Western Asset Municipal Partners Fund II Inc. As of September 30, 2006

  
    
  
  
    
      Western Asset Municipal Partners Fund II Inc. (NYSE: MPT) announces its 
      portfolio composition as of September 30, 2006
    
    
      Investment Objective: The Fund seeks a high level of current income 
      exempt from regular Federal income tax, consistent with the preservation 
      of capital.
    
    
      
        
          Portfolio Composition*
        
        
        
      
      
        
          Industry Allocations:
        
        
        
      
      
        
          Municipals
        
        
          96.54%
        
      
      
        
          Utility
        
        
          19.37%
        
      
      
        
          Local
        
        
          14.81%
        
      
      
        
          Pre refunded / Escrow to Maturity
        
        
          10.09%
        
      
      
        
          Revenue Other
        
        
          8.48%
        
      
      
        
          Transportation
        
        
          7.57%
        
      
      
        
          Health Care
        
        
          7.25%
        
      
      
        
          Special Tax Obligation
        
        
          6.66%
        
      
      
        
          State
        
        
          6.57%
        
      
      
        
          Education
        
        
          5.67%
        
      
      
        
          Lease Backed
        
        
          4.56%
        
      
      
        
          Industrial Development Pollution Control
        
        
          3.37%
        
      
      
        
          Public Facilities
        
        
          1.88%
        
      
      
        
          Housing
        
        
          0.25%
        
      
      
        
          Cash & Other Securities
        
        
          3.46%
        
      
      
        
        
        
           
        
      
      
        
          Credit Quality (Higher of S&P or Moody's):
        
        
        
      
      
        
          AAA
        
        
          71.54%
        
      
      
        
          AA
        
        
          13.79%
        
      
      
        
          A
        
        
          6.16%
        
      
      
        
          BBB
        
        
          5.04%
        
      
      
        
          Cash
        
        
          3.46%
        
      
      
        
        
        
           
        
      
      
        
          Average Life (years)
        
        
          9.97 
        
      
      
        
          Average Effective Duration (years)
        
        
          7.26 
        
      
    
    
      *Portfolio holdings and weightings are historical and for informational 
      purposes only. They are subject to change at any time.
    
    Portfolio Statistics
--------------------
Inception Date                                   July 29, 1993
Leverage (Preferred Stock)                       $45 million
Leverage Percentage                              34.07%
Total Net Assets                                 $132.065 million
Dividend Rate                                    $0.0450 per share
Frequency                                        Monthly
Market Price                                     $12.81
NAV                                              $14.49
    
    
    
      Western Asset Municipal Partners Fund II Inc., a diversified closed-end 
      investment management company, is advised by Legg Mason Partners Fund 
      Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc. and is 
      sub-advised by Western Asset Management Company, an affiliate of the 
      adviser.
    
    
      For more information, please call 1-888-777-0102 or consult the Fund’s 
      web site at www.leggmason.com/InvestorServices.
    
  
Western Asset Municipal Partners Fund II Inc. (NYSE: MPT)
announces its portfolio composition as of September 30, 2006

   Investment Objective: The Fund seeks a high level of current
income exempt from regular Federal income tax, consistent with the
preservation of capital.

-0-
*T
Portfolio Composition*
Industry Allocations:
--------------------------------------------------------
Municipals                                                 96.54%
     Utility                                               19.37%
     Local                                                 14.81%
     Pre refunded / Escrow to Maturity                     10.09%
     Revenue Other                                          8.48%
     Transportation                                         7.57%
     Health Care                                            7.25%
     Special Tax Obligation                                 6.66%
     State                                                  6.57%
     Education                                              5.67%
     Lease Backed                                           4.56%
     Industrial Development Pollution Control               3.37%
     Public Facilities                                      1.88%
     Housing                                                0.25%
Cash & Other Securities                                     3.46%

Credit Quality (Higher of S&P or Moody's):
--------------------------------------------------------
AAA                                                        71.54%
AA                                                         13.79%
A                                                           6.16%
BBB                                                         5.04%
Cash                                                        3.46%

Average Life (years)                                        9.97
Average Effective Duration (years)                          7.26
*T

   *Portfolio holdings and weightings are historical and for
informational purposes only. They are subject to change at any time.

-0-
*T
Portfolio Statistics
--------------------
Inception Date                                   July 29, 1993
Leverage (Preferred Stock)                       $45 million
Leverage Percentage                              34.07%
Total Net Assets                                 $132.065 million
Dividend Rate                                    $0.0450 per share
Frequency                                        Monthly
Market Price                                     $12.81
NAV                                              $14.49
*T

   Western Asset Municipal Partners Fund II Inc., a diversified
closed-end investment management company, is advised by Legg Mason
Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason,
Inc. and is sub-advised by Western Asset Management Company, an
affiliate of the adviser.

   For more information, please call 1-888-777-0102 or consult the
Fund's web site at www.leggmason.com/InvestorServices.