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 811-21348
Name of Fund: Muni Intermediate Duration Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Terry K. Glenn, President,
Muni Intermediate Duration Fund, Inc., 800 Scudders Mill Road,
Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011,
Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 05/31/2004
Date of reporting period: 06/01/04 - 08/31/04
Item 1 - Schedule of Investments
Muni Intermediate Duration Fund, Inc.
Schedule of Investment as of August 31, 2004 (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
Arizona - 1.2% NR* Ba1 $ 1,000 Maricopa County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project 1), Series A, 6.625%
due 7/01/2020 $ 991
NR* NR* 3,000 Navajo County, Arizona, IDA, IDR (Stone Container
Corporation Project), AMT, 7.20% due 6/01/2027 3,016
Pima County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project):
NR* Baa3 1,000 Series C, 6.70% due 7/01/2021 1,029
NR* Baa3 1,750 Series K/L, 6.375% due 7/01/2031 1,756
California - AAA Aaa 21,465 California Pollution Control Financing Authority, PCR,
24.6% Refunding (Pacific Gas & Electric), AMT, Series A, 5.35%
due 12/01/2016(d) 23,233
California State Department of Water Resources, Power Supply
Revenue Bonds, Series A:
BBB+ A2 8,500 5.25% due 5/01/2020 9,072
BBB+ A2 5,000 5.375% due 5/01/2021 5,361
BBB+ A2 6,500 5.375% due 5/01/2022 6,926
AAA Aaa 11,740 California State Economic Recovery Bonds, GO, Series A, 5.25%
due 7/01/2013(d) 13,294
AAA Aaa 5,000 California State, GO, Refunding, 5.25% due 2/01/2027(d) 5,235
A- Baa1 10,000 California State Public Works Board, Lease Revenue Bonds
(Department of Corrections), Series C, 5.50% due 6/01/2020 10,788
Portfolio Abbreviations
To simplify the listings of Muni Intermediate Duration Fund, Inc.'s
portfolio holdings in the Schedule of Investments, we have
abbreviated the names of many of the securities according to the
list below.
AMT Alternative Minimum Tax (subject to)
EDA Economic Development Authority
GO General Obligation Bonds
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
S/F Single-Family
TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
Muni Intermediate Duration Fund, Inc.
Schedule of Investment as of August 31, 2004 (concluded) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
California A A3 $ 17,500 California State, Various Purpose, GO, 5.50% due 4/01/2028 $ 18,621
(concluded)
A A3 2,500 California Statewide Communities Development Authority,
Health Facility Revenue Bonds (Memorial Health Services),
Series A, 6% due 10/01/2023 2,671
NR* NR* 2,400 Elk Grove, California, Poppy Ridge Community Facilities
Number 3 Special Tax, Series 1, 6% due 9/01/2028 2,439
Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series B:
A- Baa1 5,000 5.625% due 6/01/2020 5,167
A- Baa1 2,000 5.75% due 6/01/2021 2,098
A- Baa1 7,575 5.75% due 6/01/2022 7,919
A- Baa1 7,495 5.75% due 6/01/2023 7,809
AAA Aaa 1,515 Rowland, California, Unified School District, GO
(Election of 2000), Series B, 5.25% due 8/01/2027(c) 1,592
Sacramento, California, Special Tax (North Natomas Community
Facilities), Series 4-C:
NR* NR* 585 5.60% due 9/01/2020 606
NR* NR* 1,720 5.75% due 9/01/2022 1,767
NR* NR* 500 5.90% due 9/01/2023 513
NR* NR* 3,000 6% due 9/01/2028 3,075
AAA Aaa 4,545 San Bernardino, California, Community College District, GO
(Election of 2002), Series B, 5.25% due 8/01/2028(d) 4,793
AAA Aaa 2,680 San Dieguito, California, Public Facilities Authority Revenue
Bonds, 5% due 8/01/2021(a) 2,756
San Jose, California, Airport Revenue Bonds, Series A(b):
AAA Aaa 2,040 5.25% due 3/01/2016 2,231
AAA Aaa 3,000 5.25% due 3/01/2017 3,281
Colorado - 4.5% Denver, Colorado, City and County Airport Revenue Refunding
Bonds(d):
AAA Aaa 11,000 Series A, 5.50% due 11/15/2025 11,688
AAA Aaa 2,000 Series E, 5.25% due 11/15/2023 2,128
NR* NR* 1,000 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public
Improvement Fee), Series A, 7.10% due 9/01/2014 1,046
BBB- NR* 2,250 Montrose, Colorado, Memorial Hospital, Revenue Bonds, 6.375% due
12/01/2023 2,371
NR* NR* 7,500 Plaza Metropolitan District No. 1, Colorado, Tax Allocation
Revenue Bonds (Public Improvement Fees), 7.50% due 12/01/2015 7,813
NR* NR* 1,000 Southlands, Colorado, Medical District, GO (Metropolitan
District # 1), 6.75% due 12/01/2016 997
Connecticut - BBB- Baa3 1,160 Connecticut State Development Authority, Airport Facility
1.7% Revenue Bonds (LearJet Inc. Project), AMT, 7.95% due 4/01/2026 1,314
BBB A3 8,000 Connecticut State Development Authority, PCR, Refunding
(Connecticut Light and Power Company), Series A, 5.85% due
9/01/2028 8,396
Florida - 2.3% BBB- Baa3 1,000 Broward County, Florida, Airport Exempt Facility Revenue Bonds
(Learjet Inc. Project), AMT, 7.50% due 11/01/2020 1,102
NR* NR* 3,000 Harbor Bay, Florida, Community Development District, Capital
Improvement Special Assessment Bonds, 6.75% due 5/01/2034 3,206
NR* NR* 3,500 Midtown Miami, Florida, Community Development District, Special
Assessment Revenue Bonds, Series A, 6% due 5/01/2024 3,569
NR* NR* 1,000 Orlando, Florida, Urban Community Development District, Capital
Improvement Special Assessment Bonds, 6% due 5/01/2020 1,016
NR* NR* 1,085 Portofino Shores, Florida, Community Development District, Special
Assessment Bonds, Series A, 6.40% due 5/01/2034 1,132
NR* Baa3 2,290 South Lake County, Florida, Hospital District Revenue Bonds
(South Lake Hospital Inc.), 6.625% due 10/01/2023 2,397
NR* NR* 1,000 Sterling Hill, Florida, Community Development District, Capital
Improvement Revenue Refunding Bonds, Series B, 5.50% due 11/01/2010 1,016
Georgia - 2.8% NR* NR* 1,500 Atlanta, Georgia, Tax Allocation Revenue Bonds (Atlantic Station
Project), 7.90% due 12/01/2024 1,573
AAA VMIG1++ 1,100 Atlanta, Georgia, Water and Wastewater Revenue Bonds, VRDN,
Series C, 1.34% due 11/01/2041(c)(i) 1,100
NR* NR* 5,210 Brunswick & Glynn County, Georgia, Development Authority, First
Mortgage Revenue Bonds (Coastal Community Retirement Corporation
Project), Series A, 7.125% due 1/01/2025 5,070
NR* NR* 4,500 Fulton County, Georgia, Residential Care Facilities Revenue
Refunding Bonds (Canterbury Court Project), Series A, 5.80% due
2/15/2018 4,539
Savannah, Georgia, EDA, Revenue Bonds (Marshes of Skidaway),
First Mortgage, Series A:
NR* NR* 1,245 6.25% due 1/01/2012 1,234
NR* NR* 2,245 6.85% due 1/01/2019 2,270
Idaho - 0.1% NR* Aa1 810 Idaho Housing and Finance Association, S/F Mortgage Revenue
Bonds, AMT, Series F-2, 5.85% due 7/01/2015(f) 817
Illinois - AAA Aaa 2,510 Chicago, Illinois, O'Hare International Airport Revenue Bonds,
12.6% 3rd Lien, AMT, Series B-2, 6% due 1/01/2029(e) 2,746
Chicago, Illinois, O'Hare International Airport Revenue Refunding
Bonds, 3rd Lien, AMT, Series A-2:
A- A2 18,955 6% due 1/01/2017 21,285
AAA Aaa 12,300 5.75% due 1/01/2019(c) 13,619
AAA Aaa 4,000 Chicago, Illinois, Wastewater Transmission Revenue Bonds,
Second Lien, 5.25% due 1/01/2008(a)(g) 4,446
Hodgkins, Illinois, Environmental Improvement Revenue Bonds, AMT:
BBB Baa1 5,280 (MBM Project), 6% due 11/01/2015 5,333
BBB Baa1 6,000 (Metro Biosolids Management LLC Project), 5.90% due 11/01/2017 6,030
BBB NR* 6,930 Illinois, Development Finance Authority Revenue Bonds (Community
Rehabilitation Providers Facilities), Series A, 6.625% due 7/01/2032 7,232
BBB NR* 5,540 Illinois Development Finance Authority, Revenue Refunding Bonds
(Community Rehab Providers), Series A, 6.05% due 7/01/2019 5,689
AAA Aaa 2,070 Illinois Health Facilities Authority Revenue Bonds (University of
Chicago Hospital System), 5.375% due 8/15/2017(d) 2,261
Illinois Health Facilities Authority, Revenue Refunding Bonds,
VRDN(i):
AA+ VMIG1++ 2,200 (Resurrection Health Care), Series A, 1.34% due 5/15/2029(c) 2,200
A1+ VMIG1++ 1,400 (University of Chicago Hospitals), 1.35% due 8/01/2026(d) 1,400
Indiana - 1.5% Indiana Transportation Finance Authority, Highway Revenue Bonds,
Series A(b):
AAA Aaa 3,230 5.25% due 6/01/2024 3,435
AAA Aaa 5,000 5.25% due 6/01/2025 5,309
Louisiana - B NR* 3,900 Hodge, Louisiana, Utility Revenue Refunding Bonds (Stone Container
2.2% Corporation), AMT, 7.45% due 3/01/2024 4,039
Port New Orleans, Louisiana, IDR, Refunding (Continental Grain
Company Project):
BB- NR* 3,500 7.50% due 7/01/2013 3,612
BB- NR* 5,000 6.50% due 1/01/2017 5,067
Maine - 1.6% NR* Baa2 1,965 Portland, Maine, Housing Development Corporation, Senior Living
Revenue Bonds (Avesta Housing Development Corporation Project),
Series A, 6% due 2/01/2034 1,946
NR* Ba2 7,000 Rumford, Maine, Solid Waste Disposal Revenue Refunding Bonds
(Boise Cascade Corporation Project), AMT, 6.875% due 10/01/2026 7,089
Massachusetts - Massachusetts State Development Finance Agency, Resource Recovery
0.6% Revenue Bonds (Ogden Haverhill Associates), AMT, Series B:
BBB NR* 1,210 5.35% due 12/01/2015 1,190
BBB NR* 2,000 5.50% due 12/01/2019 1,969
Michigan - 1.7% BBB Baa2 1,125 Delta County, Michigan, Economic Development Corporation,
Environmental Improvement Revenue Refunding Bonds (Mead
Westvaco-Escanaba), Series A, 6.25% due 4/15/2027 1,185
AAA VMIG1++ 200 Detroit, Michigan, Sewer Disposal Revenue Bonds, Senior Lien,
VRDN, Series A, 1.34% due 7/01/2033(c)(i) 200
BBB- NR* 3,325 Macomb County, Michigan, Hospital Finance Authority, Hospital
Revenue Bonds (Mount Clemens General Hospital), Series B, 5.875%
due 11/15/2034 3,122
A A2 4,795 Michigan State Hospital Finance Authority, Revenue Refunding
Bonds (Oakwood Obligated Group), Series A, 6% due 4/01/2022 5,146
Minnesota - Minneapolis and Saint Paul, Minnesota, Housing and Redevelopment
0.7% Authority, Health Care System Revenue Bonds (Group Health Plan Inc.
Project):
BBB+ Baa1 1,000 6% due 12/01/2019 1,061
BBB+ Baa1 2,545 6% due 12/01/2021 2,672
Mississippi - Mississippi Business Finance Corporation, Mississippi, PCR,
1.4% Refunding (System Energy Resources Inc. Project):
BBB- Ba1 5,000 5.875% due 4/01/2022 5,020
BBB- Ba1 2,910 5.90% due 5/01/2022 2,938
Missouri - 3.4% St Louis, Missouri, Airport Revenue Bonds (Airport Developmental
Program), Series A(d):
AAA Aaa 5,220 5.625% due 7/01/2016 5,795
AAA Aaa 3,500 5.625% due 7/01/2017 3,933
AAA Aaa 8,500 5.625% due 7/01/2018 9,550
Montana - 0.2% AA+ Aa1 1,355 Montana State Board of Housing, AMT, S/F Program Revenue Bonds,
Series B-2, 6.35% due 12/01/2021(f) 1,402
Nevada - 0.4% NR* NR* 2,250 Clark County, Nevada, Improvement District No. 142 Special
Assessment, 6.375% due 8/01/2023 2,320
New Jersey - AAA Aaa 7,735 Casino Reinvestment Development Authority, New Jersey, Parking
9.1% Fee Revenue Bonds, 5% due 10/01/2021(a) 8,096
Garden State Preservation Trust, New Jersey, Open Space and
Farmland Preservation Revenue Bonds, Series A(c):
AAA Aa3 3,635 5.80% due 11/01/2021 3,989
AAA Aa3 5,050 5.80% due 11/01/2023 5,486
AAA Aaa 17,900 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds,
Series A, 5.25% due 7/01/2033(d) 18,710
B Caa2 5,540 New Jersey EDA, Special Facility Revenue Bonds (Continental
Airlines Inc. Project), AMT, 6.625% due 9/15/2012 4,923
AAA Aaa 2,030 Sparta Township, New Jersey, School District, GO, Refunding,
5% due 9/01/2020(d) 2,140
BBB Baa3 9,535 Tobacco Settlement Financing Corporation of New Jersey,
Asset-Backed Revenue Bonds, 5.75% due 6/01/2016 9,088
New Mexico - Farmington, New Mexico, PCR, Refunding:
2.2% BBB Baa2 3,000 (Public Service Company of New Mexico - San Juan),
Series D, 6.375% due 4/01/2022 3,163
B+ Ba3 9,000 (Tucson Electric Power Co.- San Juan Project), Series A,
6.95% due 10/01/2020 9,341
New York - NR* NR* 1,250 Dutchess County, New York, IDA, Civic Facility Revenue Bonds
30.0% (Saint Francis Hospital), Series B, 7.25% due 3/01/2019 1,251
A A2 10,500 Metropolitan Transportation Authority, New York, Revenue
Refunding Bonds, Series A, 5.75% due 11/15/2032 11,547
New York City, New York, City IDA, Civic Facility Revenue Bonds
(Special Needs Facilities Pooled Program), Series C-1:
NR* NR* 2,635 5.50% due 7/01/2007 2,673
NR* NR* 2,540 6.80% due 7/01/2019 2,657
New York City, New York, City IDA, Special Facility Revenue
Bonds, AMT:
BB- Ba2 1,250 (British Airways PLC Project), 7.625% due 12/01/2032 1,233
CCC+ NR* 3,000 (Continental Airlines Inc. Project), 8.375% due 11/01/2016 2,550
AA+ Aa2 2,780 New York City, New York, City Transitional Finance Authority,
Future Tax Secured Revenue Bonds, Series C, 5.50% due 5/01/2025 2,987
New York City, New York, GO, Refunding:
A A2 5,000 Series B, 5.75% due 8/01/2015 5,571
AAA Aaa 5,050 Series F, 5.25% due 8/01/2015(d) 5,448
A A2 14,000 New York City, New York, GO, Series C, 5.50% due 8/01/2013 15,676
A A3 5,580 New York State Dormitory Authority, Lease Revenue Refunding
Bonds (Court Facilities), Series A, 5.25% due 5/15/2012 6,167
New York State Dormitory Authority Revenue Bonds:
NR* A3 1,000 (North Shore L I Jewish Group), 5% due 5/01/2012 1,075
AAA Aaa 7,075 (School Districts Financing Program), Series D, 5.25%
due 10/01/2023(d) 7,544
New York State Dormitory Authority, Revenue Refunding Bonds:
AAA Aaa 7,775 (City University System), Consolidated Second Generation,
Series A, 6.125% due 7/01/2013(a) 9,072
NR* A3 2,350 (Lenox Hill Hospital Obligation Group), 5.75% due 7/01/2016 2,558
BB Ba1 7,000 (Mount Sinai Health), Series A, 6.625% due 7/01/2018 7,204
BB Ba1 5,000 (Mount Sinai Health), Series A, 6.625% due 7/01/2019 5,147
AAA Aaa 10,000 (North Shore University Hospital), 5.20% due 11/01/2017(d) 10,859
AA Aaa 1,970 New York State Dormitory Authority, State Personal Income Tax
Revenue Bonds, Series A, 5% due 3/15/2022(d) 2,064
New York State Thruway Authority, Local Highway and Bridge
Service Contract Revenue Refunding Bonds:
AA A3 4,695 5.50% due 4/01/2012(g) 5,403
AA A3 60 5.50% due 4/01/2017 67
AAA Aaa 3,050 New York State Thruway Authority, Second General Highway and
Bridge Trust Fund Revenue Bonds, Series A, 5.25% due 4/01/2023(d) 3,263
New York State Urban Development Corporation, Correctional and
Youth Facilities Services Revenue Refunding Bonds, Series A:
AA- A3 4,500 5% due 1/01/2017 4,870
AA- A3 11,650 5.50% due 1/01/2017 12,935
New York State Urban Development Corporation Revenue Bonds,
Subordinate Lien, Corporation Purpose, Series A:
A A2 2,500 5.125% due 7/01/2016 2,683
A A2 2,500 5.125% due 7/01/2017 2,668
A A2 1,895 5.125% due 7/01/2019 1,999
A A2 1,000 5.125% due 7/01/2021 1,044
NR* NR* 2,000 Schenectady, New York, GO, TAN, 6.25% due 12/30/2004 1,997
Tobacco Settlement Financing Corporation of New York Revenue Bonds:
AA- A3 3,340 Series A-1, 5.50% due 6/01/2016 3,623
AAA Aaa 9,010 Series A-1, 5.25% due 6/01/2022(a) 9,615
AA- A3 7,000 Series C-1, 5.50% due 6/01/2021 7,607
AA- A3 10,000 Series C-1, 5.50% due 6/01/2022 10,791
North NR* NR* 6,000 North Carolina Medical Care Commission, Health Care Facilities,
Carolina -2.2% First Mortgage Revenue Refunding Bonds (Presbyterian Homes Project),
7% due 10/01/2031 6,376
North Carolina Medical Care Commission, Hospital Revenue Bonds
(Maria Parham Medical Center)(h):
AA NR* 2,505 5.50% due 10/01/2013 2,803
AA NR* 2,940 5.50% due 10/01/2016 3,242
Ohio - 0.9% AAA Aaa 3,780 Columbus, Ohio, City School District, School Facilities Construction
and Improvement, GO, 5.25% due 12/01/2025(c) 4,033
NR* NR* 1,280 Port of Greater Cincinnati Development Authority, Ohio, Special
Assessment Revenue Bonds (Cooperative Public Parking Infrastructure
Project), 6.30% due 2/15/2024 1,292
Oklahoma - 1.4% B- Caa2 8,000 Tulsa, Oklahoma, Municipal Airport Trust Revenue Refunding Bonds
(AMR Corporation), AMT, Series A, 5.80% due 6/01/2035 7,940
Pennsylvania - NR* NR* 9,000 Pennsylvania Economic Development Financing Authority, Exempt
4.3% Facilities Revenue Bonds (National Gypsum Company), AMT,
Series A, 6.25% due 11/01/2027 9,055
NR* NR* 550 Philadelphia, Pennsylvania, Authority for Industrial Development,
Health Care Facility Revenue Refunding Bonds (Paul's Run),
Series A, 5.875% due 5/15/2028 536
AAA Aaa 7,490 Philadelphia, Pennsylvania, Gas Works Revenue Refunding Bonds,
1975 General Ordinance, 17th Series, 5.375% due 7/01/2022(c) 8,093
Sayre, Pennsylvania, Health Care Facilities Authority Revenue
Refunding Bonds, Series A:
A- NR* 1,750 Guthrie Health), 6.25% due 12/01/2015 1,931
A- NR* 3,000 (Guthrie Health), 6.25% due 12/01/2016 3,291
A- NR* 1,490 (Guthrie Healthcare System), 6.25% due 12/01/2018 1,619
South AAA Aaa 5,000 South Carolina State Public Service Authority, Revenue Refunding
Carolina -1.3% Bonds, Series A, 5.50% due 1/01/2010(c) 5,646
BBB Baa3 2,000 Tobacco Settlement Revenue Management Authority of South Carolina,
Tobacco Settlement Revenue Bonds, Series B, 6.375% due 5/15/2028 1,799
Tennessee - A1+ VMIG1++ 1,600 Knoxville, Tennessee, Utilities Board Revenue Bonds (Sub-Gas
4.1% System), VRDN, 1.34% due 1/15/2005(c)(i) 1,600
BB Ba2 5,000 McMinn County, Tennessee, IDB, PCR (Calhoun Newsprint Co.
Project), AMT, 7.625% due 3/01/2016 5,005
NR* VMIG-1++ 1,200 Sevier County, Tennessee, Public Building Authority Revenue Bonds,
Local Government Public Improvement IV, VRDN, Series B-2, 1.35%
due 6/01/2019(c)(i) 1,200
Shelby County, Tennessee, Health, Educational and Housing Facilities
Board Revenue Bonds (Germantown Village), Series A:
NR* NR* 3,550 6.75% due 12/01/2018 3,634
NR* NR* 1,450 7% due 12/01/2023 1,480
A- A3 3,500 Shelby County, Tennessee, Health, Educational and Housing Facility
Board, Hospital Revenue Bonds (Methodist Healthcare), 6.25% due
9/01/2018 3,861
Shelby County, Tennessee, Health, Educational and Housing Facility
Board, Hospital Revenue Refunding Bonds (Methodist Healthcare):
A- A3 2,000 6% due 9/01/2016 2,193
A- A3 4,000 6% due 9/01/2017 4,364
Texas - 16.9% Austin, Texas, Convention Center Revenue Bonds (Convention
Enterprises Inc.), First Tier, Series A:
BBB- Baa3 6,445 6.375% due 1/01/2016 6,737
BBB- Baa3 10,260 6.70% due 1/01/2032 10,784
BBB- NR* 1,500 Bexar County, Texas, Health Facilities Development Corporation
Revenue Refunding Bonds (Army Retirement Residence Project),
6.30% due 7/01/2032 1,563
BBB Baa2 4,885 Brazos River Authority, Texas, PCR, Refunding (Texas Utility
Company), AMT, Series A, 7.70% due 4/01/2033 5,700
A A3 1,700 Brazos River, Texas, Harbor Navigation District, Brazoria County
Environmental Revenue Refunding Bonds (Dow Chemical Company
Project), AMT, Series A-7, 6.625% due 5/15/2033 1,862
BBB- Baa3 7,850 Dallas-Fort Worth, Texas, International Airport Facility,
Improvement Corporation Revenue Bonds (Learjet Inc.), AMT,
Series 2001-A-1, 6.15% due 1/01/2016 7,784
BB Ba3 2,440 Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue Bonds
(Citgo Petroleum Corporation Project), AMT, 7.50% due 5/01/2025 2,576
AAA VMIG1++ 5,955 Harris County, Texas, Health Facilities Development Corporation,
Hospital Revenue Bonds (Texas Children's Hospital), VRDN, Series B-1,
1.36% due 10/01/2029(d)(i) 5,955
AA+ Aa1 20,000 Harris County, Texas, Permanent Improvement GO, Refunding,
Series A, 5.25% due 10/01/2024 21,287
NR* NR* 1,500 Houston, Texas, Health Facilities Development Corporation,
Retirement Facility Revenue Bonds (Buckingham Senior Living
Community), Series A, 7% due 2/15/2023 1,551
A- A3 7,420 Lower Colorado River Authority, Texas, PCR (Samsung Austin
Semiconductor), AMT, 6.95% due 4/01/2030 8,367
BBB NR* 1,150 Lufkin, Texas, Health Facilities Development Corporation, Health
System Revenue Bonds (Memorial Health System of East Texas),
5.70% due 2/15/2028 1,100
BBB- Ba2 2,600 Matagorda County, Texas, Navigation District Number 1 Revenue
Refunding Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029 2,867
BB Ba3 2,300 Port Corpus Christi, Texas, Individual Development Corporation,
Environmental Facilities Revenue Bonds (Citgo Petroleum Corporation
Project), AMT, 8.25% due 11/01/2031 2,430
Sabine River Authority, Texas, PCR, Refunding (TXU Electric Company
Project/TXU Energy Company LLC), Series B:
BBB Baa2 4,120 6.15% due 8/01/2022 4,316
BBB Baa2 5,000 AMT, 5.75% due 5/01/2030 5,303
San Marcos, Texas, Consolidated Independent School District, GO:
AAA Aaa 3,020 5.625% due 8/01/2025 3,325
AAA Aaa 3,210 5.625% due 8/01/2026 3,515
Utah - 0.8% A1+ VMIG1++ 4,900 Emery County, Utah, PCR, Refunding (Pacificorp Projects), VRDN,
1.35% due 11/01/2024(a)(i) 4,900
Virginia - 5.5% B- B1 10,000 Giles County, Virginia, IDA, Revenue Bonds (Hoechst Celanese
Corporation), AMT, 6.45% due 5/01/2026 9,649
James City County, Virginia, IDA, Residential Care Facility
Revenue Refunding Bonds, Series A:
NR* NR* 3,285 5.75% due 3/01/2017 3,373
NR* NR* 1,150 6% due 3/01/2023 1,167
NR* Ba3 2,250 Loudoun County, Virginia, IDA, IDR, Refunding (Dulles Airport
Marriott Hotel), 7.125% due 9/01/2015 2,308
AAA VMIG1++ 2,400 Loudoun County, Virginia, IDA, Revenue Bonds (Howard Hughes
Medical Institute), VRDN, Series A, 1.32% due 2/15/2038(i) 2,400
NR* NR* 2,500 Pittsylvania County, Virginia, IDA Revenue Refunding Bonds,
Exempt-Facility, AMT, Series B, 7.65% due 1/01/2010 2,581
BB Ba2 11,910 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds,
Senior Series A, 5.50% due 8/15/2028 10,242
Wyoming - 1.6% Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds
(FMC Corporation Project), AMT:
BB+ Ba3 3,895 Series A, 7% due 6/01/2024 3,960
BB+ Ba3 5,000 Series B, 6.90% due 9/01/2024 5,086
Guam - 0.4% B+ Ba3 2,250 Commonwealth of the Northern Mariana Islands, GO, Series A,
6.75% due 10/01/2033 2,298
Puerto A- A3 17,935 Puerto Rico Electric Power Authority, Power Revenue Bonds,
Rico - 7.9% Series NN, 5.50% due 7/01/2018 19,835
Puerto Rico Public Buildings Authority, Government Facilities
Revenue Refunding Bonds:
A- Baa1 5,170 Series D, 5.25% due 7/01/2027 5,342
A- Baa1 8,000 Series I, 5.50% due 7/01/2021 8,763
Puerto Rico Public Finance Corporation, Commonwealth Appropriation
Revenue Bonds, Series E:
BBB+ Baa2 7,475 5.50% due 2/01/2012(g) 8,487
BBB+ Baa2 2,525 5.50% due 8/01/2029 2,650
Virgin BBB- Baa3 2,500 Virgin Islands Government Refinery Facilities Revenue Refunding
Islands - 1.7% Bonds (Hovensa Coker Project), AMT, 6.50% due 7/01/2021 2,717
BBB- Baa3 6,750 Virgin Islands Public Finance Authority, Refinery Facilities
Revenue Bonds (Hovensa Refinery), AMT, 6.125% due 7/01/2022 7,201
Total Investments (Cost - $857,197**) - 153.8% 881,832
Liabilities in Excess of Other Assets - (4.1%) (23,329)
Preferred Stock, at Redemption Value - (49.7%) (285,035)
----------
Net Assets Applicable to Common Stock - 100.0% $ 573,468
==========
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FSA Insured.
(d) MBIA Insured.
(e) XL Capital Insured.
(f) Federal Housing Administration/Veterans' Administration Mortgages
packaged by the Federal National Mortgage Association.
(g) Prerefunded.
(h) Radian Insured.
(i) The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at August 31, 2004.
* Not Rated.
** The cost and unrealized appreciation/depreciation of investments
as of August 31, 2004, as computed for federal income tax purposes,
were as follows:
(in Thousands)
Aggregate cost $ 857,197
==============
Gross unrealized appreciation $ 26,327
Gross unrealized depreciation (1,692)
--------------
Net unrealized appreciation $ 24,635
==============
++ Highest short-term rating by Moody's Investors Service Inc.
Forward interest rate swaps outstanding as of August 31, 2004
were as follows:
(in Thousands)
Notional Unrealized
Amount Depreciation
Receive a variable rate equal to 7-Day
Bond Market Association Municipal
Swap Index Rate and pay a fixed
rate equal to 4.099%
Broker, J.P. Morgan Chase Bank
Expires November 2018 $ 7,800 $ (227)
Receive a variable rate equal to 7-Day
Bond Market Association Municipal
Swap Index Rate and pay a fixed
rate equal to 3.68%
Broker, Morgan Stanley Capital
Services Inc.
Expires March 2015 $40,000 $ (1,873)
Receive a variable rate equal to 7-Day
Bond Market Association Municipal
Swap Index Rate and pay a fixed
rate equal to 3.686%
Broker, J.P. Morgan Chase Bank
Expires March 2015 $68,000 $ (2,124)
---------
Total $ (4,224)
=========
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed
such disclosure controls and procedures to ensure material
information relating to the registrant is made known to us by others
particularly during the period in which this report is being
prepared. The registrant's certifying officers have determined that
the registrant's disclosure controls and procedures are effective
based on our evaluation of these controls and procedures as of a
date within 90 days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control
over financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter
of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
Item 3 - Exhibits
Certifications - 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.
Muni Intermediate Duration Fund, Inc.
By: _/s/ Terry K. Glenn________
Terry K. Glenn,
President of
Muni Intermediate Duration Fund, Inc.
Date: October 18, 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/ Terry K. Glenn________
Terry K. Glenn,
President of
Muni Intermediate Duration Fund, Inc.
Date: October 18, 2004
By: _/s/ Donald C. Burke________
Donald C. Burke,
Chief Financial Officer of
Muni Intermediate Duration Fund, Inc.
Date: October 18, 2004