BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21348

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

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2015

Date of reporting period: 01/31/2015

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2015 (Unaudited)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Alabama — 2.8%

     

City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/34

    $ 4,615      $ 5,447,361   

County of Jefferson Alabama, RB, Limited Obligation School, Series A:

     

5.50%, 1/01/21

      5,500        5,568,750   

5.25%, 1/01/23

      6,500        6,581,250   
    

 

 

  
               17,597,361   

Arizona — 5.2%

     

Arizona Board of Regents, University of Arizona, RB, 5.00%, 8/01/28

      2,000        2,368,280   

Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/30

      2,685        3,029,136   

City of Phoenix Arizona IDA, RB, Facility, Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24 (a)

      750        832,245   

City of Tucson Arizona, COP, (AGC):

     

4.25%, 7/01/21

      1,870        2,068,837   

4.25%, 7/01/22

      1,895        2,077,868   

City of Tucson Arizona, COP, Refunding, (AGC), 4.00%, 7/01/20

      2,325        2,589,910   

County of Maricopa Arizona IDA, RB, Arizona Charter School Project 1, Series A, 6.63%, 7/01/20

      570        556,953   

County of Pima Arizona IDA, RB, Arizona Charter Schools Project, Series K, 6.38%, 7/01/31

      895        902,554   

County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, San Juan Project, Series A, 4.95%, 10/01/20

      2,325        2,724,016   

County of Pinal Arizona Electric District No. 3, Refunding RB, 5.00%, 7/01/25

      1,600        1,849,728   

Glendale Union School District No 205, GO, Series C:

     

5.00%, 7/01/24

      1,945        2,381,555   

5.00%, 7/01/27

      500        596,045   

Phoenix-Mesa Gateway Airport Authority, RB, Mesa Project, AMT:

     

5.00%, 7/01/27

      700        814,744   

5.00%, 7/01/32

      1,925        2,188,956   
Municipal Bonds    Par  
(000)		     Value  

Arizona (concluded)

     

Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 1/01/25

    $ 4,000      $ 4,489,960   

Scottsdale IDA, Refunding RB, Scottsdale Healthcare, Series C (AGM), 5.00%, 9/01/35

      2,050        2,274,947   

State of Arizona, COP, Department of Administration, Series A (AGM), 4.25%, 10/01/23

      1,000        1,100,980   
    

 

 

  
               32,846,714   

Arkansas — 2.5%

     

Arkansas State University, RB, 5.00%, 12/01/33

      480        566,256   

City of Benton, RB:

     

5.00%, 6/01/28

      600        718,302   

5.00%, 6/01/29

      1,055        1,258,826   

University of Arkansas, Refunding RB:

     

5.00%, 3/01/30

      1,500        1,836,945   

5.00%, 3/01/31

      2,315        2,821,175   

5.00%, 3/01/33

      5,845        7,059,357   

5.00%, 3/01/34

      1,270        1,528,864   
    

 

 

  
               15,789,725   

California — 3.4%

     

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22

      2,135        2,557,346   

California Pollution Control Financing Authority, RB, Mandatory Put Bonds, Republic Services, Inc. Project, Series B, AMT, 5.25%, 6/01/23 (b)

      605        662,094   

California Pollution Control Financing Authority, Refunding RB, Pacific Gas, Series C, AMT (NPFGC), 4.75%, 12/01/23

      5,000        5,351,100   

City of San Jose California, Refunding ARB, Series A-1, AMT, 5.00%, 3/01/25

      2,000        2,289,980   

State of California, GO:

     

5.50%, 4/01/28

      15        15,064   

5.00%, 11/01/32

      2,000        2,218,960   

 

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015    1

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

California (concluded)

     

State of California, Refunding, GO, Various Purposes, 5.75%, 4/01/31

    $ 7,000      $ 8,256,990   
    

 

 

  
               21,351,534   

Colorado — 0.9%

     

Denver Urban Renewal Authority, Refunding, Tax Allocation Bond, Stapleton, Senior-Series A-1, 5.00%, 12/01/23

      2,500        3,003,050   

University of Northern Colorado, Refunding RB, Series A, 5.00%, 6/01/31

      2,000        2,421,380   
    

 

 

  
               5,424,430   

Connecticut — 2.3%

     

Connecticut State Development Authority, RB, Learjet, Inc. Project, AMT, 7.95%, 4/01/26

      1,160        1,193,292   

Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/31

      4,530        5,103,226   

State of Connecticut, GO, Series B, 5.00%, 4/15/31

      6,990        8,303,212   
    

 

 

  
               14,599,730   

Florida — 6.5%

     

County of Broward Florida School Board, COP, Refunding, Series A (AGM), 5.00%, 7/01/24

      10,000        11,697,000   

County of Highlands Health Facilities Authority, Refunding RB, Adventist Health, Series G, 5.13%, 11/15/16 (c)

      35        37,941   

County of Lee Florida, Refunding ARB, Series A, AMT:

     

5.50%, 10/01/23

      1,000        1,205,440   

(AGM), 5.00%, 10/01/27

      1,635        1,866,467   

County of Miami-Dade Florida, RB, AMT, Series B:

     

6.00%, 10/01/28

      3,470        4,334,481   

6.00%, 10/01/29

      3,480        4,331,765   

County of Miami-Dade Florida Transit System Sales Surtax Revenue, Refunding RB, 5.00%, 7/01/32

      1,500        1,753,590   

County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series C (BHAC), 5.00%, 10/01/23

      8,000        9,078,240   
Municipal Bonds    Par  
(000)		     Value  

Florida (concluded)

     

Greater Orlando Aviation Authority Airport Facilities, Refunding RB, AMT, Series B:

     

5.00%, 10/01/25

    $ 1,000      $ 1,153,830   

5.00%, 10/01/26

      2,935        3,380,151   

Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A, 4.25%, 5/01/24

      2,000        2,183,020   

Sterling Hill Community Development District, Refunding RB, Special Assessment Bonds, Series B, 5.50%, 11/01/10 (d)(e)

      155        93,000   
    

 

 

  
               41,114,925   

Georgia — 1.1%

     

Fulton County Development Authority, Refunding RB, Robert Woodruff, Series B, 5.25%, 3/15/24

      3,000        3,404,730   

Medical Center Hospital Authority, Refunding RB, Columbus Regional Healthcare (AGM):

     

4.00%, 8/01/23

      1,500        1,618,020   

4.13%, 8/01/24

      2,000        2,155,800   
    

 

 

  
               7,178,550   

Guam — 0.4%

     

Territory of Guam, RB, Section 30, Series A, 5.38%, 12/01/24

      2,100        2,350,047   

Hawaii — 0.9%

     

State of Hawaii Airports System, Refunding ARB, Series A, 5.25%, 7/01/29

      5,000        5,848,900   

Illinois — 16.2%

     

City of Chicago Illinois, Refunding RB, GO, Series A, 5.25%, 1/01/30

      1,000        1,096,110   

City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.50%, 1/01/32

      1,500        1,770,660   

City of Chicago Illinois Midway International Airport, Refunding RB, AMT, Series A, 5.00%, 1/01/32

      5,000        5,710,100   

City of Chicago Illinois O’Hare International Airport, Refunding GARB, AMT:

     

Series C, 5.25%, 1/01/28

      1,350        1,589,733   

Series C, 5.25%, 1/01/29

      3,020        3,537,537   

 

                
2    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Illinois (concluded)

     

City of Chicago Illinois O’Hare International Airport, Refunding GARB, AMT (concluded):

     

Senior Lien, Series A, 5.00%, 1/01/23

    $ 13,000      $ 15,527,720   

City of Chicago Illinois Transit Authority, RB, 5.25%, 12/01/31

      3,700        4,328,001   

Madison-Macoupin Etc Counties Community College District No. 536, GO, Refunding, Lewis & Clark Community College:

     

5.00%, 5/01/30

      475        540,498   

5.00%, 5/01/31

      500        568,310   

5.00%, 5/01/32

      500        569,615   

McHenry County Conservation District, GO, 5.13%, 2/01/17 (c)

      12,695        13,868,780   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      3,500        4,187,365   

6.25%, 6/01/24

      12,750        13,747,433   

State of Illinois, GO:

     

5.25%, 2/01/30

      5,000        5,633,700   

5.00%, 5/01/30

      10,000        11,101,200   

State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 1/01/34

      9,140        10,629,637   

Village of Hodgkins Illinois, RB, MBM Project, AMT, 5.90%, 11/01/17

      6,000        6,011,520   

Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25

      1,290        1,290,748   
    

 

 

  
               101,708,667   

Indiana — 4.0%

     

City of Whiting Indiana, RB, BP Products North America, Inc. Project, 5.25%, 1/01/21

      4,800        5,681,424   

County of Jasper Indiana, Refunding RB, Northern Indiana Public Service Co., Series C (NPFGC), 5.85%, 4/01/19

      2,000        2,289,860   

Indiana Finance Authority, RB, Wastewater, 1st Lien, Series A, 5.25%, 10/01/31

      10,000        11,880,400   
Municipal Bonds   

Par  

(000)

     Value  

Indiana (concluded)

     

Indiana Finance Authority, Refunding RB, US Steel Corp. Project, 6.00%, 12/01/19

    $ 5,000      $ 5,605,750   
    

 

 

  
               25,457,434   

Iowa — 1.0%

     

Iowa Higher Education Loan Authority, RB, Private College Facility:

     

5.25%, 4/01/23

      695        815,124   

5.25%, 4/01/24

      730        865,174   

5.25%, 4/01/25

      520        611,598   

5.25%, 4/01/26

      360        420,527   

Iowa Higher Education Loan Authority, Refunding RB, Private College Facility:

     

5.00%, 9/01/22

      2,315        2,385,353   

Upper Iowa University Project, 5.00%, 9/01/20

      1,000        1,048,560   
    

 

 

  
               6,146,336   

Kansas — 1.4%

     

Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.00%, 11/15/23

      1,500        1,731,030   

Seward County Unified School District No 480 Liberal, GO, Refunding, 5.00%, 9/01/33

      6,000        6,927,420   
    

 

 

  
               8,658,450   

Kentucky — 1.5%

     

State of Kentucky Property & Building Commission, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/24

      8,000        9,279,840   

Louisiana — 4.4%

     

City of Bossier City Louisiana Utilities, Refunding RB, 5.00%, 10/01/32

      2,000        2,387,220   

City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring, Series A-2 (AGC), 6.00%, 1/01/23

      850        993,284   

Jefferson Parish Hospital Service District No. 1, Refunding RB, West Jefferson Medical Center, Series A (AGM), 5.50%, 1/01/26

      3,000        3,449,550   

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015    3

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Louisiana (concluded)

     

Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, BRCC Facilities Corp. Project:

     

5.00%, 12/01/27

    $ 3,445      $ 3,986,520   

5.00%, 12/01/28

      3,715        4,283,395   

Louisiana Public Facilities Authority, Refunding RB, Entergy Gulf States Louisiana LLC Project, Series A, 5.00%, 9/01/28

      2,000        2,047,300   

State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, 4.00%, 5/01/34

      5,750        6,192,060   

Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 7/01/28

      3,660        4,236,377   
    

 

 

  
               27,575,706   

Maine — 0.3%

     

Portland Housing Development Corp., Refunding RB, Senior Living, Retirement Facilities, Series A, 6.00%, 2/01/34

      1,965        1,987,342   

Maryland — 0.8%

     

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20

      1,750        1,956,745   

Maryland Health & Higher Educational Facilities Authority, RB, Johns Hopkins Health System, Series B, 5.00%, 7/01/33

      1,140        1,325,182   

Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 7/01/33 (f)

      1,500        1,755,285   
    

 

 

  
               5,037,212   

Massachusetts — 2.1%

     

Massachusetts Health & Educational Facilities Authority, Refunding RB, Winchester Hospital, 5.00%, 7/01/25

      1,060        1,193,804   

Massachusetts School Building Authority, RB, Dedicated Sales Tax, Series A (AGM), 5.00%, 8/15/15 (c)

      5,870        6,024,909   
Municipal Bonds    Par  
(000)		     Value  

Massachusetts (concluded)

     

Massachusetts School Building Authority, Refunding RB, Senior Series A, 5.00%, 8/15/25

    $ 5,000      $ 6,165,850   
    

 

 

  
               13,384,563   

Michigan — 2.7%

     

Manistee Area Public Schools, GO, Refunding, (Q-SBLF), 5.00%, 5/01/25

      1,000        1,165,890   

Michigan Finance Authority, Refunding RB, Senior Lien, Detroit Water and Sewer, Series C-3, 5.00%, 7/01/31

      4,000        4,620,160   

Michigan State Building Authority, Refunding RB, Facilities Program, Series II-A, 5.00%, 10/15/24

      2,500        2,949,225   

Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.25%, 11/15/24

      4,900        5,644,947   

State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/31

      2,000        2,356,000   
    

 

 

  
               16,736,222   

Minnesota — 1.7%

     

City of Shakopee Minnesota Health Care Facilities, Refunding RB, St. Francis Regional Medical Center, 5.00%, 9/01/29

      400        477,612   

City of St. Cloud Minnesota, Refunding RB, Centracare Health System, Series A, 4.25%, 5/01/21

      2,300        2,602,197   

University of Minnesota, RB, Biomedical Science Research Facilities Funding Program:

     

Series B, 5.00%, 8/01/36

      1,000        1,166,150   

Series C, 5.00%, 8/01/27

      1,390        1,683,026   

Series C, 5.00%, 8/01/28

      740        890,390   

Series C, 5.00%, 8/01/29

      1,555        1,860,324   

Series C, 5.00%, 8/01/30

      1,635        1,946,353   
    

 

 

  
               10,626,052   

Mississippi — 0.8%

     

Mississippi Business Finance Corp., Refunding RB, System Energy Resource, Inc. Project, 5.88%, 4/01/22

      5,000        5,005,750   

 

                
4    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Missouri — 1.8%

     

Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 5.00%, 6/01/30

    $ 2,000      $ 2,382,760   

Missouri Joint Municipal Electric Utility Commission Power, RB, Prairie State Project, Series A (BHAC), 5.00%, 1/01/32

      5,000        5,362,400   

Missouri State Environmental Improvement & Energy Resource Authority, Refunding RB, Revolving Funds Program, Series A, 5.00%, 1/01/25

      3,150        3,835,031   
    

 

 

  
               11,580,191   

Montana — 0.7%

     

Montana State Board of Regents, RB, 5.00%, 11/15/30

      1,000        1,205,820   

Yellowstone County School District No 2 Billings, GO:

     

5.00%, 6/15/30

      715        877,627   

4.50%, 6/15/31

      1,780        2,092,105   
    

 

 

  
               4,175,552   

Nebraska — 1.0%

     

Lancaster County Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.50%, 1/01/30

      1,000        1,135,060   

Nebraska Public Power District, RB, 3.00%, 1/01/33 (f)

      1,880        1,854,789   

Nebraska Public Power District, Refunding RB, Series A:

     

5.00%, 1/01/30

      1,000        1,166,220   

5.00%, 1/01/32

      2,000        2,313,100   
    

 

 

  
               6,469,169   

Nevada — 1.6%

     

Clark County Department of Aviation, Refunding RB, 5.00%, 7/01/33

      5,000        5,877,950   

County of Humboldt Nevada, Refunding RB, Idaho Power Co. Project, 5.15%, 12/01/24

      3,800        4,338,270   
    

 

 

  
               10,216,220   

New Jersey — 18.1%

     

County of Essex New Jersey Improvement Authority, LRB, Newark Project, Series A (AGM), 5.00%, 11/01/20

      2,000        2,260,320   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

     

Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.80%, 11/01/15 (c)

    $ 5,050      $ 5,264,978   

New Jersey EDA, RB, AMT:

     

5.50%, 1/01/26

      1,500        1,791,525   

5.50%, 1/01/27

      1,000        1,181,470   

Continental Airlines, Inc. Project, 5.13%, 9/15/23

      6,040        6,602,505   

New Jersey EDA, Refunding RB:

     

New Jersey American Water Co., Series E, AMT, 4.70%, 12/01/25

      3,000        3,317,880   

School Facilities Construction, Series AA, 4.25%, 12/15/24

      3,850        4,136,401   

School Facilities Construction, Series EE, 5.00%, 9/01/23

      3,465        3,955,367   

New Jersey Educational Facilities Authority, RB, Higher Education Facilities Trust Fund, 5.00%, 6/15/28

      10,000        11,423,100   

New Jersey Health Care Facilities Financing Authority, Refunding RB, Hackensack University Medical, Series B (AGM),
4.00%, 1/01/24

      635        691,725   

New Jersey Higher Education Student Assistance Authority, Refunding RB:

     

Series 1, AMT, 5.50%, 12/01/26

      1,665        1,897,467   

Series 1, AMT, 5.00%, 12/01/27

      2,585        2,585,026   

Student Loan, Series 1A, 4.75%, 12/01/21

      1,930        2,069,462   

New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series X, AMT, 5.10%, 10/01/23

      870        913,587   

New Jersey State Turnpike Authority, Refunding RB, Series B, 5.00%, 1/01/29

      10,000        11,715,400   

New Jersey Transportation Trust Fund Authority, RB:

     

5.25%, 6/15/32

      10,000        11,677,500   

Series B, 5.25%, 6/15/26

      3,500        4,005,750   

Transportation Program, Series AA, 5.25%, 6/15/31

      12,000        13,842,000   

Transportation System, Series A, 5.25%, 6/15/24

      3,185        3,698,103   

Transportation System, Series B, 5.50%, 6/15/31

      13,970        16,443,109   

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015    5

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   Par  
(000)		     Value  

New Jersey (concluded)

    

Newark Housing Authority, RB, Series A:

    

5.00%, 12/01/23

   $ 1,230      $ 1,480,945   

5.00%, 12/01/25

     1,345        1,600,268   

South Jersey Port Corp., RB, Marine Terminal, Series O-1 (AGC), 4.63%, 1/01/23

     1,375        1,509,846   
   

 

 

  
              114,063,734   

New York — 17.9%

    

City of New York New York, GO, Refunding:

    

Series B, 5.00%, 8/01/30

     1,140        1,344,117   

Series E, 5.00%, 8/01/24

     4,000        4,651,160   

Series E, 5.00%, 8/01/30

     6,230        7,378,127   

City of New York New York, GO:

    

Series D1, 5.13%, 12/01/26

     4,615        5,190,214   

Sub-Series B-1, 5.25%, 9/01/22

     8,250        9,503,175   

Sub-Series I-1, 5.50%, 4/01/21

     5,000        5,898,200   

County of Essex New York Industrial Development Agency, Refunding RB, International Paper Co. Project, Series A, AMT,
5.20%, 12/01/23

     5,000        5,137,550   

County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A:

    

5.00%, 11/01/24

     5,470        6,308,442   

5.00%, 11/01/30

     1,000        1,127,360   

Long Island Power Authority, Refunding RB, Electric System, Series A, 5.50%, 4/01/24

     1,000        1,136,950   

Metropolitan Transportation Authority, RB:

    

Series A, 5.00%, 11/15/25

     1,980        2,142,974   

Series B, 5.25%, 11/15/33

     4,405        5,338,596   

Sub-Series B-1, 5.00%, 11/15/24

     2,300        2,800,733   

Sub-Series B-4, 5.00%, 11/15/24

     1,500        1,826,565   

Monroe County Industrial Development Corp., Refunding RB, Series A, 5.00%, 7/01/29

     5,695        6,808,031   

New York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.00%, 1/15/23

     3,560        4,092,718   

New York City Trust for Cultural Resources, Refunding RB, Carnegie Hall, Series A, 5.00%, 12/01/29

     2,750        3,186,040   
Municipal Bonds    Par  
(000)		     Value  

New York (continued)

     

New York State Dormitory Authority, RB:

     

Education, Series D, 5.00%, 9/15/16 (c)

    $ 5      $ 5,379   

Fordham University, Series A, 5.25%, 7/01/25

      900        1,078,983   

Mount Sinai School of Medicine, Series A (NPFGC), 5.15%, 7/01/24

      1,000        1,182,230   

Municipal Health Facilities Lease, Sub-Series 2-4, 5.00%, 1/15/27

      6,900        7,730,760   

New York University Hospitals Center, Series A, 5.00%, 7/01/22

      1,725        2,011,246   

New York University Hospitals Center, Series A, 5.13%, 7/01/23

      1,670        1,953,132   

North Shore-Long Island Jewish Health System, Series A, 5.50%, 5/01/30

      1,495        1,725,080   

New York State Dormitory Authority, Refunding RB:

     

North Shore-Long Island Jewish Obligated Group, Series E, 5.00%, 5/01/22

      650        742,904   

Yeshiva University, 4.25%, 9/01/24

      2,750        2,801,562   

New York State Urban Development Corp., RB, Service Contract, Series B, 5.00%, 1/01/21

      8,000        9,040,160   

Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20

      2,475        2,879,638   

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 152nd Series, AMT, 5.00%, 11/01/23

      1,000        1,110,060   

Port Authority of New York & New Jersey, Refunding RB, Consolidated, 153rd Series, 5.00%, 7/15/24

      2,010        2,286,114   

State of New York Dormitory Authority, RB, Mental Health Services (AGM):

     

5.00%, 8/15/18 (c)

      30        34,488   

5.00%, 8/15/18 (c)

      10        11,496   

5.00%, 2/15/22

      3,950        4,489,254   

 

                
6    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New York (concluded)

     

State of New York Dormitory Authority, RB, Mental Health Services, (AGM) (concluded):

     

2nd Series, 5.00%, 8/15/18 (c)

    $ 10      $ 11,496   
    

 

 

  
               112,964,934   

North Carolina — 1.5%

     

City of Charlotte North Carolina, RB, Charlotte Douglas Airport, Series A, 5.00%, 7/01/33

      4,000        4,569,200   

County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35

      1,105        1,108,492   

County of Johnston, Refunding RB, 4.00%, 6/01/32

      1,985        2,159,025   

North Carolina Medical Care Commission, Refunding RB, WakeMed, Series A, 5.00%, 10/01/31

      1,500        1,722,945   
    

 

 

  
               9,559,662   

Ohio — 1.1%

     

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31

      6,000        7,190,340   

Oklahoma — 0.3%

     

Stillwater Utilities Authority, RB, Series A, 4.00%, 10/01/31

      1,895        2,111,902   

Oregon — 1.8%

     

Home Forward, Refunding RB, Hamilton West Apartments, M/F Housing, 5.00%, 1/01/29

      485        567,440   

Klamath County School District, GO:

     

5.00%, 6/15/30

      1,000        1,187,000   

5.00%, 6/15/31

      1,000        1,183,680   

Oregon State Facilities Authority, Refunding RB, Series A:

     

Reed College Project, 5.00%, 7/01/29

      1,835        2,136,399   

5.00%, 11/15/29

      1,000        1,194,210   

State of Oregon, GO, Series H, 5.00%, 5/01/36

      2,000        2,354,380   
Municipal Bonds    Par  
(000)		     Value  

Oregon (concluded)

     

Umatilla County School District No 16R Pendleton, GO, Series A, 5.00%, 6/15/32

    $ 2,000      $ 2,430,420   
    

 

 

  
               11,053,529   

Pennsylvania — 6.0%

     

City of Philadelphia Pennsylvania, ARB, Series A, AMT, 5.00%, 6/15/20

      2,895        3,154,711   

City of Pittsburgh Pennsylvania, GO, Refunding, Series B (AGM), 5.25%, 9/01/17

      9,630        10,384,414   

County of Allegheny Pennsylvania, GO, Refunding, Series C-68, 5.00%, 11/01/25

      2,515        2,984,299   

County of Allegheny Pennsylvania, GO, Series C-67:

     

5.00%, 11/01/25

      2,700        3,215,106   

5.00%, 11/01/26

      2,375        2,798,486   

Montgomery County IDA Pennsylvania, MRB, Whitemarsh Continuing Care, 6.00%, 2/01/21

      3,085        3,095,150   

Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%, 12/01/31

      4,000        4,584,280   

South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series A (AGC), 6.00%, 7/01/20 (c)

      6,225        7,804,967   
    

 

 

  
               38,021,413   

Puerto Rico — 1.6%

     

Puerto Rico Housing Finance Authority, Refunding RB, M/F Housing, Subordinate, Capital Fund Modernization,
5.13%, 12/01/27

      9,450        10,076,724   

Rhode Island — 1.9%

     

Narragansett Bay Commission, Refunding RB, Series B, 5.00%, 9/01/32

      4,150        5,041,254   

Rhode Island Clean Water Finance Agency, RB, 5.00%, 10/01/32

      1,435        1,726,649   

Rhode Island Health & Educational Building Corp., RB, City of Newport Issue Financing Program, Series C,
5.00%, 5/15/30

      2,305        2,681,845   

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015    7

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Rhode Island (concluded)

     

Rhode Island Health & Educational Building Corp., Refunding RB, 5.00%, 9/01/32

    $ 2,000      $ 2,394,420   
    

 

 

  
               11,844,168   

South Carolina — 0.2%

     

County of Florence South Carolina, Refunding RB, McLeod Regional Medical Center, Series A, 4.50%, 11/01/25

      1,000        1,099,290   

South Dakota — 0.2%

     

South Dakota Health & Educational Facilities Authority, Refunding RB, Regional Health, 5.00%, 9/01/25

      1,000        1,138,130   

Tennessee — 1.3%

     

County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project:

     

Series A, 5.00%, 11/01/23

      2,695        3,100,894   

Series B, 5.00%, 11/01/22

      1,000        1,153,580   

Knox County Health Educational & Housing Facility Board Tennessee, Refunding RB, Eastowne Village Project,
4.00%, 6/01/31 (b)

      3,490        3,776,983   
    

 

 

  
               8,031,457   

Texas — 7.9%

     

City of Grapevine Texas, GO, 5.00%, 2/15/33

      5,685        6,719,045   

City of Houston Texas, Refunding ARB, Series A:

     

Senior Lien, 5.25%, 7/01/29

      4,055        4,556,401   

Subordinate Lien, AMT, 5.00%, 7/01/25

      1,500        1,744,785   

Subordinate Lien, AMT, 5.00%, 7/01/32

      1,010        1,146,320   

Dallas-Fort Worth International Airport Facilities Improvement Corp., ARB, Series 2001-A-1, AMT, 6.15%, 1/01/16

      4,000        4,019,960   

Dallas/Fort Worth International Airport, Refunding RB, AMT:

     

Series E, 5.00%, 11/01/26

      2,185        2,534,928   

Series E, 5.00%, 11/01/27

      4,960        5,728,105   

Series F, 5.00%, 11/01/31

      6,345        7,222,450   

Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28

      1,000        1,122,090   
Municipal Bonds    Par  
(000)		     Value  

Texas (concluded)

     

Red River Education Financing Corp., RB, 5.00%, 3/15/33

    $ 1,340      $ 1,575,210   

San Jacinto River Authority, RB, Special Project (AGM), 5.25%, 10/01/25

      2,910        3,356,743   

Socorro ISD, GO, Refunding, School Building (PSF-GTD), 5.00%, 8/15/32

      2,500        2,921,075   

Via Metropolitan Transit Authority, Refunding RB:

     

5.25%, 8/01/28

      1,585        1,867,162   

5.25%, 8/01/29

      1,720        2,014,171   

5.25%, 8/01/33

      3,000        3,474,000   
    

 

 

  
               50,002,445   

U.S. Virgin Islands — 1.9%

     

Virgin Islands Public Finance Authority, Refunding RB:

     

Series A, 5.25%, 10/01/24

      5,000        6,252,400   

Series C, 5.00%, 10/01/30

      5,000        5,738,700   
    

 

 

  
               11,991,100   

Vermont — 1.0%

     

University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/30

      5,565        6,196,961   

Virginia — 1.0%

     

Virginia Commonwealth Transportation Board, RB, 5.00%, 5/15/28

      5,000        5,949,950   

Washington — 1.7%

     

Snohomish County School District No. 15 Edmonds, GO, 5.00%, 6/01/16 (c)

      10,000        10,619,000   

West Virginia — 1.0%

     

West Virginia Hospital Finance Authority, Refunding RB, Charleston Area Medical Center, Inc., Series A, 5.13%, 9/01/23

      4,000        4,505,800   

West Virginia University, RB, West Virginia University Project, Series B, 5.00%, 10/01/30

      1,500        1,754,100   
    

 

 

  
               6,259,900   

Wisconsin — 2.4%

     

Public Finance Authority, Refunding RB, AMT:

     

National Gypsum Co., 5.25%, 4/01/30

      2,410        2,494,254   

Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 7/01/28

      4,765        5,318,788   

 

                
8    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Wisconsin (concluded)

     

WPPI Energy, Refunding RB, Supply System, Series A:

     

5.00%, 7/01/31

    $ 1,600      $ 1,905,696   

5.00%, 7/01/32

      1,275        1,512,775   

5.00%, 7/01/33

      3,500        4,091,080   
    

 

 

  
               15,322,593   
Total Municipal Bonds — 136.8%        861,643,854   
    
                  
Municipal Bonds Transferred to
Tender Option Bond Trusts (g)		         

Illinois — 1.5%

     

Du Page & Will Counties Community School District No. 204, GO, School Building, Series A (NPFGC), 5.25%, 12/30/22

      8,650        9,598,037   

Louisiana — 2.3%

     

State of Louisiana, GO, Series A, 5.00%, 8/01/24

      12,000        14,715,120   

Massachusetts — 1.9%

     

Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare, Series L, 5.00%, 7/01/31

      10,175        11,924,881   

Minnesota — 1.9%

     

State of Minnesota, GO, State Various Purposes, Series A, 4.00%, 8/01/29

      10,525        11,990,353   

New York — 7.9%

     

City of New York New York, GO, Refunding, Series E, 5.00%, 8/01/27

      3,507        4,075,170   

City of New York New York, GO, Series I, 5.00%, 3/01/32

      7,009        8,362,817   

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, Series A, 4.75%, 6/15/30

      8,000        8,704,640   

Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/25

      4,001        4,749,883   
Municipal Bonds Transferred to
Tender Option Bond Trusts (g)		   

Par  

(000)

     Value  

New York (concluded)

     

New York State Urban Development Corp., RB, Personal Income Tax, Series A-1, 5.00%, 3/15/32

    $ 5,501      $ 6,510,888   

Port Authority of New York & New Jersey, ARB, Consolidated, 169th Series, AMT, 5.00%, 10/15/26

      5,530        6,362,099   

Port Authority of New York & New Jersey, RB, 178th Series, AMT, 5.00%, 12/01/32

      4,009        4,664,360   

Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 5.00%, 10/15/31

      5,010        6,220,216   
    

 

 

  
               49,650,073   
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 15.5%		         97,878,464   

Total Long-Term Investments

(Cost — $874,436,859) — 152.3%

  

  

     959,522,318   
    
                  
Short-Term Securities    Shares         

FFI Institutional Tax-Exempt Fund, 0.03% (h)(i)

      5,967,057        5,967,057   

Total Short-Term Securities

(Cost — $5,967,057) — 1.0%

  

  

     5,967,057   

Total Investments

(Cost — $880,403,916*) — 153.3%

  

  

     965,489,375   
Other Assets Less Liabilities — 0.7%        4,242,691   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (8.4%)

   

     (52,943,499 ) 
VMTP Shares, at Liquidation Value — (45.6%)        (287,100,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 629,688,567   
    

 

 

  

 

*   As of January 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 830,107,434   
 

 

 

  

Gross unrealized appreciation

   $ 85,158,534   

Gross unrealized depreciation

     (2,708,441 ) 
 

 

 

  

Net unrealized appreciation

   $ 82,450,093   
 

 

 

  

 

Notes to Schedule of Investments

 

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

 

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

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015    9

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

 

(c)   U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

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

 

(e)   Non-income producing security.

 

(f)   When-issued security. Unsettled when-issued transactions were as follows:

 

Counterparty      Value        Unrealized
Appreciation		  

Merrill Lynch, Pierce, Fenner & Smith, Inc.

      $ 1,854,789         $ 25,775   

Morgan Stanley & Co. LLC

      $ 1,755,285         $ 8,385   

 

(g)   Represent bonds transferred to a TOB. In exchange for which the Fund received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.

 

(h)   During the period ended January 31, 2015, investments in issuers considered to be an affiliate of the Fund 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,
2014		       

Net

Activity

        Shares Held
at January 31,
2015		        Income  

FFI Institutional Tax-Exempt Fund

        25,184,531           (19,217,474 )         5,967,057         $ 2,090   

 

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

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BARB    Building Aid Revenue Bonds
BHAC    Berkshire Hathaway Assurance Corp.
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
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

 

                
10    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

 

Ÿ  

As of January 31, 2015, financial futures contracts outstanding were as follows:

 

Contracts
Short		     Issue   Exchange   Expiration  

Notional

Value

     Unrealized
Depreciation		  
  (788 )    10-Year U.S. Treasury Note   Chicago Board of Trade   March 2015   $ 103,129,500      $ (2,868,355 ) 

 

Ÿ  

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

 

  Ÿ  

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  Ÿ  

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)

 

  Ÿ  

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 and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

As of January 31, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 959,522,318         —      $ 959,522,318   

Short-Term Securities

   $ 5,967,057           —         —        5,967,057   
 

 

 

  

Total

   $ 5,967,057         $ 959,522,318         —      $ 965,489,375   
 

 

 

  

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

      

     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments2             

Liabilities:

                 

Interest rate contracts

   $ (2,868,355 )         —         —      $ (2,868,355 ) 

2   Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

      

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015    11

Schedule of Investments (concluded)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

As of January 31, 2015, the Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. Such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 

Cash pledged for financial futures contracts

   $ 1,069,000           —         —      $ 1,069,000   

Liabilities:

                 

TOB trust certificates

     —         $ (52,931,848 )       —        (52,931,848 ) 

VMTP Shares

     —           (287,100,000 )       —        (287,100,000 ) 
 

 

 

  

Total

   $ 1,069,000         $ (340,031,848 )       —      $ (338,962,848 ) 
 

 

 

  

During the period ended January 31, 2015, there were no transfers between levels.

 

                
12    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2015   

Item 2 – Controls and Procedures

 

2(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock Muni Intermediate Duration Fund, Inc.
By:    

/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Muni Intermediate Duration Fund, Inc.
Date: March 25, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:    

/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Muni Intermediate Duration Fund, Inc.
Date: March 25, 2015
By:

/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Muni Intermediate Duration Fund, Inc.
Date: March 25, 2015