UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-21346
Name of Fund: Muni New York Intermediate Duration Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr.,
President, Muni New York 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: 05/31/05
Date of reporting period: 06/01/04 - 11/30/04
Item 1 - Report to Stockholders
(BULL LOGO)
Merrill Lynch Investment Managers
www.mlim.ml.com
Muni New York
Intermediate Duration
Fund, Inc.
Semi-Annual Report
November 30, 2004
Muni New York Intermediate Duration Fund, Inc. seeks to provide
shareholders with high current income exempt from federal income
taxes and New York State and New York City personal income taxes by
investing primarily in a portfolio of municipal obligations, the
interest on which, in the opinion of bond counsel to the issuer, is
exempt from federal income taxes and New York State and New York
City personal income taxes.
This report, including the financial information herein, is
transmitted to shareholders of Muni New York Intermediate Duration
Fund, Inc. for their information. It is not a prospectus. The Fund
has leveraged its Common Stock and intends to remain leveraged by
issuing Preferred Stock to provide the Common Stock shareholders
with a potentially higher rate of return. Leverage creates risks for
Common Stock shareholders, including the likelihood of greater
volatility of net asset value and market price of shares of the
Common Stock, and the risk that fluctuations in the short-term
dividend rates of the Preferred Stock may affect the yield to Common
Stock shareholders. Past performance results shown in this report
should not be considered a representation of future performance.
Statements and other information herein are as dated and are subject
to change.
A description of the policies and procedures that the Fund uses
to determine how to vote proxies relating to portfolio securities
is available (1) without charge, upon request, by calling toll-free
1-800-MER-FUND (1-800-637-3863); (2) at www.mutualfunds.ml.com;
and (3) on the Securities and Exchange Commission's Web site at
http://www.sec.gov. Information about how the Fund voted proxies
relating to securities held in the Fund's portfolio during the
most recent 12-month period ended June 30 is available (1) at
www.mutualfunds.ml.com; and (2) on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
Muni New York Intermediate Duration Fund, Inc.
Box 9011
Princeton, NJ 08543-9011
(GO PAPERLESS LOGO)
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Muni New York Intermediate Duration Fund, Inc.
The Benefits and Risks of Leveraging
Muni New York Intermediate Duration Fund, Inc. utilizes leveraging
to seek to enhance the yield and net asset value of its Common
Stock. However, these objectives cannot be achieved in all interest
rate environments. To leverage, the Fund issues Preferred Stock,
which pays dividends at prevailing short-term interest rates, and
invests the proceeds in long-term municipal bonds. The interest
earned on these investments, net of dividends to Preferred Stock, is
paid to Common Stock shareholders in the form of dividends, and the
value of these portfolio holdings is reflected in the per share net
asset value of the Fund's Common Stock. However, in order to benefit
Common Stock shareholders, the yield curve must be positively
sloped; that is, short-term interest rates must be lower than long-
term interest rates. At the same time, a period of generally
declining interest rates will benefit Common Stock shareholders. If
either of these conditions change, then the risks of leveraging will
begin to outweigh the benefits.
To illustrate these concepts, assume a fund's Common Stock
capitalization of $100 million and the issuance of Preferred
Stock for an additional $50 million, creating a total value of
$150 million available for investment in long-term municipal bonds.
If prevailing short-term interest rates are approximately 3% and
long-term interest rates are approximately 6%, the yield curve has a
strongly positive slope. The fund pays dividends on the $50 million
of Preferred Stock based on the lower short-term interest rates. At
the same time, the fund's total portfolio of $150 million earns the
income based on long-term interest rates. Of course, increases in
short-term interest rates would reduce (and even eliminate) the
dividends on the Common Stock.
In this case, the dividends paid to Preferred Stock shareholders are
significantly lower than the income earned on the fund's long-term
investments, and therefore the Common Stock shareholders are the
beneficiaries of the incremental yield. However, if short-term
interest rates rise, narrowing the differential between short-term
and long-term interest rates, the incremental yield pickup on the
Common Stock will be reduced or eliminated completely. At the same
time, the market value of the fund's Common Stock (that is, its
price as listed on the New York Stock Exchange) may, as a result,
decline. Furthermore, if long-term interest rates rise, the Common
Stock's net asset value will reflect the full decline in the price
of the portfolio's investments, since the value of the fund's
Preferred Stock does not fluctuate. In addition to the decline in
net asset value, the market value of the fund's Common Stock may
also decline.
As a part of its investment strategy, the Fund may invest in certain
securities whose potential income return is inversely related to
changes in a floating interest rate ("inverse floaters"). In
general, income on inverse floaters will decrease when short-term
interest rates increase and increase when short-term interest rates
decrease. Investments in inverse floaters may be characterized as
derivative securities and may subject the Fund to the risks of
reduced or eliminated interest payments and losses of invested
principal. In addition, inverse floaters have the effect of
providing investment leverage and, as a result, the market value
of such securities will generally be more volatile than that of
fixed-rate, tax-exempt securities. To the extent the Fund invests
in inverse floaters, the market value of the Fund's portfolio and
the net asset value of the Fund's shares may also be more volatile
than if the Fund did not invest in such securities. As of November
30, 2004, none of the Fund's total net assets were invested in
inverse floaters.
Swap Agreements
The Fund may also invest in swap agreements, which are over-the-
counter contracts in which one party agrees to make periodic
payments based on the change in market value of a specified bond,
basket of bonds, or index in return for periodic payments based on a
fixed or variable interest rate or the change in market value of a
different bond, basket of bonds or index. Swap agreements may be
used to obtain exposure to a bond or market without owning or taking
physical custody of securities. Swap agreements involve the risk
that the party with whom the Fund has entered into the swap will
default on its obligation to pay the Fund and the risk that the Fund
will not be able to meet its obligations to pay the other party to
the agreement.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
A Letter From the President
Dear Shareholder
As we ended the current reporting period, several topics weighed
heavily on investors' minds. Among them were questions about
economic growth, corporate earnings, interest rates and inflation,
politics, the price of oil and terrorism - all issues that are worth
addressing here.
While the pace of economic expansion slowed somewhat between the
first and second quarters of 2004, gross domestic product
reaccelerated in the third quarter and is expected to approach 4%
for the year. The generally favorable economic environment has
benefited American corporations, which continued to post strong
earnings. Although the extraordinary results seen in 2004 are likely
to moderate in 2005, solid productivity, improved revenue growth and
cost discipline all point to a vital corporate sector.
In terms of inflation and interest rates, the Federal Reserve Board
has signaled its confidence in the economic recovery by increasing
the Federal Funds target rate five times since June 2004, from 1% to
2.25% as of the December 14 Federal Open Market Committee meeting.
Inflation, for its part, has remained fairly subdued.
While the re-election of President Bush was generally viewed as
business-friendly, the rising price of oil continued to be a concern
for consumers and corporations. But even having exceeded $50 per
barrel recently, the situation is far from the crisis proportions
we saw in the 1980s. Lastly, but importantly, terrorism and
geopolitical tensions are unwelcome realities we are forced to live
with today. Historically, however, the financial effects of any
single event tend to be short-lived.
Amid the uncertainty, the Lehman Brothers Municipal Bond Index
posted a 12-month return of +4.07% and a six-month return of +4.30%
as of November 30, 2004. Long-term bond yields were volatile, but
ultimately little changed, over the past year.
The key during uncertain times is to remain focused on the big
picture. Investment success comes not from reacting to short-term
volatility, but from maintaining a long-term perspective and
adhering to the disciplines of asset allocation, diversification and
rebalancing. We encourage you to work with your financial advisor to
ensure these time-tested techniques are incorporated into your
investment plan.
Finally, after 35 years in the asset management business, it is with
great satisfaction and some nostalgia that I embark on my
retirement, effective January 1, 2005. The industry has evolved
significantly over the past three and a half decades, and I am
privileged to have been a part of it. I wish you continued success
as you pursue your investment goals and, as always, I thank you for
allowing Merrill Lynch Investment Managers to be a part of your
financial life.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President and Director
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
A Discussion With Your Fund's Portfolio Manager
We maintained the portfolio's defensive stance throughout the period
in order to reduce net asset value volatility and prepare the Fund
for relative strong performance once long-term interest rates
inevitably head higher.
Describe the recent market environment relative to municipal bonds.
Over the past six months, long-term bond yields declined as their
prices, which move in the opposite direction, increased. The rise in
bond prices came as somewhat of a surprise, as the economy generally
continued to improve.
For its part, the Federal Reserve Board (the Fed) raised its short-
term interest rate target to 1.25% in June, the first change in more
than a year. In its accompanying statement, the Fed called for a
"measured" approach to interest rate increases, removing much of the
earlier concern that it might embark on a more dramatic series of
increases. The prospect for a more moderate tightening sequence
helped support higher bond prices, despite additional Fed rate
increases in August, September, November and December, which raised
the Federal Funds target rate to 2.25%. Long-term Treasury bond
yields stood at 5%, a decline of 29 basis points (.29%) over the six-
month period. The 10-year Treasury note yield was 4.35%, 23 basis
points lower than six months earlier.
While tax-exempt bond yields followed the same pattern as their
taxable counterparts, yield volatility was more subdued than in the
Treasury market. Long-term revenue bond yields, as measured by the
Bond Buyer Revenue Bond Index, fell 19 basis points over the six
months. As reported by Municipal Market Data, AAA-rated issues
maturing in 30 years saw their yields decline 26 basis points to
4.76% over the past six months, while yields on 10-year, AAA-rated
issues declined 29 basis points to 3.66%.
During the period, more than $175 billion in new long-term tax-
exempt bonds was underwritten, a decline of nearly 12% versus the
same six months a year ago. Supply of New York municipal bonds,
which had been limited for several months, finally increased in the
last month of the period. In fact, the three largest new issues
nationwide for the month of November came out of New York. The
increased issuance caused yields on the benchmark New York City
general obligation bond to increase slightly relative to the 10-
year, AAA-rated municipal bond benchmark.
Describe conditions in the State of New York.
New York maintains credit ratings of A2 from Moody's, AA from
Standard & Poor's and AA- from Fitch. Moody's recently assigned a
positive outlook to the state's credit rating, while Fitch carries a
stable trend and Standard & Poor's applies a negative outlook.
The weakened economy continued to put pressure on New York's budget.
The state's 2005 fiscal year opened on April 1, 2004, without an
adopted budget. The governor's executive budget totals $99 billion
and recommends closing a $5 billion gap through $2.6 billion in
spending cuts and $1.5 billion in non-recurring sources. Adopting
and maintaining a balanced budget has been complicated by political
resistance to additional tax hikes and cuts in popular programs, as
well as pressures from local governments for pension and Medicaid
relief, and a lack of readily available one-time revenue sources.
The proposed budget also does not address a lawsuit recently won by
the Campaign for Fiscal Equity that could require up to $2 billion
in annual state education spending.
How did the Fund perform during the period in light of the existing
market conditions?
For the six-month period ended November 30, 2004, the Common Stock
of Muni New York Intermediate Duration Fund, Inc. had net annualized
yields of 4.85% and 5.57%, based on a period-end per share net
asset value of $14.82 and a per share market price of $12.89,
respectively, and $.360 per share income dividends. Over the same
period, the total investment return on the Fund's Common Stock was
+5.41%, based on a change in per share net asset value from $14.45
to $14.82, and assuming reinvestment of all distributions.
The Fund's total return, based on net asset value, lagged the +6.14%
average return of the Lipper New York Municipal Debt Funds category
for the six-month period. (Funds in this Lipper category limit their
investment to securities exempt from taxation in New York or a city
in New York.) Notably, the Lipper category consists primarily of
funds with the ability to invest in municipal issues with longer
durations, whereas the Fund is limited to bonds in the intermediate
duration range. This necessarily puts the Fund at a disadvantage
relative to the average, as a positively sloped yield curve (which
is customary in the municipal market) means higher yields for longer-
duration bonds. These longer-duration bonds tend to be more interest-
rate sensitive and have longer maturities.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Having said that, Fund performance during the period was largely a
reflection of our defensive market stance, which we employed in
anticipation of a growing economy and rising interest rates. The
defensive positioning, including a relatively short duration, was
designed to reduce volatility in the portfolio and mitigate the
negative price impact associated with a rise in interest rates.
Although this positioning hinders performance in a falling yield
environment, we believe it prepares the Fund to perform well when
yields begin to rise.
For a description of the Fund's total investment return based on a
change in the per share market value of the Fund's Common Stock (as
measured by the trading price of the Fund's shares on the New York
Stock Exchange), and assuming reinvestment of dividends, please
refer to the Financial Highlights section of this report. As a
closed-end fund, the Fund's shares may trade in the secondary market
at a premium or discount to the Fund's net asset value. As a result,
total investment returns based on changes in the market value of the
Fund's Common Stock can vary significantly from total investment
return based on changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
The Fund's positioning has not changed materially. We maintained a
defensive market posture throughout the past six months, which
roughly correlates to the period in which the Fed began to verbalize
its intention to increase short-term interest rates. The Fed
continues to be outspoken about its desire for higher interest
rates, and has proceeded with a moderate tightening policy since
June. Given the Fed's desire, and our expectation, for higher
interest rates, we continue to believe a conservative, shorter
duration is the appropriate approach.
Our strategy, amid these conditions, is to remain fully invested and
to enhance the Fund's income. To that end, we have continued to take
advantage of market liquidity by swapping out of older, lower
yielding bonds into higher-yielding bonds. Over the past six months,
we have added some higher-yielding, investment grade paper to the
portfolio. We eventually achieved a more market-neutral exposure to
this sector. Although issues of this nature tend to underperform in
more volatile markets, we would expect them to outperform in more
stable-to-rising rate environments due to their above-average
income. We have also been looking to the new-issue market for
opportunities to add yield. The increased supply of New York bonds
in November finally gave us some opportunities to restructure the
portfolio and become further involved in our targeted area of higher
yield. Overall, our efforts have resulted in some success, as
reflected in our ability to increase the Fund's dividend reserves.
This should help the Fund to maintain an attractive income stream,
even in less favorable market scenarios.
For the six-month period ended November 30, 2004, the average yield
for the Fund's Auction Market Preferred Stock (AMPS) was 1.22%.
These attractive funding levels, in combination with the steep
municipal yield curve, continued to provide a significant income
benefit to the Fund's Common Stock shareholders from the leveraging
of Preferred Stock. While the Fed is likely to continue raising
short-term interest rates, the increases are expected to be gradual
and should not have an immediate material impact on the positive
advantage leverage has had on the Fund's Common Stock yield.
However, should the spread between short-term and long-term interest
rates narrow, the benefits of leveraging will decline and, as a
result, reduce the yield on the Fund's Common Stock. At the end of
the period, the Fund's leverage amount, due to AMPS, was 33.21% of
total net assets. (For a more complete explanation of the benefits
and risks of leveraging, see page 2 of this report to shareholders.)
How would you characterize the Fund's position at the close of the
period?
We continue to see selective value in the lower investment grade
sector, and still have some capacity to increase exposure should
appropriate opportunities present themselves. We remained
defensively structured at period-end, and expect to maintain that
stance for the foreseeable future. Although long-term bond yields
have not increased as would be expected (given the Fed's tightening
and positive economic backdrop), we continue to believe it is
prudent to prepare for the inevitability of higher interest rates.
Having said that, the portfolio's defensive positioning and
attractive distribution rate should help cushion the Fund from the
negative price impact associated with higher interest rates, and
ultimately serve to benefit relative performance.
Timothy T. Browse, CFA
Vice President and Portfolio Manager
December 15, 2004
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Schedule of Investments (In Thousands)
Face
Amount Municipal Bonds Value
New York--139.1%
$ 760 Albany County, New York, IDA, IDR (Albany College of Pharmacy), Series A, 5.25% due
12/01/2019 $ 789
1,000 Albany, New York, Municipal Water Finance Authority, Second Resolution Revenue Bonds,
Series B, 5.25% due 12/01/2023 (c) 1,066
500 Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Saint Francis Hospital),
Series B, 7.25% due 3/01/2019 500
1,155 Erie County, New York, GO, Public Improvement, Series A, 6% due 7/01/2012 (a) 1,316
2,000 Erie County, New York, IDA, Life Care Community Revenue Bonds (Episcopal Church Home),
Series A, 5.875% due 2/01/2018 2,043
3,835 Erie County, New York, IDA, School Facility Revenue Bonds (City of Buffalo Project),
5.75% due 5/01/2024 (b) 4,258
2,000 Hempstead Town, New York, IDA, Resource Recovery Revenue Refunding Bonds (American
Refinery--Fuel Co. Project), 5% due 12/01/2010 2,121
1,615 New York City, New York, City Housing Development Corporation, Presidential Revenue Bonds
(The Animal Medical Center), Series A, 5.50% due 12/01/2033 1,673
1,415 New York City, New York, City IDA, Civic Facility Revenue Bonds (PSCH Inc. Project), 6.20%
due 7/01/2020 1,506
1,000 New York City, New York, City IDA, Revenue Bonds (Visy Paper Inc. Project), AMT, 7.95% due
1/01/2028 1,049
New York City, New York, City IDA, Special Facilities Revenue Bonds, AMT:
1,000 (British Airways PLC Project), 7.625% due 12/01/2032 991
1,000 (Continental Airlines Inc. Project), 8.375% due 11/01/2016 856
730 (Northwest Airlines Inc.), 6% due 6/01/2027 511
1,000 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System
Revenue Refunding Bonds, Series A, 5.25% due 6/15/2011 1,108
2,980 New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue
Bonds, Series C, 5.50% due 5/01/2025 3,201
New York City, New York, GO, Refunding:
1,000 Series F, 5.25% due 8/01/2009 1,093
2,000 Series G, 5.50% due 8/01/2012 (d) 2,246
New York City, New York, GO, Series J:
1,500 5.25% due 5/15/2018 (c) 1,630
3,000 5.50% due 6/01/2021 3,243
1,500 New York City, New York, IDA, Special Facilities Revenue Bonds (1990 American Airlines
Inc. Project), AMT, 5.40% due 7/01/2020 915
500 New York City, New York, Trust for Cultural Resources Revenue Bonds (Museum of American
Folk Art), 6.125% due 7/01/2030 (h) 529
New York State Dormitory Authority Revenue Bonds:
1,500 (North Shore Long Island Jewish Group), 5% due 5/01/2013 1,594
1,735 (Winthrop S. Nassau University), 5.50% due 7/01/2011 1,901
Portfolio Abbreviations
To simplify the listings of Muni New York 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 at right.
AMT Alternative Minimum Tax (subject to)
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
TAN Tax Anticipation Notes
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Schedule of Investments (continued) (In Thousands)
Face
Amount Municipal Bonds Value
New York (concluded)
New York State Dormitory Authority, Revenue Refunding Bonds:
$ 1,360 (Lenox Hill Hospital Obligation Group), 5.25% due 7/01/2010 $ 1,442
1,305 (Lenox Hill Hospital Obligation Group), 5.75% due 7/01/2017 1,378
1,000 (Mount Sinai Health), Series A, 6.50% due 7/01/2015 1,061
1,000 (Mount Sinai Health), Series A, 6.625% due 7/01/2018 1,061
4,000 (North Shore University Hospital), 5.20% due 11/01/2017 (c) 4,303
2,500 Series B, 5.25% due 11/15/2026 (a) 2,758
1,000 (State University Educational Facilities), Series A, 5.50% due 5/15/2013 1,120
1,000 New York State Environmental Facilities Corporation, Solid Waste Disposal Revenue Bonds
(Waste Management Inc. Project), AMT, Series A, 4.45% due 7/01/2017 1,025
1,000 New York State Environmental Facilities Corporation, State Clean Water and Drinking Revolving
Funds Revenue Bonds, Series G, 5.25% due 10/15/2014 1,103
1,000 New York State, GO, Refunding, Series C, 5% due 4/15/2014 1,083
2,355 New York State, HFA, Service Contract Revenue Refunding Bonds, Series K, 5% due 9/15/2009 2,555
3,500 New York State Local Government Assistance Corporation, Revenue Refunding Bonds, Sub-Lien,
Series A-1, 5% due 4/01/2012 (b) 3,844
1,000 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, AMT, Series 117, 4% due
4/01/2013 999
2,000 New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series C,
5.25% due 12/01/2018 2,137
New York State Thruway Authority, Highway and Bridge Trust Fund Revenue Bonds, Series C:
2,500 5.25% due 4/01/2015 (e) 2,697
1,575 5% due 4/01/2018 1,629
1,000 New York State Thruway Authority, Highway and Bridge Trust Fund Revenue Refunding Bonds,
Series B, 5.25% due 4/01/2014 (e) 1,097
3,000 New York State Urban Development Corporation, Correctional and Youth Facilities Services
Revenue Refunding Bonds, Series A, 5% due 1/01/2017 3,221
2,000 New York State Urban Development Corporation Revenue Bonds, Subordinate Lien, Corporation
Purpose, Series A, 5.125% due 7/01/2019 2,122
1,000 Niagara Falls, New York, Public Water Authority, Water and Sewer System Revenue Bonds,
Series A, 5.50% due 7/15/2026 (c) 1,042
2,000 Saratoga County, New York, IDA, Civic Facility Revenue Bonds (The Saratoga Hospital Project)
Series B-1, 5.75% due 12/01/2023 (f) 2,069
Saratoga County, New York, IDA, Civic Facility Revenue Refunding Bonds (The Saratoga Hospital
Project), Series A (f):
365 4.375% due 12/01/2013 378
380 4.50% due 12/01/2014 394
395 4.50% due 12/01/2015 406
1,000 Schenectady, New York, GO, TAN, 6.25% due 12/30/2004 999
1,330 Suffolk County, New York, IDA, IDR, Refunding (Nissequogue Cogen Partners Facility), AMT,
4.875% due 1/01/2008 1,358
Tobacco Settlement Financing Corporation of New York, Asset-Backed Revenue Bonds, Series A-1:
1,000 5.25% due 6/01/2013 1,070
1,000 5.25% due 6/01/2016 1,072
1,000 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1, 5.50% due
6/01/2022 1,074
Tompkins County, New York, IDA, Care Community Revenue Refunding Bonds (Kendal at Ithaca),
Series A-2:
250 5.75% due 7/01/2018 258
1,000 6% due 7/01/2024 1,038
1,250 Utica, New York, IDA, Civic Facility Revenue Bonds (Utica College Project), Series A, 6.875%
due 12/01/2024 1,329
Westchester County, New York, IDA, Civic Facility Revenue Bonds (Special Needs Facilities
Pooled Program):
515 Series D-1, 6.80% due 7/01/2019 538
920 Series E-1, 5.50% due 7/01/2007 932
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Schedule of Investments (concluded) (In Thousands)
Face
Amount Municipal Bonds Value
Guam--1.7%
$ 1,000 A.B. Won Guam International Airport Authority, General Revenue Refunding Bonds, AMT,
Series C, 5.25% due 10/01/2022 (c) $ 1,062
Puerto Rico--6.2%
Children's Trust Fund Project of Puerto Rico, Tobacco Settlement Revenue Refunding Bonds:
750 5% due 5/15/2011 758
1,070 5.375% due 5/15/2033 987
1,900 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series E,
5.7% due 2/01/2010 (g) 2,129
U.S. Virgin Islands--0.9%
500 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker
Project), AMT, 6.50% due 7/01/2021 543
Total Municipal Bonds (Cost--$89,506)--147.9% 92,210
Shares
Held Short-Term Securities
12 CMA New York Municipal Money Fund (i) 12
Total Short-Term Securities (Cost--$12)--0.0% 12
Total Investments (Cost--$89,518*)--147.9% 92,222
Other Assets Less Liabilities--1.8% 1,127
Preferred Stock, at Redemption Value--(49.7%) (31,000)
---------
Net Assets Applicable to Common Stock--100.0% $ 62,349
=========
* The cost and unrealized appreciation/depreciation of investments as
of November 30, 2004, as computed for federal income tax purposes,
were as follows:
(in Thousands)
Aggregate cost $ 89,491
=============
Gross unrealized appreciation $ 2,871
Gross unrealized depreciation (140)
-------------
Net unrealized appreciation $ 2,731
=============
(a) AMBAC Insured.
(b) FSA Insured.
(c) MBIA Insured.
(d) XL Capital Insured.
(e) FGIC Insured.
(f) Radian Insured.
(g) Prerefunded.
(h) ACA Insured.
(i) Investments in companies considered to be an affiliate of the Fund
(such companies are defined as "Affiliated Companies" in Section
2(a)(3) of the Investment Company Act of 1940) were as follows:
(in Thousands)
Net Dividend
Affiliate Activity Income
CMA New York Municipal
Money Fund (598) $2
Forward interest rate swaps outstanding as of November 30, 2004
were as follows:
(in Thousands)
Notional Unrealized
Amount Appreciation
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
pay a fixed rate of 3.515% interest
Broker, J. P. Morgan Chase Bank
Expires January 2015 $13,000 $ 219
See Notes to Financial Statements.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Statement of Net Assets
As of November 30, 2004
Assets
Investments in unaffiliated securities, at value (identified cost--$89,506,212) $ 92,210,144
Investments in affiliated securities, at value (identified cost--$11,541) 11,541
Cash 275,378
Unrealized appreciation on forward interest rate swaps 219,206
Interest receivable 1,480,131
Prepaid expenses 24,696
---------------
Total assets 94,221,096
---------------
Liabilities
Payables:
Securities purchased $ 793,546
Dividends to Common Stock shareholders 67,694
Investment adviser 2,042
Other affiliates 821 864,103
---------------
Accrued expenses 8,479
---------------
Total liabilities 872,582
---------------
Preferred Stock
Preferred Stock, at redemption value, par value $.10 per share
(1,240 Series F7 Shares of AMPS* authorized, issued and outstanding at
$25,000 per share liquidation preference) 31,000,000
---------------
Net Assets Applicable to Common Stock
Net assets applicable to Common Stock $ 62,348,514
===============
Analysis of Net Assets Applicable to Common Stock
Common Stock, par value $.10 per share (4,206,439 shares issued
and outstanding) $ 420,644
Paid-in capital in excess of par 59,209,468
Undistributed investment income--net $ 413,528
Accumulated realized capital losses--net (618,264)
Unrealized appreciation--net 2,923,138
---------------
Total accumulated earnings--net 2,718,402
---------------
Total--Equivalent to $14.82 net asset value per share of Common Stock
(market price--$12.89) $ 62,348,514
===============
* Auction Market Preferred Stock.
See Notes to Financial Statements.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Statement of Operations
For the Six Months Ended November 30, 2004
Investment Income
Interest $ 2,147,847
Dividends from affiliates 1,606
---------------
Total income 2,149,453
---------------
Expenses
Investment advisory fees $ 256,623
Commission fees 38,828
Accounting services 28,354
Professional fees 26,519
Transfer agent fees 19,373
Printing and shareholder reports 13,771
Directors' fees and expenses 13,638
Listing fees 10,447
Pricing fees 3,880
Custodian fees 3,644
Other 14,889
---------------
Total expenses before waiver and reimbursement 429,966
Waiver and reimbursement of expenses (70,919)
---------------
Total expenses after waiver and reimbursement 359,047
---------------
Investment income--net 1,790,406
---------------
Realized & Unrealized Gain (Loss)--Net
Realized gain (loss)on:
Investments--net 130,209
Forward interest rate swaps--net (691,082) (560,873)
---------------
Change in unrealized appreciation on:
Investments--net 1,900,741
Forward interest rate swaps--net 145,093 2,045,834
--------------- ---------------
Total realized and unrealized gain--net 1,484,961
---------------
Dividends to Preferred Stock Shareholders
Investment income--net (190,154)
---------------
Net Increase in Net Assets Resulting from Operations $ 3,085,213
===============
See Notes to Financial Statements.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Statement of Changes in Net Assets
For the Six For the Period
Months Ended August 1, 2003++
November 30, to May 31,
Increase (Decrease) in Net Assets: 2004 2004
Operations
Investment income--net $ 1,790,406 $ 2,818,267
Realized loss--net (560,873) (57,391)
Change in unrealized appreciation--net 2,045,834 877,304
Dividends to Preferred Stock shareholders (190,154) (233,616)
--------------- ---------------
Net increase in net assets resulting from operations 3,085,213 3,404,564
--------------- ---------------
Dividends to Common Stock Shareholders
Investment income--net (1,514,316) (2,257,059)
--------------- ---------------
Net decrease in net assets resulting from dividends to Common Stock
shareholders (1,514,316) (2,257,059)
--------------- ---------------
Common Stock Transactions
Net proceeds from issuance of Common Stock -- 59,806,875
Offering costs resulting from the issuance of Common Stock -- (125,250)
Offering and underwriting costs resulting from the issuance of
Preferred Stock -- (513,526)
Value of shares issued to Common Stock shareholders in reinvestment
of dividends -- 362,010
--------------- ---------------
Net increase in net assets derived from Common Stock transactions -- 59,530,109
--------------- ---------------
Net Assets Applicable to Common Stock
Total increase in net assets applicable to Common Stock 1,570,897 60,677,614
Beginning of period 60,777,617 100,003
--------------- ---------------
End of period* $ 62,348,514 $ 60,777,617
=============== ===============
* Undistributed investment income--net $ 413,528 $ 327,592
=============== ===============
++ Commencement of operations.
See Notes to Financial Statements.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Financial Highlights
The following per share data and ratios have been derived For the Six For the Period
from information provided in the financial statements. Months Ended August 1, 2003++
November 30, to May 31,
Increase (Decrease) in Net Asset Value: 2004 2004
Per Share Operating Performance
Net asset value, beginning of period $ 14.45 $ 14.33
--------------- ---------------
Investment income--net .42 .68
Realized and unrealized gain--net .36 .19
Dividends to Preferred Stock shareholders from investment income--net (.05) (.06)
--------------- ---------------
Total from investment operations .73 .81
--------------- ---------------
Less dividends to Common Stock shareholders from investment income--net (.36) (.54)
--------------- ---------------
Offering costs resulting from issuance of Common Stock -- (.03)
--------------- ---------------
Offering and underwriting costs resulting from issuance of Preferred Stock -- (.12)
--------------- ---------------
Net asset value, end of period $ 14.82 $ 14.45
=============== ===============
Market price per share, end of period $ 12.89 $ 12.79
=============== ===============
Total Investment Return**
Based on net asset value per share 5.41%+++ 4.71%+++
=============== ===============
Based on market price per share 3.59%+++ (11.46%)+++
=============== ===============
Ratios Based on Average Net Assets of Common Stock
Total expenses, net of waiver and reimbursement*** 1.15%* .81%*
=============== ===============
Total expenses*** 1.38%* 1.19%*
=============== ===============
Total investment income--net*** 5.75%* 5.40%*
=============== ===============
Amount of dividends to Preferred Stock shareholders .61%* .45%*
=============== ===============
Investment income--net, to Common Stock shareholders 5.14%* 4.95%*
=============== ===============
Ratios Based on Average Net Assets of Common & Preferred Stock***
Total expenses, net of waiver and reimbursement .77%* .55%*
=============== ===============
Total expenses .92%* .81%*
=============== ===============
Total investment income--net 3.84%* 3.68%*
=============== ===============
Ratios Based on Average Net Assets of Preferred Stock++++
Dividends to Preferred Stock shareholders 1.22%* .96%*
=============== ===============
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Financial Highlights (concluded)
For the Six For the Period
Months Ended August 1, 2003++
The following per share data and ratios have been derived November 30, to May 31,
from information provided in the financial statements. 2004 2004
Supplemental Data
Net assets applicable to Common Stock, end of period (in thousands) $ 62,349 $ 60,778
=============== ===============
Preferred Stock outstanding, end of period (in thousands) $ 31,000 $ 31,000
=============== ===============
Portfolio turnover 5.63% 21.02%
=============== ===============
Leverage
Asset coverage per $1,000 $ 3,011 $ 2,961
=============== ===============
Dividends Per Share on Preferred Stock Outstanding++++
Series F7--Investment income--net $ 153 $ 188
=============== ===============
* Annualized.
** Total investment returns based on market value, which can be significantly greater or lesser
than the net asset value, may result in substantially different returns. Total investment
returns exclude the effects of sales charges. If applicable, the Fund's Investment Adviser
voluntarily waived a portion of its management fee. Without such waiver, the Fund's performance
would have been lower.
*** Do not reflect the effect of dividends to Preferred Stock shareholders.
++ Commencement of operations.
++++ The Fund's Preferred Stock was issued on August 20, 2003.
+++ Aggregate total investment return.
See Notes to Financial Statements.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Notes to Financial Statements
1. Significant Accounting Policies:
Muni New York Intermediate Duration Fund, Inc. (the "Fund") is
registered under the Investment Company Act of 1940, as amended, as
a non-diversified, closed-end management investment company. The
Fund's financial statements are prepared in conformity with U.S.
generally accepted accounting principles, which may require the use
of management accruals and estimates. Actual results may differ from
these estimates. These unaudited financial statements reflect all
adjustments, which are, in the opinion of management, necessary to a
fair statement of the results for the interim period presented. All
such adjustments are of a normal, recurring nature. The Fund
determines and makes available for publication the net asset value
of its Common Stock on a daily basis. The Fund's Common Stock is
listed on the New York Stock Exchange under the symbol MNE. The
following is a summary of significant accounting policies followed
by the Fund.
(a) Valuation of investments--Municipal bonds are traded primarily
in the over-the-counter markets and are valued at the last available
bid price in the over-the-counter market or on the basis of values
as obtained by a pricing service. Pricing services use valuation
matrixes that incorporate both dealer-supplied valuations and
valuation models. The procedures of the pricing service and its
valuations are reviewed by the officers of the Fund under the
general direction of the Board of Directors. Such valuations and
procedures are reviewed periodically by the Board of Directors of
the Fund. Financial futures contracts and options thereon, which are
traded on exchanges, are valued at their closing prices as of the
close of such exchanges. Options written or purchased are valued at
the last sale price in the case of exchange-traded options. In the
case of options traded in the over-the-counter market, valuation is
the last asked price (options written) or the last bid price
(options purchased). Swap agreements are valued by quoted fair
values received daily by the Fund's pricing service. Short-term
investments with a remaining maturity of 60 days or less are valued
at amortized cost, which approximates market value, under which
method the investment is valued at cost and any premium or discount
is amortized on a straight line basis to maturity. Investments in
open-end investment companies are valued at their net asset value
each business day. Securities and other assets for which market
quotations are not readily available are valued at fair value as
determined in good faith by or under the direction of the Board of
Directors of the Fund.
(b) Derivative financial instruments--The Fund may engage in various
portfolio investment strategies both to increase the return of the
Fund and to hedge, or protect, its exposure to interest rate
movements and movements in the securities markets. Losses may arise
due to changes in the value of the contract or if the counterparty
does not perform under the contract.
* Financial futures contracts--The Fund may purchase or sell
financial futures contracts and options on such futures contracts.
Futures contracts are contracts for delayed delivery of securities
at a specific future date and at a specific price or yield. Upon
entering into a contract, the Fund deposits and maintains as
collateral such initial margin as required by the exchange on which
the transaction is effected. Pursuant to the contract, the Fund
agrees to receive from or pay to the broker an amount of cash equal
to the daily fluctuation in value of the contract. Such receipts or
payments are known as variation margin and are recorded by the Fund
as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the
time it was closed.
* Options--The Fund may write covered call options and purchase call
and put options. When the Fund writes an option, an amount equal to
the premium received by the Fund is reflected as an asset and an
equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option
written. When a security is purchased or sold through an exercise of
an option, the related premium paid (or received) is added to (or
deducted from) the basis of the security acquired or deducted from
(or added to) the proceeds of the security sold. When an option
expires (or the Fund enters into a closing transaction), the Fund
realizes a gain or loss on the option to the extent of the premiums
received or paid (or gain or loss to the extent the cost of the
closing transaction exceeds the premium paid or received).
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Notes to Financial Statements (continued)
Written and purchased options are non-income producing investments.
* Forward interest rate swaps--The Fund may enter into forward
interest rate swaps. In a forward interest rate swap, the Fund and
the counterparty agree to make periodic net payments on a specified
notional contract amount, commencing on a specified future effective
date, unless terminated earlier. When the agreement is closed, the
Fund records a realized gain or loss in an amount equal to the value
of the agreement.
(c) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no federal income tax
provision is required.
(d) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Realized gains and losses on security
transactions are determined on the identified cost basis. Dividend
income is recorded on the ex-dividend dates. Interest income is
recognized on the accrual basis. The Fund amortizes all premiums and
discounts on debt securities.
(e) Dividends and distributions--Dividends from net investment
income are declared and paid monthly. Distributions of capital gains
are recorded on the ex-dividend dates.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect, wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee at an annual rate of .55% of
the Fund's average daily net assets, including proceeds from the
issuance of Preferred Stock.
FAM has contractually agreed to waive a portion of its fee during
the first seven years of the Fund's operations ending July 31, 2010,
as follows:
Fee Waiver
(As a Percentage
of Average Daily
Net Assets)
Years 1 through 5 .15%
Year 6 .10%
Year 7 .05%
Year 8 and thereafter .00%
For the six months ended November 30, 2004, FAM earned fees of
$256,623, of which $69,988 was waived. In addition, FAM has agreed
to reimburse its advisory fee by the amount of advisory fees the
Fund pays to FAM indirectly through its investment in CMA New York
Municipal Money Fund. For the six months ended November 30, 2004,
FAM reimbursed the Fund in the amount of $931.
For the six months ended November 30, 2004, the Fund reimbursed FAM
$959 for certain accounting services.
Certain officers and/or directors of the Fund are officers and/or
directors of FAM, PSI, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended November 30, 2004 were $5,524,025 and
$5,102,396, respectively.
4. Stock Transactions:
The Fund is authorized to issue 200,000,000 shares of stock,
including Preferred Stock, par value $.10 per share, all of which
were initially classified as Common Stock. The Board of Directors is
authorized, however, to reclassify any unissued shares of stock
without approval of holders of Common Stock.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Notes to Financial Statements (concluded)
Common Stock
Shares issued and outstanding during the six months ended November
30, 2004 remained constant and during the period August 1, 2003 to
May 31, 2004 increased by 4,175,000 from shares sold and 24,458 from
reinvestment of dividends.
Preferred Stock
Auction Market Preferred Stock are redeemable shares of Preferred
Stock of the Fund, with a par value of $.10 per share and
liquidation preference of $25,000 per share, plus accrued and unpaid
dividends, that entitle their holders to receive cash dividends at
an annual rate that may vary for the successive dividend periods.
The yield in effect at November 30, 2004 was Series F7, 1.70%.
Shares issued and outstanding during the six months ended November
30, 2004 remained constant and during the period August 1, 2003 to
May 31, 2004 increased by 1,240 from issuance of Preferred Stock.
The Fund pays commissions to certain broker-dealers at the end of
each auction at an annual rate ranging from .25% to .375%,
calculated on the proceeds of each auction. For the six months ended
November 30, 2004, Merrill Lynch, Pierce, Fenner & Smith
Incorporated earned $35,213 as commissions.
5. Capital Loss Carryforward:
On May 31, 2004, the Fund had a net capital loss carryforward of
$57,391, all of which expires in 2012. This amount will be available
to offset like amounts of any future taxable gains.
6. Subsequent Event:
The Fund paid a tax-exempt income dividend to holders of Common
Shares in the amount of $.060000 per share on December 29, 2004 to
shareholders of record on December 15, 2004.
Quality Profile
The quality ratings of securities in the Fund as of November 30,
2004 were as follows:
Percent of
Total
S&P Rating/Moody's Rating Investments
AAA/Aaa 30.8%
AA/Aa 25.0
A/A 13.9
BBB/Baa 14.9
BB/Ba 3.4
B/B 0.6
CCC/Caa 1.9
NR (Not Rated) 9.5
Other* --**
* Includes portfolio holdings in short-term investments.
** Amount is less than 0.1%.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Proxy Results
During the six-month period ended November 30, 2004, Muni New York
Intermediate Duration Fund, Inc.'s Common Stock shareholders
voted on the following proposal. The proposal was approved at a
shareholders' meeting on August 25, 2004. A description of the
proposal and number of shares voted are as follows:
Shares Voted Shares Withheld
For From Voting
1. To elect the Fund's Directors: Terry K. Glenn, Donald W. Burton,
David H. Walsh and Fred G. Weiss 4,064,420 128,100
During the six-month period ended November 30, 2004, Muni New York
Intermediate Duration Fund, Inc.'s Preferred Stock shareholders
(Series M7, T7, W7, TH7 & F7) voted on the following proposal. The
proposal was approved at a shareholders' meeting on August 25, 2004.
A description of the proposal and number of shares voted are as
follows:
Shares Voted Shares Withheld
For From Voting
2. To elect the Fund's Board of Directors: Terry K. Glenn,
Donald W. Burton, M. Colyer Crum, Laurie Simon Hodrick,
David H. Walsh and Fred G. Weiss 1,240 0
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Officers and Directors
Terry K. Glenn, President and Director
Donald W. Burton, Director
M. Colyer Crum, Director
Laurie Simon Hodrick, Director
John F. O'Brien, Director
David H. Walsh, Director
Fred G. Weiss, Director
Kenneth A. Jacob, Senior Vice President
John M. Loffredo, Senior Vice President
Timothy T. Browse, Vice President
Donald C. Burke, Vice President and Treasurer
Jeffrey Hiller, Chief Compliance Officer
Alice A. Pellegrino, Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agents
Common Stock:
EquiServe
P.O. Box 43010
Providence, RI 02940-3010
Preferred Stock:
The Bank of New York
101 Barclay Street--7 West
New York, NY 10286
NYSE Symbol
MNE
Effective January 1, 2005, Terry K. Glenn, President and Director
and M. Colyer Crum, Director of Muni New York Intermediate Duration
Fund, Inc. will retire. The Fund's Board of Directors wishes
Mr. Glenn and Professor Crum well in their retirements.
Effective January 1, 2005, Robert C. Doll, Jr. will become Executive
Vice President of the Fund.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Availability of Quarterly Schedule of Investments
The Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commission ("SEC") for the first and third
quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are
available on the SEC's Web site at http://www.sec.gov. The Fund's
Forms N-Q may also be reviewed and copied at the SEC's Public
Reference Room in Washington, DC. Information on the operation of
the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Electronic Delivery
The Fund offers electronic delivery of communications to its
shareholders. In order to receive this service, you must
register your account and provide us with e-mail information.
To sign up for this service, simply access this Web site at
http://www.icsdelivery.com/live and follow the instructions.
When you visit this site, you will obtain a personal identification
number (PIN). You will need this PIN should you wish to update your
e-mail address, choose to discontinue this service and/or make any
other changes to the service. This service is not available for
certain retirement accounts at this time.
MUNI NEW YORK INTERMEDIATE DURATION FUND, INC., NOVEMBER 30, 2004
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this
semi-annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to
this semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable to
this semi-annual report
Item 6 - Schedule of Investments - Not Applicable
Item 7 - Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies - Not Applicable to this
semi-annual report
Item 8 - Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers - Not Applicable
Item 9 - Submission of Matters to a Vote of Security Holders - Not
Applicable
Item 10 - Controls and Procedures
10(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.
10(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 half-year
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 11 - Exhibits attached hereto
11(a)(1) - Code of Ethics - Not Applicable to this semi-annual
report
11(a)(2) - Certifications - Attached hereto
11(a)(3) - Not Applicable
11(b) - 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 New York Intermediate Duration Fund, Inc.
By: _/s/ Robert C. Doll, Jr._______
Robert C. Doll, Jr.,
President of
Muni New York Intermediate Duration Fund, Inc.
Date: January 13, 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/ Robert C. Doll, Jr.________
Robert C. Doll, Jr.,
President of
Muni New York Intermediate Duration Fund, Inc.
Date: January 13, 2005
By: _/s/ Donald C. Burke________
Donald C. Burke,
Chief Financial Officer of
Muni New York Intermediate Duration Fund, Inc.
Date: January 13, 2005