 102), FSA-Insured,
 
         
          5.375% due 1/1/25
1,385,228 
         
10,378,811 
Ohio — 6.7% 
     
 
  2,500,000    AA-   
Franklin County, OH Hospital Revenue, (Holy Cross Health
 
         
          Systems Corp.), 5.875% due 6/1/21
2,601,750 
  3,300,000    A+   
Ohio State Water Development Authority, Solid Waste Disposal
 
         
          Revenue, (Broken Hill Proprietary Co., Ltd.), 6.450% due 9/1/20
3,423,552 
          6,025,302 

See Notes to Schedule of Investments.

3

SALOMON BROTHERS MUNICIPAL PARTNERS FUND II INC.

Schedule of Investments (unaudited) (continued) 
September 30, 2004 
 
 
FACE 
       
 
AMOUNT 
  RATING (a)  
SECURITY 
VALUE 
Pennsylvania — 10.7%      
$
3,500,000    AAA   Delaware Valley, PA Regional Financial Authority, Local   
                  Government Revenue, Series A, AMBAC-Insured,   
                  5.500% due 8/1/28  $ 3,919,685 
  1,200,000   
A-1+
   Geisinger Authority, PA Health Systems Revenue,   
                  1.710% due 8/1/28 (b)  1,200,000 
  2,750,000    AAA   Pennsylvania State GO, Second Series, MBIA-Insured,   
                  5.000% due 7/1/11  3,057,175 
  1,090,000    AAA   Philadelphia, PA GO, Series A, XLCA-Insured, 5.250% due 2/15/14  1,206,456 
  250,000    AAA   Philadelphia, PA School District, Series A, FSA-Insured,   
                  5.500% due 2/1/31  285,687 
          9,669,003 
Puerto Rico — 11.2%      
         
Puerto Rico Commonwealth Highway & Transportation Authority,
   
                  Highway Revenue:   
  2,100,000    AAA             Series J, MBIA-Insured, 5.000% due 7/1/11  2,344,041 
  1,600,000    AAA             Series X, FSA-Insured, 5.500% due 7/1/15  1,870,528 
  1,125,000    AAA   Puerto Rico Commonwealth, Refunding Revenue, FGIC-Insured,   
                  5.500% due 7/1/13  1,304,347 
        Puerto Rico Electric Power Authority, Power Revenue:   
  2,750,000    AAA             Series LL, MBIA-Insured, 5.500% due 7/1/17  3,221,900 
  1,155,000    AAA             Series OO, FGIC-Insured, 5.000% due 7/1/14  1,298,566 
          10,039,382 
Tennessee — 4.6%      
  1,950,000    AA-   Humphreys County, TN IDB, Solid Waste Disposal Revenue,   
                  (E.I. Du Pont de Nemours & Co. Project), 6.700% due 5/1/24  1,995,591 
  1,200,000    AAA   Memphis-Shelby County, TN Airport Authority Revenue, Series D,   
                  AMBAC-Insured, 6.000% due 3/1/24  1,336,200 
  755,000    AA   Tennessee Housing Development Agency Revenue, (Homeownership 
                  Program), Series 2C, 6.350% due 1/1/31  791,950 
          4,123,741 
Texas — 16.3%      
         
Austin, TX Airport System Revenue, Series A, MBIA-Insured:
   
  3,475,000    AAA             6.200% due 11/15/15  3,688,365 
  330,000    AAA             Pre-Refunded — Escrowed with state & local government   
       
          securities to 11/15/07 (Call @ 100), 6.200% due 11/15/15 
366,841 
  4,265,000    AAA   Lower Colorado River Authority, TX Transmission Contract   
                  Revenue, AMBAC-Insured, 5.250% due 5/15/14  4,754,494 
  1,380,000    AAA   North Harris Montgomery Community College District GO, TX   
                  Refunding, FGIC-Insured, 5.375% due 2/15/16  1,538,314 
  1,000,000    AAA   North Texas Municipal Water District, Water System Revenue,  1,099,240 
                  MBIA-Insured, 5.000% due 9/1/15   
  1,485,000    AAA   South San Antonio, TX Independent School District GO,  1,619,289 
                  PSF-Insured, 5.000% due 8/15/15   
  1,500,000    AAA   Texas State Turnpike Authority Revenue, First Tier, Series A,   
                  AMBAC-Insured, 5.500% due 8/15/39  1,603,905 
          14,670,448 

See Notes to Schedule of Investments.

4

SALOMON BROTHERS MUNICIPAL PARTNERS FUND II INC.

Schedule of Investments (unaudited) (continued) 
September 30, 2004
 
FACE             
AMOUNT 
  RATING (a)   
SECURITY 
  VALUE
Utah — 0.6% 
   
$ 520,000    AAA    Utah State Housing Finance Agency, Single-Family Mortgage   
                   Revenue, Issue H-2, FHA-Insured, 6.250% due 7/1/22  $ 538,169  
Virginia — 3.6%     
2,915,000    A-    Greater Richmond Convention Center Authority, VA Hotel Tax   
                   Revenue, (Convention Center Expansion Project),     
                   6.125% due 6/15/20    3,262,468  
Washington — 4.1%     
1,900,000    AAA    Chelan County, WA Public Utility District, (Chelan Hydro System   
                   No. 1), Construction Revenue, Series A, AMBAC-Insured,     
                   5.450% due 7/1/37    1,963,973  
400,000    AAA    Seattle, WA GO, Series B, FSA-Insured, 5.750% due 12/1/28    442,380  
1,200,000    AAA    Washington State Public Power Supply System Revenue     
         
          Refunding, (Nuclear Project No. 1), Series A, MBIA-Insured,
     
                   5.125% due 7/1/17    1,296,324  
            3,702,677  
Wisconsin — 0.3%     
260,000    AA    Wisconsin Housing & EDA, Homeownership Revenue, Series G,     
                   6.300% due 9/1/17    261,838  
        TOTAL MUNICIPAL BONDS & NOTES (Cost — $128,920,072)    134,793,364  
        TOTAL INVESTMENTS — 149.8% (Cost — $128,920,072**)    134,793,364  
        Liabilities in Excess of Other Assets — (49.8%)    (44,811,754 ) 
        TOTAL NET ASSETS — 100.0%  $ 89,981,610  

(a)     All ratings are by Standard & Poor's Ratings Service, except for those that are identified by an asterisk (*), which are 
       rated by Moody's Investors Service. 
(b)     Variable rate obligation payable at par on demand at any time on no more than seven days notice. 
**     Aggregate cost for Federal income tax purposes is substantially the same. 
 
         See pages 7 and 8 for definitions of ratings and abbreviations. 

See Notes to Schedule of Investments.

5

SALOMON BROTHERS MUNICIPAL PARTNERS FUND II INC.

Schedule of Investments (unaudited) (continued) 
 
September 30, 2004 

Summary of Investments by Industry* 
General Revenue  22.5
%
Industrial Development  12.8  
Healthcare  12.4  
Education  10.6  
Transportation  10.2  
General Obligation  8.5  
Pre-Refunded  5.8  
Power  5.8  
Water  4.6  
Tax Revenue  2.4  
Escrowed to Maturity  2.3  
Housing  2.1  
  100.0
%

  * As a percentage of total investments. Please note that Fund holdings are as of September 30, 2004 and are subject to change.
 

See Notes to Schedule of Investments.

6

Bond Ratings
(unaudited)

The definitions of the applicable rating symbols are set forth below:

Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (–) sign to show relative standings within the major rating categories.

AAA — Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.

AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.

BB, B, CCC and CC — Bonds rated “BB”, “B”, “CCC” and “CC” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Ba,” where 1 is the highest and 3 the lowest ranking within its generic category.

Aaa — Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa — Bonds rated “Aa” are judged to be of high quality by all standards. Together with the

“Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.

A — Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.

Baa — Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba — Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

NR — Indicates that the bond is not rated by Standard & Poor’s or Moody’s.

 

7

Short-Term Security Ratings
(unaudited)

SP-1 — Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

A-1 — Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

VMIG-1 — Moody’s highest rating for issues having a demand feature— VRDO.

P-1 — Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG-1 rating.

Abbreviations*
(unaudited)

ABAG — Association of Bay Area Governments  ISO — Independent System Operator 
AIG — American International Guaranty  LOC — Letter of Credit 
AMBAC — Ambac Assurance Corporation  MBIA — Municipal Bond Investors Assurance 
AMT — Alternative Minimum Tax  Corporation 
BAN — Bond Anticipation Notes  MERLOT — Municipal Exempt Receipts Liquidity 
BIG — Bond Investors Guaranty  Optional Tender 
CDA — Community Development Authority  MFH — Multi-Family Housing 
CGIC — Capital Guaranty Insurance Company  MSTC — Municipal Securities Trust 
CHFCLI — California Health Facility Construction  Certificates 
Loan Insurance  MUD — Municipal Utilities District 
CONNIE LEE — College Construction Loan Insurance  MVRICS — Municipal Variable Rate Inverse 
Association  Coupon Security 
COP — Certificate of Participation  PART — Partnership Structure 
CSD — Central School District  PCFA — Pollution Control Finance Authority 
CTFS — Certificates  PCR — Pollution Control Revenue 
DFA — Development Finance Agency  PFA — Public Finance Authority 
EDA — Economic Development Authority  PFC — Public Finance Corporation 
EFA — Educational Facilities Authority  PSFG — Permanent School Fund Guaranty 
ETM — Escrowed to Maturity  Q-SBLF — Qualified School Bond Loan Fund 
FGIC — Financial Guaranty Insurance  Radian — Radian Asset Assurance 
Company  RAN — Revenue Anticipation Notes 
FHA — Federal Housing Administration  RAW — Revenue Anticipation Warrants 
FHLMC — Federal Home Loan Mortgage  RDA — Redevelopment Agency 
Corporation  RIBS — Residual Interest Bonds 
FLAIRS — Floating Adjustable Interest Rate  RITES — Residual Interest Tax-Exempt 
Securities  Securities 
FNMA — Federal National Mortgage  SPA — Standby Bond Purchase Agreement 
Association  SWAP — Swap Structure 
FRTC — Floating Rate Trust Certificates  SYCC — Structured Yield Curve Certificate 
FSA — Federal Savings Association  TAN — Tax Anticipation Notes 
GIC — Guaranteed Investment Contract  TCRS — Transferable Custodial Receipts 
GNMA — Government National Mortgage  TECP — Tax Exempt Commercial Paper 
Association  TFA — Transitional Finance Authority 
GO — General Obligation  TOB — Tender Option Bond Structure 
HDA — Housing Development Authority  TRAN — Tax and Revenue Anticipation Notes 
HDC — Housing Development Corporation  UFSD — Unified Free School District 
HEFA — Health & Educational Facilities  UHSD — Unified High School District 
Authority  USD — Unified School District 
HFA — Housing Finance Authority  VA — Veterans Administration 
IBC — Insured Bond Certificates  VRDD — Variable Rate Daily Demand 
IDA — Industrial Development Authority  VRDO — Variable Rate Demand Obligation 
IDB — Industrial Development Board  VRWE — Variable Rate Wednesday Demand 
IDR — Industrial Development Revenue  XLCA — XL Capital Assurance 
IFA — Industrial Finance Agency   
INFLOS — Inverse Floaters   
ISD — Independent School District   

 

*     Abbreviations may or may not appear in the Schedule of Investments.

 

8

Notes to Schedule of Investments (unaudited)

Note 1. Organization and Significant Accounting Policies

Salomon Brothers Municipal Partners Fund II Inc. (“Fund”) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended.

The following is a summary of significant accounting policies consistently followed by the Fund and is in conformity with U.S. generally accepted accounting principles (“GAAP”):

(a) Investment Valuation. Tax-exempt securities are valued by independent pricing services which use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the Fund calculates its net asset value, the Fund may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Directors. Short-term investments having maturity of 60 days or less are valued at amortized cost, which approximates market value.

(b) Investment Transactions. Investment transactions are recorded on the trade date.

(c) Fund Concentration. Since the Fund invests a portion of its assets in issuers located in a single state, it may be affected by economic and political developments in a specific state or region. Certain debt obligations held by the Fund are entitled to the benefit of insurance, standby letters of credit or other guarantees of banks or other financial institutions.

Note 2. Investments

At September 30, 2004, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially as follows:

Gross unrealized appreciation  $ 6,136,012  
Gross unrealized depreciation  (262,720 ) 
Net unrealized appreciation  $ 5,873,292  

 

9

ITEM 2. CONTROLS AND PROCEDURES.

  		 (a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934
  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
     
ITEM 3. EXHIBITS.

  		 Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Salomon Brothers Municipal Partners II Fund Inc.

By /s/  R. Jay Gerken  
 
 
  R. Jay Gerken
Chief Executive Officer
 
     
     
Date: November 24, 2004  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/  R. Jay Gerken  
 
 
  R. Jay Gerken
Chief Executive Officer
 
     
     
Date: November 24, 2004  
     
By Frances M. Guggino  
 
 
  /s/  Frances M. Guggino
Chief Financial Officer 		 
   
Date: November 24, 2004