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UNITED STATES |
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-7362 |
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Salomon Brothers Municipal Partners Fund Inc. |
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(Exact name of registrant as specified in charter) |
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125 Broad Street, New York, NY |
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10004 |
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(Address of principal executive offices) |
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(Zip code) |
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Robert I. Frenkel, Esq. Smith Barney Fund Management LLC 300 First Stamford Place Stamford, CT 06902 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
1-800-451-2010 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2005 |
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ITEM 1. SCHEDULE OF INVESTMENTS
SALOMON BROTHERS MUNICIPAL
PARTNERS FUND INC.
FORM N-Q
MARCH 31, 2005
SALOMON BROTHERS MUNICIPAL PARTNERS FUND INC.
Schedule of Investments (unaudited) |
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March 31, 2005 |
FACE |
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AMOUNT |
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RATING (a) |
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SECURITY |
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VALUE |
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LONG-TERM INVESTMENTS - 98.9% |
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California - 5.8% |
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California State GO: |
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$ |
1,575,000 |
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A |
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5.125% due 6/1/24 |
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$ |
1,622,266 |
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2,400,000 |
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AAA |
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FSA- Insured, 6.000% due 2/1/16 |
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2,797,800 |
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1,250,000 |
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AAA |
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Huntington
Beach, CA Union High School District GO, |
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1,296,162 |
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1,370,000 |
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AAA |
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Pleasant Valley,
CA School District Ventura County GO, |
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1,591,803 |
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7,308,031 |
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Colorado - 1.4% |
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600,000 |
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BBB+ |
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Colorado Health
Facilities Authority Revenue, (Poudre Valley |
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595,266 |
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Colorado Springs, CO Hospital Revenue: |
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505,000 |
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A3* |
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6.375% due 12/15/30 |
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542,082 |
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495,000 |
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A3* |
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6.375% due
12/15/30 Pre-Refunded-Escrowed with U.S. |
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570,309 |
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1,707,657 |
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District of Columbia - 1.7% |
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2,000,000 |
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AAA |
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District of
Columbia Revenue, (American University), |
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2,085,360 |
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Georgia - 1.3% |
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25,000 |
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AAA |
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Fulton County, GA Housing Authority Revenue, Single-Family |
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Mortgage, Series A,
GNMA-Collateralized, |
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25,293 |
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1,390,000 |
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AAA |
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Georgia State, GO, Series C, 5.500% due 7/1/15 |
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1,561,220 |
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1,586,513 |
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Hawaii - 1.8% |
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2,000,000 |
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AAA |
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Hawaii State
Airport System Revenue, Series B, |
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2,201,720 |
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Illinois - 14.8% |
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Chicago, IL
Board of Education GO, (Chicago School Reform), |
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390,000 |
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AAA |
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5.750% due 12/1/27 |
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418,985 |
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3,360,000 |
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AAA |
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5.750% due
12/1/27 Pre-Refunded-Escrowed with state & |
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3,663,106 |
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500,000 |
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AAA |
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Chicago, IL GO, Series A, FSA-Insured, 5.250% due 1/1/16 |
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542,655 |
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Chicago, IL Midway Airport Revenue, MBIA-Insured: |
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2,000,000 |
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AAA |
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Series A, 5.500% due 1/1/29 |
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2,083,260 |
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2,000,000 |
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AAA |
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Series B, 5.625% due 1/1/29 (b) |
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2,076,020 |
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2,000,000 |
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Aaa* |
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Illinois
Development Finance Authority, Revolving Fund |
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2,183,540 |
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1,000,000 |
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AA+ |
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Illinois
Educational Facilities Authority Revenue, |
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1,096,530 |
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See Notes to Schedule of Investments.
1
SALOMON BROTHERS MUNICIPAL PARTNERS FUND INC.
Schedule of Investments (unaudited) (continued) |
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March 31, 2005 |
FACE |
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AMOUNT |
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RATING (a) |
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SECURITY |
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VALUE |
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Illinois - 14.8% (continued) |
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$ |
1,500,000 |
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A+ |
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Illinois Health Facilities Authority Revenue, |
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(Lutheran
General Health System), Series C, |
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$ |
1,802,730 |
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1,500,000 |
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AAA |
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Illinois State, GO, First Series, FSA-Insured, 5.500% due 5/1/16 |
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1,678,395 |
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3,000,000 |
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Aa3* |
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Illinois State Sales Tax Revenue, Series V, 6.375% due 6/15/20 |
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Pre-Refunded-Escrowed
with U.S.Treasury obligations to |
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3,084,750 |
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18,629,971 |
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Indiana - 2.3% |
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1,000,000 |
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BBB+ |
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Indiana State
Development Finance Authority, Environmental |
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1,102,560 |
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1,750,000 |
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AAA |
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Indiana State
Revolving Fund Revenue, Series B, |
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1,800,558 |
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2,903,118 |
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Iowa - 0.9% |
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1,000,000 |
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A1* |
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Iowa Finance
Authority, Hospital Facility Revenue, |
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1,099,460 |
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Kansas - 1.3% |
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1,430,000 |
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AA |
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Kansas State
Development Finance Authority, Health Facilities |
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1,587,572 |
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Maryland - 5.6% |
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Maryland State
Health & Higher Educational Facilities |
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1,500,000 |
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Baa1* |
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Caroll County General Hospital, 6.000% due 7/1/37 |
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1,571,850 |
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1,000,000 |
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A |
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Suburban Hospital, Series A, 5.500% due 7/1/16 |
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1,077,260 |
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University of Maryland Medical Systems: |
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1,000,000 |
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A3* |
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6.750% due 7/1/30 |
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1,118,460 |
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500,000 |
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A |
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6.000% due 7/1/32 |
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538,550 |
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2,500,000 |
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Aaa* |
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Northeast
Maryland Waste Disposal Authority, Solid Waste |
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2,689,000 |
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6,995,120 |
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Massachusetts - 4.9% |
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2,500,000 |
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AA- |
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Massachusetts
State Health & Educational Facilities Authority |
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5.750% due 7/1/32 |
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2,705,100 |
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Massachusetts
State Water Pollution Abatement Trust |
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2,540,000 |
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AAA |
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5.750% due 8/1/29 |
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2,781,071 |
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630,000 |
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AAA |
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5.750% due
8/1/29 Pre-Refunded-Escrowed with state & local |
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699,439 |
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6,185,610 |
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See Notes to Schedule of Investments.
2
SALOMON BROTHERS MUNICIPAL PARTNERS FUND INC.
Schedule of Investments (unaudited) (continued) |
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March 31, 2005 |
FACE |
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AMOUNT |
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RATING (a) |
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SECURITY |
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VALUE |
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Michigan - 1.2% |
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$ |
1,500,000 |
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AA- |
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Michigan State
Hospital Finance Authority Revenue, |
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$ |
1,555,650 |
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Minnesota - 2.2% |
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2,785,000 |
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AA+ |
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Minnesota State
Housing Finance Agency, Single-Family |
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2,791,155 |
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Nevada - 2.4% |
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1,350,000 |
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AAA |
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Clark County, NV
Passenger Facility Revenue, (McCarran |
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5.750% due 7/1/23 (b) |
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1,384,574 |
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Nevada Housing
Division Revenue, Single-Family Program, |
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1,495,000 |
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Aa2* |
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6.400% due 10/1/25 (b) |
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1,511,071 |
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90,000 |
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Aa2* |
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6.950% due 10/1/26 (b) |
|
90,515 |
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2,986,160 |
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New Hampshire - 0.1% |
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135,000 |
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Aa2* |
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New Hampshire
State HFA, Single-Family Residential Revenue, |
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135,044 |
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New Jersey - 12.1% |
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New Jersey EDA: |
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5,150,000 |
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AAA |
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PCR Revenue, (Public Service Electric and Gas Co. Project), Series A, |
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MBIA-Insured, 6.400% due 5/1/32 (b) |
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5,318,405 |
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2,500,000 |
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A+ |
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School Facilities Construction Revenue, Series G, |
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5.000% due 9/1/2011 |
|
2,688,925 |
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4,450,000 |
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AAA |
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Water Facilities Revenue, (New Jersey American Water Co., |
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Inc. Project), Series A, FGIC-Insured, 6.875% due 11/1/34 |
|
4,553,551 |
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1,000,000 |
|
A2* |
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New Jersey
Health Care Facilities Financing Authority Revenue, |
|
1,065,780 |
|
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1,395,000 |
|
AAA |
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New Jersey
Transportation Trust Fund Authority Revenue, |
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|
5.000% due 12/15/11 |
|
1,503,810 |
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15,130,471 |
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New Mexico - 2.2% |
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|
University of
New Mexico, Hospital Mortgage Revenue, |
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1,135,000 |
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AAA |
|
5.000% due 7/1/14 |
|
1,207,515 |
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1,500,000 |
|
AAA |
|
5.000% due 7/1/15 |
|
1,585,215 |
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2,792,730 |
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New York - 8.5% |
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New York City, NY GO: |
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Series A: |
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180,000 |
|
A1* |
|
6.000% due 5/15/30 |
|
198,513 |
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820,000 |
|
A1* |
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6.000% due
5/15/30 Pre-Refunded - Escrowed with U.S. |
|
930,913 |
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See Notes to Schedule of Investments.
3
SALOMON BROTHERS MUNICIPAL PARTNERS FUND INC.
Schedule of Investments (unaudited) (continued) |
|
March 31, 2005 |
FACE |
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AMOUNT |
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RATING (a) |
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SECURITY |
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VALUE |
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New York - 8.5% (continued) |
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$ |
500,000 |
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A1* |
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Series G, 5.000% due 12/1/33 |
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$ |
509,605 |
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New York City,
NY Municipal Water Finance Authority, Water |
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1,175,000 |
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AA+ |
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5.750% due 6/15/29 |
|
1,257,908 |
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1,000,000 |
|
AA+ |
|
5.125% due 6/15/31 |
|
1,027,450 |
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1,250,000 |
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AAA |
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New York City,
NY Transitional Finance Authority Revenue, |
|
1,376,387 |
|
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3,500,000 |
|
AAA |
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New York State
Dormitory Authority, Income Tax Revenue |
|
3,985,590 |
|
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1,250,000 |
|
AAA |
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New York State
Thruway Authority, Income Tax Revenue, |
|
1,344,525 |
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|
|
10,630,891 |
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Ohio - 8.3% |
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|
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|
|
|
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1,375,000 |
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Aaa* |
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Butler County, OH GO, MBIA-Insured, 5.250% due 12/1/15 |
|
1,505,034 |
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2,000,000 |
|
BBB+ |
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Miami County, OH
Hospital Facilities Revenue, (Upper Valley |
|
2,081,300 |
|
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6,700,000 |
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A+ |
|
Ohio State Water
Development Authority, Solid Waste |
|
6,896,913 |
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|
|
|
10,483,247 |
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Pennsylvania - 0.2% |
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250,000 |
|
AAA |
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Philadelphia, PA
School District GO, Series A, FSA-Insured, |
|
277,623 |
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Puerto Rico - 2.5% |
|
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|
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|
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|
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2,750,000 |
|
AAA |
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Puerto Rico
Electric Power Authority, Revenue, |
|
3,146,220 |
|
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Tennessee - 6.0% |
|
|
|
|
|
|
|
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2,900,000 |
|
AA- |
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Humphreys
County, TN IDB, Solid Waste Disposal Revenue, |
|
|
|
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|
|
|
|
6.700% due 5/1/24 (b) |
|
2,965,337 |
|
||
3,500,000 |
|
AAA |
|
Memphis-Shelby
County, TN Airport Authority Revenue, |
|
3,824,975 |
|
||
770,000 |
|
AA |
|
Tennessee
Housing Development Agency Revenue, |
|
789,797 |
|
||
|
|
|
|
|
|
7,580,109 |
|
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Texas - 5.8% |
|
|
|
|
|
|
|
||
1,165,000 |
|
A |
|
Harris County,
TX Health Facilities Development Authority, |
|
|
|
||
|
|
|
|
Series A, 5.250% due 12/1/17 |
|
1,218,940 |
|
||
100,000 |
|
AAA |
|
North Harris
Montgomery Community College District, TX |
|
107,936 |
|
||
1,000,000 |
|
AAA |
|
North Texas
Municipal Water District, Water Systems Revenue, |
|
1,070,250 |
|
||
See Notes to Schedule of Investments.
4
SALOMON BROTHERS MUNICIPAL PARTNERS FUND INC.
Schedule of Investments (unaudited) (continued) |
|
March 31, 2005 |
FACE |
|
|
|
|
|
|
|
||
AMOUNT |
|
RATING (a) |
|
SECURITY |
|
VALUE |
|
||
Texas - 5.8% (continued) |
|
|
|
|
|
||||
$ |
3,500,000 |
|
AAA |
|
Texas State
Turnpike Authority Revenue, First Tier, Series A, |
|
$ |
3,751,895 |
|
1,000,000 |
|
AAA |
|
Williamson
County, TX GO, MBIA-Insured |
|
1,081,750 |
|
||
|
|
|
|
|
|
7,230,771 |
|
||
Washington - 5.6% |
|
|
|
|
|
|
|
||
1,000,000 |
|
AAA |
|
Chelan County,
WA Public Utility District, (Chelan Hydro |
|
|
|
||
|
|
|
|
AMBAC-Insured, 5.450% due 7/1/37 (b) |
|
1,044,550 |
|
||
4,250,000 |
|
AAA |
|
Seattle, WA GO, Series B, FSA-Insured, 5.750% due 12/1/28 |
|
4,740,450 |
|
||
1,200,000 |
|
AAA |
|
Washington State
Public Power Supply System Revenue, |
|
|
|
||
|
|
|
|
5.125% due 7/1/17 |
|
1,264,164 |
|
||
|
|
|
|
|
|
7,049,164 |
|
||
|
|
|
|
TOTAL LONG-TERM INVESTMENTS |
|
|
|
||
|
|
|
|
(Cost - $118,476,956) |
|
124,079,367 |
|
||
SHORT-TERM INVESTMENTS - 1.1% (c) |
|
|
|
||||||
New York - 1.1% |
|
|
|
|
|
|
|
||
1,400,000 |
|
A-1+ |
|
New York City,
NY Municipal Water Finance Authority, Water |
|
|
|
||
|
|
|
|
2.290% due 6/15/35 (Cost - $1,400,000) |
|
1,400,000 |
|
||
|
|
|
|
TOTAL INVESTMENTS - 100.0% |
|
|
|
||
|
|
|
|
(Cost - $119,876,956**) |
|
$ |
125,479,367 |
|
|
(a) All ratings are by Standard & Poors Ratings Service, except for those identified by an asterisk (*) which are rated by Moodys Investors Service, Inc.
(b) Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax .
(c) 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 6 through 9 for definitions of ratings and abbreviations.
Summary of Investments by Industry and Pre-Refunded (unaudited)***
Healthcare |
|
17.0 |
% |
Transportation |
|
14.5 |
|
General obligation |
|
12.9 |
|
Water |
|
12.9 |
|
Education |
|
10.8 |
|
Power |
|
8.6 |
|
General Revenue |
|
7.3 |
|
Pre-Refunded |
|
7.1 |
|
Industrial Development |
|
4.6 |
|
Housing |
|
4.3 |
|
Total |
|
100.0 |
% |
*** As a percentage of total investments. Please note that Fund holdings are as of March 31, 2005 and are subject to change.
See Notes to Schedule of Investments.
5
Bond Ratings (unaudited)
The definitions of the applicable rating symbols are set forth below:
Standard & Poors Ratings Service (Standard & Poors) 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 & Poors. 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 issue 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 debt in this category than in higher rated categories.
BB, B, CCC, CC and C Bonds rated BB, B, CCC, CC and C 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 the lowest degree of speculation and C 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.
Moodys Investors Service (Moodys) Numerical modifiers 1, 2 and 3 may be applied to each generic rating from Aa to Caa, 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 as 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.
6
Bond Ratings (unaudited) (continued)
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.
B Bonds that are rated B generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.
Caa Bonds rated Caa are of poor standing. These issues may be in default, or present elements of danger may exist with respect to principal or interest.
Short-Term Security Ratings (unaudited)
SP-1 Standard & Poors 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 & Poors 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.
MIG1 Moodys highest rating for short-term municipal obligations.
VMIG 1 Moodys highest rating for issues having a demand feature VRDO.
P-1 Moodys highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.
NR Indicates that the bond is not rated by Moodys or Standard & Poors as indicated.
Abbreviations* (unaudited)
ABAG Association of Bay Area Governments |
AIG American International Guaranty |
AMBAC Ambac Assurance Corporation |
AMT Alternative Minimum Tax |
7
Abbreviations* (unaudited) (continued)
BAN Bond Anticipation Notes |
BIG Bond Investors Guaranty |
CDA Community Development Authority |
CGIC Capital Guaranty Insurance Company |
CHFCLI California Health Facility Construction Loan Insurance |
CONNIE LEE College Construction Loan Insurance Association |
COP Certificate of Participation |
CSD Central School District |
CTFS Certificates |
DFA Development Finance Authority |
EDA Economic Development Authority |
EFA Educational Facilities Authority |
ETM Escrowed to Maturity |
FGIC Financial Guaranty Insurance Company |
FHA Federal Housing Administration |
FHLMC Federal Home Loan Mortgage Corporation |
FLAIRS Floating Adjustable Interest Rate Securities |
FNMA Federal National Mortgage Association |
FRTC Floating Rate Trust Certificates |
FSA Federal Savings Association |
GIC Guaranteed Investment Contract |
GNMA Government National Mortgage Association |
GO General Obligation |
HDC Housing Development Corporation |
HEFA Health & Educational Facilities |
HFA Housing Finance Authority |
IBC Insured Bond Certificates |
IDA Industrial Development Authority |
IDB Industrial Development Board |
IDR Industrial Development Revenue |
IFA Industrial Finance Agency |
INFLOS Inverse Floaters |
ISD Independent School District |
ISO Independent System Operator |
LOC Letter of Credit |
MBIA Municipal Bond Investors Assurance |
MERLOT Municipal Exempt Receipts Liquidity |
MFH Multi-Family Housing |
MSTC Municipal Securities Trust |
MUD Municipal Utilities District |
MVRICS Municipal Variable Rate Inverse Coupon Security |
COP Certificate of Participation Coupon Security |
PART Partnership Structure |
PCFA Pollution Control Finance Authority |
8
Abbreviations* (unaudited) (continued)
PCR Pollution Control Revenue |
PFA Public Finance Authority |
PFC Public Finance Corporation |
PSFG Permanent School Fund Guaranty |
Q-SBLF Qualified School Bond Loan Fund |
Radian Radian Asset Assurance |
RAN Revenue Anticipation Notes |
RDA Redevelopment Agency |
RIBS Residual Interest Bonds |
RITES Residual Interest Tax-Exempt Securities |
SPA Standby Bond Purchase Agreement |
SWAP Swap Structure |
SYCC Structured Yield Curve Certificate |
TAN Tax Anticipation Notes |
TCRS Transferable Custodial Receipts |
TECP Tax Exempt Commercial Paper |
TFA Transitional Finance Authority |
TOB Tender Option Bond Structure |
TRAN Tax and Revenue Anticipation Notes |
UFSD Unified Free School District |
UHSD Unified High School District |
USD Unified School District |
VA Veterans Administration |
VRDD Variable Rate Daily Demand |
VRDO Variable Rate Demand Obligation |
VRWE Variable Rate Wednesday Demand |
XLCA XL Capital Assurance |
* Abbreviations may or may not appear in the Schedule of Investments.
9
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
Salomon Brothers Municipal Partners Fund Inc. (Fund), was incorporated in Maryland on November 24, 1992 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended.
The following are significant accounting policies consistently followed by the Fund. These policies are 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. Securities for which reliable quotations are not readily available are valued at fair value as determined in good faith by, or under procedures established by, the Board of Directors. Short-term investments having a maturity of 60 days or less are valued at amortized cost, which approximates value.
(b) Investment Transactions. Investment transactions are recorded for on a trade date basis.
2. Investments
At March 31, 2005, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
Gross unrealized appreciation |
|
$ |
6,238,933 |
|
Gross unrealized depreciation |
|
(636,522 |
) |
|
Net unrealized appreciation |
|
$ |
5,602,411 |
|
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.
10
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal control over financial reporting (as
defined in
Rule 30a-3(d) under the 1940 Act) that occurred during the registrants
last fiscal quarter that have materially affected, or are likely to materially
affect the registrants 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.
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 Fund Inc.
By |
/s/ R. Jay Gerken |
|
R. Jay Gerken |
||
Chief Executive Officer |
Date: May 27, 2005
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: May 27, 2005
By |
/s/ Frances M. Guggino |
|
Frances M. Guggino |
||
Chief Financial Officer |
Date: May 27, 2005