Western Asset Municipal Partners Fund : Semiannual Report

Semi-Annual Report May 31, 2022

WESTERN ASSET MUNICIPAL PARTNERS FUND INC. (MNP)

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Fund objectives

The Fund's primary investment objective is to seek a high level of current income which is exempt from regular federal income taxes*, consistent with the preservation of capital. As a secondary investment objective, the Fund intends to enhance portfolio value by purchasing tax-exempt securities that, in the opinion of the investment manager, may appreciate in value relative to other similar obligations in the marketplace.

Under normal market conditions, the Fund invests substantially all of its assets in a diversified portfolio of tax-exempt securities that are rated investment grade at the time of purchase by at least one rating agency or, if unrated, determined to be of comparable credit quality by the subadviser, and that the subadviser believes do not involve undue risk to income or principal.

What's inside

Letter from the chairman	III
Performance review	V
Fund at a glance	1
Schedule of investments	2
Statement of assets and liabilities	21
Statement of operations	22
Statements of changes in net assets	23
Statement of cash flows	24
Financial highlights	25
Notes to financial statements	27
Board approval of management and subadvisory agreements	39
Additional shareholder information	45
Dividend reinvestment plan	46

• Certain investors may be subject to the federal alternative minimum tax ("AMT"), and state and local taxes will apply. Capital gains, if any, are fully taxable. Please consult your personal tax or legal adviser.

1. Western Asset Municipal Partners Fund Inc.

Letter from the chairman

Dear Shareholder,

We are pleased to provide the semi-annual report of Western Asset Municipal Partners Fund Inc. for the six-month reporting period ended May 31, 2022. Please read on for Fund performance information during the Fund's reporting period.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

• Fund prices and performance,
• Market insights and commentaries from our portfolio managers, and
• A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

Chairman, President and Chief Executive Officer

June 30, 2022

Western Asset Municipal Partners Fund Inc.

III

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Performance review

For the six months ended May 31, 2022, Western Asset Municipal Partners Fund Inc. returned -12.53% based on its net asset value ("NAV")i and -15.98% based on its New York Stock Exchange ("NYSE") market price per share. The Fund's unmanaged benchmark, the Bloomberg Municipal Bond Indexii, returned -7.32% for the same period. The Lipper General & Insured Municipal Debt (Leveraged) Closed-End Funds Category Averageiii returned -12.07% over the same time frame. Please note that Lipper performance returns are based on each fund's NAV.

Certain investors may be subject to the federal alternative minimum tax, and state and local taxes will apply. Capital gains, if any, are fully taxable. Please consult your personal tax or legal adviser.

The Fund has a practice of seeking to maintain a relatively stable level of distributions to shareholders. This practice has no impact on the Fund's investment strategy and may reduce the Fund's NAV. The Fund's manager believes the practice helps maintain the Fund's competitiveness and may benefit the Fund's market price and premium/discount to the Fund's NAV.

During this six-month period, the Fund made distributions to shareholders totaling $0.42 per share. As of May 31, 2022, the Fund estimates that $0.29 per share of the distributions were sourced from net investment income and distributions of $0.13 per share were from realized capital gains.*The performance table shows the Fund's six-month total return based on its NAV and market price as of May 31, 2022. Past performance is no guarantee of future results.

Performance Snapshot as of May 31, 2022 (unaudited)

		6-Month
Price Per Share	Total Return**
$14.52	(NAV)	-12.53%†
$12.89	(Market Price)	-15.98%‡

All figures represent past performance and are not a guarantee of future results. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

• Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

• Total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV.

• These estimates are not for tax purposes. The Fund will issue a Form 1099 with final composition of the distributions for tax purposes after year-end. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder's investment. For more information about a distribution's composition, please refer to the Fund's distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.franklintempleton.com.

Western Asset Municipal Partners Fund Inc.

V