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UNITED STATES |
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-6506 |
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Intermediate Muni Fund, Inc. |
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(Exact name of registrant as specified in charter) |
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125 Broad Street, New York, NY |
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10004 |
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(Address of principal executive offices) |
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(Zip code) |
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Robert I. Frenkel, Esq. |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
1-800-451-2010 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2005 |
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ITEM 1. SCHEDULE OF INVESTMENTS
INTERMEDIATE MUNI FUND, INC.
FORM N-Q
MARCH 31, 2005
INTERMEDIATE MUNI FUND, INC.
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Schedule of Investments (unaudited) |
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March 31, 2005 |
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FACE |
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RATING (a) |
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SECURITY |
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VALUE |
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Alabama - 3.5% |
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$ |
3,000,000 |
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AAA |
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Alabama State Public School & College Authority Revenue, 5.125% due 11/1/15 (b) |
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$ |
3,178,109 |
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1,225,000 |
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AAA |
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Baldwin County, AL Board of Education, Capital Outlay School Warrants, AMBAC-Insured, 5.000% due 6/1/20 |
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1,289,263 |
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334,127 |
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AAA |
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Birmingham, AL Medical Clinic Board Revenue, Baptist Medical Centers, 8.300% due 7/1/08 (c) |
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363,694 |
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1,000,000 |
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NR |
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Rainbow City, AL Special Health Care Facilities Financing Authority, (Regency Pointe Inc.), Series B, 7.250% due 1/1/06 |
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632,330 |
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1,000,000 |
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AAA |
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Saraland, AL GO, MBIA-Insured, 5.250% due 1/1/15 |
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1,076,230 |
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6,539,626 |
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Alaska - 0.9% |
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1,000,000 |
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NR |
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Alaska Industrial Development & Export Authority Revenue, Williams Lynxs Alaska Cargoport, 8.000% due 5/1/23 (d) |
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1,048,470 |
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500,000 |
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AAA |
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Anchorage, AK GO, Refunding, FGIC-Insured, 6.000% due 10/1/14 |
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581,745 |
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1,630,215 |
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Arizona - 1.1% |
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1,000,000 |
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A2* |
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Arizona Educational Loan Marketing Corp., Educational Loan Revenue, Sub-Series, 6.625% due 9/1/05 (d) |
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1,003,770 |
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Maricopa County, AZ Hospital Revenue: |
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130,000 |
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AAA |
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Samaritan Health Service, 7.625% due 1/1/08 (c) |
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138,475 |
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684,000 |
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AAA |
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St. Lukes Hospital Medical Center Project, 8.750% due 2/1/10 (c) |
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786,744 |
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120,000 |
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AAA |
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Pima County, AZ IDA, Single-Family Mortgage Revenue, Series A, GNMA/FNMA/FHLMC-Collateralized, 7.100% due 11/1/29 (d) |
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124,199 |
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2,053,188 |
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Arkansas - 1.5% |
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1,500,000 |
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BBB- |
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Arkansas State Development Finance Authority, Hospital Revenue, Washington Regional Medical Center, 7.000% due 2/1/15 |
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1,659,435 |
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1,000,000 |
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BB+ |
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Warren, AR Solid Waste Disposal Revenue, (Potlatch Corp. Project), 7.000% due 4/1/12 (d) |
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1,100,050 |
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2,759,485 |
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California - 5.3% |
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1,500,000 |
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NR |
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Barona Band of Mission Indians, CA, 8.250% due 1/1/20 |
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1,568,745 |
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3,000,000 |
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AA- |
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California State Economic Recovery, Series A, 5.000% due 7/1/17 (b) |
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3,148,799 |
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795,000 |
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NR |
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California Statewide COP, Community Development Authority Revenue Refunding, Hospital Triad Healthcare, 6.250% due 8/1/06 (c) |
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818,476 |
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15,000 |
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NR |
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Loma Linda, CA Community Hospital Corporation Revenue, 8.000% due 12/1/08 (c) |
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17,408 |
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1,200,000 |
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NR |
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Los Angeles, CA COP, Hollywood Presbyterian Medical Center, 9.625% due 7/1/13 (c) |
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1,503,504 |
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500,000 |
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NR |
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Los Angeles, CA School District, RITES, MBIA-Insured, 7.850% due 1/1/11 (e) |
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595,640 |
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See Notes to Schedule of Investments.
1
INTERMEDIATE MUNI FUND, INC.
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Schedule of Investments (unaudited) (continued) |
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March 31, 2005 |
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FACE |
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RATING (a) |
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SECURITY |
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VALUE |
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California - 5.3% (continued) |
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$ |
1,450,000 |
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AAA |
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Morgan Hill, CA School District, FGIC-Insured, 5.750% due 8/1/17 |
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$ |
1,634,962 |
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395,000 |
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AAA |
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San Francisco, CA Airport Improvement Corp. Lease Revenue, United Airlines Inc., 8.000% due 7/1/13 (c) |
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469,189 |
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130,000 |
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AAA |
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San Leandro, CA Hospital Revenue, Vesper Memorial Hospital, AMBAC-Insured, 11.500% due 5/1/11 (c) |
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164,718 |
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9,921,441 |
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Colorado - 4.2% |
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1,860,000 |
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Aaa* |
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Broomfield, CO COP, Open Space Park & Recreational Facilities, AMBAC-Insured, 5.500% due 12/1/20 (b) |
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2,009,637 |
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Colorado
Educational and Cultural Facilities Authority Revenue: |
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1,000,000 |
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Ba1* |
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Community Education Center, (Bromley East Project A), 7.000% due 9/15/20 |
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1,033,360 |
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500,000 |
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Baa2* |
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University Lab School Project, (Call 6/1/11 @ 100), 6.125% due 6/1/21 (f) |
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572,385 |
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1,350,000 |
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AAA |
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University Lab School Project, 5.250% due 6/1/24 |
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1,437,723 |
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710,000 |
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BBB |
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Denver, CO Health & Hospital Authority Healthcare Revenue, Series A, 6.250% due 12/1/16 |
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742,092 |
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1,765,000 |
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AAA |
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Pueblo, CO Bridge Waterworks, Water Revenue Improvement, Series A, FSA-Insured 6.000% due 11/1/14 |
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1,990,391 |
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7,785,588 |
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Connecticut - 3.2% |
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2,000,000 |
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AA |
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Connecticut State Health & Educational Facilities Authority Revenue, Bristol Hospital, Series B, 5.500% due 7/1/21 (b) |
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2,191,260 |
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1,855,000 |
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A |
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Connecticut State Special Obligation, Parking Revenue, Bradley International Airport, Series A, ACA-Insured, 6.375% due 7/1/12 (b)(d) |
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2,025,716 |
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1,500,000 |
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AAA |
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Connecticut State Special Tax Obligation Revenue, RITES, FSA-Insured, 7.850% due 10/1/09 (e) |
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1,771,260 |
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5,988,236 |
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Florida - 4.5% |
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235,000 |
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AAA |
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Lee County, FL Southwest Florida Regional Airport Revenue, MBIA-Insured, 8.625% due 10/1/09 (c) |
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265,559 |
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1,625,000 |
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NR |
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Lee Memorial Health System Board of Directors, FL Hospital Revenue, RITES, FSA-Insured, 8.554% due 4/1/10 (e) |
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1,989,715 |
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2,000,000 |
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NR |
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Old Palm Community Development District FL, Palm Beach Gardens, Series B, 5.375% due 5/1/14 (b) |
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2,007,740 |
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Orange
County, FL Health Facilities Authority Revenue: |
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1,500,000 |
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A |
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6.250% due 11/15/24 |
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1,670,565 |
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545,000 |
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AAA |
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Southern Adventist Hospital Project, 8.750% due 10/1/09 (c) |
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617,654 |
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See Notes to Schedule of Investments.
2
INTERMEDIATE MUNI FUND, INC.
|
Schedule of Investments (unaudited) (continued) |
March 31, 2005 |
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FACE |
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RATING (a) |
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SECURITY |
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VALUE |
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Florida - 4.5% (continued) |
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$ |
785,000 |
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NR |
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First Mortgage, Health Care Facilities, 8.750% due 7/1/11 |
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$ |
786,303 |
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595,000 |
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NR |
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Sanford, FL Airport Authority IDR, (Central Florida Terminals Inc. Project A), 7.500% due 5/1/06 (d) |
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595,411 |
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500,000 |
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VMIG 1* |
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Sarasota County Florida Public Hospital Board Revenue, Sarasota Memorial Hospital, 2.330% due 7/1/37 (g) |
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500,000 |
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8,432,947 |
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Georgia - 5.4% |
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1,000,000 |
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Aaa* |
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Athens, GA Housing Authority, Student Housing Lease Revenue, (University of Georgia -East Campus Project), AMBAC-Insured, 5.250% due 12/1/23 |
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1,066,060 |
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2,120,000 |
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AAA |
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Atlanta, GA Metropolitan Rapid Transit Authority, Sales Tax Revenue, Series E, 7.000% due 7/1/11 (b)(c) |
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2,459,836 |
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650,000 |
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A- |
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Chatham County, GA Hospital Authority Revenue, Memorial Health Medical Center, Series A, 6.000% due 1/1/17 |
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705,178 |
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2,895,000 |
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AAA |
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Fulton County, GA Development Authority Revenue, Georgia Tech Athletic Association 5.500% due 10/1/17 (b) |
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3,202,072 |
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1,000,000 |
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AAA |
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Gainesville, GA Water & Sewer Revenue, FSA-Insured, 5.375% due 11/15/20 |
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1,074,330 |
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500,000 |
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A |
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Georgia Municipal Electric Authority, Power System Revenue, Series X, 6.500% due 1/1/12 |
|
562,005 |
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1,000,000 |
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AAA |
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Griffin, GA Combined Public Utility Revenue, AMBAC-Insured, 5.000% due 1/1/21 |
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1,056,790 |
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10,126,271 |
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Illinois - 6.0% |
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535,000 |
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C* |
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Bourbonnais, IL IDR Refunding, (Kmart Corp. Project), 6.600% due 10/1/06 (h) |
|
5,350 |
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1,500,000 |
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AAA |
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Chicago, IL O’Hare International Airport Revenue, Lien A-2, 5.750% due 1/1/19 (d) |
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1,660,395 |
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1,000,000 |
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AAA |
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Cicero, IL GO, Tax Increment, Series A, XLCA-Insured, 5.250% due 1/1/21 |
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1,060,970 |
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1,080,000 |
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AAA |
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Glendale Heights Illinois Hospital Revenue, (Glendale Heights Project), Series B, 7.100% due 12/1/15 (c) |
|
1,277,791 |
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1,000,000 |
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AA |
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Harvey, IL GO, Refunding, 6.700% due 2/1/09 |
|
1,015,690 |
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Illinois Development Finance Authority Revenue: |
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500,000 |
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BBB |
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Chicago Charter School Foundation Project A, 5.250% due 12/1/12 |
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513,920 |
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380,000 |
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A |
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East St. Louis, 6.875% due 11/15/05 |
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388,436 |
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Illinois Health Facilities Authority Revenue: |
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530,000 |
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AAA |
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Methodist Medical Center Project, 9.000% due 10/1/10 (c) |
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611,387 |
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515,000 |
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AAA |
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Ravenswood Hospital Medical Center Project, 7.250% due 8/1/06 (c) |
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533,040 |
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1,300,000 |
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BB+ |
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Illinois Health Facilities Authority Revenue Refunding, Friendship Village of Schaumburg, 6.650% due 12/1/06 |
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1,302,470 |
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See Notes to Schedule of Investments.
3
INTERMEDIATE MUNI FUND, INC.
|
Schedule of Investments (unaudited) (continued) |
March 31, 2005 |
|
FACE |
|
RATING (a) |
|
SECURITY |
|
VALUE |
|
||
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Illinois - 6.0% (continued) |
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$ |
1,310,000 |
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AAA |
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Kane County, IL GO, FGIC-Insured, 5.500% due 1/1/14 |
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$ |
1,460,152 |
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Mount Vernon, IL Elderly Housing Corp., First Lien Revenue: |
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215,000 |
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Ba3* |
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7.875% due 4/1/05 |
|
215,000 |
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235,000 |
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Ba3* |
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7.875% due 4/1/06 |
|
235,139 |
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250,000 |
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Ba3* |
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7.875% due 4/1/07 |
|
250,445 |
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|
270,000 |
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Ba3* |
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7.875% due 4/1/08 |
|
270,348 |
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1,000,000 |
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Aaa* |
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Will County, IL School District No. 122, New Lenox Series D, zero-coupon bond to yield 5.070% due 11/1/24 |
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372,480 |
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11,173,013 |
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Indiana - 0.7% |
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800,000 |
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AAA |
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Ball State, University of Indiana, University Revenue, Series K, FGIC-Insured, 5.750% due 7/1/20 |
|
880,936 |
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|
285,000 |
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AAA |
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Madison County, IN Industrial Hospital Authority Facilities Revenue, (Community Hospital of Anderson Project), 9.250% due 1/1/10 (c) |
|
330,780 |
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1,211,716 |
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Iowa - 1.3% |
|
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|
1,000,000 |
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A1* |
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Iowa Finance Authority Health Care Facilities Revenue, Genesis Medical Center, 6.250% due 7/1/20 |
|
1,078,370 |
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|
1,035,000 |
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AAA |
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Muscatine, IA Electric Revenue, 9.700% due 1/1/13 (c) |
|
1,298,397 |
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|
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|
|
|
2,376,767 |
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Kansas - 1.8% |
|
|
|
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|
|
|
||
|
1,000,000 |
|
BBB |
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Burlington, KS Environmental Improvement Revenue, (Kansas City Power & Light Project), 4.750% due 9/1/15 |
|
1,031,710 |
|
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|
2,245,000 |
|
AA |
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Johnson County, KS GO, Unified School District No. 229, Series A, 5.125% due 10/1/20 (b) |
|
2,373,324 |
|
||
|
|
|
|
|
|
|
3,405,034 |
|
||
|
Louisiana - 1.6% |
|
|
|
|
|
|
|||
|
650,000 |
|
AAA |
|
Calcasieu Parish, LA Memorial Hospital Service District Hospital Revenue, (Lake Charles Memorial Hospital Project), Series A, CONNIE LEE-Insured, 7.500% due 12/1/05 |
|
669,156 |
|
||
|
355,000 |
|
AAA |
|
Louisiana Public Facilities Authority Hospital Revenue Refunding, (Southern Baptist Hospital Inc. Project), 8.000% due 5/15/12 (c) |
|
408,846 |
|
||
|
1,690,000 |
|
AAA |
|
Monroe, LA Sales & Use Tax Revenue, FGIC-Insured, 5.625% due 7/1/25 |
|
1,857,192 |
|
||
|
|
|
|
|
|
|
2,935,194 |
|
||
|
Maryland - 1.8% |
|
|
|
|
|
|
|
||
|
1,000,000 |
|
AAA |
|
Maryland State Health & Higher Education Facilities Authority Revenue Refunding, (Mercy Medical Center Project), FSA-Insured, 6.500% due 7/1/13 |
|
1,154,550 |
|
||
|
2,000,000 |
|
AAA |
|
Montgomery County, MD GO, Refunding, 5.250% due 10/1/14 (b) |
|
2,187,080 |
|
||
|
|
|
|
|
|
|
3,341,630 |
|
||
See Notes to Schedule of Investments.
4
INTERMEDIATE MUNI FUND, INC.
|
Schedule of Investments (unaudited) (continued) |
March 31, 2005 |
|
FACE |
|
RATING (a) |
|
SECURITY |
|
VALUE |
|
||
|
Massachusetts - 6.5% |
|
|
|
|
|
||||
|
$ |
875,000 |
|
AAA |
|
Boston,
MA Water & Sewer Community Revenue, 10.875% due |
|
$ |
1,024,249 |
|
|
1,130,000 |
|
Aaa* |
|
Lancaster, MA GO, AMBAC-Insured, 5.375% due 4/15/17 |
|
1,236,457 |
|
||
|
|
|
|
|
Massachusetts State Development Finance Agency Revenue: |
|
|
|
||
|
500,000 |
|
A |
|
Curry College, Series A, ACA-Insured, 6.000% due 3/1/20 |
|
530,950 |
|
||
|
370,000 |
|
AAA |
|
Series A, GNMA-Collateralized, 6.700% due 10/20/21 |
|
421,944 |
|
||
|
1,500,000 |
|
AAA |
|
Massachusetts State GO, RITES, MBIA-Insured, 8.066% due 5/1/09 (e) |
|
1,810,560 |
|
||
|
|
|
|
|
Massachusetts State Health & Educational Facilities Authority Revenue: |
|
|
|
||
|
|
|
|
|
Caritas Christi Obligation, Series B: |
|
|
|
||
|
2,000,000 |
|
BBB |
|
6.500% due 7/1/12 (b) |
|
2,195,420 |
|
||
|
835,000 |
|
BBB |
|
6.750% due 7/1/16 |
|
937,789 |
|
||
|
1,000,000 |
|
BBB- |
|
Milford-Whitinsville Regional Hospital, Series D, 6.500% due 7/15/23 |
|
1,073,410 |
|
||
|
1,000,000 |
|
BBB+† |
|
Winchester Hospital, Series E, (Call 7/1/10 @ 101), 6.750% due 7/1/30 (f) |
|
1,156,450 |
|
||
|
1,160,000 |
|
AAA |
|
Massachusetts State Industrial Finance Agency, Assisted Living Facility Revenue, (Arbors at Amherst Project), GNMA-Collateralized, 5.750% due 6/20/17 (d) |
|
1,260,236 |
|
||
|
500,000 |
|
A3* |
|
New England Education Loan Marketing Corp., MA Student Loan Revenue, Sub-Issue H, 6.900% due 11/1/09 (d) |
|
536,690 |
|
||
|
|
|
|
|
|
|
12,184,155 |
|
||
|
Michigan - 2.6% |
|
|
|
|
|
|
|||
|
500,000 |
|
VMIG 1* |
|
Detroit, MI Sewer Disposal System Revenue, Refunding Sr. Lien, Series C-2, 2.250% due 7/1/29 (g) |
|
500,000 |
|
||
|
1,000,000 |
|
AAA |
|
Jenison, MI Public Schools, FGIC-Insured, 5.500% due 5/1/20 |
|
1,094,800 |
|
||
|
1,000,000 |
|
Aaa* |
|
Memphis, MI GO, FGIC-Insured, 5.150% due 5/1/19 |
|
1,042,790 |
|
||
|
1,000,000 |
|
A |
|
Michigan State Hospital Finance Authority Revenue, Oakwood Obligated Group, 5.500% due 11/1/18 |
|
1,065,680 |
|
||
|
1,000,000 |
|
AAA |
|
Walled Lake Consolidated School District, Refunding, MBIA-Insured, 5.000% due 5/1/22 |
|
1,050,030 |
|
||
|
|
|
|
|
|
|
4,753,300 |
|
||
|
Missouri - 1.1% |
|
|
|
|
|
|
|
||
|
1,000,000 |
|
AAA |
|
Hazelwood, MO School District GO, Direct Deposit Program, Series A, FGIC-Insured, 5.000% due 3/1/23 |
|
1,058,420 |
|
||
|
405,000 |
|
NR |
|
Lee’s Summit, MO IDA, Health Facilities Revenue, (John Knox Village Project), 5.750% due 8/15/11 |
|
434,561 |
|
||
|
60,000 |
|
AAA |
|
Missouri State Housing Development Community Mortgage Revenue, Series C, GNMA/FNMA-Collateralized, 7.450% due 9/1/27 (d) |
|
61,466 |
|
||
|
395,000 |
|
AAA |
|
Nevada, MO, Waterworks System Revenue, 10.000% due 10/1/10 (c) |
|
475,746 |
|
||
|
25,000 |
|
AAA |
|
St. Louis County, MO Single-Family Mortgage Revenue, MBIA-Insured, 6.750% due 4/1/10 |
|
26,092 |
|
||
|
|
|
|
|
|
|
2,056,285 |
|
||
See Notes to Schedule of Investments.
5
INTERMEDIATE MUNI FUND, INC.
|
Schedule of Investments (unaudited) (continued) |
March 31, 2005 |
|
FACE |
|
RATING (a) |
|
SECURITY |
|
VALUE |
|
||
|
Nebraska - 1.5% |
|
|
|
|
|
|
|||
|
|
|
|
|
NebHELP Inc. Revenue, NE, MBIA-Insured: |
|
|
|
||
|
$ |
1,000,000 |
|
Aaa* |
|
Jr. Sub-Series A-6, 6.450% due 6/1/18 (d) |
|
$ |
1,073,460 |
|
|
1,700,000 |
|
Aaa* |
|
Sr. Sub-Series A-5A, 6.200% due 6/1/13 (d) |
|
1,767,201 |
|
||
|
|
|
|
|
|
|
2,840,661 |
|
||
|
Nevada - 0.7% |
|
|
|
|
|
|
|
||
|
1,220,000 |
|
A- |
|
Henderson, NV Health Care Facility Revenue, Catholic Healthcare West, Series A, 6.200% due 7/1/09 |
|
1,334,058 |
|
||
|
New Hampshire - 0.6% |
|
|
|
|
|
||||
|
915,000 |
|
A- |
|
New Hampshire Health & Educational Facilities Authority Revenue, Covenant Healthcare System, 6.500% due 7/1/17 |
|
1,021,973 |
|
||
|
New Jersey - 0.1% |
|
|
|
|
|
||||
|
190,000 |
|
AAA |
|
Ringwood Borough, NJ Sewer Authority Special Obligation, 9.875% due 7/1/13 (c) |
|
236,951 |
|
||
|
New Mexico - 0.2% |
|
|
|
|
|
||||
|
335,000 |
|
A† |
|
New Mexico Educational Assistance Foundation, Student Loan Revenue, First Sub-Series A-2, 5.950% due 11/1/07 (d) |
|
343,827 |
|
||
|
New York - 3.4% |
|
|
|
|
|
|
|||
|
1,015,000 |
|
NR |
|
New York City, NY IDA, Civic Facilities Revenue Refunding, (New York Community Hospital Brooklyn), 6.875% due 11/1/10 |
|
1,031,382 |
|
||
|
1,760,000 |
|
AAA |
|
New York State Dormitory Authority Revenue, Mental Health Services Improvement Facilities, Series D, 5.000% due 2/15/18 |
|
1,875,562 |
|
||
|
1,270,000 |
|
NR |
|
Suffolk County, NY IDA, Civic Facility Revenue, (Eastern Long Island Hospital Association Project A), 7.750% due 1/1/22 |
|
1,309,167 |
|
||
|
2,000,000 |
|
AA- |
|
Tobacco
Settlement Financing Corp., NY, Series C-1, 5.500% due |
|
2,157,360 |
|
||
|
|
|
|
|
|
|
6,373,471 |
|
||
|
North Carolina -1.6% |
|
|
|
|
|
||||
|
245,000 |
|
AAA |
|
Charlotte, NC Mortgage Revenue Refunding, Double Oaks Apartments, Series A, FHA-Insured, 7.300% due 11/15/07 |
|
257,150 |
|
||
|
1,000,000 |
|
BBB |
|
North Carolina Eastern Municipal Power Agency, Power Systems Revenue, Series D, 6.450% due 1/1/14 |
|
1,099,380 |
|
||
|
1,405,000 |
|
AAA |
|
North Carolina Municipal Power Agency No. 1, Catawba Electricity Revenue, 10.500% due 1/1/10 (c) |
|
1,684,946 |
|
||
|
|
|
|
|
|
|
3,041,476 |
|
||
|
Ohio - 7.9% |
|
|
|
|
|
|
|
||
|
1,370,000 |
|
AAA |
|
Cleveland, OH Waterworks Revenue, Series K, FGIC-Insured, (Call 1/1/12 @ 100), 5.250% due 1/1/21 (f) |
|
1,500,684 |
|
||
|
1,520,000 |
|
BBB |
|
Cuyahoga County, OH Hospital Facility Revenue, (Canton Inc. Project), 6.750% due 1/1/10 |
|
1,649,519 |
|
||
|
1,855,000 |
|
Aaa* |
|
Highland OH Local School District, FSA-Insured, 5.750% due 12/1/19 (b) |
|
2,091,420 |
|
||
|
1,000,000 |
|
Aaa* |
|
Kettering, OH City School District, Refunding School Improvement, FSA-Insured, 5.000% due 12/1/19 |
|
1,064,550 |
|
||
See Notes to Schedule of Investments.
6
INTERMEDIATE MUNI FUND, INC.
|
Schedule of Investments (unaudited) (continued) |
March 31, 2005 |
|
FACE |
|
RATING (a) |
|
SECURITY |
|
VALUE |
|
||
|
Ohio - 7.9% (continued) |
|
|
|
|
|
||||
|
|
|
|
|
Lake County, OH Hospital Improvement Revenue: |
|
|
|
||
|
$ |
255,000 |
|
AAA |
|
Lake County Memorial Hospital Project, 8.625% due 11/1/09 (c) |
|
$ |
288,744 |
|
|
135,000 |
|
NR |
|
Ridgecliff Hospital Project, 8.000% due 10/1/09 (c) |
|
150,389 |
|
||
|
180,000 |
|
AAA |
|
Lima, OH Hospital Revenue, St. Rita Hospital of Lima, 7.500% due 11/1/06 (c) |
|
188,428 |
|
||
|
1,500,000 |
|
BB+ |
|
Ohio State Air Quality Development Authority Revenue, Pollution Control, (Cleveland Electric Illuminating Co. Project), 6.000% due 12/1/13 |
|
1,585,170 |
|
||
|
3,010,000 |
|
AA+ |
|
Ohio State GO, (Conservation Projects), Series A, 5.250% due 9/1/13 (b) |
|
3,258,685 |
|
||
|
|
|
|
|
Ohio State Water Development Authority Revenue: |
|
|
|
||
|
2,315,000 |
|
AAA |
|
9.375% due 12/1/10 (c)(i) |
|
2,658,014 |
|
||
|
290,000 |
|
AAA |
|
Safe Water, Series III, 9.000% due 12/1/10 (c) |
|
332,268 |
|
||
|
|
|
|
|
|
|
14,767,871 |
|
||
|
Oklahoma - 0.7% |
|
|
|
|
|
|
|||
|
55,000 |
|
AAA |
|
Oklahoma State Industrial Authority Revenue, Oklahoma Health Care Corp., Series A, FGIC-Insured, (Call 5/1/07 @ 100), 9.125% due 11/1/08 (f) |
|
60,419 |
|
||
|
350,000 |
|
BBB† |
|
Tulsa, OK Housing Assistance Corp., Multi-Family Revenue, 7.250% due 10/1/07 (d) |
|
351,260 |
|
||
|
|
|
|
|
Tulsa, OK Municipal Airport Revenue Refunding, American Airlines, Series B: |
|
|
|
||
|
500,000 |
|
B- |
|
6.000% due 6/1/35, mandatory tender 12/1/08 (d) |
|
477,570 |
|
||
|
500,000 |
|
B- |
|
5.650% due 12/1/35, mandatory tender 12/1/08 (d) |
|
472,055 |
|
||
|
|
|
|
|
|
|
1,361,304 |
|
||
|
Oregon - 1.5% |
|
|
|
|
|
|
|||
|
1,200,000 |
|
BBB† |
|
Klamath Falls, OR Intercommunity Hospital Authority Revenue, (Merle West Medical Center Project), 8.000% due 9/1/08 (c) |
|
1,296,432 |
|
||
|
1,355,000 |
|
NR |
|
Wasco County, OR Solid Waste Disposal Revenue, (Waste Connections Inc. Project), 7.000% due 3/1/12 (d) |
|
1,439,227 |
|
||
|
|
|
|
|
|
|
2,735,659 |
|
||
|
Pennsylvania - 6.7% |
|
|
|
|
|
||||
|
970,000 |
|
AAA |
|
Conneaut, PA School District, AMBAC-Insured, 9.500% due 5/1/12 (c) |
|
1,149,974 |
|
||
|
1,855,000 |
|
AAA |
|
Delaware River, Port Authority of Pennsylvania & New Jersey, RITES, FSA-Insured, 8.076% due 1/1/10 (b)(e) |
|
2,249,855 |
|
||
|
1,000,000 |
|
Aaa* |
|
Harrisburg, PA Parking Authority, Parking Revenue, FSA-Insured, 5.500% due 5/15/20 |
|
1,093,290 |
|
||
|
1,365,000 |
|
AA |
|
Northampton County, PA IDA Revenue, (Moravian Hall Square Project), 5.500% due 7/1/19 |
|
1,464,577 |
|
||
|
1,000,000 |
|
AAA |
|
Pennsylvania State IDR, Economic Development Revenue, AMBAC-Insured, 5.500% due 7/1/21 |
|
1,098,930 |
|
||
|
|
|
|
|
Philadelphia, PA Hospitals Authority Revenue, |
|
|
|
||
|
125,000 |
|
AAA |
|
Thomas Jefferson University Hospital, 7.000% due 7/1/08 (c) |
|
133,244 |
|
||
|
535,000 |
|
Aaa* |
|
United
Hospital Inc. Project, (Call 7/1/05 @ 100), 10.875% due |
|
545,748 |
|
||
See Notes to Schedule of Investments.
7
INTERMEDIATE MUNI FUND, INC.
|
Schedule of Investments (unaudited) (continued) |
March 31, 2005 |
|
FACE |
|
RATING (a) |
|
SECURITY |
|
VALUE |
|
||
|
Pennsylvania - 6.7% (continued) |
|
|
|
|
|
||||
|
$ |
1,000,000 |
|
AAA |
|
Philadelphia, PA School District, Series A, FSA-Insured, (Call 2/1/12 @ 100), 5.500% due 2/1/23 (f) |
|
$ |
1,111,420 |
|
|
2,000,000 |
|
AAA |
|
Philadelphia, PA Water & Wastewater Revenue, Series B, FGIC-Insured, 5.250% due 11/1/14 (b) |
|
2,191,980 |
|
||
|
1,350,000 |
|
AAA |
|
Pittsburgh, PA School District, FSA-Insured, 5.375% due 9/1/16 |
|
1,517,306 |
|
||
|
|
|
|
|
|
|
12,556,324 |
|
||
|
Puerto Rico - 0.8% |
|
|
|
|
|
||||
|
1,500,000 |
|
BBB+ |
|
Puerto Rico Housing Bank & Finance Agency, 7.500% due 12/1/06 |
|
1,580,025 |
|
||
|
Rhode Island - 0.6% |
|
|
|
|
|
||||
|
1,000,000 |
|
AA |
|
Central Falls, RI GO, 5.875% due 5/15/15 |
|
1,106,280 |
|
||
|
South Carolina - 3.3% |
|
|
|
|
|
||||
|
135,000 |
|
AAA |
|
Anderson County, SC Hospital Facilities Revenue, 7.125% due 8/1/07 (c) |
|
142,228 |
|
||
|
1,445,000 |
|
AA- |
|
Charleston, SC Waterworks & Sewer Revenue, 5.250% due 1/1/16 |
|
1,559,805 |
|
||
|
|
|
|
|
Greenville County, SC School District, Installment Purchase Revenue, (Building Equity Sooner for Tomorrow Project): |
|
|
|
||
|
2,000,000 |
|
AA- |
|
6.000% due 12/1/21 (b) |
|
2,229,940 |
|
||
|
2,000,000 |
|
AA- |
|
(Call 12/1/12 @ 101), 5.875% due 12/1/19 (b)(f) |
|
2,208,300 |
|
||
|
|
|
|
|
|
|
6,140,273 |
|
||
|
South Dakota - 1.9% |
|
|
|
|
|
||||
|
2,400,000 |
|
Aa2* |
|
Minnehaha County, SD GO, Limited Tax Certificates, (Call 12/1/10 @ 100), 5.625% due 12/1/20 (b)(f) |
|
2,627,280 |
|
||
|
795,000 |
|
A |
|
South Dakota Economic Development Finance Authority, Economic Development Revenue APA Optics, Series A, 6.750% due 4/1/16 (d) |
|
832,309 |
|
||
|
|
|
|
|
|
|
3,459,589 |
|
||
|
Tennessee - 0.7% |
|
|
|
|
|
|
|||
|
600,000 |
|
AAA |
|
Jackson, TN Water and Sewer Revenue, 7.200% due 7/1/12 (c) |
|
676,794 |
|
||
|
445,000 |
|
A2* |
|
McMinnville, TN Housing Authority Revenue Refunding, First Mortgage, Beersheba Heights, 6.000% due 10/1/09 |
|
467,014 |
|
||
|
145,000 |
|
AAA |
|
Metropolitan Nashville, TN Airport Authority Tennessee Airport Revenue, MBIA-Insured, 7.500% due 7/1/05 (c) |
|
146,794 |
|
||
|
|
|
|
|
|
|
1,290,602 |
|
||
|
Texas - 9.4% |
|
|
|
|
|
|
|
||
|
1,000,000 |
|
Baa1* |
|
Bexar County, TX Housing Finance Corp., Multi-Family Housing Revenue Refunding, Nob Hill Apartments, Series A, 6.000% due 6/1/21 |
|
999,900 |
|
||
|
2,000,000 |
|
Aa3* |
|
Brazos River, TX Harbor Navigation District, Brazoria County, PCR, (BASF Corp. Project), 6.750% due 2/1/10 (b) |
|
2,282,180 |
|
||
|
2,000,000 |
|
AAA |
|
Dallas, TX Area Rapid Transit Sales Tax Revenue, Sr. Lien, AMBAC-Insured, 5.375% due 12/1/16 (b) |
|
2,171,360 |
|
||
See Notes to Schedule of Investments.
8
INTERMEDIATE MUNI FUND, INC.
|
Schedule of Investments (unaudited) (continued) |
March 31, 2005 |
|
FACE |
|
RATING (a) |
|
SECURITY |
|
VALUE |
|
||
|
Texas - 9.4% (continued) |
|
|
|
|
|
||||
|
|
|
|
|
Dallas/Fort Worth, TX International Airport Facility, Improvement Corp. Revenue Refunding: |
|
|
|
||
|
$ |
1,500,000 |
|
CCC |
|
American Airlines Inc., Series C, 6.150% due 5/1/29, mandatory tender 11/1/07 (d) |
|
$ |
1,374,030 |
|
|
1,000,000 |
|
AAA |
|
Series B, FSA-Insured, 5.500% due 11/1/20 (d) |
|
1,070,620 |
|
||
|
1,000,000 |
|
AAA |
|
El Paso, TX Water and Sewer Revenue Refunding and Improvement, Series A, FSA-Insured, 6.000% due 3/1/15 |
|
1,138,990 |
|
||
|
|
|
|
|
El Paso County, TX Housing Finance Corp., Multi-Family Housing Revenue: |
|
|
|
||
|
360,000 |
|
A3* |
|
American Village Communities, Series A, 6.250% due 12/1/24 |
|
368,971 |
|
||
|
280,000 |
|
Baa3* |
|
La Plaza Apartments, Sub-Series C, 8.000% due 7/1/30 |
|
284,774 |
|
||
|
2,000,000 |
|
AA |
|
Fort Worth, TX Water and Sewer Revenue, (Call 2/15/12 @ 100), 5.625% due 2/15/17 (b)(f) |
|
2,245,480 |
|
||
|
585,000 |
|
AAA |
|
Grand Prairie, TX Housing Finance Corp., Multi-Family Housing Revenue, (Landings of Carrier Project A), GNMA-Collateralized, 6.650% due 9/20/22 |
|
655,955 |
|
||
|
1,000,000 |
|
AAA |
|
Harris County, TX Hospital District Revenue Refunding, MBIA-Insured: 6.000% due 2/15/15 |
|
1,115,500 |
|
||
|
1,900,000 |
|
NR |
|
IAH Public Facilities Corp. Project Revenue 7.000% due 5/1/15 |
|
1,861,012 |
|
||
|
1,000,000 |
|
AAA |
|
Southwest Higher Education Authority Inc., TX, (Southern Methodist University Project), AMBAC-Insured, 5.500% due 10/1/19 |
|
1,103,720 |
|
||
|
315,000 |
|
Aaa* |
|
Tarrant County, TX Hospital Authority Revenue, Adventist Health System-Sunbelt, 10.250% due 10/1/10 (c) |
|
378,709 |
|
||
|
275,000 |
|
AAA |
|
Texas State Department of Housing and Community Affairs, Home Mortgage Revenue, RIBS, Series C-2, GMNA/FNMA/FHLMC-Collateralized, 10.829% due 7/2/24 (d)(j) |
|
276,367 |
|
||
|
130,000 |
|
NR |
|
Tom Green County, TX Hospital Authority, 7.875% due 2/1/06 (c) |
|
135,535 |
|
||
|
|
|
|
|
|
|
17,463,103 |
|
||
|
Utah - 1.8% |
|
|
|
|
|
|
|
||
|
1,580,000 |
|
Aaa* |
|
Salt Lake & Sandy Metropolitan Water District Revenue, Series A, AMBAC-Insured, 5.000% due 7/1/24 |
|
1,654,702 |
|
||
|
|
|
|
|
Spanish Fork City, UT Water Revenue, FSA-Insured: |
|
|
|
||
|
350,000 |
|
Aaa* |
|
(Call 6/1/12 @ 100), 5.500% due 6/1/16 (f) |
|
391,839 |
|
||
|
1,135,000 |
|
Aaa* |
|
Unrefunded, 5.500% due 6/1/16 |
|
1,247,376 |
|
||
|
|
|
|
|
|
|
3,293,917 |
|
||
|
Virginia - 0.5% |
|
|
|
|
|
|
|
||
|
1,000,000 |
|
B2* |
|
Rockbridge County, VA IDA Revenue, Virginia Horse Center, Series C, 6.850% due 7/15/21 |
934,080 |
|
|||
See Notes to Schedule of Investments.
9
INTERMEDIATE MUNI FUND, INC.
|
Schedule of Investments (unaudited) (continued) |
March 31, 2005 |
|
FACE |
|
RATING (a) |
|
SECURITY |
|
VALUE |
|
||
|
Washington - 1.9% |
|
|
|
|
|
||||
|
$ |
1,250,000 |
|
Aaa* |
|
Cowlitz County Washington School District, No. 122 Longview, 5.500% due 12/1/19 |
|
$ |
1,354,750 |
|
|
2,000,000 |
|
AAA |
|
Energy Northwest Washington Electric Revenue, (Project No. 3), Series A, FSA-Insured, 5.500% due 7/1/18 (b) |
|
2,170,460 |
|
||
|
|
|
|
|
|
|
3,525,210 |
|
||
|
West Virginia - 0.1% |
|
|
|
|
|
||||
|
115,000 |
|
AAA |
|
Cabell, Putnam & Wayne Counties, WV Single-Family Residence Mortgage Revenue, FGIC-Insured, 7.375% due 4/1/10 (c) |
|
125,679 |
|
||
|
Wisconsin - 1.1% |
|
|
|
|
|
||||
|
2,000,000 |
|
BBB |
|
LaCrosse, WI Resource Recovery Revenue Refunding, (Northern States Power Co. Project), 6.000% due 11/1/21 (b)(d) |
|
2,105,500 |
|
||
|
|
|
|
|
TOTAL INVESTMENTS — 100.0% (Cost —$179,682,310**) |
|
$ |
186,311,924 |
|
|
(a) All ratings are by Standard & Poor’s Rating Service, except for those identified by an asterisk (*), which are rated by Moody’s Investors Service, and those which are identified by a dagger (†), are rated by Fitch Ratings.
(b) All or a portion of this security is segregated for open futures contracts and/or extended settlements.
(c) Bonds are escrowed to maturity with government securities and are considered by the Manager to be triple-A rated even if the issuer has not applied for the new ratings.
(d) Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax.
(e) Residual interest tax-exempt securities - coupon varies inversely with the level of short-term tax exempt interest rates.
(f) Pre-Refunded bonds are escrowed with government securities and are considered by the Manager to be triple-A rated even if the issuer has not applied for new ratings.
(g) Variable rate demand obligations payable at par on demand at any time on no more than seven days notice. The coupon listed represents the current rate at the period end. The due dates on these securities reflect the next interest rate reset date or, when applicable, the maturity date.
(h) Security is in default.
(i) All or a portion of this security is held as collateral for open future contracts commitments.
(j) Inverse floating rate security - coupon varies inversely with level of short-term tax-exempt interest rates.
(**) Aggregate cost for federal income tax purposes is substantially the same.
See pages 11 through 13 for definition of ratings and certain abbreviations.
Summary of Investments by Sector ‡
|
Education |
|
18.8 |
% |
|
Hospitals |
|
14.9 |
|
|
Escrowed to Maturity |
|
12.5 |
|
|
General Obligation |
|
8.5 |
|
|
Transportation |
|
8.0 |
|
|
Water & Sewer |
|
6.4 |
|
|
Utilities |
|
4.1 |
|
|
Pollution Control |
|
3.8 |
|
|
Pre-Refunded |
|
3.8 |
|
|
Lifecare Systems |
|
3.3 |
|
|
Tax Allocation |
|
3.3 |
|
|
Other |
|
12.6 |
|
|
|
|
100.0 |
% |
‡ As a percentage of total investments. Please note that the Fund’s holdings are as of March 31, 2005 and are subject to change.
See Notes to Schedule of Investments.
10
Bond Ratings (unaudited)
The definitions of the applicable rating symbols are set forth below:
Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or a minus (–) sign to show relative standings within the major rating categories.
AAA — Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.
AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differs from the highest rated issue only in a small degree.
A — Bonds rated “A” have a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories.
BB, B — Bonds rated “BB”, “B”, “CCC” and “CC” are regarded, on balance, as predominantly CCC and CC speculative and with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2, and 3 may be applied to each generic rating from “Aa” to “Caa”, where 1 is the highest and 3 the lowest rating within its generic category.
Aaa — Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.
Aa — Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.
A — Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.
Baa — Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.
11
Bond Ratings (unaudited) (continued)
Ba —Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate, and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.
B — Bonds rated “B” generally lack characteristics of the desirable investments. Assurance of interest and principal payments or maintenance of other terms of the contract over any long period of time may be small.
Caa — Bonds rated “Caa” are of poor standing. These issues may be in default, or there may be present elements of danger with respect to principal or interest.
Ca — Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.
C — Bonds rated “C” are the lowest rated class of bonds, and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.
Fitch Ratings (“Fitch”) — Ratings from “AA” to “BBB” may be modified by the addition of a plus (+) sign or minus (–) sign to show relative standings within the major ratings categories.
AA — Bonds rated “AA” are considered to be investment-grade and of very high credit quality. The obligor’s ability to pay interest and/or dividends and repay principal is very strong.
A — Bonds and preferred stock considered to be investment-grade and of high credit quality. The obligor’s ability to pay interest and/or dividends and repay principal is considered to be strong, but may be more vulnerable to adverse changes in economic conditions and circumstances than debt or preferred securities with higher ratings.
BBB — Bonds rated “BBB” are considered to be investment-grade and of satisfactory credit quality. The obligor’s ability to pay interest or dividends and repay principal is considered to be adequate. Adverse changes in economic conditions and circumstances, however, are more likely to have adverse impact on these securities and, therefore, impair timely payment. The likelihood that the ratings of these bonds will fall below investment grade is higher than for securities with higher ratings.
NR — Indicates that the bond is not rated by Standard & Poor’s, Moody’s or Fitch.
Short-Term Security Ratings (unaudited)
SP-1 — Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
A-1 — Standard & Poor’s highest commercial paper and variable-rate demand obligation (“VRDO”) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
VMIG 1— Moody’s highest rating for issues having a demand feature — VRDO.
12
Abbreviations* (unaudited)
* Abbreviations may or may not appear in the Schedule of Investments.
ACA — American Capital Assurance
AMBAC — Ambac Assurance Corporation
CGIC — Capital Guaranty Insurance Company
CONNIE LEE — College Construction Loan Insurance Association
COP — Certificate of Participation
FGIC — Financial Guaranty Insurance Company
FHA — Federal Housing Administration
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FLAIRS — Floating Adjustable Interest Rate Securities
FNMA — Federal National Mortgage Association
FSA — Financial Security Assurance
GIC — Guaranteed Investment Contract
GNMA — Government National Mortgage Association
GO — General Obligation
HFA — Housing Finance Authority
IDA — Industrial Development Agency
IDR — Industrial Development Revenue
INDLC — Industrial Indemnity Company
ISD — Independent School District
LOC — Letter of Credit
MBIA — Municipal Bond Investors Assurance Corporation
PCFA — Pollution Control Financing Authority
PCR — Pollution Control Revenue
PSFG — Permanent School Fund Guaranty
RIBS — Residual Interest Bonds
RITES – Residual Interest Tax-Exempt Securities
VRDD — Variable Rate Daily Demand
XLCA – XL Capital Assurance
13
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
The Intermediate Muni Fund, Inc. (“Fund”), a Maryland corporation, is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(a) Investment Valuation. Securities are valued at the mean between the bid and asked prices provided by an independent pricing service that are based on transactions in municipal obligations, quotations from municipal bond dealers, market transactions in comparable securities and various relationships between securities. Securities for which market quotations are not readily available or where market quotations are determined not to reflect fair value, will be valued in good faith by or under the direction of the Fund’s Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates value.
(b) Financial Futures Contracts. The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. Upon entering into a futures contract, the Fund is required to deposit cash or pledge securities as initial margin. Additional securities are also segregated up to the current market value of the futures contracts. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying financial instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts. The Fund enters into such contracts typically to hedge a portion of the portfolio. The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying financial instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction.
(c) Security Transactions. Security transactions are accounted for on a trade date basis.
14
Notes to Schedule of Investments (unaudited) (continued)
2. Investments
At March 31, 2005, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
Gross unrealized appreciation |
|
$ |
8,017,436 |
|
|
Gross unrealized depreciation |
|
(1,387,822 |
) |
|
|
Net unrealized appreciation |
|
$ |
6,629,614 |
|
At March 31, 2005, the Fund had the following open futures contracts:
|
|
|
Number |
|
Expiration |
|
Basis |
|
Market |
|
Unrealized |
|
|||
|
Contracts to Sell: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
20 Year, 6.000% U.S. Treasury Bond |
|
500 |
|
6/05 |
|
$ |
55,907,345 |
|
$ |
55,687,500 |
|
$ |
219,845 |
|
15
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
17
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.
|
Intermediate Muni Fund, Inc. |
|||
|
|
|||
|
|
|||
|
By |
/s/ R. Jay Gerken |
|
|
|
R. Jay Gerken |
|||
|
Chief Executive Officer |
|||
|
|
|||
|
|
|||
|
Date |
May 27, 2005 |
|
|
18
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By |
/s/ R. Jay Gerken |
|
|
|
R. Jay Gerken |
|||
|
Chief Executive Officer |
|||
|
|
|||
|
|
|||
|
Date |
May 27, 2005 |
|
|
|
By |
/s/ Robert J. Brault |
|
||
|
Robert J. Brault |
||||
|
Chief Financial Officer |
||||
|
|
||||
|
|
||||
|
Date |
May 27, 2005 |
|
||
19