Edgar Filing: BLACKROCK MUNI INTERMEDIATE DURATION FUND INC

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 811-21348

Name of Fund: BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Muni Intermediate Duration Fund, Inc., 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2011

Date of reporting period: 10/31/2010

Item 1 – Report to Stockholders


	October 31, 2010

Semi-Annual Report (Unaudited)

BlackRock Apex Municipal Fund, Inc. (APX)

BlackRock MuniAssets Fund, Inc. (MUA)

BlackRock MuniEnhanced Fund, Inc. (MEN)

BlackRock MuniHoldings Fund, Inc. (MHD)

BlackRock MuniHoldings Fund II, Inc. (MUH)

BlackRock MuniHoldings Quality Fund, Inc. (MUS)

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

BlackRock MuniVest Fund II, Inc. (MVT)

Not FDIC Insured • No Bank Guarantee • May Lose Value




Table of Contents


		Page


Dear Shareholder		3
Semi-Annual Report:
Fund Summaries		4
The Benefits and Risks of Leveraging		12
Derivative Financial Instruments		12
Financial Statements:
Schedules of Investments		13
Statements of Assets and Liabilities		52
Statements of Operations		54
Statements of Changes in Net Assets		55
Statements of Cash Flows		58
Financial Highlights		59
Notes to Financial Statements		67
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements		74
Officers and Directors		78
Additional Information		79



2	SEMI-ANNUAL REPORT	OCTOBER 31, 2010

Dear Shareholder

The global economic recovery that began in 2009 has continued on its choppy course this year, delivering mixed but slowly improving economic data and gradual if uneven improvement of investor sentiment. The risks of a double-dip recession continue to recede, but the economy remains mired in a slow-growth environment. In the United States, the National Bureau of Economic Research declared that the “Great Recession” ended in June 2009. Spanning December 2007 to June 2009, this marked the longest reported recession since the Great Depression. Structural problems of ongoing deleveraging and weak spending among businesses and households weigh heavily on the pace of economic growth. The unemployment rate remains stubbornly high in the face of sluggish job gains in the private sector. The US dollar, along with other developed market currencies, has experienced devaluation resulting from aggressively easy monetary and fiscal policies. Given these long-standing conditions, the Federal Reserve Board has announced that additional policy action will be taken to combat deflation and unemployment and promote economic growth.

The high levels of volatility experienced in global equity markets throughout 2009 continued into 2010 as mixed economic data and lingering credit issues caused stocks to trade in both directions, but by the end of the first quarter, most markets had managed to post gains. The second quarter, in contrast, brought higher levels of volatility and a “flight to quality” as investor sentiment was dominated by fears of a double-dip recession. Global equity markets saw negative quarterly returns — and for many markets, the first significant downturn since the bull market began in March 2009. In the third quarter, economic data turned less negative and strong corporate earnings reports became increasingly consistent. These factors, along with attractive valuations and expectations for additional quantitative easing, drove equity markets higher, with most markets recapturing their second quarter losses. Stocks continued their rally into the beginning of the fourth quarter, closing out the 12-month period in positive territory. International equities posted gains on both a six- and 12-month basis. In the United States, both large and small cap equities posted robust gains for the 12-month period, while on a six-month basis, large cap stocks remained relatively flat and small caps turned slightly negative.

In fixed income markets, yields fluctuated but declined significantly over the past 12 months amid heightened uncertainty. Weak economic data, lingering credit problems and, near the end of the period, the expectation of additional quantitative easing drove interest rates lower and bond prices higher. Treasuries rallied over the period, modestly outperforming the credit spread sectors of the market. Corporate credit spreads benefited from the low interest rate environment and high yield fixed income became increasingly attractive due to declining default rates and better-than-expected results on European bank stress tests. Tax-exempt municipal bonds performed well over the 12-month period, driven primarily by technical factors including favorable supply-and-demand dynamics.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Against this backdrop, the major market averages posted the following returns:


Total Returns as of October 31, 2010	6-month		12-month

US large cap equities (S&P 500 Index)	0.74	%	16.52	%

US small cap equities (Russell 2000 Index)	(1.24	)	26.58

International equities (MSCI Europe, Australasia, Far East Index)	5.74		8.36

3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.08		0.12

US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	10.63		10.03

US investment grade bonds (Barclays Capital US Aggregate Bond Index)	5.33		8.01

Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)	3.95		7.78

US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	6.73		19.10

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

As global economic conditions continue to improve, investors across the world continue to face uncertainty about the future of economic growth. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

-s- Rob Kapito

Rob Kapito

President, BlackRock Advisors, LLC



	THIS PAGE NOT PART OF YOUR FUND REPORT	3




Fund Summary as of October 31, 2010	BlackRock Apex Municipal Fund, Inc.


Fund Overview


BlackRock Apex Municipal Fund, Inc.’s (APX) (the “Fund”) investment objective is to provide high current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which is exempt from federal income taxes in the opinion of bond counsel to the issuer. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests at least 75% of its assets in municipal bonds that are rated in the medium to lower categories by nationally recognized rating services (Baa or lower by Moody’s Investors Service, Inc. or BBB or lower by Standard & Poor’s Corporation) or non-rated securities which are of comparable quality. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance


For the six months ended October 31, 2010, the Fund returned 7.99% based on market price and 6.36% based on net asset value (“NAV”). For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of 7.20% based on market price and 6.92% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund’s low concentrations in tax-backed (state, county, city and school district) and development district (special district) issues detracted from performance as these sectors continued to strengthen during the period. The Fund’s portfolio duration remained relatively lower than its Lipper category average, which has proven detrimental in the declining interest rate environment. In addition, a majority of peers within the Lipper category employ a higher degree of leverage, which can enhance both returns and distribution yields. Contributing positively to performance was sector allocation, particularly with respect to concentrations in health, transportation, and corporate-related debt, all of which performed well during the period. Also beneficial was the Fund’s positioning in the intermediate range of the yield curve, which outperformed the longer end of the curve for the period.


	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



Fund Information

Symbol on New York Stock Exchange (“NYSE”)		APX
Initial Offering Date		July 25, 1989
Yield on Closing Market Price as of October 31, 2010 ($9.31)¹		5.67%
Tax Equivalent Yield²		8.72%
Current Monthly Distribution per Common Share³		$0.044
Current Annualized Distribution per Common Share³		$0.528
Leverage as of October 31, 2010⁴		4%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The distribution is not constant and is subject to change.

	⁴	Represents tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Fund’s market price and NAV per share:



	10/31/10	4/30/10	Change	High	Low

Market Price	$9.31	$8.87	4.96%	$9.61	$8.75
Net Asset Value	$9.50	$9.19	3.37%	$9.54	$9.16


The following charts show the sector and credit quality allocations of the Fund’s long-term investments:



Sector Allocations


	10/31/10		4/30/10

Health	29	%	29	%
Corporate	21		20
County/City/Special District/School District	16		16
Transportation	12		11
Education	7		7
Utilities	6		4
Tobacco	3		5
Housing	3		4
State	3		4



Credit Quality Allocations⁵


	10/31/10		4/30/10

AAA/Aaa	3	%	7	%
AA/Aa	6		2
A	10		11
BBB/Baa	27		26
BB/Ba	8		8
B	6		7
CCC/Caa	5		4
Not Rated⁶	35		35


⁵	Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings.

⁶	The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2010 and April 30, 2010, the market value of these securities was $14,880,896 representing 8% and $14,523,630 representing 8%, respectively, of the Fund’s long-term investments.



4	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Fund Summary as of October 31, 2010	BlackRock MuniAssets Fund, Inc.


Fund Overview


BlackRock MuniAssets Fund, Inc.’s (MUA) (the “Fund”) investment objective is to provide high current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel, is exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests at least 65% of its assets in municipal bonds that are rated in the medium to lower categories by nationally recognized rating services (for example, Baa or lower by Moody’s Investors Service, Inc. or BBB or lower by Standard & Poor’s Corporation) or non-rated securities which are of comparable quality. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance


For the six months ended October 31, 2010, the Fund returned 5.72% based on market price and 6.54% based on NAV. For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of 7.20% based on market price and 6.92% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund’s low concentrations in tax-backed (state, county, city and school district) and development district (special district) issues detracted from performance as these sectors continued to strengthen during the period. The Fund’s portfolio duration remained relatively lower than its Lipper category average, which has proven detrimental in the declining interest rate environment. In addition, a majority of peers within the Lipper category employ a higher degree of leverage, which can enhance both returns and distribution yields. Contributing positively to performance was sector allocation, particularly with respect to concentrations in health, transportation, and corporate-related debt, all of which performed well during the period. Also beneficial was the Fund’s positioning in the intermediate range of the yield curve, which outperformed the longer end of the curve for the period.


	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



Fund Information


Symbol on NYSE	MUA
Initial Offering Date	June 25, 1993
Yield on Closing Market Price as of October 31, 2010 ($12.99)¹	5.77%
Tax Equivalent Yield²	8.88%
Current Monthly Distribution per Common Share³	$0.0625
Current Annualized Distribution per Common Share³	$0.7500
Leverage as of October 31, 2010⁴	4%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The distribution is not constant and is subject to change.

	⁴	Represents TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Fund’s market price and NAV per share:



	10/31/10	4/30/10	Change	High	Low

Market Price	$12.99	$12.65	2.69%	$13.21	$12.26
Net Asset Value	$13.07	$12.63	3.48%	$13.12	$12.57


The following charts show the sector and credit quality allocations of the Fund’s long-term investments:



Sector Allocations


	10/31/10		4/30/10

Health	26	%	29	%
Corporate	25		24
County/City/Special District/School District	13		13
Transportation	12		11
Utilities	7		4
Education	6		6
Tobacco	4		5
Housing	4		4
State	3		4



Credit Quality Allocations⁵


	10/31/10		4/30/10

AAA/Aaa	3	%	6	%
AA/Aa	6		3
A	11		14
BBB/Baa	29		26
BB/Ba	8		8
B	7		7
CCC/Caa	5		4
Not Rated⁶	31		32


	⁵	Using the higher of S&P’s or Moody’s ratings.

	⁶	The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2010 and April 30, 2010, the market value of these securities was $13,096,178 representing 5% and $15,867,930, representing 6%, respectively, of the Fund’s long-term investments.



SEMI-ANNUAL REPORT	OCTOBER 31, 2010	5




Fund Summary as of October 31, 2010	BlackRock MuniEnhanced Fund, Inc.


Fund Overview


BlackRock MuniEnhanced Fund, Inc.’s (MEN) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal bonds rated investment grade quality at the time of investment and invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance


For the six months ended October 31, 2010, the Fund returned 7.41% based on market price and 6.81% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of 7.94% based on market price and 5.84% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund benefited from its modestly long duration relative to the Lipper category average as bond prices rallied in the declining interest rate environment. The tax-exempt municipal market in general benefited from the Build America Bond Program, which alleviated supply pressure in the tax-exempt space, especially on the long end of the yield curve. The Fund’s holdings of insured bonds with lower quality underlying credits contributed positively to performance as did exposure to traditionally higher yielding sectors, including transportation, health and corporate-related debt, as credit quality spreads generally tightened during the period. Conversely, the Fund’s holdings of zero-coupon bonds detracted from performance as these securities generally underperformed coupon bonds due to widening spreads in the sector. In addition, the Fund’s low exposure to education hindered performance as the sector performed well during the period.


	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



Fund Information

Symbol on NYSE	MEN
Initial Offering Date	March 2, 1989
Yield on Closing Market Price as of October 31, 2010 ($11.26)¹	6.07%
Tax Equivalent Yield²	9.34%
Current Monthly Distribution per Common Share³	$0.057
Current Annualized Distribution per Common Share³	$0.684
Leverage as of October 31, 2010⁴	38%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The distribution is not constant and is subject to change.

	⁴	Represents Auction Market Preferred Shares (“Preferred Shares”) and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Fund’s market price and NAV per share:



	10/31/10	4/30/10	Change	High	Low

Market Price	$11.26	$10.81	4.16%	$11.70	$10.38
Net Asset Value	$11.29	$10.90	3.58%	$11.47	$10.85


The following charts show the sector and credit quality allocations of the Fund’s long-term investments:



Sector Allocations


	10/31/10		4/30/10

County/City/Special District/School District	29	%	28	%
Transportation	22		24
State	18		19
Utilities	14		14
Health	6		7
Education	5		3
Corporate	3		2
Housing	3		3



Credit Quality Allocations⁵


	10/31/10		4/30/10

AAA/Aaa	12	%	46	%
AA/Aa	59		23
A	25		26
BBB/Baa	4		5
⁵Using the higher of S&P’s or Moody’s ratings.



6	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Fund Summary as of October 31, 2010	BlackRock MuniHoldings Fund, Inc.


Fund Overview


BlackRock MuniHoldings Fund, Inc.’s (MHD) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance


For the six months ended October 31, 2010, the Fund returned 9.74% based on market price and 7.36% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 7.68% based on market price and 6.42% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund’s outperformance relative to its Lipper category was driven by sector allocation, particularly with respect to concentrations in health and corporate-related debt, both of which continued to perform well during the period. The Fund’s focus on lower quality credits had a positive impact due to the ongoing contraction of credit quality spreads. In addition, the Fund’s modestly long portfolio duration (sensitivity to interest rates) relative to the Lipper category average proved beneficial in the declining interest rate environment. Conversely, a concentration of holdings in longer dated issues detracted from performance as the intermediate range of the yield curve outperformed the longer end of the curve.


	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



Fund Information


Symbol on NYSE	MHD
Initial Offering Date	May 2, 1997
Yield on Closing Market Price as of October 31, 2010 ($16.68)¹	6.40%
Tax Equivalent Yield²	9.85%
Current Monthly Distribution per Common Share³	$0.089
Current Annualized Distribution per Common Share³	$1.068
Leverage as of October 31, 2010⁴	36%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	A change in the distribution rate was declared on December 6, 2010. The Monthly Distribution per Common Share was increased to $0.0905. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant is subject to further change in the future.

	⁴	Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Fund’s market price and NAV per share:



	10/31/10	4/30/10	Change	High	Low

Market Price	$16.68	$15.70	6.24%	$17.05	$14.85
Net Asset Value	$16.37	$15.75	3.94%	$16.55	$15.61


The following charts show the sector and credit quality allocations of the Fund’s long-term investments:



Sector Allocations


	10/31/10		4/30/10

Health	23	%	23	%
Corporate	14		14
State	12		12
Transportation	12		11
Utilities	12		11
County/City/Special District/School District	10		11
Education	8		9
Housing	7		7
Tobacco	2		2



Credit Quality Allocations⁵


	10/31/10		4/30/10

AAA/Aaa	12	%	19	%
AA/Aa	39		32
A	22		23
BBB/Baa	12		11
BB/Ba	2		2
B	2		2
CCC/Caa	2		2
Not Rated⁶	9		9


	⁵	Using the higher of S&P’s or Moody’s ratings.

	⁶	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2010 and April 30, 2010, the market value of these securities was $2,891,783 representing 1% and $2,973,600 representing 1%, respectively, of the Fund’s long-term investments.



SEMI-ANNUAL REPORT	OCTOBER 31, 2010	7




Fund Summary as of October 31, 2010	BlackRock MuniHoldings Fund II, Inc.


Fund Overview


BlackRock MuniHoldings Fund II, Inc.’s (MUH) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance


For the six months ended October 31, 2010, the Fund returned 7.64% based on market price and 7.30% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 7.68% based on market price and 6.42% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund’s outperformance relative to its Lipper category was driven by sector allocation, particularly with respect to concentrations in health and corporate-related debt, both of which continued to perform well during the period. The Fund’s focus on lower quality credits had a positive impact due to the ongoing contraction of credit quality spreads. In addition, the Fund’s modestly long portfolio duration (sensitivity to interest rates) relative to the Lipper category average proved beneficial in the declining interest rate environment. Conversely, a concentration of holdings in longer dated issues detracted from performance as the intermediate range of the yield curve outperformed the longer end of the curve.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



Fund Information


Symbol on NYSE	MUH
Initial Offering Date	February 27, 1998
Yield on Closing Market Price as of October 31, 2010 ($15.30)¹	6.31%
Tax Equivalent Yield²	9.71%
Current Monthly Distribution per Common Share³	$0.0805
Current Annualized Distribution per Common Share³	$0.9660
Leverage as of October 31, 2010⁴	34%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The distribution is not constant and is subject to change.

	⁴	Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Fund’s market price and NAV per share:



	10/31/10	4/30/10	Change	High	Low

Market Price	$15.30	$14.68	4.22%	$16.48	$13.99
Net Asset Value	$15.22	$14.65	3.89%	$15.39	$14.53


The following charts show the sector and credit quality allocations of the Fund’s long-term investments:



Sector Allocations


	10/31/10		4/30/10

Health	22	%	21	%
City/County/Special District/School District	15		15
Corporate	15		15
State	12		12
Transportation	11		10
Education	9		10
Utilities	9		8
Housing	5		7
Tobacco	2		2



Credit Quality Allocations⁵


	10/31/10		4/30/10

AAA/Aaa	12		18	%
AA/Aa	42		37
A	20		20
BBB/Baa	12		12
BB/Ba	2		2
B	1		1
CCC/Caa	2		2
Not Rated⁶	9		8


	⁵	Using the higher of S&P’s or Moody’s ratings.

	⁶	The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2010 and April 30, 2010, the market value of these securities was $5,831,267 representing 2% and $4,406,945 representing 2%, respectively, of the Fund’s long-term investments.



8	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Fund Summary as of October 31, 2010	BlackRock MuniHoldings Quality Fund, Inc.


Fund Overview


Effective November 9, 2010, BlackRock MuniHoldings Insured Fund, Inc. changed its name to BlackRock MuniHoldings Quality Fund, Inc.

BlackRock MuniHoldings Quality Fund, Inc.’s (MUS) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in long-term, investment grade municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance


For the six months ended October 31, 2010, the Fund returned 8.62% based on market price and 6.32% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of 7.94% based on market price and 5.84% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund’s exposure to health, housing and transportation contributed positively to performance as credit quality spreads generally tightened, causing these sectors to outperform other municipal market sectors, particularly among bonds with longer maturities. The tax-exempt municipal market in general benefited from the Build America Bond Program, which alleviated supply pressure in the tax-exempt space, especially on the long end of the yield curve. As such, the Fund’s slightly long duration stance enhanced performance for the period. Detracting from performance was the Fund’s exposure to bonds with short call features, which did not fully benefit from the price appreciation that occurred among bonds with longer call dates and non-callable bonds.


	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



Fund Information


Symbol on NYSE	MUS
Initial Offering Date	May 1, 1998
Yield on Closing Market Price as of October 31, 2010 ($14.09)¹	6.30%
Tax Equivalent Yield²	9.69%
Current Monthly Distribution per Common Share³	$0.074
Current Annualized Distribution per Common Share³	$0.888
Leverage as of October 31, 2010⁴	40%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The distribution is not constant and is subject to change.

	⁴	Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Fund’s market price and NAV per share:



	10/31/10	4/30/10	Change	High	Low

Market Price	$14.09	$13.40	5.15%	$14.73	$13.10
Net Asset Value	$13.73	$13.34	2.92%	$13.94	$13.24


The following charts show the sector and credit quality allocations of the Fund’s long-term investments:



Sector Allocations


	10/31/10		4/30/10

City/County/Special District/School District	29	%	33	%
Utilities	22		22
Transportation	21		16
State	11		13
Health	9		9
Housing	5		5
Corporate	3		2



Credit Quality Allocations⁵


	10/31/10		4/30/10

AAA/Aaa	10	%	58	%
AA/Aa	57		16
A	21		24
BBB/Baa	1		1
Not Rated⁶	11		1


	⁵	Using the higher of S&P’s or Moody’s ratings.

	⁶	The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2010 and April 30, 2010, the market value of these securities was $2,426,336 representing 1% and $2,342,435 representing 1%, respectively, of the Fund’s long-term investments.



SEMI-ANNUAL REPORT	OCTOBER 31, 2010	9




Fund Summary as of October 31, 2010	BlackRock Muni Intermediate Duration Fund, Inc.


Fund Overview


BlackRock Muni Intermediate Duration Fund, Inc.’s (MUI) (the “Fund”) investment objective is to provide Common Shareholders with high current income exempt from federal income taxes taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds rated investment grade and invests at least 80% of its assets in municipal bonds with a duration of three to ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance


For the six months ended October 31, 2010, the Fund returned 11.45% based on market price and 7.11% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 8.07% based on market price and 6.02% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. While the Fund maintained its neutral duration (sensitivity to interest rates) relative to the Lipper category average during most of the period, we increased its exposure to interest rate-sensitive bonds, including new issues, which delivered strong performance as bond prices rallied in the declining interest rate environment. Increased exposure to high yield and economically sensitive corporate-related municipal debt also contributed positively, as did exposure to traditionally higher yielding sectors, including health and housing, all of which performed well as credit quality spreads tightened during the period. Conversely, the Fund’s short maturity and low duration holdings hindered relative performance due to their limited upward price movement in the declining interest rate environment. In addition, the Fund’s exposure to traditionally higher quality sectors, including utilities and essential services, detracted from performance as these sectors experienced weak demand while investors sought yield.


	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



Fund Information


Symbol on NYSE	MUI
Initial Offering Date	August 1, 2003
Yield on Closing Market Price as of October 31, 2010 ($15.32)¹	5.60%
Tax Equivalent Yield²	8.62%
Current Monthly Distribution per Common Share³	$0.0715
Current Annualized Distribution per Common Share³	$0.8580
Leverage as of October 31, 2010⁴	38%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The distribution is not constant and is subject to change.

	⁴	Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Fund’s market price and NAV per share:



	10/31/10	4/30/10	Change	High	Low

Market Price	$15.32	$14.13	8.42%	$16.17	$13.41
Net Asset Value	$15.37	$14.75	4.20%	$15.59	$14.70


The following charts show the sector and credit quality allocations of the Fund’s long-term investments:



Sector Allocations


	10/31/10		4/30/10

State	24	%	23	%
City/County/Special District/School District	21		21
Health	15		12
Corporate	11		12
Transportation	8		8
Education	7		6
Utilities	6		8
Tobacco	4		6
Housing	4		4



Credit Quality Allocations⁵


	10/31/10		4/30/10

AAA/Aaa	14	%	28	%
AA/Aa	41		25
A	23		23
BBB/Baa	10		11
BB/Ba	1		1
B	1		2
CCC/Caa	2		3
Not Rated⁶	8		7


	⁵	Using the higher of S&P’s or Moody’s ratings.

	⁶	The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2010 and April 30, 2010, the market value of these securities was $21,435,534 representing 2% and $11,900,188 representing 1%, respectively, of the Fund’s long-term investments.



10	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Fund Summary as of October 31, 2010	BlackRock MuniVest Fund II, Inc.


Fund Overview


BlackRock MuniVest Fund II, Inc.’s (MVT) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance


For the six months ended October 31, 2010, the Fund returned 6.64% based on market price and 7.40% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 7.68% based on market price and 6.42% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund’s outperformance relative to its Lipper category was driven by sector allocation, particularly with respect to concentrations in health, transportation, and corporate-related debt, all of which continued to perform well during the period. The Fund’s focus on lower quality credits had a positive impact due to the ongoing contraction of credit quality spreads. In addition, the Fund’s modestly long portfolio duration (sensitivity to interest rates) relative to the Lipper category average proved beneficial in the declining interest rate environment. Conversely, a concentration of holdings in longer dated issues detracted from performance as the intermediate range of the yield curve outperformed the longer end of the curve.


	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



Fund Information


Symbol on NYSE	MVT
Initial Offering Date	March 29, 1993
Yield on Closing Market Price as of October 31, 2010 ($15.38)¹	6.91%
Tax Equivalent Yield²	10.63%
Current Monthly Distribution per Common Share³	$0.0885
Current Annualized Distribution per Common Share³	$1.0620
Leverage as of October 31, 2010⁴	40%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The distribution is not constant and is subject to change.

	⁴	Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Fund’s market price and NAV per share:



	10/31/10	4/30/10	Change	High	Low

Market Price	$15.38	$14.94	2.95%	$15.84	$14.02
Net Asset Value	$14.94	$14.41	3.68%	$15.12	$14.29


The following charts show the sector and credit quality allocations of the Fund’s long-term investments:



Sector Allocations


	10/31/10		4/30/10

Health	25	%	22	%
State	15		14
Corporate	15		18
Transportation	12		12
County/City/Special District/School District	11		10
Utilities	11		10
Education	6		6
Housing	4		5
Tobacco	1		3



Credit Quality Allocations⁵


	10/31/10		4/30/10

AAA/Aaa	11	%	18	%
AA/Aa	46		39
A	18		18
BBB/Baa	11		11
BB/Ba	1		—
B	3		3
CCC/Caa	—		1
Not Rated⁶	10		10


	⁵	Using the higher of S&P’s or Moody’s ratings.

	⁶	The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2010 and April 30, 2010, the market value of these securities was $6,274,996 representing 1% and $5,505,082 representing 1%, respectively, of the Fund’s long-term investments.



SEMI-ANNUAL REPORT	OCTOBER 31, 2010	11

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.

To leverage, all of the Funds, except APX and MUA, issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Fund on its longer-term portfolio investments. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s Common Shareholders will benefit from the incremental net income.

To illustrate these concepts, assume a Fund’s Common Shares capitalization is $100 million and it issues Preferred Shares 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 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Fund with assets received from the Preferred Shares issuance earn the income based on long-term interest rates. In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Fund’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup on the Common Shares will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Fund pays dividends on the higher short-term interest rates whereas the Fund’s total portfolio earns income based on lower long-term interest rates.

Furthermore, the value of a Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Funds’ Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAV positively or negatively in addition to the impact on Fund performance from leverage from Preferred Shares discussed above.

The Funds may also leverage their assets through the use of tender option bond (“TOB”) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Funds with economic benefits in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Funds, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Fund’s NAV per share.

The use of leverage may enhance opportunities for increased income to the Funds and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Funds’ NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Funds’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Fund’s net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Fund to incur losses. The use of leverage may limit each Fund’s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate Preferred Shares issued by the Funds. Each Fund will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.

Under the Investment Company Act of 1940, the Funds are permitted to issue Preferred Shares in an amount up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Fund anticipates that the total economic leverage from Preferred Shares and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of October 31, 2010, the Funds had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:



	Percent of Leverage

APX	4	%
MUA	4	%
MEN	38	%
MHD	36	%
MUH	34	%
MUS	40	%
MUI	38	%
MVT	40	%

Derivative Financial Instruments

The Funds may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset or illiquidity of the derivative instrument. The Funds’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Funds to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Fund can realize on an investment, may result in lower dividends paid to shareholders or may cause the Funds to hold an investment that they might otherwise sell. The Funds’ investments in these instruments are discussed in detail in the Notes to Financial Statements.



12	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Schedule of Investments October 31, 2010 (Unaudited)	BlackRock Apex Municipal Fund, Inc. (APX)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Alabama — 0.2%
County of Jefferson Alabama, RB, Series A, 5.25%, 1/01/17	$	365	$	345,615

Alaska — 1.0%
Alaska Industrial Development & Export Authority, RB, Williams Lynxs, Alaska Cargoport, AMT, 8.00%, 5/01/23		2,000		1,969,820

Arizona — 3.9%
Maricopa County IDA Arizona, RB, Series A:
Arizona Charter Schools Project, 6.63%, 7/01/20		900		703,512
Sun King Apartments Project, 6.00%, 11/01/10		5		5,000
Phoenix IDA Arizona, Refunding RB, America West Airlines Inc. Project, AMT, 6.30%, 4/01/23		2,950		2,591,103
Pima County IDA, RB:
Arizona Charter Schools Project, Series E, 7.25%, 7/01/31		935		951,073
Tucson Electric Power Co., Series A, 5.25%, 10/01/40		1,635		1,627,593
Pima County IDA, Refunding IDRB, Tucson Electric Power, 5.75%, 9/01/29		460		475,355
University Medical Center Corp. Arizona, RB, 6.25%, 7/01/29		540		586,985
Yavapai County IDA Arizona, RB, Yavapai Regional Medical Center, Series A, 6.00%, 8/01/33		500		506,260

				7,446,881

California — 3.4%
California Statewide Communities Development Authority, Refunding RB:
American Baptist Homes of the West, 6.25%, 10/01/39		885		898,231
Senior Living, Southern California, 7.00%, 11/15/29		400		437,224
Senior Living, Southern California, 7.25%, 11/15/41		1,440		1,584,230
City of Fontana California, Special Tax Bonds, Refunding, Community Facilities District No. 22-Sierra, Series H, 6.00%, 9/01/34		1,000		1,000,240
State of California, GO, Various Purpose, 6.00%, 3/01/33		2,120		2,435,117

				6,355,042


Municipal Bonds	Par (000)		Value

Colorado — 3.0%
E-470 Public Highway Authority, Refunding RB, CAB, 7.08%, 9/01/35 (a)	$	1,505	$	274,452
Elk Valley Public Improvement Corp., RB, Public Improvement Fee, Series A, 7.30%, 9/01/22		2,800		2,803,976
Plaza Metropolitan District No. 1 Colorado, Tax Allocation Bonds, Tax Increment:
Public Improvement Fee, 8.00%, 12/01/25		2,000		2,089,540
Subordinate Public Improvement Fee, 8.13%, 12/01/25		500		464,940

				5,632,908

Connecticut — 2.3%
Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Harbor Point Project, Series A, 7.88%, 4/01/39		1,610		1,730,347
Mohegan Tribe of Indians of Connecticut, RB, Public Improvement, Priority Distribution:
6.25%, 1/01/31		1,785		1,478,391
5.25%, 1/01/33 (b)		1,500		1,082,055

				4,290,793

Delaware — 0.9%
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45		1,720		1,713,189

District of Columbia — 2.2%
District of Columbia, RB, Methodist Home District of Columbia, Series A:
7.38%, 1/01/30		680		695,144
7.50%, 1/01/39		1,110		1,135,663
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33		730		721,466
Metropolitan Washington Airports Authority, RB, CAB, 2nd Senior Lien, Series B (AGC), 6.76%, 10/01/39 (a)		9,770		1,680,342

				4,232,615



Portfolio Abbreviations


To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

ACA	American Capital Access Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax (subject to)
ARB	Airport Revenue Bonds
BHAC	Berkshire Hathaway Assurance Corp.
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
EDA	Economic Development Authority
EDC	Economic Development Corp.
ERB	Education Revenue Bonds
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Administration
GARB	General Airport Revenue Bond
GO	General Obligation Bonds
HDA	Housing Development Authority
HFA	Housing Finance Agency
HRB	Housing Revenue Bonds
HUD	US Department of Housing and Urban Development
IDA	Industrial Development Authority
IDB	Industrial Development Board
IDRB	Industrial Development Revenue Bonds
ISD	Independent School District
LRB	Lease Revenue Bonds
M/F	Multi-Family
MRB	Mortgage Revenue Bonds
NPFGC	National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RB	Revenue Bonds
S/F	Single Family
TE	Tax-Exempt
TIF	Tax Increment Financing


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	OCTOBER 31, 2010	13




Schedule of Investments (continued)	BlackRock Apex Municipal Fund, Inc. (APX)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Florida — 8.7%
County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A-1, 5.38%, 10/01/41	$	360	$	371,581
Hillsborough County IDA, RB, AMT, National Gypsum Co.:
Series A, 7.13%, 4/01/30		2,500		2,437,050
Series B, 7.13%, 4/01/30		1,560		1,520,719
Jacksonville Economic Development Commission, RB, Gerdau Ameristeel US Inc., AMT, 5.30%, 5/01/37		900		791,649
Jacksonville Economic Development Commission, Refunding RB, Florida Proton Therapy Institute, Series A, 6.00%, 9/01/17		750		787,620
Lee County IDA Florida, RB, Series A, Lee Charter Foundation, 5.38%, 6/15/37		1,810		1,559,731
Midtown Miami Community Development District, Special Assessment Bonds, Series A:
6.00%, 5/01/24		1,370		1,357,506
6.25%, 5/01/37		1,350		1,327,685
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28		2,140		993,409
Sarasota County Health Facilities Authority, Refunding RB, Village on the Isle Project:
5.50%, 1/01/27		370		354,305
5.50%, 1/01/32		550		517,853
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38		1,585		1,318,577
Tampa Palms Open Space & Transportation Community Development District, RB, Capital Improvement, Richmond Place Project, 7.50%, 5/01/18		1,905		1,905,838
Tolomato Community Development District, Special Assessment Bonds, Special Assessment, 6.65%, 5/01/40		1,850		1,360,323

				16,603,846

Georgia — 4.0%
City of Atlanta Georgia, Tax Allocation Bonds, Princeton Lakes Project, 5.50%, 1/01/31		395		361,682
Clayton County Development Authority, RB, Delta Air Lines Inc. Project, Series A, 8.75%, 6/01/29		1,375		1,589,885
County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33		1,335		1,319,047
DeKalb County Hospital Authority Georgia, RB, DeKalb Medical Center Inc. Project, 6.13%, 9/01/40		1,805		1,866,117
Gainesville & Hall County Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2, 6.63%, 11/15/39		645		681,552
Rockdale County Development Authority, RB, Visy Paper Project, Series A, AMT, 6.13%, 1/01/34		1,680		1,688,215

				7,506,498

Guam — 1.5%
Guam Government Waterworks Authority, Refunding RB, Water, 6.00%, 7/01/25		515		527,885
Territory of Guam, GO, Series A:
6.00%, 11/15/19		250		267,255
6.75%, 11/15/29		440		487,362
7.00%, 11/15/39		455		509,786
Territory of Guam, RB, Section 30, Series A, 5.63%, 12/01/29		1,000		1,046,640

				2,838,928

Illinois — 6.4%
City of Chicago Illinois, Refunding RB, American Airlines Inc. Project, 5.50%, 12/01/30		2,860		2,395,393
Illinois Finance Authority, RB:
Navistar International, Recovery Zone, 6.50%, 10/15/40		650		674,381
Roosevelt University Project, 6.50%, 4/01/44		1,700		1,818,507
Rush University Medical Center Obligation Group, Series A, 7.25%, 11/01/30		2,000		2,309,580

Municipal Bonds	Par (000)		Value

Illinois (concluded)
Illinois Finance Authority, Refunding RB:
CAB, Clare Water Tower, Series B, 0.04%, 5/15/50 (a)	$	615	$	7,755
Clare Water Tower, Series A-7, 6.13%, 5/15/41		1,435		947,875
Friendship Village of Schaumburg, 7.25%, 2/15/45		1,630		1,686,496
Primary Health Care Centers Program, 6.60%, 7/01/24		490		446,155
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 6.25%, 6/15/46 (a)		4,015		452,812
Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 3/01/34		755		683,849
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25		750		708,900

				12,131,703

Indiana — 0.8%
Indiana Finance Authority, Refunding RB, Improvement, U.S. Steel Corp., 6.00%, 12/01/26		620		659,934
Vigo County Hospital Authority Indiana, RB, Union Hospital Inc. (b):
5.70%, 9/01/37		440		411,911
5.75%, 9/01/42		545		510,338

				1,582,183

Kentucky — 0.4%
Kentucky Economic Development Finance Authority, Refunding RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40		645		683,623

Louisiana — 1.1%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, 6.75%, 11/01/32		2,000		2,121,920

Maryland — 2.7%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35		420		437,569
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		1,675		1,710,175
Maryland Health & Higher Educational Facilities Authority, RB, Washington Christian Academy, 5.50%, 7/01/38		410		176,288
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctor’s Community Hospital, 5.75%, 7/01/38		1,265		1,245,936
Maryland State Energy Financing Administration, RB, Cogeneration, AES Warrior Run, AMT, 7.40%, 9/01/19		1,500		1,500,795

				5,070,763

Massachusetts — 1.3%
Massachusetts Development Finance Agency, RB, First Mortgage, Overlook Communities, Series A, 6.25%, 7/01/34		1,845		1,638,379
Massachusetts Development Finance Agency, Refunding RB, Eastern Nazarene College, 5.63%, 4/01/19		40		39,773
Massachusetts Health & Educational Facilities Authority, RB, Jordan Hospital, Series E, 6.75%, 10/01/33		850		852,278

				2,530,430

Michigan — 2.8%
Advanced Technology Academy, RB, 6.00%, 11/01/37		625		604,744
County of Wayne Michigan, GO, Building Improvement, Series A, 6.75%, 11/01/39		375		401,509
Monroe County Hospital Finance Authority, Refunding RB, Mercy Memorial Hospital Corp. Obligation, 5.50%, 6/01/35		1,260		1,111,887
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39		2,575		3,095,304

				5,213,444


See Notes to Financial Statements.

14	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Schedule of Investments (continued)	BlackRock Apex Municipal Fund, Inc. (APX)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Missouri — 0.5%
Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, 8.25%, 5/15/39	$	945	$	999,895

Multi-State — 0.3%
MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (b)(c)(d)		653		600,682

Nevada — 0.2%
County of Clark Nevada, Special Assessment Bonds, Special Improvement District No. 142, Local Improvement, 6.38%, 8/01/23		370		360,983

New Hampshire — 0.4%
New Hampshire Health & Education Facilities Authority, RB, Catholic Medical Center, 5.00%, 7/01/36		835		738,190

New Jersey — 5.9%
New Jersey EDA, RB, Continental Airlines Inc. Project, AMT:
6.63%, 9/15/12		3,050		3,091,205
6.25%, 9/15/29		1,000		979,960
New Jersey EDA, Refunding RB, Newark Airport Marriott Hotel, 7.00%, 10/01/14		1,500		1,505,580
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B:
7.13%, 12/01/23		670		792,168
7.50%, 12/01/32		1,065		1,236,081
New Jersey Health Care Facilities Financing Authority, RB, Pascack Valley Hospital Association, 6.63%, 7/01/36 (e)(f)		1,870		19
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Joseph’s Healthcare System, 6.63%, 7/01/38		1,680		1,761,497
New Jersey Transportation Trust Fund Authority, RB, CAB, Transportation System, Series C (AMBAC), 5.05%, 12/15/35 (a)		2,760		645,923
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23		1,190		1,113,697

				11,126,130

New York — 6.4%
Brooklyn Arena Local Development Corp., RB, Barclays Center Project, 6.38%, 7/15/43		685		743,985
Chautauqua County Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42		1,710		1,788,421
Dutchess County Industrial Development Agency New York, RB, St. Francis Hospital, Series B, 7.50%, 3/01/29		1,000		1,004,890
Metropolitan Transportation Authority, RB, Series 2008C, 6.50%, 11/15/28		2,000		2,362,100
New York City Industrial Development Agency, RB:
American Airlines Inc., JFK International Airport, AMT, 8.00%, 8/01/28		720		772,466
British Airways Plc Project, AMT, 7.63%, 12/01/32		1,730		1,772,385
Series C, 6.80%, 6/01/28		350		367,549
Special Needs Facilities Pooled Program, Series C-1, 6.50%, 7/01/24		830		804,660
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49		520		557,144
New York State Dormitory Authority, RB, North Shore-Long Island Jewish Health System, Series A, 5.50%, 5/01/37		1,000		1,044,860
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41		850		904,451

				12,122,911


Municipal Bonds	Par (000)		Value

North Carolina — 2.4%
North Carolina Capital Facilities Finance Agency, RB, Duke Energy Carolinas, Series B, 4.38%, 10/01/31	$	680	$	666,726
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke Energy Carolinas, Series B, 4.63%, 11/01/40		680		661,708
North Carolina Medical Care Commission, Refunding RB, First Mortgage, Deerfield, Series A, 6.13%, 11/01/38		3,230		3,277,869

				4,606,303

Ohio — 1.4%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Series A-2:
5.13%, 6/01/24		1,110		966,322
6.50%, 6/01/47		2,000		1,672,320

				2,638,642

Pennsylvania — 6.6%
Allegheny County Hospital Development Authority, Refunding RB, Health System, West Penn, Series A, 5.38%, 11/15/40		1,885		1,451,073
Bucks County IDA, RB, Ann’s Choice Inc. Facility, Series A, 6.13%, 1/01/25		1,160		1,170,997
Cumberland County Municipal Authority, RB, Diakon Lutheran, 6.38%, 1/01/39		2,510		2,652,769
Lancaster County Hospital Authority, RB, Brethren Village Project, Series A:
6.25%, 7/01/26		475		481,659
6.50%, 7/01/40		675		671,402
Montgomery County IDA Pennsylvania, MRB, Whitemarsh Continuing Care, 6.25%, 2/01/35		1,700		1,537,344
Philadelphia Authority for Industrial Development, RB, AMT:
Commercial Development, 7.75%, 12/01/17		3,000		3,003,840
Subordinate, Air Cargo, Series A, 7.50%, 1/01/25		1,600		1,581,776

				12,550,860

Puerto Rico — 0.8%
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44		1,000		1,151,140
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, First Sub-Series C, 6.52%, 8/01/38 (a)		1,815		324,486

				1,475,626

Rhode Island — 0.8%
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 7/15/35		1,750		1,525,230

South Carolina — 0.4%
Connector 2000 Association Inc., RB, CAB, Senior Series B, 11.47%, 1/01/14 (a)(e)(f)		1,075		141,308
South Carolina Jobs, EDA, Refunding RB, Palmetto Health, 5.50%, 8/01/26		670		687,916

				829,224

Tennessee — 0.1%
Shelby County Health Educational & Housing Facilities Board, RB, Village at Germantown, 6.25%, 12/01/34		245		216,132

Texas — 10.9%
Bexar County Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/45		2,055		2,115,006
Brazos River Authority, Refunding RB, Texas Utility Co., Series, AMT, 7.70%, 4/01/33		2,530		936,100
Central Texas Regional Mobility Authority, RB:
CAB, 7.48%, 1/01/28 (a)		1,000		348,130
CAB, 7.78%, 1/01/33 (a)		2,150		507,336
CAB, 7.79%, 1/01/34 (a)		4,000		849,400
Senior Lien, 5.75%, 1/01/25		450		475,569


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	OCTOBER 31, 2010	15




Schedule of Investments (continued)	BlackRock Apex Municipal Fund, Inc. (APX)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Texas (concluded)
City of Houston Texas, RB, Special Facilities, Continental Airlines, Series E, AMT, 6.75%, 7/01/21	$	1,865	$	1,872,628
Danbury Higher Education Authority Inc., RB, A.W. Brown Fellowship Charter, Series A (ACA), 5.13%, 8/15/36		1,000		1,168,240
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/35		1,110		1,274,424
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29		850		939,259
North Texas Tollway Authority, RB, Toll, 2nd Tier, Series F, 6.13%, 1/01/31		1,650		1,780,267
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A:
CC Young Memorial Home, 8.00%, 2/15/38		710		749,859
Senior Living Center Project, 8.25%, 11/15/44		1,710		1,729,374
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		1,815		1,972,869
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39		1,605		1,741,650
Texas State Public Finance Authority, Refunding ERB, KIPP Inc., Series A (ACA), 5.00%, 2/15/28		2,250		2,173,995

				20,634,106

U.S. Virgin Islands — 1.1%
United States Virgin Islands, Refunding RB, Senior Secured, Hovensa Coker Project, AMT, 6.50%, 7/01/21		2,100		2,136,435

Utah — 1.2%
County of Carbon Utah, Refunding RB, Laidlaw Environmental, Series A, AMT, 7.45%, 7/01/17		2,240		2,245,331

Vermont — 0.3%
Vermont Economic Development Authority, Refunding MRB, Wake Robin Corp. Project, Series A (ACA), 6.30%, 3/01/33		650		632,482

Virginia — 2.2%
Dulles Town Center Community Development Authority, Special Assessment Bonds, Dulles Town Center Project, 6.25%, 3/01/26		2,330		2,284,775
Tobacco Settlement Financing Corp. Virginia, Refunding RB, Senior Series B1, 5.00%, 6/01/47		2,790		1,958,747

				4,243,522

Wisconsin — 2.2%
Wisconsin Health & Educational Facilities Authority, RB:
New Castle Place Project, Series A, 7.00%, 12/01/31		1,320		1,322,416
Wheaton Franciscan Healthcare, 5.25%, 8/15/34		2,540		2,385,619
Wisconsin Health & Educational Facilities Authority, Refunding RB, St. John’s Communities Inc., Series A:
7.25%, 9/15/29		175		181,055
7.63%, 9/15/39		350		368,777

				4,257,867

Wyoming — 1.3%
County of Sweetwater Wyoming, Refunding RB, FMC Corp. Project, AMT, 5.60%, 12/01/35		2,500		2,522,950

Total Municipal Bonds — 92.0%				174,733,702


Municipal Bonds Transferred to Tender Option Bond Trusts (g)	Par (000)		Value

District of Columbia — 1.6%
District of Columbia Water & Sewer Authority, RB, Series A, 6.00%, 10/01/35	$	2,730	$	3,107,869

Florida — 3.3%
County of Miami-Dade Florida, RB, Miami International Airport, Series A, AMT (AGC), 5.25%, 10/01/33		6,130		6,232,984

Virginia — 3.1%
Virginia HDA, RB, Sub-Series H-1 (NPFGC), 5.38%, 7/01/36		5,710		5,816,548

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.0%				15,157,401

Total Long-Term Investments (Cost — $186,374,178) — 100.0%				189,891,103




Short-Term Securities	Shares

FFI Institutional Tax-Exempt Fund, 0.14% (h)(i)		998,663		998,663

Total Short-Term Securities (Cost — $998,663) — 0.5%				998,663

*Total Investments (Cost — $187,372,841) — 100.5%**				190,889,766
Other Assets Less Liabilities — 3.3%				6,330,193
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (3.8)%				(7,289,948	)

Net Assets — 100.0%			$	189,930,011


*	The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	179,453,252

Gross unrealized appreciation	$	12,728,160
Gross unrealized depreciation		(8,577,092	)

Net unrealized appreciation	$	4,151,068


(a)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c)	Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

(d)	Variable rate security. Rate shown is as of report date.

(e)	Issuer filed for bankruptcy and/or is in default of interest payments.

(f)	Non-income producing security.

(g)	Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

(h)	Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliate	Shares Held at April 30, 2010	Net Activity	Shares Held at October 31, 2010	Income

FFI Institutional Tax-Exempt Fund	648,958	349,705	998,663	$993


(i)	Represents the current yield as of report date.


See Notes to Financial Statements.

16	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Schedule of Investments (concluded)	BlackRock Apex Municipal Fund, Inc. (APX)


•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

	The following table summarizes the inputs used as of October 31, 2010 in determining the fair valuation of the Fund’s investments:



Valuation Inputs	Level 1		Level 2		Level 3	Total

Assets:
Investments in Securities:
Long-Term Investments¹		—	$	189,891,103	—	$	189,891,103
Short-Term Securities	$	998,663		—	—		998,663

Total	$	998,663	$	189,891,103	—	$	190,889,766


	¹	See above Schedule of Investments for values in each state or political subdivision.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	OCTOBER 31, 2010	17




Schedule of Investments October 31, 2010 (Unaudited)	BlackRock MuniAssets Fund, Inc. (MUA)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Alabama — 0.2%
County of Jefferson Alabama, RB, Series A, 5.25%, 1/01/17	$	530	$	501,852

Alaska — 0.1%
Alaska Industrial Development & Export Authority, RB, Williams Lynxs, Alaska Cargoport, AMT, 7.80%, 5/01/14		395		393,416

Arizona — 6.7%
Coconino County Pollution Control Corp. Arizona, Refunding RB, Tucson Electric Power-Navajo, Series A, AMT, 7.13%, 10/01/32		3,000		3,004,530
Maricopa County IDA Arizona, RB, Arizona Charter Schools Project, Series A, 6.63%, 7/01/20		1,520		1,188,154
Phoenix IDA Arizona, Refunding RB, America West Airlines Inc. Project, AMT, 6.30%, 4/01/23		4,800		4,216,032
Pima County IDA, RB:
Arizona Charter Schools Project, Series E, 7.25%, 7/01/31		1,365		1,388,464
Tucson Electric Power Co., Series A, 5.25%, 10/01/40		2,380		2,369,218
Pima County IDA, Refunding IDRB, Tucson Electric Power, 5.75%, 9/01/29		670		692,365
Pima County IDA, Refunding RB:
Arizona Charter Schools Project, Series O, 5.25%, 7/01/31		450		400,522
Charter Schools II, Series A, 6.75%, 7/01/31		670		672,466
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,840		1,777,845
5.00%, 12/01/37		1,350		1,269,891
Show Low Improvement District, Special Assessment Bonds, District No. 5, 6.38%, 1/01/15		745		746,043
University Medical Center Corp., Arizona, RB:
6.25%, 7/01/29		280		304,363
6.50%, 7/01/39		500		543,775

				18,573,668

California — 3.3%
California Statewide Communities Development Authority, Refunding RB:
American Baptist Homes of the West, 6.25%, 10/01/39		1,290		1,309,285
Senior Living, Southern California, 7.00%, 11/15/29		600		655,836
Senior Living, Southern California, 7.25%, 11/15/41		2,060		2,266,330
City of Fontana California, Special Tax Bonds, Refunding, Community Facilities District No. 22-Sierra, Series H, 6.00%, 9/01/34		1,320		1,320,317
State of California, GO, Various Purpose, 6.00%, 3/01/33		3,075		3,532,068

				9,083,836

Colorado — 2.9%
Colorado Health Facilities Authority, Refunding RB, Total Longterm Care National Obligated Group Project, Series A, 6.00%, 11/15/30		610		618,241
E-470 Public Highway Authority, Refunding RB, CAB, 7.08%, 9/01/35 (a)		2,190		399,368
Elk Valley Public Improvement Corp., RB, Public Improvement Fee:
Series A, 7.10%, 9/01/14		1,220		1,245,144
Series A, 7.30%, 9/01/22		2,095		2,097,975
Series B, 7.45%, 9/01/31		200		193,474
Plaza Metropolitan District No. 1 Colorado, Tax Allocation Bonds, Tax Increment:
Public Improvement Fee, 8.00%, 12/01/25		2,850		2,977,595
Subordinate Public Improvement Fee, 8.13%, 12/01/25		525		488,187

				8,019,984


Municipal Bonds	Par (000)		Value

Connecticut — 2.9%
Connecticut State Development Authority, RB, AFCO Cargo BDL LLC Project, AMT, 8.00%, 4/01/30	$	3,490	$	3,391,129
Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Harbor Point Project, Series A, 7.88%, 4/01/39		2,340		2,514,915
Mohegan Tribe of Indians of Connecticut, RB, Public Improvement, Priority Distribution, 6.25%, 1/01/31		2,610		2,161,680

				8,067,724

Delaware — 0.9%
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45		2,505		2,495,080

District of Columbia — 2.1%
District of Columbia, RB, Methodist Home District of Columbia, Series A:
7.38%, 1/01/30		985		1,006,936
7.50%, 1/01/39		1,615		1,652,339
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33		1,055		1,042,667
Metropolitan Washington Airports Authority, RB, CAB, 2nd Senior Lien, Series B (AGC), 6.54%, 10/01/30 (a)		7,000		2,147,460

				5,849,402

Florida — 7.4%
County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A-1, 5.38%, 10/01/41		705		727,680
Greater Orlando Aviation Authority Florida, RB, Special Purpose, JetBlue Airways Corp., AMT, 6.38%, 11/15/26		1,180		1,151,645
Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 5/01/33		455		456,024
Hillsborough County IDA, RB, AMT, National Gypsum Co.:
Series A, 7.13%, 4/01/30		2,000		1,949,640
Series B, 7.13%, 4/01/30		1,540		1,501,223
Jacksonville Economic Development Commission, RB, Gerdau Ameristeel US Inc., AMT, 5.30%, 5/01/37		1,300		1,143,493
Jacksonville Economic Development Commission, Refunding RB, Florida Proton Therapy Institute, Series A, 6.00%, 9/01/17		765		803,372
Lee County IDA Florida, RB, Series A, Lee Charter Foundation, 5.38%, 6/15/37		2,620		2,257,733
Midtown Miami Community Development District, Special Assessment Bonds, Series A, 6.25%, 5/01/37		3,255		3,201,195
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28		3,040		1,411,198
Sarasota County Health Facilities Authority, Refunding RB, Village on the Isle Project:
5.50%, 1/01/27		585		560,184
5.50%, 1/01/32		795		748,532
Sarasota County Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 7/01/39		615		647,035
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38		2,350		1,954,988
Tolomato Community Development District, Special Assessment Bonds, Special Assessment, 6.65%, 5/01/40		2,680		1,970,631

				20,484,573


See Notes to Financial Statements.

18	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Schedule of Investments (continued)	BlackRock MuniAssets Fund, Inc. (MUA)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Georgia — 3.3%
City of Atlanta Georgia, Tax Allocation Bonds, Princeton Lakes Project, 5.50%, 1/01/31	$	640	$	586,016
Clayton County Development Authority, RB, Delta Air Lines Inc. Project, Series A, 8.75%, 6/01/29		1,990		2,300,997
County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33		1,775		1,753,789
DeKalb County Hospital Authority Georgia, RB, DeKalb Medical Center Inc. Project, 6.13%, 9/01/40		1,100		1,137,246
Gainesville & Hall County Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2:
6.38%, 11/15/29		700		740,607
6.63%, 11/15/39		235		248,318
Rockdale County Development Authority, RB, Visy Paper Project, Series A, AMT, 6.13%, 1/01/34		2,435		2,446,907

				9,213,880

Guam — 1.5%
Guam Government Waterworks Authority, Refunding RB, Water, 6.00%, 7/01/25		750		768,765
Territory of Guam, GO, Series A:
6.00%, 11/15/19		365		390,192
6.75%, 11/15/29		635		703,351
7.00%, 11/15/39		660		739,471
Territory of Guam, RB, Section 30, Series A, 5.63%, 12/01/29		1,460		1,528,094

				4,129,873

Illinois — 5.6%
City of Chicago Illinois, Refunding RB, American Airlines Inc. Project, 5.50%, 12/01/30		4,140		3,467,457
Illinois Finance Authority, RB:
Navistar International, Recovery Zone, 6.50%, 10/15/40		950		985,635
Roosevelt University Project, 6.50%, 4/01/44		2,470		2,642,184
Rush University Medical Center Obligation Group, Series B, 7.25%, 11/01/30		1,170		1,351,104
Illinois Finance Authority, Refunding RB:
CAB, Clare Water Tower, Series B, 0.04%, 5/15/50 (a)		885		11,160
Clare Water Tower, Series A-7, 6.13%, 5/15/41		2,065		1,364,015
Friendship Village of Schaumburg, 7.25%, 2/15/45		2,370		2,452,144
Primary Health Care Centers Program, 6.60%, 7/01/24		685		623,706
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 6.25%, 6/15/46 (a)		5,845		659,199
Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 3/01/34		1,070		969,163
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25		825		779,790

				15,305,557

Indiana — 0.8%
Indiana Finance Authority, Refunding RB, Improvement, U.S. Steel Corp., 6.00%, 12/01/26		900		957,969
Vigo County Hospital Authority Indiana, RB, Union Hospital Inc. (b):
5.70%, 9/01/37		615		575,738
5.75%, 9/01/42		765		716,346

				2,250,053


Municipal Bonds	Par (000)		Value

Kentucky — 0.4%
Kentucky Economic Development Finance Authority, Refunding RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40	$	935	$	990,988

Louisiana — 1.1%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, 6.75%, 11/01/32		3,000		3,182,880

Maryland — 2.3%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35		615		640,726
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		2,435		2,486,135
Maryland Health & Higher Educational Facilities Authority, RB, Washington Christian Academy, 5.50%, 7/01/38		590		253,682
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctor’s Community Hospital, 5.75%, 7/01/38		1,845		1,817,196
Maryland State Energy Financing Administration, RB, Cogeneration, AES Warrior Run, AMT, 7.40%, 9/01/19		1,080		1,080,572

				6,278,311

Massachusetts — 0.4%
Massachusetts Development Finance Agency, Refunding RB, Eastern Nazarene College, 5.63%, 4/01/29		80		74,818
Massachusetts Health & Educational Facilities Authority, RB, Jordan Hospital, Series E, 6.75%, 10/01/33		1,150		1,153,082

				1,227,900

Michigan — 2.7%
Advanced Technology Academy, RB, 6.00%, 11/01/37		900		870,831
County of Wayne Michigan, GO, Building Improvement, Series A, 6.75%, 11/01/39		545		583,526
Monroe County Hospital Finance Authority, Refunding RB, Mercy Memorial Hospital Corp. Obligation, 5.50%, 6/01/35		1,740		1,535,463
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39		3,735		4,489,694

				7,479,514

Minnesota — 0.7%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/32		1,785		2,035,418

Missouri — 0.5%
Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, 8.25%, 5/15/39		1,370		1,449,583

Multi-State — 0.3%
MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (b)(c)(d)		933		858,116

Nevada — 0.2%
County of Clark Nevada, Special Assessment Bonds, Special Improvement District No. 142, Local Improvement, 6.38%, 8/01/23		605		590,256

New Hampshire — 0.4%
New Hampshire Health & Education Facilities Authority, RB, Catholic Medical Center, 5.00%, 7/01/36		1,165		1,029,930


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	OCTOBER 31, 2010	19




Schedule of Investments (continued)	BlackRock MuniAssets Fund, Inc. (MUA)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

New Jersey — 7.0%
New Jersey EDA, RB, Continental Airlines Inc. Project, AMT:
6.63%, 9/15/12	$	1,000	$	1,013,510
6.25%, 9/15/19		2,000		1,986,400
6.40%, 9/15/23		1,000		999,910
6.25%, 9/15/29		3,330		3,263,267
9.00%, 6/01/33 (d)		1,250		1,329,237
New Jersey EDA, Refunding RB, Newark Airport Marriott Hotel, 7.00%, 10/01/14		2,500		2,509,300
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 7.50%, 12/01/32		2,510		2,913,206
New Jersey Health Care Facilities Financing Authority, RB, Pascack Valley Hospital Association, 6.63%, 7/01/36 (e)(f)		2,000		20
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Joseph’s Healthcare System, 6.63%, 7/01/38		2,410		2,526,909
New Jersey Transportation Trust Fund Authority, RB, CAB, Transportation System, Series C (AMBAC), 5.05%, 12/15/35 (a)		3,450		807,404
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23		2,310		2,161,883

				19,511,046

New York — 6.2%
Brooklyn Arena Local Development Corp., RB, Barclays Center Project, 6.38%, 7/15/43		1,000		1,086,110
Chautauqua County Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42		2,485		2,598,962
Dutchess County Industrial Development Agency New York, Refunding RB, St. Francis Hospital, Series A, 7.50%, 3/01/29		1,400		1,406,846
Metropolitan Transportation Authority, RB, Series 2008C, 6.50%, 11/15/28		3,685		4,352,169
New York City Industrial Development Agency, RB:
American Airlines Inc., JFK International Airport, AMT, 8.00%, 8/01/28 (d)		1,045		1,121,149
British Airways Plc Project, AMT, 7.63%, 12/01/32		2,400		2,458,800
Series C, 6.80%, 6/01/28		510		535,571
Special Needs Facilities Pooled Program, Series C-1, 6.63%, 7/01/29		1,515		1,424,479
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49		750		803,573
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41		1,240		1,319,435

				17,107,094

North Carolina — 1.6%
North Carolina Capital Facilities Finance Agency, RB, Duke Energy Carolinas, Series B, 4.38%, 10/01/31		985		965,773
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke Energy Carolinas, Series B, 4.63%, 11/01/40		985		958,503
North Carolina Medical Care Commission, Refunding RB, First Mortgage, Deerfield, Series A, 6.13%, 11/01/38		2,335		2,369,605

				4,293,881

Ohio — 1.6%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Series A-2:
5.13%, 6/01/24		2,250		1,958,760
6.50%, 6/01/47		3,935		2,508,481

				4,467,241


Municipal Bonds	Par (000)		Value

Pennsylvania — 8.5%
Allegheny County Hospital Development Authority, Refunding RB, Health System, West Penn, Series A, 5.38%, 11/15/40	$	2,460	$	1,893,708
Bucks County IDA, RB, Ann’s Choice Inc. Facility, Series A:
6.13%, 1/01/25		200		201,896
6.25%, 1/01/35		1,550		1,523,480
Cumberland County Municipal Authority, RB, Diakon Lutheran, 6.38%, 1/01/39		3,655		3,862,896
Lancaster County Hospital Authority, RB, Brethren Village Project, Series A:
6.25%, 7/01/26		685		694,604
6.50%, 7/01/40		990		984,723
Montgomery County IDA Pennsylvania, MRB, Whitemarsh Continuing Care, 6.13%, 2/01/28		2,330		2,146,979
Pennsylvania Economic Development Financing Authority, RB, AMT:
National Gypsum Co., Series A, 6.25%, 11/01/27		3,250		2,900,332
Reliant Energy, Series B, 6.75%, 12/01/36		2,040		2,101,118
Philadelphia Authority for Industrial Development, RB, AMT:
Commercial Development, 7.75%, 12/01/17		5,000		5,006,400
Subordinate, Air Cargo, Series A, 7.50%, 1/01/25		2,270		2,244,145

				23,560,281

Puerto Rico — 0.9%
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44		1,650		1,899,381
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, First Sub-Series C, 6.52%, 8/01/38 (a)		2,630		470,191

				2,369,572

Rhode Island — 0.8%
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 7/15/35		2,495		2,174,542

South Carolina — 0.4%
Connector 2000 Association Inc., RB, CAB, Senior Series B, 11.47%, 1/01/14 (a)(e)(f)		1,485		195,203
South Carolina Jobs, EDA, Refunding RB, Palmetto Health, 5.50%, 8/01/26		975		1,001,072

				1,196,275

Tennessee — 0.6%
Knox County Health Educational & Housing Facilities Board Tennessee, Refunding RB, Covenant, Series A (AGM), 4.69%, 1/01/40 (a)		5,820		1,212,190
Shelby County Health Educational & Housing Facilities Board, RB, Village at Germantown, 6.25%, 12/01/34		355		313,170

				1,525,360

Texas — 9.7%
Bexar County Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/45		2,985		3,072,162
Brazos River Authority, Refunding RB, Texas Utility Co., Series, AMT, 7.70%, 4/01/33		2,550		943,500
Central Texas Regional Mobility Authority, RB:
CAB, 7.56%, 1/01/29 (a)		2,000		643,340
CAB, 7.65%, 1/01/30 (a)		1,170		341,324
CAB, 7.71%, 1/01/31 (a)		2,000		542,880
CAB, 7.77%, 1/01/32 (a)		3,500		886,935
CAB, 7.78%, 1/01/33 (a)		1,540		363,394
Senior Lien, 5.75%, 1/01/25		650		686,933
City of Houston Texas, RB, Special Facilities, Continental Airlines, Series E, AMT, 6.75%, 7/01/21		2,685		2,695,982
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%, 12/01/31		1,500		1,724,925


See Notes to Financial Statements.

20	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Schedule of Investments (continued)	BlackRock MuniAssets Fund, Inc. (MUA)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Texas (concluded)
La Vernia Higher Education Finance Corp., RB, KIPP Inc., 6.38%, 8/15/44	$	860	$	909,063
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29		1,240		1,370,212
North Texas Tollway Authority, RB, Toll, 2nd Tier, Series F, 6.13%, 1/01/31		2,775		2,994,086
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A:
CC Young Memorial Home, 8.00%, 2/15/38		1,035		1,093,105
Senior Living Center Project, 8.25%, 11/15/44		2,490		2,518,212
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		2,640		2,869,627
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39		2,330		2,528,376
Texas State Public Finance Authority, Refunding ERB, KIPP Inc., Series A (ACA), 5.00%, 2/15/28		575		555,577

				26,739,633

U.S. Virgin Islands — 1.1%
United States Virgin Islands, Refunding RB, Senior Secured, Hovensa Coker Project, AMT, 6.50%, 7/01/21		3,000		3,052,050

Utah — 0.6%
County of Carbon Utah, Refunding RB, Laidlaw Environmental, Series A, AMT, 7.45%, 7/01/17		1,660		1,663,951

Vermont — 0.3%
Vermont Economic Development Authority, Refunding MRB, Wake Robin Corp. Project, Series A (ACA), 6.30%, 3/01/33		950		924,397

Virginia — 2.0%
Dulles Town Center Community Development Authority, Special Assessment Bonds, Dulles Town Center Project, 6.25%, 3/01/26		1,410		1,382,632
Fairfax County EDA, Refunding RB, Goodwin House Inc.:
5.13%, 10/01/37		585		583,701
5.13%, 10/01/42		450		444,060
Lexington IDA, Refunding MRB, Kendal at Lexington, Series A, 5.38%, 1/01/28		40		36,382
Tobacco Settlement Financing Corp. Virginia, Refunding RB, Senior Series B1, 5.00%, 6/01/47		4,350		3,053,961

				5,500,736

Wisconsin — 2.2%
Wisconsin Health & Educational Facilities Authority, RB:
New Castle Place Project, Series A, 7.00%, 12/01/31		1,855		1,858,395
Wheaton Franciscan Healthcare, 5.25%, 8/15/34		3,695		3,470,418
Wisconsin Health & Educational Facilities Authority, Refunding RB, St. John’s Communities Inc., Series A:
7.25%, 9/15/29		250		258,650
7.63%, 9/15/39		505		532,093

				6,119,556

Wyoming — 1.3%
County of Sweetwater Wyoming, Refunding RB, FMC Corp. Project, AMT, 5.60%, 12/01/35		3,600		3,633,048

Total Municipal Bonds — 91.5%				253,330,457


Municipal Bonds Transferred to Tender Option Bond Trusts (g)	Par (000)		Value

District of Columbia — 1.6%
District of Columbia Water & Sewer Authority, RB, Series A, 6.00%, 10/01/35	$	3,951	$	4,496,733

Florida — 3.3%
County of Miami-Dade Florida, RB, Miami International Airport, Series A, AMT (AGC), 5.25%, 10/01/33		8,870		9,019,016

Virginia — 3.2%
Virginia HDA, RB, Sub-Series H-1 (NPFGC), 5.38%, 7/01/36		8,690		8,852,156

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.1%				22,367,905

Total Long-Term Investments (Cost — $270,850,753) — 99.6%				275,698,362




Short-Term Securities		Shares

FFI Institutional Tax-Exempt Fund, 0.12% (h)(i)		2,949,596		2,949,596

Total Short-Term Securities (Cost — $2,949,596) — 1.1%				2,949,596

*Total Investments (Cost — $273,800,349) — 100.7%**				278,647,958

Other Assets Less Liabilities — 3.2%				8,909,854

Liability for Trust Certificates, Including Interest Expense and Fees Payable — (3.9)%				(10,762,397	)

Net Assets — 100.0%			$	276,795,415


*	The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	262,507,383

Gross unrealized appreciation	$	17,379,332
Gross unrealized depreciation		(11,994,403	)

Net unrealized appreciation	$	5,384,929


(a)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c)	Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

(d)	Variable rate security. Rate shown is as of report date.

(e)	Issuer filed for bankruptcy and/or is in default of interest payments.

(f)	Non-income producing security.

(g)	Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

(h)	Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliate	Shares Held at April 30, 2010	Net Activity	Shares Held at October 31, 2010	Income

FFI Institutional Tax-Exempt Fund	149,925	2,799,671	2,949,596	$1,248


(i)	Represents the current yield as of report date.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	OCTOBER 31, 2010	21




Schedule of Investments (concluded)	BlackRock MuniAssets Fund, Inc. (MUA)


•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

	The following table summarizes the inputs used as of October 31, 2010 in determining the fair valuation of the Fund’s investments:



Valuation Inputs	Level 1		Level 2		Level 3		Total

Assets:
Investments in Securities:
Long-Term Investments¹		—	$	275,698,362		—	$	275,698,362
Short-Term Securities	$	2,949,596		—		—		2,949,596

Total	$	2,949,596	$	275,698,362		—	$	278,647,958


	¹	See above Schedule of Investments for values in each state or political subdivision.


See Notes to Financial Statements.

22	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Schedule of Investments October 31, 2010 (Unaudited)	BlackRock MuniEnhanced Fund, Inc. (MEN)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Alabama — 1.3%
County of Jefferson Alabama, RB, Series A:
5.50%, 1/01/22	$	2,750	$	2,554,310
4.75%, 1/01/25		2,200		1,802,372

				4,356,682

Alaska — 0.4%
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC), 6.00%, 9/01/28		1,200		1,404,420

Arizona — 1.5%
State of Arizona, COP, Department of Administration, Series A (AGM):
5.00%, 10/01/27		3,250		3,402,263
5.25%, 10/01/28		1,000		1,058,350
5.00%, 10/01/29		400		413,360

				4,873,973

California — 21.1%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Subordinate Lien, Series A (AMBAC) (a):
5.65%, 10/01/24		10,185		8,579,538
5.57%, 10/01/25		6,000		5,025,720
Anaheim Public Financing Authority California, RB, Senior, Public Improvements Project, Series A (AGM), 6.00%, 9/01/24		5,000		5,861,250
Antelope Valley Community College District, GO, Election of 2004, Series B (NPFGC), 5.25%, 8/01/39		600		624,150
Arcadia Unified School District California, GO, CAB, Election of 2006, Series A (AGM), 4.96%, 8/01/39 (b)		1,600		262,176
Cabrillo Community College District California, GO, CAB, Election of 2004, Series B (NPFGC), 5.18%, 8/01/37 (b)		2,400		457,224
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.75%, 7/01/39		550		584,661
California State University, RB, Systemwide, Series A (NPFGC), 5.00%, 11/01/35		1,405		1,420,146
California State University, Refunding RB, Systemwide, Series A (AGM), 5.00%, 11/01/37		2,000		2,055,860
Chino Valley Unified School District, GO, Election of 2002, Series C (NPFGC), 5.25%, 8/01/30		850		876,588
City of Redding California, COP, Refunding, Series A (AGM), 5.00%, 6/01/30		1,420		1,483,730
Fresno Unified School District California, GO, Election of 2001, Series E (AGM), 5.00%, 8/01/30		900		935,487
Los Angeles Department of Water & Power, RB, Series C (NPFGC), 5.00%, 7/01/29		5,160		5,350,662
Metropolitan Water District of Southern California, RB, Series B-1 (NPFGC):
5.00%, 10/01/29		2,965		3,075,565
5.00%, 10/01/36		1,655		1,703,392
Norco Redevelopment Agency California, Tax Allocation Bonds, Refunding, Project Area No. 1 (NPFGC), 5.13%, 3/01/30		5,000		4,783,850
Orange County Sanitation District, COP, Series B (AGM):
5.00%, 2/01/30		1,500		1,599,300
5.00%, 2/01/31		900		955,458
Poway Redevelopment Agency California, Tax Allocation Bonds, Refunding, Paguay Redevelopment Project (AMBAC), 5.13%, 6/15/33		1,750		1,629,145
Sacramento Unified School District California, GO, Election of 2002 (NPFGC), 5.00%, 7/01/30		4,150		4,285,705
San Mateo County Community College District, GO, CAB, Election of 2001, Series C (NPFGC), 5.54%, 9/01/30 (b)		12,740		4,431,864

Municipal Bonds	Par (000)		Value

California (concluded)
State of California, GO:
5.13%, 6/01/27	$	20	$	20,296
5.13%, 6/01/31		60		60,137
Stockton Public Financing Authority California, RB, Parking & Capital Projects (NPFGC), 5.13%, 9/01/30		6,145		6,228,879
Ventura County Community College District, GO, Election of 2002, Series B (NPFGC), 5.00%, 8/01/30		2,325		2,418,511
West Basin Municipal Water District California, COP, Refunding, Series B (AGC), 5.00%, 8/01/30		5,035		5,264,999

				69,974,293

Colorado — 0.6%
Colorado Health Facilities Authority, RB, Covenant Retirement Communities, Series A (Radian):
5.50%, 12/01/27		1,200		1,147,452
5.50%, 12/01/33		675		631,476
Colorado Housing & Finance Authority, Refunding RB, S/F Program, Senior Series A-2, AMT, 7.50%, 4/01/31		335		353,144

				2,132,072

District of Columbia — 1.7%
District of Columbia, RB, Series B-1 (NPFGC), 5.00%, 2/01/31		5,530		5,572,747

Florida — 12.7%
Broward County School Board Florida, COP, Series A (AGM), 5.25%, 7/01/33		1,600		1,664,384
City of Tallahassee Florida, RB (NPFGC), 5.00%, 10/01/32		4,000		4,139,320
Collier County School Board, COP (AGM), 5.00%, 2/15/23		3,000		3,202,890
County of Broward Florida, RB, Series A, 5.25%, 10/01/34		850		910,180
County of Duval Florida, COP, Master Lease Program (AGM), 5.00%, 7/01/33		3,000		3,050,850
County of Miami-Dade Florida, GO, Building Better Communities Program, Series B-1, 5.75%, 7/01/33		1,400		1,528,506
County of Miami-Dade Florida, RB, Water & Sewer System (AGM), 5.00%, 10/01/39		4,950		5,199,975
County of Miami-Dade Florida, Refunding RB, Miami International Airport, AMT (AGC), 5.00%, 10/01/40		9,900		9,853,866
County of Orange Florida, Refunding RB, Series B (NPFGC), 5.13%, 1/01/32		4,200		4,323,354
Hillsborough County Aviation Authority Florida, RB, Series A, AMT (AGC), 5.38%, 10/01/33		1,750		1,793,575
Miami-Dade County School Board, COP, Refunding, Series B (AGC):
5.25%, 5/01/31		100		105,907
5.00%, 5/01/33		2,000		2,028,740
Orange County School Board, COP, Series A (NPFGC), 5.00%, 8/01/31		2,000		2,056,200
Sarasota County Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 7/01/39		275		289,325
South Florida Water Management District, COP (AGC), 5.00%, 10/01/22		2,000		2,138,740

				42,285,812

Georgia — 4.0%
Augusta-Richmond County Georgia, RB (AGM), 5.25%, 10/01/39		2,300		2,402,488
Gwinnett County Hospital Authority, Refunding RB, Gwinnett Hospital System, Series D (AGM), 5.50%, 7/01/41		825		857,794
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 1/01/25		7,475		9,969,407

				13,229,689


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	OCTOBER 31, 2010	23




Schedule of Investments (continued)	BlackRock MuniEnhanced Fund, Inc. (MEN)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Illinois — 21.5%
Chicago Board of Education Illinois, GO, Refunding, Series A:
(AGM), 5.50%, 12/01/31	$	3,000	$	3,495,750
Chicago School Reform Board, (NPFGC), 5.50%, 12/01/26		1,000		1,156,590
City of Chicago Illinois, ARB, General, Third Lien, Series B-2, AMT:
(AGM), 5.75%, 1/01/23		5,670		5,950,438
(Syncora), 6.00%, 1/01/29		2,500		2,612,525
City of Chicago Illinois, RB, Series A (AGC), 5.00%, 1/01/38		2,000		2,059,360
City of Chicago Illinois, Refunding RB, General Airport, Third Lien, Series A, AMT (NPFGC), 5.75%, 1/01/21		9,000		9,219,690
County of Cook Illinois, GO, Capital Improvement, Series C (AMBAC), 5.50%, 11/15/12 (c)		2,460		2,710,133
County of Cook Illinois, GO, Refunding, Series A, 5.25%, 11/15/33		1,350		1,443,460
Illinois Municipal Electric Agency, RB, Series A (NPFGC), 5.25%, 2/01/35		1,000		1,036,010
Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 6/15/30		20,120		21,313,720
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC), 5.96%, 12/15/33 (b)		9,950		2,529,588
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM) (b):
5.82%, 6/15/27		1,300		521,456
6.25%, 6/15/44		3,450		441,255
Regional Transportation Authority, RB, Series A (AMBAC), 7.20%, 11/01/20		10,115		12,524,393
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34		4,275		4,473,916

				71,488,284

Indiana — 0.7%
Indiana Municipal Power Agency, RB, Series B, 5.75%, 1/01/34		400		432,780
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC), 5.50%, 1/01/38		1,825		2,004,781

				2,437,561

Iowa — 1.9%
Iowa Finance Authority, RB, Series A (AGC), 5.63%, 8/15/37		5,725		6,248,895

Louisiana — 1.2%
Louisiana Public Facilities Authority, Refunding RB, Christus Health, Series B (AGC), 6.50%, 7/01/30		1,250		1,431,225
Rapides Finance Authority Louisiana, RB, Cleco Power LLC Project, AMT (AMBAC), 4.70%, 11/01/36 (d)		900		817,767
State of Louisiana, RB, Series A (NPFGC), 5.00%, 5/01/35		1,740		1,788,685

				4,037,677

Maryland — 0.4%
Maryland Community Development Administration, Refunding RB, Residential, Series A, AMT, 5.75%, 9/01/39		1,200		1,268,484


Municipal Bonds	Par (000)		Value

Massachusetts — 3.1%
Massachusetts HFA, RB, AMT (AGM):
Rental Mortgage, Series F, 5.25%, 1/01/46	$	2,700	$	2,719,116
S/F Housing, Series 128, 4.80%, 12/01/27 (d)		1,600		1,609,168
Massachusetts HFA, Refunding RB, Rental Housing, Series A, AMT (AGM), 5.15%, 7/01/26		2,870		2,928,232
Massachusetts Water Resources Authority, Refunding RB, General, Series A (NPFGC), 5.00%, 8/01/34		2,700		2,859,921

				10,116,437

Michigan — 5.0%
City of Detroit Michigan, RB, Series B:
Second Lien, (AGM), 6.25%, 7/01/36		400		444,916
Second Lien, (AGM), 7.00%, 7/01/36		200		234,146
Senior Lien, (AGM), 7.50%, 7/01/33		700		853,006
System, Second Lien, (NPFGC), 5.00%, 7/01/36		3,600		3,518,280
City of Detroit Michigan, Refunding RB, Second Lien, Series E (BHAC), 5.75%, 7/01/31		2,500		2,704,050
Kalamazoo Hospital Finance Authority, RB, Bronson Methodist Hospital (AGM), 5.25%, 5/15/36		425		438,511
Michigan Higher Education Student Loan Authority, Refunding RB, Student Loan, Series XVII-G, AMT (AMBAC), 5.20%, 9/01/20		1,500		1,520,625
Michigan Strategic Fund, RB, Detroit Edison Co. Project, Series C, AMT (Syncora), 5.45%, 12/15/32		4,300		4,245,304
Michigan Strategic Fund, Refunding RB, AMT (Syncora), Detroit Edison Co.:
Pollution, Series C, 5.65%, 9/01/29		1,410		1,414,230
Project, Series A, 5.50%, 6/01/30		1,300		1,300,299

				16,673,367

Minnesota — 0.9%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38		2,500		2,848,750

Mississippi — 0.9%
Mississippi Development Bank Special Obligation, Refunding RB, Jackson Mississippi Water and Sewer System (AGM), 5.00%, 9/01/34		2,800		2,862,552

Nevada — 5.2%
City of Carson City Nevada, RB, Carson-Tahoe Hospital Project, Series A (Radian), 5.50%, 9/01/33		3,100		3,052,229
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34		850		950,529
County of Clark Nevada, RB:
Las Vegas-McCarran International Airport, Series A (AGC), 5.25%, 7/01/39		3,800		3,936,838
Southwest Gas Corp. Project, Series A, AMT (FGIC), 4.75%, 9/01/36		75		67,285
Southwest Gas Corp. Project, Series D, AMT (NPFGC), 5.25%, 3/01/38		1,200		1,182,432
Subordinate Lien, Series A-2 (NPFGC), 5.00%, 7/01/30		1,500		1,521,990
Subordinate Lien, Series A-2 (NPFGC), 5.00%, 7/01/36		3,200		3,209,344
System, Subordinate Lien, Series C (AGM), 5.00%, 7/01/26		1,475		1,556,656
Las Vegas Valley Water District, GO, Refunding, Series A (NPFGC), 5.00%, 6/01/24		1,600		1,693,984

				17,171,287


See Notes to Financial Statements.

24	SEMI-ANNUAL REPORT	OCTOBER 31, 2010




Schedule of Investments (continued)	BlackRock MuniEnhanced Fund, Inc. (MEN)
	(Percentages shown are based on Net Assets)